🕔2/20/2013 8:30:48 AM
Atlas Iron (ASX:AGO) advises that it will book a non-cash impairment of $258M, net of deferred MRRT and income tax, in its accounts for the six months to 31st December 2012. This follows a review of the carrying value of select undeveloped Horizon 1 and 2 exploration project areas and non-core tenements. The impairment is a consequence of the accounting values attributed to these exploration assets arising from the higher price of Atlas shares used as consideration when many of the tenements were acquired (including share price appreciation following the announcement of the transactions) as part of the four mergers and takeovers Atlas completed between 2009 and 2011. This compares to the value ascribed by the market as at 31 December 2012 to these exploration assets.
Read Full Article▸