Newmont Corporation, based in Colorado, holds the title of the largest gold mining company globally, having mined 8 million ounces (226,796 kg) of gold in 2022. Established in 1916 by Colonel William Boyce Thompson in New York, Newmont began as a holding company involved in various mineral, oil, and related ventures. The company’s name, “Newmont,” reflects its origins from New York and Montana, representing Thompson’s sources of wealth and upbringing.
Key Milestones and Expansion
Newmont’s first major gold investment came in 1917 when it acquired a 25 percent stake in the Anglo American Corporation of South Africa. By 1921, the company had reincorporated as Newmont Corporation. It transitioned into a mining-focused entity in 1929 with the acquisition of California’s Empire Star Mine. By 1939, Newmont was operating 12 gold mines across North America and had expanded into the oil industry, acquiring interests in Texas, Louisiana, and the North Sea.
Innovations and Growth
Under the leadership of Fred Searls from 1947 and later Plato Malozemoff in 1954, Newmont continued its expansion. A landmark moment came in 1965 with the discovery of the Carlin Trend in Nevada, the largest gold discovery in North America in the 20th century. Newmont’s innovative approach included pioneering heap leaching techniques for low-grade ores at Carlin in 1971.
Challenges and Strategic Acquisitions
The company faced challenges such as the 1971–72 strike at the Tsumeb and Kombat mines in Namibia, related to labor and apartheid issues. Despite these difficulties, Newmont’s strategic acquisitions, including Normandy Mining and Franco-Nevada in February 2002, helped it surpass competitors like AngloGold, solidifying its position as the top gold producer with an annual output exceeding 8 million ounces.
Recent Developments and Current Status
Today, Newmont Corporation, led by CEO Tom Palmer, remains a leader in the global gold mining industry. The company’s strategic acquisition of Canadian mining firm Goldcorp in 2019 for $10 billion further strengthened its global position. Newmont employs approximately 31,600 people and contractors worldwide and is distinguished as the only gold mining company listed on the S&P 500 stock market index.
