Evolution Mining writes down Pajingo mine

ASIC has noted the decision by Evolution Mining Limited to reduce asset values in its financial report for the year ended June 30, 2016.

ASIC had previously made inquiries with the company’s auditor in relation to the recoverable amount of the company’s Pajingo gold mine in the company’s financial report at June 30, 2015.

In its financial report for the following year, Evolution Mining has recorded an impairment of $77.3 million against the Pajingo mine assets, on the basis of binding offers for the assets, and sale of the assets subsequent to balance date.

Evolution Mining has noted that the impairment made against the Pajingo mine in the June 30, 2016 financial report was in the context of the process of the sale of those assets, which was part of a previously announced strategy of actively managing its portfolio.

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