Newmont Mining Corporation is the world's largest gold producer with significant assets or operations on five continents. Newmont is also engaged in the exploration for and acquisition of gold properties in some of the world's best gold districts. It also mines for copper and zinc. In addition, Newmont is the world's largest private owner of precious metals.
Newmont operates mines in the United States, Peru, Bolivia, Mexico, New Zealand, Australia and Indonesia. The Company is advancing two exploration projects in Ghana, which is expected to become the next core operating district. Newmont is committed to the highest standards for environmental management, health and safety for its employees and neighboring communities.
The mines that Newmont operates in North America are located in Nevada, Mexico and Ontario, Canada.
The company has approximately 34,000 employees and contractors, the majority of whom work at mine sites.
In 2007, Newmont had revenues of $5.52 billion and net loss of $1.88 billion. Gold sales totaled $4.3 billion and copper sales were $1.2 billion. The company sold 6.1 million ounces of gold in 2007 at an average price of $697 per ounce.
Newmont Mining was founded in 1921 in New York by Colonel William Boyce Thompson as a holding company to invest in worldwide mineral, oil, and relations companies. The name Newmont was chosen by Thompson as a contraction of New York, and Montana, because, as one biographer put it, "he grew up in the latter and made his money in the former." 1n 1929, Newmont became a mining company with its first gold production by acquiring California's Empire Star Mine.
By 1939, Newmont was operating 12 gold mines in North America.
In May of 1997, Newmont merged with Santa Fe Pacific Gold Corp. to form North America's largest gold producer. And, in October of 1998, Newmont Mining and Newmont Gold merged, with Newmont Mining acquiring the remaining shares of Newmont Gold that were outstanding at that time. On June 21, 2000, Newmont announced a merger with Battle Mountain Gold Company. The merger was completed in January 2001.
In February 2002, Newmont completed the acquisition of Normandy Mining Limited and Franco-Nevada Mining Corporation Limited, making it the world's largest gold producer.
Updated February 22, 2008