Newcrest shares tumble on litigation fears

Shares in Australian Newcrest Mining dropped 56 cents this morning.

The share lost 1.5% of their overnight value on news that the Hidden Valley gold mine in Papua New Guinea is being sued by affected communities for environmental damage to the Watut river.

The Hidden Valley mine is jointly owned by Newcrest and South African Harmony Gold.

While Newcrest says it will vigorously defend the court action it has already admitted there are sediment and pollution problems in the Watut  river and made some low-level ex-gratia payments to affected families.

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Filed under Environmental impact, Human rights, Papua New Guinea

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