Detour Gold President and CEO to retire
Toronto-based gold mining company Detour Gold has confirmed that CEO Paul Martin will be stepping down from his role due to retirement on 1 June.
Martin will be leaving after a decade with the company, having joined as CFO in 2008, later gaining promotion to President and CEO in 2014.
“On behalf of our employees and the Board, we all recognize the immense contribution Paul has made to Detour Gold,” said Chairman of the Board at Detour Gold, Michael Kenyon.
Kenyon will assume the role of Interim CEO upon Martin’s retirement, whilst Audit Committee Chair Alex Morrison will become Chairman of Board.
“I look forward to working with the leadership team as the Company proceeds in implementing a number of key operational initiatives to ensure the long-term success of the Company,” Kenyon continued.
Morrison brings 25 years of experience to the role, having stood as both the Vice President and Chief Financial Officer of Franco Nevada and Vice President of Operations Services at Newmont Mining.
The company has revealed that it has begun searching for a new suitable candidate to fill the available CEO position.
Newmont acquires Canada’s GT Gold in $325mn deal
Newmont, the world’s biggest gold miner, has acquired Canada’s GT Gold in a deal worth $325mn. The gold giant now controls the Tatogga gold-copper project in the Traditional Territory of the Tahltan Nation.
“With the acquisition of GT Gold and the Tatogga project in the highly sought-after Golden Triangle district of British Columbia, Canada, Newmont continues to strengthen our world-class portfolio,” commented Newmont President and CEO Tom Palmer.
“We look forward to continuing to build a respectful and meaningful relationship with the Tahltan Nation, including the community of Iskut. The relationships we have with Indigenous communities, First Nations and host communities are critical to the way we operate. We will partner with the Tahltan Nation at all levels, and with the Government of British Columbia to ensure a shared path forward as the Company understands and acknowledges that Tahltan consent is necessary for advancing the Tatogga project.”
Newmont’s acquisition includes the Tatogga project, comprised primarily of the Saddle North deposit, which has the potential to contribute future significant gold and copper annual production. There are also further exploration opportunities beyond the known deposits at Saddle North within the land package. The Tatogga project adds to Newmont’s existing interest in the prospective Golden Triangle through the company’s 50% ownership in the Galore Creek project.
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. A world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa. The American miner is celebrating its 100th anniversary this month.
With gold prices on the rise, the last six months has seen gold industry M&A activity accelerating. A recent Mckinsey report, advises that the industry need to be mindful of mistakes made during the previous gold price boom, when growth was chased unidirectionally by several companies.