Newmont Mining Corporation (NEM) (Newmont or the Company) has appointed experienced mining executive Dean Gehring to lead the Company’s South America business beginning on 1 June 2017. Mr. Gehring is succeeding Trent Tempel who is retiring after 33 years of distinguished service to the Company.
“Dean is an experienced business and operations leader with a 25-year track record of delivering step-change improvements in safety, productivity, project execution, and sustainability,” said Tom Palmer, Executive Vice President and Chief Operating Officer. “I look forward to Dean enhancing our South America region’s performance and prospects for future development by continuing to execute our strategy to improve the underlying business, strengthen the portfolio and create value for shareholders and other stakeholders.”
Mr. Gehring joins Newmont having most recently served as Head of Safety and Security for Rio Tinto’s world-wide operations. Prior to this role, he was President and Chief Executive Officer of Rio Tinto Minerals where he improved the business unit’s safety performance, increased free cash flow and maintained financial margins in a declining market. During his tenure with Rio Tinto Mr. Gehring also served as Vice President of Operations for Rio Tinto Minerals, in addition to roles as General Manager of operations and projects with Boron Operations in California, Project Development at Ivanhoe-Oyu Tolgoi in Mongolia, and Resource Development at Kennecott Copper in Utah. He also held managerial roles in engineering, projects and mining operations with PT Freeport Indonesia, BHP-Billiton, Hecla Mining, and Magma Copper.
Newmont operates South America’s largest gold mine, Yanacocha, along with the Merian gold mine in Suriname. Merian achieved commercial production in October 2016 – on time and $150 million below budget – and is anticipated to deliver more than a decade of profitable production. South America accounts for approximately eight percent of Newmont’s attributable gold production (not including anticipated production from Merian in 2017) and the region contains approximately nine percent of the Company’s gold reserves. Newmont continues progressing evaluation of the Quecher Main project at Yanacocha, which would extend oxide production through 2025 and provide a bridge to potential sulfide development.
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 and 2016. 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.
Cautionary Statement Regarding Forward Looking Statements:
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Such forward-looking statements may include, without limitation, future production and profitability, future enhancements to performance, prospects for future development and extensions, future portfolio and balance sheet strength, and future value creation and return to shareholders. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the “forward-looking statements.” Such risks include, but are not limited to, gold and other metals price volatility, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, political and operational risks, community relations risks, changes in governmental and environmental regulations and judicial outcomes. For a more detailed discussion of other risks that may impact the Company’s future performance, see the Company’s 2015 Annual Report on Form 10-K, filed on February 17, 2016, with the Securities and Exchange Commission (SEC) and other SEC filings. Investors are also encouraged to refer to the Company’s 2016 Annual Report on Form 10-K expected to be filed with the SEC on or about February 21, 2017. The Company does not undertake any obligation to release publicly revisions to any “forward-looking statement” to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Continued reliance on “forward-looking statements” is at investors' own risk.