Newmont CEO sees copper growth, not worried about Barrick takeover

President and CEO Tom Palmer. (Image courtesy of Newmont Mining)

Copper will account for up to one-fifth of the metal produced by top gold miner Newmont Corp by the end of the decade through development of its existing portfolio, the miner’s chief executive said on Friday.

“Simply developing, and shepherding through and stewarding our organic project pipeline, we will deliver an exposure to copper in the Newmont portfolio by the end of this decade of around 15% to 20% of the metal we produce,” Tom Palmer said at the Financial Times Mining Summit.

Palmer also said Newmont is not worried rival Barrick Gold will make another takeover attempt after a failed hostile bid last year ended in a joint venture between the companies in Nevada.

(By Jeff Lewis and Helen Reid)

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