Newcrest slumps to $5.7bn FY loss

Gold miner sinks into red on $6.23bn in writedowns, will slash capex in current year.

Newcrest Mining (NCM) will slash capital expenditure after slumping to a $5.78 billion full-year loss as its shock writedowns blew out again to $6.23 billion.

Investors responded well to the results. At the 1015 AEST official market open, Newcrest shares were 4.79% higher at $12.03, against a benchmark index fall of 0.07%.

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