December 13, 2016 / 10:40 PM / a year ago

Newmont sees $1 bln writedown in Q4 related to Peru mine closing

Dec 13 (Reuters) - Newmont Mining Corp said on Tuesday it is likely it will record a non-cash impairment charge of between $1 billion and $1.2 billion in the fourth quarter related to an increase in the estimated cost of closing down its Yanacocha gold mine in Peru.

Newmont, the biggest U.S.-based gold miner, said that after reviewing Yanacocha’s closure plan it now expects to record an increase to the asset retirement obligation at the mine of between $400 million and $500 million in fourth quarter. (Reporting by Nicole Mordant in Vancouver; Editing by Bernard Orr)

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