89 Westgold Resources Limited Annual Report 2024 21. PROVISIONS (current) 2024 2023 Provision for annual leave 13,145,578 9,340,463 Provision for long service leave 1,642,721 2,468,795 14,788,299 11,809,258 22. PROVISIONS (non-current) 2024 2023 Provision for long service leave 8,559,542 3,648,908 Provision for rehabilitation(a) 62,452,979 62,625,784 71,012,521 66,274,692 (a) Provision for rehabilitation The Group makes full provision for the future cost of rehabilitating mine sites and related production facilities on a discounted basis at the time of developing the mines and installing and using those facilities. The rehabilitation provision represents the present value of rehabilitation costs relating to mine sites, which are expected to be incurred up to 2033 which is when the producing mine properties are expected to cease operations. These provisions have been created based on the Group’s internal estimates. Assumptions based on the current economic environment have been made, which management believe is a reasonable basis upon which to estimate the future liability. These estimates are reviewed regularly to take into account any material changes to the assumptions. However, actual rehabilitation costs will ultimately depend upon future market prices for the necessary rehabilitation works required that will reflect market conditions at the relevant time. Furthermore, the timing of rehabilitation is likely to depend on when the mines cease to produce at economically viable rates. This, in turn, will depend upon future gold prices, which are inherently uncertain. The inflation rate used in the calculation of the provision as at 30 June 2024 is 2.5% (2023: 2.5%). The discount rates used in the calculation of the provision as at 30 June 2024 range from 4.06% to 4.28% (2023: range from 3.95% to 4.03%). Refer to Note 3 for further detail. (b) Non-current movements in provision for rehabilitation 2024 2023 At 1 July 62,625,785 66,669,167 Adjustment due to revised conditions (1,852,815) (2,857,865) Changes in discount rates (808,318) (1,956,277) Unwind of discount 2,488,328 770,760 At 30 June 62,452,980 62,625,785 23. INTEREST-BEARING LOANS AND BORROWINGS (current) 2024 2023 Lease liabilities 1,319,140 2,111,143 Equipment loans1 22,057,764 13,831,644 At 30 June 23,376,904 15,942,787 1 Represents current portion of equipment loans which have repayment terms of 36 months from inception.
RkJQdWJsaXNoZXIy MjE2NDg3