Newmont CFO Karyn Ovelmen resigns, insider named interim finance chief
Wexler previously served as chief legal officer of Schneider Electric (SCHN.PA), opens new tab for 15 years before joining Newmont in March 2024.
Ovelmen's departure, which comes a little over two years into her role, was not due to any disagreement on operations, financial statements, or accounting policies, the company said.
Earlier this month, the company said it would lay off 10% to 15% of its workforce at its Merian mine in Suriname, citing production declines.
The company is scheduled to report its second-quarter results on July 24.
Newmont has initiated the search for a permanent finance chief, it said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
a day ago
- Reuters
Gold hovers near 3-week low as trade war fears ebb, dollar firms
July 29 (Reuters) - Gold prices were little changed on Tuesday, hovering near a three-week low, as easing fears of a global tariff war and a stronger dollar dampened bullion's safe-haven appeal. Spot gold held its ground at $3,318.79 per ounce, as of 0210 GMT. Bullion hit its lowest level since July 9 in the previous session. U.S. gold futures edged 0.2% higher to $3,317.50. "Gold trading at circa $3,300 or below is still getting the attention of buyers. While short-term market dynamics courtesy of trade deals and a stronger USD aren't helping gold, looking further ahead there is still upside potential," KCM Trade Chief Market Analyst Tim Waterer said. Top U.S. and Chinese economic officials met in Stockholm on Monday for more than five hours of talks aimed at resolving longstanding economic disputes at the centre of a trade war between the world's top two economies, seeking to extend a truce by three months. The U.S. struck a framework trade agreement with the European Union on Sunday, imposing a 15% import tariff on most EU goods - half the threatened rate - and averting a bigger trade war between the two allies that account for almost a third of global trade. The U.S. dollar index (.DXY), opens new tab held near a more than one-week high, making gold costlier for buyers holding other currencies. Investors are awaiting a set of U.S. macroeconomic data this week, including inflation figures and the employment report, alongside the Federal Reserve's two-day policy meeting beginning later in the day, with expectations largely pointing to rates being held steady. If weaker U.S. macro data emerges or Trump's criticisms of the Fed inspire the central bank to adopt a more dovish tone this week, that could be positive for gold, Waterer said. Spot silver was down 0.2% at $38.10 per ounce, while platinum gained 0.5% to $1,396.35 and palladium fell 1.2% to $1,231.55.
The Guardian
a day ago
- The Guardian
Tin mining to return to Cornwall after Reeves makes £29m investment
Tin mining is poised for a comeback in Cornwall after the UK government invested almost £29m to reopen the county's last tin mine, creating more than 1,000 jobs in the region. The South Crofty tin mine, near the Cornish village of Pool, closed in 1998, and in the years since, as tin prices have soared, attempts to reopen it have been unsuccessful. On a visit to Cornwall this week, Rachel Reeves, the chancellor, estimated that reopening South Crofty could create 1,300 jobs for the region. Back in January the government approved the £28.6m investment to support the reopening of the mine, which is being led by Redruth-based Cornish Metals. Don Turvey, the chief executive of Cornish Metals, said: 'Tin is a critical mineral for the clean energy transition, essential to electronics, electric vehicles and renewable infrastructure. By reviving domestic production at South Crofty, we're not only creating over 300 direct jobs but also supporting many more across local supply chains and regional businesses.' The government estimates that a further 1,000 jobs will be created as the company uses more local suppliers such as metal fabricators and electricians, and supports supply chains in the UK. After operating for more than 400 years, South Crofty was the last tin mine to close in the UK due to lack of investment and falling metal prices in the 1990s. However, there has been a rise in prices over the past decade – from $16,000 (£11,957) a tonne in 2016 to about $34,000 – with tin used as solder in consumer electronics and other sectors, including electric cars and solar cells. 'Despite having so much potential to grow, Cornwall has been neglected by successive governments, and its families and businesses have suffered as a result,' Reeves said. 'Like in every part of the UK, I am determined to unlock growth that creates jobs and puts more money in Cornish people's pockets.' The government made the investment through the national wealth fund, supporting its industrial strategy to boost growth in priority industries. Ian Brown, the head of banking and investment at the national wealth fund, said: 'Cornish Metals have made excellent progress as they work towards reopening South Crofty. Our financing is designed to help them crowd further investment into the region, bringing skilled, year-round opportunities, and driving local growth.' Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion The Vancouver-based Strongbow Exploration acquired the rights to the tin mine in July 2016. The company, which has a dual listing in Canada, changed its name to Cornish Metals in 2020. Cornish Metals listed on London's junior AIM stock exchange in 2021, raising funds to support mining in the area, including at South Crofty. Cornish Metals' share price has soared by 28% over the past year – although it remains down almost a third on five years ago – and has a market value of C$170m (£92m). Turvey said: 'Our focus remains on delivering long-term, sustainable value safely, responsibly, and with deep roots in the community. We're proud to be playing a role in bringing responsible tin mining back to Cornwall and supporting economic renewal and industrial growth in the region.'
Daily Mail
a day ago
- Daily Mail
Trump hits Brazil with a 50 percent import tariff
Donald Trump has hit Brazil with a 50 percent import tariff on 'any and all' goods sent to the United States as punishment for the 'witch hunt' trial against former president Jair Bolsonaro. Trump fired off a furious letter to Brazilian President Luiz Inácio Lula da Silva on Wednesday laying out the details of his new tariff. 'The way that Brazil has treated former President Bolsonaro, a Highly Respected Leader throughout the world... is an international disgrace,' Trump wrote in the letter, which he shared to Truth Social. Bolsonaro is on trial accused of trying to overturn his 2022 election loss. He testified in June before the country's Supreme Court over his alleged plot to remain in power despite losing the vote. The president said his whopping tariff was also in part a response to Brazil's 'insidious attacks on Free Elections and the Fundamental Free Speech rights of Americans.' He said a decision by Brazil's Supreme Court to fine and temporarily block US social media companies last year amounted to 'SECRET and UNLAWFUL Censorship Orders.' Trump said he is launching an investigation as a result under Section 301 of the Trade Act of 1974, which applies to countries with trade practices that are deemed unfair to U.S. companies. 'Starting August 1, we will charge Brazil a tariff of 50 percent on any and all Brazilian products sent into the United States, separate from all Sectoral tariffs. 'Goods transshipped to evade this 50 percent tariff will be subject to that higher tariff,' he warned. Trump described the current trade relationship between America and Brazil as 'very unfair' and 'far from reciprocal.' 'Please understand that the 50 percent number is far less than what is needed to have the Level Playing Field we must have with your country.' Brazil's current president Lula responded with a forceful statement warning Trump's tariffs would trigger the country's economic reciprocity law, which allows trade, investment and intellectual property agreements to be suspended against countries that harm Brazil's competitiveness. He noted that the US has had a trade surplus of more than $410 billion with Brazil over the past 15 years. 'Brazil is a sovereign country with independent institutions that will not accept being taken for granted by anyone,' Lula said. Brazil's vice president, Geraldo Alckmin, said he sees 'no reason' for the US to hike tariffs on the South American nation. 'I think he has been misinformed,' he said. 'President Lula was jailed for almost two years. No one questioned the judiciary. No one questioned what the country had done. This is a matter for our judiciary branch.' Trump, too, was indicted in 2023 for his efforts to overturn the results of the 2020 US presidential election. Pictured: President Donald Trump greets Brazilian President Jair Bolsonaro at the West Wing of the White House prior to meetings in Washington, DC on March 19, 2019. He compared their situations in a Tuesday Truth Social post, writing: 'He is not guilty of anything, except having fought for THE PEOPLE. 'His Election was very close and now, he is leading in the Polls. This is nothing more, or less, than an attack on a Political Opponent — Something I know much about! It happened to me, times 10, and now our Country is the 'HOTTEST' in the World!' The tariffs starting August 1 would be a dramatic increase from the 10 percent rate that Trump levied on Brazil as part of his April 2 'Liberation Day' announcement . Brazil sells oil, orange juice, coffee, iron and steel to the US, among other products. The US ran a $6.8 billion trade surplus with Brazil last year, according to the Census Bureau. Trump initially announced his broad tariffs by declaring an economic emergency , arguing under a 1977 law that the US was at risk because of persistent trade imbalances. But that rationale becomes murky in this particular case, as Trump is linking his tariffs to the Bolsonaro trial and the US exports more to Brazil than it imports. Trump also sent letters Wednesday to the leaders of seven other nations - the Philippines, Brunei, Moldova, Algeria, Libya, Iraq and Sri Lanka. Most economic analyses say the tariffs will worsen inflationary pressures and subtract from economic growth, but Trump has used the taxes as a way to assert the diplomatic and financial power of the US on both rivals and allies. His administration argues the taxes will lower trade imbalances, offset some of the cost of the tax cuts he signed into law on Friday as part of the Big Beautiful Bill and bring factory jobs back to the United States. 'We really haven't had too many complaints because I'm keeping them at a very low number, very conservative as you would say,' Trump said. Officials for the European Union, a major trade partner and source of Trump's ire on trade, said Tuesday that they are not expecting to receive a letter from Trump listing tariff rates . The president started the process of announcing tariff rates on Monday by hitting two major US trading partners, Japan and South Korea, with import taxes of 25 percent. The letters were posted on Truth Social after the expiration of a 90-day negotiating period with a baseline levy of 10 percent. Trump is giving countries more time to negotiate with his August 1 deadline, but he has insisted there will be no extensions for the countries that receive letters. The president threatened additional tariffs on any country that attempts to retaliate.
