5E Advanced Materials Inc
For the period ended Jun 30, 2024. Filed Sep 9, 2024.
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FY2024 · Filed Sep 9, 2024
Contents
3. Construction in Progress
- Construction in Progress
Construction in progress represents the equipment which has been acquired and is not in use, payments for design, engineering, and construction services in relation to the development of the Project, and any amounts of interest that have been capitalized related to such balances. During the fourth fiscal quarter of 2024, the Company placed the Small-Scale Facility (“SSF”) and its related injection and recovery wells, equipment and facilities into full commercial operation and therefore transferred approximately $75.9 million previously recorded as construction in progress to property plant and equipment. As of June 30, 2024, the amounts that continue to be reported as construction in progress relate to costs incurred in connection with the proposed commercial facility.
Construction in progress consisted of the following at the end of each period presented.
| June 30, | June 30, | |
|---|---|---|
| 2024 | 2023 | |
| (in thousands) | ||
| Engineering services | $608 | $9,122 |
| Equipment | — | 31,692 |
| Construction | — | 21,579 |
| Injection and recovery wells | — | 4,002 |
| Capitalized interest | — | 1,158 |
| Total construction in progress | $608 | $67,553 |
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