Newmont Corporation (NYSE:NEM), a leading gold and silver producer, announced today the appointment of Harry M. (Red) Conger IV as an independent director, effective immediately. Conger, 68, brings a wealth of executive and operational experience in the mining sector to Newmont's Board.
Conger's career spans several decades in the industry, including a recent role as President and Chief Operating Officer at Teck Resources (NYSE:TECK), where he served from September 2020 until his retirement in October 2023. Before Teck Resources, Conger was President and Chief Operating Officer of Americas at Freeport-McMoRan (NYSE:FCX) Inc., managing copper mining operations across the Americas.
His expertise is recognized with numerous accolades, such as his election to the National Academy of Engineering and his induction into the Southwest Mining Hall of Fame. Conger has also served in leadership roles within various mining associations and commissions.
As part of his role on Newmont's Board, Conger will join the Safety and Sustainability Committee. His compensation aligns with the company's director compensation program, detailed in Newmont's 2024 Proxy Statement from March 11, 2024.
Newmont has confirmed that there are no familial or transactional relationships between Conger and other company officers or directors, nor are there any reportable transactions or relationships between him and the company that would require disclosure under SEC regulations.
The appointment strengthens Newmont's leadership team as the company continues to focus on sustainable and responsible mining practices. This information is based on a press release statement filed with the SEC.
In other recent news, Newmont Corporation announced the appointment of industry veteran Harry M. (Red) Conger to its Board of Directors. Conger brings over four decades of mining and leadership experience to the company.
In other developments, UBS upgraded Newmont's stock from Neutral to Buy, predicting a bullish outlook on gold prices and anticipating significant divestments by Newmont, estimated at $2 to $4 billion over the next 12 months. Still, BMO Capital Markets revised its price target on Newmont shares to $54, maintaining an Outperform rating due to revised projections for Barrick Gold (NYSE:GOLD).
TD Securities, on the other hand, raised its stock target for Newmont to $48, citing the company's successful post-merger asset monetization. Newmont's first-quarter results demonstrated a significant increase in production and sales, largely due to the acquisition of assets from Australia's Newcrest.
The company reported a first-quarter profit with an attributable gold production of 1.7 million ounces and sales for the quarter reaching $4.02 billion. These recent developments highlight Newmont's robust financial health and strategic planning.
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