Rising operating costs and slumping commodity prices continue to create problems for global mining companies.
The latest to come under pressure is Newcrest Mining, Australia’s biggest gold miner, which said Friday it would write down assets worth 6 billion Australian dollars, or $5.7 billion, and scale back planned spending on exploration and new projects.
Newcrest, which has gold mines in Australia, Papua New Guinea, Indonesia and Ivory Coast, said its moves were the result of ‘'the current market environment and outlook, including a recent sharp deterioration in the gold price, the largest in 30 years.'’ The company also blamed rising costs and the strong Australian dollar.
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