The company continued to expand under the leadership of Fred Searls. Searls became the president in 1947 and later Plato Malozemoff in 1954.
New Delhi: The Newmont Corporation, which extracted 8 million ounces (about 226,796 kilograms) of gold in 2022, is the world’s largest gold mining company. The company which was established by Colonel William Boyce Thompson in New York in the year 1916. The name “Newmont” is a combination of New York and Montana, reflecting Thompson’s wealth accumulation in New York and his roots in Montana. Newmont initially operated as a holding company involved in various mineral, oil, and related investments.
In the year 1917, the company made its foray into gold mining. During the same year, the company took a 25 percent stake in the Anglo-American Corporation of South Africa. By 1921, the company had officially reincorporated as Newmont Corporation. The company expanded its operations by acquiring California’s Empire Star Mine in 1929, marking its transition into a mining entity.
Growth of Newmont Corporation: THE TIMELINE
- In the year 1917, the company made its foray into gold mining.
- During the same year, the company took a 25 percent stake in the Anglo-American Corporation of South Africa.
- By 1921, the company had officially reincorporated as Newmont Corporation.
- The company spread its operations by acquiring California’s Empire Star Mine in 1929, marking its transition into a mining entity.
- By 1939, Newmont was operating 12 gold mines across North America.
- Beyond its core mining operations, Newmont ventured into the oil industry, acquiring interests in Texas in 1925 and subsequently expanding its reach to the Louisiana Gulf of Mexico region and the North Sea.
- The company continued to expand under the leadership of Fred Searls. Searls became the president in 1947 and later Plato Malozemoff in 1954.
- It was in the year 1965, the oerganisation achieved a significant milestone with the start of operations at the Carlin Trend in Nevada. This was the largest gold discovery in North America during the 20th century.
- Newmont’s innovation in mining technology was highlighted by its introduction of heap leaching techniques for low-grade ores in Carlin in 1971.
Despite a slew of challenges, such as the labor strike that disrupted operations at the Tsumeb and Kombat mines in Namibia during 1971-1972, Newmont maintained its position as a leading gold producer. These disruptions were fueled by labor and apartheid-related issues.
Newmont’s resilience and strategic acquisitions played a crucial role in overcoming these obstacles. A significant milestone was the acquisition of Normandy Mining and Franco-Nevada in February 2002, outbidding competitors like AngloGold. This acquisition solidified Newmont’s position as the world’s largest gold producer.
Newmont Corporation Today:
In global gold mining, Newmont Corporation remains a dominant force even today. The company is led by CEO Tom Palmer. In 2019, the company made a strategic move by acquiring the Canadian mining firm Goldcorp for USD 10 billion. Today, there are approximately 31,600 employees and contractors worldwide working in the company.
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