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Newcrest says review found no failure in disclosure practices

5th September 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – An independent review has confirmed that there was nothing to fault gold miner Newcrest’s disclosure practices leading up to its share fall in June, following the announcement of massive impairment charges.

The Australian Securities and Investment Commission (Asic) launched an inquiry into the matter, as the company shed nearly 22% of its share value over a four-day period.

The gold miner subsequently faced claims that it had breached disclosure rules and responded by appointing former ASX chair Maurice Newman to conduct an independent review of its disclosure practices.

Newcrest chairperson Don Mercer said on Thursday that the company’s board supported all Newman’s recommendations, and would now proceed to implement them.

He noted, however, that a number of these recommendations were already reflected, fully or in part, in the company’s existing policies and procedures.

Asic’s investigation into the matter was still ongoing.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

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