Regis books A$192m impairment on McPhillamys
Australian gold developer Regis Resources on Wednesday announced “regrettable, but prudent actions”, including writing down the value of the now-unviable McPhillamys gold asset after a well-published Section 10 ruling.
The company booked a noncash impairment of A$192-million against a significant portion of the carrying value of McPhillamys.
Regis also removed 1.89-million ounces of ore reserve previously associated with the project from its reporting.
“Following the surprising and disappointing Section 10 declaration by Federal Minister [Tanya] Plibersek last week, Regis has commenced an assessment of the impacts on the economic value of our business,” said MD Jim Beyer.
He stated that the Section 10 declaration had resulted in the loss of planned access to tailings storage facility (TSF) area. This has made the project in its current form unviable.
Beyer said to advance any form of realistic and approvable alternative TSF solution would require further extensive investigations and studies along with the restart of the state and federal approvals processes. This could take between five and ten years, with no certainty of a viable alternative being realised.
Despite Plibersek's assurance that the declaration would not outright prevent the mine's development, Regis argued that it severely impacted the project.
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