Regis flags $280m in impairments
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Shares in Regis Resources (RRL) have fallen after it reported steady full-year production but flagged a pre-tax impairment charge in the range of $230 million to $280m due to the declining gold price.
At 10.50am (AEST), Regis shares were 3.05% lower at $1.75, against a benchmark index lift of 0.19%. Regis shares earlier fell as low as $1.68.
The gold miner reviewed its strategy for the McPhillamys mine in NSW and said the project is viable at the current gold price but the potential return on investment does not meet its hurdle rate, adding that it would not progress to a feasibility study and expects an impairment charge of $60m to $65m.
Regis also flagged a charge of $150m to $190m for its Garden Well and Rosemont operations due to pre-production costs and open pit pre-strip mining, as well as a $20m to $25m charge for exploration expenditure at its Duketon project.
The gold miner reported total gold production for the year of 270,759 ounces, compared with fiscal 2013 production of 269,013 ounces.
In the three months to June, Regis produced 65,747 ounces at a pre-royalty cash cost of $1,010 per ounce, less than the 72,134 ounces it produced in the previous corresponding period at a cost of $668 per ounce.
Regis said production and costs in the June quarter were significantly compromised by flooding in its Garden Well and Rosemont pits.
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