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DENVER--(BUSINESS WIRE)--
Newmont Mining Corporation (NEM) (Newmont or the Company)
announced third quarter results, including $813 million in operating
cash flow, and $758 million in adjusted earnings before interest, taxes,
depreciation and amortization (Adjusted EBITDA)1.
-
Net income: Achieved GAAP net income attributable to
shareholders from continuing operations of $202 million, or $0.38 per
share, compared to $210 million or $0.42 per share in the prior year
quarter; adjusted net income2 was $126 million, or $0.23
per share, compared to $249 million or $0.50 per share in the prior
year quarter
-
Consolidated Adjusted EBITDA: Delivered Adjusted EBITDA of $758
million in the third quarter, compared to $455 million in the prior
year quarter
-
Consolidated cash flow: Generated cash from continuing
operations of $813 million compared to $328 million in the prior year
quarter and free cash flow3 from continuing operations of
$478 million, compared to $51 million in the prior year quarter
-
All-in sustaining costs (AISC)4: Improved
gold AISC to $835 per ounce compared with $995 per ounce in the prior
year quarter, and copper AISC to $1.54 per pound compared to $6.61 per
pound in the prior year quarter
-
Costs applicable to sales (CAS): Improved gold CAS to $608 per
ounce compared with $705 per ounce in the prior year quarter, and
copper CAS to $1.15 per pound compared to $5.73 per pound in the prior
year quarter
-
Attributable production: Delivered 1.34 million ounces and
48,000 tonnes of attributable gold and copper production,
respectively, compared to 1.15 million ounces and 13,000 tonnes,
respectively, in the prior year quarter
-
Outlook: Improved 2015 cost outlook5 as a result of
cost and efficiency improvements, favorable oil prices and Australian
dollar exchange rates, and some delayed spend; expect AISC of between
$880 and $940 per ounce, and CAS of between $620 and $660 per ounce;
attributable gold production maintained at between 4.7 and 5.1 million
ounces
-
Portfolio: Recently approved Tanami Expansion project reduces
Tanami overall costs and improves Tanami production to between 425,000
and 475,000 ounces per year (first five years of expansion)
-
Shareholder returns: Maintained third quarter dividend of
$0.025 per share6
“We delivered a 16 percent reduction in all-in sustaining costs and
generated $758 million in adjusted EBITDA and $478 million in free cash
flow – despite lower metal prices – through a sustained focus on
improving costs and efficiency. The Cripple Creek & Victor integration
process is underway and we are moving forward with our Tanami Expansion
project in Australia, which is expected to generate an IRR of more than
35% in the current metal price environment. The project involves
building a second decline in the underground mine and incremental
capacity in the plant to increase profitable production and extend mine
life,” said Gary Goldberg, President and Chief Executive Officer.
_______________________________________
1Non-GAAP measure. See end of release for reconciliation. 2Non-GAAP measure. Based on fully diluted shares outstanding. See end
of release for reconciliation to net income. 3Non-GAAP
measure. See end of release for reconciliation. 4Non-GAAP
measure. See end of release for reconciliation. 5Outlook
constitutes forward-looking statements, which are subject to risk and
uncertainties. See Cautionary Note. 6Such policy
is non-binding. Declaration of future dividends remains subject to
approval and discretion of the Board of Directors.
Third Quarter Summary Results
GAAP net income attributable to shareholders from continuing
operations was $202 million, or $0.38 per share, compared to $210
million or $0.42 per share a year ago. Adjusted net income was $126
million, or $0.23 per share, down from $249 million or $0.50 per share
in the prior year quarter.
Consolidated cash flow from continuing operations was $813
million in the third quarter, compared to $328 million in the prior year
quarter, as higher production, sales volumes and cost improvements more
than offset the impact of lower metal prices. Free cash flow was $478
million in the third quarter, more than nine times the free cash flow of
the prior year quarter.
Gold and copper AISC was $835 per ounce and $1.54 per pound,
respectively, compared with $995 per ounce and $6.61 per pound,
respectively, in the prior year quarter. Gold and copper CAS were $608
per ounce and $1.15 per pound, respectively, compared with $705 per
ounce and $5.73 per pound, respectively, in the third quarter of 2014.
Unit costs benefitted from ongoing cost and efficiency improvements,
lower fuel prices and favorable Australian dollar exchange rates, and
improved sales volumes, particularly at Batu Hijau, Boddington and
Tanami.
Revenue totaled $2.0 billion compared to $1.7 billion in the
third quarter of 2014 as higher production and sales volumes at Batu
Hijau, Boddington and Tanami more than offset lower metal prices. During
the third quarter of 2015, Batu Hijau mined higher grade ore and
operated and shipped at full capacity. The prior year quarter was
impacted by a temporary export ban.
Average net realized gold and copper price was $1,104 per ounce
and $1.95 per pound, respectively, compared with $1,270 per ounce and
$2.71 per pound, respectively, in the prior year quarter.
Attributable gold production totaled 1.34 million ounces, up 16%
from the prior year quarter due to higher production at Batu Hijau,
Tanami and Boddington, and the addition of Cripple Creek & Victor.
Boddington production benefited from improved mill utilization as a
result of Full Potential and higher grades. Tanami production was up
from the prior year quarter due to higher grade ore and improved
throughput. Including the pending sale of Waihi, Newmont has generated
approximately $1.7 billion in fair value asset sales since 2013 while
maintaining attributable gold production.
Attributable copper production totaled 48,000 tonnes compared to
13,000 tonnes in the year ago period due to higher grade ore at Batu
Hijau.
Capital expenditures for the third quarter were $335 million,
including $172 million of sustaining capital. Development capital was
higher than the prior year primarily due to the construction of Merian
in Suriname and Long Canyon Phase 1 in Nevada. Sustaining capital was
lower year to date due to timing and continued cost improvements,
resulting in a reduction of the full year forecast spend of about 13%.
Long-term sustaining capital guidance remains at between $850 and $950
million.
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Three Months Ended September 30,
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Nine Months Ended September 30,
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2015
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2014
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% Change
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2015
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2014
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% Change
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Attributable Sales (koz, Mlbs)
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Attributable gold ounces sold
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1,317
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1,142
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15
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%
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3,668
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3,491
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5
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%
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Attributable copper pounds sold
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98
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39
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151
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%
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264
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110
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140
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%
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Average Realized Price ($/oz, $/lb)
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Average realized gold price
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$
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1,104
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$
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1,270
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(13
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%
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$
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1,159
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$
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1,282
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(10
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%
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Average realized copper price
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$
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1.95
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$
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2.71
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(28
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%
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$
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2.21
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$
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2.75
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(20
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%
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Attributable Production (koz, kt)
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North America
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434
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428
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1
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%
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1,216
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1,235
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(2
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%
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South America
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141
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136
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4
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%
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411
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364
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13
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%
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Asia Pacific
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572
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377
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52
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%
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1,558
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1,310
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19
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%
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Africa
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193
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213
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(9
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)
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%
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604
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675
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(11
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)
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%
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Total Gold
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1,340
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1,154
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16
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%
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3,789
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3,584
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6
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%
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North America
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5
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5
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-
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%
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16
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16
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-
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%
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Asia Pacific
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43
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8
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438
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%
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111
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42
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164
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%
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Total Copper
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48
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13
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269
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%
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127
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58
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119
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%
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CAS Consolidated ($/oz, $/lb)
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North America
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$
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750
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$
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773
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(3
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)
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%
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$
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734
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$
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760
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(3
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)
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%
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South America
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615
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507
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21
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%
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566
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830
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(32
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%
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Asia Pacific
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533
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913
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(42
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%
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602
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814
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(26
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%
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Africa
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527
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436
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21
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%
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488
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444
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10
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%
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Total Gold
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$
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608
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$
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705
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(14
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%
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$
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618
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$
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733
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(16
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%
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North America
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$
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1.95
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$
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2.13
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(8
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%
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$
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1.91
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$
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2.28
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(16
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%
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Asia Pacific
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1.08
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6.77
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(84
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%
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1.16
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4.24
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(73
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%
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Total Copper
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$
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1.15
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$
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5.73
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(80
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%
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$
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1.22
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$
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3.75
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(67
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%
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AISC Consolidated ($/oz, $/lb)
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North America
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$
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955
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$
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1,030
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(7
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)
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%
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$
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942
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$
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1,007
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(6
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%
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South America
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907
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778
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17
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%
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860
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1,159
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(26
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)
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%
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Asia Pacific
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661
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1,131
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(42
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)
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%
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745
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1,002
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(26
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)
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%
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Africa
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723
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549
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32
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%
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688
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619
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11
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%
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Total Gold
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$
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835
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$
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995
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(16
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)
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%
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$
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864
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$
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1,031
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(16
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)
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%
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North America
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$
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2.43
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$
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2.73
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(11
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%
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$
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2.28
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$
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2.83
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(19
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)
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%
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Asia Pacific
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1.46
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7.68
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(81
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)
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%
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1.55
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5.38
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(71
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)
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%
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Total Copper
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$
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1.54
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$
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6.61
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(77
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)
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%
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$
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1.61
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$
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4.74
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(66
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)
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%
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2015 OUTLOOK
Newmont’s revised 2015 CAS and AISC outlook are down 2% and 4%,
respectively, driven by a reduction in Asia Pacific and Africa region
costs compared to previous guidance as well as lower than expected
inventory costs at CC&V. Asia Pacific costs are lower than previous
estimates primarily due to cost and efficiency improvements and some
delayed spend, as well as lower oil prices and Australian dollar
exchange rates. Africa cost outlook for 2015 is improved mostly due to
better than expected power and diesel prices and Full Potential savings.
2015 gold production guidance is unchanged as better than expected
production at Boddington and Akyem offset lower production at CC&V due
to a slower mill ramp-up. This is not expected to impact long-term
production. 2015 outlook for copper production remains unchanged.
The updated 2015 outlook includes reduced capital spending at all
regions primarily due to cost savings and some delayed spend, partially
offset by additional capital spend for the recently approved Tanami
Expansion project.
Newmont will update long-term guidance in conjunction with the investor
day to be held December 3, 2015.
Debt – Year-to-date, Newmont has paid $200 million toward
its existing term loan and $130 million toward project debt in Ghana and
Indonesia. Newmont will continue to analyze opportunities to pay our
liabilities in advance, and could potentially repay up to a total of
$750 million dollars by year end from cash flow and existing cash
balances.
Projects Update
The Turf Vent Shaft is expected to achieve
commercial production in the fourth quarter of 2015, adding
approximately 100,000 to 150,000 ounces of annual production to Carlin’s
Leeville underground mine. The shaft provides ventilation required to
increase production and decrease mine costs over the 11 year mine life
at Leeville. Total development costs for the project are estimated at
between $300 and $350 million with approximately $60 to $70 million
spent in 2015.
The Cripple Creek & Victor (CC&V)
acquisition closed on August 3, 2015 and successful integration is
underway. CC&V is expected to lower Newmont’s overall cost profile with
expected cost applicable to sales and all-in sustaining cost to be
updated for purchase price allocation later this year. Gold production
is expected to average between 350,000 and 400,000 ounces in 2016 and
2017. Total development capital costs to complete the expansion are
approximately $200 million, with between $50 and $60 million to be spent
in 2015.
Merian is progressing on schedule and below
budget. Merian will give Newmont a foothold in a prospective new
district with significant upside potential. Gold production is expected
to average between 400,000 and 500,000 ounces on a 100 percent basis
during the first five years at a cost applicable to sales of $575 to
$675 per ounce, and all-in sustaining cost of between $650 and $750 per
ounce. Capital costs for the project are estimated at between $600 and
$650 million for Newmont’s 75 percent share. Newmont’s capital
expenditure is expected to be between $290 million and $330 million in
2015 and between $170 million and $210 million in 2016. The project is
scheduled for start-up in the second half of 2016.
Long Canyon Phase 1 is expected to achieve
commercial production in the first half of 2017. This first phase of
development consists of an open pit mine and heap leach operation with
production of between 100,000 and 150,000 ounces per year over an eight
year mine life. Estimated average costs applicable to sales are expected
to be between $400 and $500 per ounce and all-in sustaining costs of
between $500 and $600 per ounce over the life of the mine, in the first
quartile for gold production. Total capital costs for the project are
estimated at between $250 and $300 million allocated roughly evenly in
2015 and 2016 with minimal spending in 2017.
Tanami Expansion includes constructing a
second decline in the mine and building incremental capacity in the
plant to increase profitable production and serve as a platform for
exploration drilling to support future expansion. The expansion improves
Tanami gold production to between 425,000 and 475,000 ounces per year at
all-in sustaining costs of between $700 and $750 per ounce (for the
first five years of the expansion) and increases mine life by three
years. Capital costs for the project are estimated at between $100 and
$120 million with about half of the capital spent in 2016 with the
remaining allocated between 2015 and 2017. Additional production is
expected to come on line in 2017.
The Ahafo Mill Expansion represents additional upside not currently
included in 2015 outlook.
The Ahafo Mill Expansion would increase
profitable production by 100,000 to 125,000 ounces (first five year
average) while lowering costs and off-setting the impacts of lower
grades and harder ore. Capital costs are expected to be between $140 and
$160 million. The Ahafo Mill Expansion is expected to be reviewed with
Subika Underground in mid to late 2016. If approved in 2016, additional
production would be expected in 2018.
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Consolidated
|
|
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Attributable
|
|
|
Consolidated
|
|
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Consolidated All-in Sustaining
|
|
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Consolidated Total Capital
|
2015 Outlooka |
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Production
|
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Production
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CAS
|
|
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Costsb |
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Expenditures
|
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(kozs, kt)
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(kozs, kt)
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($/oz, $/lb)
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($/oz, $/lb)
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($M)
|
North America
|
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|
|
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlin
|
|
850
|
-
|
910
|
|
|
850
|
-
|
910
|
|
|
$840
|
-
|
$900
|
|
|
$1,090
|
-
|
$1,170
|
|
|
$250
|
-
|
$270
|
Phoenixc |
|
200
|
-
|
220
|
|
|
200
|
-
|
220
|
|
|
$760
|
-
|
$820
|
|
|
$900
|
-
|
$960
|
|
|
$20
|
-
|
$30
|
Twin Creeksd |
|
410
|
-
|
440
|
|
|
410
|
-
|
440
|
|
|
$530
|
-
|
$570
|
|
|
$700
|
-
|
$750
|
|
|
$50
|
-
|
$60
|
CC&Ve |
|
80
|
-
|
100
|
|
|
80
|
-
|
100
|
|
|
$560
|
-
|
$600
|
|
|
$720
|
-
|
$760
|
|
|
$50
|
-
|
$60
|
Long Canyon
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$130
|
-
|
$150
|
Other North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$10
|
-
|
$20
|
Total
|
|
1,540
|
-
|
1,670
|
|
|
1,540
|
-
|
1,670
|
|
|
$730
|
-
|
$780
|
|
|
$940
|
-
|
$1,010
|
|
|
$510
|
-
|
$590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yanacochaf |
|
880
|
-
|
940
|
|
|
450
|
-
|
490
|
|
|
$550
|
-
|
$590
|
|
|
$870
|
-
|
$930
|
|
|
$90
|
-
|
$110
|
Merian
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$400
|
-
|
$420
|
Total
|
|
880
|
-
|
940
|
|
|
450
|
-
|
490
|
|
|
$550
|
-
|
$590
|
|
|
$950
|
-
|
$1,020
|
|
|
$490
|
-
|
$530
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boddington
|
|
730
|
-
|
780
|
|
|
730
|
-
|
780
|
|
|
$675
|
-
|
$725
|
|
|
$780
|
-
|
$830
|
|
|
$55
|
-
|
$65
|
Tanami
|
|
410
|
-
|
450
|
|
|
410
|
-
|
450
|
|
|
$530
|
-
|
$570
|
|
|
$750
|
-
|
$800
|
|
|
$100
|
-
|
$110
|
Waihig |
|
|
|
107
|
|
|
|
|
107
|
|
|
|
|
$463
|
|
|
|
|
$544
|
|
|
|
|
$11
|
Kalgoorlieh |
|
310
|
-
|
340
|
|
|
310
|
-
|
340
|
|
|
$810
|
-
|
$870
|
|
|
$930
|
-
|
$1,000
|
|
|
$20
|
-
|
$30
|
Other Asia Pacific
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$5
|
-
|
$10
|
Batu Hijauj |
|
640
|
-
|
690
|
|
|
310
|
-
|
340
|
|
|
$410
|
-
|
$440
|
|
|
$550
|
-
|
$580
|
|
|
$80
|
-
|
$90
|
Total
|
|
2,180
|
-
|
2,370
|
|
|
1,850
|
-
|
2,020
|
|
|
$590
|
-
|
$630
|
|
|
$740
|
-
|
$790
|
|
|
$260
|
-
|
$310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ahafo
|
|
300
|
-
|
330
|
|
|
300
|
-
|
330
|
|
|
$610
|
-
|
$650
|
|
|
$910
|
-
|
$980
|
|
|
$80
|
-
|
$100
|
Akyem
|
|
450
|
-
|
480
|
|
|
450
|
-
|
480
|
|
|
$440
|
-
|
$470
|
|
|
$590
|
-
|
$630
|
|
|
$45
|
-
|
$55
|
Total
|
|
750
|
-
|
810
|
|
|
750
|
-
|
810
|
|
|
$500
|
-
|
$550
|
|
|
$740
|
-
|
$790
|
|
|
$125
|
-
|
$155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Productioni |
|
|
|
|
|
|
110
|
-
|
130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate/Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$30
|
-
|
$40
|
Total Gold
|
|
5,350
|
-
|
5,790
|
|
|
4,700
|
-
|
5,120
|
|
|
$620
|
-
|
$660
|
|
|
$880
|
-
|
$940
|
|
|
$1,415
|
-
|
$1,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix
|
|
15
|
-
|
25
|
|
|
15
|
-
|
25
|
|
|
$2.10
|
-
|
$2.30
|
|
|
$2.50
|
-
|
$2.70
|
|
|
|
|
|
Boddington
|
|
25
|
-
|
35
|
|
|
25
|
-
|
35
|
|
|
$1.70
|
-
|
$1.90
|
|
|
$2.10
|
-
|
$2.30
|
|
|
|
|
|
Batu Hijauj |
|
210
|
-
|
230
|
|
|
100
|
-
|
120
|
|
|
$1.00
|
-
|
$1.20
|
|
|
$1.40
|
-
|
$1.60
|
|
|
|
|
|
Total Copper
|
|
250
|
-
|
290
|
|
|
140
|
-
|
180
|
|
|
$1.20
|
-
|
$1.40
|
|
|
$1.50
|
-
|
$1.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Expense Outlookk |
General & Administrative
|
|
|
|
$
|
170
|
|
-
|
|
$
|
190
|
Other Expense
|
|
|
|
$
|
125
|
|
-
|
|
$
|
150
|
Interest Expense
|
|
|
|
$
|
310
|
|
-
|
|
$
|
330
|
DD&A
|
|
|
|
$
|
1,160
|
|
-
|
|
$
|
1,240
|
Exploration and Projects
|
|
|
|
$
|
280
|
|
-
|
|
$
|
310
|
Sustaining Capital
|
|
|
|
$
|
740
|
|
-
|
|
$
|
780
|
Tax Rate
|
|
|
|
|
33%
|
|
-
|
|
|
37%
|
|
|
|
|
|
|
|
|
|
|
|
a2015 Outlook projections used in this release
(“Outlook”) are considered “forward-looking statements” and represent
management’s good faith estimates or expectations of future production
results as of the date hereof. Outlook is based upon certain
assumptions, including, but not limited to, metal prices, oil prices,
certain exchange rates and other assumptions. For example, 2015 Outlook
assumes $1,100/oz Au, $2.50/lb Cu, $0.75 USD/AUD exchange rate and
$65/barrel WTI for the remaining period. AISC and CAS cost estimates do
not include inflation. Such assumptions may prove to be incorrect and
actual results may differ materially from those anticipated.
Consequently, Outlook cannot be guaranteed. As such, investors are
cautioned not to place undue reliance upon Outlook and forward-looking
statements as there can be no assurance that the plans, assumptions or
expectations upon which they are placed will occur. bNon-GAAP
measure. All-in sustaining costs as used in the Company’s Outlook is a
non-GAAP metric defined as the sum of cost applicable to sales
(including all direct and indirect costs related to current gold
production incurred to execute on the current mine plan), remediation
costs (including operating accretion and amortization of asset
retirement costs), G&A, exploration expense, advanced projects and R&D,
treatment and refining costs, other expense, net of one-time adjustments
and sustaining capital. cIncludes Lone
Tree operations. dIncludes TRJV operations. eCC&V
2015 outlook includes 5 months of operations; acquisition closed early
August 2015. Investors are cautioned that CC&V outlook remains subject
to further review by management as integration continues, and CC&V 2015
CAS and AISC estimates remain subject to various factors, including
potential adjustment in connection with purchase price allocation. fConsolidated
production for Yanacocha is presented on a total production basis for
the mine site; attributable production represents a 51.35% interest. gWaihi
2015 outlook assumes divestiture closes on October 30, 2015. hBoth
consolidated and attributable production are shown on a pro-rata basis
with a 50% ownership for Kalgoorlie. iLa
Zanja and Duketon are not included in the consolidated figures above;
attributable production figures are presented based upon a 46.94%
ownership interest at La Zanja and a 19.45% ownership interest in
Duketon. jConsolidated production for Batu
Hijau is presented on a total production basis for the mine site;
whereas attributable production represents a 48.5% ownership interest in
2015 outlook. Outlook for Batu Hijau remains subject to various factors,
including, without limitation, renegotiation of the CoW, issuance of
future export approvals, negotiations with the labor union, future
in-country smelting availability and regulations relating to export
quotas, and certain other factors. kConsolidated
expense outlook is adjusted to exclude extraordinary items. For example,
the tax rate outlook above is a consolidated adjusted rate, which
assumes the exclusion of certain tax valuation allowance adjustments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEWMONT MINING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in millions except per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
|
$
|
2,033
|
|
|
|
$
|
1,746
|
|
|
|
$
|
5,913
|
|
|
|
$
|
5,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs applicable to sales (1) |
|
|
|
1,133
|
|
|
|
|
1,185
|
|
|
|
|
3,171
|
|
|
|
|
3,328
|
|
Depreciation and amortization
|
|
|
|
331
|
|
|
|
|
318
|
|
|
|
|
896
|
|
|
|
|
922
|
|
Reclamation and remediation
|
|
|
|
25
|
|
|
|
|
20
|
|
|
|
|
74
|
|
|
|
|
61
|
|
Exploration
|
|
|
|
34
|
|
|
|
|
44
|
|
|
|
|
115
|
|
|
|
|
119
|
|
Advanced projects, research and development
|
|
|
|
32
|
|
|
|
|
36
|
|
|
|
|
93
|
|
|
|
|
120
|
|
General and administrative
|
|
|
|
43
|
|
|
|
|
45
|
|
|
|
|
138
|
|
|
|
|
138
|
|
Other expense, net
|
|
|
|
57
|
|
|
|
|
63
|
|
|
|
|
148
|
|
|
|
|
179
|
|
|
|
|
|
1,655
|
|
|
|
|
1,711
|
|
|
|
|
4,635
|
|
|
|
|
4,867
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net
|
|
|
|
140
|
|
|
|
|
79
|
|
|
|
|
128
|
|
|
|
|
128
|
|
Interest expense, net
|
|
|
|
(81
|
)
|
|
|
|
(89
|
)
|
|
|
|
(248
|
)
|
|
|
|
(276
|
)
|
|
|
|
|
59
|
|
|
|
|
(10
|
)
|
|
|
|
(120
|
)
|
|
|
|
(148
|
)
|
Income (loss) before income and mining tax and other items
|
|
|
|
437
|
|
|
|
|
25
|
|
|
|
|
1,158
|
|
|
|
|
260
|
|
Income and mining tax benefit (expense)
|
|
|
|
(151
|
)
|
|
|
|
47
|
|
|
|
|
(496
|
)
|
|
|
|
22
|
|
Equity income (loss) of affiliates
|
|
|
|
(18
|
)
|
|
|
|
—
|
|
|
|
|
(34
|
)
|
|
|
|
2
|
|
Income (loss) from continuing operations
|
|
|
|
268
|
|
|
|
|
72
|
|
|
|
|
628
|
|
|
|
|
284
|
|
Income (loss) from discontinued operations
|
|
|
|
17
|
|
|
|
|
3
|
|
|
|
|
34
|
|
|
|
|
(16
|
)
|
Net income (loss)
|
|
|
|
285
|
|
|
|
|
75
|
|
|
|
|
662
|
|
|
|
|
268
|
|
Net loss (income) attributable to noncontrolling interests
|
|
|
|
(66
|
)
|
|
|
|
138
|
|
|
|
|
(188
|
)
|
|
|
|
225
|
|
Net income (loss) attributable to Newmont stockholders
|
|
|
$
|
219
|
|
|
|
$
|
213
|
|
|
|
$
|
474
|
|
|
|
$
|
493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Newmont stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
$
|
202
|
|
|
|
$
|
210
|
|
|
|
$
|
440
|
|
|
|
$
|
509
|
|
Discontinued operations
|
|
|
|
17
|
|
|
|
|
3
|
|
|
|
|
34
|
|
|
|
|
(16
|
)
|
|
|
|
$
|
219
|
|
|
|
$
|
213
|
|
|
|
$
|
474
|
|
|
|
$
|
493
|
|
Income (loss) per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
$
|
0.38
|
|
|
|
$
|
0.42
|
|
|
|
$
|
0.86
|
|
|
|
$
|
1.02
|
|
Discontinued operations
|
|
|
|
0.04
|
|
|
|
|
0.01
|
|
|
|
|
0.07
|
|
|
|
|
(0.03
|
)
|
|
|
|
$
|
0.42
|
|
|
|
$
|
0.43
|
|
|
|
$
|
0.93
|
|
|
|
$
|
0.99
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
$
|
0.38
|
|
|
|
$
|
0.42
|
|
|
|
$
|
0.86
|
|
|
|
$
|
1.02
|
|
Discontinued operations
|
|
|
|
0.04
|
|
|
|
|
0.01
|
|
|
|
|
0.07
|
|
|
|
|
(0.03
|
)
|
|
|
|
$
|
0.42
|
|
|
|
$
|
0.43
|
|
|
|
$
|
0.93
|
|
|
|
$
|
0.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per common share
|
|
|
$
|
0.025
|
|
|
|
$
|
0.025
|
|
|
|
$
|
0.075
|
|
|
|
$
|
0.200
|
|
(1) Excludes Depreciation and amortization and Reclamation
and remediation.
|
|
|
|
|
|
|
NEWMONT MINING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
285
|
|
|
|
$
|
75
|
|
|
|
$
|
662
|
|
|
|
$
|
268
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
331
|
|
|
|
|
318
|
|
|
|
|
896
|
|
|
|
|
922
|
|
Stock based compensation and other non-cash benefits
|
|
|
|
18
|
|
|
|
|
15
|
|
|
|
|
58
|
|
|
|
|
42
|
|
Reclamation and remediation
|
|
|
|
23
|
|
|
|
|
20
|
|
|
|
|
70
|
|
|
|
|
61
|
|
Loss (income) from discontinued operations
|
|
|
|
(17
|
)
|
|
|
|
(3
|
)
|
|
|
|
(34
|
)
|
|
|
|
16
|
|
Impairment of investments
|
|
|
|
29
|
|
|
|
|
3
|
|
|
|
|
102
|
|
|
|
|
4
|
|
Deferred income taxes
|
|
|
|
82
|
|
|
|
|
(91
|
)
|
|
|
|
212
|
|
|
|
|
(183
|
)
|
Gain on asset and investment sales, net
|
|
|
|
(66
|
)
|
|
|
|
(40
|
)
|
|
|
|
(109
|
)
|
|
|
|
(92
|
)
|
Gain on deconsolidation of TMAC
|
|
|
|
(76
|
)
|
|
|
|
—
|
|
|
|
|
(76
|
)
|
|
|
|
—
|
|
Other operating adjustments and write-downs
|
|
|
|
89
|
|
|
|
|
252
|
|
|
|
|
254
|
|
|
|
|
525
|
|
Net change in operating assets and liabilities
|
|
|
|
115
|
|
|
|
|
(221
|
)
|
|
|
|
(153
|
)
|
|
|
|
(674
|
)
|
Net cash provided by continuing operations
|
|
|
|
813
|
|
|
|
|
328
|
|
|
|
|
1,882
|
|
|
|
|
889
|
|
Net cash used in discontinued operations
|
|
|
|
(3
|
)
|
|
|
|
(4
|
)
|
|
|
|
(9
|
)
|
|
|
|
(10
|
)
|
Net cash provided by operations
|
|
|
|
810
|
|
|
|
|
324
|
|
|
|
|
1,873
|
|
|
|
|
879
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to property, plant and mine development
|
|
|
|
(335
|
)
|
|
|
|
(277
|
)
|
|
|
|
(941
|
)
|
|
|
|
(766
|
)
|
Acquisitions, net
|
|
|
|
(819
|
)
|
|
|
|
—
|
|
|
|
|
(819
|
)
|
|
|
|
(28
|
)
|
Sales of investments
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
29
|
|
|
|
|
25
|
|
Proceeds from sale of other assets
|
|
|
|
82
|
|
|
|
|
115
|
|
|
|
|
126
|
|
|
|
|
191
|
|
Other
|
|
|
|
(41
|
)
|
|
|
|
(2
|
)
|
|
|
|
(47
|
)
|
|
|
|
(14
|
)
|
Net cash used in investing activities
|
|
|
|
(1,113
|
)
|
|
|
|
(164
|
)
|
|
|
|
(1,652
|
)
|
|
|
|
(592
|
)
|
Financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from debt, net
|
|
|
|
—
|
|
|
|
|
578
|
|
|
|
|
—
|
|
|
|
|
596
|
|
Repayment of debt
|
|
|
|
(51
|
)
|
|
|
|
(576
|
)
|
|
|
|
(332
|
)
|
|
|
|
(581
|
)
|
Proceeds from stock issuance, net
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
675
|
|
|
|
|
—
|
|
Sale of noncontrolling interests
|
|
|
|
—
|
|
|
|
|
3
|
|
|
|
|
37
|
|
|
|
|
71
|
|
Funding from noncontrolling interests
|
|
|
|
27
|
|
|
|
|
—
|
|
|
|
|
89
|
|
|
|
|
—
|
|
Acquisition of noncontrolling interests
|
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
|
|
|
(8
|
)
|
|
|
|
(6
|
)
|
Dividends paid to noncontrolling interests
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(3
|
)
|
|
|
|
(4
|
)
|
Dividends paid to common stockholders
|
|
|
|
(15
|
)
|
|
|
|
(13
|
)
|
|
|
|
(38
|
)
|
|
|
|
(102
|
)
|
Restricted cash and other
|
|
|
|
2
|
|
|
|
|
(16
|
)
|
|
|
|
(59
|
)
|
|
|
|
(27
|
)
|
Net cash provided by (used in) financing activities
|
|
|
|
(39
|
)
|
|
|
|
(26
|
)
|
|
|
|
361
|
|
|
|
|
(53
|
)
|
Effect of exchange rate changes on cash
|
|
|
|
(2
|
)
|
|
|
|
(9
|
)
|
|
|
|
(21
|
)
|
|
|
|
(11
|
)
|
Net change in cash and cash equivalents
|
|
|
|
(344
|
)
|
|
|
|
125
|
|
|
|
|
561
|
|
|
|
|
223
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
3,308
|
|
|
|
|
1,653
|
|
|
|
|
2,403
|
|
|
|
|
1,555
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
2,964
|
|
|
|
$
|
1,778
|
|
|
|
$
|
2,964
|
|
|
|
$
|
1,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEWMONT MINING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
At September 30,
|
|
|
December 31,
|
|
|
|
2015
|
|
|
2014
|
ASSETS
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
2,964
|
|
|
|
$
|
2,403
|
|
Trade receivables
|
|
|
|
175
|
|
|
|
|
186
|
|
Other accounts receivables
|
|
|
|
174
|
|
|
|
|
290
|
|
Investments
|
|
|
|
25
|
|
|
|
|
73
|
|
Inventories
|
|
|
|
766
|
|
|
|
|
700
|
|
Stockpiles and ore on leach pads
|
|
|
|
782
|
|
|
|
|
666
|
|
Deferred income tax assets
|
|
|
|
193
|
|
|
|
|
240
|
|
Other current assets
|
|
|
|
116
|
|
|
|
|
881
|
|
Current assets
|
|
|
|
5,195
|
|
|
|
|
5,439
|
|
Property, plant and mine development, net
|
|
|
|
14,335
|
|
|
|
|
13,650
|
|
Investments
|
|
|
|
378
|
|
|
|
|
334
|
|
Stockpiles and ore on leach pads
|
|
|
|
3,014
|
|
|
|
|
2,820
|
|
Deferred income tax assets
|
|
|
|
1,704
|
|
|
|
|
1,790
|
|
Other long-term assets
|
|
|
|
928
|
|
|
|
|
883
|
|
Total assets
|
|
|
$
|
25,554
|
|
|
|
$
|
24,916
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
Debt
|
|
|
$
|
266
|
|
|
|
$
|
166
|
|
Accounts payable
|
|
|
|
435
|
|
|
|
|
406
|
|
Employee-related benefits
|
|
|
|
254
|
|
|
|
|
307
|
|
Income and mining taxes
|
|
|
|
119
|
|
|
|
|
74
|
|
Other current liabilities
|
|
|
|
617
|
|
|
|
|
1,245
|
|
Current liabilities
|
|
|
|
1,691
|
|
|
|
|
2,198
|
|
Debt
|
|
|
|
6,085
|
|
|
|
|
6,480
|
|
Reclamation and remediation liabilities
|
|
|
|
1,712
|
|
|
|
|
1,606
|
|
Deferred income tax liabilities
|
|
|
|
763
|
|
|
|
|
656
|
|
Employee-related benefits
|
|
|
|
419
|
|
|
|
|
492
|
|
Other long-term liabilities
|
|
|
|
315
|
|
|
|
|
395
|
|
Total liabilities
|
|
|
|
10,985
|
|
|
|
|
11,827
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
846
|
|
|
|
|
798
|
|
Additional paid-in capital
|
|
|
|
9,409
|
|
|
|
|
8,712
|
|
Accumulated other comprehensive income (loss)
|
|
|
|
(389
|
)
|
|
|
|
(478
|
)
|
Retained earnings
|
|
|
|
1,678
|
|
|
|
|
1,242
|
|
Newmont stockholders' equity
|
|
|
|
11,544
|
|
|
|
|
10,274
|
|
Noncontrolling interests
|
|
|
|
3,025
|
|
|
|
|
2,815
|
|
Total equity
|
|
|
|
14,569
|
|
|
|
|
13,089
|
|
Total liabilities and equity
|
|
|
$
|
25,554
|
|
|
|
$
|
24,916
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Operating Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated gold
|
|
|
Attributable gold
|
|
|
|
ounces produced
|
|
|
ounces produced
|
|
|
|
(thousands):
|
|
|
(thousands):
|
|
|
|
Three Months Ended
|
|
|
Three Months Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlin
|
|
|
231
|
|
|
236
|
|
|
231
|
|
|
236
|
Phoenix
|
|
|
53
|
|
|
56
|
|
|
53
|
|
|
56
|
Twin Creeks
|
|
|
119
|
|
|
89
|
|
|
119
|
|
|
89
|
La Herradura
|
|
|
—
|
|
|
47
|
|
|
—
|
|
|
47
|
CC&V
|
|
|
31
|
|
|
—
|
|
|
31
|
|
|
—
|
|
|
|
434
|
|
|
428
|
|
|
434
|
|
|
428
|
South America
|
|
|
|
|
|
|
|
|
|
|
|
|
Yanacocha
|
|
|
242
|
|
|
250
|
|
|
125
|
|
|
128
|
Other South America Equity Interests
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|
8
|
|
|
|
242
|
|
|
250
|
|
|
141
|
|
|
136
|
Asia Pacific
|
|
|
|
|
|
|
|
|
|
|
|
|
Boddington
|
|
|
205
|
|
|
165
|
|
|
205
|
|
|
165
|
Tanami
|
|
|
126
|
|
|
72
|
|
|
126
|
|
|
72
|
Waihi
|
|
|
33
|
|
|
39
|
|
|
33
|
|
|
39
|
Kalgoorlie
|
|
|
89
|
|
|
82
|
|
|
89
|
|
|
82
|
Batu Hijau
|
|
|
216
|
|
|
2
|
|
|
105
|
|
|
1
|
Other Asia Pacific Equity Interests
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
18
|
|
|
|
669
|
|
|
360
|
|
|
572
|
|
|
377
|
Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
Ahafo
|
|
|
77
|
|
|
107
|
|
|
77
|
|
|
107
|
Akyem
|
|
|
116
|
|
|
106
|
|
|
116
|
|
|
106
|
|
|
|
193
|
|
|
213
|
|
|
193
|
|
|
213
|
|
|
|
1,538
|
|
|
1,251
|
|
|
1,340
|
|
|
1,154
|
Consolidated copper pounds produced (millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix
|
|
|
12
|
|
|
11
|
|
|
12
|
|
|
11
|
Boddington
|
|
|
21
|
|
|
16
|
|
|
21
|
|
|
16
|
Batu Hijau
|
|
|
147
|
|
|
7
|
|
|
72
|
|
|
3
|
|
|
|
180
|
|
|
34
|
|
|
105
|
|
|
30
|
Consolidated copper tonnes produced (thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix
|
|
|
5
|
|
|
5
|
|
|
5
|
|
|
5
|
Boddington
|
|
|
10
|
|
|
7
|
|
|
10
|
|
|
7
|
Batu Hijau
|
|
|
67
|
|
|
3
|
|
|
33
|
|
|
1
|
|
|
|
82
|
|
|
15
|
|
|
48
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
Non-GAAP financial measures are intended to provide additional
information only and do not have any standard meaning prescribed by
generally accepted accounting principles (GAAP). These measures should
not be considered in isolation or as a substitute for measures of
performance prepared in accordance with GAAP.
Our management uses adjusted net income, adjusted net income per diluted
share and Adjusted EBITDA as measures of operating performance to assist
in comparing performance from period to period on a consistent basis; as
a measure for planning and forecasting overall expectations and for
evaluating actual results against such expectations; in communications
with the board of directors, stockholders, analysts and investors
concerning our financial performance; as useful comparisons to the
performance of our competitors; and as metrics of certain management
incentive compensation calculations. We believe that adjusted net
income, adjusted net income per diluted share and Adjusted EBITDA are
used by and are useful to investors and other users of our financial
statements in evaluating our operating performance because they provide
an additional tool to evaluate our performance without regard to special
and non-core items, which can vary substantially from company to company
depending upon accounting methods and book value of assets and capital
structure. We have provided reconciliations of all non-GAAP measures to
their nearest U.S. GAAP measures and have consistently applied the
adjustments within our reconciliations in arriving at each non-GAAP
measure. These adjustments consist of special items from our U.S. GAAP
financial statements as well as other non-core items, such as property,
plant and mine development impairments, restructuring costs, gains and
losses on sales of asset sales, abnormal production costs and
transaction/acquisition costs included in our U.S. GAAP results that
warrant adjustment to arrive at non-GAAP results. We consider these
items to be necessary adjustments for purposes of evaluating our ongoing
business performance and are often considered non-recurring. Such
adjustments are subjective and involve significant management judgment.
Adjusted net income (loss)
Management of the Company uses Adjusted net income (loss) to evaluate
the Company’s operating performance, and for planning and forecasting
future business operations. The Company believes the use of Adjusted net
income (loss) allows investors and analysts to understand the results of
the continuing operations of the Company and its direct and indirect
subsidiaries relating to the production and sale of minerals, by
excluding certain items that have a disproportionate impact on our
results for a particular period. The net income (loss) adjustments are
presented net of tax generally at Company’s statutory effective tax rate
of 35% and net of our partners’ noncontrolling interests when
applicable. The corollary impact of the adjustments through the
Company’s Valuation allowance is shown separately. The tax valuation
allowance adjustment includes items such as foreign tax credits,
alternative minimum tax credits, capital losses and disallowed foreign
losses. Management’s determination of the components of Adjusted net
income (loss) are evaluated periodically and based, in part, on a review
of non-GAAP financial measures used by mining industry analysts. Net
income (loss) attributable to Newmont stockholders is reconciled to
Adjusted net income (loss) as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Net income (loss) attributable to Newmont stockholders
|
|
|
$
|
219
|
|
|
|
$
|
213
|
|
|
|
$
|
474
|
|
|
|
$
|
493
|
|
Loss (income) from discontinued operations (1) |
|
|
|
(17
|
)
|
|
|
|
(3
|
)
|
|
|
|
(34
|
)
|
|
|
|
16
|
|
Impairments and loss provisions (2) |
|
|
|
21
|
|
|
|
|
5
|
|
|
|
|
70
|
|
|
|
|
12
|
|
Tax valuation allowance
|
|
|
|
(24
|
)
|
|
|
|
21
|
|
|
|
|
65
|
|
|
|
|
(77
|
)
|
Restructuring and other (3) |
|
|
|
7
|
|
|
|
|
11
|
|
|
|
|
14
|
|
|
|
|
18
|
|
Acquisition costs (4) |
|
|
|
5
|
|
|
|
|
—
|
|
|
|
|
10
|
|
|
|
|
—
|
|
Loss (gain) on asset and investment sales (5) |
|
|
|
(36
|
)
|
|
|
|
(17
|
)
|
|
|
|
(63
|
)
|
|
|
|
(31
|
)
|
Abnormal production costs at Batu Hijau (6) |
|
|
|
—
|
|
|
|
|
19
|
|
|
|
|
—
|
|
|
|
|
28
|
|
Gain on deconsolidation of TMAC (7) |
|
|
|
(49
|
)
|
|
|
|
—
|
|
|
|
|
(49
|
)
|
|
|
|
—
|
|
Adjusted net income (loss)
|
|
|
$
|
126
|
|
|
|
$
|
249
|
|
|
|
$
|
487
|
|
|
|
$
|
459
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share, basic
|
|
|
$
|
0.42
|
|
|
|
$
|
0.43
|
|
|
|
$
|
0.93
|
|
|
|
$
|
0.98
|
|
Loss (income) from discontinued operations, net of taxes
|
|
|
|
(0.04
|
)
|
|
|
|
(0.01
|
)
|
|
|
|
(0.07
|
)
|
|
|
|
0.03
|
|
Impairments and loss provisions, net of taxes
|
|
|
|
0.05
|
|
|
|
|
0.01
|
|
|
|
|
0.14
|
|
|
|
|
0.02
|
|
Tax valuation allowance
|
|
|
|
(0.05
|
)
|
|
|
|
0.04
|
|
|
|
|
0.13
|
|
|
|
|
(0.15
|
)
|
Restructuring and other, net of taxes
|
|
|
|
0.02
|
|
|
|
|
0.02
|
|
|
|
|
0.03
|
|
|
|
|
0.04
|
|
Acquisition costs, net of taxes
|
|
|
|
0.01
|
|
|
|
|
—
|
|
|
|
|
0.02
|
|
|
|
|
—
|
|
Loss (gain) on asset and investment sales, net of taxes
|
|
|
|
(0.07
|
)
|
|
|
|
(0.03
|
)
|
|
|
|
(0.12
|
)
|
|
|
|
(0.06
|
)
|
Abnormal production costs at Batu Hijau, net of taxes
|
|
|
|
—
|
|
|
|
|
0.04
|
|
|
|
|
—
|
|
|
|
|
0.06
|
|
Gain on deconsolidation of TMAC, net of taxes
|
|
|
|
(0.10
|
)
|
|
|
|
—
|
|
|
|
|
(0.10
|
)
|
|
|
|
—
|
|
Adjusted net income (loss) per share, basic
|
|
|
$
|
0.24
|
|
|
|
$
|
0.50
|
|
|
|
$
|
0.96
|
|
|
|
$
|
0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share, diluted
|
|
|
$
|
0.42
|
|
|
|
$
|
0.43
|
|
|
|
$
|
0.93
|
|
|
|
$
|
0.98
|
|
Loss (income) from discontinued operations, net of taxes
|
|
|
|
(0.04
|
)
|
|
|
|
(0.01
|
)
|
|
|
|
(0.07
|
)
|
|
|
|
0.03
|
|
Impairments and loss provisions, net of taxes
|
|
|
|
0.04
|
|
|
|
|
0.01
|
|
|
|
|
0.13
|
|
|
|
|
0.02
|
|
Tax valuation allowance
|
|
|
|
(0.05
|
)
|
|
|
|
0.04
|
|
|
|
|
0.13
|
|
|
|
|
(0.15
|
)
|
Restructuring and other, net of taxes
|
|
|
|
0.02
|
|
|
|
|
0.02
|
|
|
|
|
0.03
|
|
|
|
|
0.04
|
|
Acquisition costs, net of taxes
|
|
|
|
0.01
|
|
|
|
|
—
|
|
|
|
|
0.02
|
|
|
|
|
—
|
|
Loss (gain) on asset and investment sales, net of taxes
|
|
|
|
(0.07
|
)
|
|
|
|
(0.03
|
)
|
|
|
|
(0.12
|
)
|
|
|
|
(0.06
|
)
|
Abnormal production costs at Batu Hijau, net of taxes
|
|
|
|
—
|
|
|
|
|
0.04
|
|
|
|
|
—
|
|
|
|
|
0.06
|
|
Gain on deconsolidation of TMAC, net of taxes
|
|
|
|
(0.10
|
)
|
|
|
|
—
|
|
|
|
|
(0.10
|
)
|
|
|
|
—
|
|
Adjusted net income (loss) per share, diluted
|
|
|
$
|
0.23
|
|
|
|
$
|
0.50
|
|
|
|
$
|
0.95
|
|
|
|
$
|
0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares (millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
529
|
|
|
|
|
499
|
|
|
|
|
511
|
|
|
|
|
499
|
|
Diluted
|
|
|
|
530
|
|
|
|
|
500
|
|
|
|
|
512
|
|
|
|
|
499
|
|
(1)
|
|
Loss (income) from discontinued operations is presented net of tax
$7, $2, $15 and $(7) expense (benefit), respectively.
|
(2)
|
|
Impairments and loss provisions is presented net of tax ($11), ($3),
($38) and ($7) expense (benefit), respectively and amounts
attributed to noncontrolling interest income (expense) of $-, $-, $-
and ($3), respectively.
|
(3)
|
|
Restructuring and other is presented net of tax ($4), ($7), ($9) and
($11) expense (benefit), respectively and amounts attributed to
noncontrolling interest income (expense) of ($1), ($1), ($3) and
($3), respectively.
|
(4)
|
|
Acquisition costs are presented net of tax ($2), $-, ($5) and $-
expense (benefit), respectively.
|
(5)
|
|
Loss (gain) on asset and investment sales are presented net of tax
$30, $24, $46 and $62 expense (benefit), respectively.
|
(6)
|
|
Abnormal production cost at Batu Hijau is presented net of tax $-,
$41, $- and $32 expense (benefit), respectively and amounts
attributed to noncontrolling interest income (expense) of $-, $39,
$- and $30, respectively.
|
(7)
|
|
Gain on deconsolidation of TMAC is presented net of tax $27, $-,
$27, $- expense (benefit), respectively.
|
|
|
|
Adjusted Earnings Before Interest, Taxes, Depreciation, and
Amortization (Adjusted EBITDA)
We also present adjusted earnings before interest, taxes,
depreciation, and amortization (Adjusted EBITDA) as a non-GAAP
measure. Management of the Company uses EBITDA and EBITDA adjusted for
non-core or certain items that have a disproportionate impact on our
results for a particular period (Adjusted EBITDA) as non-GAAP measures
to evaluate the Company’s operating performance. EBITDA and Adjusted
EBITDA do not represent, and should not be considered an alternative to,
net earnings (loss), operating earnings (loss), or cash flow from
operations as those terms are defined by GAAP, and does not necessarily
indicate whether cash flows will be sufficient to fund cash needs.
Although Adjusted EBITDA and similar measures are frequently used as
measures of operations and the ability to meet debt service requirements
by other companies, our calculation of Adjusted EBITDA is not
necessarily comparable to such other similarly titled captions of other
companies. The Company believes that Adjusted EBITDA provides useful
information to investors and others in understanding and evaluating our
operating results in the same manner as our management and board of
directors. Management’s determination of the components of Adjusted
EBITDA are evaluated periodically and based, in part, on a review of
non-GAAP financial measures used by mining industry analysts. Net
income (loss) attributable to Newmont stockholders is reconciled
to EBITDA and Adjusted EBITDA as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Net income (loss) attributable to Newmont stockholders
|
|
|
$
|
219
|
|
|
|
$
|
213
|
|
|
|
$
|
474
|
|
|
|
$
|
493
|
|
Net income (loss) attributable to noncontrolling interests
|
|
|
|
66
|
|
|
|
|
(138
|
)
|
|
|
|
188
|
|
|
|
|
(225
|
)
|
Loss (income) from discontinued operations
|
|
|
|
(17
|
)
|
|
|
|
(3
|
)
|
|
|
|
(34
|
)
|
|
|
|
16
|
|
Equity loss (income) of affiliates
|
|
|
|
18
|
|
|
|
|
—
|
|
|
|
|
34
|
|
|
|
|
(2
|
)
|
Income and mining tax expense (benefit)
|
|
|
|
151
|
|
|
|
|
(47
|
)
|
|
|
|
496
|
|
|
|
|
(22
|
)
|
Depreciation and amortization
|
|
|
|
331
|
|
|
|
|
318
|
|
|
|
|
896
|
|
|
|
|
922
|
|
Interest expense, net
|
|
|
|
81
|
|
|
|
|
89
|
|
|
|
|
248
|
|
|
|
|
276
|
|
EBITDA
|
|
|
$
|
849
|
|
|
|
$
|
432
|
|
|
|
$
|
2,302
|
|
|
|
$
|
1,458
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairments and loss provisions
|
|
|
$
|
32
|
|
|
|
$
|
8
|
|
|
|
$
|
108
|
|
|
|
$
|
22
|
|
Restructuring and other
|
|
|
|
12
|
|
|
|
|
19
|
|
|
|
|
26
|
|
|
|
|
32
|
|
Acquisitions costs
|
|
|
|
7
|
|
|
|
|
—
|
|
|
|
|
15
|
|
|
|
|
—
|
|
Gain on deconsolidation of TMAC
|
|
|
|
(76
|
)
|
|
|
|
—
|
|
|
|
|
(76
|
)
|
|
|
|
—
|
|
Loss (gain) on asset and investment sales
|
|
|
|
(66
|
)
|
|
|
|
(41
|
)
|
|
|
|
(109
|
)
|
|
|
|
(93
|
)
|
Abnormal production costs at Batu Hijau
|
|
|
|
—
|
|
|
|
|
37
|
|
|
|
|
—
|
|
|
|
|
53
|
|
Adjusted EBITDA
|
|
|
$
|
758
|
|
|
|
$
|
455
|
|
|
|
$
|
2,266
|
|
|
|
$
|
1,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow
Free Cash Flow is cash generated from Net cash provided from
continuing operations less Additions to property, plant and mine
development as presented on the Statement of Cash Flows. To
supplement our statements of cash flows presented on a GAAP basis, we
use non-GAAP measures of cash flows to analyze cash flows generated from
our operations. We believe Free Cash Flow is also useful as one of the
bases for comparing our performance with our competitors. The
presentation of non-GAAP Free Cash Flow is not meant to be considered in
isolation or as an alternative to net income as an indicator of our
performance, or as an alternative to cash flows from operating
activities as a measure of liquidity. Net cash provided from
continuing operations is reconciled to Free Cash Flow as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
2014
|
Net cash provided by continuing operations
|
|
|
$
|
813
|
|
|
|
$
|
328
|
|
|
|
$
|
1,882
|
|
|
$
|
889
|
|
Less: Additions to property, plant and mine development
|
|
|
|
(335
|
)
|
|
|
|
(277
|
)
|
|
|
|
(941
|
)
|
|
|
(766
|
)
|
Free Cash Flow
|
|
|
$
|
478
|
|
|
|
$
|
51
|
|
|
|
$
|
941
|
|
|
$
|
123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs applicable to sales per ounce/pound
Costs applicable to sales per ounce/pound are non-GAAP financial
measures. These measures are calculated by dividing the costs applicable
to sales of gold and copper by gold ounces or copper pounds sold,
respectively. These measures are calculated on a consistent basis for
the periods presented on a consolidated basis. Costs applicable to sales
per ounce/pound statistics are intended to provide additional
information only and do not have any standardized meaning prescribed by
GAAP and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with GAAP. The measures
are not necessarily indicative of operating profit or cash flow from
operations as determined under GAAP. Other companies may calculate these
measures differently.
The following tables reconcile these non-GAAP measures to the most
directly comparable GAAP measures.
Costs applicable to sales per ounce
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Costs applicable to sales (1) |
|
|
$
|
940
|
|
|
$
|
893
|
|
|
$
|
2,626
|
|
|
$
|
2,797
|
Gold sold (thousand ounces)
|
|
|
|
1,548
|
|
|
|
1,267
|
|
|
|
4,252
|
|
|
|
3,814
|
Costs applicable to sales per ounce
|
|
|
$
|
608
|
|
|
$
|
705
|
|
|
$
|
618
|
|
|
$
|
733
|
(1)
|
|
Includes by-product credits of $14 and $40 in the third quarter and
first nine months of 2015, respectively, and $16 and $54 in the
third quarter and first nine months of 2014, respectively.
|
|
|
|
Costs applicable to sales per pound
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Costs applicable to sales (1) |
|
|
$
|
193
|
|
|
$
|
292
|
|
|
$
|
545
|
|
|
$
|
531
|
Copper sold (million pounds)
|
|
|
|
167
|
|
|
|
51
|
|
|
|
445
|
|
|
|
141
|
Costs applicable to sales per pound:
|
|
|
$
|
1.15
|
|
|
$
|
5.73
|
|
|
$
|
1.22
|
|
|
$
|
3.75
|
(1)
|
|
Includes by-product credits of $7 and $18 in the third quarter and
first nine months of 2015, respectively, and $3 and $12 in the third
quarter and first nine months of 2014, respectively.
|
|
|
|
All-In Sustaining Costs
Newmont has worked to develop a metric that expands on GAAP measures
such as cost of goods sold and non-GAAP measures, such as costs
applicable to sales per ounce, to provide visibility into the economics
of our mining operations related to expenditures, operating performance
and the ability to generate cash flow from operations.
Current GAAP-measures used in the mining industry, such as cost of goods
sold, do not capture all of the expenditures incurred to discover,
develop, and sustain gold production. Therefore, we believe that all-in
sustaining costs is a non-GAAP measure that provides additional
information to management, investors, and analysts that aid in the
understanding of the economics of our operations and performance
compared to other producers and in the investor’s visibility by better
defining the total costs associated with production.
All-in sustaining cost (AISC) amounts are intended to provide additional
information only and do not have any standardized meaning prescribed by
GAAP and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with GAAP. The measures
are not necessarily indicative of operating profit or cash flow from
operations as determined under GAAP. Other companies may calculate these
measures differently as a result of differences in the underlying
accounting principles, policies applied and in accounting frameworks
such as in International Financial Reporting Standards (IFRS), or by
reflecting the benefit from selling non-gold metals as a reduction to
AISC. Differences may also arise related to definitional differences of
sustaining versus development capital activities based upon each
company’s internal policies.
The following disclosure provides information regarding the adjustments
made in determining the all-in sustaining costs measure:
Cost Applicable to Sales - Includes all direct and indirect costs
related to current gold production incurred to execute the current mine
plan. Costs Applicable to Sales (CAS) includes by-product credits from
certain metals obtained during the process of extracting and processing
the primary ore-body. CAS is accounted for on an accrual basis and
excludes Amortization and Reclamation and remediation, which is
consistent with our presentation of CAS on the Statement of Consolidated
Income. In determining AISC, only the CAS associated with producing and
selling an ounce of gold is included in the measure. Therefore, the
amount of gold CAS included in AISC is derived from the CAS presented in
the Company’s Statement of Consolidated Income less the amount of CAS
attributable to the production of copper at our Phoenix, Boddington and
Batu Hijau mines. The copper CAS at those mine sites is disclosed in
Note 3 – Segments that accompanies the Consolidated Financial
Statements. The allocation of CAS between gold and copper at the
Phoenix, Boddington and Batu Hijau mines is based upon the relative
sales percentage of copper and gold sold during the period.
Remediation Costs - Includes accretion expense related to asset
retirement obligations (ARO) and the amortization of the related Asset
Retirement Cost (ARC) for the Company’s operating properties recorded as
an ARC asset. Accretion related to ARO and the amortization of the ARC
assets for reclamation and remediation do not reflect annual cash
outflows but are calculated in accordance with GAAP. The accretion and
amortization reflect the periodic costs of reclamation and remediation
associated with current gold production and are therefore included in
the measure. The allocation of these costs to gold and copper is
determined using the same allocation used in the allocation of CAS
between gold and copper at the Phoenix, Boddington and Batu Hijau mines.
Advanced Projects and Exploration - Includes incurred expenses related
to projects that are designed to increase or enhance current gold
production and gold exploration. We note that as current resources are
depleted, exploration and advance projects are necessary for us to
replace the depleting reserves or enhance the recovery and processing of
the current reserves. As this relates to sustaining our gold production,
and is considered a continuing cost of a mining company, these costs are
included in the AISC measure. These costs are derived from the Advanced
projects, research and development and Exploration amounts presented in
the Company’s Statement of Consolidated Income less the amount
attributable to the production of copper at our Phoenix, Boddington and
Batu Hijau mines. The allocation of these costs to gold and copper is
determined using the same allocation used in the allocation of CAS
between gold and copper at the Batu Hijau, Boddington and Phoenix mines.
General and Administrative - Includes cost related to administrative
tasks not directly related to current gold production, but rather
related to support our corporate structure and fulfilling our
obligations to operate as a public company. Including these expenses in
the AISC metric provides visibility of the impact that general and
administrative activities have on current operations and profitability
on a per ounce basis.
Other Expense, net - Includes costs related to regional administration
and community development to support current gold production. We exclude
certain exceptional or unusual expenses from Other expense, net, such as
restructuring, as these are not indicative to sustaining our current
gold operations. Furthermore, this adjustment to Other expense, net is
also consistent with the nature of the adjustments made to Net income
(loss) as disclosed in the Company’s non-GAAP financial measure Adjusted
net income (loss). The allocation of these costs to gold and copper is
determined using the same allocation used in the allocation of CAS
between gold and copper at the Phoenix, Boddington and Batu Hijau mines.
Treatment and Refining Costs - Includes costs paid to smelters for
treatment and refining of our concentrates to produce the salable metal.
These costs are presented net as a reduction of Sales.
Sustaining Capital - We determined sustaining capital as those capital
expenditures that are necessary to maintain current gold production and
execute the current mine plan. Capital expenditures to develop new
operations, or related to projects at existing operations where these
projects will enhance gold production or reserves, are considered
development. We determined the breakout of sustaining and development
capital costs based on a systematic review of our project portfolio in
light of the nature of each project. Sustaining capital costs are
relevant to the AISC metric as these are needed to maintain the
Company’s current gold operations and provide improved transparency
related to our ability to finance these expenditures from current
operations. The allocation of these costs to gold and copper is
determined using the same allocation used in the allocation of CAS
between gold and copper at the Batu Hijau, Boddington and Phoenix mines.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advanced
|
|
|
|
|
|
|
|
|
Treatment
|
|
|
|
|
|
|
|
|
|
|
|
|
All-In
|
|
|
|
Costs
|
|
|
|
|
|
|
Projects
|
|
|
General
|
|
|
Other
|
|
|
and
|
|
|
|
|
|
|
All-In
|
|
|
Ounces
|
|
|
Sustaining
|
Three Months Ended
|
|
|
Applicable
|
|
|
Remediation
|
|
|
and
|
|
|
and
|
|
|
Expense,
|
|
|
Refining
|
|
|
Sustaining
|
|
|
Sustaining
|
|
|
(000)/Pounds
|
|
|
Costs per
|
September 30, 2015
|
|
|
to Sales (1)(2)(3) |
|
|
Costs (4) |
|
|
Exploration
|
|
|
Administrative
|
|
|
Net (5) |
|
|
Costs
|
|
|
Capital (6) |
|
|
Costs
|
|
|
(millions) Sold
|
|
|
oz/lb
|
GOLD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlin
|
|
|
$
|
208
|
|
|
$
|
1
|
|
|
$
|
5
|
|
|
$
|
-
|
|
|
$
|
2
|
|
|
$
|
-
|
|
|
$
|
49
|
|
|
$
|
265
|
|
|
231
|
|
|
$
|
1,147
|
Phoenix
|
|
|
|
48
|
|
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
3
|
|
|
|
3
|
|
|
|
56
|
|
|
59
|
|
|
|
949
|
Twin Creeks
|
|
|
|
66
|
|
|
|
2
|
|
|
|
2
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
7
|
|
|
|
78
|
|
|
119
|
|
|
|
655
|
CC&V (7) |
|
|
|
10
|
|
|
|
1
|
|
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
13
|
|
|
33
|
|
|
|
394
|
Other North America
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7
|
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
|
|
1
|
|
|
|
10
|
|
|
-
|
|
|
|
-
|
North America
|
|
|
|
332
|
|
|
|
5
|
|
|
|
15
|
|
|
|
-
|
|
|
|
6
|
|
|
|
3
|
|
|
|
61
|
|
|
|
422
|
|
|
442
|
|
|
|
955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yanacocha
|
|
|
|
158
|
|
|
|
24
|
|
|
|
9
|
|
|
|
-
|
|
|
|
7
|
|
|
|
-
|
|
|
|
25
|
|
|
|
223
|
|
|
257
|
|
|
|
868
|
Other South America
|
|
|
|
-
|
|
|
|
-
|
|
|
|
10
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
10
|
|
|
-
|
|
|
|
-
|
South America
|
|
|
|
158
|
|
|
|
24
|
|
|
|
19
|
|
|
|
-
|
|
|
|
7
|
|
|
|
-
|
|
|
|
25
|
|
|
|
233
|
|
|
257
|
|
|
|
907
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boddington
|
|
|
|
131
|
|
|
|
2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5
|
|
|
|
10
|
|
|
|
148
|
|
|
208
|
|
|
|
712
|
Tanami
|
|
|
|
54
|
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
18
|
|
|
|
75
|
|
|
126
|
|
|
|
595
|
Waihi
|
|
|
|
12
|
|
|
|
1
|
|
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
15
|
|
|
29
|
|
|
|
517
|
Kalgoorlie
|
|
|
|
68
|
|
|
|
2
|
|
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
3
|
|
|
|
75
|
|
|
86
|
|
|
|
872
|
Batu Hijau
|
|
|
|
83
|
|
|
|
3
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3
|
|
|
|
13
|
|
|
|
9
|
|
|
|
111
|
|
|
205
|
|
|
|
541
|
Other Asia Pacific
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
6
|
|
|
|
-
|
|
|
|
1
|
|
|
|
8
|
|
|
-
|
|
|
|
-
|
Asia Pacific
|
|
|
|
348
|
|
|
|
8
|
|
|
|
5
|
|
|
|
-
|
|
|
|
10
|
|
|
|
19
|
|
|
|
42
|
|
|
|
432
|
|
|
654
|
|
|
|
661
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ahafo
|
|
|
|
50
|
|
|
|
1
|
|
|
|
5
|
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
|
|
11
|
|
|
|
69
|
|
|
79
|
|
|
|
873
|
Akyem
|
|
|
|
52
|
|
|
|
3
|
|
|
|
2
|
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
|
|
11
|
|
|
|
70
|
|
|
116
|
|
|
|
603
|
Other Africa
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
-
|
|
|
|
-
|
Africa
|
|
|
|
102
|
|
|
|
4
|
|
|
|
7
|
|
|
|
-
|
|
|
|
6
|
|
|
|
-
|
|
|
|
22
|
|
|
|
141
|
|
|
195
|
|
|
|
723
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
|
|
|
|
-
|
|
|
|
-
|
|
|
|
18
|
|
|
|
43
|
|
|
|
1
|
|
|
|
-
|
|
|
|
2
|
|
|
|
64
|
|
|
-
|
|
|
|
-
|
Total Gold
|
|
|
$
|
940
|
|
|
$
|
41
|
|
|
$
|
64
|
|
|
$
|
43
|
|
|
$
|
30
|
|
|
$
|
22
|
|
|
$
|
152
|
|
|
$
|
1,292
|
|
|
1,548
|
|
|
$
|
835
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COPPER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix
|
|
|
$
|
27
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
3
|
|
|
$
|
2
|
|
|
$
|
34
|
|
|
14
|
|
|
$
|
2.43
|
Boddington
|
|
|
|
33
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3
|
|
|
|
3
|
|
|
|
39
|
|
|
19
|
|
|
|
2.05
|
Batu Hijau
|
|
|
|
133
|
|
|
|
5
|
|
|
|
1
|
|
|
|
-
|
|
|
|
5
|
|
|
|
25
|
|
|
|
15
|
|
|
|
184
|
|
|
134
|
|
|
|
1.37
|
Asia Pacific
|
|
|
|
166
|
|
|
|
5
|
|
|
|
1
|
|
|
|
-
|
|
|
|
5
|
|
|
|
28
|
|
|
|
18
|
|
|
|
223
|
|
|
153
|
|
|
|
1.46
|
Total Copper
|
|
|
$
|
193
|
|
|
$
|
6
|
|
|
$
|
2
|
|
|
$
|
-
|
|
|
$
|
5
|
|
|
$
|
31
|
|
|
$
|
20
|
|
|
$
|
257
|
|
|
167
|
|
|
$
|
1.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
$
|
1,133
|
|
|
$
|
47
|
|
|
$
|
66
|
|
|
$
|
43
|
|
|
$
|
35
|
|
|
$
|
53
|
|
|
$
|
172
|
|
|
$
|
1,549
|
|
|
|
|
|
|
|
(1)
|
|
Excludes Depreciation and amortization and Reclamation and
remediation.
|
(2)
|
|
Includes by-product credits of $21.
|
(3)
|
|
Includes stockpile and leach pad inventory adjustments of $35 at
Carlin, $7 at Twin Creeks and $20 at Yanacocha.
|
(4)
|
|
Remediation costs include operating accretion of $21 and
amortization of asset retirement costs of $26.
|
(5)
|
|
Other expense, net is adjusted for restructuring costs of $12,
acquisition costs of $7 and write-downs of $3.
|
(6)
|
|
Excludes development capital expenditures, capitalized interest, and
the increase in accrued capital of $163. The following are major
development projects: Merian, Turf Vent Shaft, Long Canyon and the
CC&V expansion project.
|
(7)
|
|
The Company acquired the CC&V gold mining business on August 3, 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advanced
|
|
|
|
|
|
|
|
|
Treatment
|
|
|
|
|
|
|
|
|
|
|
|
|
All-In
|
|
|
|
Costs
|
|
|
|
|
|
|
Projects
|
|
|
General
|
|
|
Other
|
|
|
and
|
|
|
|
|
|
|
All-In
|
|
|
Ounces
|
|
|
Sustaining
|
Three Months Ended
|
|
|
Applicable
|
|
|
Remediation
|
|
|
and
|
|
|
and
|
|
|
Expense,
|
|
|
Refining
|
|
|
Sustaining
|
|
|
Sustaining
|
|
|
(000)/Pounds
|
|
|
Costs per
|
September 30, 2014
|
|
|
to Sales (1)(2)(3) |
|
|
Costs (4) |
|
|
Exploration
|
|
|
Administrative
|
|
|
Net (5) |
|
|
Costs
|
|
|
Capital (6) |
|
|
Costs
|
|
|
(millions) Sold
|
|
|
oz/lb
|
GOLD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlin
|
|
|
$
|
206
|
|
|
$
|
1
|
|
|
$
|
5
|
|
|
$
|
-
|
|
|
$
|
2
|
|
|
$
|
-
|
|
|
$
|
41
|
|
|
$
|
255
|
|
|
236
|
|
|
$
|
1,081
|
Phoenix
|
|
|
|
47
|
|
|
|
1
|
|
|
|
2
|
|
|
|
-
|
|
|
|
1
|
|
|
|
3
|
|
|
|
4
|
|
|
|
58
|
|
|
65
|
|
|
|
892
|
Twin Creeks
|
|
|
|
43
|
|
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
25
|
|
|
|
70
|
|
|
90
|
|
|
|
778
|
La Herradura (7) |
|
|
|
44
|
|
|
|
1
|
|
|
|
4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
6
|
|
|
|
55
|
|
|
47
|
|
|
|
1,170
|
Other North America
|
|
|
|
-
|
|
|
|
-
|
|
|
|
8
|
|
|
|
-
|
|
|
|
5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
13
|
|
|
-
|
|
|
|
-
|
North America
|
|
|
|
340
|
|
|
|
4
|
|
|
|
19
|
|
|
|
-
|
|
|
|
9
|
|
|
|
3
|
|
|
|
76
|
|
|
|
451
|
|
|
438
|
|
|
|
1,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yanacocha
|
|
|
|
125
|
|
|
|
21
|
|
|
|
8
|
|
|
|
-
|
|
|
|
7
|
|
|
|
-
|
|
|
|
22
|
|
|
|
183
|
|
|
248
|
|
|
|
738
|
Other South America
|
|
|
|
-
|
|
|
|
-
|
|
|
|
9
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
10
|
|
|
-
|
|
|
|
-
|
South America
|
|
|
|
125
|
|
|
|
21
|
|
|
|
17
|
|
|
|
-
|
|
|
|
8
|
|
|
|
-
|
|
|
|
22
|
|
|
|
193
|
|
|
248
|
|
|
|
778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boddington
|
|
|
|
150
|
|
|
|
3
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
1
|
|
|
|
14
|
|
|
|
169
|
|
|
161
|
|
|
|
1,050
|
Tanami
|
|
|
|
67
|
|
|
|
2
|
|
|
|
4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
19
|
|
|
|
92
|
|
|
78
|
|
|
|
1,179
|
Jundee (8) |
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
1
|
|
|
|
-
|
Waihi
|
|
|
|
20
|
|
|
|
1
|
|
|
|
2
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
24
|
|
|
36
|
|
|
|
667
|
Kalgoorlie
|
|
|
|
71
|
|
|
|
2
|
|
|
|
1
|
|
|
|
-
|
|
|
|
1
|
|
|
|
1
|
|
|
|
10
|
|
|
|
86
|
|
|
81
|
|
|
|
1,062
|
Batu Hijau
|
|
|
|
26
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
3
|
|
|
|
2
|
|
|
|
32
|
|
|
9
|
|
|
|
3,556
|
Other Asia Pacific
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
9
|
|
|
|
-
|
|
|
|
1
|
|
|
|
11
|
|
|
-
|
|
|
|
-
|
Asia Pacific
|
|
|
|
334
|
|
|
|
8
|
|
|
|
8
|
|
|
|
-
|
|
|
|
13
|
|
|
|
5
|
|
|
|
46
|
|
|
|
414
|
|
|
366
|
|
|
|
1,131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ahafo
|
|
|
|
56
|
|
|
|
4
|
|
|
|
4
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
8
|
|
|
|
73
|
|
|
108
|
|
|
|
676
|
Akyem
|
|
|
|
38
|
|
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
3
|
|
|
|
43
|
|
|
107
|
|
|
|
402
|
Other Africa
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
-
|
|
|
|
-
|
Africa
|
|
|
|
94
|
|
|
|
5
|
|
|
|
5
|
|
|
|
-
|
|
|
|
3
|
|
|
|
-
|
|
|
|
11
|
|
|
|
118
|
|
|
215
|
|
|
|
549
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
|
|
|
|
-
|
|
|
|
-
|
|
|
|
29
|
|
|
|
45
|
|
|
|
2
|
|
|
|
-
|
|
|
|
9
|
|
|
|
85
|
|
|
-
|
|
|
|
-
|
Total Gold
|
|
|
$
|
893
|
|
|
$
|
38
|
|
|
$
|
78
|
|
|
$
|
45
|
|
|
$
|
35
|
|
|
$
|
8
|
|
|
$
|
164
|
|
|
$
|
1,261
|
|
|
1,267
|
|
|
$
|
995
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COPPER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix
|
|
|
$
|
25
|
|
|
$
|
-
|
|
|
$
|
2
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
30
|
|
|
11
|
|
|
$
|
2.73
|
Boddington
|
|
|
|
40
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
6
|
|
|
|
4
|
|
|
|
50
|
|
|
17
|
|
|
|
2.94
|
Batu Hijau
|
|
|
|
227
|
|
|
|
2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4
|
|
|
|
10
|
|
|
|
14
|
|
|
|
257
|
|
|
23
|
|
|
|
11.17
|
Asia Pacific
|
|
|
|
267
|
|
|
|
2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4
|
|
|
|
16
|
|
|
|
18
|
|
|
|
307
|
|
|
40
|
|
|
|
7.68
|
Total Copper
|
|
|
$
|
292
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
-
|
|
|
$
|
4
|
|
|
$
|
17
|
|
|
$
|
20
|
|
|
$
|
337
|
|
|
51
|
|
|
$
|
6.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
$
|
1,185
|
|
|
$
|
40
|
|
|
$
|
80
|
|
|
$
|
45
|
|
|
$
|
39
|
|
|
$
|
25
|
|
|
$
|
184
|
|
|
$
|
1,598
|
|
|
|
|
|
|
|
(1)
|
|
Excludes Depreciation and amortization and Reclamation and
remediation.
|
(2)
|
|
Includes by-product credits of $19.
|
(3)
|
|
Includes stockpile and leach pad inventory adjustments of $43 at
Carlin, $4 at Phoenix, $3 at Twin Creeks, $9 at Yanacocha, $29 at
Boddington and $160 at Batu Hijau.
|
(4)
|
|
Remediation costs include operating accretion of $18 and
amortization of asset retirement costs of $22.
|
(5)
|
|
Other expense, net is adjusted for restructuring costs of $19 and
write-downs of $5.
|
(6)
|
|
Excludes development capital expenditures, capitalized interest, and
the increase in accrued capital of $93. The following are major
development projects: Turf Vent Shaft, Merian, Correnso and Conga.
|
(7)
|
|
On October 6, 2014, the Company sold its 44% interest in La
Herradura.
|
(8)
|
|
The Jundee mine was sold July 1, 2014.
|
|
|
|
Conference Call Information
A conference call will be held on Thursday, October 29, 2015 at 10:00
a.m. Eastern Time (8:00 a.m. Mountain Time); it will also be carried
on the Company's website.
Conference Call Details
Dial-In Number 800.857.6428 Intl Dial-In Number 517.623.4916 Leader
Meredith Bandy Passcode Newmont Replay Number 800.274.8308 Intl
Replay Number 203.369.3678 Replay Passcode 2015
Webcast Details
URL: http://event.on24.com/wcc/r/1056541/BDB8FA15E46A9363EE231A4F89962CF8
The third quarter 2015 operations and financial results will be
available after the market close on Wednesday October 28, 2015 on the
“Investor Relations” section of the Company’s website, www.newmont.com.
Additionally, the conference call will be archived for a limited time on
the Company’s website.
Investors are reminded to refer to the investor Briefcase on www.newmont.com
which contains operating statistics, MD&A and other relevant financial
information.
Cautionary Statement Regarding Forward Looking Statements, Including
Outlook:
This release contains “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended, which are intended
to be covered by the safe harbor created by such sections and other
applicable laws. Such forward-looking statements may include, without
limitation: (i) estimates of future consolidated and attributable
production and sales; (ii) estimates of future costs applicable to sales
and All-in sustaining costs; (iii) estimates of future consolidated and
attributable capital expenditures; (iv) our efforts to continue
delivering reduced costs and efficiency; and (v) expectations regarding
the development, growth, exploration potential and internal rates of
returns of the Company’s projects and investments, including the Turf
Vent Shaft, Merian, Cripple Creek and Victor, Long Canyon Phase 1, the
Tanami Expansion and the Ahafo Mill Expansion; and (vi) expectations
regarding future debt repayments. Estimates or expectations of future
events or results are based upon certain assumptions, which may prove to
be incorrect. Such assumptions, include, but are not limited to: (i)
there being no significant change to current geotechnical,
metallurgical, hydrological and other physical conditions; (ii)
permitting, development, operations and expansion of the Company’s
operations and projects being consistent with current expectations and
mine plans, including without limitation receipt of export approvals;
(iii) political developments in any jurisdiction in which the Company
operates being consistent with its current expectations; (iv) certain
exchange rate assumptions for the Australian dollar to the U.S. dollar,
as well as other the exchange rates being approximately consistent with
current levels; (v) certain price assumptions for gold, copper and oil;
(vi) prices for key supplies being approximately consistent with current
levels; (vii) the accuracy of our current mineral reserve and
mineralized material estimates; (viii) the acceptable outcome of
negotiation of the amendment to the Contract of Work and/or resolution
of export issues in Indonesia other assumptions noted herein. Where the
Company expresses or implies an expectation or belief as to future
events or results, such expectation or belief is expressed in good faith
and believed to have a reasonable basis. However, such statements are
subject to risks, uncertainties and other factors, which could cause
actual results to differ materially from future results expressed,
projected or implied by the “forward-looking statements”. Such risks
include, but are not limited to, gold and other metals price volatility,
currency fluctuations, increased production costs and variances in ore
grade or recovery rates from those assumed in mining plans, political
and operational risks, community relations, conflict resolution and
outcome of projects or oppositions and governmental regulation and
judicial outcomes. For a more detailed discussion of such risks and
other factors, see the Company’s Form 10-Q, filed on July 23, 2015, with
the Securities and Exchange Commission (SEC), as well as the Company’s
other SEC filings. The Company does not undertake any obligation to
release publicly revisions to any “forward-looking statement,”
including, without limitation, outlook, to reflect events or
circumstances after the date of this news release, or to reflect the
occurrence of unanticipated events, except as may be required under
applicable securities laws. Investors should not assume that any lack of
update to a previously issued “forward-looking statement” constitutes a
reaffirmation of that statement. Continued reliance on “forward-looking
statements” is at investors' own risk.
Investors are reminded that this news release should be read in
conjunction with Newmont’s Third Quarter Form 10-Q expected to be filed
on or about October 28, 2015 with the SEC (also available at www.newmont.com).
View source version on businesswire.com: http://www.businesswire.com/news/home/20151028006621/en/
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