Colorado-based Newmont Corporation is recognised as the world's largest gold mining company with having mined 8 million ounces (226796 kg) gold in 2022. Founded in 1916 by Colonel William Boyce Thompson in New York, Newmont was initially a holding company investing in various mineral, oil, and related ventures. The name "Newmont" is derived from New York and Montana, symbolising where Thompson amassed his wealth and his place of upbringing. Newmont's first significant gold investment occurred in 1917 with a 25 percent stake in the Anglo American Corporation of South Africa. By 1921, the company reincorporated as the Newmont Corporation.
Newmont operates an extensive network of gold mines in regions such as Nevada, Colorado, Ontario, Quebec, Mexico, the Dominican Republic, Australia, Ghana, Argentina, Peru and Suriname. Besides gold, Newmont also mines other valuable resources including copper, silver, zinc, and lead.
Newmont transitioned into a mining entity in 1929 after acquiring California's Empire Star Mine, and by 1939, it was operating 12 gold mines across North America. The company also ventured into the oil industry, acquiring interests in a Texas oil field in 1925 and later expanding into the Louisiana Gulf of Mexico area and the North Sea.
Under the leadership of Fred Searls, who became president in 1947, and later Plato Malozemoff in 1954, Newmont continued to grow. The company's operations at the Carlin Trend in Nevada, which began in 1965, marked the largest gold discovery in North America during the 20th century. Newmont pioneered heap leaching techniques for low-grade ores in Carlin in 1971, further cementing its innovative edge in mining technology.
The company's operations faced challenges, such as the stoppage at the Tsumeb and Kombat mines in Namibia during the 1971–72 strike over labor and apartheid issues. However, Newmont's resilience and strategic acquisitions, including Normandy Mining and Franco-Nevada in February 2002, enabled it to outbid competitors like AngloGold and solidify its status as the world's top gold producer, boasting an annual production of over 8 million ounces.
Today, Newmont Corporation continues to lead the global gold mining industry and is led by CEO Tom Palmer. The company acquired the Canadian mining firm Goldcorp in 2019 for $10 billion, a strategic move that reinforced its position as a global leader in gold production. Newmont employs approximately 31,600 people and contractors worldwide and stands out as the only gold mining company included in the S&P 500 stock market index.
