Newcrest to pay $1.2m on disclosure breach

Gold miner Newcrest (NCM) will agree to civil penalties of $1.2 million and a declaration of two contraventions of the continuous disclosure laws after the corporate watchdog started legal action in the Federal Court. 

The Australian Securities and Investments Commission has been investigating Newcrest's conduct, alleging it selectively disclosed fiscal 2014 production guidance and capital expenditure estimates to analysts and failed to disclose the same information to the market.

Under a settlement, the parties will jointly propose penalties totalling $1.2m, although the actual amount is a matter for the court to determine.

Newcrest said ASIC will not take action against individual Newcrest employees or officers.

Newcrest chairman Peter Hay said the company has made changes to its investor relations policies after a review of its practices.