DENVER - Friday, March 11th 2016 [ME NewsWire]
(BUSINESS WIRE)-- Newmont Mining Corporation (NYSE: NEM) (Newmont or the Company) has appointed Alwyn Pretorius to lead the Company’s Africa business effective March 28, 2016. Mr. Pretorius most recently served as Chief Operating Officer of Harmony, one of South Africa’s premier gold producers.
“Alwyn brings 20 years’ experience in the gold sector to Newmont, and has successfully managed portfolios of up to 10 mines with annual production of 1.3 million ounces of gold. He has also achieved step change improvements in safety and productivity and forged strong stakeholder relationships throughout his career. We are confident that his experience and expertise will help us build on our strong performance in Africa, and deliver our strategy to create safer and more efficient operations, a stronger portfolio and more value for shareholders and other stakeholders,” said Gary Goldberg, President and Chief Executive Officer.
Mr. Pretorius has served in leadership roles at Harmony and ARMgold. His expertise includes delivering significant safety, sustainability and productivity improvements and forging strong stakeholder relationships. Mr. Pretorius earned Bachelor of Science degrees in Industrial Engineering and Mining Engineering from the University of Pretoria, and was Chairman of the South African Mines Rescue Services Board.
Newmont’s Africa region includes two operations in Ghana, the continent’s second largest gold producer after South Africa. Ahafo began commercial production in August 2006 and Akyem poured first gold in October 2013. The regional team recently secured a new Investment Agreement and energy supply reliability in Ghana; maintained one of Newmont’s lowest injury rates and cost profiles at Akyem; and advanced value accretive projects at Ahafo to counter the impacts of lower grades and harder ore. Decisions to fund these projects – including a mill expansion and the new Subika underground mine – will be reached in the second half of 2016.
In 2015, Newmont reduced all-in sustaining costs by 10 percent and increased adjusted EBITDA by 29 percent despite a nine percent drop in realized gold price.1 The Company also lowered net debt by 19 percent while continuing to invest in growth by acquiring Cripple Creek & Victor in Colorado; advancing five profitable development projects in the US, Australia and Suriname; and adding five million ounces of gold reserves by the drill bit.
Newmont is a leading gold and copper producer. The Company employs approximately 29,000 employees and contractors, with the majority working at managed operations in the United States, Australia, Ghana, Peru, Indonesia 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. 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 applicable securities laws that are intended to be covered by the safe harbors created by those laws. Such forward-looking statements may include, without limitation, statements regarding future financial and operating performance, future efficiency improvements, future project development and approvals, future portfolio improvements, future return of capital to shareholders and other statements that are not historical facts. While such forward-looking statements are expressed in good faith and believed by Newmont to have a reasonable basis, they are subject to risks and uncertainties (as disclosed in Newmont’s Form 10-K), which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. These forward-looking statements are not guarantees of future performance. Newmont does not undertake any obligation to release publicly revisions to any forward-looking statement or to comment on expectations of third parties, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at investors' own risk.
1 All-in sustaining costs (AISC) and adjusted EBITDA are non-GAAP financial measures. The most directly comparable GAAP financial measure to AISC is Cost applicable to sales (CAS) and the most directly comparable GAAP financial measure to adjusted EBITDA is Net income (loss) attributable to Newmont stockholders (Net income). In 2015, Newmont reduced CAS by 10% to $633 per ounce. In 2015, net income decreased by 57%. For a reconciliation of AISC and adjusted EBITDA, please see the Company’s Form 10-K beginning on page 82 under the heading “Non-GAAP Financial Measures.” The Form 10-K is available at www.sec.gov and on the Company’s website at www.newmont.com.
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Newmont Mining Corporation
Omar Jabara, 303-837-5114
Meredith Bandy, 303-837-5143