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RD and client in mining field with yellow tractors ascending hills

Newmont Mining Corporation

How Barclays helped Newmont Mining Company to provide financial literacy and access to financial products in the community.

The Client

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.

The Challenge

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.

The Solution

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: 

  • Domestic payments and collections for dated services 
  • Funds paid and collected available real time or on action date (as per Payment Clearing House rules)
  • Multiple batch files per day, unlimited for the month 
  • Payment type and CDV validations on local banks 
  • Electronic statement delivery 
  • File upfront validations on duplicate instructions, item limits and daylight limits 
  • File upfront validations on a host of agreed items to prevent incorrect file processing 
  • Automated billing to bill to same or a nominated account.

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.

Find out more

Cash Management

Optimise your working capital with products that enable you to efficiently manage funds, payments and collections.

Mining

Barclays' experienced Mining and Metals team can support your business growth at a domestic and global level.

Contact Us

New to Barclays? Our experienced UK-based team can listen to your business need, offer assistance on-the-spot or put you in touch with the right specialist at Barclays. Call us on

0800 015 4242*

Alternatively we can call you back or you can email us with your query.

How can we help?

To discuss switching to Corporate Banking at Barclays, call us on: 0800 015 4242*