JOHANNESBURG (miningweekly.com) – Tasmania-based Grange Resources said on Wednesday that it expected to report a noncash impairment on the carrying value of its Savage River assets, owing to lower-than-forecast iron-ore prices.
The company had not yet made a decision on the final quantum of the impairment, but cautioned that the impairment charge could be between A$220-million and A$250-million after tax.
Grange stated that the carrying value review would be completed before its scheduled release of its full-year financial results on February 29.
The weakness of the iron-ore market had led to Grange shedding up to 55 jobs at its Savage River operation last month, as part of an ongoing cost reduction strategy.
Edited by: Creamer Media Reporter
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