Newcrest $5.5B Writedown the Biggest in Gold-Mining History

MoneyNews reported that Newcrest Mining’s (ASX:NCM) decision to write down the value of its mines by as much as A$6 billion ($5.5 billion) will lead to the biggest one-time charge in gold mining history.

As quoted in the market news:

Newcrest’s writedown, which Australia’s biggest producer said is a result of gold’s slump, is probably the largest aggregate charge announced in the industry, said Michael Elliott, [sector leader for Ernst & Young LLP’s global mining practice], who’s been advising producers for more than 30 years.

Click here for the full news story by MoneyNews

Get the Latest Gold Investing Stock Information

Get the latest information about companies associated with Gold Investing delivered directly to your inbox.

Copper
Gold - Bullion
Gold - Production/Mining
Gold - Project Generators
Gold - Prospecting and Exploration
+ see more
Gold - Resource Definition/Pre Feasibility
Gold - Resource Expansion/Feasibility Study/PEA
Silver - $0-15m

Select All Select None

By selecting company or companies above, you are giving consent to receive email from those companies. And remember you can unsubscribe at any time.

Comments

Leave a Reply