Bulletin
Investor Alert

July 28, 2013, 8:19 p.m. EDT

Evolution plans writedown after gold prices fall

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

or Cancel Already have a watchlist? Log In

By Rhiannon Hoyle

SYDNEY--Australian gold producer Evolution Mining Ltd. said it expects to write down the value of its assets by between 350 million Australian dollars (US$324 million) and A$400 million in its fiscal year through June.

Sydney-based Evolution said the writedown followed an end-of-year review, but added the charge won't affect the company's cash position or debt facility. It comes after gold prices fell to their lowest level in nearly three years.

Evolution said the writedown would lower the value of its mine assets and goodwill to between A$860 million and A$910 million, from A$1.26 billion previously.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.