20974 29Metals AR23 WEB V1 - Flipbook - Page 169
2023 key
results
90
Chair letter and
CEO report
About
29Metals
Our
assets
Sustainability
& ESG Report
Mineral Resources
and Ore Reserves
Annual
Financial Report
165
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 20: Right-of-use assets
he roup has contracts which contain a lease for various items of land and uildings and plant and machiner used in its operations hese right of use
assets have lease terms of etween two and five ears here are several contracts which contain a lease that include extension and termination options
and varia le pa ments which are further discussed elow
he roup also has certain contracts which contain a lease term of months or less and contracts which contain a lease of low value he roup applies
the ‘short term lease’ and ‘lease of low value assets’ recognition exemptions for these (together ‘Exempt Leases’
(a) Amounts recognised in the Consolidated Statement of Financial Position
Right-of-use assets
Land &
Buildings
Plant and
Equipment
Total
$’000
$’000
$’000
Note
s at
a
a
ight of use assets recognised during the ear
mpairment expense relating to apricorn opper cash generating unit
(
eassessment
mortisation expensed during the ear
s at
s at
(
(
(
(
(
(
(
(
(
e em e
a
a
ight of use assets recognised during the ear
eassessment
mortisation expensed during the ear
s at
e em e
(b) Amounts recognised in the Consolidated Statement of Comprehensive Income
Note
mortisation expense on right of use assets
2023
2022
$’000
$’000
(a
nterest expense on lease lia ilities
a ments for short term leases and varia le lease pa ments
he total cash outflow for leases in
was
(
he varia le lease pa ments relate to contracts which are ased on usage (tonnes moved and e uipment hired
efer to ote
for ease lia ilities
Recognition and measurement – Group as lessee
t contract inception the roup assesses whether a contract is or contains a lease under
use of an identified asset for a period of time in exchange for consideration
hat is if the contract conve s the right to control the
he roup applies a single recognition and measurement approach for all leases except xempt eases he roup recognises lease lia ilities to ma e
lease pa ments and lease assets representing the right to use the underl ing assets
(i) Right-of-use assets
he roup recognises ight of use assets at the commencement date of the lease (i e the date the underl ing asset is availa le for use
ight of use assets are measured at cost less an accumulated depreciation and impairment losses and ad usted for an re measurement of lease
lia ilities he cost of ight of use assets includes the amount of lease lia ilities recognised initial direct costs incurred and lease pa ments made at or
efore the commencement date less an lease incentives received
nless the roup is reasona l certain to o tain ownership of the leased asset at the end of the lease term the recognised ight of use assets are
depreciated on a straight line asis over the shorter period of its estimated useful life and the lease term (two to five ears ight of use assets are
su ect to ongoing impairment assessments
90
