Newcrest Mining - Background

Background

Newmont Mining Corporation was founded in 1921 in New York by Colonel William Thompson as a holding company to invest in worldwide mineral, oil, and relations companies. The Newmont name is an abbreviation of where Thompson lived and worked; New York and Montana. Newmont is now the world’s second largest gold producer. The Newmont Mining Corporation began an Australian subsidiary in 1966 and by 1971 they claimed to have discovered Telfer.

In 1980 the subsidiary became Newmont Holdings Pty Ltd and was based in Victoria, Australia. Seven years later it was listed on the Australian Stock Exchange as Newmont Australia Limited. When in 1990 the company acquired 100% of Australmin Holdings Ltd and 92% of BHP Gold Mines Ltd, it acquired its current company name.

Newcrest’s primary focus was within Australia until 1991, when it commenced exploration overseas. Newcrest was determined to become a significant and internationally recognised gold mining and exploration company. The company established exploration offices and new companies offshore in Jakarta, Indonesia and Chile, South America.

In 1992, exploration discovered its first offshore gold in the Halmahera Islands, Indonesia. And in 1996, Newcrest stated that the company wished to transform itself into a world-scale and internationally recognised producer. In 2002, years of exploration around Australia and overseas were paying dividends and the Newcrest group was capitalised at over $2 billion.