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PERTH (miningweekly.com) – Gold miner Newcrest Mining is facing class action, after it admitted to breaching ASX disclosure rules.
The miner reported on Tuesday that law firm Slater & Gordon had been instructed to start representative proceedings in the Federal Court against Newcrest.
Last month, the gold miner admitted to breaching the disclosure laws after an investigation by the Australian Securities and Investment Commission (Asic).
The Asic accusations related to a series of briefings to analysts in 2013, in which Newcrest disclosed information regarding the company’s expected gold production for the 2013/14 financial year and information regarding its expected capital expenditure for the 2013/14 financial year.
The industry watchdog applied to the Federal Court seeking a declaration of two contraventions, and aggregate civil penalties of A$1.2-million, which the Federal Court granted in July.
The class action was being brought on behalf of persons who acquired Newcrest shares between August 2012 and June 2013.
Newcrest told shareholders said that the class action raised issues beyond the subject matter of the Asic settlement, and added that the company would vigorously defend itself in the proceedings.