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The firm was formed in 1998 with the amalgamation of the gold assets of Gold Fields of South Africa Limited and Gencor Limited. The company traces its roots back to 1887, when Cecil Rhodes founded Gold Fields of South Africa Limited. As of 2019, Gold Fields was the world's eighth-largest producer of gold. [4]
In 1970, South Africa produced 995 tonnes or 32 million ounces of gold, two-thirds of the world's production of 47.5 million ounces. [2] Production figures are for primary mine production. In the US , for example, for the year 2011, secondary sources (new and old scrap) exceeded primary production.
In 2019, Goldcorp merged with Newmont Mining Corporation, the world’s second-largest producer of gold. [6] In June 2016, Goldcorp was named one of Corporate Knights magazine's Best 50 Corporate Citizens in Canada. [7] In the same year, the company was also ranked among Canada's Top 100 Employers.
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[1] [6] [7] In May 2010, there was an announcement of a private placement in which one of the world's largest gold mining companies Kinross Gold will purchase 9.4% of Red Back's outstanding shares. When the deal is completed Kinross will be the company's largest shareholder next to Fidelity Management which currently owns 6%. [6] [8]