World’s second largest gold mining company plans to trial blockchain technology

Newmont Mining Corporation – the world’s second largest bullion producer in 2017, has announced plans to trial blockchain technology this year, as a way to confirm ethical and sustainable gold production.

The Colorado-based mining company is about to become the world’s largest bullion producer this year. The company is already halfway there, after boosting its 2018 capital budget by $300 million, to $1.2-$1.3 billion, and approving a power project at an Australian mine and expansion of a joint venture mine in Nevada. Chief Executive Gary Goldberg said the company wants to trial the Blockchain technology:

“We definitely want to be involved in it, we think it’s a good thing for the gold industry overall,” Goldberg said. The company also hope to increase labor and environmental standards with the help of the Blockchain. Gold-producers are often faced with the charge of bad working conditions an pollution.

Newmont, which operates mines in the United States, Australia, Peru, Suriname, and Ghana, forecasts annual gold production of 4.9-5.4 million ounces in the next two years. The company also produces several other metals such as copper.

(CF ed.)

 

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