Bannerman Resources has reported a N$44 million (A$3,568,253) impairment after evaluating the value of its investment in Namibia Critical Metals.
Namibia Critical Metals is working on the Lofdal Heavy Rare Earths Project in Namibia, a project outside China that promises substantial future production of dysprosium and terbium. Bannerman Resources acquired a 41.8% stake in Namibia Critical Metals on August 15, 2022, for $1,692,674, and raised its shareholding to 42.1% on December 22, 2023.
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After considering various indicators, Bannerman Resources performed impairment testing on December 31, 2023, and recorded a corresponding impairment of A$3,568,253.
