Newmont Mining Corporation

Newmont Mining Corporation, based in Greenwood Village, Colorado, USA, is one of the world's largest producers of gold, with active mines in Nevada, Indonesia, Australia, New Zealand, Ghana and Peru. Holdings include Santa Fe Gold, Battle Mountain Gold, Normandy Mining, Franco-Nevada Corp and Fronteer Gold. Newmont also has many joint venture relationships. As of the third quarter of 2014, Newmont was the world's second-largest producer of gold, behind only Barrick Gold.

In 2010, Newmont produced approximately 5.4 million equity ounces of gold annually and held proven and probable reserves of about 93.5 million. Newmont employs approximately 34,000 employees and contractors worldwide. Other metals that the company mines include copper and silver.

Founded in 1916 by William Boyce Thompson as a diversified holding company, today Newmont remains the only gold company in the Standard & Poor's 500 Index.

History

Early years

Newmont Mining Corporation was founded in 1916 in New York by Colonel William Boyce Thompson as a holding company to invest in Worldwide mineral, oil, and related companies. According to company lore, the name "Newmont" is a portmanteau "New York" and "Montana", reflecting where Thompson made his fortune and where he grew up.

Lesser Sunda Islands

The Lesser Sunda Islands or Nusa Tenggara ("Southeastern Islands") are a group of islands in Maritime Southeast Asia, north of Australia. Together with the Greater Sunda Islands to the west they make up the Sunda Islands. The islands are part of a volcanic arc, the Sunda Arc, formed by subduction along the Sunda Trench in the Java Sea.

The main Lesser Sunda Islands are, from west to east: Bali, Lombok, Sumbawa, Flores, Sumba, Timor, Alor archipelago, Barat Daya Islands, and Tanimbar Islands.

Administration

The Lesser Sundas comprise many islands, most of which are part of Indonesia and are administered as the provinces of Bali, West Nusa Tenggara, East Nusa Tenggara and southern part of Maluku.

The eastern half of Timor is part of East Timor.

Geology

The Lesser Sunda Islands consist of two geologically distinct archipelagos. The northern archipelago, which includes Bali, Lombok, Sumbawa, Flores and Wetar, is volcanic in origin, a number of these, like Mount Rinjani on Lombok, are still active while others, such as Kelimutu on Flores with its three multi-coloured crater lakes, are extinct. The northern archipelago began to be formed during the Pliocene, about 15 million years ago, as a result of the collision between the Australian and the Asian plates. The islands of the southern archipelago, including Sumba, Timor and Babar, are non-volcanic and appear to belong to the Australian plate. The geology and ecology of the northern archipelago share a similar history, characteristics and processes with the southern Maluku Islands, which continue the same island arc to the east.

PT Newmont Nusa Tenggara

PT Newmont Nusa Tenggara is a subsidiary company of Newmont Mining Corporation that operates their Batu Hijau mine in Indonesia on the island of Sumbawa.

Newmont holds a 45% stake in the company while the Sumitomo Corporation from Japan holds an additional 35% and Indonesian company P.T. Pukuafu Indah holds the remaining 20%. Newmont and Sumitomo are required to divest 51% of their stake in the joint venture Indonesian parties by 2010 by the agreement signed under the Indonesian government of Suharto. The Indonesian government declined to purchase 10% of the company between 2006 & 2007 because of lack of funds, and Newmont declined to sell to local governments because the governments were backed by unnamed private parties, and Newmont wished to have more control over potential buyers. In 2008 Newmont sold a 2% stake in P.T. Newmont to the local governments in Sumbawa.

Award

The company received the Aditama Award as the best mining company in terms of mineral mining environment management.