Investors frown at Newcrest debt deal Newcrest had hoped to break even in fiscal 2014, before the recent slump in the gold price. Newcrest Mining's gearing ratio shows little sign of falling, after the miner took on its second debt package in the space of four months. The gold miner today announced a new three-year loan worth $US200 million, for the purpose of providing "additional liquidity headroom." The loan, which was signed with an undisclosed bank, comes after Newcrest secured $US450 million worth of debt in October which was also said to provide "additional liquidity headroom." The announcement pulled Newcrest shares down 2.2 per cent to $8.675, after earlier trading as much as 2.4 per cent higher. Newcrest had hoped to break even in fiscal 2014 so long as the gold price remained close to $A1450 per ounce. Gold has slumped well below that level in recent months, and at $US1251 per ounce this afternoon is worth about $1375 per ounce in Australian dollars. Newcrest had $4.1 billion worth of debt at June 30, for a gearing ratio of 29.1 per cent. The miner acknowledged at the time that that was a large amount of debt for an unhedged gold producer but said it was comfortable with such a gearing ratio in the short term. The miner has longer term plans to return to a gearing ratio of 15 per cent. Today's debt package expires in January 2017 and Newcrest said it would welcome having a new bank to work with. "The new facility provides Newcrest with additional liquidity headroom, expertise and diversity, as well as extending the average debt maturity of its bilateral loan facilities," the company said in a statement.