Notes to the Consolidated Financial Statements for the year ended 30 June 2023 8. Investment in joint venture (continued) (a) Plant and equipment, right of use assets and mine assets under development Joint venture (100%) 2023 Plant & equipment $’000 (Audited) Right of use assets $’000 (Audited) Mine assets under development $’000 (Audited) Total $’000 (Audited) Non-current assets Carrying amount – at cost 26,915 2,792 383,629 413,336 Accumulated depreciation (4,066) (1,053) – (5,119) 22,849 1,739 383,629 408,217 Reconciliation Opening balance at the beginning of the year 10,572 2,099 160,960 173,631 Additions 72 – 217,455 217,527 Transfer between asset classes 14,723 – (14,723) – Modification to finance lease assets – 42 – 42 Addition to mine rehabilitation asset – – 11,541 11,541 Capitalised borrowing costs – – 8,396 8,396 Depreciation expenses (2,518) (402) – (2,920) 22,849 1,739 383,629 408,217 Joint venture (100%) 2022 Plant & equipment $’000 (Audited) Right of use assets $’000 (Audited) Mine assets under development $’000 (Audited) Total $’000 (Audited) Non-current assets Carrying amount – at cost 12,121 2,749 160,960 175,830 Accumulated depreciation (1,549) (650) – (2,199) 10,572 2,099 160,960 173,631 Reconciliation Opening balance at the beginning of the year 3,208 1,831 72,226 77,265 Additions 88 – 92,923 93,011 Transfer between asset classes 7,751 – (7,751) – Recognition of finance lease assets – 675 – 675 Addition to mine rehabilitation asset – – 3,562 3,562 Depreciation expenses (475) (407) – (882) 10,572 2,099 160,960 173,631 46 Sheffield Resources Limited Annual Report 2023
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