Goldcorp's Telfer will not join Newmont board once acquisition is complete

VANCOUVER — Goldcorp Inc. says its chairman, Ian Telfer, will not be joining the board of Newmont Mining Corp. after the U.S. gold miner completes its deal to buy the company.

Newmont announced a friendly deal valued at US$10 billion to acquire Goldcorp in January.

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Telfer was to join the Newmont board as deputy chairman once the deal was completed.

Vancouver-based Goldcorp did not explain why the change was made, but in a brief statement said Telfer is focusing all of his efforts on having the Goldcorp shareholders approve the pending transaction.

Goldcorp has been criticized for an US$12-million retirement allowance to be paid to Telfer that was increased from about US$4.5 million.

The Shareholders' Gold Council called it a "gratuitous additional payment."

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