Mirabela Nickel Limited - Impairment of Santa Rita assets
PERTH, Australia, Feb. 14, 2013 /CNW/ - Mirabela Nickel Limited (Mirabela or the Company) (ASX: MBN, TSX: MNB) expects to recognise a non-cash impairment charge of approximately US$380 million on its 2012 full year results. The impairment charge is subject to Board approval and completion of the external audit and may vary from the estimate provided.
The Company identified impairment indicators such as a significant decline in the market value of entities producing the same commodity, declining nickel prices, and a reduction in market capitalisation. Accordingly the Company performed an impairment test on the recoverability of its assets.
Further detail on this impairment will be provided within the Company's Annual Report for the year ended 31 December 2012.
SOURCE Mirabela Nickel Ltd.
Chris Els
Chief Financial Officer & Company Secretary
Telephone: +61 439 930 333
shanik@mirabela.com.au
John Stamopoulos
General Manager Commercial
Telephone: +61 406 424 916
shanik@mirabela.com.au