Gold and gold-copper concentrate miner Newcrest Mining (ASX:NCM) has announced a reshuffling of some of its top executives. The changes were put into place by Chief Executive Officer Sandeep Biswas, who said the changeup was part of the next phase of the company’s improvement program. Minerals executive general manager Colin Moorhead and internal operations executive general manager David Woodall are leaving the company this year. Mr. Moorhead has been with the company for 28 years.
The executive restructuring program was part of a necessary step to adapt to the weakened resources sector. A new position, called Chief Development Officer, will be created as part of the transformation as well. Michael Nossal will be heading up this new position and will report directly to Chief Executive Biswas. Mr. Nossal will be responsible for all business development, including mergers and acquisitions, exploration projections and studies. Craig Jones will be Newcrest’s executive general manager of Cadia and Golpu projects. Phil Stephenson has been appointed as the executive general manager of Gosewang and Telfer. Craig Jetson will be appointed as the new general manager of the Lihir operation and will also report directly to the CEO.
Newcrest, Australia’s largest gold miner, has faced challenges as commodity prices have fallen off over the past year. Its takeover of the Lihir gold project in 2010 has been troublesome and has resulted in write-downs in excess of $4bn. IG market strategist Evan Lucas questioned the move by Newcrest, saying that the company had attempted to shake things up before with little success. “It is very hard to see how they can continue to get the changes they need to without settling themselves down and getting on with where they need to be," he said. Shares of NCM are down 23c, or 1.62 per cent, at $13.96 per share around 2:06pm on Wednesday. NCM has advanced 43.17 per cent in the last 12 months and 27.92 per cent so far this year.
Author: Imran Valibhoy
Jun 03, 2015
Since Joining the firm in 2006, Imran has worked on a range of M&A and Capital Market transactions in the natural resources, mining as well as projects in the renewable energy sector. Prior to joining Wise-owl, Imran worked at Euroz Securities in Perth, aiding in the advisory and valuation of companies in the mining and industrial sectors in Australia. Imran has a Masters in Banking & Finance from City University's Class Business School in London and a Bacheloor degree in Commerce from UWA.