From the annual report of BGL concerning Cinco Min
Post# of 9903
Posted On: 03/31/2015 4:54:20 PM
From the annual report of BGL concerning Cinco Minas and Gran Cabrera:
"As at November 30, 2014 the Company has recorded
an impairment of $6,106,845 on the property to
bring its carrying value in line with its estimated recoverable value."
In the annual report of last year they were still pursuing ownership of Cinco Minas and Gran Cabrera. Although this is not a full impairment, it's a significant step towards full impairment. They are also aware that Minera Agave is on these concession titles and if they did not start impairing Cinco Minas and Gran Cabrera they would get into legal trouble with Minera Agave.
The auditors Saturna Group of BGL must have woken up also from their sleep as they continued allowing Cinco Minas and Gran Cabrera on the balance sheet of BGL for 7 years now without any impairment.
I still see in the management and discussion analysis this though and this has not changed:
"As at August 31 2014, the Company is still in the process of protecting its interest in the Cinco Minas and Gran Cabrera mining properties in the Mexican courts."
I see this just as something they copied over because in the sentences below they write about an impairment charge of $ 10,453,762 while they took an impairment of $6,106,845 already.
It's a start.
"As at November 30, 2014 the Company has recorded
an impairment of $6,106,845 on the property to
bring its carrying value in line with its estimated recoverable value."
In the annual report of last year they were still pursuing ownership of Cinco Minas and Gran Cabrera. Although this is not a full impairment, it's a significant step towards full impairment. They are also aware that Minera Agave is on these concession titles and if they did not start impairing Cinco Minas and Gran Cabrera they would get into legal trouble with Minera Agave.
The auditors Saturna Group of BGL must have woken up also from their sleep as they continued allowing Cinco Minas and Gran Cabrera on the balance sheet of BGL for 7 years now without any impairment.
I still see in the management and discussion analysis this though and this has not changed:
"As at August 31 2014, the Company is still in the process of protecting its interest in the Cinco Minas and Gran Cabrera mining properties in the Mexican courts."
I see this just as something they copied over because in the sentences below they write about an impairment charge of $ 10,453,762 while they took an impairment of $6,106,845 already.
It's a start.
(0)
(0)