Tag Archives: Tom Palmer

Newmont moves a step closer to acquisition of Newcrest Mining

Mining mergers and acquisitions, Precious metals, , , ,

Following completion of due diligence, Newmont says it has entered into a binding Scheme Implementation Deed (SID) under which Newmont will acquire 100% of the issued share capital in Newcrest by way of an Australian court-approved Scheme of Arrangement.

This circa-$18 billion deal will result in Newmont – already the largest gold miner by production – inheriting a significant copper production base too.

Tom Palmer, President and CEO of Newmont, said: “The combination of Newmont and Newcrest represents an exceptional value proposition for shareholders and other stakeholders. It creates an industry-leading portfolio with a multi-decade gold and copper production profile in the world’s most favourable mining jurisdictions.

“Following a robust due diligence process, we have identified a number of opportunities to unlock substantial value and will apply our experience and expertise to Newcrest’s complementary and exceptional portfolio of long-life, low-cost gold and copper assets. Leveraging our experience from the acquisition of Goldcorp four years ago, we are positioned to deliver an estimated $500 million in annual synergies and an estimated $2 billion in incremental cash flow from portfolio optimization opportunities, both part of our strategy to maximise value for shareholders and other stakeholders.”

Palmer continued: “This transaction also increases Newmont’s annual copper production – a metal vital for the new energy economy – and adds nearly 50 billion pounds (22.7 Mt) of copper reserves and resources from Newcrest to our robust and balanced portfolio. We intend to quickly realise these opportunities to create superior value for our shareholders, workforce, host communities and governments.”

Newcrest’s Chairman, Peter Tomsett, added: “This transaction combines two of the world’s leading gold producers, bringing forward significant value to Newcrest shareholders through the recognition of our outstanding growth pipeline. In addition to the ongoing benefits of merging these premier portfolios, the combined group will set a new benchmark in gold production while benefitting from a material and growing exposure to copper and a market leading position in safety and sustainability. The Newcrest Board is unanimously recommending the proposal. We are very proud of the entire Newcrest team for building a world class metals business, which will form a key part of the combined group. We believe our shareholders and other stakeholders can look forward to an exciting and prosperous future.”

For the last eight years, Newmont has been recognised as the top gold miner in the Dow Jones Sustainability Index, it says, regularly ranking as the most transparent company for sustainability disclosure in the S&P 500. Beyond Newcrest’s well-established sustainability credentials and top quartile industry ranking, Newmont will apply its proven sustainability practices and leadership to Newcrest’s assets by:

  • Bringing a clear focus on mitigating safety risks along with visible, felt leadership in the field to drive a fatality-free business;
  • Building on Newmont’s sustainability leadership and commitment to meaningful social engagement based on inclusion, transparency and integrity in order to be the partner of choice for governments, host communities, suppliers and workforce;
  • Remaining committed to Newmont’s leading environmental stewardship practices and climate goals; and
  • Creating a diverse, inclusive and equitable workplace where everyone is welcome, attracting and retaining the breadth of skills and innovation needed to continuously improve performance

This acquisition, Newcrest says, would create a world-class portfolio of assets with the highest concentration of Tier 1 operations, primarily in favourable, low-risk mining jurisdictions. Supported by this portfolio, Newmont will be well-positioned to generate strong, stable and lasting returns with best-in-class sustainability performance, well into the future.

Through the combination of high-quality operations, projects and reserves, this portfolio is expected to deliver:

  • Outstanding depth and breadth of global production focused across stable mining jurisdictions:
    • Approximately 8 Moz of total combined annual gold production upon closing the transaction, with more than 5 Moz of gold, or two-thirds of total gold production, from 10 large, long-life, low cost, Tier 1 assets; and
    • Combined annual copper production of approximately 350 MIb from Australia and Canada
  • An extensive portfolio of greenfield and brownfield growth options from the industry’s largest reserve and resource base:
    • 96 Moz of gold reserves declared by Newmont and 52 Moz declared by Newcrest, along with 111 Moz and 68 Moz of gold resources, respectively;
    • Significant majority of combined entity’s gold reserves will be located in the Americas and Australia; and
    • Value-generating projects across some of the world’s most prospective regions including Canada’s Golden Triangle
  • Meaningful increase in copper reserves, a critical metal in facilitating the transition to a new energy economy;
  • Maintaining a disciplined approach to mine planning and project development at reserve gold pricing, creating a resilient business to maximise long-term returns.

The combined business would be immediately supported by Newmont’s scalable, integrated operating model with a deep bench of experienced leaders, subject matter experts and existing regional teams in Australia and Canada, it says. Building on the experience gained following the acquisition of Goldcorp, Newmont has identified the opportunity for substantial synergies:

  • $500 million of total annual pre-tax synergies anticipated to be achieved within the first 24 months following the completion of the transaction:
    • Approximately $100 million of pre-tax general and administrative synergies driven by Newmont’s scalable, integrated operating model with existing regional teams in Australia and Canada;
    • Approximately $200 million of supply chain synergies from best-in-class pricing and existing strong partnerships with key suppliers, smelters and equipment manufacturers through unprecedented economies of scale; and
    • At least $200 million of benefits from Newmont’s proven Full Potential continuous improvement program, which improves costs and productivity through the rapid replication of leading processes and advanced technology.

Further value creation opportunities are anticipated as the Newcrest portfolio is fully integrated into Newmont, bringing together the industry’s best talent and processes across two key mining jurisdictions, including, among other things, the benefits from the experience of Newcrest’s world-class block caving team, it said.

Newmont looks to expand gold production leadership with Newcrest bid

Mining mergers and acquisitions, Precious metals, , ,

Newmont has submitted a non-binding proposal to acquire 100% of Newcrest Mining by way of a scheme of arrangement in a proposed transaction that, it says, would combine two of the sector’s top senior gold producers, and set the standard for sustainable and responsible gold mining.

Newmont’s proposal to combine with Newcrest is on the basis of 0.380 Newmont shares per Newcrest share, which would result in the combined company being 30% owned by Newcrest and 70% owned by Newmont. This $16.9 billion offer is at a 21% premium to the share price of Newcrest prior to the announced bid.

It follows the prior receipt of an indicative, non-binding and conditional proposal from Newmont to acquire Newcrest at an exchange ratio of 0.363 Newmont shares for each Newcrest share, Newcrest said.

Newcrest produced 1.9 Moz of gold and 121,000 t of copper in its 2022 financial year, while Newmont’s 2022 full-year guidance was 6 Moz of attributable gold production.

Newmont, already the world’s biggest gold miner by production, said: “This represents a compelling opportunity for the shareholders of both companies to share in the upside of putting together two complementary businesses.”

Tom Palmer, President and CEO of Newmont, said: “We believe a combination of Newmont and Newcrest presents a powerful value proposition to our respective shareholders, workforce and the communities in which we operate. The proposed transaction would join industry-leading portfolios of assets and projects to create long-term value across the combined global business, and we welcome the consideration of Newcrest’s Board of Directors.”

Newmont’s proposal is subject to certain customary conditions, including due diligence to the satisfaction of both parties, entry into a scheme implementation agreement and a recommendation from the Newcrest Board of Directors that Newcrest shareholders vote in favour of the proposal.

ICMM looks to address mining industry approach to social performance with new tools

Mining services, Sustainable mining, , , , ,

The International Council on Mining and Metals (ICMM) has published a set of practical tools to, it says, strengthen approaches to managing social performance within mining companies, to support more harmonious company-community relationships and enable positive socio-economic outcomes.

Social performance is the outcome of a company’s engagement, activities and commitments that directly and indirectly impact stakeholders, particularly the local communities that live close to mining operations. Good social performance requires companies to have robust management approaches and systems in place that avoid harm to people and planet, whilst contributing to social and economic development.

ICMM’s new tools have been designed to support companies to strengthen these capabilities, in order to build and maintain positive relationships with local communities and broader society.

Rohitesh Dhawan, CEO at ICMM, said: “Mining-related activity affects local communities and often takes place on Indigenous land. The industry has a critical role to play in creating lasting positive impact for those affected and can only achieve this through consistent approaches to social performance.

“This isn’t something that our industry has always got right, and we have seen the devastating impact it can have when it goes wrong. Just as financial and environmental risks are integrated across business decision making, these tools support companies to better integrate social risks and impacts to manage their social performance more effectively. ICMM’s social performance tools are available to the entire industry. They will support business leaders and social performance practitioners assess the maturity of social performance in their business, build competency, integrate social performance across the business and contribute to the organisational culture required to consistently avoid harm and deliver business and societal value.”

Tom Palmer, CEO of Newmont and Chair of ICMM’s CEO Social Performance Advisory Group, said: “Improving social performance will require leadership, commitment, tools and a willingness to be held to account for our impacts. I am reminded every day about the impacts our activities can have on people’s lives-our commitment to eliminating fatalities from our workplace is an example of where leadership, commitment and vigilance must exist for us to ensure our people go home safe every day.

“Improving social performance requires us to stand in the shoes of the community or those directly impacted by our activities-how do we like what we see when we look back at ourselves?”

The tools have been developed to support leaders, non-experts, and social practitioners as they work to better integrate social performance throughout their businesses. The individual tools include:

  • Accessible introduction to social performance, the value it delivers and how to achieve good performance;
  • A maturity matrix to establish where a company is on their social performance journey and guidance on developing an action plan;
  • A competency framework to help build the experience, skills and knowledge needed to manage social performance successfully;
  • Guidance on how to integrate community engagement across site-level activities;
  • Guidance on how to integrate social performance across the business as a whole; and
  • Support for leaders and decision-makers working to embed social performance into their operating model

These tools build on ICMM’s existing bank of guidance and resources on social performance.

Northern Star shores up KCGM energy supply with Newmont Kalgoorlie power deal

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Newmont has agreed to sell its Kalgoorlie power business to Australia’s Northern Star Resources Ltd in a deal that could see the leading gold miner pocket $95 million of cash.

The deal follows the January 2020 sale of Newmont’s 50% stake in Kalgoorlie Consolidated Gold Mines (KCGM). Of the $95 million in cash, $25 million relates to an option payment previously received from Northern Star as part of this stake. The cost of the option will be deducted from the final purchase price, leaving Northern Star to pay the balance of $70 million at completion, expected to occur in December 2021.

Newmont said the Kalgoorlie power business has been a profitable asset for Newmont since the sale of its stake in KCGM. It supplies electricity to KCGM via a suite of contracts, licences, approvals and third-party arrangements, including a 50% interest in the 110 MW duel fuel gas turbine Parkeston Power Station near Kalgoorlie, owned in joint venture with Canadian energy utility, TransAlta Corp.

Northern Star said the purchase provided the company with significant synergies and value, including infrastructure and power security to support the requirements of KCGM; lower power costs at KCGM; further options for Northern Star to implement renewable energy.

Northern Star Managing Director, Stuart Tonkin, said: “The purchase means our Kalgoorlie power supply will now form part of our studies into ways to meet our commitment to becoming carbon-neutral.”

Newmont President and CEO, Tom Palmer, added: “Australia is a critical contributor to Newmont’s global portfolio of world-class assets, located in top-tier jurisdictions. With the sale of this non-core asset, we will continue our regional focus on delivering long-term value at our Boddington and Tanami operations and advancing our future project pipeline through active exploration campaigns.”

Newmont to add to Ghana gold production with Ahafo North development

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Newmont Corp’s Board of Directors has approved advancing the Ahafo North project, in Ghana, into the execution phase, setting the company up to develop four open-pit mines and a standalone 3.7 Mt/y plant.

The project exceeds the company’s required internal rate of return, adding profitable production from the best unmined gold deposit in West Africa, it said.

Newmont President and CEO, Tom Palmer, said: “I am pleased to announce the approval of full funding for the Ahafo North project, expanding our existing footprint in Ghana and adding more than 3 Moz of gold production over an initial 13-year mine life. The development of this prolific orebody will leverage our proven operating model and will be supported by our existing world-class Ahafo South operation.

“The project will be developed and operated in a sustainable and responsible manner to create value for all our stakeholders.”

Located some 30 km north of Newmont’s existing Ahafo South operations (pictured) – which are expected to produce 515,000 oz of gold this year – Ahafo North’s production is expected to average approximately 275,000-325,000 oz/y with all-in sustaining costs of $600-$700/oz for the first five years. Projected capital costs are estimated to be between $750-$850 million with construction expected to be complete in the second half of 2023. At current gold prices, the project is expected to deliver more than a 30% internal rate of return, Newmont said.

The project will create approximately 1,800 jobs at the peak of construction with more than 550 permanent roles created once the mine is operational.

“Newmont will work to create lasting value for host communities through local sourcing and hiring,” the company said, adding that a key aspect of the Ahafo North project’s workforce planning will be a target to achieve gender parity in the workforce when operations begin.

The full scope of funding will be deployed to high-impact activities, including but not limited to finalising engineering and EPCM services, relocating the national highway and support of additional resettlement activities, mining development for four open pits, constructing and commissioning a 3.7 Mt/y plant, constructing a tailings and wastewater management storage facility, long-lead sourcing including the acquisition of 14 Caterpillar 770 haul trucks.

Newmont sets up global centre to promote meaningful engagement with Indigenous Peoples

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Newmont Corp has launched the Newmont Global Center for Indigenous Community Relations as a key part of the company’s aim to promote meaningful engagement with Indigenous Peoples.

The centre will be a resource for the company and the mining industry as a way to promote awareness, education and engagement between industry and Indigenous Peoples, the gold miner said.

Tom Palmer, President and Chief Executive Officer, explained: “Newmont recognises the special connection between Indigenous Peoples and the land, and that mining can affect this connection in some challenging ways. The entire industry has a great opportunity to learn and improve our practices.

“Through the centre, meaningful partnerships will be formed to create a space for dialogue and sharing with the aim of improving outcomes for Indigenous communities around our operations and act as a catalyst for improvement within the mining industry.”

The centre seeks to establish a respected source of dialogue, collective knowledge and experiences in order to improve the company’s practices and contribute in advancing the industry’s approach to engagement with Indigenous communities, Newmont said. It has identified three focus areas and a set of three-year strategic objectives to orient meaningful outcomes. These focus areas are:

  • Partnership and learning network;
  • Respect for customs and culture; and
  • Opportunities for Indigenous People.

Based in Vancouver, Canada, the centre will work collaboratively with the Advisory Council on Indigenous Community Relations, a group of external experts who advise the Safety and Sustainability Committee of the Board of Directors.

An internal working group comprised of diverse representatives from within Newmont will also share experiences, best practices and identify ways to improve collaboration. The centre will work across all of Newmont’s jurisdictions around the world, the miner said.

Newmont overcomes COVID-19 challenges to complete Musselwhite gold mine work

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Newmont says it has successful completed two key projects at its Musselwhite mine at Lake Opapimiskan, Ontario, Canada, with the full commissioning of the mine’s conveyor system and the material handling project.

Newmont’s President and CEO, Tom Palmer, said: “I am extremely proud of the work that has been completed by the team at Musselwhite to safely deliver these two critical projects, whilst managing through the unprecedented challenges caused by COVID-19. Musselwhite is an important part of our North America region, and with the commissioning of these two projects is positioned to contribute to Newmont’s portfolio for many years to come.”

The conveyor system and the material handling systems work in association to efficiently move material from deeper mine levels to the surface, according to Newmont. Haul distances are reduced as the ore crushed at depth will be hoisted from the underground crushers to the conveyor system and brought to the surface for processing.

Work on the $90 million materials handling project to improve the movement of ore to the mill started back in 2016.

Newmont aims for net zero carbon emissions by 2030

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Newmont has announced what, it says, are “industry-leading climate targets” to reduce its greenhouse gas (GHG) emissions by 30%, with an ultimate goal of achieving net zero carbon emissions by 2050.

The new 2030 target builds upon Newmont’s existing GHG emissions reductions target of 16.5% over five years, concluding in 2020.

“At Newmont, we hold ourselves to high standards – from the way in which we govern our business, to how we manage relationships with our stakeholders, to our environmental stewardship and safety practices,” Tom Palmer, President and CEO of Newmont, said. “We fundamentally understand the human contribution to climate change and understand we reap what we sow. It is our responsibility to take care of the resources provided to us.

“We take these climate change commitments seriously, and make them because our relationship with the planet is absolute. We want a world that is not just sustainable, but thriving for generations to come.”

Using science-based criteria, Newmont has set climate targets for 2021-2030 for its operating sites, including a renewable energy target. The science-based criteria align with Science-Based Targets Initiative criteria and assists Newmont in developing specific emissions reduction pathways and meeting the Paris Agreement objective of being well below 2°C global temperature change, the miner says.

To achieve these aims, the company will implement a new energy and climate investment standard, to be combined with its existing investment standards including shadow carbon pricing, in order to further inform its capital investment process, it said.

“This new investment standard will ensure that the 2030 reduction targets are embedded into investment decisions for projects such as fleet vehicles, production equipment, on-site renewable power generation and energy efficiency,” the company said. “Additionally, the company will engage its partners and joint ventures in an effort to align joint venture operations targets and supply chain related emissions with Newmont’s targets.”

Mining is an energy intensive business, with 88% of Newmont’s energy used for mining and milling generated from carbon-based fuels, it said. As the company looks to reduce emissions and move to a low carbon economy, it will use a strategic approach to portfolio development, energy sourcing, fleet and equipment investment, as well as land use planning to achieve its targets.

A key part of Newmont’s accountability in reaching these targets will be reporting via The Climate-Related Financial Disclosures (TCFD) guidelines. In 2021, the company will issue its first annual TCFD report. The TCFD report will detail Newmont’s governance, strategy and portfolio resilience to a range of climate scenarios. The TCFD report will also track Newmont’s annual progress toward implementing its 2030 strategy, meeting its 2030 targets and executing emissions reduction projects across its global portfolio.

Mexico miners to suspend operations for April following government decree

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Mexico has become the latest country to enforce a suspension of non-essential activities in response to the outbreak of the COVID-19 pandemic, with its Ministry of Health ordering a temporary halt of activities until April 30 in order to slow the virus spread.

Mexico is the world’s largest silver producer, having produced 6,300 t of the precious metal in 2019, according to the US Geological Survey. This was an increase of 180 t, year-on-year. It is also hosts major copper and zinc mines operated by Grupo Mexico and Southern Copper, and produces a significant amount of gold.

It joins the likes of Peru, Quebec and South Africa in declaring suspensions of all non-essential activities in order to curb the spread of the virus.

Among the miners with operations in the country to have already reacted to the Mexico Ministry of Health’s announcement was Newmont, Pan American Silver, Sierra Metals and Argonaut Gold.

Newmont, which operates the Peñasquito mine in the state of Zacatecas, said it was taking steps towards a safe and orderly ramp down of operations at the asset.

“At this time, mining has not been deemed an essential activity under the decree and the company is engaging with the government to understand the intended impacts of the decree on operations,” it said.

“Peñasquito will work closely with local governments, neighbouring communities, employees, unions and contractors to ensure a safe and orderly ramp down that complies with the federal government’s directives.”

Tom Palmer, President and Chief Executive Officer of Newmont, said the company intended to comply with Mexico’s latest directive, while engaging with the government to gain further clarity regarding “important activities that may continue at the mine”.

In the meantime, the company would ensure Peñasquito, which is the largest gold mine, second largest silver mine and one of the largest producers of zinc and lead in Mexico, remains well-positioned to safely and efficiently ramp up operations in a timely manner once the government’s directive is lifted, Palmer added. This includes maintaining critical safety, environmental management, infrastructure maintenance and security activities, while continuing to provide essential community support.

Pan American Silver, which operates the La Colorada (Zacatecas, pictured) and Dolores (Chihuahua) operations in Mexico, said it would expand its initiative of reducing the number of people on site to increase physical distancing, to bring the mines into compliance with the executive order.

It is continuing to conduct care and maintenance at the suspended operations to sustain strict safety and environmental systems, and to ensure operational readiness when the government restrictions are lifted and Pan American determines it is safe to resume operations, it added.

La Colorada produced 8.2 Moz of silver in 2019, while Dolores’ output came in at 5.1 Moz.

As a result of this declaration, Sierra Metals said it will only maintain an essential services crew at its Bolivar mine site until April 30, and the Cusi mine site will be placed into care and maintenance during this period. “The company anticipates resuming normal production levels at the mines after this period,” it said.

Bolivar, an underground mine with a 3,600 t/d processing capacity, had previously been expected to produce 16,402- 18,225 t of copper-equivalent in 2020, while the Cusi underground mine was down to produce 1,732-2,126 oz of silver.

Sierra Metals added: “Production can recommence to normal levels very quickly after April 30, and the company has some operating flexibility at Bolivar to run the ore processing mill at higher levels, which should help recover lost ore tonnages from this suspension.”

Argonaut Gold, which is looking to merge with Alio Gold – a transaction that will see it increase its Mexico exposure – said it was working towards an orderly suspension of mining, crushing and stacking activities at its El Castillo gold-silver open-pit mine in Durango, and its La Colorada open-pit operation in Sonora. These assets produced 131,277 gold-equivalent ounces and 55,338 gold-equivalent ounces, respectively, in 2019.

The company added: “Given that Argonaut operates heap leach mines, the company expects metal production and metal sales will continue during the temporary suspension of mining activities.”

Newmont withdraws 2020 guidance as four mines go into care and maintenance mode

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Newmont says it is withdrawing its full-year 2020 guidance after placing four of its operations into temporary care and maintenance mode in response to the global COVID-19 pandemic.

The company said these actions could see some production deferred into 2021, potentially impacting costs in 2020 if the suspensions continue for an extended period. This meant its guidance of 6.4 Moz of gold at an all-in sustaining cost of $975/oz for 2020, given in early January, would no longer stand.

For the March quarter, Newmont said it expected to produce some 1.4 Moz of attributable gold and around 325,000 of “co-product gold equivalent ounces”. Year-to-date through February 29, Newmont had produced around 981,000 oz of attributable gold and some 227,000 co-product gold equivalent ounces, it said.

“Newmont continues to work proactively with logistics partners and refiners to transport and refine product in a challenging environment,” it said. “We are not currently experiencing significant delays in the shipping of concentrate or transportation and refining of doré, but they may occur in the coming days and weeks if certain government-required shutdowns and border restrictions occur.”

Mines representing around 80% of the company’s production outlook for 2020 continue operating in line with production targets for the year, it said. These operations have implemented heightened levels of health screening, along with support services being conducted remotely.

“If at any point the company determines that continuing operations poses an increased risk to our workforce or host communities, we will reduce operational activities up to and including care and maintenance and management of critical environmental systems,” the company added.

Yet, in order to protect nearby communities and align with travel restrictions or health considerations in Argentina, Canada and Peru, four of its operations are being temporarily put into care and maintenance.

“The operations will be positioned so they can safely and quickly resume normal operations once protective measures have been lifted,” the company said.

The operations being placed into care and maintenance mode includ:

  • Musselwhite: Newmont has decided to limit personnel on site to minimise fly-in/fly-out activity to prevent the possible transmission of the virus into communities, including nearby First Nations communities in northern Ontario – essential personnel to maintain infrastructure, continue environmental management and provide security;
  • Eléonore (pictured: Credit Osisko Gold Royalties): Newmont has decided to limit personnel on site to comply with the Quebec government’s restriction on non-essential travel within the province and to prevent the possible transmission of the virus into communities, including nearby First Nations communities – essential personnel to maintain infrastructure, continue environmental management and provide security;
  • Cerro Negro: Newmont will have to limit personnel on site due to the halt of all domestic flights and mass transportation in Argentina through March 31 – remaining on site will be essential personnel to maintain infrastructure, continue environmental management, provide security and continue ground control activities; and
  • Yanacocha: As previously disclosed, mining operations were in the process of safely ramping down due to government travel restrictions in-country, while gold production from leach pads and critical safety, security and environmental management activities continue

Tom Palmer, President and Chief Executive Officer of Newmont, said: “Our business continuity plans and rapid response teams have been fully mobilised in response to the COVID-19 global pandemic.

“We are working closely with host communities, First Nations and other indigenous peoples, regional and national governments and health experts to protect our workforce and nearby communities. This includes putting some operations temporarily into care and maintenance while others continue to operate at targeted production levels.

“We are also making sure that these short-term disruptions do not impact long-term business value while ensuring we are well-positioned to safely and efficiently ramp-up operations in a timely manner once the worst of this global pandemic passes.”

Measures taken at Newmont operations and offices globally include:

  • Cancelling all non-essential travel;
  • Enhanced temperature and questionnaire screening at entry points to sites;
  • Establishing flexible and remote working plans for employees;
  • Establishing screening for fly-in-fly-out employees prior to their departures from their home communities;
  • Mandatory self-quarantine for anyone who has travelled internationally or has any flu-like symptoms;
  • Providing logistical and health care support to nearby communities where needed; and
  • Established a global supply chain task force to assess all potential risks and develop viable contingency plans that enable us to stay ahead of any potential supply disruptions.