DENVER – Newmont Goldcorp Corp.’s president and incoming chief executive officer, Tom Palmer, will be presenting an update on the company at the Denver Gold Forum Sept. 17, but his presentation is already available on Newmont’s website.
“As the world’s leading gold company, Newmont remains focused on keeping our people safe, while growing our profit margins through operating, technical and financial discipline,” Palmer said “We will also generate value for our shareholders by leveraging Newmont’s leading land position and exploration program in favorable jurisdictions to grow our reserves and resources.”
His presentation focuses on several points, including exceeding targeted synergies. Palmer reports that the company is on track for more than $365 million in general and administrative and exploration synergies, full potential improvements and supply chain savings by 2021.
His presentation also states that general and administrative expense synergies will be $110 million, up from the original target of $85 million when Newmont and the former Goldcorp company merged earlier this year. Palmer’s update includes a report that the process is under way for the potential sale of Red Lake in Canada, divesting interest in the Nimba iron ore project in Guinea and optimizing and effectively sequencing the development of Newmont Goldcorp’s project pipeline.
His presentation additionally shows that the Ahafo mill expansion in Ghana, Quecher Main in Peru and Borden in Canada are expected to achieve commercial production in the fourth quarter.
In a year of change, not only did Newmont and Goldcorp merge, but Newmont and Barrick Gold Corp. formed a joint venture for operation of the two companies’ mines in Nevada. The joint venture, Nevada Gold Mines LLC, is over the mines and ranches in the state, with Barrick as operator.
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Palmer will succeed Gary Goldberg as CEO on Oct. 1.
Newmont stated that since May 2016, when Palmer was appointed executive vice president and chief operating officer and had more than 85 percent of the company’s workforce reporting to him, Newmont has generated more than $2 billion in free cash flow.
The company also has commissioned two new mines and six expansions on four continents on or ahead of schedule and at or below budget in that time period, according to the company.
Prior to 2016, Palmer led the company’s Asia Pacific region, and earlier served with Rio Tinto.
Newmont has mines in North and South America, Australia and Africa.
The Denver Gold Forum is in its 30th year and is the world’s largest gold and silver equities investment forum. The event is by invitation only, but presentations are available online on the Denver Gold Forum website. Palmer’s is available on the Newmont Goldcorp website.