Ian Smith collected $2.2m on Newcrest exit
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SYDNEY, Sept 20 AAP
September 20 2012, 3:20PM
Ian Smith picked up a $2.2 million termination benefit when he stepped down as chief executive of gold miner Newcrest.
Newcrest's annual report revealed Mr Smith earned $6.7 million in his final year with the company, which he left in July 2011. He has since joined Orica as its new boss.
Mr Smith's total remuneration included $2.3 million in salary and fees, the $2.2 million termination payout, plus $750,000 in other cash benefits.
His successor Greg Robinson earned a total of $3.7 million in 2011/12, including $1.98 million in salary and fees.
The amount was similar to the $3.4 million he picked up as Newcrest's chief financial officer the previous year.
Writing in the Newcrest annual report, released on Thursday, chairman Don Mercer said he expects the gold price to remain strong in the short to medium term.
He said the European debt crisis and slow recovery in the United States, along with further economic stimulus in those regions, were contributing to a robust gold price.
"Underlying demand fundamentals arising from jewellery and investment demand, especially in China and India are also supportive," Mr Mercer wrote.