The West

Newcrest seeks  $US1b to  pay debts
Newcrest's Telfer mine in the Pilbara.

Gold miner Newcrest is tapping investors for $US1 billion ($A962.97 million) to help reduce its debt.

The world's third largest gold miner today said it would raise the money in the United States by issuing corporate bonds.

"The proceeds will be used to repay existing unsecured indebtedness of Newcrest and for general corporate purposes," the company said in a statement.

The capital raising comes three weeks after Newcrest said it had renewed loans worth $US2.5 billion ($A2.44 billion) with 10 banks, extending its repayment dates for up to five years.

Newcrest, which in August posted a record full year net profit of $1.12 billion, plans to spend about $5 billion in the next five years to lift output by one million ounces.

Newcrest operates the Telfer mine in the Pilbara and has operations in NSW Queensland, PNG, Indonesia and the Ivory Coast.

Newcrest closed down 37 cents, or 1.31 per cent, at $27.77.

The West Australian

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