Court upholds Newcrest fine
PERTH (miningweekly.com) – The Australian Federal Court has fined gold major Newcrest Mining A$1.2-million for contravening the continuous disclosure provision of the Corporations Act on two occasions.
In June this year, the gold miner admitted to breaching the disclosure laws after an investigation by the Australian Securities and Investment Commission (Asic). The industry watchdog applied to the Federal Court seeking a declaration of two contraventions, and aggregate civil penalties of A$1.2-million.
In making its determination, the Federal Court took into consideration the agreed statement of facts and admissions, which Asic and Newcrest had agreed upon, the gold miner said.
The Asic accusations related to a series of briefings to analysts in 2013, in which the gold miner disclosed information regarding the company’s expected gold production for the 2013/14 financial year and information regarding its expected capital expenditure for the 2013/14 financial year.
The miner subsequently commissioned an independent review of its disclosure practices and has made changes to these.
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