Newmont Corp.

Newmont Corp. is a senior gold producer headquartered in Denver, United States, operating primarily in Canada, Australia, and South America. The company's portfolio consists of 16 projects, comprising 12 operating mines, 2 development, and 2 exploration projects, in addition to several early-stage exploration prospects. Key assets include Cadia, Lihir, Boddington, and Peñasquito. The business model centers on a portfolio of large-scale, long-life mining operations, emphasizing disciplined integration and rationalization of assets. The organization utilizes a range of processing methods, including milling, heap leaching, flotation, and advanced techniques like roasters and autoclaves to process both oxide and refractory ores. Final products are typically in the form of either doré bars, which are sent to third-party refiners, or concentrate containing multiple metals sold to smelters. The competitive strategy is anchored in operating a diverse portfolio of assets with varying cost structures, defined as 'Tier 1' based on criteria including long operational life and positioning in the lower half of the industry cost curve. This approach is designed to provide operational resilience and adaptability to shifting global demands. The enterprise also maintains a commercial arm to support its sales and marketing activities, including offering responsibly sourced products to consumers through partnerships with refiners and wholesalers.

Strategic priorities center on operating safely, reducing costs, and improving productivity to generate strong returns. A core component of the business strategy involves a disciplined capital allocation framework with 3 key priorities: maintaining financial flexibility with an investment-grade balance sheet, reinvesting in the business to generate sustainable free cash flow, and returning capital to stockholders. Following a major acquisition, the enterprise initiated a significant portfolio optimization program to divest non-core assets and focus on a streamlined portfolio of long-life operations. Management has implemented a comprehensive internal framework, 'Working Together at Newmont,' designed to enhance collaboration, efficiency, and productivity across the organization. The long-term vision is to build the world's leading portfolio of its kind by unlocking extensive organic growth from existing assets and evaluating strategic expansion opportunities in a capital-efficient manner. This includes advancing key development projects intended to reduce operating costs and increase production in the coming years.

The Board of Directors is composed of 13 members, with 12 classified as independent. Board oversight is structured through 4 core committees: Audit, Corporate Governance and Nominating, Leadership Development and Compensation, and Safety and Sustainability, all of which consist entirely of independent directors. The executive leadership team is led by Tom Palmer, who has served as President and Chief Executive Officer since October 2019. In 2024, the leadership team was strengthened with the appointment of Peter Wexler as Chief Legal Officer in March and the promotion of Francois Hardy, a veteran of over 20 years with the organization, to Chief Technology Officer in May. The governance framework is founded on a global Code of Conduct and supported by policies covering anti-corruption, conflicts of interest, and compliance. ESG performance is integrated into executive compensation, with 30% of the short-term incentive plan for 2024 tied to health, safety, and sustainability metrics.

The organization's approach to sustainability is embedded in its business strategy, guiding commitments to responsible practices and long-term value creation. A primary focus is on safety, with a commitment to review and refresh key safety programs globally following several tragic fatalities. This includes enhancing systems, fostering a strong safety culture, and investing in skill development. The company has established science-based climate targets, aiming for a 32% reduction in Scope 1 and 2 emissions and a 30% reduction in Scope 3 emissions by 2030, with a goal of achieving carbon neutrality by 2050. A sustainability-linked bond was issued to align financing with these ESG goals. For 9 consecutive years, the enterprise has been recognized as the sector leader on the Dow Jones Sustainability Index. Key initiatives include strengthening community relationships through active engagement, increasing local procurement to support regional economies, and championing ethical practices through partnerships. The sustainability strategy is being reshaped in 2025 to align with the needs of the newly configured asset portfolio.

A transformational acquisition of Newcrest Mining Limited was completed in 2023, significantly altering the company's structure and asset base. Following this transaction, a portfolio optimization program was initiated in February 2024 to divest 6 non-core assets and a development project, with the sale of one operation closing in 2024 and definitive agreements reached for several others. The corporate structure includes a 38.5% interest in a major joint venture operated by Barrick Gold Corporation, which was formed in 2019 to combine the respective parties' operations in a specific district. The organization also holds a 40% interest in the Pueblo Viejo mine, which is operated by Barrick. Through the 2023 acquisition, the company gained a 32% equity interest in Lundin Gold Inc. To support its strategic objectives, the enterprise realigned its operational structure into 3 distinct business units: Africa and Canada (AFCAN), Latin America and the Caribbean (LATAC), and Asia Pacific (APAC).