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Newcrest: needs to reduce the book value of certain assets

iconAug 9, 2018 17:17
Source:SMM

SMM8, March 9: Newcrest's board believes the company may need to reduce the book value of certain assets to keep the impact of non-cash earnings between $260 million and $270 million.

Telfer-- has a book value of about $190 million after tax. According to its latest mining plan, the mine has low ore levels and low recovery rates, and the cost of closing and operating the mine is higher than the company had previously estimated.

Namosi-- is about $70 million after tax. Its assessment of the allocation of potential projects has prompted people to reassess whether they should continue to advance the cost of previous research.

Earlier, the company had said other important projects had increased by a net $6 million after taxes in fiscal 2018.

The company says free cash flow for the year to the first half of 2018 is expected to reach $600 million.

The company's net debt for the first half of the year was $1.04 billion, down $459 million from the first half of 2017.

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