Newcrest surges despite posting $5.7bn loss

Gold miner swings into red on $6.23bn in writedowns, shares spike over 6%.

Investors have cheered Newcrest Mining Ltd after it said it would slash capital expenditure by almost half as it slumped to a $5.78 billion full-year loss on writedowns of $6.23 billion.

At the 1443 AEST official market open, Newcrest shares were 7.49% higher at $12.34, against a benchmark index rise of 0.8%.

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