Dam woes hit miner

NEWCREST expects to downgrade full-year production and cost guidance after its Cadia goldmine was shut down for the second time in less than a year.

Production at Newcrest’s largest and lowest-cost mine halted at the weekend after a breach at a tailings dam, but the ASX-listed firm said it cannot yet estimate how much the closure and clean-up will cost.

Shares in Newcrest dropped 86¢, or 4 per cent, to $20.73 by 3pm yesterday.