20974 29Metals AR23 WEB V1 - Flipbook - Page 166
162
29Metals 2023 Annual Report
Consolidated Financial Statements continued
87
29Metals Appendix 4E and Annual Financial Report for 29Metals Limited and its Controlled Entities for the year ended 31 December 2023
Consolidated Financial Statements
Note 18: Mine properties
Note
2023
2022
$’000
$’000
alance at the beginning o ear
,001
Development e penditure incurred during the ear
, 0
1 ,990
rans ers rom propert , plant and e uipment
19
1,0
rans ers rom e ploration and evaluation assets
1
2,0
23
( 00)
21
(13 ,99 )
Movements in rehabilitation obligations
sset impairment as a result o damage or loss
mount amortised during the ear
( ,
Gross carr ing amount – at cost
)
(92,
ϰϬϱ͕ϳϱϬ
)
ϱϳϴ͕ϬϬϭ
2023
2022
$’000
$’000
3 ,2
ccumulated amortisation and impairment
EĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚ
29,19
(2 , 1 )
( ,3 1)
mpairment e pense relating to Capricorn Copper cash generating unit
ĂůĂŶĐĞĂƚƚŚĞĞŶĚŽĨLJĞĂƌ
0 ,2
3 ,2
9 ,291
( 29, 3 )
(21 ,290)
ϰϬϱ͕ϳϱϬ
ϱϳϴ͕ϬϬϭ
Recognition and measurement
Mine propert and development assets include costs incurred in accessing the ore bod and costs to develop the mine to the production phase, once the
technical easibilit and commercial viabilit o a mining operation has been established. t this stage, e ploration and evaluation assets are reclassi ied
to Mine properties.
Mine propert and development assets are stated at historical cost less accumulated amortisation and an accumulated impairment losses recognised.
he initial cost o an asset comprises its purchase price or construction cost, an costs directl attributable to bringing the asset into operation, the initial
estimate o the rehabilitation obligation, and or uali ing assets (where relevant) borrowing costs. n ongoing costs associated with mining which are
considered to bene it mining operations in uture periods are capitalised.
he balance or mine propert and development assets includes mine development assets and the e pected cost or the decommissioning, restoration
and dismantling o an asset a ter its use.
Amortisation
Development e penditure is amortised over the estimated use ul li e o the mine on a unit o production basis. he unit o production method is applied
based on assessments o roven and robable Ore Reserves and a portion o Mineral Resources e pected to be e tracted.
Mineral rights are attributable to speci ic areas o interest and are amortised when commercial production commences on a units o production basis
over the estimated economicall recoverable reserves o the mine to which the rights relate.
Resource and Reserves estimates are reviewed annuall . he depreciation and amortisation e pense calculation re lect the estimates in place at the
reporting date, prospectivel .
Significant accounting estimates and assumptions
Mineral Resources and Ore Reserves estimates
On or about the date o this report, 29Metals reported its 31 December 2023 Mineral Resources and Ore Reserves estimates, prepared and reported in
accordance with the ƵƐƚƌĂůĂƐŝĂŶŽĚĞĨŽƌZĞƉŽƌƚŝŶŐŽĨdžƉůŽƌĂƚŝŽŶZĞƐƵůƚƐ͕DŝŶĞƌĂůZĞƐŽƵƌĐĞƐĂŶĚKƌĞZĞƐĞƌǀĞƐ (2012 Edition) (the ‘:KZŽĚĞ’).
29Metals’ 31 December 2023 Mineral Resources and Ore Reserves estimates, including competent persons’ statements and JORC Code able 1
disclosures, were released to the
announcements plat orm on or about the date o this report and are available on 29Metals’ website at
https www.29metals.com investors reports presentations.
Changes to 29Metals’ Mineral Resources and Ore Reserves estimates, as reported in the 31 December 2023 Mineral Resources and Ore Reserves
estimates, do not have a material impact on the Group li e o mine plans, or the Group’s depreciation and amortisation e pense.
Re er to ote 2
87
or in ormation regarding encumbrances to Mine properties.
