TORONTO (miningweekly.com) – TSX- and ASX-listed Newcrest Mining on Monday said ratings agency Moody's announcement that it had revised its credit rating from Baa2 to Baa3 with a negative outlook was not expected to impact on its existing debt arrangements.
Newcrest confirmed that there were no triggers in its existing debt arrangements that could result in any change to its cost or availability of funds under those arrangements as a consequence of Moody's announcement.
Gold production for the 2014 financial year was expected to be between 2-million and 2.3-million ounces, while copper production for the full year was forecast at between 75 000 t and 80 000 t.
Newcrest, which recently announced an asset impairment of between A$5-billion and A$6-billion, has warned shareholders that the first-quarter gold production would likely be lower than that of the three months to June, with production expected to progressively increase over the course of the financial year.