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Aphrodite Gold flags A$15.2M impairment for FY'17

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Aphrodite Gold flags A$15.2M impairment for FY'17

Aphrodite Gold Ltd. on Oct. 16 flagged a noncash impairment charge of about A$15.2 million against the carrying value of its assets, to be booked in the company's financial report at the end of the year.

The impairment estimate is a result of a review the miner undertook for the technical valuation of its assets, which will form part of a report related to Aphrodite Gold's proposed merger with Spitfire Materials Ltd.

Aphrodite Gold does not expect the impairment charge to affect its cash flow or existing operations.

The companies' merger, which would see Aphrodite shareholders receiving 1 Spitfire share for approximately every 2.9 shares held, is expected to close in December.