Sunday, December 17, 2017
Gary Goldberg

Gary Goldberg

Newmont Mining

NEWMONT’S Goldberg said the gold miner was in no hurry to participate in merger and acquisition activity even though it has to maintain annual gold output of between 4.8 million to five million ounces. This is owing to its project pipeline which includes a $290m to $380m expansion of its Ghana mine, Ahafo. An investment decision on the expansion – which will add up to 300,000 oz of production from an expanded mill and underground development at the Subika pit – is due in the first half of the year. The mine, which has been producing gold from surface since about 2006, has annual production of 332,000 ounces. Newmont also has greenfields exploration in Ethiopia while prefeasibility or feasibility studies are underway at its Apensu Deeps, Ahafo North and Awonsu prospects. A further 473,000 oz/year in gold is also mined from its other Ghana asset, Akyem. All in all, Newmont’s African mines contribute 17% - just over 800,000 oz/year - of total annual production. Nothing came of speculation early in 2016 that Goldcorp might consider a bid for Newmont’s Ghana mines. One point worthy of mention is the political environment in Ghana after the country elected President Nana Akufo-Addo. He is under pressure to grow the economy, especially as the electorate gave his predecessor, John Mahama, a brief four-year term before dispensing with his services.


Gary Goldberg was appointed CEO and president of Newmont Mining in 2013 after serving as the North American firm’s COO. Prior to that, he was CEO of Rio Tinto Minerals and served on the board of Rio Tinto Zimbabwe. He has a BSc. in mining engineering from the University of Wisconsin-Platteville.

“We’ve got a great project pipeline and in no rush to do M&A.”