Top ten write-downs of the summer

#2  Newcrest Mining: $5-6 billion
In June, one of Australia’s largest gold miners infuriated investors as it announced a $5 to $6 billion write-down. Newcrest Mining (TSX:NM) reassured shareholders that it had wide-ranging spending cuts in mind, including a near 50% reduction in exploration expenses.

#3 AngloGold Ashanti: $2.6 billion
AngloGold Ashanti (NYSE:AU) doesn’t come close to Barrick’s near $9-billion write-down but the gold producer did announce a hit of up to $2.6 billion. The company has had serious labour issues in South Africa over the past year with unions demanding major wage increases.

#4 Kinross Gold: $2.2 billion
In third spot is Canadian-based gold miner Kinross (NYSE:KGC). The company booked a $2.29 billion non-cash write-down while watching revenues fall below $1 billion to $968 million.

#5 GoldCorp: $1.9 billion
Another Canadian gold miner comes in fifth place: GoldCorp (NYSE:GG) logged a $1.96 billion charge this quarter. The write-down is related to the “value of exploration potential” at the company’s Peñasquito mine in Mexico.

“Peñasquito continues to possess strong exploration upside.” GoldCorp said in a statement. “But due to lower metals prices, the current in situ market value of exploration potential has decreased significantly.”

#6 Newmont Mining: $1.8 billion
Nearly tied with GoldCorp is Newmont Mining (NYSE:NEM) which took a $1.8 billion impairment charge related to two Australian mines in Boddington and Tanami.

#7 African Barrick Gold: $727 million

You haven’t heard the last of Barrick’s suffering. The company owns a 73.9% equity interest in African Barrick Gold (LON:ABG) which booked $727 million in charges this quarter. ABG is Tanzania’s largest gold miner.

#8 Osisko Mining: $488 million
Another Canadian company has made the top ten: Osisko Mining (TSE:OSK), with an $1.8 billion market cap, was not spared this quarter, booking $488 million as a result of low bullion prices.

#9 Alacer Gold: $412 million
In ninth place is Alacer Gold (TSX:ASR) which wrote-down $412 million on its Australian operations due mainly to gold price drops.

#10 Polymetal International: $340 million
Coming in at number ten is a Russian company which unsurprisingly also digs for gold. Polymetal International announced that it will write-down up to $340 million in its half-year results.