Grange Resources flags impairment

Company News

Grange Resources (ASX:GRR) has flagged a likely non-cash impairment of the carrying value of Savage River assets of between $220 and $250 million after tax.
 
The note to investors comes as Grange Resources completes its financial statements and review of the carrying value of all assets as at 31 December 2015.
 
The company said the potential impairment is due to lower than forecast iron ore prices arising from the continuing downward pressure the iron ore market is experiencing.
 
Grange said an impairment charge will reduce the book values of assets, it is non-cash and does not affect the company’s cash position or operations.
 
Grange Resources recorded a net loss of $79.79 million at 30 June 2015.

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