Sydney, NSW (PRWEB) March 20, 2009
The Newmont Mining Corporation is a leading gold producer, with operations in five continents, the majority of which are based in the United States, Australia, Peru, Indonesia, Ghana, New Zealand and Mexico. The global corporation owns or has interests in five separate gold mining operations in Australia.
Newmont's Australian and New Zealand mines account for approximately 22 per cent of the company's total global equity gold sales. Due to the global nature of Newmont's operations, a strong chain of supply and solid working partnerships are vital to the company's growth and productivity.
When sourcing suppliers to work with Newmont the two most important qualities the company look for are total cost of ownership and community support.
"There are so many varying agreements and relationships that we look to establish," says Steve. "But I certainly think that when it comes to the supply of goods, equipment and products, we are looking for a supplier that understands the difference between cost and price, which is where the total cost of ownership theory becomes relevant. As Newmont moves forward with technology we are looking more and more for suppliers that can be compliant with the efficiencies that have already been established here."
Sustainable practices are a major factor in Newmont's global practices, and supply chain management is not an exception to this widespread initiative. The company maintains that sustainability can be broken down into four fundamental principles. Firstly, benefits of economic activity must be measured relative to their respective social and environmental consequences. Secondly, in using resources they must consider the requirements and expectations of generations to come.
Thirdly, Newmont believes that government, business and society in general must work together to balance such needs. Lastly the corporate governance contributes to sustainable economic development by enhancing the performance of the company and increasing its access to land and capital.
Newmont demonstrates leadership in this field and is the only gold company on the prestigious Dow Jones Sustainability World Index (DJSI-World), which reflects the company's commitment to conduct its business in an environmentally sound, economically efficient and socially sustainable way.
It is these principles which Newmont puts into practice when selecting and assessing its suppliers and contractors.
The entire feature that went to press with Australia's Best Magazine and Bean Media Group can be found here: http://beanmedia.com.au/profiles/Newmont.pdf