PERTH (miningweekly.com) – Embattled gold miner Newcrest Mining has appointed an independent adviser to review its disclosure practices, as rumours persist that the company had breached ASX disclosure rules.

Earlier this month, the gold major announced the outcome of a strategic review, which included a potential asset impairment of A$6-billion. The review also identified a number of key actions to cut overall costs, including reducing capital expenditure.

Newcrest’s share prices plunged 8.3% on the news; however, speculation has persisted that some analysts might have been given prior warning as share prices dropped nearly 13% two days prior, with the exchange pointing out that three analysts had cut their recommendations on Newcrest’s shares days before the announcement was made.

MD Don Mercer said on Tuesday that the company was “deeply concerned” about the criticism it faced.

“Newcrest takes its disclosure obligations extremely seriously. While the board is already reviewing events leading up to June 7, we have decided to obtain an independent perspective.”

Newcrest has now appointed former ASX chairperson Maurice Newman to conduct the independent review.

The review would look at Newcrest’s continuous disclosure and investor relations processes, as well as reviewing the company’s compliance with relevant internal company policies and would make recommendations in relation to improvements or changes that would need to be made.

“The board will consider all findings and recommendations of the review. If steps are required to be taken as a result of the review of these matters, the board will ensure that this occurs without delay,” Mercer said.

The Australian Securities and Investment Commission was investigating Newcrest’s share price fall, but has stated that it was part of its “usual procedure”.

The company’s share price continued its decline on Tuesday, falling more than 3%, to trade at a low of A$9.07 a share. In May, the company’s stock still exchanged hands for A$16 a share.

The company's TSX-listed stock gained 1.84% or C$0.17 on Tuesday, to close at C$9.42 apiece, having lost 64.42% of its value since the start of the year, when shares traded at C$26 apiece.