Going for Gold: The History of Newmont Mining Corporation

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University of Alabama Press, May 10, 2010 - Business & Economics - 395 pages
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A Fortune 500 company as a pioneer of current gold-mining technology Jack H. Morris details how Newmont Mining revolutionized the gold mining industry and remains today the second largest gold miner in the world. He asserts that Newmont is the link between early gold mining and today’s technology-driven industry. We learn how the company’s founder and several early leaders grew up in gold camps and how, in 1917, the company helped finance South Africa’s largest gold company and later owned famous gold mines in California and Colorado. In the 1960s the company developed the process to capture “invisible gold” from small distributions of the metal in large quantities of rock, thereby opening up the rich gold field at Carlin, Nevada.   Modern gold mining has all the excitement and historic significance of the metal’s colorful past. Instead of panning for ready nuggets, today’s corporate miners must face heavy odds by extracting value from ores containing as little as one-hundredth of an ounce per ton. In often-remote locations, where the capital cost of a new mine can top $2 billion, 250-ton trucks crawl from half mile deep pits and ascend, beetle-like, loaded with ore for extraction of the minute quantities of gold locked inside.   Morris had unique access to company records and the cooperation of more than 80 executives and employees of the firm, but the company exercised no control over content. The author tells a story of discovery and scientific breakthrough; strong-willed, flamboyant leaders like founder Boyce Thompson; corporate raiders such as T. Boone Pickens and Jimmy Goldsmith; shakedowns by the Indonesian government and monumental battles with the French over the richest mine in Peru; and learning to operate in the present environmental regulatory climate. This is a fascinating story of the metal that has ignited passions for centuries and now sells for nearly $1,000 an ounce.
 

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Contents

1 Eureka
1
2 Colonel
16
3 Veins
30
4 Africa
45
5 Plato
67
6 Magma
91
7 Desert Gold
108
8 Black Gold
120
14 New Horizons
206
15 Culture Shock
233
16 Vision
247
17 Faith Hope and Hedging
267
18 Pinnacle
282
19 A Good Neighbor
303
20 Sustaining Success
332
Officers and Directors
347

9 The End of an Era
130
10 Shareholder Value
148
11 Going Crazy
165
12 Grief
179
13 Jimmy
190
Notes
351
Bibliography
367
Index
377
Copyright

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About the author (2010)

Jack H. Morris retired as vice president, investor relations, for Newmont Mining Corporation in 2001 after spending seven years with the company.  He previously held similar positions with three other Fortune 500 companies, and was a reporter and bureau chief for the Wall Street Journal and political editor of the Commercial Appeal in Memphis, Tennessee. An honors graduate of Lawrence University in Appleton, Wisconsin, he did graduate studies in political science at the University of Wisconsin, Madison, under a Russell Sage Foundation Fellowship. The recipient of numerous professional awards, including the American Political Science Association's Award for Distinguished Reporting in Public Affairs, he is the author of Inland Steel at 100, the history of Inland Steel Industries. He is past chairman of the Denver Gold Group, the gold industry's investor relations organization. Morris and his wife, Dianne, live in Belmont, North Carolina.

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