Glencore Elects First Female Board Director in Patrice Merrin
Mining conglomerate Glencore has ended its reign as the last bastion of all-male boards in the FTSE 100, appointing Canadian Patrice Merrin as its first female board director.
At its annual meeting a month ago, Glencore chairman Tony Hayward expressed the company’s desire to elect a female director by the end of the year. According to business leaders around the globe, the move is a “breakthrough” of “enormous significance.”
Merrin, 64, has worked for the mining group Sherritt for 10 years, rising up to chief operating officer before exiting in 2004. Merrin has also been director of another Canadian miner, Stillwater, as well as spending two years at Canada’s biggest thermal coal producer, Luscar.
Announcing the onset of Merrin, Hayward said: "On behalf of the board I am delighted to announce the appointment of Patrice Merrin. Patrice's in-depth experience of operating across the resources sector will help strengthen the board's ability to work with the opportunities and challenges presented by the global extractive industry. Her record of non-executive director appointments, activist involvement and industry advisory board service is also an excellent complementary skill set to our board.”
Despite Merrin’s appointment, women remain scare among Glencore’s top leadership, which is headed by Chief Executive Ivan Glasenberg, the company’s second largest shareholder with a more-than eight percent stake.
Glencore is one of the largest commodity trader and mining companies in the world.
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.