With the price of gold on track to post its biggest annual slump in 30 years Newcrest Mining Limited (ASX:NCM) will be hoping for a brighter New Year.
Australia’s largest gold mining company has been battered this year with its stock sinking more than 60 per cent to $7.95 at yesterday’s close.
The falls came over the same period the price of gold fell from about $US1,600 per ounce at the beginning of the year to about $US1,200 per ounce.
After making a massive write-down mid-year the company attracted the attention of the corporate watchdog. In the past weeks Newcrest has warned it may face class action from shareholders who allege the company breached its continuous disclosure obligations.
However, a changing of the guard is near with long standing Chairman Don Mercer retiring and CEO Greg Robinson stepping down this month.
The new year will see new leadership with Peter Hay moving into the Chairman’s role and former Rio Tinto Limited
(ASX:RIO) executive Sandeep Biswas appointed CEO.
Newcrest Mining reported a net loss of $5.7 billion in the 2013 financial year.
