Newmont Corporation is the world's largest gold mining company that extracted 8 million ounces of gold in 2022 and remains a global leader in the industry.
World's largest gold mining company's founder: Newmont Corporation, based in Colorado, holds the title of the world's largest gold mining company, having extracted a remarkable 8 million ounces (about 226,796 kilograms) of gold in 2022. Established in 1916 by Colonel William Boyce Thompson in New York, Newmont initially operated as a holding company involved in various mineral, oil, and related investments. The company’s name, "Newmont," reflects a blend of New York and Montana, symbolizing Thompson’s wealth accumulation and his place of origin.
Newmont's foray into gold mining began in earnest in 1917 when it 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. By 1939, Newmont was operating 12 gold mines across North America. In addition to mining, Newmont also ventured into the oil industry, securing interests in Texas in 1925 and later expanding to 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 expand. A significant milestone came in 1965 with the start of operations at the Carlin Trend in Nevada, which became 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 facing challenges, such as the labor strike at the Tsumeb and Kombat mines in Namibia during 1971-72 over labor and apartheid issues, Newmont’s resilience and strategic acquisitions enabled it to maintain its leading position. Notably, in February 2002, Newmont outbid competitors like AngloGold to acquire Normandy Mining and Franco-Nevada, reinforcing its status as the world’s top gold producer.
Today, Newmont Corporation remains a dominant force in global gold mining, led by CEO Tom Palmer. In 2019, the company made a strategic move by acquiring the Canadian mining firm Goldcorp for $10 billion, further solidifying its global leadership. With approximately 31,600 employees and contractors worldwide, Newmont is the only gold mining company included in the S&P 500 stock market index.
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