Newcrest Mining Limited - Federal court determines penalties

MELBOURNE, Australia, July 2, 2014 /CNW/ - Newcrest Mining Limited (ASX: NCM) announced today that following Newcrest's announcement on 18 June 2014 regarding the fact that ASIC, with the agreement of Newcrest, had applied to the Federal Court seeking a declaration of two contraventions of the continuous disclosure provisions of the Corporations Act and aggregate civil penalties of $1.2 million, the Federal Court of Australia has made a determination today that Newcrest had contravened, on two occasions, the continuous disclosure provisions of the Corporations Act and applied aggregate penalties of $1.2 million.

In making its determination, the Court took into consideration the Agreed Statement of Facts and Admissions agreed between Newcrest and the Australian Securities and Investments Commission (ASIC) and the Joint Submissions, following the conclusion of ASIC's investigation into Newcrest's conduct leading up to its ASX announcement of 7 June 2013¹.

It was not alleged by ASIC that Newcrest knowingly or intentionally contravened its continuous disclosure obligation.

Further information is contained in Newcrest's market release of 18 June 2014, available on www.sedar.com and Newcrest's website www.newcrest.com.au

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¹ Newcrest's 7^th June 2013 announcement related to the completion by Newcrest of a business and budget review and included, among other things, production and capital expenditure guidance in relation to Newcrest's 2014 financial year.

SOURCE: Newcrest Mining Limited