bid by T. Boone Pickens, the company paid a US$33 per share special dividend to all shareholders, US$2.2 billion in cash, of which US$1.75 billion was borrowed. To reduce this debt the company undertook a divestment program involving all of its copper, oil, gas, and coal interests. As a further step in the restructuring, the company moved its headquarters from New York City to Denver in 1988. A decade later, Newmont Mining Corporation and Newmont Gold Company combined assets to form a unified worldwide gold company. Shareholders of both companies had identical interests in the reserves, production and earnings of Newmont Gold's operations. Newmont then merged with Santa Fe Pacific Corporation (a former Atchison, Topeka and Santa Fe Railway subsidiary, sold in preparation for the merger that produced the BNSF Railway) to form North America's largest gold producer. On June 21, 2000, Newmont announced a merger with Battle Mountain Gold. The merger was completed in January 2001. In February 2002, Newmont completed the acquisition of Normandy Mining Limited and Franco-Nevada Mining Corporation Limited. Newmont faced competition in its bid for Normandy from AngloGold. By eventually outbidding the South African company, Newmont became the world's largest gold producer, with an annual production in excess of 8 million ounces. In 2007, the company eliminated its 1.5 million ounce legacy hedge book to make Newmont the world's largest unhedged gold producer. The following year, Newmont acquired Miramar Mining Corporation and its Hope Bay deposit in the Canadian Arctic. In 2009, Newmont purchased the remaining one-third interest in Boddington Gold Mine from AngloGold Ashanti, bringing its ownership to 100 percent. In April 2011, the company acquired Canada's Fronteer Gold Inc. for CA$2.3 billion. This made the company the world's second-largest gold producer. In 2017, Newmont produced 5.65 million ounces of gold at all-in sustaining costs of US$924 per ounce. The company reported adjusted net income of $780 million for the year, and further reduced net debt down to US$0.8 billion. In 2019, it acquired Canada's Goldcorp for $10 billion. In 2023, the company has made a $24 billion takeover bid of Newcrest Mining, an Australian rival. Controversies Buyat Bay, Sulawesi, Indonesia In August 2004, the Indonesian Ministry of Environment filed a civil lawsuit against Newmont, claiming tailings from the company's Minahasa Raya mine polluted Buyat Bay. The company was cleared by an Indonesian court, with the judge ruling the pollution charges could not be