85 Westgold Resources Limited Annual Report 2022 20.TRADE AND OTHER PAYABLES 2022 2021 Trade creditors (a) 47,637,236 44,573,485 Sundry creditors and accruals (b) 40,380,288 39,209,946 88,017,524 83,783,431 The carrying value of trade and other payables approximates the fair value. (a) Trade creditors are non-interest bearing and generally on 30-day terms. (b) Sundry creditors and accruals are non-interest bearing and generally on 30-day terms. 21. PROVISIONS (current) 2022 2021 Provision for annual leave 10,865,164 9,262,707 Provision for long service leave 2,201,062 2,142,555 13,066,226 11,405,262 22. PROVISIONS (non-current) 2022 2021 Provision for long service leave 3,000,672 2,277,616 Provision for rehabilitation (a) 66,669,167 74,840,940 69,669,839 77,118,556 (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 2030, 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 discount rates used in the calculation of the provision as at 30 June 2022 range from 3.34% to 3.58% (2021: range from 0.90% to 1.37%). Refer to Note 3 for further detail. (b) Current and non-current movements in provision for rehabilitation 2022 2021 At 1 July 74,840,940 76,650,886 Adjustment due to revised conditions (9,067,232) (2,157,420) Unwind of discount 895,459 347,474 At 30 June 66,669,167 74,840,940
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