Better than expected
At year end, an impairment test was conducted on the Itafós and Santana properties due to the Company’s market capitalization being below the carrying value of net assets.
As a result of the test, it was determined that Itafós’ FVLCD was greater than its carrying value of $418.8 million as at December 31, 2014, and that no impairment charge was required to the property’s carrying amount as at December 31, 2014.
As a result of the test, it was determined that Santana’s FVLCD was greater than its carrying value of $15.0 million as at December 31, 2014, and that no impairment charge was therefore required.