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Palmer will succeed Chris Robison, who will retire at the end of April.
Having only joined Newmont from Rio Tinto in March 2014 as head of the Indonesian business, Palmer was promoted to lead the Asia Pacific region in February last year.
“He has a long track record of turning operational performance around – as he did while leading our Asia Pacific business – and a strong commitment to improving safety and productivity at our current operations and building the next generation of profitable Newmont mines,” Newmont CEO Gary Goldberg said.
The company currently is currently advancing the Merian project in Suriname, Long Canyon phase one in the US, and the Tanami expansion in the Northern Territory.
Newmont announced its 2015 resources and reserves, revealing it had added 1.1 million ounces to the reserves at Kalgoorlie and 800,000 ounces to Tanami reserves.
Kalgoorlie now has reserves of 4.15Moz at 1.28 grams per tonne gold, while Tanami’s reserves are 3.46Moz at 5.76gpt gold, within total Asia Pacific reserves of 22Moz, and total group reserves of 73.7Moz.
Newmont also reported its fourth quarter and full-year results, posting 2015 adjusted net income of $US507 million.
Free cashflow doubled to $756 million, while cashflow from continuing operations was $2.2 billion.
The company produced 5.04Moz gold last year, with all-in sustaining costs dropped 10% to $898 an ounce.
“We increased EBITDA by almost one-third to $2.7 billion, more than doubled free cashflow to $756 million, and lowered net debt by 19%, despite a 9% drop in realised gold price,” Goldberg said.
“Our performance improved as a result of our disciplined and systematic focus on cost and efficiency. This delivered a 10% reduction in AISC and supported our ability to fund five profitable development projects and acquire Cripple Creek & Victor.
“Our plans for 2016 and beyond remain focused on improving our underlying business, strengthening our portfolio and creating value for shareholders.”
Guidance for 2016 and the long-term is 4.5-5Moz at AISC of below $1000/oz.
