Tom Palmer’s Final Interview: Newcrest, Divestitures, and What’s Next

In his final interview as CEO of Newmont (NYSE: NEM; TSX: NGT), Tom Palmer joins Kitco Mining’s Paul Harris to reflect on the decade that reshaped the world’s largest gold producer. Palmer steps down on December 31 after steering the company through the Goldcorp integration, the COVID era, cost inflation, and the landmark acquisition of Newcrest. He says the Newmont he is handing to incoming CEO Natasha is fundamentally stronger. “We now have 12 managed operations. Each of them has very long life ore bodies that we can confidently make decisions on a 20 to 30 year timeframe.” 

Palmer explains how Newmont exceeded expectations in its divestiture program, returned more than $2.7 billion to shareholders this year, and built a portfolio designed to generate reliable free cash flow through the price cycle. He also discusses the shift toward generalist investors, the role of discipline as gold trades near record levels, and how consolidation, digital gold, and new buyers like Tether could shape the sector in 2026. As he transitions into an advisory role, Palmer shares what he hopes to see next from the global gold industry. 

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00:27 – Tom Palmer’s Tenure and Leadership at Newmont
01:48 – Newmont’s Strength, Portfolio Quality, and Long Life Assets
04:32 – Why Tom Palmer Is Stepping Down as CEO
05:50 – Divestitures, Newcrest Strategy, and Capital Returns
10:21 – Investor Expectations, Guidance, and Free Cash Flow Discipline
17:56 – Gold Industry Trends, Consolidation, and Digital Gold
21:44 – Palmer’s Next Chapter and Life After Newmont
23:56 – Final Reflections and Farewell

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.