Edward Hardy Clark - Homestake Mining Co - Stock CertificateInv# AG1044 Stock
Homestake Mining Company was one of the largest gold mining businesses in the United States and the owner of the Homestake Mine in Lead, South Dakota. Founded in 1877, it was acquired by Barrick Gold in December 2001.
Homestake was the longest-listed stock in the history of the New York Stock Exchange.
George Hearst (father of William Randolph Hearst), Lloyd Tevis, and his brother-in-law James Ben Ali Haggin bought the 10-acre Homestake Mine from its discoverer, Moses Manuel, for $70,000, and incorporated the Homestake Mining Company on November 5, 1877.
Between 1970 and 1977, Paul C. Henshaw was President of the company.
In 1981, the company bought out its partner in its uranium joint venture, United Nuclear Corporation, for $23 million and assumed operation of four uranium mines and one mill.
In March 1996, the company exercised its option to buy 34% more of a mine in Bulgaria.
In 1997, the company agreed to acquire a majority interest in the Troilus mine from Inmet Mining but backed out of the deal, leading to a lawsuit.
In April 1998, the company acquired Plutonic Resources Limited for $640 million, adding mines in Australia.
In December 1998, the company acquired the 49.4% of Prime Resources Group that it did not already own.
In September 2000, the company announced plans to close the Homestake Mine by January 2002.
In December 2001, Barrick Gold acquired the company.
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.