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Newmont Takes $1.77 Billion Writedown After Gold Falls

Newmont Mining Corp., the second-largest gold producer, reported a surprise loss after taking a $1.77 billion writedown on the value of two Australian mines and stockpiles following a slump in bullion prices.

The second-quarter net loss was $2.02 billion, or $4.06 a share, compared with net income of $279 million, or 56 cents, a year earlier, the Greenwood Village, Colorado-based miner said today in a statement.