Newmont Mining Corp. (NEM, Financial) announced a change in its top management Monday.
Alex Bates has been appointed by the U.S. gold mining company as a leader of the business that Newmont Mining runs in Australia.
Bates has several years of experience in the mining industry, and he was the regional senior vice president at Newmont Mining since mid-January.
Before becoming the leader of the Australian business, Bates held numerous top managerial roles in Rio Tinto PLC (RIO, Financial). He began working for Newmont in 2015 as a leader of Newmont’s Boddington operation. Thanks to his contribution, it “has made significant strides in improving safety, cost and production performance,” the company says.
Tom Palmer, Newmont Mining’s executive vice president and chief operating officer, commented, “Alex’s quarter-century of experience delivering step-change improvements in mine safety, productivity, project execution and sustainability will continue to benefit Newmont as we take our performance in Australia to the next level.” He added, “I look forward to Alex continuing to deliver our strategy to improve the underlying business, strengthen the portfolio and create value for shareholders and other stakeholders.”
Newmont Mining is trading at $33.89 per share with a price-sales (P/S) ratio of 2.61 and a price-book (P/B) value ratio of 1.63. The EV/EBITDA ratio is 7.46.
The U.S. gold mining stock is down trending and lost 5% year to date. As of Monday, nine analysts out of a total of 20, saw Newmont Mining as a buy with an average target price of $39.05 per share which represents an 18.5% upside from the current share price.
During the last quarter of 2016, Donald Smith (Trades, Portfolio) and Joel Greenblatt (Trades, Portfolio) increased their positions in Newmont Mining by 98.54% and 133.92% while David Dreman (Trades, Portfolio) and Mario Gabelli (Trades, Portfolio) reduced theirs by 5.29% and 3.82%.
Ron Baron (Trades, Portfolio) and Charles Brandes (Trades, Portfolio) sold out.
Disclosure:Ă‚ I have no positions in any stock mentioned in this article.
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