Newcrest Divorces Problem Child and Disposes of Hidden Valley
Newcrest will sell its 50% share of the Hidden Valley mine to joint venture partner Harmony Gold. Harmony will assume all of the closure costs and rehabilitation liabilities as part of the deal. In exchange, Newcrest will make a one-off contribution of USD 22.5 million for future closure costs. In effect, Newcrest is paying Harmony to assume the likely liabilities of Hidden Valley. Newcrest expects a USD 10 million loss with the transaction.As a result, Newcrest has lowered fiscal 2017 producti...
Newcrest Mining is engaged in the exploration, mine development, mine operations and the sale of gold and gold/copper concentrate. As of June 30 2016, Co.'s reportable operating segments were: Cadia, Australia; Telfer, Australia; Lihir, Papua New Guinea (PNG); Gosowong, Indonesia; Hidden Valley Joint Venture (JV) (50% interest), PNG; Bonikro, COte d'Ivoire; and Exploration and Other, which mainly comprises projects in the exploration, evaluation and feasibility phase and includes Wafi-Golpu JV (50% interest) in PNG, Namosi JV (70.67% interest) in Fiji, O'Callaghans in Australia and Co.'s global greenfields exploration portfolio.
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