Homestake Mining Company

The origins of Homestake Mining Company date back to 1876 when Moses and Fred Manuel began prospecting for gold in the Black Hills on the Wyoming-South Dakota border. On April 9, 1876, they established the Homestake Mine. On November 5, 1877, George Hearst of San Francisco, along with Lloyd Tevis and James Haggin negotiated a deal with the Manuel Brothers to incorporate and the Homestake Mining Company was formed. Until about 1950, the company's main interest was in gold. After 1950 the company diversified and began to explore in the Western United States as well as the Midwest for copper, zinc, silver, lead, and uranium. By the 1960s it had expanded into world exploration in many countries including Canada, Chile, Peru, Australia, and the islands of the South Pacific.

The Homestake Mining Company was one of the largest gold mining businesses in the United States from the 19th century through the beginning of the 21st. Its first and most famous operation was the Homestake Mine in Lead, South Dakota. It was merged into the Canadian-based Barrick Gold Corporation in 2002.

The origins of Homestake Mining Company date back to 1876 when Moses and Fred Manuel began prospecting for gold near Deadwood, South Dakota, in the Black Hills on the Wyoming-South Dakota border. On April 9, 1876, they established the Homestake Mine near Bobtail Gulch. On November 5, 1877, George Hearst of San Francisco, along with Lloyd Tevis and James Haggin negotiated a deal with the Manuel Brothers to incorporate and the Homestake Mining Company was formed. The Homestake Mine grew to be the largest gold mine in America. Until about 1950, the company’s main interest was in gold. After 1950 the company diversified and began to explore in the Western United States as well as the Midwest for copper, zinc, silver, lead, and uranium. By the 1960s it had expanded into world exploration in many countries including Canada, Chile, Peru, Australia, and the islands of the South Pacific. The Homestake Mine in South Dakota closed in 2002. Homestake Mining Company is headquartered in California and continues to mine for gold and silver in North America, South America and Australia.

The Homestake Mining Company was incorporated December 6, 1909. Its property in the Hunter Mining District, near Mullan, Shoshone County, Idaho, consisted of 5 patented claims, the Ironcap, Bull Dog, Missoula, Gertrude, and Homestake, with an area of 12.711 acres.

The Homestake property had been extensively developed in its early years due to its proximity to the Hunter vein. The company's charter was forfeited in 1916, however, idling the mine for 27 years until its reinstatement in 1943 when the two surviving members of the board, James A. Wayne and William Stratton, met again. Most of the early records of the Homestake Mining Company were lost or destroyed during the interim.

The National Copper Mining Company played an important role in the history of the Homestake. National Copper purchased a controlling interest of 700,000 shares in Homestake in 1921, and increased its holdings to 1,238,955 shares in 1942, one year before Homestake was absorbed by the King Mining Company.

The Homestake Mine was considered National Copper's greatest asset. Control of the property was acquired by National Copper to secure the ground for a tunnel site. When National Copper suspended its own operations in 1921, the stockholders voted to invest in the further development of the Homestake. An agreement between National Copper and the Silver Reef Mining Company left the actual development work to the Silver Reef, and relieved National Copper of the $500-per-month caretaking expense the Homestake required.

During the time that Homestake was inactive, William Stratton, a director of Homestake, met the nominal expenses of the company out of his pocket. The $273 reinstatement fee was paid by National Copper, which also covered Homestake's operating expenses for 1941-1943.

Before Homestake's reinstatement, the surviving members of the board met to discuss the merger of Homestake with the newly-incorporated King Mining Company. Only William Stratton and James A. Wayne remained as directors after James F. McCarthy's death in 1943. The new directors elected in February 1943 (F.M. Rothrock, president; John Wourms, vice-president; Henry Burhmester, secretary-treasurer) resolved to sell the tools, machinery, equipment and claims to King in exchange for 50,000 shares of capital stock, to be distributed pro rata to Homestake's stockholders. One share of King was exchanged for 27 shares of Homestake.

Homestake Mining Company was dissolved in 1943. Its final board of directors F.M. Rothrock, John Wourms, and Henry Burhmester, served on the boards of King and National Copper concurrently.