Colorado-based Newmont Corporation stands tall as the world’s largest gold mining company, having extracted a staggering 8 million ounces (226,796 kg) of gold in 2022. This mining giant traces its roots back to 1916, when Colonel William Boyce Thompson established the company in New York as a holding company with investments in various mineral, oil, and related ventures. The name ‘Newmont’ itself is a blend of ‘New York’ and ‘Montana,’ reflecting Thompson’s wealth-building journey and his upbringing.
Newmont’s foray into the gold mining realm began in 1917 with a 25 percent stake in the Anglo American Corporation of South Africa. By 1921, the company was reincorporated as the Newmont Corporation. Over the years, Newmont built an extensive network of gold mines across the globe, spanning regions such as Nevada, Colorado, Ontario, Quebec, Mexico, the Dominican Republic, Australia, Ghana, Argentina, Peru, and Suriname. Beyond gold, Newmont’s portfolio also includes the extraction of other valuable resources, such as copper, silver, zinc, and lead.
The company’s transition into a dedicated mining entity occurred in 1929 with the acquisition of California’s Empire Star Mine. By 1939, Newmont’s operations encompassed 12 gold mines across North America. The company’s ventures extended beyond mining, as they acquired interests in a Texas oil field in 1925 and later expanded into the Louisiana Gulf of Mexico area and the North Sea.
Under the leadership of Fred Searls, who assumed the presidency in 1947, and later Plato Malozemoff in 1954, Newmont continued its growth trajectory. A significant milestone was reached in 1965 with the commencement of operations at the Carlin Trend in Nevada, marking the largest gold discovery in North America during the 20th century. Newmont’s commitment to innovation led to the pioneering of heap leaching techniques for low-grade ores at Carlin in 1971, further solidifying its position as a leader in mining technology.
Despite facing challenges, such as the shutdown of the Tsumeb and Kombat mines in Namibia during the 1971–72 strike due to labor and apartheid issues, Newmont’s resilience and strategic acquisitions played a pivotal role in its success. The acquisition of Normandy Mining and Franco-Nevada in February 2002 enabled Newmont to outbid competitors like AngloGold, cementing its status as the world’s leading gold producer, with an annual production exceeding 8 million ounces.
Today, Newmont Corporation continues to dominate the global gold mining industry under the leadership of CEO Tom Palmer. The company’s acquisition of the Canadian mining firm Goldcorp in 2019 for $10 billion marked another strategic move, reinforcing its position as a global leader in gold production. With a workforce of approximately 31,600 employees and contractors worldwide, Newmont stands apart as the only gold mining company included in the S&P 500 stock market index. This testament to its size and influence within the global financial landscape.
