Hi @ MadTrader A couple of things. 1. I do think it's all very...

Hi @ MadTrader

A couple of things.

1. I do think it's all very moot.
2. I think you are coming from a financial accounting / reporting perspective.  Whilst I should know, I don't know the oddities of resource and reserves valuation, I have no doubt that the requirements will be 'heavy handed' in which case maybe of the A$580m write down, not a lot was applicable to reserves definition and so valuation... maybe, maybe not.  
3.  They did publish a jorc Dec 2014 which might help http://www.grangeresources.com.au/c...tatement_savage_river_operations_-_150226.pdf
4. For me I see north pit reserves around 23mt; south pit 6.9mt.  I think they have not long finished south pit and north pit is now underway ... so at least those reserves were defined then and still remain today.  And no doubt of the A$580m, there was a significant cost accumulation directly attributable to defining these reserves.  If accounting disclosure followed mine extraction, then on this basis there would be residual value and so possibly a impairment reversal.  
5. How much? No idea
6. Technically speaking, they do have a choice to book any reversal. The choice is in the form of agreeing a fair value using their judgement and value drivers.  
7.  If I was have a wild backside guess, I'd say the reserves are worth something like A$400m in which case the book value of the business is understated by about a$150M give or take a few mill.  Again, moot.  Who cares.

Have a great day.