Newmont CEO rewarded with bonuses |
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Tue, 06 Mar 2007 04:17
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DENVER (AP) - Newmont Mining Corp.'s top executive received $979,400 in bonuses for 2006, a year of surging gold prices and record profits, according to a regulatory filing Monday.Chief Executive Wayne Murdy earned a base salary of $1 million, in addition to benefits including golf club fees, financial planning and personal use of administrative assistance totaling $95,686, according to a filing with the Securities and Exchange Commission.The Denver-based company missed goals for equity gold sales and costs, but Murdy received bonuses for beating minimum goals for operating cash flow and growth in gold reserves.Including company stock awards valued at $2.8 million, Murdy received $4.88 million on the year.Of the bonuses awarded to Murdy, $363,000 in cash was a personal performance bonus, whose amount was awarded subjectively, the filing said.The remaining $616,400 in cash was for meeting certain performance goals.Newmont's equity gold sales last year of 5.78 million ounces fell short of a minimum goal of 5.87 million ounces, and copper and gold costs applicable to sales were $294 per ounce, missing a goal of holding costs at $270.But operating cash flow of $1.2 billion was well above the top goal of $1.1 billion. A 2.36 percent growth in reserves was above a 1 percent minimum goal.President Pierre Lassonde, who retired Dec. 31, received $3.1 million in compensation last year, including a base salary of $799,548 plus $1.7 million in stock awards and benefits such as a golf club membership and some costs for his family to use corporate aircraft.He has $1.47 million worth of accumulated pension benefits.Lassonde was to remain an employee until April and then serve as a consultant while remaining vice chairman, earning $20,834 per month, the SEC filing said.Whenever the consulting agreement ends, Lassonde would get a lump-sum payment of $750,000.Lassonde co-founded Franco-Nevada Mining Corp., which Newmont acquired in 2002.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Newmont CEO receives $979,400 in bonuses 