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Newmont celebrates 100 years

Aug 11, 2021

By: Kevin Vincent, Mining Life

While some of its assets in the Abitibi Greenstone Belt are well over 100 years old, Newmont is celebrating its 100th anniversary this year. Newmont Corporation began that recognition by identifying Colonel William Boyce Thompson’s spirit of exploration. The company was founded in 1921.

Located in and around the City of Timmins, the Porcupine district has produced more than 67 million ounces since 1910. Currently, approximately 60% of the gold comes from the Hoyle Pond underground mine, where mechanized cut and fill and longhole mining methods are used to extract the ore, and the remaining ore comes from the Hollinger Open Pit mine. The Dome Underground mine ceased operations in 2017.
Ore is processed at the Dome processing facility using a circuit that includes crushing, grinding, gravity concentration, cyanide leaching, carbon in pulp recovery, stripping, electro-winning and refining.
Before Goldcorp acquired Porcupine, mining had taken place in Timmins for nearly 100 years without Aboriginal or community group consultation. Porcupine has formal collaboration agreements with all of the First Nations that assert Aboriginal and treaty rights in and around the district: Mattagami, Wahgoshig, Matachewan, and Flying Post First Nations.
In October 2016, Niiwin, a business owned in equal parts by each of the four First Nations, was officially launched. Niiwin offers ore haul, cleaning and earthworks services for reclamation work at Porcupine.
While Porcupine’s workforce is 13% women and 8.7% Indigenous, the team working on the Century Project is evenly split between men and women – unusual in an industry where women are still in the minority.
In April of 2019, Newmont Mining’s $10 billion acquisition of Canada’s Goldcorp closed, which gave rise to Newmont Goldcorp Corporation, the world’s largest gold producer by market value, output and reserves. The mammoth company has mines in the Americas, Australia and Ghana, producing between 6 and 7 million ounces of gold annually.
A key reason for the business combination was the synergies and cost-savings the merged company could achieve. Newmont Goldcorp, became Newmont, and they immediately started delivering on an estimated $365 million in expected annual pre-tax synergies, supply chain efficiencies and other improvements.
From its early beginnings in mining in California, Newmont grew to become a geographically diverse and diversified mining house headquartered in New York, N.Y. The company returned its focus to gold in the 1960s with the discovery of Nevada’s prolific Carlin Trend. Following international expansion and series of transformational mergers and acquisitions, today, Newmont is the world’s leading gold mining company with 12 operating mines and two joint ventures, all in top-tier jurisdictions.

Newmont a catalyst for change with a vibrant history

“It’s an honor to lead Newmont Corporation at such a pivotal time in our history. This milestone offers us a clear moment in time to celebrate our achievements and reflect as we move into the next 100 years of mining,” stated Tom Palmer, President and Chief Executive Officer of Newmont. “Throughout our history, Newmont has been a catalyst for change. With a vibrant history, we have transformed; embracing new jurisdictions and innovative technologies. None of this would have been possible without our people, who have consistently risen to the challenge. I am excited about the strength and stability of our portfolio, the capabilities of our workforce and the opportunities we have in front of us.”

With more than 14,000 employees around the world at its 12 operating mines, Newmont’s organic pipeline is considered the best in the industry, all underpinned by the company’s clear strategic focus, proven operating model and superior execution. Recognized for its commitment to health and safety, Newmont is an industry leader in environmental, social and governance (ESG) practices.
The company continues to spur change with its climate change targets to reduce carbon emissions by 30% by 2030 and aspirations to be net carbon zero by 2050. With these targets and its culture of superior operational and project execution and focus on delivering sustainable shareholder returns, Newmont looks forward to continuing to deliver on its purpose to create value and improve lives through sustainable and responsible mining.
Overall, Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. The company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The company is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise.

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