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Newcrest Mining Limited (ASX:NCM) has warned it will likely need to make more massive asset impairments of between $1.5 billion to $2.5 billion in its 2014 financial accounts. 

 

Australia’s largest listed gold producer has flagged the latest round of write downs almost one year after revealing $6 billion in asset impairments. 

 

The company has largely attributed the latest write downs to its operating cost assumptions for its Lihir gold mine in Papua New Guinea and says is focussed on lowering costs at the operation.  

 

Over fiscal 2014 Newcrest boosted gold output by 14 per cent and lifted copper output by 7 per cent and has affirmed production targets for the following financial year. 

 

The news comes just days after Slater & Gordon Limited (ASX:SGH) launched a shareholder class action against Newcrest relating to downgrades and write-downs made in June 2013. 

 

Newcrest Mining narrowed its net profit to $44 million in the first half of the 2014 financial year.