MELBOURNE, Australia, Oct. 9, 2013 /CNW/ - Newcrest Mining Limited (ASX:
NCM) today announced two major changes to the Board and Executive,
aimed at ensuring an orderly succession process and further
strengthening the Company's leadership team. The changes are:
the appointment of Peter Hay as the new Chairman of Newcrest upon the
retirement of the current Chairman Don Mercer in December 2013; and
the appointment of Sandeep Biswas as Chief Operating Officer, effective
1 January 2014. He will also join the Board as an Executive Director
from that date. He is expected to succeed Greg Robinson as Chief
Executive Officer in the second half of calendar 2014.
The Company also announced production and unit cost results for the
September 2013 Quarter, with annual guidance maintained.
Newcrest Mining Limited Chairman Don Mercer announced today that he
would step down as Chairman in December 2013, and that Newcrest
director Peter Hay had been endorsed by the Board as his successor.
Mr Mercer, aged 72, said he had flagged his intentions to retire to his
board colleagues last year, and an orderly board succession program had
commenced earlier this year, with the appointment of Mr Hay and Mr
Philip Aiken as directors.
"Peter Hay is an extremely experienced and capable director," said Mr
Mercer, "whose skills and intellect will help lead Newcrest into the
next stage of its development as a major gold producer.
"I have been privileged to lead an extremely dedicated, hard-working and
productive Board of Directors over the past seven years at Newcrest,
and I have enjoyed my time as Chair," said Mr Mercer, who has overseen
the transition of Newcrest from a mid-tier to major gold producer.
"Working with two chief executives and their executive teams has also
been a positive experience, despite the tough global economic
conditions. I would like to pay particular tribute to Greg Robinson,
who has worked hard to protect the long term future of the Company
through this period, and whose strong values are an example to all."
Mr Hay was appointed to the Board in August 2013, and has extensive
experience in business, corporate law, finance and investment banking
Mr Hay said he looked forward to assuming the role of Chairman.
"Newcrest is a company with great assets, a talented and committed
workforce, and is well positioned for the future having completed its
major expansion projects. However, in view of volatile market
conditions, the Board will continue to ensure the corporate strategy,
asset portfolio, operating strategy and balance sheet remain
appropriate, assessing all options to enhance shareholder value."
New Chief Operating Officer and Executive Director
Newcrest also announced the appointment of Mr Sandeep Biswas as Chief
Operating Officer, effective 1 January 2014. He will also join the
Board as an Executive Director from that date.
Mr Biswas was previously Chief Executive Officer of Pacific Aluminium, a
wholly owned subsidiary within the Rio Tinto group, which incorporated
the bauxite, alumina, refining and smelting operations in Australia and
New Zealand. The venture employed some 5,000 people, with revenues in
excess of A$3 billion. Operations included the Gove Bauxite Mine and
Alumina Refinery in the Northern Territory, Boyne Smelters and
Gladstone Power Station in Queensland, Bell Bay Aluminium in Tasmania,
Tomago Aluminium in NSW, as well as the New Zealand Aluminium Smelter.
Mr Biswas is a chemical engineer who began his career with Mount Isa
Mines, working in both Australia and Europe. He has also worked for
Western Mining in Australia and Rio Tinto in Canada and Australia. His
career has included experience in research, operations, business
development and projects. His experience base is across commodities
including aluminium, copper, lead, zinc and nickel. He was educated in
Brisbane and completed a Bachelor of Chemical Engineering with Honours
at the University of Queensland.
Newcrest Managing Director and Chief Executive Officer Greg Robinson
today welcomed the appointment and said that Mr Biswas is expected to
succeed him as Managing Director and CEO in the second half of calendar
"After eight years with Newcrest as CEO and previously Chief Financial
Officer, it is time to ensure there is an organised succession for the
CEO role, with a successor who is committed to delivering the Company's
long term strategic objectives. I am delighted to have recruited
Sandeep as my nominated successor," said Mr Robinson.
"Sandeep has a highly successful operations and management background
across multiple commodities. His skills and background will assist
Newcrest to deliver the high performance outcomes we expect from our
existing operations and progress the strong development opportunities
in our asset portfolio."
Mr Biswas said, "I am delighted to join Newcrest. I look forward to
starting with the Company in January, meeting the Newcrest team and
working to ensure the Company delivers against its objectives."
Newcrest chairman Don Mercer said that upon his commencement as the
Company's Chief Operating Officer, Mr Biswas will join the Newcrest
Board as an Executive Director.
Mr Mercer said the appointment of Mr Biswas will ensure an orderly
transition of leadership for the longer term.
Quarterly Results for the September 2013 Quarter
Newcrest will release its September 2013 Quarterly Report on 17 October
2013. However, it is able to advise that production for the September
2013 Quarter was 586,573 ounces1 of gold and 19,632 tonnes of copper. The cash cost (after by-product
credits) was US$718 per ounce (A$784 per ounce) and the All-In
Sustaining Cost was US$1,001 per ounce (A$1,102 per ounce). Guidance
for the 2014 financial year remains unchanged.
Newcrest Managing Director and Chief Executive Officer, Greg Robinson,
said "This is a production and cost outcome that reflects the
investment and operational strategies of the Group, and the hard work
of our people to deliver it. This quarter positions Newcrest well to
deliver its guidance outcomes for the 2014 financial year".
1 Production includes Cadia East pre-commissioning and development
production of 3,661 ounces in the September 2013 Quarter.
A copy of the release be found on Newcrest's website: www.newcrest.com.au; and on SEDAR: www.sedar.com.
SOURCE: Newcrest Mining Limited
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