20974 29Metals AR23 WEB V1 - Flipbook - Page 201
2023 key
results
122
Chair letter and
CEO report
About
29Metals
Our
assets
Sustainability
& ESG Report
Mineral Resources
and Ore Reserves
Annual
Financial Report
197
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 39: Contingent asset
uring the eporting eriod, the Group commenced an insurance claim for the damage and loss of property, and associated usiness interruption,
caused y the xtreme eather ent at apricorn opper.
In ugust
, Group’s insurers responded to the Group’s preliminary claim assessment and asis of claim su mission. In their response, the insurers
▪
confirmed indemnity for damage to property on the surface and associated usiness interruption
▪
agreed to ma e an initial unallocated progress payment of
,
,
in respect of damage and loss of surface property and associated usiness
interruption and
▪
ased on the su mission and information pro ided to date, in relation to underground loss and damage ad ised that the policy does not respond
and re uested further information.
In relation to the surface component of the insurance claim, the claim process after the initial unallocated progress payment is ongoing.
In relation the underground damage and loss component of the claim, the Group does not agree with the insurers’ position. The Group will continue to
wor with insurers in relation to the further information re uired to ad ance this aspect of the claim.
The Group has recei ed and recorded
,
,
proceeds from the insurance claim in the onsolidated inancial tatements for the year ended
ecem er
refer to ote . ending further progress of the insurance claim process, it is not practica le for the Group to estimate the future
potential financial effect and timing of insurance claim outcomes.
Note 40: Commitments
The Group’s commitments are as follows.
Exploration
In order to maintain current rights of tenure to exploration tenements, the Group is re uired to outlay rentals and to satisfy minimum expenditure
re uirements which total , ,
, ,
o er the next months, in accordance with agreed wor programmes su mitted o er the
Group’s exploration licences.
inancial commitments for su se uent periods are contingent upon future exploration results. There are no material exploration commitments further
out than one year.
Take or pay contracts
The Group has certain ta e or pay o ligations under contracts relating to the power supply for its apricorn opper operations. These contracts are multi
year contracts with an aggregate future ta e or pay commitment amount of
, ,
as at
ecem er
, ,
. This amount is
efore any future on sale of gas surplus to the needs of the apricorn opper mine during the reco ery period.
Note 41: Subsequent events
There ha e not een any e ents that ha e arisen in the inter al etween the end of the financial year and the date of this report or any other item,
transaction or e ent of a material and unusual nature li ely, in the opinion of the irectors, to materially affect the operations of the Group, the results of
those operations or the state of affairs of the Group, in future financial years.
122
