Newcrest Mining Ltd., Australia’s largest gold producer, named Sandeep Biswas as chief executive officer in a boardroom clean out after a A$6.2 billion ($5.9 billion) writedown triggered a regulatory probe.
Newcrest Mining Ltd., Australia’s largest gold producer, will write down the value of its assets by as much as A$6 billion ($5.7 billion) after a slump in prices, sending its shares down to the lowest in eight years.
Newcrest Mining Ltd., the world’s third largest gold mining company by market value, said the company would acquire Harmony Gold Mining Co.’s 50 percent stake in the A$4 billion ($4.2 billion) Wafi-Golpu joint venture if it was for sale.
Asian stocks outside Japan fell for a fifth week, the longest streak of losses in two years, amid concern central banks are losing an appetite for more stimulus. Japanese stocks rebounded the final day of the week as Nomura Holdings Inc. and Fidelity Worldwide advised buying shares.
Australia’s securities regulator will attend analyst meetings at about 20 companies next month as part of a clampdown on selective briefings, after questions were raised about broker coverage of Newcrest Mining Ltd.