Newcrest Mining has said that it will cut around 100 jobs in Australia and also close down its Brisbane office after volatility in the gold prices in the global markets.

Newcrest Mining, which is the biggest gold-miner in the country, announced that it would close down its Brisbane office and reduce about 20 per cent of its corporate costs. The company is facing weaker cash flows and said that strong Australian dollar and higher costs forced the company to shut down its support office in Brisbane.

The company has also said that it is expecting to record $5 billion to $6 billion in writedowns, including $3.6bn of goodwill at the Lihir Island gold mine in Papua New Guinea and $2.2bn of impairments at Newcrest’s higher-cost assets of Telfer, Hidden Valley and Bonikro.

The shares of the company have been falling in recent days following several downgrades and withdrawals from the brokers. The company’s market value has fallen more than $780 million in just previous 24 hours as gold prices recorded their highest fall in 30 years. The company’s shares fell $1.01 or 7.6 per cent to close at $12.35 today.