Save the Tarkine have asserted that Shree Minerals have engaged in an exercise in creative accounting to hide a net balance sheet deficit of over $370,000, according to the Half Yearly Financial Statements released today.
Shree Minerals valued mined ore inventory at $625,907, lifting net assets to $252,756. However it is clear that they have been unable to sell this ore in the 21 months since mining ceased on the Nelson Bay River mine, rendering it’s value unrealisable.
“Shree Minerals are clearly in the red. Pretending that unsellable ore has a cash value to fiddle the books won’t save them from the inevitable”, said Save the Tarkine Campaign Coordinator, Scott Jordan.
“It’s time for the Tasmanian Government to pull the pin, and call in the rehabilitation bonds and unpaid royalties before Shree runs down the assets any further. The interests of the Tasmanian taxpayer must be secured, given the poor track record of Shree directors”.
Shree were suspended from quotation on the ASX last week after the resignation of their auditor delayed lodgement of financial reports to the ASX.
Save the Tarkine Campaign Coordinator, Scott Jordan
