Editorial Newmont’s Canadian connection

The Northern Miner first reported the company’s Canadian presence in 1928 when we said the company’s stock had risen to a record high of $141 1/4 in New York “because of its participation in the Flin Flon financing.” It held a big stake in Hudson Bay Mining and Smelting for many years after. In 1944, when Newmont Mining Corporation of Canada was formed, we said that Newmont had a couple of interesting exploration plays.

One of the first deals in which the Canadian subsidiary was involved was a joint effort with Noranda Mines, Coniagas Mines, Howey Gold Mines, Wright-Hargreaves Mines and Huronian Ltd. to buy shares in Wilcarr Mines — all historic names in the business.

In late 1953 The Northern Miner reported that Newmont had “added another good prospect to its list of Canadian interests” by joining Granby Consolidated in the financing and development of Granduc Mines. That historic copper mine at the headwaters of the Leduc River 25 miles northwest of Stewart, B.C., was just one of the projects Newmont was involved with here. It was also a major shareholder of other historic names in Canadian mining: Sherritt Gordon Mines, Bethlehem Copper Corp. and Similkameen Mining Co.

In 1965 we reported how its parent company was opening the largest U.S. gold mine in 50 years at a little-known place called Carlin, Nev.

So when we learned of the company’s decision to close its Canadian operations, it was received somewhat in the same fashion one receives the news that an old friend and business associate is moving away.

It’s a sign of the times that Newmont had to “pull in its horns” and consolidate its efforts in the United States. We understand the problems it’s facing after taking on a huge debt load trying to fend off a hostile takeover attempt. We’re also quite confident that Newmont has the resources and the will to overcome them.

We look forward to welcoming Newmont back to the Canadian exploration scene and we trust it will be in the not too distant future.

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