PERTH (miningweekly.com) – Gold miner Doray Minerals has warned of a noncash impairment of between A$40-million and A$45-million for the half-year ending December.
The miner told shareholders on Wednesday that the impairment at the Andy Well gold mine, in Western Australia, resulted from lower production levels and mine life in the current mine plan, which extended until the end of June 2018.
This mine plan is designed to coincide with the timing of the current feasibility study and potential development of the Gnaweeda project, which Doray said had the potential to change the production profile at Andy Well and significantly extend the mine life of the operation.
The A$20-million to A$25-million impairment recorded at the Deflector gold project, also in Western Australia, is owing to the rationalisation of the mine development asset as part of the takeover of Mutiny Gold.
Edited by: Creamer Media Reporter
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