Newcrest inks $450m loan
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Two banks have agreed to provide Newcrest Mining (NCM) with bilateral loan facilities for an extra $US450 million ($472.5 million).
In a statement to the Australian Securities Exchange, Newcrest said the new facilities will provide additional liquidity headroom, expertise and diversity.
Maturities extend across late 2015 ($US100 million), 2016 ($US125 million), 2017 ($US100 million) and 2018 ($US125 million).
Meanwhile, the Newcrest board has decided to voluntarily amend some of the research and development claims it made between 2009 to 2011, which is set to increase income tax expense by approximately $120 million, to be recognised in the December 2013 half.
Due to the availability of tax losses, Newcrest said the cash tax payable in fiscal 2014 is approximately $70 million.
The amendment follows news Australian Taxation Office is reviewing a number of research and development claims Newcrest made during the 2005 to 2011 financial years.
Newcrest reaffirms guidance
Newcrest has maintained its group production guidance for the full-year despite announcing higher than expected gold production in the September quarter.
The group said its gold production increased by 27% to 586,573 ounces in the three months to September 30, compared with 460,425 ounces in the previous corresponding period.
Its copper production was 19,632 tonnes in the quarter, compared with 18,598 tonnes in the previous corresponding period.
Silver production was 532,315 ounces in the quarter, up from 454,083 tonnes in the previous corresponding period.
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