Newmont Mining Corporation is primarily a gold producer, with significant assets or operations in the United States, Australia, Peru, Indonesia, Ghana, New Zealand and Mexico. Founded in 1921 and publicly traded since 1925, Newmont is one of the world’s largest gold producers and is the only gold company included in the S&P 500 Index and Fortune 500.
Headquartered near Denver, Colorado, the company has around 40,000 employees and contractors worldwide.
Newmont Mining Corporation employees and the communities in which the company operates have limited access to financial services and low levels of financial literacy. The company approached Barclays for assistance in educating employees and community members and then providing access to financial products.
Barclays implemented its Host to Host solution to provide secure, robust and effective access to payments, collections, and statement delivery for local clearing and settlement processes with full integration into customer Enterprise Resource Planning systems. The solution noticeably increased the number of banked people in the community using:
Barclays is banking more unbanked people than before, and providing financial services and literacy to the community, as well as the suppliers of mines. The mine trains members of the community as well as encouraging them to upskill themselves. It then purchases certain supplies from them for various areas of the mining operation.
The partnership between Barclays and Newmont creates a long-term benefit of these income streams due to the access of financial services and products by the communities in the catchment area of its Akyem mine in the Eastern region of Ghana. This helps the communities to grow and to prosper as they manage their wealth in a manner that is more productive and sustainable.
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