News: Newcrest denies selective briefing

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Newcrest Mining Limited (ASX:NCM) has officially denied it selectively briefed analysts ahead of announcing $6 billion in writedowns last week, in a formal response to the ASX.

 

The gold miner says it first became aware of the information last Friday, the same day it revealed to the market it would be hit with large-scale writedowns, cancel its final dividend, cut back production, layoff staff and close its Brisbane office.

 

Newcrest's shares tumbled 8 per cent on the announcement, after falling seven per cent the day earlier and five per cent on Wednesday.

 

In response to an ASX query, Newcrest said it came to light after the board's annual business plan review and budget approval process was completed on Friday morning.

 

Both ASIC and the ASX are investigating accusations that Newcrest selectively briefed analysts ahead of the announcement.

 

Newcrest delivered a net profit of $339 million in the first half of the current financial year.