By Matt Chambers
The Australian
Investors have slammed Newcrest Mining’s handling of a dire market update and $6 billion of writedowns that are now being investigated by the corporate watchdog, putting more pressure on management as concerns over performance and governance mount.
Despite denials by the goldminer that analysts were given any direction before a Friday market update and briefing, experienced investors say it beggars belief that several analysts simply came to the same conclusions on gold production before Friday’s briefing.
Investors also said that declaring that vital information was contained in overseas conference briefings and not posted on the stock exchange was not good enough.
The fact that the company has released its last three downgrades on the last trading days before long weekends or public holidays was also criticised.