dated 26 November 2014, 28 November 2014 and 1 December 2014 (collectively referred to as the ‘‘Announcements’’). Capitalised terms in the Announcements shall have the same meanings when used herein unless the context otherwise requires www.hkexnews.hk/listedco/listconews/sehk/...LTN20141205967.pdf
potential investors that it had noted that a further announcement has been released by Mount Gibson on 5 December 2014 providing a further update on the Koolan Island mine and advising that trading of the securities of Mount Gibson has resumed on 5 December 2014 (the ‘‘Mount Gibson Further Announcement’’). www.hkexnews.hk/listedco/listconews/sehk/...LTN20141205967.pdf
activities on the island have been suspended following the failure of the Main Pit seawall last week, and a comprehensive evaluation of the situation is underway. www.hkexnews.hk/listedco/listconews/sehk/...LTN20141205967.pdf
stage and, consequently, to reduce expenditure and preserve capital, the Koolan Island operation has been placed on effective care and maintenance until such time as the detailed identification and assessment of potential options is completed, and a definitive decision on the mine’s future can be made. www.hkexnews.hk/listedco/listconews/sehk/...LTN20141205967.pdf
cost of a range of options to rebuild the Main Pit seawall and resume production. The options will then be considered in the context of the outlook for the iron ore market, iron ore prices and exchange rates, and on the basis of what action will best preserve and create value for shareholders. A decision to move towards recommencing production from the Koolan Island mine will only be made if Mount Gibson believes it is viable to do so. An update on the preferred course of action is anticipated in the first half of calendar 2015. www.hkexnews.hk/listedco/listconews/sehk/...LTN20141205967.pdf
the Koolan Island workforce will be made redundant. The Company will provide outplacement assistance to affected employees, and will pay all entitlements in full www.hkexnews.hk/listedco/listconews/sehk/...LTN20141205967.pdf
policies for a variety of circumstances, including property damage and business interruption. Mount Gibson has commenced discussions with its insurers. www.hkexnews.hk/listedco/listconews/sehk/...LTN20141205967.pdf
Koolan Island, the Company continues to monitor and assess the situation in close collaboration with relevant regulatory agencies. The WA Department of Mines and Petroleum (DMP) is co-ordinating the regulatory assessment process and inspectors from the DMP visited the site on Friday 28 November 2014. www.hkexnews.hk/listedco/listconews/sehk/...LTN20141205967.pdf
its offtake customers and suppliers with respect to Koolan Island to ensure the impacts of these events are managed appropriately. www.hkexnews.hk/listedco/listconews/sehk/...LTN20141205967.pdf
obligations, the Company will also be reviewing the carrying value of its assets at 31 December 2014, including Koolan Island. Consequently, Mount Gibson anticipates that a substantial non-cash impairment is likely when it reports its financial results for the six months to 31 December 2014, in addition to the previously flagged non-cash write-off of a $46 million deferred tax asset related to the now-repealed Mineral Resources Rent Tax (MRRT). www.hkexnews.hk/listedco/listconews/sehk/...LTN20141205967.pdf