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.