NEWMONT Corp /DE/ (NEM)

Newmont Corporation, incorporated in 1921 and headquartered in Denver, Colorado, is primarily a gold producer and describes itself as the world's leading gold company. It also produces copper, silver, lead and zinc. At December 31, 2025, it reported attributable proven and probable gold reserves of 118.2 million ounces, measured and indicated gold resources of 88.1 million ounces, inferred gold resources of 60.6 million ounces, and a land position of about 19,200 square miles. It produced about 5.9 million attributable gold ounces in 2025, including attributable ounces from its equity interests in Pueblo Viejo (40%) and Lundin Gold's Fruta del Norte (32%).

The company reports 13 segments: 12 mining operations it manages and its 38.5% proportionate interest in Nevada Gold Mines, which it does not directly manage. The operations are Lihir (Papua New Guinea); Cadia, Tanami and Boddington (Australia); Ahafo South and Ahafo North (Ghana); Merian (Suriname); Cerro Negro (Argentina); Yanacocha (Peru); Peñasquito (Mexico); Red Chris and Brucejack (Canada); and NGM (U.S.). Ahafo North became a reportable segment after commercial production was declared in October 2025. Gold made up 85% of 2025 Sales. Copper is a co-product at Cadia, Boddington and Red Chris, and silver, lead and zinc are co-products at Peñasquito. Following the November 2023 Newcrest acquisition, Newmont divested six non-core assets (Telfer, CC&V, Musselwhite, Éléonore, Porcupine and Akyem) and the Coffee development project between late 2024 and late 2025.

Most Sales come from refined gold, though the end product at gold operations is generally doré bars. Refiners turn these into bullion of 99.95% purity for a fee, and Newmont's share of the refined gold and separately recovered silver is credited to its account or delivered to buyers. Some gold, copper, silver, lead and zinc is sold as concentrate to smelters or traders. Gold is used mainly for fabrication (jewelry, electronics, dentistry, industrial uses, coins) and investment. Mine production has averaged about 73% of annual gold supply, with most of the remainder from recycled gold. The company reports that it has no dependence on a limited number of customers.

Newmont operates across the United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, the Dominican Republic, Chile, Peru, Ecuador, Mexico and Canada, generally under government-granted leases, concessions, claims or prospecting licenses. Its processing methods include milling, heap leaching, roasting, autoclaves and flotation, depending on ore type. Newmont ranks as the top gold producer with about 5% of worldwide mined gold, while the top 10 producers account for about 25%. It competes on the size and grade of its ore bodies in favorable jurisdictions and on cost management, with costs driven by energy, labor and equipment inputs. The business is capital intensive. At December 31, 2025, it employed about 17,500 people and had about 26,600 contractors.