Newcrest Mining Takes A Bullet On Gold, Writes Down Mine Value
Australia’s largest gold producer by market value said it was reviewing the carrying value of its assets after the steep price drop, at a time when costs have also risen and the domestic currency was trading near historic highs. It said it expected to report impairments of between A$5 billion and A$6 billion on the value of its assets.
The gold price has dropped around 16 percent this year as investors chased higher-yielding assets.
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