IGO Interactive Annual Report 2018

Notes to the consolidated financial statements 30 June 2018 (continued) 15 Exploration and evaluation Jaguar Operation $'000 Long Operation $'000 Nova Project $'000 Stockman Project $'000 Windward $'000 Other $'000 Total $'000 Year ended 30 June 2018 Opening net book amount 5,250 - 34,100 13,052 17,823 2,843 73,068 Additions 2,486 - - - - 2,675 5,161 Transfer from (to) mine properties in production 1,473 - - - - - 1,473 Disposal of subsidiary (9,209) - - - - - (9,209) Closing net book amount - - 34,100 13,052 17,823 5,518 70,493 Year ended 30 June 2017 Opening net book amount 5,250 - 34,100 68,183 - - 107,533 Acquisition of subsidiary - - - - 17,823 - 17,823 Additions 216 603 - - - 2,843 3,662 Assets included in a disposal group classified as held for sale and other disposals - - - (30,732) - - (30,732) Impairment loss - (492) - (24,399) - - (24,891) Transfer from (to) mine properties in production (216) (111) - - - - (327) Closing net book amount 5,250 - 34,100 13,052 17,823 2,843 73,068 (a) Impairment The Group did not recognise any impairment charges during the current reporting period (2017: $24,891,000). In the previous financial year, an impairment charge of $24,399,000 related to the Stockman Project, which was an exploration asset reported within the New Business and Regional Exploration Activities segment. The recognised impairment charge was determined with reference to the recoverable amount of the asset being assessed based on its fair value less costs of disposal. The recoverable amount was determined in relation to the announcement to the ASX on 14 June 2017 titled “Agreement to Divest Stockman Project”, which references to an executed sale agreement of the Stockman Project's assets between Independence Stockman Project Pty Ltd, a wholly owned subsidiary of the Company, and CopperChem Limited, a wholly owned subsidiary of Washington H Soul Pattinson and Company Limited. Independence Group NL 28 92 — IGO ANNUAL REPORT 2018 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 30 JUNE 2018