for the year ended 30 June 2023 FINANCIAL REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 72 Westgold Resources Limited Annual Report 2023 7. EXPENSES 2023 2022 (a) Cost of sales Gold production Salaries, wages expense and other employee benefits 160,623,325 175,906,269 Other production costs 295,008,423 218,314,978 Write down in value of inventories to estimated net realisable value – 10,252,203 Royalty expense 23,082,403 23,537,397 Depreciation and amortisation expense Depreciation of non-current assets: Plant and equipment 43,906,314 54,409,633 Buildings 1,986,122 2,095,532 Right-of-use assets 6,139,491 8,249,706 Amortisation of non-current assets: Mine properties and development costs 100,852,823 127,535,100 Total cost of sales 631,598,901 620,300,818 (b) Finance costs Interest expense 1,686,525 1,648,881 Capitalised borrowing costs to qualifying asset – (1,145,680) Unwinding of rehabilitation provision discount 770,760 895,459 Total finance costs 2,457,285 1,398,660 Big Bell Underground Mine went into commercial production on 1 April 2022. Subsequent to going into commercial production, none of the borrowing costs have been capitalised.
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