Gold miner Newcrest will take a $6.2 billion hit to its bottom line from writedowns on its assets in the 2012/13 financial year.

The massive impairments are larger than the company’s previous forecast of between $5 billion and $6 billion.

Newcrest said the value of writedowns on its Lihir, Hidden Valley, West Africa and Telfer mining operations, which had previously been flagged by the company, would be $5.6 billion.

In addition, Newcrest would recognise a $273 million writedown in the value of its investment in gold miner Evolution Mining, plus $360 million in writedowns on fixed assets, inventory and exploration.

The company reached the updated writedown values after comparing asset values to its actual financial year-end balances, and considering the current value of the Australian dollar.

Newcrest shares were down six cents at $11.22 soon after the announcement was made.

The value of all the writedowns remains approximate and are subject to audit, the company said.

Newcrest’s original announcement about writedowns on its mining operations prompted an investigation by the Australian Securities and Investments Commission (ASIC) into its disclosure practices.

The company’s share price had fallen heavily in the days preceding the announcement.

Meanwhile, the company has appointed experienced director and lawyer Peter Hay to its board.

Mr Hay also holds positions on the boards of ANZ, Myer, Alumina, GUD Holdings and Epworth Healthcare, and will join Newcrest as a non-executive director immediately.

Newcrest’s accounts for the 2012/13 financial year will be released on August 12.