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.
There Is No Guide to Gold That is More Concise, Clear and Authoritative.Download our FREE Special Report, Is Gold a Good Investment? Gold Price Today and Future Gold Price Predictions.