Newcrest Flags $2.4 Billion Writedown in Gold Spree Legacy
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Newcrest Mining Ltd., Australia’s largest gold producer, flagged another writedown for its Lihir mine in Papua New Guinea, a legacy of a $9 billion takeover labeled one of the industry’s worst.
A charge of as much as A$2.5 billion ($2.4 billion), mainly for Lihir, which is contained within an extinct volcano crater, would follow the $5.7 billion writedown in 2013 that triggered a record loss, a regulatory inquiry and a boardroom clean out.