Newcrest are a 14% shareholder of SolGold (a subsidiary of DGR Global) and 27.1% owners of Lundin gold. Lundin Gold is developing the Frute del Norte gold and copper mine in Ecuador which is expected to open in 2019.
A PATTERN OF BAD BUSINESS PRACTICE
In 2016, Newcrest Mining agreed to pay shareholders $36m to settle class-action claims around its gold production guidance. Shareholders alleged they lost a lot more than that in 2013 as a result of the way the company handled gold production forecasts and the practice of massaging analyst forecasts. This was an out-of-court settlement a week before the case was to be heard at the Federal Court, which meant that Newcrest avoided the possibility of having to pay hundreds of millions of dollars in claims. Newcrest were the first large company in Australia to receive a fine of $1.2 million by ASIC over disclosure.
A LEGACY OF RUIN
BONIKRO MINE, IVORY COAST
HIDDEN VALLEY MINE, PNG
Environmental problems occurring at Hidden Valley resulted in massive damage to the Markham & Watut River systems, including serious erosion and sediment build-up, death and damage to plant and aquatic life, and physical and social effects to locals, including skin conditions and loss of homes and livelihood.
CADIA MINE, NSW
Earthquakes and water control issues plagued this mine, with Newcrest demanding 90% of the drinking supply of nearby town Orange, while local farmers and inhabitants were already under severe water restrictions due to drought.