Newmont Mining Corp., the largest U.S. gold producer, named Laurie Brlas, a former Cliffs Natural Resources Inc. executive, as its chief financial officer.
Brlas will begin at Newmont on Sept. 9, the Greenwood Village, Colorado-based company said in a statement today. She spent six years as CFO at Cliffs, the largest U.S. iron-ore miner, and was the company’s president of global operations when she departed in July.
Newmont said its interim CFO Tom Mahoney will return to his previous role as treasurer. Mahoney stepped in after former CFO Russell Ball quit in May to become executive vice president of capital management at Vancouver-based Goldcorp Inc., the world’s largest gold company by market value.
Newmont is among gold companies that have lagged behind the price of the metal over the past year as mining costs have increased. The NYSE Arca Gold BUGS index of gold producers has dropped 44 percent in the period while gold for immediate delivery has declined 17 percent.
Gold slipped into a bear market in April after rising for 12 consecutive years. Prices may average $1,297 an ounce next year, compared with $1,412 in 2012, according to the median of analysts’ estimates compiled by Bloomberg.
Read more: Gold holds up as Obama garners support for Syria strike
SINGAPORE: Gold clung to gains made in the previous session on sporadic safe-haven buying as U.S. President Barack Obama won support from key Congressmen for a limited strike against Syria.
Obama secured the backing of Republicans John Boehner and Eric Cantor in his call for limited U.S. strikes on Syria to punish President Bashar al-Assad for his suspected use of chemical weapons against civilians.
Leaders of the U.S. Senate Foreign Relations Committee said they reached an agreement on a draft authorization for the use of military force in Syria that was much narrower than the request made by Obama, paving the way for a vote by the committee on Wednesday.
Spot gold edged up 0.06 percent to $1,412.84 an ounce by 0348 GMT on Wednesday, after pushing past $1,400 in the previous session as a missile test by Israeli forces training in the Mediterranean with the U.S. Navy set nerves on edge.
"Markets are very quiet today as we are waiting for more developments in Syria," said Peter Fung, head of dealing at Hong Kong's Wing Fung Precious Metals.
"Until then we will be in a very tight trading range. It looks like prices can go either side from here but tensions in Syria situation will give some support."
Rising geopolitical tensions spur safe-haven buying in gold as investors dump riskier assets such as stocks.
Asian shares slipped on Wednesday after a four-day winning run as the likelihood for action against Syria increased.
"The potential for Mideast tensions to intensify would be bullish for bullion," HSBC analysts wrote in a note. "A key reason for gold to rally in response to Mideast tensions is the potential for oil supply disruptions that a U.S. strike or an escalation of the conflict may trigger."
Gold is seen as a hedge against oil-led inflationary pressures.
Gold prices were also supported by labour strikes that began in South Africa's gold mines, with some workers failing to go underground for the evening shift.
The stoppage was called by the National Union of Mineworkers, which represents two-thirds of the workers in South Africa's gold mines, after talks between unions and companies broke down last week.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, saw its holdings fall 1.8 tonnes on Tuesday to 919.23 tonnes but they were still 10 tonnes above a four-year low hit in early August.
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