Engineering & Mining Journal

MAR 2017

Engineering and Mining Journal - Whether the market is copper, gold, nickel, iron ore, lead/zinc, PGM, diamonds or other commodities, E&MJ takes the lead in projecting trends, following development and reporting on the most efficient operating pr

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Page 13 of 67

NEWS - CONTINUED 12 E&MJ • MARCH 2017 Newmont Mining Corp. appointed Dean Gehring to lead the company's South America business beginning on June 1. Gehring succeeds Trent Tempel, who is retiring after 33 years of distinguished service to the company. Most recently, Gehring served as head of safety and se- curity for Rio Tinto's worldwide operations. Anglo American plc announced that Nolitha Fakude will join the board as a nonexecutive di- rector. Most recently, Fakude served as an executive director on the board of South Africa-based petrochemi- cals company, Sasol, since 2005. The company also appointed Richard Price as group general counsel and a member of Anglo American's Group Management Committee, effective May 1. Price will join Anglo American from the London offi ce of international law fi rm Shearman & Sterling where he has been a senior corporate partner since 2003 and currently co-leads the fi rm's global metals and mining practice. Jenny Gotthardsson has been ap- pointed as the new general manager at Boliden Garpenberg. Her most re- cent position has been as mill man- ager in Garpenberg. She will take up the position as general manager on June 1. Garpenberg's current general manager, Hans Jönsson, will take up the position of general manager of Boliden's copper mine in Aitik June 1. MMG Ltd. announced the resignation of Andrew Michel- more as CEO and executive director. Jerry Jiao will cease to be the chairman of board of directors and will succeed Michelmore. Michelmore will continue with MMG until July 1 to ensure a smooth transition and is consistent with his retirement plans announced in September 2016. Jiao has acted as a director on MMG's board since the company's formation in 2009 and was appointed chairman in 2014. Yamana Gold appointed Kimber- ly Keating to its board of directors and Jason LeBlanc as CFO. Keating is currently vice president, fabrica- tion, with the Cahill Group. LeBlanc has been with Yamana for 11 years and has held increasingly senior positions over that time. In February 2016, the company announced that Charles Main, executive vice president, fi nance, and CFO would be retiring at he end of February 2017. Dominion Diamond Corp. announced that Brendan Bell will step down from his role as CEO and a member of the board of directors. Bell has agreed to continue to serve in his role as CEO until June 30. A successor has not yet been identifi ed. Aquila Resources announced that Bill Matheson has been named as director, construction. Matheson will oversee the development and construction of Back Forty, Aquila's fl agship zinc- and gold-rich project located in Michigan's Upper Peninsula. Most recently, he worked as project development manager at the Ajax project at KGHM. International Tower Hill Mines ap- pointed Karl Hanneman as CEO. Hanneman, currently the COO, will be managing both the CEO and COO re- sponsibilities. Tom Irwin, the current CEO, will transition into a part-time position of senior advisor prior to his standing for elec- tion to the board at the May 2017 Annual General Meeting. NxGold Ltd. appointed Christopher McFadden as pres- ident and CEO and appointed Richard Patricio, Trevor Thiele and Todd Roberts to the board of directors. Fortescue Metals Group Ltd. appointed Elizabeth Gaines to the position of CFO. NEWS - PEOPLE IN THE NEWS a judgment dismissing the annulment applications fi led by Venezuela pend- ing before the French courts in relation to the arbitral award dated September 22, 2014, rendered by the Internation- al Centre for Settlement of Investment Disputes, against the Bolivarian Repub- lic of Venezuela. In October 2014 and January 2015, Venezuela fi led annulment applications regarding the award and the December 15, 2014, arbitral decision dismissing its request for rectifi cation. During the same period, the company applied to the court for exequatur of the award, which entails recognition and enforcement of the award in France. The court issued the exequatur on January 29, 2015, de- claring the award to be recognized and enforceable in France. The court considered and rejected each of the arguments raised by Venezu- ela, confi rming that the arbitral tribunal properly took jurisdiction over the matter; the parties were treated equitably, and the rights of defense and the adversarial principles were respected; the arbitral tri- bunal ruled within the mandate conferred upon it; and the award is not contrary to French international public policy. As a result, the court dismissed the annulment applications and so the $713 million award plus interest remains en- forceable in France. The court also or- dered Venezuela to pay €150,000 for the company's legal fees and costs. Venezu- ela can consider the option of appealing the judgment before the French Cour de cassation, which is the court of fi nal re- sort in the French judicial system. "Even though we prevailed in this matter, we consider Venezuela our part- ner and look forward to satisfaction of the settlement agreement and advancing the development of the gold copper silver Siembra Minera project [aka Brisas Cris- tinas]," said James Coleman, chairman, Gold Reserve. In August 2016, Gold Reserve Inc. announced it had reached an agreement with the government of Venezuela regard- ing its Brisas gold-copper project, which was expropriated by the Hugo Chavez re- gime in 2009. The agreement included payment of an arbitral award granted in favor of the company by the International Centre for Settlement of Investment Dis- putes. The arbitral award was valued at nearly $770 million, including accrued interest up to February 24. Payment was to be made in two installments. How the Venezuelan government would raise the money to make these payments was not immediately clear. ( News-Leading Developments - from p. 6) Dean Gehring Nolitha Fakude Richard Price Jenny Gotthardsson Hans Jönsson Kimberly Keating Jason LeBlanc Jerry Jiao Brendan Bell Karl Hanneman Tom Irwin Elizabeth Gaines

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