Silver Lake to take $370m hit

Slumping gold prices have claimed another victim, with Silver Lake Resources revealing it may write-down its assets by up to $370 million next month.

The impairment puts Silver Lake in line with other gold miners such as Newcrest Mining and Alacer Gold which have also recorded write-downs in recent months.

It comes a year after Silver Lake merged with Integra Mining.

Silver Lake revealed it had also cut 45 jobs, reduced wages, cut discretionary spending among a host of other tactics to cope with the lower gold price.