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aul trucks are seen at the Newcrest Mining Cadia gold mine, Australia
aul trucks are seen at the Newcrest Mining Cadia gold mine, Australia
(HO/)

Australian gold miner’s woes look a lot like Barrick’s

A major gold miner is hiring an outsider and slashing jobs after writing off billions of dollars from an ill-timed acquisition and watching its shares plunge.

Sound like Barrick Gold Corp.? Actually, the company is Newcrest Mining Ltd., Australia’s biggest gold miner.

The major gold miner, worth just $7.1-billion today after plummeting 60 per cent from a valuation near $23-billion in October, announced plans late Monday to cut 150 jobs at its Lihir gold mine in Papua New Guinea.