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Energy

Newmont CEO sees copper growth, not worried about Barrick takeover

FILE PHOTO: Visitors speak with a representative at the Newmont Corp booth at the Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto, Ontario, Canada March 1, 2020. REUTERS/Chris Helgren

(Reuters) - Copper will account for up to one-fifth of the metal produced by top gold miner Newmont Corp NEM.N 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 ABX.TO will make another takeover attempt after a failed hostile bid last year ended in a joint venture between the companies in Nevada.

Reporting by Jeff Lewis and Helen Reid

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