Toth will join Newmont effective July 1, 2022, as executive vice president strategic development.
He most recently served as group executive strategy and development at Rio Tinto, having joined the miner in 2014, with responsibility for Rio Tinto's strategy, sustainability, and portfolio transformation efforts.
Toth was previously CEO of ASX-listed OM Holdings and earlier worked for BHP for 14 years.
Newmont president and CEO Tom Palmer said Toth, who was set to be based in Denver, brought a wealth of global commodity experience.
"Peter's extensive background in corporate, operational and sustainability strategy will ensure we deliver our purpose of creating value and improving lives through sustainable, responsible mining," he said.
Newmont had celebrated 100 years since the company was founded in May.
The miner, which is capitalised about US$45 billion, is due to release its third quarter results on October 28.