RE:RE:RE:Wondering Why?from Q3 2021 Financials - there already were massive impairments for Santander:
Santander During Q1 2020, the Company’s near-term zinc price assumptions were revised as a direct result of the decline in the zinc price caused by COVID-19. Additionally, cash preservation initiatives resulted in feasibility activities related to the Santander Pipe being deferred and as such a delay in production from this potential source of ore has been incorporated into the estimate of recoverable amount. These changes resulted in a net $19.0 million impairment ($15.5 million property, plant and equipment write-down and $7.7 million nearmine exploration and evaluation assets net of a $4.2 million deferred income tax recovery) to its estimated recoverable amount of $17.3 million. Following the completion of studies in December 2020, the life-of-mine plan for Santander was revised with mining operations at the Magistral deposit scheduled to complete at the end of 2021 and the economic feasibility of the Santander Pipe was re-evaluated because of updated capital and operating expenditure estimates and the possible development timeline. The Santander operation is expected to transition into an exploration phase to focus on the discovery and definition of new mineralization to complement existing mineral resources. As a result, in Q4 2020 a total impairment of $43.6 million to property, plant and equipment was recognized to its estimated recoverable amount of negative $10.2 million (the recoverable value of the Santander CGU is negative because the outflows associated with closure costs is included in the cash flow projection).