Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Newmont Corporation (NYSE: NEM, TSX: NGT) announced Thursday the appointment of Karyn Ovelmen as Executive Vice President and Chief Financial Officer.
Ovelmen is a highly experienced financial professional who will focus on financial discipline and maintaining a robust and flexible balance sheet to support Newmont’s capital allocation strategy, the company said in a news release. She will be responsible for Newmont’s global finance functions and will join the company during the second quarter of 2023, based in Denver.
Ovelmen brings extensive global leadership experience to the role, having previously held Chief Financial Officer roles for complex and capital intensive companies in the resource and energy sectors, including Flowserve, LyondellBassell Industries NV, and Petroplus Holdings AG. Most recently, she has been fully dedicated to Board of Director roles at Hess Corporation and Arcelor Mittal.
“Our balanced and disciplined approach to capital allocation to maintain financial strength and flexibility, and the highest standards of corporate governance, are Newmont’s industry trademarks and critical to our long-term strategy. Karyn brings a breadth of global experience operating in complex financial environments and has proven leadership and commercial capabilities to enable success during periods of transformation,” Tom Palmer said in the statement.
“Karyn is uniquely qualified to ensure our financial approach underpins the safe delivery of long term value to all our stakeholders through sustainable and responsible mining.”
Ovelmen has a commitment to developing high performing teams, continuous improvement and performance in global organizations having worked in the United States and the United Kingdom. She holds a Bachelor of Arts in Political Science from the University of Connecticut and is a licensed Certified Public Accountant in the state of Texas.
