Goldminer Newcrest has blamed falling commodity prices for a $5.78 billion loss last financial year.

The company says the loss was the result of $6.23 billion worth of writedowns on a range of assets, triggered by a slump in gold prices.

In a statement to the share market, Newcrest says it plans to cut capital expenditure and will not pay a dividend to shareholders.

"At a gold price of $1,450 per ounce, operations are projected to be cash-flow neutral or positive in the 2014 financial year," the company said.

Newcrest has forecast it will produce up to 2.3 million ounces of gold this financial year.

"With the volatility in the current market climate, Newcrest is not providing any quantitative commentary on its production profile beyond the financial year 2014," it said.

Its share price has climbed after the release of the full-year result.

At 11am (AEST), it was 4.6 per cent higher at $12.01.

 

Advertisement