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During the year ended 30 June 2020 the Bexinco Mining Company acquired two areas - Preston and Bundoora and has spent the past year undertaking
During the year ended 30 June 2020 the Bexinco Mining Company acquired two areas - Preston and Bundoora and has spent the past year undertaking exploration and evaluation activities in these three areas of interest. Details of the costs incurred are as follows. Site Acquisition Exploration Evaluation costs $m costs $m costs $m Preston 20.7 19.8 0 Bundoora 18.1 22.9 10.6 Preliminary drilling has shown promising results for the Preston site. However, due to the recent discovery of Denisovan stone bracelets in the Preston area, Commonwealth legislation has been enacted regarding archaeological sites, which imposes an unconditional ban on any development in areas declared to be of archaeological significance. On 18 March 2021, Gold is discovered at the Bundoora site. Company geologists estimate the recent discovery of Denisovan stone bracelets in the Preston area, Commonwealth legislation has been enacted regarding archaeological sites, which imposes an unconditional ban on any development in areas declared to be of archaeological significance. On 18 March 2021, Gold is discovered at the Bundoora site. Company geologists estimate that 500,000 tonnes of Gold are located at the site, which exceeds the company's minimum benchmark of 320,000 tonnes of Gold to proceed with the development of an area of interest. Required Determine the amount of exploration and evaluation assets recognised by Bexinco Mining Company for the year ended 30 June 2021 in accordance with the requirements of AASB 6. (6 marks)
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