Newcrest to wipe off up to $6 billion in asset values on gold slump

MELBOURNE (Reuters) - Newcrest Mining Ltd plans to write down its asset values by up to $6 billion following the worst slide in gold prices in 30 years and plans to stop producing from high cost operations as it scrambles to protect margins.

Newcrest, the world's No. 3 gold miner, said on Friday it would cut planned capital spending in the 2014 financial year to $1 billion instead of $1.5 billion and would cut corporate costs by at least 20 percent.

It said it expected production in 2014 to rise by about 4 percent to 2-2.3 million ounces, after cutting production at its highest cost operations. (Reporting by Sonali Paul; Editing by Richard Pullin)