Newcrest investor relations swap out in the wake of scandal
The former head of Australian investor relations for Newcrest Mining is back at his old post. Reports today say Steve Warner has been filling in the firing line position for compatriot Spencer Cole in recent days.
Warner has acted as the North American representative for Newcrest since the companies hit the Toronto Stock Exchange last year, but now seems to have returned to Australian shore in the lead-up to the company’s quarterly report. Warner may be glad to leave the States, where he’s been trying to douse the flames on a scandal involving an alleged breach of continuous disclosure practices.
Some insiders have speculated Warner was covering for Cole while the latter was tied up in meetings, which culminated in the June 7 announcement of massive write downs and production cuts. The Australian Securities and Investment Commission is allegedly looking into reports some banks may have been leaked information on the cuts, with a number of investors downgrading their forecast and recommendations in the days before.
Regardless of the investor relations representative, stocks have taken a hit; Newcrest sank 40 cents on Thursday to its lowest price in nine years.