Incoming Newmont Goldcorp CEO optimistic about future

Tom Palmer. Image: Newmont Goldcorp.

Tom Palmer has backed Newmont Goldcorp’s strategy for growth as he verges on starting as the company’s chief executive officer.

In a presentation at the Denver Gold Forum, Palmer highlighted his ambition to build on Newmont’s proven strategy when he starts in the role on October 1.

“As the world’s leading gold company, Newmont remains focussed on keeping our people safe, while growing our profit margins through operating, technical and financial discipline,” Palmer said.

To do so, Palmer plans to advance the company’s most profitable projects while investing in exploration across cycles.

Newmont Goldcorp has strong and sustainable portfolio of operations, projects and exploration prospects in the gold sector, with a pipeline of world-class projects.

“We will also generate value for our shareholders by leveraging Newmont’s leading land position and exploration program in favourable jurisdictions to grow our reserves and resources,” Palmer added.

The company has 90 per cent of its reserves located in the Americas and Australia, with other projects in Africa.

These assets allow Newmont Goldcorp to sequence its projects to sustain six to seven million ounces of steady gold production annually.

Previously, Palmer was executive vice president and chief operating officer, with more than 85 percent of the company’s workforce reporting to him.

Since 2016, Newmont has generated more than US$2 ($2.9) billion in free cash flow and commissioned two new mines and six expansions on four continents, on or ahead of schedule and at or below budget.

Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. The company was founded in 1921 and has been publicly traded since 1925.

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