Newmont Corporation, the world’s largest gold producer, has announced a significant milestone with a record $US16 billion (A$25 billion) in economic contributions in 2024. This reflects a $US4.9 billion increase from the previous year, underscoring the company’s strategic growth, operational scale, and steadfast commitment to sustainability and community development.
The figures were released alongside Newmont’s 2024 Sustainability and Taxes and Royalties Contribution Reports, showcasing a year marked by strong financials, operational expansions, and continued industry leadership in responsible mining.
Record Contributions and Responsible Spending
The $US16 billion contribution represents a comprehensive economic injection across the countries and regions where Newmont operates. Of this, $US1.9 billion—11.7% of the total—was paid to governments in the form of taxes and royalties. This figure illustrates the mining giant’s role in national and regional development, supporting public services and infrastructure across its global footprint.
Operating costs for the year stood at $US6 billion, while $US2.5 billion was disbursed as employee wages and benefits—underlining the scale of Newmont’s workforce and its impact on livelihoods. Additionally, the company spent $US2.6 billion on local suppliers, reinforcing its strategy to boost regional economies and foster long-term partnerships with local businesses.
Community investments totalled $69 million, channelled into health, education, infrastructure, and other social development programs. This aligns with Newmont’s overarching philosophy of creating value beyond mining by empowering communities.
Sustainability Leadership on the Global Stage
For the ninth consecutive year, Newmont led the global mining sector on the Dow Jones Sustainability Index. Its performance reflects a deeply embedded culture of environmental stewardship and social accountability.
In 2024, the company reclaimed 192 hectares of previously disturbed land, exceeding its target by 30 hectares. This achievement demonstrates tangible progress in its land rehabilitation commitments, a vital element in reducing long-term ecological impact.
Newmont’s Cadia mine in New South Wales received both the Copper Mark and the Molybdenum Mark—two prestigious recognitions for environmentally and socially responsible production. These certifications underscore the company’s emphasis on aligning operations with international standards and industry best practices.
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A Renewed Focus on Safety
Despite the year’s successes, Newmont faced the sobering reality of five fatalities across its operations. In response, the company undertook a comprehensive review of its safety systems. This introspection, paired with reinforced training and procedures, highlights the company’s resolve to ensure that safety remains at the core of its operations.
“Our commitment to health and safety is unwavering,” said Newmont CEO Tom Palmer. “Each loss reminds us of our duty to continually evaluate and improve our safety culture and practices.”
Diversity, Inclusion, and Leadership
In 2024, Newmont reported meaningful progress in its diversity and inclusion efforts. Women now represent 33% of the company’s senior leadership and 50% of its executive team—significant figures in an industry often criticized for gender imbalance. These milestones reflect a deliberate shift toward inclusive governance and diverse perspectives in decision-making.
A Tier 1 Portfolio for the Future
Following its high-profile acquisition of Newcrest and completion of a broader divestment strategy, Newmont has finalized its unrivalled Tier 1 portfolio of assets. The portfolio includes 12 key operations across the globe: Boddington, Tanami, and Cadia in Australia; Lihir in Papua New Guinea; Brucejack and Red Chris in Canada; Ahafo in Ghana; Peñasquito in Mexico; Cerro Negro in Argentina; Yanacocha in Peru; and Merian in Suriname.
This strategic consolidation positions the company to maintain a robust production pipeline, with 2025 guidance set at approximately 5.9 million ounces of gold, including 5.6 million ounces from its Tier 1 assets.
Palmer emphasized the value of the new asset configuration, stating, “With a world-class portfolio and a strengthened operational platform, we are well-positioned to deliver sustainable, long-term value for our stakeholders.”
Looking Ahead
Newmont’s 2024 results reveal more than just impressive numbers—they reflect a philosophy of responsible mining that prioritizes environmental performance, community engagement, safety, and inclusive leadership. As the industry grapples with the twin challenges of climate change and growing demand for metals, Newmont continues to set the benchmark for what modern mining can and should look like.
Through strategic investment, ethical operations, and forward-looking governance, Newmont is shaping not only the future of gold production but also the broader narrative of sustainability in mining.
