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LionGold explains underestimated impairment

Published Mon, Nov 3, 2014 · 09:50 PM
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Singapore

DELAYS in a fund-raising exercise - due to the surprise visit by the Commercial Affairs Department - had caused LionGold Corp to be unable to assess the impairment of the value of an asset in time.

This, coupled with a rapid decline in gold prices, led the group to underestimate its impairment losses in its unaudited full year results for the year ended March 31, 2014.

LionGold revealed this on Monday in response to queries by the Singapore Exchange on the reason behind the S$48.49 million difference between the audited and unaudited results in impairment losses. Of these, more than half, or S$27.87 million, were due to additional impairment on its exploration and evaluation expenditure. This was mainly owing to the Konongo G…

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