Newmont Mining Corporation
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Newmont Corporation is an American
gold mining Gold mining is the extraction of gold by mining. Historically, mining gold from Alluvium, alluvial deposits used manual separation processes, such as gold panning. The expansion of gold mining to ores that are not on the surface has led to mor ...
company based in
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. It is the world's largest gold mining corporation. Incorporated in 1921, it holds ownership of gold mines in the
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,
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,
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, the
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,
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Ghana Ghana, officially the Republic of Ghana, is a country in West Africa. It is situated along the Gulf of Guinea and the Atlantic Ocean to the south, and shares borders with Côte d’Ivoire to the west, Burkina Faso to the north, and Togo to t ...
,
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,
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, and
Suriname Suriname, officially the Republic of Suriname, is a country in northern South America, also considered as part of the Caribbean and the West Indies. It is a developing country with a Human Development Index, high level of human development; i ...
. In addition to gold, Newmont mines
copper Copper is a chemical element; it has symbol Cu (from Latin ) and atomic number 29. It is a soft, malleable, and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a pinkish-orang ...
,
silver Silver is a chemical element; it has Symbol (chemistry), symbol Ag () and atomic number 47. A soft, whitish-gray, lustrous transition metal, it exhibits the highest electrical conductivity, thermal conductivity, and reflectivity of any metal. ...
,
zinc Zinc is a chemical element; it has symbol Zn and atomic number 30. It is a slightly brittle metal at room temperature and has a shiny-greyish appearance when oxidation is removed. It is the first element in group 12 (IIB) of the periodic tabl ...
and
lead Lead () is a chemical element; it has Chemical symbol, symbol Pb (from Latin ) and atomic number 82. It is a Heavy metal (elements), heavy metal that is density, denser than most common materials. Lead is Mohs scale, soft and Ductility, malleabl ...
. The Newmont Corporation bought Canadian mining company, Goldcorp in 2019 for USD $10 billion. In 2023, Newmont acquired Newcrest mining for USD $16.8 billion. Newmont has approximately 31,600 employees and contractors worldwide, and is the only gold company in the
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stock market index.


History


Early years

The Newmont Company was founded in 1916 in New York by
Colonel Colonel ( ; abbreviated as Col., Col, or COL) is a senior military Officer (armed forces), officer rank used in many countries. It is also used in some police forces and paramilitary organizations. In the 17th, 18th, and 19th centuries, a colon ...
William Boyce Thompson as a holding company to invest in Worldwide
mineral In geology and mineralogy, a mineral or mineral species is, broadly speaking, a solid substance with a fairly well-defined chemical composition and a specific crystal structure that occurs naturally in pure form.John P. Rafferty, ed. (2011): Mi ...
, oil, and related companies. According to company lore, the name "Newmont" is a portmanteau "New York" and "Montana", reflecting where Thompson made his fortune and where he grew up. Newmont made its first major gold investment in 1917, with a founding 25 percent in the Anglo American Corporation of South Africa. Four years later, in 1921, the Newmont Company reincorporated as the Newmont Corporation. In 1929, Newmont became a mining company with its first gold product in by acquiring California's Empire Star Mine. By 1939, Newmont was operating 12 gold mines in North America. The company acquired interests overseas. For decades around the middle of the 20th century, Newmont had a controlling interest in the
Tsumeb Tsumeb (; ) is a city of around 35,000 inhabitants and the largest town in the Oshikoto Region, Oshikoto region in northern Namibia. Tsumeb, since its founding in 1905, has been primarily a mining town. The town is the site of a deep mine (the ...
mine in
Namibia Namibia, officially the Republic of Namibia, is a country on the west coast of Southern Africa. Its borders include the Atlantic Ocean to the west, Angola and Zambia to the north, Botswana to the east and South Africa to the south; in the no ...
and in the O'Okiep Copper Company in
Namaqualand Namaqualand ( Khoikhoi: "Nama-kwa" meaning Nama Khoi people's land) is an arid region of Namibia and South Africa, extending along the west coast over and covering a total area of . It is divided by the lower course of the Orange River int ...
,
South Africa South Africa, officially the Republic of South Africa (RSA), is the Southern Africa, southernmost country in Africa. Its Provinces of South Africa, nine provinces are bounded to the south by of coastline that stretches along the Atlantic O ...
. Beginning in 1925, Newmont acquired interests in a
Texas Texas ( , ; or ) is the most populous U.S. state, state in the South Central United States, South Central region of the United States. It borders Louisiana to the east, Arkansas to the northeast, Oklahoma to the north, New Mexico to the we ...
oil field A petroleum reservoir or oil and gas reservoir is a subsurface accumulation of hydrocarbons contained in porous or fractured rock formations. Such reservoirs form when kerogen (ancient plant matter) is created in surrounding rock by the prese ...
. Eventually, Newmont's oil interests included more than 70 blocks in the Louisiana,
Gulf of Mexico The Gulf of Mexico () is an oceanic basin and a marginal sea of the Atlantic Ocean, mostly surrounded by the North American continent. It is bounded on the northeast, north, and northwest by the Gulf Coast of the United States; on the southw ...
area and oil and gas production in the
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. Fred Searls became president in 1947, after serving as the company's exploration geologist. Searls retired in 1954, and Plato Malozemoff took over as president. Newmont began mining at
Carlin, Nevada Carlin is a city in Elko County of northeast Nevada, United States, and west of the city of Elko. As of the 2010 census, its population was 2,368, up from 2,161 at the 2000 census. Carlin sits along Interstate 80 at an elevation of appro ...
, in 1965. The " Carlin Trend" or "Carlin Unconformity" is the largest gold discovery in North America during the 20th century. In 1971 Newmont began heap leaching low grade
ores Ore is natural Rock (geology), rock or sediment that contains one or more valuable minerals, typically including metals, concentrated above background levels, and that is economically viable to mine and process. The grade of ore refers to the ...
there. In 1971, the South-West African (now
Namibia Namibia, officially the Republic of Namibia, is a country on the west coast of Southern Africa. Its borders include the Atlantic Ocean to the west, Angola and Zambia to the north, Botswana to the east and South Africa to the south; in the no ...
) Tsumeb & Kombat mines managed by Newmont, had its operations stopped during the 1971–72 Namibian contract workers strike over the contract labor system and
apartheid Apartheid ( , especially South African English:  , ; , ) was a system of institutionalised racial segregation that existed in South Africa and South West Africa (now Namibia) from 1948 to the early 1990s. It was characterised by an ...
.


Major growth

In the 1980s, Newmont thwarted five takeover bids – from Consolidated Gold Fields ( ConsGold), T. Boone Pickens, Minorco, Hanson Industries and
James Goldsmith Sir James Michael Goldsmith (26 February 1933 – 18 July 1997) was a French-British financier and politician who was a member of the Goldsmith family. His controversial business and finance career led to ongoing clashes with British media, fr ...
– who sought to break Newmont apart and sell its assets to increase shareholder value. In 1987, defending against a $6.3 billion bid by T. Boone Pickens, the company paid a US$33 per share special
dividend A dividend is a distribution of profits by a corporation to its shareholders, after which the stock exchange decreases the price of the stock by the dividend to remove volatility. The market has no control over the stock price on open on the ex ...
to all
shareholders A shareholder (in the United States often referred to as stockholder) of corporate stock refers to an individual or legal entity (such as another corporation, a body politic, a trust or partnership) that is registered by the corporation as the ...
, US$2.2 billion in cash, of which US$1.75 billion was borrowed. To reduce this debt the company undertook a
divestment In finance and economics, divestment or divestiture is the reduction of some kind of asset for financial, ethical, or political objectives or sale of an existing business by a firm. A divestment is the opposite of an investment. Divestiture is a ...
program involving all of its copper, oil, gas, and
coal Coal is a combustible black or brownish-black sedimentary rock, formed as rock strata called coal seams. Coal is mostly carbon with variable amounts of other Chemical element, elements, chiefly hydrogen, sulfur, oxygen, and nitrogen. Coal i ...
interests. As a further step in the restructuring, the company moved its headquarters from New York City to
Denver Denver ( ) is a List of municipalities in Colorado#Consolidated city and county, consolidated city and county, the List of capitals in the United States, capital and List of municipalities in Colorado, most populous city of the U.S. state of ...
in 1988. A decade later, Newmont Mining Corporation and Newmont Gold Company combined assets to form a unified worldwide gold company. Shareholders of both companies had identical interests in the reserves, production and earnings of Newmont Gold's operations. Newmont then merged with Santa Fe Railroad (a former Atchison, Topeka & Santa Fe Railway subsidiary, sold in preparation for the merger that produced the
BNSF BNSF Railway is the largest freight railroad in the United States. One of six North American Class I railroads, BNSF has 36,000 employees, of track in 28 states, and over 8,000 locomotives. It has three transcontinental routes that provide ...
) to form North America's largest gold producer. On June 21, 2000, Newmont announced a merger with Battle Mountain Gold. The merger was completed in January 2001. In February 2002, Newmont completed the acquisition of Normandy Mining and Franco-Nevada. Newmont faced competition in its bid for Normandy from
AngloGold AngloGold Ashanti Limited is a South Africa, South African gold mining company, with global operations. With a diverse portfolio of cooperation, projects, and exploration activities, AngloGold Ashanti was formed in 2004 by the merger of AngloG ...
. By eventually outbidding the South African company, Newmont became the world's largest gold producer, with an annual production in excess of 8 million ounces. In 2007, the company eliminated its 1.5 million ounce legacy hedge book to make Newmont the world's largest unhedged gold producer. The following year, Newmont acquired Miramar Mining Corporation and its Hope Bay deposit in the Canadian Arctic. In 2009, Newmont purchased the remaining one-third interest in Boddington Gold Mine from AngloGold Ashanti, bringing its ownership to 100 percent. In April 2011, the company acquired Canada's Fronteer Gold Inc. for CA$2.3 billion. This made the company the world's second-largest gold producer. In 2017, Newmont produced 5.65 million ounces of
gold Gold is a chemical element; it has chemical symbol Au (from Latin ) and atomic number 79. In its pure form, it is a brightness, bright, slightly orange-yellow, dense, soft, malleable, and ductile metal. Chemically, gold is a transition metal ...
at all-in sustaining costs of US$924 per ounce. The company reported adjusted net income of $780 million for the year, and further reduced net debt down to US$0.8 billion. In 2019, it acquired Canada's Goldcorp for $10 billion. In May 2023, Newmont agreed terms to purchase Newcrest. The Deal was completed in November 2023. Goldcorp had previously been under public scrutiny for documented human-rights abuses, including poisoning river-water that led to severe illnesses in local children living close to the mining operation (https://theviolenceofdevelopment.com/the-true-cost-of-gold-in-honduras/)


Controversies


Buyat Bay, Sulawesi, Indonesia

In August 2004, the Indonesian Ministry of Environment filed a civil lawsuit against Newmont, claiming
tailings In mining, tailings or tails are the materials left over after the process of separating the valuable fraction from the uneconomic fraction (gangue) of an ore. Tailings are different from overburden, which is the waste rock or other material ...
from the company's Minahasa Raya mine polluted Buyat Bay. The company was cleared by an Indonesian court, with the judge ruling the pollution charges could not be proven.


Ghana

In 2009, a group of NGOs awarded Newmont with the Public Eye on Davos award (a criticism for "purely profit-oriented globalization") for its Akyem project in Ghana. Newmont said the award was issued based on several paragraphs of text which “clearly were intended to distort the facts”. In 2010, Newmont was fined $4.9 million by the Ghanaian Environmental Protection Agency for not preventing, reporting and investigating a cyanide spill at Ahafo mine in an "appropriate and timely manner".


Australia

In May 2025, Newmont Corporation was fined $350,000 by the New South Wales Environment Protection Authority for envioronmental violations discovered at the company's Cadia gold mine. The ventilation site exceeded the limits for airborne solid dust particles on five occasions between 2021 and 2023. In addition to the fine, Newmont was ordered to pay NSW's Department of Climate Change, Energy, the Environment and Water $61,500 to fund a new dust monitoring system.


Operations


Former operations

Newmont has purchased and sold a number of operations in recent years: * Red Lake Mine: Newmont completed sale of Red Lake mine for $375 million on March 31, 2020. * Continental Gold: Newmont sold its 19.9 percent equity stake and convertible bond in Continental Gold Inc. for $260 million on March 5, 2020. * Super Pit gold mine: Newmont sold its 50 percent stake in Kalgoorlie Consolidated Gold Mines to Northern Star Resources for $800 million in January 2020. * Golden Grove Mine: Owned by Normandy Mining since 1991, Golden Grove was acquired by Newmont Australia Ltd in February 2002 when Newmont took over Normandy. Newmont sold the mine to Oxiana Limited in June 2005 for A$265 million. * Pajingo: Pajingo (100% owned) is an underground mine located approximately 93 miles (150 kilometers) southwest of
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, Queensland, and 45 miles (72 kilometers) south of the local township of
Charters Towers Charters Towers is a rural town in the Charters Towers Region, Queensland, Australia. It is by road south-west from Townsville on the Flinders Highway. During the last quarter of the 19th century, the town boomed as the rich gold deposits und ...
. Newmont sold the mine in late 2007; it is now owned by Conquest Mining. * Bronzewing Gold Mine: View Resources purchased the mine in July 2004 from Newmont for A$9.0 million, a package that also included the Mount McClure mining operation, 8 km west of Bronzewing. * Wiluna Gold Mine: Also part of the Normandy acquisition, in December 2003 Newmont sold Wiluna to a local
management buyout A management buyout (MBO) is a form of acquisition in which a company's existing managers acquire a large part, or all, of the company, whether from a parent company or individual. Management- and/or leveraged buyouts became noted phenomena of 19 ...
team for shares and A$3.65 million in cash. The mine was onsold 3 years later for A$29.5 million. * Zarafshan: Newmont was part of a joint venture gold project in Uzbekistan, the first major Western investment in the region since the breakup of the Soviet Union. A difficult place to operate, Uzbekistan expropriated the company's assets in 2006. * Kori Kollo: The Kori Kollo open pit mine is on a high plain in northwestern
Bolivia Bolivia, officially the Plurinational State of Bolivia, is a landlocked country located in central South America. The country features diverse geography, including vast Amazonian plains, tropical lowlands, mountains, the Gran Chaco Province, w ...
near Oruro, on government mining concessions issued to a Bolivian corporation, Empresa Minera Inti Raymi S.A. (“Inti Raymi”), in which Newmont had an 88% interest. The remaining 12% was owned by Mrs. Beatriz Rocabado. Inti Raymi owned and operated the mine. On July 23, 2009, Newmont announced the transfer of its interest in Empresa Minera Inti Raymi S.A., which owned the Kori Kollo gold mine and Kori Chaca gold mine, to Compania Procesadora de Minerales S.A. ("CPM"), a company controlled by Newmont's long-time Bolivian partner Jose Mercado. *
Minahasa The Minahasans or Minahassa are an Austronesian people, Austronesian ethnic group native to North Sulawesi province of Indonesia, formerly known as North Celebes. The Minahasa people sometimes refer to themselves as Manado people. Although the M ...
: Newmont owns 80% of
Minahasa The Minahasans or Minahassa are an Austronesian people, Austronesian ethnic group native to North Sulawesi province of Indonesia, formerly known as North Celebes. The Minahasa people sometimes refer to themselves as Manado people. Although the M ...
and the remaining 20% interest is a carried interest held by P.T. Tanjung Serapung, an unrelated Indonesian company. Minahasa is located on the island of
Sulawesi Sulawesi ( ), also known as Celebes ( ), is an island in Indonesia. One of the four Greater Sunda Islands, and the List of islands by area, world's 11th-largest island, it is situated east of Borneo, west of the Maluku Islands, and south of Min ...
, approximately 1,500 miles (2,414 kilometers) northeast of Jakarta. Mining was completed in late 2001 and gold production was completed in 2004. * Golden Giant: Newmont's Canadian operations previously included two underground mines. Golden Giant (100% owned) was located approximately 25 miles (40 kilometers) east of Marathon, Ontario, Canada, and had been in production since 1985. Mining operations at Golden Giant were completed in December 2005 with remnant mining and milling production continuing throughout most of 2006. * Holloway: Holloway was located approximately 35 miles (56 kilometers) east of Matheson, Ontario, and about 400 miles (644 kilometers) northeast of Golden Giant. It was in production since 1996. On November 6, 2006, Newmont completed the sale of the Holloway mine to St. Andrews Goldfields Ltd. resulting in a $13 pre-tax gain. * Martha Mine: Newmont completed the sale of its Waihi assets in New Zealand in October 2015. * Batu Hijau mine: Newmont completed the sale of Batu Hijau to PT Amman Mineral Internasional in 2016.


References


Further reading

*


External links

* {{authority control, state=expanded Companies listed on the New York Stock Exchange Gold mining companies of the United States Companies based in Denver Non-renewable resource companies established in 1916 1916 establishments in New York (state)