Otmane El Rhazi : Atlas Iron expects up to A$160m impairment charge

Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.

ASX-listed Atlas Iron, which has recently restarted its Pilbara operations, said on Wednesday that it would book an estimated noncash impairment charge of between A$130-million and A$160-million at the end of June, after updating the carrying value of its assets following a further reduction in iron-ore price forecasts. Atlas said in a statement that the impairment estimate did not impact on the carrying value of its operating mines and only reduced the carrying value of its future growth assets, particularly the McPhee Creek project. The project is not currently earmarked for development as part of the company’s near-term strategy.