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Oakdale Resources takes A$2.8M impairment on graphite tenement

Oakdale Resources Ltd. announced an asset impairment of A$2.8 million for its fiscal 2018 that ends June 30 due to a value write-down of its graphite tenement in South Australia.

Following a review, it decided to relinquish 49% of the tenement.

The company retained the tenements that contain graphite, iron ore and zinc while relinquishing the lower-priority areas to reduce exploration commitments while it develops other commercial opportunities.