Newmont Mining Corporation

Newmont Mining Corporation is an American mining company from Denver, Colorado. The company is listed on the stock index S & P 500.

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. The holding has the company Battle Mountain Gold, Normandy Mining and Franco - Nevada Corporation.

Together with South Western Resources Corporation Newmont Mining operates a joint venture for exploration and mining of various metals. These include the Yunnan Porphyry Copper Project in the People's Republic of China and the Liam - Gold -Silver Project, Peru.

Newmont Mining promotes every year about 5 million ounces ( 141,000 kg ) of gold and holds reserves of 90 million ounces ( 2.8 million kg ) of gold.

About 70 percent of the production of the company come from North and South America. Newmont Mining is the leading gold mining companies in Australia.

In addition to gold, the company reduces also other metals such as copper, silver and zinc.

History

Newmont Mining Corporation was founded in 1916 in New York by Colonel William Boyce Thompson as a holding company.

With the beginning of 1925, Newmont Mining Company developed interests in oil fields in Texas.

In 1929, the company acquired Newmont Mining Empire Star Mine in California. 1939 operating Newmont 12 Gold mines in North America.

Newmont Mining in 1962 discovered gold in Carlin, Elko County, Nevada and opened as an operator in 1965 his first gold mining under the name Carlin Gold Mining Company. The Carlin Trend is the most significant North American gold discovery of the 20th century.

1977 was Newmont Mining to the consortium to take over the company Peabody Energy, the largest coal mining company in the United States. Newmont holds a 50 percent stake in this company.

In the 1980s, a restructuring of the company and the company's areas of copper, oil, gas and coal took place were sold. The headquarters were moved as a result of the restructuring in February 1989 from New York to Denver. In 1994, a collaboration of the company with the company Newmont Gold Company, which the company focused its corporate interests in gold production. As a result of these common corporate interests merged Newmont Mining with the company Santa Fe Pacific Gold Corporation and Newmont Mining in October 1998 merged with the company Newmont Mining. Another merger took place with the company Battle Mountain Gold Company in January 2001. The company Normandy Mining Limited and Franco-Nevada Mining Corporation were acquired in February 2002.

Gold mines

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Corporate Governance, Corporate Responsibility and Community Relations

Because of demonstrations against Newmont mines in Ghana and Peru, the Christian Brothers Investment Services Inc. ( CBIS ) initiated in collaboration with ten other Christian investors in April 2007, a shareholders' resolution, in which the company's management to more commitment to the communities affected by mining, to improve the community relations and to report on their development, associated with the degradation environmental risks, corporate policy towards the local mining critics and conflict resolution mechanisms to be established asked. Oxfam also supported the initiative. About 90 percent of the shareholders, the resolution joined. The company's management accepted the decision, signed an agreement and set a methodologically complex and comprehensive review process at five controversial sites in Ghana, Indonesia, New Zealand, Peru and Nevada in motion. In the same year, the shares of Newmont was the first gold mining company were ever included in the Dow Jones Sustainability World Index. After criticism in recent years, the Christian Brothers konstatierten in 2013, progress in the implementation of the Agreement, but in many places the politics of Newmont remains controversial.

Criticism

Zarafshan - Newmont

In Uzbekistan, Newmont Mining was associated in a joint venture with the government of Uzbekistan Zarafshan - Newmont in the company since 1995. This company went bankrupt in 2006. The government demanded obtained from Newmont Mining tax benefits back retroactively, which Newmont Mining declined.

Environmental degradation

Peru

When protests against the environmental destruction and social dislocation by a new gold mining company in the province of Cajamarca in Peru in July 2012, three people were killed, the leader of the movement was arrested. The Extractive Industries Transparency Initiative ( EITI) came to the conclusion that draw the activities of Newmont no lasting benefit to the population by itself.

Ecuador

Akyem in Ghana

In 2009 the company received the negative price of Public Eye in the categories of Global and People for the Akyem gold project in eastern Ghana, Newmont since it 'll take no account of the social and environmental consequences. Around 10,000 small farmers would lose their land, rivers and drinking water contaminated by cyanide. Thousands of people are to be forcibly relocated without adequate compensation. In addition, a protected forest area to be cleared. At the protests, three people were killed.

In contrast, the company is on its website, as approximately 1,700 households were resettled at also operated in Ghana Ahafo project and the affected population was compensated. Thus, the parties were provided new homes, schools and country to continue a program to improve agriculture was launched. According to the company till 95 % of the resettled farmers their new country, and so they achieve this with improved methods, higher yields than before.

Indonesia

Since 2004, there were protests on the island of Sulawesi against pollution and damage to the local fish stocks. 22

New Zealand

In New Zealand, especially Maori criticize the destruction of valuable farmland.