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North River Resources makes £6.7M impairment on copper exploration licenses

North River ResourcesPlc said June 2 that it will make an impairment of approximately £6.7million on the goodwill related to its early stage Namibian copper exploration licenses.

The group said in its full-year 2015 results it believes themove is prudent in light of the continued focus on developing the zinc-lead project and a softeningin long-term copper prices, but stressed that the impairment is not recorded againstthe actual Namib project.

The impairment is the main factor for taking the pretax lossto £9.8 million from a loss of £3.3 million the previous full year.

At the end of December 2015, North River had cash of just under£1.4 million, which by May 31 was reduced to £330,578.

The company has estimated up to £600,000 in exploration spendon its Namibian licenses through 2016, and total capital cost for the life of theNamib mine is estimated as £17.9 million.

It will therefore need to raise or obtain additional cash fundingto support both working capital requirements and the next stage of its explorationand development program.