TITAN Resources has decided to write off $13.7 million from its Armstrong project.
In an announcement to the Australian Stock Exchange, the company said its directors believed there was still some value in the mine, although it was unquantifiable at this stage.
The company bought the Armstrong ground from WMC and proceeded to mine it with the ore being processed at WMC Resources Kambalda Nickel Concentrator.
However, that ore was found to be unacceptable as feedstock.
On December 22 last year Titan announced the cessation of its mining activities at Armstrong.
Its mining contractor Cook’s Construction was able to relocate the majority of its Armstrong personnel.