at MarketWatch.com (May 5, 2014)
at CNBC.com (Mar 25, 2014)
at CNBC.com (Mar 18, 2014)
at CNBC.com (Mar 5, 2014)
Wed, Apr. 23, 7:57 AM
- Newcrest Mining (NCMGF, NCMGY) says it has cut hundreds of jobs in Papua New Guinea, mostly at its expensive Lihir mine.
- CEO Greg Robinson says Lihir will be a focus for further cash savings and productivity improvements; Newcrest blamed much of its 11% drop in the prior quarter's gold production on maintenance work at sites including Lihir.
- Separately, Newcrest confirms Robinson will be replaced by COO Sandeep Biswas in early July.
Dec. 30, 2013, 4:35 AM
- Gold miners face major write-downs and a drop in the size of their reserves due to a sharp fall in the price of bullion this year, which has reduced the value of those reserves and undermined their economic viability.
- Gold started 2013 at around $1,600/oz, but is now just above $1,200.
- Barrick Gold (ABX) last assumed a price of $1,500/oz and Newmont Mining (NEM) $1,400/oz price; Barrick, Newcrest Mining (NCMGY) and other miners have already taken billions of dollars in write-downs this year.
- Kinross Gold (KGC) might be less affected going forward, as its latest reserves assume $1,200/oz.
Aug. 12, 2013, 8:27 AM
- Newcrest Mining (NCMGF; NCMGY) reports a A$5.78B full-year loss, the biggest annual loss in its history, after falling gold prices forced it to write down the value of its mines and investments by A$6.23B ($5.73B).
- Newcrest also scraps its final dividend and says further cutbacks are possible if gold prices fall further.
- After stripping out one-off items, profits of A$451M topped the A$434.6M analyst consensus.
Jun. 7, 2013, 12:53 AMNewcrest Mining (NCMGF.PK) filed a statement with the ASX Friday morning saying it will be taking writedowns of $5B-$6B for the financial year. The gold miner will also be closing its Brisbane office and reducing capex by 33%. Newcrest's stock, which had already lost more than $1B in market value in the past two days, is plunging this morning on the news, down 11.2% in early trade on the ASX. | Comment!
Apr. 4, 2013, 8:07 PMAustralian miners are trading higher today, regaining much of what they lost in the previous session after metal futures rose overnight in London: BHP Billiton (BHP +1.7%), Rio Tinto RIO +1.5%), Fortescue Metals Group (FSUMY.OB +1.6%), and Newcrest Mining Ltd. AU:NCM +1.92% (NCMGY.PK +2.2%). | Comment!
Aug. 15, 2011, 3:17 PM
May. 4, 2010, 7:23 AM
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