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.

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