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Newmont Corporation: World Leading Gold Producer

As a world-leading gold company and a key producer of copper, silver, zinc and lead across the world, Newmont Corporation is home to a world-class portfolio of assets, prospects, and talent across multiple favourable mining jurisdictions in North America, South America, Australia, and Africa. Consequently, the company is renowned as an industry leader that creates value across its operations, supported by its strict safety standards, superior execution, and technical proficiency in the mining industry.  

Founded in 1921, Newmont began publicly trading in 1925 and is now the only gold producer to be listed in the S&P 500 Index. However, a central focus of Newmont is its principled environmental, social and governance practices which underline every facet of its mining and metal production operations. Newmont spent the first century of its operations primarily working in the natural resources industry mining gold, copper, silver, lead, zinc, lithium, uranium, coal, nickel, and aggregates. However, it also facilitated key development across the oil and gas industry. Today the company is measured by its assets, prospects and people, as its operations now span 9 countries where it continues to create value and opportunities for its shareholders, employees, and host communities.  

Newmont’s mining operations in South America are crucial to the current and future development of the country towards global success. A key site of operation for Newmont is in Suriname at the Merian Mine. Newmont Suriname LLC is the fully owned subsidiary of the Newmont Goldcorp Corporation which operates the Merian Mine on behalf of Suriname Gold Project CV – a Suriname Limited partnership. Newmont Suriname owns a 75% interest in the limited partnership with Staatsolie Maatschappij Suriname N.V., Suriname’s state-owned oil company, which owns the remaining 35% interest. The Merian Mine is an open pit mine for gold which began construction in 2014. The mine has a mine life of 12-14 years and is committed to partnering with the Surinamese government, the local population, the Pamaka community and the Kawina community, to create value and improve lives through sustainable and responsible mining practices.  

As part of Newmont Suriname’s keen commitment to the local community through the Merian Mine, it established a Community Development Fund (CDF) in 2016 with the goal of regularly contributing to sustainable projects which will benefit the Pamaka community. Current projects have included providing drinking water, electrical supply, and agricultural projects to develop the local regions towards success. Furthermore, Newmont Suriname is currently in deliberation with the local Kawina community who have been impacted by the Merian activities to find a way that this community can also reap key benefits from Newmont’s mining activities within its community. Consequently, Newmont is committed to continuing its close engagement with government and local community members to advance the development of the project in a manner that will generate sustainable economic and social benefits for people across Suriname.  

Furthermore, Newmont Suriname is committed to responsible environmental stewardship, as throughout its operations it is always striving to protect the health, safety and overall well-being of its host communities and the subsequent environments. Consequently, in order for mining to begin in the Merian area, the company had to submit a feasibility study and an Environmental and Social Impact Assessment which needed approval by the Republic of Suriname of the Merian ESIA, the Merian Right of Exploitation for gold and other minerals. This approval has now been granted to Newmont Suriname signifying the company’s role in developing the mining industry towards economic success whilst working to support a positive social and environmental impact where possible.  

A further crucial development for the Newmont Corporation in South America is in the Yanacocha Mine located 800 kilometres northeast of Lima, Peru. The project has invested more than $1 billion in environmental and social responsibility projects between 1993 and 2012 and remains committed to investing in the local community for many years to come. The Yanacocha Mine is South America’s largest gold mine which is situated between 3,500 and 4,100 meters above sea level and has development activities in four primary basins. The mine is wholly owned by Newmont and remains one of its largest mining operations in South America.  

Yanachocha is a surface mine, which poured its first gold ore bar in 1993 and has an annual gold production of 270 Koz. However, whilst being Newmont’s largest gold mine operation it is keenly concerned with creating profitable production that generates sustainable developments and opportunity for the region. It plans to do this through its key guiding values of integrity, trust and respect which saw it establish the Asociación Los Andes de Cajamarca (ALAC) to promote sustainable development in the Cajamarca region. The activities of ALAC are focused primarily on three areas: entrepreneurial development, institutional capacity building and human capital development. Through its ALAC organisation, it can focus on bringing greater development across health infrastructures and services, its farming initiatives, and its non-profit farming organisation FONCREAGRO, all with the combined aim of bringing economic development on a local and regional level.  

Finally, as the Yanacocha mines continue to have a great gold output for Newmont, it is always looking for ways to ensure that the environmental impacts of its operations are always reduced. As part of this Yanacocha abides by Peruvian laws and national and international standards in the areas of environmental stewardship, mine closure, reclamation, and social responsibility. These programs are inclusive of water management initiatives including erosion and sediment control, water treatment, monitoring, as well as managing and maintaining reservoirs and dams to ensure that mining activities are not significantly impacting water supplies. Other environmental initiatives by Newmont surrounding the Yanacocha mine are air quality monitoring, environmental permitting and attaining environmental certification to highlight the continuing effort of the mine to meet the most stringent quality standards for the benefit of the local communities across the region.  

Ultimately, when we look back over these two mining operations, we can see the key values that Newmont places in developing, supporting, and prioritising the positive impact of its operation within the local communities. Newmont even has Cerro Negro in Argentina and Pueblo Viejo in Santa Domingo, which shows the expansive role that South America play in the developing gold industry for Newmont. The company clearly opens a dialogue with local communities whilst implementing strict regulations and certifications to ensure that every aspect of its mining is governed by national environmental standards. As the world’s leading gold company, it’s clear to see how Newmont has established itself since it began trading in 1925 as a vital player across the mining operations not just in South America, but in Africa, Australia, and North America too. Consequently, in its overall purpose to create value and improve lives through sustainable and responsible mining, Newmont seems to be successful through its focus on safety, integrity, sustainability, and inclusion, to contribute to its overall commitment to responsible mining.