Newcrest lifts write-downs again

Goldminer Newcrest has written down its assets even further after a $6 billion asset impairment two months ago.

Newcrest Mining Ltd's asset writedowns have blown out by $200 million to $6.2 billion on the falling Australian dollar, two months after the gold miner shocked the market with its original announcement.  

In a statement to the Australian Securities Exchange, the miner flags $6.2 billion in total writedowns for fiscal 2013, compared with a previous estimate of $5 billion to $6 billion.

The miner's revised estimates are based on the exchange rate of June 30, when one Australian dollar was buying 92.75 US cents, compared with the rate of 96 US cents used for the original June 7 announcement.

Related Articles