Orica hit with $63m clean up bill
March 24, 2010
Orica Limited (ORI) said this morning that the clean up of mercury at the company’s Botany side would cost the company around $45 million.
In addition to this the company said that, following a review of existing environmental provisions in light of cost changes, approval delays and other factors, it would increase environmental provisions relating to hexachlorobenzene waste disposal at the Botany site by $18 million.
Both of these pre-tax amounts would be noted against the company’s half year financial accounts for the period to 31 March 2010, Orica said.
Furthermore Orica said that the Federal Court decision in relation to the Pharmaceuticals tax case on 10 March 2010, Orica has said it would recognize $192 million after tax as an individually material item in the financial statements for the half-year ending 31 March 2010.
Orica this morning confirmed it would appeal the Federal Court's decision.
At 1136 AEDT, Orica shares were trading down 16c to $26.24.
In addition to this the company said that, following a review of existing environmental provisions in light of cost changes, approval delays and other factors, it would increase environmental provisions relating to hexachlorobenzene waste disposal at the Botany site by $18 million.
Both of these pre-tax amounts would be noted against the company’s half year financial accounts for the period to 31 March 2010, Orica said.
Furthermore Orica said that the Federal Court decision in relation to the Pharmaceuticals tax case on 10 March 2010, Orica has said it would recognize $192 million after tax as an individually material item in the financial statements for the half-year ending 31 March 2010.
Orica this morning confirmed it would appeal the Federal Court's decision.
At 1136 AEDT, Orica shares were trading down 16c to $26.24.
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