Newcrest Mining Ltd. [NCM-TSX, ASX, PNGX], a company with major gold and copper operations in British Columbia, has announced leadership changes, including the retirement of CEO Sandeep Biswas.
Newcrest’s Chief Financial Officer Sherry Duhe will assume the role of Interim CEO, effective today. Current Newcrest Group Treasurer Dan O’Connell has been named Interim CFO.
“Today, we are Australia’s largest gold company, the biggest gold producer in British Columbia, and have a substantial presence in Papua New Guinea,’’ said Newcrest Chairman Peter Tomsett.
“As we look to the future, it is an opportune time for fresh leadership to accelerate the evolution of our company and ensure we are best placed to make the most of the opportunities in front of us,’’ Tomsett said.
He thanked Biswas for his dedication and contribution since 2014 and for advising the board of his intention to retire.
In a press release, Duhe is a described as a seasoned executive leader who served as CFO at two Australian Stock Exchange-listed companies. “Sherry’s business acumen, strategic insights, track record of creating value and her focus on ensuring Newcrest is a great place to work means she is well placed to serve as Interim CEO,’’ Tomsett said.
Biswas will remain available in an advisory capacity during the CEO transition period, ahead of his retirement on March 18, 2023. A global internal and external search for a new CEO is underway.
News of the leadership changes came after the close of trading on December 16, 2022, when Newcrest shares closed at $18.96. The shares are currently trading in a 52-week range of $28 and $13.81.
A year ago, Newcrest snapped up the Brucejack gold mine in B.C. by acquiring all the shares of Pretium Resources it didn’t already own for $2.8 billion.
Brucejack is a high-grade gold underground mine located in northwestern British Columbia, approximately 65 kilometres north of Stewart.
Brucejack is approximately 70 kilometres north of Newcrest’s Red Chris copper-gold mine. Imperial Metals Corp. (III-TSX) formed a joint venture with the Australian company at Red Chris in March 2019, after agreeing to sell a 70% stake in the mine to Newcrest, which is now the operator.
Imperial continues to hold a 30% stake in the joint venture, which aims to leverage the Australian company’s technical expertise in block caving operations.
The partnership aims to leverage the Australian company’s technical expertise in block caving operations and use that to mine the deep resource beneath the current open pits. Their aim is to exploit high grades in the deep East zone.