MELBOURNE, Australia, Oct. 17, 2013 /CNW/ - Newcrest Mining Limited
(ASX: NCM) The Company has agreed documentation with two new banks to
provide bilateral loan facilities for an additional US$450m (in
aggregate), on terms consistent with the Company's existing bilateral
The proposed new facilities will provide the Company with additional
liquidity headroom, expertise and diversity.
Maturities extend across late 2015 (US$100m), 2016 (US$125m), 2017
(US$100m) and 2018 (US$125m).
Final steps for execution of the proposed new facilities and satisfying
the conditions precedent are underway. It is anticipated that the
proposed new facilities will be in place shortly.
As disclosed in Newcrest's 2013 Annual Report, a number of research and
development claims made during the 2005 to 2011 financial years are
currently under review by the Australian Taxation Office and Innovation
Newcrest has continued to consider and analyse all of its material
Australian research and development claims. Newcrest has also
considered the outcomes of recent tribunal decisions in relation to
research and development claims by other taxpayers. As a consequence of
this continuing analysis, the Newcrest Board has now determined that
the Company should voluntarily amend some of the R&D claims made during
the 2009 to 2011 period.
As a result of the voluntary amendment, it is expected there will be an
increase to income tax expense of approximately A$120 million in
aggregate, to be recognised in the December 2013 half year period,
notwithstanding that this adjustment relates to past income years. Due
to the availability of taxation losses, the cash tax to be payable in
the 2014 financial year is approximately A$70 million.
A copy of the release be found on Newcrest's website: www.newcrest.com.au; and on SEDAR: www.sedar.com.
SOURCE: Newcrest Mining Limited
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