Homestake Mining Company
Corporate brand
UnclaimedHistoric American mining company best known for operating the Homestake Mine in Lead, South Dakota.
Last updated August 31, 2026
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Overview
Homestake Mining Company was a historic American mining enterprise whose identity was closely associated with the Homestake Mine in Lead, South Dakota. The mine originated in the Black Hills after Moses and Fred Manuel established the operation near Bobtail Gulch in April 1876. George Hearst, Lloyd Tevis, and James Ben Ali Haggin subsequently purchased the ten-acre property from Moses Manuel for $70,000 and incorporated Homestake Mining Company on November 5, 1877. The company became a public corporation on January 25, 1879, when its shares were listed on the New York Stock Exchange. The listing was historically notable because it was described as the first mining stock admitted to the exchange. Homestake later became associated with one of the longest-running stock-market listings in New York Stock Exchange history. Its principal South Dakota mine grew into the largest gold mine in the United States and remained the company’s defining asset for more than a century. Although gold mining was the foundation of the business, Homestake also developed a broader portfolio. It established hydroelectric facilities in South Dakota in 1910 and 1917, and in 1981 bought out its partner in a uranium joint venture, United Nuclear Corporation. That transaction gave Homestake operating responsibility for four uranium mines and one mill. The company also pursued international expansion and diversification. It exercised an option to increase its interest in a Bulgarian mine in 1996, negotiated unsuccessfully to acquire a majority interest in the Troilus mine from Inmet Mining in 1997, purchased Australian mining company Plutonic Resources Limited for $640 million in 1998, and acquired the remaining 49.4 percent of Prime Resources Group later that year. By the end of the twentieth century, Homestake was managing a geographically diversified mining portfolio, but the Homestake Mine itself was approaching the end of its productive life. In September 2000, the company announced plans to close the South Dakota mine by January 2002. Before that closure plan was completed, Barrick Gold agreed to acquire Homestake, with the transaction completed in December 2001. The acquisition ended Homestake’s existence as an independent publicly traded mining company. The company is therefore remembered both as a major American gold producer and as an unusually long-lived New York Stock Exchange-listed mining business.
History
Homestake Mining Company emerged from the Homestake Mine in the Black Hills of South Dakota. Moses and Fred Manuel established the mine near Bobtail Gulch on April 9, 1876. The following year, George Hearst, Lloyd Tevis, and James Ben Ali Haggin bought the ten-acre property from Moses Manuel for $70,000. They incorporated Homestake Mining Company on November 5, 1877, creating the corporate structure that would control the operation for more than a century. Homestake became a public company on January 25, 1879, through an initial public offering on the New York Stock Exchange. The event was historically significant because Homestake was identified as the first mining stock listed on the exchange. Its shares subsequently became associated with one of the longest continuous listings in New York Stock Exchange history. The company’s South Dakota operation expanded into the largest gold mine in the United States, making the Homestake name synonymous with American hard-rock gold mining. The company did not remain limited to a single gold property. It established hydroelectric plants in 1910 and 1917, supporting its South Dakota activities and adding an energy-related dimension to the business. Those facilities were eventually sold to the city of Spearfish, South Dakota, in 2004, after Barrick had acquired Homestake. In the later twentieth century, Homestake also entered uranium. In 1981, it bought out United Nuclear Corporation, its partner in a uranium joint venture, for $23 million. The transaction transferred operation of four uranium mines and one mill to Homestake. During the 1990s, the company pursued international and portfolio expansion. In March 1996, it exercised an option to increase its interest in a Bulgarian mine by 34 percent. In 1997, it agreed to acquire a majority interest in the Troilus mine from Inmet Mining, but later abandoned the transaction; the withdrawal led to a lawsuit. Homestake continued its expansion in 1998, acquiring Australian company Plutonic Resources Limited for $640 million and thereby adding Australian mines. In December of the same year, it acquired the 49.4 percent of Prime Resources Group that it did not already own. The original South Dakota mine nevertheless remained central to the company’s identity. As the mine approached the end of its operating life, Homestake announced in September 2000 that it planned to close it by January 2002. Before that plan could be fully carried out, Barrick Gold acquired Homestake in December 2001. The acquisition brought Homestake’s independent corporate history to an end. The company’s legacy combines the development of a landmark American gold mine, an unusually long public-market history, diversification into uranium and international mining, and eventual consolidation into a larger global mining group.
- 2004
South Dakota hydroelectric facilities sold
[1]The hydroelectric plants established by Homestake were sold to the city of Spearfish, South Dakota.
- 2001
Acquired by Barrick Gold
[1]Barrick Gold acquired Homestake Mining Company in December, ending its independent corporate history.
- 2000
Closure plan for Homestake Mine announced
[1]Homestake announced plans to close its namesake mine by January 2002.
- 1998
Australian expansion through Plutonic Resources
[1]The company acquired Plutonic Resources Limited for $640 million, adding Australian mines to its portfolio.
- 1998
Prime Resources Group fully acquired
[1]Homestake acquired the 49.4 percent of Prime Resources Group that it did not already own.
- 1996
Increased Bulgarian mining interest
[1]Homestake exercised an option to acquire an additional 34 percent of a mine in Bulgaria.
- 1981
Expansion into uranium operations
[1]Homestake acquired United Nuclear Corporation, its uranium-joint-venture partner, and assumed operation of four mines and one mill.
- 1917
Second referenced hydroelectric plant established
[1]The company established another hydroelectric facility in South Dakota.
- 1910
First referenced hydroelectric plant established
[1]Homestake established a hydroelectric facility in South Dakota.
- 1879
Public listing on the New York Stock Exchange
[1]Homestake completed an initial public offering on January 25 and became the first mining stock listed on the New York Stock Exchange, according to the referenced historical account.
Products and positioning
Historic large-scale gold mining company centered on the Homestake Mine, later diversified into uranium, international mining interests, and Australian resources.
Precious metals
Gold
Gold was Homestake Mining Company’s principal product and the basis of its corporate identity. The company’s Homestake Mine in Lead, South Dakota, became the largest gold mine in the United States and remained its defining operation throughout the company’s history.
Energy minerals · 1981
Uranium
Homestake expanded into uranium through its 1981 acquisition of United Nuclear Corporation, its partner in a uranium joint venture. The transaction gave Homestake responsibility for four uranium mines and one mill, broadening the company beyond gold production.
Electric power · 1910
Hydroelectric power
The company established hydroelectric facilities in South Dakota in 1910 and 1917. These were supporting energy assets rather than a consumer-facing branded product, and they were sold to the city of Spearfish in 2004.
Brand decisions
2001
Acquisition by Barrick GoldM&ABackground
Homestake was an established but independent mining company whose historic flagship mine was scheduled for closure.
Action taken
Barrick Gold acquired Homestake Mining Company in December.
Aftermath
Homestake ceased to operate as an independent public mining company.
2000
Decision to close the Homestake MineStrategyBackground
The company’s historic South Dakota mine was approaching the end of its operating life.
Action taken
In September, Homestake announced plans to close the mine by January 2002.
Aftermath
The planned closure preceded the company’s acquisition by Barrick Gold in December 2001.
1998
Acquisition of Plutonic Resources LimitedM&ABackground
Homestake sought to expand its international mining portfolio.
Action taken
The company acquired Plutonic Resources Limited for $640 million.
Aftermath
The transaction added mines in Australia to Homestake’s operations.
Acquisition price. $640 million (1998)
1998
Acquisition of remaining Prime Resources Group interestM&ABackground
Homestake already owned most of Prime Resources Group.
Action taken
The company purchased the remaining 49.4 percent stake that it did not already own.
Aftermath
Prime Resources Group became fully owned by Homestake.
1997
Withdrawal from proposed Troilus mine acquisitionM&ABackground
Homestake agreed to acquire a majority interest in the Troilus mine from Inmet Mining.
Action taken
Homestake backed out of the proposed transaction.
Aftermath
The withdrawal resulted in a lawsuit.
1996
Exercise of option for additional Bulgarian mine interestM&ABackground
Homestake pursued international expansion and held an option connected with a mine in Bulgaria.
Action taken
The company exercised the option to acquire an additional 34 percent interest.
Aftermath
The move increased Homestake’s exposure to international mining.
1981
Acquisition of United Nuclear CorporationM&ABackground
Homestake was a partner in a uranium joint venture with United Nuclear Corporation.
Action taken
Homestake bought out United Nuclear Corporation for $23 million and assumed operation of four uranium mines and one mill.
Aftermath
The transaction expanded Homestake’s mineral portfolio from its historic gold base into uranium operations.
Acquisition price. $23 million (1981)
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