Newmont
Template:Short description Template:Use mdy dates Template:Use American English {{#invoke:Infobox|infobox}}Template:Template otherTemplate:Main other{{#invoke:Check for clobbered parameters|check|nested=1|template=Infobox company|cat=Template:Main other|name; company_name|logo; company_logo|logo_alt; alt|trade_name; trading_name|former_names; former_name|type; company_type|predecessors; predecessor|successors; successor|foundation; founded|founders; founder|defunct; dissolved|hq_location; location|hq_location_city; location_city|hq_location_country; location_country|num_locations; locations|areas_served; area_served|net_income; profit|net_income_year; profit_year|owners; owner |homepage; website }}{{#invoke:Check for unknown parameters|check|unknown=Template:Main other|preview=Page using Template:Infobox company with unknown parameter "_VALUE_" | ignoreblank=y | alt | area_served | areas_served | assets | assets_year | aum | brands | company_logo | company_name | company_type | defunct | dissolved | divisions | embed | equity | equity_year | fate | footnotes | former_name | former_names | foundation | founded | founder | founders | genre | homepage | hq_location | hq_location_city | hq_location_country | incorporated | image | image_alt | image_caption | image_size | image_upright | income_year | industry | ISIN | key_people | location | location_city | location_country | locations | logo | logo_alt | logo_caption | logo_class | logo_size | logo_upright | members | members_year | module | name | native_name | native_name_lang | net_income | net_income_year | num_employees | num_employees_year | num_locations | num_locations_year | operating_income | owner | owners | parent | predecessor | predecessors | production | production_year | products | profit | profit_year | rating | ratio | revenue | revenue_year | romanized_name | services | subsid | successor | successors | traded_as | trade_name | trading_name | type | website| qid | fetchwikidata | suppressfields | noicon | nocat | demo | categories }}
Newmont Corporation is an American gold mining company based in Greenwood Village, Colorado. It is the world's largest gold mining corporation.<ref>Template:Cite news</ref> Incorporated in 1921, it holds ownership of gold mines in the United States, Canada, Mexico, the Dominican Republic, Australia, Ghana, Argentina, Peru, and Suriname.<ref>Template:Cite news</ref> In addition to gold, Newmont mines copper, silver, zinc and lead.<ref>Template:Cite news</ref>
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<ref>Template:Cite news</ref> employees and contractors worldwide, and is the only gold company in the S&P 500 stock market index.
HistoryEdit
Early yearsEdit
The Newmont Company was founded in 1916 in New York by Colonel William Boyce Thompson as a holding company to invest in Worldwide mineral, 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.<ref>Template:Cite news </ref>
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 mine in Namibia and in the O'Okiep Copper Company in Namaqualand, South Africa.
Beginning in 1925, Newmont acquired interests in a Texas oil field. Eventually, Newmont's oil interests included more than 70 blocks in the Louisiana, Gulf of Mexico area and oil and gas production in the North Sea.
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.<ref name=Hecla>Template:Cite book</ref>
Newmont began mining at Carlin, Nevada, 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 there.<ref>Template:Cite book</ref>
In 1971, the South-West African (now Namibia) 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.<ref name="ACOA">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>Template:Cite journal</ref>
Major growthEdit
In the 1980s, Newmont thwarted five takeover bids – from Consolidated Gold Fields (ConsGold), T. Boone Pickens, Minorco, Hanson Industries and James Goldsmith – 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 to all shareholders, US$2.2 billion in cash, of which US$1.75 billion was borrowed. To reduce this debt the company undertook a divestment program involving all of its copper, oil, gas, and coal interests.<ref>Template:Cite news</ref>
As a further step in the restructuring, the company moved its headquarters from New York City to Denver 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<ref>Railroad News, Trains, September 1994, pp. 14-16</ref>) 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. 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.<ref>Template:Cite news</ref>
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.<ref> Template:Cite news </ref>
In 2017, Newmont produced 5.65 million ounces of gold at all-in sustaining costs of US$924 per ounce.<ref name="2017_results">Template:Cite news</ref> The company reported adjusted net income of $780 million for the year,<ref name="2017_results" /> and further reduced net debt down to US$0.8 billion.<ref name="2017_results" />
In 2019, it acquired Canada's Goldcorp for $10 billion.<ref> Template:Cite news </ref> In May 2023, Newmont agreed terms to purchase Newcrest.<ref>Newmont Enters into Definitive Agreement to Acquire Newcrest Newmont May 14, 2023</ref><ref>Newmont Seals $19 Billion Newcrest Deal to Dominate Gold Mining Bloomberg News May 14, 2023</ref> The Deal was completed in November 2023.<ref>Implementation of Scheme Newcrest November 7, 2023</ref>
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/)
ControversiesEdit
Buyat Bay, Sulawesi, IndonesiaEdit
In August 2004, the Indonesian Ministry of Environment filed a civil lawsuit against Newmont,<ref>Template:Cite news</ref> claiming tailings 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.<ref>Template:Cite news</ref>
GhanaEdit
{{#invoke:Labelled list hatnote|labelledList|Main article|Main articles|Main page|Main pages}} 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”.<ref>Template:Cite news</ref>
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".<ref name="Mining Technology">Template:Cite news</ref>
AustraliaEdit
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.<ref name="oataway">Template:Cite news </ref>
OperationsEdit
| Asset | Country | citation | CitationClass=web
}}</ref> |
Mine Type | Metals | Projected attributable gold production in 2021 (troy ounces)<ref name="2021_update">Template:Cite news</ref> | citation | CitationClass=web
}}</ref> |
|---|---|---|---|---|---|---|---|---|
| Cripple Creek & Victor Gold Mine | Template:Flag | 100% | Surface | Gold, Silver | 260,000 | 2.49 million | ||
| Nevada Gold Mines | Template:Flag | 38.5% | 10 Underground, 12 Surface | Gold, Copper, Silver | 1.37 million | 17.39 million | ||
| Éléonore | Template:Flag | 100% | Underground | Gold | 270,000 | 1.26 million | ||
| Musselwhite mine | Template:Flag | 100% | Underground | Gold | 200,000 | 1.79 million | ||
| Porcupine mine | Template:Flag | 100% | Underground, Open Pit, Stockpiles | Gold | 360,000 | 3.05 million | ||
| Peñasquito Mine | Template:Flag | 100% | Open Pit | Gold, Silver, Lead, Zinc | 660,000 | 7.1 million | ||
| Cerro Negro mine | Template:Flag | 100% | Underground | Gold | 270,000 | 2.57 million | ||
| Merian | Template:Flag | 75% | Surface | Gold | 320,000 | 3.97 million | ||
| Pueblo Viejo mine | Template:Flag | 40% | Open Pit | Gold | 325,000 | 4.11 million | ||
| Yanacocha | Template:Flag | citation | CitationClass=web
}}</ref> |
Surface | Gold | 160,000 | 3.41 million | |
| Ahafo mine | Template:Flag | 100% | Surface | Gold | 515,000 | 6.06 million | ||
| Akyem | Template:Flag | 100% | Surface | Gold | 400,000 | 2.27 million | ||
| Boddington Gold Mine | Template:Flag | 100% | Surface | Gold, Copper | 830,000 | 12.69 million | ||
| Tanami Mine | Template:Flag | 100% | Underground | Gold | 500,000 | 5.87 million |
Former operationsEdit
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.<ref>Template:Cite news</ref>
- Continental Gold: Newmont sold its 19.9 percent equity stake and convertible bond in Continental Gold Inc. for $260 million on March 5, 2020.<ref>Template:Cite news</ref>
- 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.<ref>Template:Cite news</ref>
- 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.<ref>Template:Cite news
</ref> Newmont sold the mine to Oxiana Limited in June 2005 for A$265 million.<ref>Template:Cite news</ref>
- Pajingo: Pajingo (100% owned) is an underground mine located approximately 93 miles (150 kilometers) southwest of Townsville, Queensland, and 45 miles (72 kilometers) south of the local township of Charters Towers. Newmont sold the mine in late 2007; it is now owned by Conquest Mining.<ref>Template:Cite news</ref>
- 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.<ref>Template:Cite news</ref>
- Wiluna Gold Mine: Also part of the Normandy acquisition, in December 2003 Newmont sold Wiluna to a local management buyout team for shares and A$3.65 million in cash. The mine was onsold 3 years later for A$29.5 million.<ref>Template:Cite news</ref><ref>Template:Cite news</ref>
- 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.<ref>Template:Cite news</ref>
- Kori Kollo: The Kori Kollo open pit mine is on a high plain in northwestern Bolivia 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.<ref>Template:Cite news
</ref>
- Minahasa: Newmont owns 80% of Minahasa 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, 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.<ref>
Template:Cite news </ref>
- 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.<ref>
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- Martha Mine: Newmont completed the sale of its Waihi assets in New Zealand in October 2015.<ref>Template:Cite news</ref>
- Batu Hijau mine: Newmont completed the sale of Batu Hijau to PT Amman Mineral Internasional in 2016.<ref>Template:Cite news</ref>
ReferencesEdit
Further readingEdit
External linksEdit
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