Newmont is the world's largest gold mining company, operating 12 managed mines across Australia, North America, South America, Africa, and Papua New Guinea, plus minority stakes in several non-managed operations including Nevada Gold Mines and Pueblo Viejo (both operated by Barrick). Gold is the primary product — Newmont produced 5.7M oz in 2025 — with copper, silver, lead, and zinc as co-products. Newmont sells gold doré and concentrate to refiners and smelters at market prices and does not hedge production, so financial results are directly tied to the spot gold price. Key assets include Cadia (a long-life copper-gold mine in Australia undergoing panel cave development), Lihir (a large open pit gold mine in Papua New Guinea), Boddington (gold-copper, Australia), Peñasquito (polymetallic, Mexico), and Tanami (high-grade underground gold, Australia). Near-term growth is driven by the Tanami Expansion 2, completion of Boddington's stripping campaign, and ramp-up of Ahafo North in Ghana. The Red Chris block cave in Canada is the next major development project. Newmont's profitability is measured by AISC, guided at ~$1,680/oz in 2026, leaving wide margins at current gold prices. Capital allocation prioritizes sustaining capex and a $1.1B/year dividend, followed by share buybacks — Newmont has returned $3.4B to shareholders in 2025 — and a net cash balance sheet target. Newmont divested six non-core assets in 2025 for ~$4.5B, redeployed into debt reduction and buybacks.