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17-459MR Intrepid writes down mining properties
ASIC notes the decision by Intrepid Mines Limited (Intrepid) to make a $16.1 million impairment charge against its Zambian mining properties in its financial report for the half-year ended 30 June 2017.
Intrepid announced a subsequent sale of its Zambian assets for $4.75 million plus $1 million deferred contingent payments on 12 December 2017, resulting in a further loss.
ASIC had raised concerns about the value of these assets in Intrepid’s financial report for the year ended at 31 December 2016.
As outlined in ASIC Media Release 17-423MR ASIC calls on preparers to focus on financial report quality and new requirements, impairment testing and asset values remain a focus area of our financial reporting surveillances.