Newmont Mining Corporation Essay Example | Topics and Well Written Essays - 1000 words

Newmont Mining Corporation - Essay Example Newmont also has many joint venture relationships with different countries around the globe. Newmont Mining Corporation was founded 1916 in New York by Colonel William Boyce Thompson as a holding company which its main aim was to invest in worldwide mineral, oil, and related companies. The name â€Å"Newmont† is a portmanteau â€Å"new York† and â€Å"Montana† that is according to company lore and it reflects where the founder , Thompson, made his fortune and where he grew up. Interests overseas were then acquired over certified reasons and in about the middle of 20th century, it had a controlling interest in the Tsumeb mine in Namibia and in the O'Okiep Copper Company in Namaqualand, South Africa. Today, Newmont Corporation remains as the only standing gold company in the standard and poor’s 500 index (Newmont Company History, 2013). Since it is a mining company, it has established a set of tenets that cover human health, education and rights, community i nvolvement, transparency and accountability and local employment (Kotler & Lee, 2004). The firm’s initiative deals with education and health and most works in the company are done by the local people. This is because the company believes it has a duty to give back to the community. Newmont Company has received funding from the international finance corporation. However, it had to agree that it will fully comply with the international rules on safety and health, natural ecosystems, worker safety, handling of dangerous materials, proclamation programs and water resources. Through the company’s relocation initiative, it offered an important assistance to the local population in the sense that it helped them relocate to safer places, gave them priority in hiring of workers and engagement in numerous assistance initiatives administered the firm’s rural development initiative. It is also significant to note that the firm has engaged in reclamation programs in its mine in Peru but it encountered difficulty when the fragile alpine ecosystem made reclamation hard and expensive. Key stakeholders Newmont Mining Corporation has a wide listed number of stakeholders as stated below. Bruce R. Brook who currently serves as a Director for Boart Longyear Pty. Ltd., Programmed Group (as Chairman) and CSL Limited and also a member of the Financial Reporting Council in Australia and the Audit Committee of the Salvation Army (Southern Command, Australia). Vincent A. Calarco is Director of the Consolidated Edison and CPG International Inc. Mr. Calarco is Newmont's independent Chairman of the Board.he works with other stakeholders in Newmont. Joseph A. Carrabba is the Chairman, President and Chief Executive Officer of Cliffs Natural Resources (formerly known as Cleveland-Cliffs Inc). Gary J. Goldberg who was appointed President and Chief Executive Officer and joined the Board of Directors of Newmont Mining Corporation on March 1, 2013. Veronica Hagen is Chief Exe cutive Officer and a member of the board of directors of Polymer Group, Inc. since April 2007. She currently serves on the Board of Directors for Southern Company. Simon R. Thompson is currently a non-executive director of Sandvik AB (Sweden) and Amec plc (UK). He was a non-executive director of AngloGold Ashanti Ltd (South Africa) from 2004 to 2008 and of United Company Rusal (Russia) from 2007 to 2009 (Newont Company History, 2013). Ethical issues in the case Ethics is an important aspect in a business organization. For a certain company to grow and achieve its visions, missions, targets or goals and objectives, it must set its ethics programs apart from the principles and rules governing it. Most common