NationMaster - Encyclopedia: Newmont Mining

Newmont Mining Corporation NYSE: NEM, based in Denver, Colorado, USA, is the world's second-largest producer of gold, with active mines in Canada, Bolivia, Australia, Indonesia, New Zealand, Turkey, Peru and Uzbekistan. Holdings include Battle Mountain Gold, Normandy Mining, and Franco-Nevada Corp. Newmont is in a joint venture project with Southwestern Resources Corporation for exploration and extraction of many precious metals. Subsidiary operations include Yunnan Porphyry Copper and Gold Project in China, and the Liam Gold-Silver Project in Peru. Newmont produces about 7.5 million troy ounces (233,000 kg) of gold annually and holds reserves of about 90 million troy ounces (2,800,000 kg) of gold. Production in the Americas accounts for about 70% of the company's production, but even so Newmont is the lead gold mining operation in Australia. The Company is advancing two exploration projects in Ghana, which combined represented 16.0 million ounces of reserves at year-end 2004 and is expected to become the next core operating district. Newmont employs approximately 28,000 people worldwide and Newmont says it is committed to the highest standards for environmental management, health and safety for its employees and neighboring communities. Other metals that the company mines include copper, silver, and zinc. The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... : The Mile-High City United States Colorado Denver (coextensive) 154. ... GOLD refers to one of the following: GOLD (IEEE) is an IEEE program designed to garner more student members at the university level (Graduates of the Last Decade). ... A joint venture (often abbreviated JV) is an entity formed between two or more parties to undertake economic activity together. ... Troy weight is a system of units of mass customarily used for precious metals, black powder, and gemstones. ... World map showing the Americas CIA political map of the Americas The Americas are the lands of the Western hemisphere or New World consisting of the continents of North America[1] and South America with their associated islands and regions. ... General Name, Symbol, Number copper, Cu, 29 Chemical series transition metals Group, Period, Block 11, 4, d Appearance metallic pinkish red Standard atomic weight 63. ... General Name, Symbol, Number silver, Ag, 47 Chemical series transition metals Group, Period, Block 11, 5, d Appearance lustrous white metal Atomic mass 107. ... General Name, Symbol, Number zinc, Zn, 30 Chemical series transition metals Group, Period, Block 12, 4, d Appearance bluish pale gray Standard atomic weight 65. ...

History

Early years

Newmont Mining Corporation was founded in 1921 in New York by Colonel William Boyce Thompson as a holding company to invest in worldwide mineral, oil, and relations companies. The name Newmont was chosen by Thompson as a contraction of New York, and Montana, because, as one biographer put it, "he grew up in the latter and made his money in the former." Year 1921 (MCMXXI) was a common year starting on Saturday (see link for full calendar). ... NY redirects here. ... Colonel (IPA: or ) is a military rank of a commissioned officer, with the corresponding ranks existing in nearly every country in the world. ... William Boyce Thompson, (May 13, 1869 - June 27, 1930), was an American mining engineer, financier, promoter of Western support for the revolutionary Kerensky and Bolshevik governments of Russia, and philanthropist. ... Minerals are natural compounds formed through geological processes. ... Pumpjack pumping an oil well near Lubbock, Texas Ignacy Åukasiewicz - inventor of the refining of kerosene from crude oil. ... Official language(s) English Capital Helena Largest city Billings Area Ranked 4th - Total 147,165 sq mi (381,156 kmÂ²) - Width 255 miles (410 km) - Length 630 miles (1,015 km) - % water 1 - Latitude 44Â°26N to 49Â°N - Longitude 104Â°2W to 116Â°2W Population Ranked...

In 1929, Newmont became a mining company with its first gold production by acquiring California's Empire Star Mine. By 1939, Newmont was operating 12 gold mines in North America. The following year, O'okiep Copper Company came into full production in South Africa. O'okiep formed the base for Newmont to eventually become the world's third largest copper producer, with interests in eight copper operations worldwide. 1929 (MCMXXIX) was a common year starting on Tuesday (link will take you to calendar). ... Official language(s) English Capital Sacramento Largest city Los Angeles Area Ranked 3rd - Total 158,302 sq mi (410,000 kmÂ²) - Width 250 miles (400 km) - Length 770 miles (1,240 km) - % water 4. ... 1939 (MCMXXXIX) was a common year starting on Sunday (link will display full year calendar). ... World map showing North America A satellite composite image of North America. ... The most commonly present source of copper ore is chalcopyrite (CuFeS2), which accounts for about 50% of copper production. ...

Beginning in 1925 Newmont acquired interests in a Texas oil field. Eventually, Newmont's oil interests included more than 70 blocks in the Louisiana Gulf area and oil and gas production in the North Sea. 1925 (MCMXXV) was a common year starting on Thursday (link will display the full calendar). ... Official language(s) No Official Language See languages of Texas Capital Austin Largest city Houston Area Ranked 2nd - Total 261,797 sq mi (678,051 kmÂ²) - Width 773 miles (1,244 km) - Length 790 miles (1,270 km) - % water 2. ... Drilling rig in a small oil field Near Sarnia, Ontario, 2001 An oil field is an area with an abundance of oil wells extracting petroleum (oil) from below ground. ... The Oil industry brings to market what is currently considered the lifeblood of nearly all other industry, if not industrialized civilization itself. ... The Gulf South is a region of the United States that consists of Alabama, Mississippi, and Louisiana, all of which border the Gulf of Mexico on the Gulf Coast of the United States. ... Gasoline, as it is known in North America, or petrol, in many Commonwealth countries (sometimes also called motor spirit) is a petroleum-derived liquid mixture consisting primarily of hydrocarbons, used as fuel in internal combustion engines. ... The North Sea is a sea of the Atlantic Ocean, located between the coasts of Norway and Denmark in the east, the coast of the British Isles in the west, and the German, Dutch, Belgian and French coasts in the south. ...

Gold at Carlin

Newmont discovered disseminated gold at Carlin, Nevada in 1962 and began operating its first mill there in 1965 under the name Carlin Gold Mining Company. The "Carlin Trend" is the largest gold discovery in North America in this century. In 1971, Newmont began using the heap leaching technology on sub-mill grade ores at Carlin. It was one of the first in the gold industry to use heap leaching. In 1986, the company's name was changed to Newmont Gold Company, and five million shares were sold publicly for US$47.5 million. Newmont Mining held a 90 percent interest. Carlin, Nevada. ... 1962 (MCMLXII) was a common year starting on Monday (the link is to a full 1962 calendar). ... A factory worker in 1940s Fort Worth, Texas. ... 1965 (MCMLXV) was a common year starting on Friday (the link is to a full 1965 calendar). ... 1971 (MCMLXXI) was a common year starting on Friday. ... Heap leaching is an industrial mining process to extract precious metals and copper compounds from ore. ... Iron ore (Banded iron formation) Manganese ore Lead ore Gold ore An ore is a volume of rock containing components or minerals in a mode of occurrence which renders it valuable for mining. ... 1986 (MCMLXXXVI) was a common year starting on Wednesday of the Gregorian calendar. ... The United States dollar is the official currency of the United States. ...

In 1977, Newmont was instrumental in organizing the consortium that purchased Peabody Holding Company, Inc., the largest coal producer in the nation. Newmont held a 50 percent interest in Peabody following the purchase. For the album by Ash, see 1977 (album). ... Surface coal mining in Wyoming. ...

A decade later, Newmont's assets were over US$1.9 billion and income from continuing operations reached US$338 million. In August 1987, Newmont became the target of an unsolicited tender offer for control and dismemberment of the company. 1987 (MCMLXXXVII) was a common year starting on Thursday of the Gregorian calendar. ...

Major restructuring

As a result, the company undertook a major restructuring. This included the payment of a US$33 per share dividend to all shareholders for a total of US$2.2 billion, of which US$1.75 billion was borrowed. To reduce this debt the company undertook a divestment program involving all of its copper, oil, gas, and coal interests. Look up dividend in Wiktionary, the free dictionary. ... A shareholder or stockholder is an individual or company (including a corporation) that legally owns one or more shares of stock in a joint stock company. ... In finance and economics, divestment or divestiture is the reduction of some kind of asset, for either financial or social goals. ...

As a further step in the restructuring, the company moved its headquarters from New York City to Denver in February 1989. On January 1, 1994, Newmont Mining Corporation and Newmont Gold Company, combined assets to form a unified worldwide gold company. Shareholders of both companies had identical interests in the reserves, production, and earnings of Newmont Gold's operations. New York, NY redirects here. ... This article refers to the state capital of Colorado. ... 1989 (MCMLXXXIX) was a common year starting on Sunday of the Gregorian calendar. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 1994 (MCMXCIV) was a common year starting on Saturday of the Gregorian calendar, and was designated as the International Year of the Family and the International Year of the Sport and the Olympic Ideal by United Nations. ...

Newmont merged with Santa Fe Pacific Gold Corporation to form North America's largest gold producer. And, in October of 1998, Newmont Mining and Newmont Gold merged, with Newmont Mining acquiring the remaining shares of Newmont Gold that were outstanding at that time. On June 21, 2000, Newmont announced a merger with Battle Mountain Gold Company. The merger was completed in January 2001. 1998 (MCMXCVIII) was a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean [1]. // Coated in ice, power and telephone lines sag and often break, resulting in power outages. ... June 21 is the 172nd day of the year (173rd in leap years) in the Gregorian calendar, with 193 days remaining. ... 2000 (MM) was a leap year starting on Saturday of the Gregorian calendar. ... 2001 (MMI) was a common year starting on Monday of the Gregorian calendar. ...

In February 2002, Newmont completed the acquisition of Normandy Mining Limited and Franco-Nevada Mining Corporation Limited, making it the world's largest gold producer. For album titles with the same name, see 2002 (album). ...

In December 2004, government officials in Thunder Bay, Ontario, Canada, anticipate the closure of Newmont Canada's Golden Giant mine in about one year. [1] 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... Nickname: Lakehead; The Lakehead Motto: Superior by nature Location of Thunder Bay, Ontario Coordinates: Country Canada Province Ontario Region Northwestern Ontario District Thunder Bay District CMA Thunder Bay Established 1970 (amalgamation between Fort William and Port Arthur) Incorporated as Towns Port Arthur in 1884, Fort William in 1892 Incorporated as...

Bankruptcy in Uzbekistan

An Uzbek court declared Zarafshan-Newmont, a joint venture co-owned by Newmont Mining and the Government of Uzbekistan since 1995, bankrupt and gave three months for liquidation on 29 September 2006. In the summer of 2005 an Uzbek law was changed to end tax benefits for some foreign companies. The Uzbek Government demanded Newmont Mining pay back taxes from 2002-2005 amounting to USD $49 million. Newmont announced its intentions to take the dispute to an international arbitration court, arguing that the new tax regulations should not be applied retroactively. Zarafshan-Newmont sold 122,700 ounces of gold in 2005. The Muruntau mine, previously mined by Zarafshan-Newmont, has reserves estimated at 1.7 million gold ounces. NMC says the Uzbek Government has made over USD $500 million.^[1] See also: Kyzyl Kum A joint venture (often abbreviated JV) is an entity formed between two or more parties to undertake economic activity together. ... The Government of Uzbekistan takes place in a framework of a presidential republic, whereby the President of Uzbekistan is both head of state and head of government. ... September 29 is the 272nd day of the year (273rd in leap years) in the Gregorian calendar. ... For the Manfred Mann album, see 2006 (album). ... The Kyzyl Kum (Uzbek: red sand; also called Qyzylqum) is a desert in Kazakhstan and Uzbekistan. ...

Controversies

Twin Creeks mine

The Twin Creeks mine in Golconda, NV is ranked as of 2002 by the EPA as the second highest environmental polluter in the United States.[2]

Lone Tree mine

The Lone Tree mine in Valmy, NV is ranked as of 2002 by the EPA as the sixth highest environmental polluter in the United States. [3]

Carlin South Area mine

The Carlin South Area mine in Carlin, NV is ranked as of 2002 as the seventh highest environmental polluter in the United States. [4]

Yanacocha mine

The Yanacocha gold mine in central Peru is considered one of the largest and most profitable in the world, producing over US$7 billion worth of gold to date. Before 1994 the mine was co-owned by Newmont, Buenaventura (a Peruvian mining company), and Bureau de Recherches Géologiques et Minières (BRGM), a French government-owned company. This partnership collapsed in 1994 after BRGM tried to sell part of its shares in the company to an Australian company which was a rival of Newmont. Newmont and Buenaventura would both go to court to challenge the trade. Yanacocha is a gold mine in central Peru, considered one of the worlds biggest and most profitable gold mines in the world. ... 1994 (MCMXCIV) was a common year starting on Saturday of the Gregorian calendar, and was designated as the International Year of the Family and the International Year of the Sport and the Olympic Ideal by United Nations. ...

Larry Kurlander, then a senior executive at Newmont, claimed the French President Jacques Chirac had sent a letter to then Peruvian President Alberto Fujimori asking him to intervene in the court case in favor of the French owned company. Kurlander had been sent by Newmont to Peru in order to try and get a favorable outcome for Newmont in the dispute. The legal battle would eventually make it all the way up to the Peruvian Supreme Court. Jacques RenÃ© Chirac (born November 29, 1932) has served as the Gaullist President of France since he was first elected in 1995. ... Alberto Kenya Fujimori, (born in Peru[1] on July 28, 1938), also known as Kenya Fujimori (è—¤æ£® è¬™ä¹Ÿ Fujimori Kenya), was President of Peru from July 28, 1990 to November 17, 2000. ...

During this period Kurlander acknowledges having met with Vladimiro Montesinos, the Peruvian intelligence chief who has since been found guilty of embezzlement, illegally assuming his post as intelligence chief, abuse of power, influence peddling and bribing TV stations. [5] [6] However, Kurlander claims that he did nothing illegal and that the French government were taking similar steps in trying to contact Montesinos. The French ambassador to Peru Antoine Blanca denies this, pointing to the fact that Montesinos was on the CIA payroll and thus would naturally side with the U.S-based company. Vladimiro Montesinos Vladimiro Lenin Montesinos Torres (born May 20, 1945) was the long-time, powerful head of Perus intelligence service, Servicio de Inteligencia Nacional (SIN), under President Alberto Fujimori. ... Influence peddling is the practice of using ones influence with persons in authority to obtain favors or preferential treatment for another, usually in return for payment. ... Bribery is a crime implying a sum or gift given alters the behaviour of the person in ways not consistent with the duties of that person. ... The CIA Seal The Central Intelligence Agency (CIA) is an American intelligence agency, responsible for obtaining and analyzing information about foreign governments, corporations, and individuals, and reporting such information to the various branches of the U.S. Government. ...

After the fall of Fujimori in 2000 a number of videos Montesinos had taped of himself meeting with several domestic and foreign leaders and offering bribes and accepting them had emerged. In October 2005 Frontline in co-production with The New York Times found a February 1998 recording of a telephone conversation between Montesinos and Kurlander. The following is an excerpt from the tape: 2000 (MM) was a leap year starting on Saturday of the Gregorian calendar. ... 2005 : January - February - March - April - May - June - July - August - September - October - November - December- â†’ Deaths in October 28: Richard Smalley 26: Emil Kyulev 24: JosÃ© Azcona del Hoyo 24: Rosa Parks 23: Stella Obasanjo 22: Liam Lawlor 22: Shirley Horn 20: Endon Mahmood 17: Ba Jin 10: Milton Obote 7: Charles... FRONTLINE is a public affairs television program of varying length produced at WGBH in Boston, Massachusetts, and distributed through the Public Broadcasting Service network in the United States. ... The New York Times is a daily newspaper published in New York City by Arthur Ochs Sulzberger Jr. ... 1998 is a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean. ...

Along with this telephone conversation, Frontline and The New York Times also re-broadcast three other videos. One was filmed in April 1998 and shows Montesinos talking to "Don Arabian", the CIA station chief in Peru, in an attempt to get CIA to pressure the U.S to back Newmont in the case. In the video Montesinos claims to have found e-mails from Paris to Peru of French officials trying to influence the court to get a decision favorable to France. 1998 is a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean. ...

Another video recorded in May 1998 shows Montesinos meeting with Peruvian Supreme Court Justice, and former classmate, Jaime Beltran Quiroga. In it Montesinos states that state interests are at stake in the case between Newmont and BRGM. He tells Quiroga that if the decision goes to Newmont that the United States will back Peru in its boarder dispute with Ecuador which had a few years ago exploded into the Cenepa War. He also tells Quiroga to deny any connection with him to the press. Quiroga would later play a crucial role in the case, his vote would be the deciding vote in the Newmont victory. After the video was first broadcast in Peru in 2001, on a Peruvian local television station the French Ambassador Antoine Blanca was quoted as saying "Now I know why Newmont won". 1998 is a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean. ... The Cenepa War (January 26-February 28, 1995), also known as Alto Cenepa War, was a brief and localized military conflict between Ecuador and Peru, fought over the control of a disputed area on the border between the two countries. ...

In the final July 1999 video, Montesinos is again seen with the now departing CIA station chief "Don Arabian" giving him a gift and thanking him for the help he has given Peru stating "[W]e hope that when you're back their [in Washington] you'll remember your friends". 1999 is a common year starting on Friday Anno Domini (or the Current Era), and was designated the International Year of Older Persons by the United Nations. ...

Pollution at Buyat Bay

In August 2004, the Indonesian Ministry of Environment filed a US$133.6 million civil lawsuit against Newmont, claiming tailings from the company's Minahasa Raya mine polluted Buyat Bay in the North Sulawesi province, causing nearby villagers to become seriously ill and contaminating local fish stocks. Newmont denied the allegations, arguing that the illnesses had more to do with poor hygiene and poverty. On November 15, 2005, a South Jakarta court dismissed the suit on technical grounds, saying the government had breached the terms of its contract with Newmont when it took legal action before seeking arbitration. Environmentalists urged for the suit to be appealed, but on December 1, 2005, Environment Minister Rachmat Witoelar said the government expected to reach an out-of-court settlement with Newmont's local subsidiary. "By negotiating a settlement, we hope to be able to quickly compensate people living near the mine," he said. The government negotiating team was led by chief Economics Minister Aburizal Bakrie. On February 16, 2006, the Indonesian government announced it would settle the civil suit for US$30 million to be paid over the next 10 years. The agreement also includes increased scientific monitoring and enhanced community development programs for the North Sulawesi province. Newmont, with a market value of US$25 billion, is expected to make US$5 billion in revenues for 2006. August 2004 : January - February - March - April - May - June - July - August - September - October - November - December See also: August 2004 in sports Deaths in August 2004 â€¢ 30 Fred Whipple â€¢ 26 Laura Branigan â€¢ 24 Elisabeth KÃ¼bler-Ross â€¢ 18 Elmer Bernstein â€¢ 15 Amarsinh Chaudhary â€¢ 14 CzesÅ‚aw MiÅ‚osz â€¢ 13 Julia Child â€¢ 8... It has been suggested that civil trial be merged into this article or section. ... Tailings (also known as slickens[1]) are the waste left over[2] after removing the gangue from ore. ... This article is about mineral extraction. ... Water pollution is a large set of adverse effects upon water bodies such as lakes, rivers, oceans, and groundwater caused by human activities. ... Location of Sulawesi Island (light green) among the various islands of Indonesia. ... A giant grouper at the Georgia Aquarium Fish are aquatic vertebrates that are typically cold-blooded; covered with scales, and equipped with two sets of paired fins and several unpaired fins. ... Hygiene is commonly understood as preventing infections in personal places through cleanliness. ... A boy from an East Cipinang trash dump slum in Jakarta, Indonesia shows what he found. ... November 15 is the 319th day of the year (320th in leap years) in the Gregorian calendar, with 46 days remaining. ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ... South Jakarta (Jakarta Selatan) is a kota (formerly kotamadya) of Jakarta, Indonesia. ... A trial at the Old Bailey in London as drawn by Thomas Rowlandson and Augustus Pugin for Ackermanns Microcosm of London (1808-11). ... A contract is a legally binding exchange of promises or agreement between parties that the law will enforce. ... Arbitration is a legal technique for the resolution of disputes outside the courts, wherein the parties to a dispute refer it to one or more persons (the arbitrators or arbitral tribunal), by whose decision (the award) they agree to be bound. ... Environmentalism is activism aimed at improving the environment, particularly nature. ... It has been suggested that Mandate (law) be merged into this article or section. ... December 1 is the 335th (in leap years the 336th) day of the year in the Gregorian calendar. ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ... Rachmat Witoelar (born June 2, 1941 in Tasikmalaya, West Java) is the State Minister of Environment of Indonesia since 2004. ... In law there are two main meanings of the word settlement. ... In business, a subsidiary is a company controlled by another company or corporation. ... For other uses, see Negotiation (disambiguation). ... Aburizal Bakrie is an Indonesian entrepreneur and politician. ... February 16 is the 47th day of the year in the Gregorian calendar. ... For the Manfred Mann album, see 2006 (album). ... Market capitalization, often abbreviated to market cap, mkt. ...

Though the civil suit was dismissed, there is still pending a criminal suit against Newmont's top U.S. executive in Indonesia, Richard Ness, on charges stemming from the same allegations. His trial began in August 2005— if convicted, Ness faces up to 10 years in prison. Prosecutors have recommended financial penalties of US$110,000 for Newmont and US$55,000 for Ness.^[2] Criminal procedure refers to the legal process for adjudicating claims that someone has violated the criminal law. ... 2005 : January - February - March - April - May - June - July - August - September - October - November - December- â†’ Deaths in August August 31: Michael Sheard August 26: Lord Fitt August 24: Jack Slipper August 24: Maurice Cowling August 24: Dr. Tom Pashby August 23: Brock Peters August 22: Lord Lane August 21: Robert Moog August...

Newmont Mining Corp. objected to a documentary entitled "Bye Bye Buyat" being nominated for Indonesia's top film award, FFI's Citra Award 2006. The company says it interferes with the controversial Richard Ness pollution trial, according to local newspapers.^[3] Indonesian Film Festival/Festival Film Indonesia (FFI) is a movie festival in Indonesia. ...

Contents

History

Early years

Gold at Carlin

Major restructuring

Bankruptcy in Uzbekistan

Controversies

Twin Creeks mine

Lone Tree mine

Carlin South Area mine

Yanacocha mine

Pollution at Buyat Bay

See also

References

External links

Contents

History GA_googleFillSlot("encyclopedia_square");

Early years

Gold at Carlin

Major restructuring

Bankruptcy in Uzbekistan

Controversies

Twin Creeks mine

Lone Tree mine

Carlin South Area mine

Yanacocha mine

Pollution at Buyat Bay

See also

References

External links

History