InvestSMART
The Intelligent Investor Growth Fund is listing on the ASX. Initial Offer closes Friday.

Silver Lake to take $370m hit

Slumping gold prices have claimed another victim, with Silver Lake Resources revealing it may write-down its assets by up to $370 million next month.

Slumping gold prices have claimed another victim, with Silver Lake Resources revealing it may write-down its assets by up to $370 million next month.

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.

Join the Conversation...

There are comments posted so far.

If you'd like to join this conversation, please login or sign up here

Related Articles