Newmont CEO: gold mining needs a transition identity

Gold mining companies need to consolidate to improve competition in capital markets and address environmental, social and governance issues, according to the president and CEO of US gold producer Newmont. In an interview with S&P Global, Tom Palmer argues that the industry could see consolidation over the coming decade. He attributes this to the expectation that, as economies decarbonise, the gold mining industry will need to coordinate to achieve the necessary scale and mine life. Palmer also called on the industry to define its place in the transition. For other mining companies, such as those that extract copper or lithium, there is an expected role that they will play in electrification and decarbonisation more broadly. Gold mining will need to define and carve out a similar transition identity, according to Palmer.