Newmont Mining
| Newmont Mining Inc.
|
|
|---|---|
 |
|
| legal form | Corporation |
| ISIN | US6516391066 |
| founding | 1916 |
| Seat | Greenwood Village, Colorado , United States |
| management | Gary Goldberg (CEO) |
| Number of employees | 12,400 (2018) |
| sales | 7,250,000,000 US dollars ( 2018 ) |
| Branch | Gold mining |
| Website | www.newmont.com |
Newmont Mining Corporation is an American mining company based in Denver , Colorado . The company is listed in the S&P 500 share index.
Newmont Mining is the second largest gold producer in the world and operates mines in Canada , Bolivia , Australia , Ghana , Indonesia , New Zealand , Turkey , Peru and Uzbekistan . In addition to gold, Newmont also mines copper , silver and zinc .
history
Newmont Mining Corporation was founded in New York in 1916 by William Boyce Thompson . In 1925 investments were made in Texan oil fields. In 1929 Newmont acquired the Empire Star Mine in California. In 1939 Newmont was already operating 12 gold mines in North America. In 1962, Newmont explored gold in Carlin, Elko County , Nevada and opened its first open pit gold mine in 1965, operated by the Carlin Gold Mining Company . The Carlin Trend is the most important North American gold find of the 20th century. In 1977 Newmont acquired 50% of Peabody Energy , the largest coal mining company in the United States. In the 1980s the company was restructured and the copper, oil, natural gas and coal divisions were sold. As a result of the restructuring, the company headquarters was moved from New York to Denver in February 1989. Since 1994 Newmont Mining has worked with the Newmont Gold Company , whereby the company concentrated its corporate interests in gold production. As a result, Newmont Mining merged with the Santa Fe Pacific Gold Corporation . In January 2001 Newmont Mining merged with the Battle Mountain Gold Company , Normandy Mining Limited and Franco-Nevada Mining Corporation were acquired in February 2002. 2007 Franco-Nevada brought as an independent company on the stock exchange, with Franco-Nevada does not operate any more mines themselves, but they only co-financed and receives royalty income.
On January 14, 2019, Newmont announced that it would take over Goldcorp , Inc. After completion of the takeover, the company will be renamed Newmont Goldcorp .
Holdings
Newmont Mining operates a joint venture with Southwestern Resources Corporation to explore and mine various metals. These include the Yúnnán Porphyry Copper Project in China and the Liam Gold-Silver Project in Peru . The holding company includes Battle Mountain Gold , Normandy Mining and Franco-Nevada Corporation .
Gold mining
Newmont Mining produces approximately 5 million ounces (141,000 kg) of gold annually and holds reserves of over 65 million ounces (1,830,000 kg) of gold. Over 57 percent of the company's gold production comes from North and South America. Newmont Mining is the leading gold mining company in Australia .
| Mine | country | Newmont's share |
|---|---|---|
| Buffalo Valley, Nevada |
 United States
|
70% |
| Carlin Discordance , Nevada: Open pit mine |
United States
|
100% |
| Carlin Discordance , Nevada: Civil Engineering |
United States
|
100% |
| Lone Tree Complex, Nevada |
United States
|
100% |
| Midas, Nevada |
United States
|
100% |
| Phoenix, Nevada |
United States
|
100% |
| Sandman, Nevada |
United States
|
100% |
| Turquoise Ridge / Getchell, Nevada |
United States
|
25% |
| La Herradura |
 Mexico
|
44% |
| Conga mining project |
 Peru
|
51.35% |
| Yanacocha |
Peru
|
51.35% |
| La Zanja |
Peru
|
46.94% |
| Batu Hijau, Sumbawa |
 Indonesia
|
48.50% |
| Boddington , Western Australia |
 Australia
|
100% |
| Duketon, Western Australia |
Australia
|
16.85% |
| Jundee, Western Australia |
Australia
|
100% |
| Super Pit Gold Mine , Western Australia |
Australia
|
50% |
| Tanami, Northern Territory |
Australia
|
100% |
| Waihi |
 New Zealand
|
100% |
| Ahafo, Brong-Ahafo Region |
 Ghana
|
100% |
| Akyem, Eastern Region (Ghana) |
Ghana
|
100% |
Corporate governance, corporate responsibility and community relations
Due to demonstrations against Newmont mines in Ghana and Peru, the Christian Brothers Investment Services Inc. (CBIS), in cooperation with ten other Christian investors , initiated a shareholders' resolution in April 2007 in which the company management should be more committed to the communities affected by the mining Improvement of community relations and reporting on their development, the environmental risks associated with mining, corporate policy towards local mining critics and conflict resolution mechanisms to be established. Even Oxfam supported the initiative. Over 90 percent of shareholders supported the resolution. The company management accepted the decision, signed an agreement and started a methodologically complex and comprehensive review process at five controversial locations in Ghana, Indonesia, New Zealand, Nevada and Peru. That same year, Newmont's shares became the first gold mining company ever to be included in the Dow Jones Sustainability World Index . After criticism in recent years, the Christian Brothers noted progress in implementing the agreement in 2013, but Newmont's policy remains controversial in many locations.
criticism
Zarafshan-Newmont
In Uzbekistan , Newmont Mining has been involved in a joint venture with the government of Uzbekistan in the Zarafshan-Newmont company in Zarafshan since 1995 . This company went bankrupt in 2006 . The government reclaimed tax breaks granted to Newmont Mining, which Newmont Mining refused.
Environmental degradation
Peru
Protests against environmental degradation and social upheaval caused by a new gold mine in Cajamarca killed three people in July 2012 and the leader of the movement was arrested. The Extractive Industries Transparency Initiative ( EITI ) concluded that Newmont's activities were not delivering sustainable benefits to the population.
Ecuador
On May 29, 2012, two people were killed in protests against a copper mine near Cuzco in Espinar .
Akyem in Ghana
In 2009 the company received the negative prize of Public Eye in the categories Global and People for the Akyem gold project in eastern Ghana , since Newmont here do not take into account the social and environmental consequences. Around 10,000 smallholders would lose their land and rivers and drinking water would be contaminated by cyanide . Thousands of people are said to be forcibly relocated without adequate compensation. In addition, a protected forest area is to be cleared. Three people were killed in the protests.
- Ahafo
In contrast, the company shows on its website how around 1,700 households were relocated and the affected population was compensated in the Ahafo project, which was also operated in Ghana. New houses, schools and land were made available to those affected, and a program to improve agriculture was launched. According to the company, 95% of the relocated farmers are cultivating their new land using improved methods so that they can achieve higher yields than before.
Indonesia
Since 2004 there have been protests on the island of Sulawesi against environmental pollution and damage to local fish stocks.
New Zealand
In New Zealand, the Maoris in particular criticize the destruction of valuable arable land.
Individual evidence
- ↑ a b c Newmont Mining 2018 Annual Report , accessed June 29, 2019
- ^ Company description Franco-Nevada. franco-nevada.com, accessed June 29, 2019
- ^ Newmont Ghana
- ↑ Annual Report 2012 (English) ( Memento of 31 May 2013, Internet Archive )
- ↑ [1] Press release from Oxfam
- ↑ Archived copy ( Memento of December 5, 2014 in the Internet Archive ) Press release from Newmont
- ↑ News: Uzbekistan confirms Newmont Mining's Uzbek jv declared bankrupt
- ↑ http://www.minesandcommunities.org/article.php?a=11792
- ↑ http://www.minesandcommunities.org/article.php?a=11792
- ↑ Public Eye Global Award 2009: Newmont Mining Corporation ( Memento from January 25, 2011 in the Internet Archive )
- ↑ a b http://www.hks.harvard.edu/m-rcbg/CSRI/publications/studentpaper_3_lombardo_santiago.pdf The Mechanics of Accountability: Ad Hoc Time-Specific Stakeholder Panels
- ↑ [2]