On January 27, 2010, Newmont marked the 70th anniversary of when our stock first traded on the New York Stock Exchange (NYSE). Out of the approximately 1,000 companies trading on the NYSE in 1940, Newmont is one of only 77 in existence today. Newmont's market capitalization has grown from $732,500 in 1940 to approximately $24 billion, today.
"This remarkable achievement is a testament to our company's ability to adapt, innovate and excel through numerous changes over the decades," said Richard O'Brien, president and chief executive officer. "That comes only through the dedication, hard work and skill of our employees, whose pride in their company and work makes us a leader in our industry."
Newmont was founded in 1921 and publicly traded on the Curb Exchange beginning in 1925. During the many decades since, we have undergone numerous changes, including:
Successfully fending off hostile takeovers;
Gold prices falling below $275 an ounce;
Going from a multi-minerals producer to a pure gold company;
Developing operations around the globe;
A three-way merger to become the world's largest gold producer; and
Eliminating all of our gold hedges.
"While doing what we say we are going to do is foundational to our success, remaining sustainable, profitable and responsible well into the future also requires that we continually improve our performance," O'Brien said. "As such, the next step in implementing our Leadership Contract requires that we focus on efficiency, effectiveness and excellence to ensure we have the resources to build our next generation of operations."