Independence Group is expecting to incur a loss in the current half-year and to lose goodwill and value on two of its assets, according to a report from the company released late yesterday.
The company said it reported an after tax loss of $8.5 million in its September quarter, and while it expects an improvement this quarter, it will still incur a half-year loss.
According to the report, production at the company’s Jaguar Mine has not yet recovered from geotechnical issues faced in the June quarter.
The company said it expected a write-down of the carrying value of the operation.
Independence also announced there were “reasonable grounds” to expect a write-down of the $117 million goodwill from the acquisition of Jabiru Metals, which owned the Jaguar/Bentley Operation.
Shares in Independence were largely steady around $4.74 at 9:15am WST.
