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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
84 Independence Group NL
Notes to the consolidated financial statements
30 June 2016
(continued)
14 Mine properties
Mine
properties in
development
$'000
Mine
properties in
production
$'000
Total mine
properties
$'000
Year ended 30 June 2016
Cost
1,197,011
685,668 1,882,679
Accumulated amortisation and impairment
-
(411,828)
(411,828)
Net book amount
1,197,011
273,840 1,470,851
Movements
Opening net book amount
-
303,300
303,300
Additions
200,273
47,057
247,330
Acquisition of subsidiary
984,776
-
984,776
Transfers from exploration and evaluation expenditure
-
10,586
10,586
Transfers to property, plant and equipment
-
(2,260)
(2,260)
Amortisation expense
-
(84,843)
(84,843)
Borrowing costs capitalised
11,055
-
11,055
Depreciation expense capitalised
907
-
907
Closing net book amount
1,197,011
273,840 1,470,851
Year ended 30 June 2015
Cost
-
630,285
630,285
Accumulated amortisation and impairment
-
(326,985)
(326,985)
Net book amount
-
303,300
303,300
Movements
Opening net book amount
-
329,279
329,279
Additions
-
46,356
46,356
Transfers from exploration and evaluation expenditure
-
10,609
10,609
Transfers to property, plant and equipment
-
(1,033)
(1,033)
Amortisation expense
-
(81,911)
(81,911)
Closing net book amount
-
303,300
303,300
(a) Recognition and measurement
(i)
Mine properties
Mine properties in development
Mine properties in development represent the expenditure incurred when technical feasibility and commercial viability of
extracting a mineral resource have been demonstrated, and includes the costs incurred up until such time as the asset
is capable of being operated in a manner intended by management. These costs are not amortised but the carrying
value is assessed for impairment whenever facts and circumstances suggest that the carrying amount of the asset may
exceed its recoverable amount.
Independence Group NL
56