What is Newmont Mining?
Newmont Mining (NEM) is an American mining corporation which, together with its subsidiaries, is engaged in developing, exploring and producing gold, as well as exploring silver and copper properties.
Newmont says its strategy is to lead the gold sector in creating value for shareholders and other stakeholders. It aims to do this throughcontinually improving operational performance, sustaining a global portfolio of long-life assets, and demonstrating high levels of social and environmental awareness.
Newmont Mining reported gold reserves of 68.5 million attributable ounces for 2017. It had copper reserves of 1.2 million tonnes.
Who are the key people at Newmont Mining?
The company is led by Gary J. Goldberg, who has been President and Chief Executive Officer of Newmont Mining since March 2013. With over 35 years’ experience in the mining industry, his voice carries a lot of weight in the sector. From 2008-10 he served as Chairman of the National Mining Association in the United States. Other key figures at Newmont include Nancy K. Buese (Executive Vice President and Chief Financial Officer) and Randy Engel (Executive Vice President, Strategic Development).
What is the modern history of Newmont Mining?
The Newmont Company was founded back in 1916 by Colonel William Boyce Thompson. The following year it made its first big gold investment by taking a 25% stake in Anglo American Corporation of South Africa. The company was incorporated in 1921, and the word Mining was added to its name in 1925 as it sold its first shares to the public. In the decades that followed, Newmont steadily diversified its mining portfolio through acquisitions and joint ventures. The company successfully thwarted five takeover bids in the 1980s, and from 2002-06 it was the largest gold producer in the world. In 2011 Newmont acquired Fronteer Gold for $2.3 billion.
What are the latest developments at Newmont Mining?
For 2017 Newmont reported a continued improvement in its operational, financial and social performance, achieving its second year of working without fatalities. Total injury rates were among the lowest in the mining industry. The company posted full-year sales of $7.35 billion (up from $6.71 billion in 2016), adjusted EBITDA of $2.65 billion (up from $2.37 billion), and free cash flow of $1.48 billion (up from $790 million the previous year).
There was some bad news in April 2018, when six construction workers died in an accident at Newmont Mining’s Ahafo operation in central Ghana. In response, the company suspended its operations at both its two gold mines in the country. The mines in Ghana accounted for 14% of Newmont’s revenue in the year to December 2017.
The Newmont Mining share price hit an all-time high of over $70 in November 2011. It then fell back sharply to just $15 in September 2015, before rebounding to $45 in August 2016. During 2017 the share price fluctuated between $30 and $40. To find out how the shares are doing right now, follow Capital.com. Our NEM chart puts all the information at your fingertips.
Where does Newmont Mining operate?
Newmont Mining is headquartered in Greenwood Village, Colorado. The company has a diversified portfolio of significant operations in the United States, Australia, Peru, Suriname and Ghana.
Where is Newmont Mining traded?
Newmont Mining shares are traded on the New York Stock Exchange (NYSE) and are a constituent of the S&P 500 index. Check out Capital.com for the latest NEM chart. We’ll keep you up to date and in the picture.