Silver Lake to take $370m hit
The impairment puts Silver Lake in line with other gold miners such as Newcrest Mining and Alacer Gold which have also recorded write-downs in recent months.
It comes a year after Silver Lake merged with Integra Mining.
Silver Lake revealed it had also cut 45 jobs, reduced wages, cut discretionary spending among a host of other tactics to cope with the lower gold price.
Frequently Asked Questions about this Article…
Silver Lake Resources revealed it may write down its assets by up to $370 million next month, according to the article, driven by the recent slump in gold prices.
The article says slumping gold prices have forced the company to consider an impairment — the proposed write-down of up to $370 million is a response to the weaker gold price environment.
Yes. The article notes Silver Lake’s potential impairment puts it in line with other gold miners, specifically naming Newcrest Mining and Alacer Gold as companies that have also recorded write-downs in recent months.
According to the article, Silver Lake merged with Integra Mining about a year ago.
The article reports Silver Lake has cut 45 jobs, reduced wages, and trimmed discretionary spending, among other tactics, to cope with the lower gold price.
The article states the impairment may be recorded next month — it describes the proposed write-down as something Silver Lake may take in the near term.
The article suggests the potential write-down aligns Silver Lake with peers experiencing similar pressures — it places the company alongside Newcrest Mining and Alacer Gold, which have also reported write-downs.
Yes. In addition to the potential asset write-down, the article highlights operational responses including 45 job cuts, wage reductions and cuts to discretionary spending to manage the impact of lower gold prices.
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