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Newmont Mining Corp

Publié le 24 février 2012

Newmont Announces Record Operating Cash Flow of $3.6 Billion and Record Annual Revenue of $10.4 Bill

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Mots clés associés :   Canada | Copper | Dollar | Ghana | Suriname |
Newmont has added a new press release to its web site.


Record adjusted net income of $2.2 Billion, or $4.39 per share

DENVER, Feb. 23, 2012 /CNW/ - Newmont Mining Corporation (NYSE: NEM) ("Newmont" or the "Company") reported income from continuing operations of $0.5 billion or $1.02 per share, compared with $2.3 billion, or $4.69 per share in 2010. Adjusted net income(1) was a record $2.2 billion, or $4.39 per share in 2011, compared with $1.9 billion, or $3.85 per share a year ago. Income from continuing operations was impacted by $1.6 billion, or $3.24 per share, from the non-cash write-down of the Company's Hope Bay project in Canada. This write-down had no impact on reported operating cash flows, cash balances or proven and probable reserves of the Company.

2011 Financial Highlights:

  • Record operating cash flow of $3.6 billion, up 13% from 2010;
  • Record regular dividends paid to shareholders of $494 million, up 100% from 2010, representing a payout ratio of 23% of adjusted net income;
  • Gold operating margin of $971 per ounce, up 32% from 2010;
  • Record revenue of $10.4 billion, up 9% from 2010;
  • Attributable gold(2) and copper production of 5.2 million ounces and 206 million pounds, down 4% and 37%, respectively, from 2010;
  • Gold and copper costs applicable to sales ("CAS")(3) of $591 per ounce and $1.26 per pound, up 22% and 58%, respectively; and
  • Record average realized gold and copper price of $1,562 per ounce and $3.54 per pound, up 28% and 3%, respectively, from 2010.

Q4 2011 Financial Highlights:

  • Approved Q1 2012 dividend payable of $0.35 per share;
  • Attributable gold and copper production of 1.3 million ounces and 47 million pounds, respectively;
  • Gold and copper CAS of $602 per ounce and $1.58 per pound, respectively; and
  • Average realized gold and copper price of $1,670 per ounce and $3.41 per pound, respectively.

"We are pleased to announce a 32% increase in our operating margin for 2011, compared to a 28% increase in our average realized gold price for the year," commented Richard O'Brien, President and CEO. "Our increasing margins provide us with the financial strength to continue to focus on returning capital to our shareholders. During 2011, we paid out an industry leading $494 million in dividends, representing 23% of adjusted net income from continuing operations," added Mr. O'Brien.

Operating Results and Outlook

In 2011, the Company reported attributable gold and copper production of 5.2 million ounces and 206 million pounds, respectively, at costs applicable to sales of $591 per ounce, and $1.26 per pound, respectively, on a co-product basis. Attributable 2011 gold production decreased 4% from 2010 levels due to lower production in the South America and Asia Pacific regions. Costs applicable to sales per ounce increased 22% over the prior year due to lower production, higher royalty and waste mining, higher co-product allocation of costs to gold and a stronger Australian dollar, partially offset by lower silver and copper by-product credits. Costs applicable to sales per pound increased 58% over the prior year due to lower production, higher waste mining at Batu Hijau and higher mill maintenance costs at Boddington, partially offset by lower co-product allocation of costs to copper.

2012 attributable gold production is expected to be approximately 5.0 million to 5.2 million ounces, with attributable copper production of 150 to 170 million pounds. The outlook reflects lower expected production at Batu Hijau in Indonesia, where the Company is currently engaged in Phase 6 stripping and plans to process lower grade stockpiles until late 2013, partially offset by higher production expected at Nevada and at Ahafo in Ghana. Costs applicable to sales for gold are expected to be between $625 and $675 per ounce due to lower expected production at Batu Hijau, combined with higher expected costs for labor, energy, royalties, and contracted services, particularly in the Asia Pacific region. Costs applicable to sales for copper are expected to be between $1.80 and $2.20 per pound of copper due to lower production at Batu Hijau.

Regional Operations

North America

Nevada - Attributable gold production was 523,000 ounces in the fourth quarter and 1.7 million ounces in 2011. Costs applicable to sales were $519 and $603 per ounce, for the fourth quarter and 2011, respectively.

Fourth quarter attributable gold production increased from the prior year quarter due to the resumption of mining at Gold Quarry, higher grade and recovery at Mill 5 and higher throughput at Juniper mill. Costs applicable to sales per ounce decreased from the prior year quarter due to slightly lower operating costs.

2011 attributable gold production increased slightly from the prior year due to the commencement of underground mining at Exodus and Pete Bajo, higher Gold Quarry production after resolution of previous geotechnical issues, and higher underground production at Leeville, partially offset by lower production from the Chukar underground mine. Total surface ore tons mined were 75% higher primarily due to completing remediation of a slope failure at Gold Quarry. Ore placed on leach pads increased 84% to 8.3 million tons due to higher leach ore tons mined from Lantern as well as re-leaching of ore at Lone Tree. Costs applicable to sales per ounce increased 7% due to higher surface mining and milling costs and higher royalties, partially offset by higher silver and copper by-product credits.

La Herradura - Attributable gold production was 56,000 ounces in the fourth quarter and 212,000 ounces in 2011. Costs applicable to sales were $609 and $527 per ounce in the fourth quarter and 2011, respectively.

Fourth quarter attributable gold production increased from the prior year quarter due to higher leach placement. Costs applicable to sales per ounce increased from the prior year quarter due to higher employee profit sharing costs, partially offset by higher production and silver by-product credits.

2011 attributable gold production increased 22% from the prior year due to higher leach placement and additional mining equipment at Herradura and Soledad-Dipolos. Costs applicable to sales per ounce increased 25% due to higher waste mining costs and higher employee profit sharing costs, partially offset by higher production and silver by-product credits.

2012 attributable gold production in North America is expected to be approximately 1.9 to 2.0 million ounces at costs applicable to sales of approximately $570 to $630 per ounce. This is in-line with prior year levels as the Company expects to complete repairs on the ventilation shaft at Leeville in Nevada and production from the Noche Buena deposit at La Herradura is expected to commence in the first half of the year.

South America

Yanacocha - Attributable gold production was 172,000 ounces in the fourth quarter and 664,000 ounces in 2011. Costs applicable to sales were $511 and $560 per ounce in the fourth quarter and 2011, respectively.

Fourth quarter attributable gold production was slightly higher than the prior year quarter. Costs applicable to sales per ounce decreased from the prior year quarter due lower operating costs and higher silver by-product credits.

2011 attributable gold production decreased 12% from the prior year due to mine sequencing resulting in lower leach placement at La Quinua, Yanacocha and Carachugo, partially offset by higher mill grade and recovery. Leach tons placed decreased 27% from 59 million tons to 43 million tons. Costs applicable to sales per ounce increased 30% from the prior year due to lower production, higher milling costs and lower silver by-product credits.

La Zanja - Attributable gold production was 15,000 ounces in the fourth quarter and 64,000 ounces in 2011.

2012 attributable gold production in South America is expected to be approximately 700,000-750,000 ounces, primarily due to lower leach production at Yanacocha. Costs applicable to sales are expected to stabilize to approximately $480 to $530 per ounce, primarily due to mine sequencing and higher mill grade.

Asia Pacific

Boddington - Attributable gold production was 205,000 ounces in the fourth quarter and 741,000 ounces in 2011. Attributable copper production was 22 million pounds in the fourth quarter and 69 million pounds in 2011. Costs applicable to sales were $749 ($599 on net basis(4)) and $682 ($548 on a net basis(4)) per ounce and $1.84 and $2.03 per pound in the fourth quarter and 2011, respectively.

Fourth quarter 2011 gold production was in-line with the prior year quarter, while copper production increased 47% due to higher throughput and grade. Costs applicable to sales per ounce increased 20% in the fourth quarter over the prior year due to higher mining and milling costs, and higher royalty costs. Costs applicable to sales per pound decreased 11% mainly due to higher production.

2011 attributable gold and copper production increased 2% and 19%, respectively, from the prior year due to higher mill throughput and higher copper grade, partially offset by lower recoveries and lower gold grade. Costs applicable to sales increased 16% per ounce and 9% per pound, respectively, due to higher mining and mill maintenance costs, higher royalty costs and a stronger Australian dollar, net of hedging gains, partially offset by higher production and higher silver by-product credits.

2012 attributable gold and copper production at Boddington is expected to be approximately 750,000-800,000 ounces and 70-80 million pounds, respectively, at costs applicable to sales of approximately $800 to $850 per ounce and $2.00 to $2..25 per pound on a co-product basis. 2012 production is expected to be in-line with 2011 levels, while higher operating costs are expected to result from higher mining and labor costs, the implementation of a carbon tax in Australia, as well as higher costs for contracted services and supplies.

Batu Hijau - Attributable gold production was 16,000 ounces in the fourth quarter and 154,000 ounces in 2011. Attributable copper production was 25 million pounds in the fourth quarter and 137 million pounds in 2011. Costs applicable to sales were $754 and $476 per ounce and $1.50 and $1.11 per pound on a co-product basis in the fourth quarter and 2011, respectively.

Fourth quarter attributable gold and copper production decreased from the prior year quarter due to lower mill throughput, grade and recovery as a result of processing more stockpiled ore. Costs applicable to sales per ounce and per pound increased from the prior year quarter due to higher labor costs as well as substantially lower grade and recovery as a result of processing more stockpiled material.

2011 attributable copper and gold production decreased 48% and 57%, respectively, from the prior year due to lower throughput, grade and recovery as a result of processing more stockpiled material, compared to high grade Phase 5 ore in 2010 and mill down time from motor replacements during the second and third quarters of 2011. Waste tons mined increased 135% as Phase 6 waste removal continues as planned. The Company expects to process primarily stockpiled ore until Phase 6 ore becomes the primary mill feed in late 2013. Costs applicable to sales increased 61% per pound and 101% per ounce due to lower production, higher waste mining and higher labor costs.

2012 attributable gold production for Batu Hijau is expected to be approximately 45,000 to 55,000 ounces, at costs applicable to sales of between $800 and $850 per ounce, while attributable copper production is expected to be approximately 80 to 90 million pounds, at costs applicable to sales of between $1.80 and $2.20 per pound. As previously disclosed(5), Newmont continues to expect processing stockpiled ore until Phase 6 ore becomes the primary mill feed commencing in late 2013.

Other Australia/New Zealand - Attributable gold production was 224,000 ounces in the fourth quarter and 1.0 million ounces in 2011. Costs applicable to sales were $807 and $664 per ounce in the fourth quarter and 2011, respectively.

Fourth quarter attributable gold production decreased from the prior year quarter due to lower throughput at Jundee and Tanami, and a lower ore grade at Waihi, partially offset by higher ore grade at Jundee and Kalgoorlie. Costs applicable to sales per ounce increased from the prior year quarter due to lower production and higher mining costs at Tanami and Waihi.

2011 attributable gold production decreased 4% from the prior year due to lower throughput at Tanami and lower grade at Waihi. Costs applicable to sales per ounce increased 22% due to lower production, higher mining and milling costs and a stronger Australian dollar, net of hedging gains.

2012 attributable gold production for other Australia/New Zealand is expected to be approximately 980,000 to 1.1 million ounces, primarily due to slightly lower production at KCGM and Jundee. Costs applicable to sales for other Australia/New Zealand are expected to increase to approximately $810 to $860 per ounce in 2012, primarily driven by a stronger forecasted Australian dollar, net of hedging gains, higher labor costs, and the implementation of a carbon tax in Australia.

Africa

Ahafo - Attributable gold production was 88,000 and 566,000 ounces during the fourth quarter and 2011, respectively. Costs applicable to sales were $520 and $474 per ounce for the fourth quarter and 2011, respectively.

Fourth quarter attributable production decreased from the prior year quarter due to lower mill grade and an increase in in-process inventory in December. Costs applicable to sales per ounce increased from the prior year quarter due to higher mining and milling costs.

2011 attributable gold production increased 4% from the prior year due to higher throughput and recovery. Ore tons mined increased 28% from a full year of production at Amoma. Costs applicable to sales per ounce increased 5% due to higher labor, commodity and royalty costs, partially offset by higher production.

2012 attributable gold production for the Africa operations is expected to increase to approximately 570,000 to 600,000 ounces due to higher ore grade. Costs applicable to sales of approximately $500 to $550 per ounce are expected for 2012, primarily as a result of higher mining and milling costs.

Capital Update

Consolidated capital expenditures were $2.8 billion in 2011, up from $1.4 billion in 2010. Attributable capital expenditures were $2.3 billion in 2011, up from $1.2 billion in 2010. Approximately $1.3 billion was spent on major projects in 2011, such as Conga in Peru, Akyem in Ghana, Tanami shaft in Australia, with the balance largely attributed to sustaining capital. The Company currently plans to spend approximately $3.0 to $3.3 billion in attributable capital expenditures in 2012, or $4.0 to $4.3 billion on a consolidated basis. Approximately 60% of expected attributable 2012 capital expenditures are allocated to growth project initiatives, including further development of Akyem, the Tanami Shaft, and potentially Conga, with the remaining 40% expected to be spent on sustaining and maintenance capital.

Advanced Projects Update

Consolidated advanced projects, research and development expenditures were $373 million in 2011, up from $216 million in 2010. In 2011, the Company increased spending to accelerate internal growth opportunities across our portfolio, including Long Canyon, Vista Vein and the Phoenix copper leach in Nevada, the Conga and Chaquicocha projects in Peru, the Merian gold project in Suriname, the Elang project in Indonesia, and Subika expansion at Ahafo in Ghana. The Company currently plans to spend approximately $475 to $525 million in advanced projects in 2012 on a consolidated basis, or $430 to $480 on an attributable basis, focused primarily on Merian, Midas, Long Canyon, Vista Vein, Elang and the Ahafo mill expansion.

2012 Outlook(6)(7)




Attributable Production

Consolidated CAS

Consolidated Capital

Attributable Capital


Region

(Kozs, Mlbs)

($/oz, $/lb)

Expenditures ($M)

Expenditures ($M)








Nevada

1,725 - 1,800

$575 - $625

$650 - $750

$650 - $750


La Herradura

200 - 240

$460 - $510

$80 - $130

$80 - $130


North America

1,900 - 2,000

$570 - $630

$780 - $830

$780 - $830


Yanacocha

650 - 700

$480 - $530

$530 - $580

$270 - $310


La Zanja

40 - 50

n/a

-

-


Conga (a)

-

-

$1,150 - $1,250

$600 - $650


South America

700 - 750

$480 - $530

$1,750 - $1,950

$800 - $900


Boddington

750 - 800

$800 - $850

$215 - $245

$215 - $245


Other Australia/NZ

980 - 1,030

$810 - $860

$375 - $400

$375 - $400


Batu Hijau (e)

45 - 55

$800 - $850

$200 - $230

$95 - $105


Asia Pacific

1,775 - 1,885

$800 - $850

$800 - $900

$700 - $800


Ahafo

570 - 600

$500 - $550

$240 - $270

$240 - $270


Akyem

-

-

$370 - $420

$370 - $420


Africa

570 - 600

$500 - $550

$600 - $700

$600 - $700


Corporate/Other

-

-

$60 - $70

$60 - $70


Total Gold

5,000 - 5,200

$625 - $675 (b,c)

$4,000 - $4,300 (d)

$3,000 - $3,300


Boddington

70 - 80

$2.00 - $2.25

-

-


Batu Hijau (e)

80 - 90

$1.80 - $2.20

-

-


Total Copper

150 - 170

$1.80 - $2.20











a The future development of the Conga project remains subject to risks and uncertainties as disclosed in the Company's cautionary statement. Development of the Conga project has been temporarily suspended as disclosed on November 30, 2011. Should the Company be unable to continue with the current development plan at Conga, Newmont may reprioritize and reallocate capital to development alternatives in Nevada, Australia, Ghana, and Indonesia.


b 2012 Attributable CAS Outlook is $640 - $690 per ounce.


c 2012 Net Attributable CAS Outlook (inclusive of by-product credits) is $600 - $650 per ounce.


d Includes capitalized interest of approximately $140 million.


e Assumes Batu Hijau economic interest of 44.5625% for 2012, subject to final divestiture obligations.





Key Assumptions



Description

Consolidated Expenses

($M)

Attributable Expenses

($M)






General & Administrative

$210 - $230

$210 - $230


Interest Expense

$240 - $260

$230 - $250


DD&A

$1,050 - $1,080

$890 - $920


Exploration Expense

$400 - $430

$360 - $390


Advanced Projects & R&D

$475 - $525

$430 - $480


Tax Rate

28% - 32%

28% - 32%


Assumptions




Gold Price ($/ounce)

$1,500

$1,500


Copper Price ($/pound)

$3.50

$3.50


Oil Price ($/barrel)

$90

$90


AUD Exchange Rate

1.00

1.00







(1)

Non-GAAP measure. See page 12 for reconciliation.


(2)

Attributable gold production was 5.185 million ounces in 2011, while attributable gold sales were 5.025 million.


(3)

Attributable gold CAS was $597 per ounce for 2011. Net attributable gold CAS (inclusive of by-product credits) was $509 per ounce for 2011.


(4)

See by-product reconciliation on page 13.


(5)

Please see Newmont's Form 10-K filed on February 24, 2011.


(6)

Outlook referenced in the table above and elsewhere in this release is based upon management's good faith estimates as of February 23, 2012 and are considered "forward-looking statements." References to outlook guidance are based on current mine plans, assumptions noted above and current geotechnical, metallurgical, hydrological and other physical conditions, which are subject to risk and uncertainty as discussed in the "Cautionary Statement" on page 14.


(7)

2012 Annual CAS, inclusive of hedge gains and losses, are expected to change by approximately $11 per ounce for every $10 change in the oil price and by approximately $4 per ounce for every $0.10 change in the Australian dollar exchange rate.








STATEMENTS OF CONSOLIDATED INCOME












































Years Ended December 31,