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.
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.