$640m Karara writedown could spell end

In a move that virtually removes any value for the company’s stake in the magnetite project, Gindalbie said the impairment was warranted given a lower than expected iron ore price, a higher than expected Australian dollar, and Karara’s under-performance.

The spectacular decline of magnetite developer Gindalbie Metals has accelerated, with the struggling miner reporting a $640 million write-down of its stake in the Karara project.

Read more here: SMH


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