Lihir execs get the chop from Newcrest

Newcrest Mining chief executive Sandeep Biswas says the leadership restructure will create a single point of accountability for the Lihir turnaround. Photo: Arsineh Houspian

Newcrest Mining chief executive Sandeep Biswas says the leadership restructure will create a single point of accountability for the Lihir turnaround. Photo: Arsineh Houspian

Two senior Newcrest Mining executives depart in company reshuffle

Yolanda Redrup | The Age

Two senior executives will leave Newcrest Mining following a management reshuffle that the company says reflects better its focus on turning around the underperforming Lihir gold mine and pushing ahead with the Golpu exploration project.

Minerals executive general manager Colin Moorhead and internal operations executive general manager David Woodall are leaving Newcrest later this year, the company said in a statement to the market.

Mr Moorhead has been with the company for 28 years.

Chief executive Sandeep Biswas said the newly created role of chief development officer, which will be filled by Michael Nossal, “has been created to consolidate all business development and growth opportunities into one focused area”.

“I have made further changes to the organisation to reflect the increasing intensity of efforts on progressing the Golpu project, to create a single point of accountability for the Lihir turnaround and to increase attention on driving further improvements at existing operations,” he said.

The Lihir gold mine in Papua New Guinea, which represents about 55 per cent of Newcrest’s book value, has been underperforming and in January analysts said there had been no sign of a turnaround.

Newcrest bought Lihir Gold, which included a mine on Lihir Island in Papua New Guinea, for about $10 billion in 2010.

1 Comment

Filed under Financial returns, Papua New Guinea

One response to “Lihir execs get the chop from Newcrest

  1. Newcrest Mining chief executive Sandeep Biswas top paid mining boss

    For those who aren’t aware, Sandeep Biswas, the big boss of Newcrest Mining who was a former Rio Tinto executive, receives $2.3 million as a guaranteed base wage at Newcrest, before bonuses and pensions are taken into account.

    See Sydney Morning Herald, 1st October 2014
    http://www.smh.com.au/business/mining-and-resources/newcrest-mining-chief-executive-sandeep-biswas-top-paid-mining-boss-20140930-10o98h.html

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