Newcrest Has Taken Out A $US450 Million Loan To Help It Through Tough Times

Gold miner Newcrest borrowed an additional $US450 million ($A471 million) from two banks to support it through tough trading conditions.

The new debt facility adds to Newcrest’s net debt of $A4.14 billion as of 30 June 2013.

Newcrest told investors today that it would face a $A70 million tax bill in the 2014 financial year, including losses and an additional $A120 million charge over previous R&D tax claims.

Earlier this year, Newcrest posted a net loss of $5.78 billion for the 2012-13 financial year – its largest full-year loss in decades.

Moody’s reported in July that the miner would have three times more debt than earnings in the coming financial year.

Now read: Newcrest Mining CEO Greg Robinson Will Be Paid 26% Less This Year As The Company Slashes Executive Bonuses

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