DENVER--(BUSINESS WIRE)--
Newmont
Mining Corporation (NYSE: NEM) (Newmont or the Company) today
announced that Tom Palmer has been promoted to President and Chief
Operating Officer, effective November 1, in recognition of his strong
performance and expanded organizational responsibilities in the
execution of the Company’s strategy. Mr. Palmer continues to report
directly to Gary Goldberg, Chief Executive Officer, and lead the
Company’s global operations, projects, and health, safety and security
teams.
“Tom has effectively led his team to deliver superior operational
performance as his responsibilities have expanded,” said Gary Goldberg,
Chief Executive Officer. “He has skillfully executed the strategy we
established over five years ago and we continue generating strong
returns and building a robust project pipeline to bring forward the next
generation of profitable Newmont mines. I recommended to our Board of
Directors that Tom be promoted to President based on his performance,
years of experience and as the next logical step in his development.”
Since May of 2016, when Mr. Palmer was appointed Executive Vice
President and Chief Operating Officer, Newmont has generated more than
$2 billion in free cash flow1 and commissioned two new mines
and four expansions, ahead of schedule and within or below budget.
Project optimization work under Tom’s leadership has also positioned
Newmont’s robust project pipeline as among the best in the gold sector
through capital discipline and a focus on returns.
Prior to his appointment as Executive Vice President and Chief Operating
Officer in 2016, Mr. Palmer led Newmont’s business in the Asia Pacific
region, which generated nearly 40 percent of the Company’s revenues at
the time. His 25-year career in mining includes leadership roles in Rio
Tinto’s bauxite and aluminum, coal, copper, iron ore, and technology
businesses, where he gained extensive experience leading global teams,
and improving safety, profitability, sustainability, and diversity and
inclusion.
About Newmont
Newmont is a leading gold and copper producer. The Company’s operations
are primarily in the United States, Australia, Ghana, Peru and Suriname.
Newmont is the only gold producer listed in the S&P 500 Index and was
named the mining industry leader by the Dow Jones Sustainability World
Index in 2015, 2016, 2017 and 2018. The Company is an industry leader in
value creation, supported by its leading technical, environmental,
social and safety performance. Newmont was founded in 1921 and has been
publicly traded since 1925.
1 Management uses free cash flow as a non-GAAP measure to
analyze cash flows generated from operations. Free cash flow is Net cash
provided by (used in) operating activities less Net cash provided by
(used in) operating activities of discontinued operations less Additions
to property, plant and mine development. Net cash provided by (used in)
operating activities for the same period was over $4 billion. For a
reconciliation of free cash flow, see the “Non-GAAP Financial Measures”
section of the Company’s Form 10-Q filed with the SEC on the date
hereof, or the Company’s most recent earnings release, available on the
Company’s website at https://www.newmont.com/newsroom.
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Newmont Mining Corporation
Media Contact
Omar
Jabara, 303-837-5114
omar.jabara@newmont.com
or
Investor
Contact
Jessica Largent, 303-837-5484
jessica.largent@newmont.com
Source: Newmont Mining Corporation