A number of changes have been made at the executive level of Australia's largest gold miner, Newcrest Mining Limited (ASX: NCM), to allow it to focus on improving existing operations and to create a single point of accountability for the Lihir turnaround.
The Lihir mine has been a constant source of disappointment for investors following a string of write downs (worth more than $6 billion in total), together with lower margins and higher average production costs. There has even been speculation recently that the gold miner could soon look to offload the asset, which it purchased for $9.5 billion in 2010.
For the moment however, a change has been made so that Craig Jetson, General Manager – Lihir Operations, will now report directly to CEO, Sandeep Biswas, effective from 6 July 2015. The company believes this will improve its ability to maximise the asset's potential.
Meanwhile, Craig Jones will assume the role of Executive General Manager – Cadia and MMJV, which it says acknowledges the increasing intensity of efforts on progressing the Golpu project.
Mr Baswas also created the new Chief Development Officer role which has been filled by Michael Nossal. Nossal will be accountable for helping the business to develop whilst also exploring any growth opportunities facing the Group.
As part of the restructure, two senior leadership team members will be departing the business, including David Woodall and Colin Moorhead.
