‘Australia unable to back Newcrest’s projects’

OUTGOING chief executive officer of Newcrest Mining Ltd, the operator of Lihir Gold and joint-venture operator of Hidden Valley Gold, Ian Smith, believes Australia does not have the qualified or trained people to advance its A$100 billion worth of new mining and petroleum projects now on stream and that the country faces an economically dangerous scenario with Canberra’s planned carbon tax.
According to Australian Financial Review, Smith, who played a pivotal role in transforming Newcrest into Australia’s third largest mining company and a world ranked gold producer, told Symposium’s Resources and Energy’s Symposium in the mining and desert city of Broken Hill this week that mining and petroleum production now dominated Australia’s economy.
It was now a case that Australia was the quarry of Asia, driven by the continuing growth of mineral and commodity demand from China.
He steps down as CEO in July but has agreed to stay on as a consultant.