This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Newcrest Mining Limited - New Bilateral Bank Loan Facilities And Voluntary R&D Tax Amendment

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 loan facilities.

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 Australia.

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

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs