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Newmont Corporation is an American gold mining company based in Greenwood Village, Colorado. It is the world's largest gold mining corporation.[2] Incorporated in 1921, it holds ownership of gold mines in the United States, Canada, Mexico, the Dominican Republic, Australia, Ghana, Argentina, Peru, and Suriname.[3] In addition to gold, Newmont mines copper, silver, zinc and lead.[4]

Key Information

The Newmont Corporation bought Canadian mining company, Goldcorp in 2019 for USD $10 billion.

In 2023, Newmont acquired Newcrest mining for USD $16.8 billion.

Newmont has approximately 31,600[5] employees and contractors worldwide, and is the only gold company in the S&P 500 stock market index.

History

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Early years

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William Boyce Thompson, founder of Newmont Mining

The Newmont Company was founded in 1916 in New York by Colonel William Boyce Thompson as a holding company to invest in Worldwide mineral, oil, and related companies. According to company lore, the name "Newmont" is a portmanteau "New York" and "Montana", reflecting where Thompson made his fortune and where he grew up. Newmont made its first major gold investment in 1917, with a founding 25 percent in the Anglo American Corporation of South Africa. Four years later, in 1921, the Newmont Company reincorporated as the Newmont Corporation.[6]

In 1929, Newmont became a mining company with its first gold product by acquiring California's Empire Star Mine. By 1939, Newmont was operating 12 gold mines in North America.

The company acquired interests overseas. For decades around the middle of the 20th century, Newmont had a controlling interest in the Tsumeb mine in Namibia and in the O'Okiep Copper Company in Namaqualand, South Africa.

Beginning in 1925, Newmont acquired interests in a Texas oil field. Eventually, Newmont's oil interests included more than 70 blocks in the Louisiana, Gulf of Mexico area and oil and gas production in the North Sea.

Fred Searls became president in 1947, after serving as the company's exploration geologist. Searls retired in 1954, and Plato Malozemoff took over as president.[7]

Gold Quarry mine, near Carlin, Nevada, 2009.

Newmont began mining at Carlin, Nevada, in 1965. The "Carlin Trend" or "Carlin Unconformity" is the largest gold discovery in North America during the 20th century. In 1971 Newmont began heap leaching low grade ores there.[8]

In 1971, the South-West African (now Namibia) Tsumeb & Kombat mines managed by Newmont, had its operations stopped during the 1971–72 Namibian contract workers strike over the contract labor system and apartheid.[9][10]

Major growth

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In the 1980s, Newmont thwarted five takeover bids – from Consolidated Gold Fields (ConsGold), T. Boone Pickens, Minorco, Hanson Industries and James Goldsmith – who sought to break Newmont apart and sell its assets to increase shareholder value.

In 1987, defending against a $6.3 billion bid by T. Boone Pickens, the company paid a US$33 per share special dividend to all shareholders, US$2.2 billion in cash, of which US$1.75 billion was borrowed. To reduce this debt the company undertook a divestment program involving all of its copper, oil, gas, and coal interests.[11]

As a further step in the restructuring, the company moved its headquarters from New York City to Denver in 1988. A decade later, Newmont Mining Corporation and Newmont Gold Company combined assets to form a unified worldwide gold company. Shareholders of both companies had identical interests in the reserves, production and earnings of Newmont Gold's operations.

Newmont then merged with Santa Fe Railroad (a former Atchison, Topeka & Santa Fe Railway subsidiary, sold in preparation for the merger that produced the BNSF[12]) to form North America's largest gold producer.

On June 21, 2000, Newmont announced a merger with Battle Mountain Gold. The merger was completed in January 2001.

In February 2002, Newmont completed the acquisition of Normandy Mining and Franco-Nevada. Newmont faced competition in its bid for Normandy from AngloGold. By eventually outbidding the South African company, Newmont became the world's largest gold producer, with an annual production in excess of 8 million ounces.[13]

In 2007, the company eliminated its 1.5 million ounce legacy hedge book to make Newmont the world's largest unhedged gold producer. The following year, Newmont acquired Miramar Mining Corporation and its Hope Bay deposit in the Canadian Arctic.

In 2009, Newmont purchased the remaining one-third interest in Boddington Gold Mine from AngloGold Ashanti, bringing its ownership to 100 percent.

In April 2011, the company acquired Canada's Fronteer Gold Inc. for CA$2.3 billion. This made the company the world's second-largest gold producer.[14]

In 2017, Newmont produced 5.65 million ounces of gold at all-in sustaining costs of US$924 per ounce.[15] The company reported adjusted net income of $780 million for the year,[15] and further reduced net debt down to US$0.8 billion.[15]

In 2019, it acquired Canada's Goldcorp for $10 billion.[16] In May 2023, Newmont agreed terms to purchase Newcrest.[17][18] The Deal was completed in November 2023.[19] Goldcorp had previously been under public scrutiny for documented human-rights abuses, including poisoning river-water that led to severe illnesses in local children living close to the mining operation (https://theviolenceofdevelopment.com/the-true-cost-of-gold-in-honduras/)

In September 2025, it was announced that Natascha Viljoen would succeed Tom Palmer as CEO of Newmont,[20] effective January 2026, when Palmer retires.[21]

Controversies

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Buyat Bay, Sulawesi, Indonesia

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In August 2004, the Indonesian Ministry of Environment filed a civil lawsuit against Newmont,[22] claiming tailings from the company's Minahasa Raya mine polluted Buyat Bay. The company was cleared by an Indonesian court, with the judge ruling the pollution charges could not be proven.[23]

Ghana

[edit]
Main articles: Akyem mine and Ahafo mine

In 2009, a group of NGOs awarded Newmont with the Public Eye on Davos award (a criticism for "purely profit-oriented globalization") for its Akyem project in Ghana. Newmont said the award was issued based on several paragraphs of text which “clearly were intended to distort the facts”.[24]

In 2010, Newmont was fined $4.9 million by the Ghanaian Environmental Protection Agency for not preventing, reporting and investigating a cyanide spill at Ahafo mine in an "appropriate and timely manner".[25]

Australia

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In May 2025, Newmont Corporation was fined $350,000 by the New South Wales Environment Protection Authority for envioronmental violations discovered at the company's Cadia gold mine. The ventilation site exceeded the limits for airborne solid dust particles on five occasions between 2021 and 2023. In addition to the fine, Newmont was ordered to pay NSW's Department of Climate Change, Energy, the Environment and Water $61,500 to fund a new dust monitoring system.[26]

Operations

[edit]
Asset Country Ownership[27] Mine Type Metals Projected attributable gold production in 2021 (troy ounces)[28] Attributable gold reserves in 2020 (troy ounces)[29]
Cripple Creek & Victor Gold Mine United States 100% Surface Gold, Silver 260,000 2.49 million
Nevada Gold Mines United States 38.5% 10 Underground, 12 Surface Gold, Copper, Silver 1.37 million 17.39 million
Éléonore Canada 100% Underground Gold 270,000 1.26 million
Musselwhite mine Canada 100% Underground Gold 200,000 1.79 million
Porcupine mine Canada 100% Underground, Open Pit, Stockpiles Gold 360,000 3.05 million
Peñasquito Mine Mexico 100% Open Pit Gold, Silver, Lead, Zinc 660,000 7.1 million
Cerro Negro mine Argentina 100% Underground Gold 270,000 2.57 million
Merian Suriname 75% Surface Gold 320,000 3.97 million
Pueblo Viejo mine Dominican Republic 40% Open Pit Gold 325,000 4.11 million
Yanacocha Peru 100%[30] Surface Gold 160,000 3.41 million
Ahafo mine Ghana 100% Surface Gold 515,000 6.06 million
Akyem Ghana 100% Surface Gold 400,000 2.27 million
Boddington Gold Mine Australia 100% Surface Gold, Copper 830,000 12.69 million
Tanami Mine Australia 100% Underground Gold 500,000 5.87 million

Former operations

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Newmont has purchased and sold a number of operations in recent years:

  • Red Lake Mine: Newmont completed sale of Red Lake mine for $375 million on March 31, 2020.[31]
  • Continental Gold: Newmont sold its 19.9 percent equity stake and convertible bond in Continental Gold Inc. for $260 million on March 5, 2020.[32]
  • Super Pit gold mine: Newmont sold its 50 percent stake in Kalgoorlie Consolidated Gold Mines to Northern Star Resources for $800 million in January 2020.[33]
  • Golden Grove Mine: Owned by Normandy Mining since 1991, Golden Grove was acquired by Newmont Australia Ltd in February 2002 when Newmont took over Normandy.[34] Newmont sold the mine to Oxiana Limited in June 2005 for A$265 million.[35]
  • Pajingo: Pajingo (100% owned) is an underground mine located approximately 93 miles (150 kilometers) southwest of Townsville, Queensland, and 45 miles (72 kilometers) south of the local township of Charters Towers. Newmont sold the mine in late 2007; it is now owned by Conquest Mining.[36]
  • Bronzewing Gold Mine: View Resources purchased the mine in July 2004 from Newmont for A$9.0 million, a package that also included the Mount McClure mining operation, 8 km west of Bronzewing.[37]
  • Wiluna Gold Mine: Also part of the Normandy acquisition, in December 2003 Newmont sold Wiluna to a local management buyout team for shares and A$3.65 million in cash. The mine was onsold 3 years later for A$29.5 million.[38][39]
  • Zarafshan: Newmont was part of a joint venture gold project in Uzbekistan, the first major Western investment in the region since the breakup of the Soviet Union. A difficult place to operate, Uzbekistan expropriated the company's assets in 2006.[40]
  • Kori Kollo: The Kori Kollo open pit mine is on a high plain in northwestern Bolivia near Oruro, on government mining concessions issued to a Bolivian corporation, Empresa Minera Inti Raymi S.A. (“Inti Raymi”), in which Newmont had an 88% interest. The remaining 12% was owned by Mrs. Beatriz Rocabado. Inti Raymi owned and operated the mine. On July 23, 2009, Newmont announced the transfer of its interest in Empresa Minera Inti Raymi S.A., which owned the Kori Kollo gold mine and Kori Chaca gold mine, to Compania Procesadora de Minerales S.A. ("CPM"), a company controlled by Newmont's long-time Bolivian partner Jose Mercado.[41]
  • Minahasa: Newmont owns 80% of Minahasa and the remaining 20% interest is a carried interest held by P.T. Tanjung Serapung, an unrelated Indonesian company. Minahasa is located on the island of Sulawesi, approximately 1,500 miles (2,414 kilometers) northeast of Jakarta. Mining was completed in late 2001 and gold production was completed in 2004.
  • Golden Giant: Newmont's Canadian operations previously included two underground mines. Golden Giant (100% owned) was located approximately 25 miles (40 kilometers) east of Marathon, Ontario, Canada, and had been in production since 1985. Mining operations at Golden Giant were completed in December 2005 with remnant mining and milling production continuing throughout most of 2006.[42]
  • Holloway: Holloway was located approximately 35 miles (56 kilometers) east of Matheson, Ontario, and about 400 miles (644 kilometers) northeast of Golden Giant. It was in production since 1996. On November 6, 2006, Newmont completed the sale of the Holloway mine to St. Andrews Goldfields Ltd. resulting in a $13 pre-tax gain.[43]
  • Martha Mine: Newmont completed the sale of its Waihi assets in New Zealand in October 2015.[44]
  • Batu Hijau mine: Newmont completed the sale of Batu Hijau to PT Amman Mineral Internasional in 2016.[45]

References

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Further reading

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[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Newmont

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Newmont Corporation is a multinational company headquartered in , , recognized as the world's leading producer of by production volume, reserves, and operational assets. Founded in 1921 by William Boyce Thompson as a for diverse financial interests, it evolved into a primary enterprise with publicly traded shares since 1925. As of 2024, Newmont reports attributable reserves of 134.1 million ounces and reserves of 13.5 million tonnes, supporting long-term production from mines across nine countries including the , , , , and . The company's growth has been marked by strategic acquisitions, such as the 2019 purchase of and the 2023 acquisition of , expanding its portfolio to include major operations like the Yanacocha mine in and the Boddington mine in . Newmont emphasizes sustainable practices, aiming to create value through responsible resource extraction while managing and . However, it has faced significant controversies, including environmental lawsuits over water contamination and land disputes at its Peruvian operations, where subsidiary Yanacocha has been accused of violating and causing ecological damage, leading to project suspensions and fines. These issues highlight tensions between resource development and local impacts, with Newmont defending its compliance while critics from advocacy groups cite repeated regulatory violations.

History

Founding and Early Expansion (1920s–1950s)

Newmont Corporation was founded in 1921 by Colonel William Boyce Thompson, a prominent mining financier and investor, initially as a for stakes in oil, gas, and mineral enterprises, including a 25% interest in Magma Copper Company. In 1925, the company issued its first public shares and adopted the name Newmont Corporation, shifting focus toward operations. Thompson's background in copper , notably through his role in developing large deposits in the , informed the company's early investment strategy. The transition to direct mining began in 1929 with the acquisition of the Empire Star Mine in , which provided Newmont's initial gold production. Newmont subsequently integrated the nearby North Star Mine into operations, consolidating in the region. These California assets proved resilient during the ; following President Franklin D. Roosevelt's 1933 requiring gold sales to the U.S. Treasury at fixed prices, Newmont maintained profitability by processing ore into refined for government purchase. Expansion accelerated in through strategic acquisitions, diversifying beyond into and other metals while building a portfolio of producing assets. Key pre-World War II purchases included the Idarado Mining Company in , known for and silver output, and the O'okiep Copper Company in . By the late , Newmont operated mines across multiple U.S. states, Canadian provinces, and international sites in , , , and the , establishing it as a major North American producer. Postwar growth in the and emphasized global diversification and technological advancements in extraction. Newmont listed on the in 1940, enhancing access to capital for further development. The company pursued joint ventures and explorations, extending operations into base metals and maintaining dominance amid fluctuating prices and regulatory shifts. This era solidified Newmont's reputation for prudent management and opportunistic expansion, laying groundwork for later international dominance.

Key Acquisitions and Global Growth (1960s–2000s)

During the 1960s, Newmont strengthened its position in base metals and through strategic acquisitions and operational expansions primarily . In 1962, the company increased its stake in Magma Copper Company to 80.6% by acquiring additional stock, enhancing its copper production capabilities. The opening of the Carlin Mine in 1965, operated via a as Carlin Company, represented a pivotal development, yielding 128,500 ounces of by year-end and establishing Newmont as a leading U.S. gold producer through innovative heap-leach processing of low-grade ores. By mid-decade, over half of Newmont's income derived from North American operations, reflecting a domestic focus amid global diversification efforts. In 1969, Newmont completed a full merger with Magma Copper by issuing convertible preferred stock to minority shareholders, positioning Magma as the fourth-largest U.S. copper producer. The 1970s saw further diversification into specialty minerals, with Newmont raising its interest in Foote Mineral Company to 83% in 1974 for $28.5 million, securing control of the world's largest deposit for production. Investments in expansions, totaling $90 million at Superior and San Manuel in by 1971, boosted annual output to 145,000 tons by 1972. Into the 1980s, Newmont acquired operations in , from City Service Company in 1983, including the Pinto Valley mine with a capacity of 70,000 tons of annually. However, facing volatile markets and a strategic pivot to , Newmont divested non-core assets in 1987, selling , Foote Mineral for $74 million, and South African mines for $125 million to streamline operations exclusively toward . This refocus was complemented by domestic advancements, such as processing at Maggie Creek Mine in starting in 1980, which handled 4.8 million tons of containing 440,000 ounces of . The 1990s marked Newmont's aggressive global expansion, beginning with the sale of its 55% stake in Peabody Coal in 1990, solidifying its status as North America's largest producer, followed by international ventures and developments. In 1992, Newmont formed a in for the Muruntau mine, one of the world's largest open-pit deposits, and initiated exploration in , , , and ; development at Yanacocha in soon established it as a low-cost, high-volume operation. By 1998, Newmont Mining Corporation merged assets with Newmont Company, unifying its global portfolio. Entering the , transformative mergers accelerated growth: the 2001 completion of the Battle Mountain acquisition enhanced U.S. production under new CEO Wayne W. Murdy, while the 2002 purchases of Australia's Normandy Mining and Mining elevated Newmont to the world's largest producer with over 8 million ounces annually. Later moves included full ownership of Australia's Boddington mine in 2009 after buying out AngloGold Ashanti's stake, and the 2008 acquisition of Miramar Mining's Hope Bay deposit in Canada's , bolstering North American reserves. These steps diversified Newmont's footprint across multiple continents, prioritizing high-quality, long-life assets.

Modern Restructuring and Recent Mergers (2010s–2025)

In January 2019, Newmont announced its acquisition of Inc. in an all-stock transaction valued at $10 billion, aiming to create the world's largest gold producer by combining complementary assets and achieving operational synergies. The deal faced a competing proposal from Barrick Gold but proceeded, with shareholder approval secured and the merger completed on April 18, 2019, resulting in the renamed Newmont Corporation. Post-merger integration exceeded initial synergy targets, delivering over $500 million in annual cost savings by 2020 through portfolio optimization and operational efficiencies. Building on this scale, Newmont pursued further consolidation in 2023 amid rising gold prices and strategic portfolio enhancement. On May 14, 2023, it entered a definitive agreement to acquire Newcrest Mining Limited for approximately A$26.2 billion (US$16.8 billion), targeting Newcrest's high-quality Australian and Pacific assets to bolster reserves and production. Newcrest shareholders approved the scheme in October 2023, and the acquisition closed on November 6, 2023, via an Australian court-approved scheme of arrangement, expanding Newmont's global footprint and expected to generate US$500 million in annual synergies. Following these mergers, Newmont initiated significant restructuring to address integration challenges, elevated operating s—up over 50% in five years due to in , labor, and materials—and post-acquisition redundancies. In late 2024, the company merged five business units into three, eliminating standalone divisions for and operations, while cutting nearly a dozen roles, including one executive position, to streamline and reduce overhead. This overhaul, launched after disappointing October 2024 earnings, continued into 2025 with additional layoffs, including 23 staff at its headquarters in October, and broader -discipline measures like scaled-back incentives, aimed at enhancing and resilience amid volatile commodity markets. By Q3 2025, these efforts supported improved guidance and portfolio focus on Tier 1 assets, though they reflected ongoing pressures from merger-related complexities.

Operations

Active Mining Assets

Newmont Corporation's active mining assets as of October 2025 consist of a focused Tier 1 portfolio emphasizing long-life, low-cost and production. This includes six wholly managed operations—Boddington and Cadia in , Lihir in , Peñasquito in , Tanami in , and Ahafo in —along with a 38.5% attributable interest in the joint venture operated by Barrick Gold Corporation in the United States. The portfolio delivers approximately 5.6 million attributable ounces annually in 2025 guidance, with significant credits from assets like Cadia and Peñasquito. These assets were prioritized following the divestiture of non-core holdings, such as Akyem in (sold April 2025) and Musselwhite and Éléonore in (sold March 2025), generating over $4.3 billion in proceeds to reduce debt and fund expansions. Nevada Gold Mines JV (United States): This joint venture, encompassing Carlin, Cortez, Goldstrike, Turquoise Ridge, and Phoenix operations in Nevada, represents Newmont's largest single gold-producing asset, contributing about 1 million attributable ounces annually. Newmont's 38.5% stake yields diversified output from open-pit and underground mining, with Phoenix adding copper concentrates. Production rose 5% quarter-over-quarter in Q3 2025 to 251,000 attributable ounces, supported by higher grades at Turquoise Ridge. The JV benefits from integrated processing facilities and exploration to extend mine lives beyond 2030. Peñasquito (): Located in state, this open-pit mine is Newmont's primary silver- producer, with significant lead and by-products, yielding over 400,000 equivalent ounces annually. Operations resumed fully in 2023 after community disputes, with 2025 output bolstered by stronger-than-expected grades in the first half, though expected to moderate later. It features the Leach Project for enhanced recovery, targeting 15+ years of reserves. Cadia (Australia): In , this underground block-cave mine is one of the world's largest gold-copper operations, producing around 600,000 gold equivalent ounces yearly from refractory ore processed via . Higher grades drove outperformance in H1 2025, with ongoing Panel Cave 2-3 development to sustain production through the 2030s. Cadia contributes substantial volumes, enhancing portfolio resilience to metal price fluctuations. Lihir (Papua New Guinea): Situated on Lihir Island, this open-pit epithermal gold mine processes high-sulfidation ore via pressure oxidation, delivering approximately 500,000 ounces annually. Acquired via Newcrest in 2023, it features Kapit phase 1 expansion for sustained output, with reserves supporting 20+ years at current rates. Exploration continues to delineate additional resources in the Lienitz area. Boddington (Australia): An open-pit operation in Western Australia, primarily gold with copper by-products, producing about 400,000 ounces per year from weathered and fresh ore via carbon-in-leach milling. It integrates waste rock reprocessing for environmental compliance, with life-of-mine extending to 2040 via ongoing studies. Tanami (Australia): In the Northern Territory, this underground mine targets high-grade gold veins, yielding around 400,000 ounces annually, with Tanami Expansion 2 ramping up to boost capacity to 550,000 ounces by 2028. Development ore from the expansion contributed to steady 2025 performance. Ahafo (Ghana): Comprising Ahafo South (open-pit and Subika underground) and the recently commissioned Ahafo North (underground, commercial production May 2025), this asset produces over 500,000 ounces yearly in a stable West African jurisdiction. Ahafo North adds 250,000-300,000 ounces incrementally, with shared optimizing costs. Reserves support operations beyond 2030.
AssetCountryPrimary CommoditiesEst. Annual Gold Eq. Oz. (2025)
, ~1,000,000
Peñasquito, Silver, Zinc~400,000+
Cadia, ~600,000
Lihir~500,000
Boddington, ~400,000
Tanami~400,000
Ahafo~500,000+
Attributable to Newmont; figures approximate based on guidance and reserves data.

Production and Resource Reserves

Newmont Corporation's attributable gold production reached 6.8 million ounces in 2024, with 5.7 million ounces from its Tier 1 portfolio of long-life, low-cost assets and 1.1 million ounces from non-core operations including Akyem, Cripple Creek & Victor, Porcupine, Éléonore, Musselwhite, and Telfer. The all-in sustaining costs (AISC) averaged $1,516 per ounce for the year, reflecting efficient operations post-integration of the Newcrest acquisition and divestitures of select assets. Fourth-quarter production hit a record 1.9 million ounces, boosted by strong output from Peñasquito, Boddington, and Lihir mines. As of December 31, 2024, Newmont's attributable proven and probable reserves totaled 134.1 million ounces, down slightly from 135.9 million ounces at year-end 2023. This net reduction resulted from 7.8 million ounces of depletion, partially offset by 14.2 million ounces added via price revisions, 2.9 million ounces from exploration success, and net revisions of -3.9 million ounces. The Tier 1 portfolio accounted for 125.5 million ounces of these reserves. Attributable reserves stood at 13.5 million tonnes, supporting byproduct credits in operations at sites like Cadia and Peñasquito. Newmont also reported measured and indicated resources of 99.4 million attributable ounces and inferred resources of 70.6 million ounces as of , providing a pipeline for future reserve conversion. Reserves and resources comply with U.S. Securities and Exchange Commission Regulation S-K Subpart 1300 standards. For 2025, the company guided attributable production at 5.9 million ounces, with Tier 1 output steady at approximately 5.6 million ounces following divestitures.

Exploration and Development Projects

Newmont's and development activities focus on identifying new mineral deposits and advancing projects toward production to extend mine lives and diversify its portfolio, with an emphasis on , , and associated metals in geopolitically stable jurisdictions. In , the company allocated resources to both brownfield expansions near existing operations and greenfield exploration in prospective districts, supported by a disciplined capital framework that prioritizes high-return opportunities. These efforts contributed to maintaining proven and probable reserves at 134.1 million ounces as of year-end 2024, with ongoing drilling aimed at resource replacement. A key development project is Ahafo North in , located adjacent to the existing Ahafo mine along the Sefwi . Construction commenced following regulatory approvals, creating over 1,000 jobs during the build phase and hundreds of permanent positions thereafter. The project achieved its first pour on September 19, 2025, marking a milestone in Newmont's third major investment in after the April 2025 divestment of the Akyem mine. Commercial production was declared on October 24, 2025, with initial output projected at approximately 50,000 ounces of in 2025, ramping to steady-state levels through 2026 via and processing of and ores. In , the Tanami Expansion 2 (TE2) project at the Tanami operation in the targets deeper zones at the Callie Underground Mine to extend its life beyond 2040 and increase annual throughput to 3.2 million tonnes. Development includes a new 2.2-kilometer-deep production shaft and automated underground mining infrastructure, with completed and bottom reached on October 8, 2025, by contractor Redpath. This expansion builds on prior production growth of nearly 170% since 2012, leveraging the site's low-cost profile through enhanced ventilation, materials handling, and processing upgrades. Newmont expanded its copper exposure via the Galore Creek project in northwest , , one of the largest undeveloped copper-gold-silver deposits globally. In June 2025, Newmont acquired a 50% stake in the Galore Creek Partnership from NOVA Copper, partnering with to advance the asset. A 2025 field program completed safely with over 1.4 million work hours lost-time incident-free, supporting an updated prefeasibility study that incorporates environmental assessments, design optimizations, and resource delineation for potential open-pit development. Exploration initiatives include the Spring Peak project in Nevada's belt, where Newmont funds drilling under an earn-in agreement allowing up to 75% ownership through $55 million in expenditures across two stages. Newmont advanced to Stage 2 in September 2025, focusing on low-sulfidation epithermal systems analogous to nearby historic producers. The project was selected for the U.S. FAST-41 permitting track on October 20, 2025, expediting environmental reviews for potential advancement. Additional brownfield exploration targets mine life extensions at core assets, while regional programs in areas like Canada's Slave Geological Province utilize drill core analysis to identify new prospects.

Divestitures and Former Operations

Major Asset Sales and Closures

In February 2024, following its acquisition of Newcrest Mining, Newmont announced a comprehensive divestiture program targeting non-core assets to streamline its portfolio, reduce operational complexity, and focus on Tier 1 operations with higher returns and lower costs. The program encompassed six producing operations—Akyem in Ghana, Porcupine in Canada, Musselwhite and Éléonore in Canada, Cripple Creek & Victor (CC&V) in the United States, and Telfer in Australia—along with two development projects, Havieron in Australia and Coffee in Canada. These transactions, completed between late 2024 and mid-2025, generated up to $4.3 billion in gross proceeds, including contingent payments, enabling debt reduction and capital allocation to core assets. Key sales under the program included the September 2024 agreement to divest Telfer and a 70% interest in Havieron to Greatland for up to $475 million, which closed in the fourth quarter of 2024. In March 2025, Newmont completed the sales of Musselwhite and Éléonore to Orla for approximately $850 million combined, and CC&V to a private buyer. The program concluded in April 2025 with the sales of Akyem to Zijin for $1 billion and Porcupine to Discovery Silver for up to $425 million. Additional monetizations included the September 2025 sale of the project for up to $150 million and Newmont's stake in Orla for about $439 million, contributing to after-tax proceeds exceeding $3 billion from the overall effort. Prior to this initiative, Newmont executed notable divestitures to refine its asset base. In early , it sold the Red Lake mine in , , to Evolution Mining for $375 million, following a period of operational challenges and declining reserves at the high-cost underground operation. The company also divested the Kalgoorlie operations in around the same time, classifying them as held for sale in late before completing the transaction. These moves aligned with a broader to exit underperforming assets amid volatile prices and rising costs. Regarding closures, Newmont has prioritized asset sales over outright shutdowns to maximize value recovery, but it has managed several mine wind-downs integrated with reclamation plans. For instance, the Yanacocha mine in faced a potential $1.2 billion impairment in 2016 due to depleting reserves, prompting a shift to processing while planning phased closures compliant with Peruvian regulations. Smaller sites, such as the Rain Mine in , underwent final permanent closure amendments in recent years, focusing on environmental reclamation without production resumption. Newmont's closure protocols, initiated , emphasize stakeholder coordination and long-term monitoring to mitigate legacy impacts.

Corporate Governance and Financial Performance

Leadership and Ownership Structure

As of October 2025, Newmont Corporation's is Tom Palmer, who has led the company since January 2019 and announced his retirement effective January 1, 2026. Palmer, previously president and COO, oversaw major acquisitions including in 2019 and in 2023, expanding Newmont's global portfolio. Succeeding him is Natascha Viljoen, current president and chief operating officer since May 2025, who joined Newmont in 2023 from Anglo American Platinum and will assume the roles of president and CEO on January 1, 2026, marking the first female CEO in the company's over-century-long history. The executive leadership team includes key roles such as Jennifer Cmil, executive vice president and , responsible for legal, compliance, and functions since joining in 2021. Other senior executives oversee operations, , sustainability, and exploration, reflecting Newmont's focus on integrated management across multiple continents. Newmont's , as of 2025, comprises nine members chaired by Gregory H. Boyce, a mining industry veteran and former CEO of , who assumed the chair role in 2020. Independent directors include Bruce R. Brook, senior independent director with expertise in energy and resources; Maura Clark, retail operations specialist; Harry M. Conger, former CEO of ; Emma FitzGerald, technology executive; Sally-Anne Layman, governance and sustainability advisor; and José Manuel Madero, energy sector leader. The board's composition emphasizes , finance, and ESG experience, with committees handling audit, compensation, , and safety. Recent changes include the retirement of Philip Aiken and Susan N. Story effective at the 2025 annual meeting in May. Newmont Corporation is a publicly traded entity listed on the New York Stock Exchange under the ticker NEM, with shares also available as CHESS Depositary Interests on the Australian Securities Exchange. Ownership is predominantly institutional, with no single controlling shareholder; The Vanguard Group holds the largest stake at approximately 12.3% as of mid-2025, followed by BlackRock at 10.8% and State Street Global Advisors at 4.6%. Van Eck Associates owns about 3.7%, reflecting strong interest from index funds and asset managers focused on commodities and materials sectors. Insider ownership remains low at under 1%, typical for large-cap mining firms, ensuring alignment with broad shareholder interests through performance-based incentives.

Revenue, Profitability, and Key Metrics

Newmont Corporation's revenue in 2024 reached $18.682 billion, marking a 58.16% increase from $11.812 billion in 2023, driven primarily by higher prices and contributions from the Newcrest acquisition completed in late 2023. for 2024 was $3.348 billion, a significant turnaround from the $2.494 billion loss in 2023, which had been impacted by impairment charges and costs associated with .
YearRevenue ($ billions)Net Income ($ billions)
202211.9150.780
202311.812-2.494
202418.6823.348
In the third quarter of 2025, revenue approximated $5.52 billion, a 20% year-over-year increase, supported by an average realized price of $3,539 per ounce amid elevated market prices. attributable to stockholders stood at $1.832 billion, or $1.67 per diluted share, with adjusted at $1.883 billion, or $1.71 per share; this reflected operational efficiencies despite a 15% quarter-over-quarter drop in production to 1.421 million ounces from the core portfolio. Profitability metrics for 2024 included a net of approximately 33.42%, bolstered by cost controls and higher output volumes post-acquisitions. Adjusted EBITDA for Q3 2025 was $3.309 billion, underscoring strong cash generation with at $2.298 billion and at $1.571 billion for the quarter, contributing to a year-to-date record of $4.486 billion. Key operational metrics highlight Newmont's efficiency: all-in sustaining costs (AISC) for in Q3 2025 were $1,566 per on a co-product basis, with full-year 2025 guidance at $1,620 per and production guidance of 5.6 million attributable ounces. As of year-end 2024, proven and probable reserves totaled 134.1 million attributable ounces, a marginal decline from 135.9 million in 2023, reflecting depletion offset by exploration additions. Sustaining capital expenditures for 2025 are projected at $1.65 billion, with development capital at $1.25 billion, emphasizing maintenance of Tier 1 assets. As of late 2024/early 2025, analyst 12-month price targets for Newmont (NEM) stock averaged $55-65, based on gold price assumptions and company performance. No specific valuation analysis for January 2026 is available, as that date was prospective at the time of recent assessments. Long-term forecasts for 2026 vary, with some algorithmic models predicting prices in the $60-80 range depending on gold market conditions, but these are not authoritative.

Economic Contributions

Job Creation and Local Economies

Newmont Corporation directly employed 22,200 people worldwide as of December 31, 2024, reflecting a 2.3% increase from 21,700 employees in 2023, primarily driven by expansions and acquisitions in its and operations across multiple countries. In 2023, the company distributed $1.7 billion in wages and salaries, supporting household incomes and local spending in host regions including the , , , , , , , and . The company emphasizes local and Indigenous hiring to integrate operations with host communities, achieving targets at 5 of 11 sites in 2023. For instance, at Peñasquito in , 77.4% of the unionized workforce was sourced from state; Cerro Negro in reported 69% local hires; Ahafo in had 44.6% local employment; and Akyem in reached 48.5%. These policies, combined with training programs such as 's Agriculture Improvement and Protection initiatives supporting 499 farmers and Australia's Indigenous partnerships at Boddington, foster skill development and long-term employability in mining-dependent areas. Indirect job creation occurs through procurement and supply chains, with Newmont spending $1.4 billion on from local and Indigenous suppliers in 2023, exceeding internal targets and benefiting 9 of 12 sites—such as $482 million at Boddington, Australia, and $270 million at Cerro Negro since 2022. This local content approach stimulates ancillary industries, with historical site data indicating multipliers like approximately 23 indirect jobs per direct employee at Yanacocha, , though global aggregates remain unquantified in recent reports. Broader economic contributions, including $1.3 billion in taxes and royalties paid to governments in 2023 (13.3% of distributed), enable public infrastructure and services that sustain additional employment in host economies, such as $1.49 billion to and $2.58 billion to . investments of $41 million in 2023 further supported diversification, including $3.8 million via Ghana's Newmont Ahafo Development Foundation for local projects and $1.6 million in Argentina's municipal funds, enhancing resilience against cycles. These inputs, totaling $11.1 billion in economic value generated, underscore Newmont's role in regional GDP growth while tying job stability to and resource extraction.

Contributions to Host Countries and Global Markets

Newmont Corporation's operations in host countries generate substantial fiscal revenues through taxes, royalties, and other mandatory payments, which fund public services and infrastructure. In 2024, the company paid $1.9 billion in such contributions to governments across its jurisdictions, representing approximately 12% of its total economic value distributed that year. These payments are distributed to nations including the , , , , and others, where Newmont's mines operate, directly bolstering national budgets and ; for instance, royalties from production in and support local amid commodity price fluctuations. Additionally, Newmont procured $2.6 billion in goods and services from suppliers within these host countries in 2024, fostering ancillary industries such as , , and , which amplify multiplier effects in local economies. Beyond direct fiscal transfers, Newmont's investments in host country —such as roads, power facilities, and systems—enhance long-term productivity in regions. The company's 2024 Taxes and Royalties Contribution details $69 million allocated to programs, including and initiatives tailored to operational sites, which indirectly support workforce stability and reduce operational risks. In jurisdictions like and , where regulatory frameworks emphasize , these contributions align with government expectations for equitable benefit-sharing, evidenced by Newmont's compliance with extractive industry transparency standards. On a global scale, Newmont's position as the world's largest producer—outputting 5.5 million ounces in 2023—supplies roughly 5% of annual global mine production, stabilizing supply chains amid geopolitical disruptions and demand from investors, jewelers, and central banks. This output, derived from diversified assets across , mitigates price volatility in the $12 trillion market by ensuring consistent availability, as seen in its role during 2024-2025 price surges driven by hedging. Newmont's production also facilitates capital flows to emerging markets via exports, with refined traded on international exchanges like COMEX, contributing to in host countries such as and the .

Environmental, Social, and Governance Practices

Sustainability Initiatives and Technologies

Newmont Corporation has established emissions reduction targets aligned with global climate goals, committing to a 32% decrease in absolute Scope 1 and 2 greenhouse gas emissions and intensity by 2030 from a 2018 baseline, alongside a 30% reduction in Scope 3 emissions by 2030 from a 2019 baseline, with an aspiration for carbon neutrality by 2050. In 2024, Scope 1 and 2 emissions totaled 5.0 million tonnes of CO₂ equivalent, reflecting a 7% reduction from the baseline but an 8% increase from 2023 due to resumed operations at Peñasquito. Strategies include power purchase agreements for renewable energy, such as 50% supply from the Rye Wind Park at Cadia and a planned 70% from the Collgar Wind project at Boddington by 2027, contributing to 27% renewable sourcing in purchased grid electricity overall. Energy efficiency is pursued through an Energy Management System targeting 2-5% reductions in consumption and emissions, while electrification of mobile fleets is planned post-2040. Water stewardship initiatives emphasize reduction and reuse under Newmont's Global Strategy, achieving a 7% overall decrease in consumption from the 2018 baseline and a 17% reduction at water-stressed sites. In 2024, total consumption was 149,047 megaliters, with a site-wide rate of 71%, rising to 80% at high-stress operations like Cripple Creek & Victor, Cerro Negro, and Peñasquito. Technologies supporting these efforts include models for predicting water toxicity and satellite imaging for monitoring. Community programs, such as "Water for " in , have delivered potable water to over 20,000 residents since . Biodiversity conservation targets no net loss of key values by mine closure, implemented via the LEAP framework for mapping and adoption of the Taskforce on Nature-related Financial Disclosures. In 2024, Newmont reclaimed 1,000 hectares at Yanacocha and advanced offset projects at sites including Akyem, Boddington, and Merian, while partnering with the International Union for Conservation of for assessments extended through 2027. management adheres to the Global Industry Standard on Management, with conformance audits at Cadia and Lihir. Technological innovations include advanced underground networks and real-time air quality monitoring at Cadia, battery storage paired with solar at Boddington, and driver safety systems at Cadia and Lihir, with broader rollout planned for 2025. These measures integrate post-2023 Newcrest acquisition assessments to standardize practices across integrated assets. Newmont's reports align with standards, including mining sector supplements, though progress metrics are self-reported with ongoing rebaselining for divestitures.

Community Engagement and Social Programs

Newmont Corporation prioritizes as a core component of its operations, employing structured approaches to build trust and foster long-term relationships with stakeholders in host regions. This includes developing site-specific engagement plans that incorporate transparent communication channels, such as community meetings, grievance mechanisms, advisory forums, and regular reporting, tailored to local cultural and social contexts. The company's global Strategy serves as a framework for these efforts, emphasizing respect for , vulnerable groups, and broader community rights throughout the lifecycle. In fiscal year 2024, Newmont allocated approximately $69 million to community projects and programs, with $61 million directed toward direct investments in areas such as , , , and economic diversification. Key initiatives include support for educational access, vocational training, and youth development to enhance local skills and , as well as health programs addressing prevention and access to medical services in remote areas. Economic resilience efforts focus on development, , and integration for local enterprises. A prominent example is the $20 million Global Community Support Fund, fully disbursed by April 2024, which targeted post-pandemic recovery across operations in multiple countries, funding projects in , healthcare , and livelihood restoration for over 100 communities. Newmont also operates a dedicated Global Center for Indigenous Relations to advance partnerships with indigenous groups, incorporating principles where applicable and supporting cultural preservation alongside development. Site-specific commitments, such as the CAD $8 million investment announced in May 2025 to three Tahltan Nation communities near the Red Chris mine in , underscore targeted for , , and cultural initiatives. These programs are monitored through performance indicators aligned with international standards, with annual reporting on outcomes to ensure accountability.

Environmental Disputes and Resolutions

In 2000, a truck transporting mercury from Newmont's Yanacocha mine in overturned near Choropampa village, spilling approximately 151 kilograms of mercury that contaminated soil, water, and air, leading to effects including neurological damage among over 1,000 residents who handled the substance. The incident prompted lawsuits and remediation efforts, including Newmont's payment of compensation to affected individuals and environmental cleanup, though long-term impacts on local agriculture and persist as reported by community members two decades later. At the same Yanacocha operation, local communities alleged water contamination from cyanide discharges into nearby sources, raising concerns over pollution and ; a 2017 Compliance Advisor assessment found evidence of inadequate monitoring and potential risks to , leading Newmont to implement enhanced management and systems as part of compliance actions. In 2024, a Peruvian ruled against expansions linked to Yanacocha's Conga project subsidiary, citing irremediable environmental harm to lakes and wetlands, and ordered cessation of related activities, effectively halting the project amid protests over projected for 30,000 residents. Newmont's Ahafo mine in experienced multiple cyanide spills, including a 2009 incident that released -laced solution into the Subri , killing and disrupting water access for downstream communities; the Ghanaian Agency fined Newmont approximately $1.6 million in 2010 for , after which the company upgraded spill prevention and conducted river remediation. A subsequent 2010 spill prompted further fines and mandatory environmental audits, with Newmont reporting installation of additional containment barriers to mitigate recurrence risks. In , Newmont faced allegations of and heavy metal from the Batu Hijau mine's discharge into Buyat Bay, with prosecutors claiming damage and health risks to fishermen; a 2007 Indonesian court acquitted Newmont executives, finding discharges compliant with permits, though environmental NGOs contested the ruling's adequacy in addressing in . Newmont has responded to these disputes through reports emphasizing integrity, water recycling technologies achieving over 70% reuse at major sites, and third-party audits, while critics from groups like Earthworks argue enforcement gaps persist in host countries with weaker regulations.

Regulatory Fines and Compliance Issues

In 2000, a contractor transporting mercury from Newmont's Yanacocha mine in spilled approximately 151 kilograms along a 41-kilometer , leading to in Choropampa and surrounding areas; the Peruvian government fined Newmont $500,000, while the company reported spending $18 million on cleanup efforts. At the Ahafo mine in , a 2010 cyanide spill into the Subri River prompted the Ghanaian Agency to fine Newmont $4.9 million for failure to prevent the release, which killed fish and affected local water supplies; Newmont conducted remediation including and fish restocking. Newmont's operations have incurred multiple workplace safety violations under the U.S. Mine Safety and Health Administration, aggregating over $2 million in penalties across 127 instances since 2000, primarily for issues like inadequate hazard controls and equipment maintenance at U.S. sites. In 2022, the U.S. Treasury's settled with Newmont for $141,442 over four apparent violations of Cuban Assets Control Regulations stemming from a subsidiary's purchase of explosives from a entity in , classifying the conduct as non-egregious with voluntary self-disclosure. At the Red Chris mine in , , acquired by Newmont in 2023, regulators issued a $25,000 administrative penalty in December 2023 for non-compliance with a 2019 order to install electrified perimeter fencing to deter wildlife incursions. Environmental violations at U.S. operations include a $395,000 penalty in 2015 at the Gold Quarry mine in for unspecified issues, and at the Cripple Creek & Victor mine in , $125,000 in 2003 for environmental non-compliance plus $154,350 in 2024 fines for exceeding emission limits. In , following a 2018 contractor vehicle collapse at Ahafo that killed five workers, the Lands and Natural Resources Ministry fined Newmont and contractors $2.7 million for safety and operational lapses. Newmont's 2023 SEC 10-K discloses ongoing compliance challenges, including guilty pleas in September and November 2023 for dust emission exceedances at the Cadia mine in , with sentencing pending, and a prohibition notice at Telfer for tailings facility issues, potentially leading to further penalties; total environmental liabilities exceeded $8 billion, though these reflect remediation obligations rather than fines.

Labor and Human Rights Claims

In 2023, workers at Newmont's Peñasquito mine in Mexico, operated through its subsidiary, initiated a strike on June 7 involving approximately 2,000 unionized employees represented by the National Union of Mine and Metal Workers and Allied Trades of the Mexican Republic (Los Mineros). The dispute centered on profit-sharing agreements, wage adjustments, and allegations of union-busting tactics, marking the third labor conflict at the site since Newmont acquired it in 2019. Operations were suspended, resulting in daily losses estimated at $3.7 million for Newmont, with the stoppage lasting 120 days until resolution by Mexico's Labor Court on October 16. The agreement included an 8% pay raise, back pay equivalent to 60% of lost wages, and other benefits, though Newmont contested the union's claims of inadequate profit distribution. At the Yanacocha mine in , a 2011 strike by around 6,000 workers, primarily contractors, halted operations for over a week amid demands for better pay and conditions, leading Newmont to suspend activities following road blockades and equipment damage by protesters. While framed partly as labor action, the event intertwined with broader community protests against expansion projects like Conga, resulting in injuries to three workers and no fatalities directly attributed to Newmont. Newmont negotiated gains for workers, including improved terms, though independent analyses noted ongoing tensions between labor demands and operational security. Human rights claims against Newmont have primarily arisen in Peru's Yanacocha operations, where NGOs alleged that private security and Peruvian police, contracted or coordinated with Minera Yanacocha (Newmont's majority-owned subsidiary), harassed indigenous families resisting land evictions for mine expansion. A 2016 independent report commissioned by Newmont found that the company prioritized eviction over dialogue in the case of farmer Máxima Acuña, placing at risk through inadequate security protocols, though it concluded no conclusive evidence of direct Newmont involvement in abuses. U.S. lawsuits filed by affected parties, including EarthRights International, sought accountability under the but faced jurisdictional challenges; Peruvian courts have upheld some community rights claims against Conga-related impacts without fining Newmont directly. These allegations, often amplified by advocacy groups, contrast with Newmont's adherence to Voluntary Principles on Security and , though critics argue enforcement gaps persist in high-conflict zones. In Ghana's Ahafo mine, local NGO WACAM reported 15 deaths since operations began, attributing them to clashes between and illegal artisanal miners encroaching on concessions, with claims of excessive force and inadequate protections. Newmont denied direct responsibility, stating incidents involved state responding to unauthorized activities and emphasizing its record, with no convictions against the company in Ghanaian courts as of 2025. A 2018 lawsuit in Ghana's Court challenged land dispossession practices, resulting in compensation wins for affected farmers but no broader policy changes mandated. Newmont's 2025 modern slavery statement and due diligence reports highlight risk assessments and remediation, though NGO critiques from groups like WACAM question the efficacy in preventing systemic insecurity. Separate U.S.-based claims include a 2023 lawsuit by 10 former employees at Newmont's Cripple Creek & Victor mine in , alleging wrongful termination for religious objections to mandates, violating Title VII protections. A related suit by a former echoed these claims, pending resolution without admitted liability from Newmont. These cases represent isolated assertions rather than patterns, with Newmont maintaining compliance with U.S. employment laws.

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  102. https://www.newmont.com/investors/news-release/news-details/2023/Newmont-Announces-End-of-Strike-at-Peasquito-Mine-in-Mexico/default.aspx
  103. https://mexiconewsdaily.com/business/strike-ends-at-mexicos-largest-gold-mine-after-4-months/
  104. https://www.reuters.com/markets/commodities/strike-ended-major-mexican-gold-mine-after-deal-reached-with-union-2023-10-06/
  105. https://wagingnonviolence.org/2011/12/from-yanacocha-to-conga-peruvians-keep-fighting-against-destructive-mining-industry/
  106. https://www.bbc.com/news/world-latin-america-15956429
  107. https://www.industriall-union.org/archive/icem/mining-strike-in-peru-produces-gains-for-contract-workers
  108. https://www.business-humanrights.org/en/latest-news/newmont-mining-lawsuit-re-indigenous-rights-in-peru-filed-in-usa/
  109. https://www.newmont.com/investors/news-release/news-details/2016/Newmont-Responds-to-Independent-Report-on-Land-Dispute-in-Peru/default.aspx
  110. https://earthworks.org/releases/worlds_2nd_largest_gold_mining_companys_own_investigation_shows_it_violated/
  111. https://earthrights.org/media_release/peruvian-community-leaders-challenge-largest-u-s-gold-mining-company-to-stop-human-rights-violations/
  112. https://www.fidh.org/en/issues/business-human-rights-environment/business-and-human-rights/joint-letter-to-newmont-s-ceo-regarding-attacks-on-maxima-acuna
  113. https://www.business-humanrights.org/en/latest-news/15-killed-in-course-of-newmont-ahafo-mine-operations-ghana/
  114. https://www.business-humanrights.org/en/latest-news/newmont-ghana-is-a-safe-and-responsible-company-response-by-nggl-to-wacam-letter-concerning-ahafo-operations-safety/
  115. https://politicsofpoverty.oxfamamerica.org/a-community-challenges-a-mining-company-in-ghana-and-wins/
  116. https://s24.q4cdn.com/382246808/files/doc_downloads/2025/05/Newmont-2025-modern-slavery-statement.pdf
  117. https://www.conchovalleyhomepage.com/business/press-releases/ein-presswire/668468392/mining-giant-newmont-corporation-sued-in-co-for-religious-discrimination/
  118. https://www.wboy.com/business/press-releases/ein-presswire/678079670/mining-giant-newmont-corp-sued-by-former-vp-for-religious-discrimination/
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