Newcrest weathers a writedown tempest

The gold miner's massive writedowns are slightly misleading, given the sector's history, and with chief Greg Robinson's commitment to cut costs it's not surprising Newcrest has rallied.

The sharemarket may not have liked Newcrest Mining’s $6.2 billion of writedowns or near-60 per cent fall in underlying earnings but it did react positively and quite sharply to what Greg Robinson is doing in response to the sea-change in the settings for the gold mining sector.

The writedowns had, of course, been well-flagged as had the steep fall in underlying profitability, which last year was just above $1 billion but which slumped to $451 million in the year just ended.

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