Newmont Mining

The Newmont Mining Company operates for the purpose of exploring, mining, and processing of gold resources. Headquartered in Denver, Colorado, the company is one of the largest global producers of gold. The income from operations totalled $ 829 million in 2008.

The company was established in 1921 by Colonel William Thompson under the name Newmont Corporation. Prior to the Second World War, the successor of Thompson, Charles Ayer, acquired the O`okiep Copper Company in South Africa and the Idaraho Mining Corporation in Colorado. In 1951, Newmont Mining invested in the Sherritt Gordon Mines in Canada. The mines eventually became the largest global producer of nickel. After the merger with Magma Copper in 1969, the company invested in the Arizona-based Superior and San Manuel copper mines. In 1980, Newmont Mining commenced operations in the Maggie Creek mine. This deal marked the restructuring of the company which aimed to shift the focus to gold. Newmont Mining initiated exploration ventures together with the Republic of Uzbekistan, Costa Rica, Thailand, and Peru. Furthermore, the company acquired the US-based Grassy Mountain and Musgrove Creek properties.

Newmont Mining operates mining sites in Africa, the Asia Pacific, North America, and South America. As of 2008, the Tanami property in the Northern Territory produces about 0.365 ounces of gold. The Western Australian Kalgoorlie site covers the Fimiston open pit and the Mt Charlotte underground operation. The mine produces 0.3 million ounces of gold. Southeast of Auckland in New Zealand, the Waihi site yields 0.14 million ounces. The Ghanaian Ahafo property, northwest of Accra, produces 0.53 million ounces of gold per year. The site contains three open pits and a processing plant. The total reserves amount to 9.3 million ounces of gold. Located in the Mexican state of Tanora, the Herradura operation delivers 0.095 million ounces. The site holds a gold reserve of 1.9 million ounces. The Bolivian Kori Kolo mining site holds 0.2 million ounces of gold reserves.

The shares of Newmont Mining are listed under the symbol NEM at the New York Stock Exchange. The company is a top-tier gold producer.

Copyright © 2014 All rights reserved.