Newcrest to review disclosure practices

Gold miner Newcrest will conduct an independent review of its market disclosure practices. Source: AAP

GOLD miner Newcrest has brought in a former chairman of the corporate regulator to review the way it keeps investors informed about its business.

Newcrest is currently under investigation by the Australian Securities and Investments Commission (ASIC) for events leading up to the company's announcement of a $6 billion writedowns earlier this month.

The company's shares plunged in the days leading up to the announcement, and there have been claims Newcrest tipped off some analysts about the writedowns before making an announcement to the market.

"Whilst the board is already reviewing events leading up to 7 June 2013, we have decided to obtain an independent perspective," Newcrest chairman Don Mercer said on Tuesday.

Former ASIC chairman Maurice Newman will conduct the review of the company's disclosure and investor relations practices, he said.

Mr Newman will provide a report to the Newcrest board as soon as possible, including recommendations for any improvements or changes in the company's disclosure practices.

"If steps are required to be taken as a result of the review of these matters, the board will ensure that this occurs without delay," Mr Mercer said.

"I intend to report publicly on any resulting actions we decide are necessary."

Newcrest shares have fallen to decade-long lows since the writedowns were announced, and were down 16 cents at $9.37 at 1159 AEST on Tuesday.

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