DENVER--(BUSINESS WIRE)--
Newmont Mining Corporation (NEM) (Newmont or the Company)
announced its updated long-term operating outlook,1 including
AISC2 below $1,000 per ounce and steady cash flow generating
production of at least 4.5 to 5.0 million ounces per year.
Highlights
-
Gold all-in sustaining costs (AISC): AISC is expected to
improve from between $900 and $960 per ounce in 2016 to between $850
and $950 per ounce in 2017; longer term the Company expects to sustain
savings achieved to date, and maintain AISC below $1,000 per ounce
through 2020
-
Gold costs applicable to sales (CAS): CAS is expected to be
between $650 and $700 per ounce in 2016, and remain stable at between
$650 and $750 per ounce from 2017 to 2020; further Full Potential
savings and ramp-up of profitable projects represent upside that could
lower portfolio costs
-
Attributable production: Gold production rises to between 5.2
and 5.7 million ounces by 2017 as CC&V, Merian and Long Canyon Phase 1
more than offset declines at Batu Hijau, Yanacocha and Twin Creeks; longer
term, the Company expects steady and profitable production of between
4.5 to 5.0 million ounces per year through 2020
-
Capital: 2016sustaining capital is expected to be
between $700 and $750 million; longer term sustaining capital is
expected to remain stable at between $700 and $800 million; the
primary development capital expense through 2018 includes capital for
the construction of Merian, Long Canyon Phase 1, CC&V expansion, and
the Tanami Expansion project
“Our 2016 outlook reflects ongoing performance, portfolio and balance
sheet improvements. We expect to keep our all-in sustaining costs below
$1,000 per ounce and maintain profitable production of between 4.5 and
five million ounces of gold per year over the next five years,” said
Gary Goldberg, President and Chief Executive Officer. “Our focus remains
on delivering industry-leading returns on capital and improved value to
our shareholders. Higher margin ounces will be added with the completion
of Merian, Long Canyon and expansions at Cripple Creek & Victor and
Tanami. We will also progress the next projects in our pipeline –
including expansions at Carlin and Ahafo – to further improve
profitability.”
Operating and financial outlook
Attributable gold production3 is expected to increase
from between 4.8 and 5.3 million ounces in 2016 to between 5.2 and 5.7
million ounces in 2017, and remain stable at between 4.5 and 5.0 million
ounces through 2020. New production at CC&V, Long Canyon Phase 1, Merian
and Tanami Expansion help offset maturing operations at Yanacocha and
mine sequencing at Batu Hijau. The ramp-up of projects that are not yet
approved, including Ahafo Mill Expansion, Subika Underground and NW
Exodus represent upside of between 250,000 and 400,000 ounces of gold
production beginning in 2018.
-
North America production is expected to increase from between 1.9 and
2.1 million ounces in 2016 to between 2.1 and 2.3 million ounces in
2017, and return to 2016 levels by 2018. New production from CC&V and
higher grades at Leeville related to the Turf Vent Shaft help offset
lower production at Twin Creeks due to planned processing of lower
grade stockpiles, as well as a slowdown in the development rate at
Leeville due to the installation of long term ground support. NW
Exodus at Carlin represents additional upside currently not captured
in guidance.
-
South America production is expected to increase from between 400,000
and 450,000 ounces in 2016 to between 600,000 and 700,000 ounces in
2017 and 2018. Lower cost production at Merian is expected to offset
the impact of maturing operations at Yanacocha.
-
Asia Pacific production is expected to improve from between 1.7 and
1.9 million ounces in 2016 to between 1.8 and 2.0 million ounces in
2017, before decreasing to between 1.4 and 1.7 million ounces in 2018.
2016 and 2017 benefit from higher grades at Batu Hijau and the
addition of the Tanami Expansion project in 2017, with 2018 lower due
to mine sequencing at Batu Hijau.
-
Africa production is expected to decline from between 760,000 and
820,000 ounces in 2016 to between 700,000 and 800,000 ounces in 2017
and between 650,000 and 750,000 ounces in 2018 due primarily to lower
grades at Ahafo and Akyem. Ahafo Mill Expansion and Subika Underground
represent additional upside currently not captured in guidance, and if
approved, would increase 2018 production to 2016 and 2017 levels.
________________________________________________
1Outlook projections used in this release 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 and remains subject to
risks and uncertainties. See page 6 for the related cautionary statement.
2AISC 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. 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. For a reconciliation of the Company’s historical
AISC to CAS, please refer to the Company’s most recent Form 10-Q and
other SEC filings.
3Production outlook does not
include equity production from stakes in TMAC (29.4%), La Zanja (46.94%)
and Regis (19.45%).
Attributable copper production is expected to be between 120,000
and 160,000 tonnes in 2016 and 2017 before decreasing to between 70,000
and 110,000 tonnes by 2018. The decline is due to the depletion of
higher grade Phase 6 ore at Batu Hijau in 2018. Production at Phoenix
Copper Leach and Boddington is expected to remain stable for the period.
Gold cost outlook – AISC is expected to improve from
between $900 and $960 per ounce in 2016 to between $850 and $950 per
ounce in 2017. 2018 costs are impacted due to mine sequencing at
Boddington and in Nevada, as well as lower production at Batu Hijau, but
are expected to remain below $1,000 per ounce longer term. CAS is
expected to be between $650 and $700 per ounce in 2016, and remain
stable at between $650 and $750 per ounce in 2017 and 2018. Costs
benefit from higher grades at Batu Hijau and the Carlin Underground
mines through 2017, and from lower cost production at Tanami and Merian
through 2018. Ongoing cost and efficiency improvements are expected to
offset lower grades and throughput at Ahafo and maturing operations at
Yanacocha. Full potential savings and lower cost ounces from projects
that have yet to be approved could further improve costs longer term.
-
North America AISC is expected to improve from between $850 and $925
per ounce in 2016 to between $800 and $900 per ounce in 2017, before
increasing to between $900 and $1,000 per ounce in 2018. CAS is
expected to improve from between $675 and $725 per ounce in 2016 to
between $600 and $700 per ounce in 2017, increasing to between $700
and $800 per ounce in 2018. Nevada operating costs are expected to
increase over the period mostly due to planned stripping at Carlin in
2018, partially offset by lower cost production from CC&V, Long Canyon
Phase 1 and the Turf Vent Shaft.
-
South America AISC is expected to decrease over the period from
between $1,050 and $1,150 per ounce in 2016, to between $950 and
$1,050 per ounce in 2017 and between $850 and $950 per ounce by 2018.
Similarly, CAS is expected to decrease from between $760 and $810 per
ounce in 2016 to between $675 and $775 per ounce in 2017 and between
$600 and $700 per ounce in 2018. The primary driver is the addition of
lower cost production from Merian. The Company continues to advance
sulfide and oxide options at Yanacocha through Project Integral, which
would be incremental to the long-term outlook for Yanacocha.
-
Asia Pacific AISC is expected to be between $760 and $820 per ounce in
2016 and between $700 and $800 per ounce in 2017, before increasing to
between $850 and $950 per ounce in 2018. CAS is expected to improve
from between $600 and $650 per ounce in 2016 to between $550 and $650
per ounce in 2017, before rising to between $700 and $800 per ounce in
2018. Lower cost production from the Tanami Expansion project and
ongoing Full Potential improvements are expected to partially offset
lower grades from processing stockpiled ore at Boddington.
-
Africa AISC is expected to rise from between $850 and $900 per ounce
in 2016, to between $900 and $1,000 per ounce in 2017 and between $950
and $1,050 per ounce in 2018. Gold CAS is expected to increase from
between $650 and $700 per ounce in 2016 to between $700 and $800 per
ounce in 2017 and between $750 and $850 per ounce in 2018. Ahafo
experiences increased stripping and lower grades through 2018. The
Company continues to advance Ahafo Mill Expansion and Subika
Underground to help counter higher grades and harder ore. The
expansions represent upside not currently captured in outlook.
Copper cost outlook – Copper AISC is expected to average between
$1.50 and $1.70 per pound in 2016 with higher grade ore at Batu Hijau,
and increase slightly to between $1.60 and $1.80 per pound in 2017, to
between $2.40 and $2.60 per pound in 2018. CAS is expected to be between
$1.20 and $1.40 per pound in 2016 and 2017, and increase to between
$1.80 and $2.00 per pound by 2018. The increase in costs over the period
is mostly due to lower production volumes at Batu Hijau as Phase 6 ore
is depleted as well as mine sequencing at Boddington though 2018.
Assumptions and sensitivities - Newmont’s outlook reflects metal
and oil prices and exchange rates to reflect the current market
environment. The Company’s outlook assumes $1,100 per ounce gold, $2.50
per pound copper, $0.75 USD/AUD and $65 per barrel WTI. However, AISC
and CAS could further benefit from lower energy prices and an improving
Australian dollar exchange ratio. Every $10 reduction in the price of
oil implies an expected $30 million improvement in attributable free
cash flow. Similarly, every $0.05 favorable change in the Australian
dollar results in a $60 million improvement in attributable free cash
flow. These estimates exclude current hedge programs. Please refer to
the 10Q for further information on hedging positions.
Capital – 2016 sustaining capital is expected to be between $700
and $750 million increasing to between $800 and $900 million in 2017.
Additional capital in 2017 to cover equipment rebuilds, water treatment
and tailings storage facilities is expected to be partially offset by
ongoing efforts to improve technical and operational efficiencies.
Longer term sustaining capital is expected to remain stable at between
$700 and $800 million to cover infrastructure, equipment and ongoing
mine development.
2016 total capital is expected to be between $1.2 and $1.4 billion,
decreasing to between $900 million and $1.0 billion by 2017. Primary
development capital spend expected includes capital for the construction
of Merian, Long Canyon Phase 1, CC&V expansion and the Tanami Expansion
project. The Company continues to evaluate its strong pipeline of
projects and development capital would be expected to increase as they
are approved.
Consolidated Expense Outlook – Beginning in 2016, regional
general and administrative expense will be included in total general and
administrative expense (G&A) and community development costs will be
included in CAS. Total G&A expense will be approximately 75 percent
corporate and 25 percent regional G&A. The adjusted tax rate is slightly
higher in 2016 due to higher provisional mining taxes from regional
product mix.
2016 Outlooka
|
|
|
|
Consolidated
|
|
|
Attributable
|
|
|
Consolidated
|
|
|
Consolidated
All-in Sustaining
|
|
|
Consolidated
Total Capital
|
|
|
|
|
Production
|
|
|
Production
|
|
|
CAS
|
|
|
Costsb |
|
|
Expenditures
|
|
|
|
|
(Koz, Kt)
|
|
|
(Koz, Kt)
|
|
|
($/oz, $/lb)
|
|
|
($/oz, $/lb)
|
|
|
($M)
|
|
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlin
|
|
|
1,040
|
–
|
1,100
|
|
|
1,040
|
–
|
1,100
|
|
|
$750
|
–
|
$800
|
|
|
$925
|
–
|
$975
|
|
|
$175
|
–
|
$195
|
|
Phoenixc |
|
|
180
|
–
|
200
|
|
|
180
|
–
|
200
|
|
|
$825
|
–
|
$875
|
|
|
$975
|
–
|
$1,025
|
|
|
$20
|
–
|
$30
|
|
Twin Creeksd |
|
|
370
|
–
|
400
|
|
|
370
|
–
|
400
|
|
|
$575
|
–
|
$625
|
|
|
$700
|
–
|
$750
|
|
|
$30
|
–
|
$40
|
|
CC&V
|
|
|
350
|
–
|
400
|
|
|
350
|
–
|
400
|
|
|
$525
|
–
|
$575
|
|
|
$650
|
–
|
$700
|
|
|
$120
|
–
|
$130
|
|
Long Canyon
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$140
|
–
|
$160
|
|
Other North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$5
|
–
|
$15
|
|
Total
|
|
|
1,940
|
–
|
2,100
|
|
|
1,940
|
–
|
2,100
|
|
|
$675
|
–
|
$725
|
|
|
$850
|
–
|
$925
|
|
|
$490
|
–
|
$570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yanacochae |
|
|
630
|
–
|
660
|
|
|
310
|
–
|
350
|
|
|
$820
|
–
|
$870
|
|
|
$1,100
|
–
|
$1,170
|
|
|
$70
|
–
|
$90
|
|
Merian
|
|
|
120
|
–
|
140
|
|
|
90
|
–
|
100
|
|
|
$430
|
–
|
$460
|
|
|
$650
|
–
|
$700
|
|
|
$260
|
–
|
$300
|
|
Total
|
|
|
750
|
–
|
800
|
|
|
400
|
–
|
450
|
|
|
$760
|
–
|
$810
|
|
|
$1,050
|
–
|
$1,150
|
|
|
$330
|
–
|
$380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boddington
|
|
|
725
|
–
|
775
|
|
|
725
|
–
|
775
|
|
|
$690
|
–
|
$730
|
|
|
$800
|
–
|
$850
|
|
|
$60
|
–
|
$70
|
|
Tanami
|
|
|
400
|
–
|
475
|
|
|
400
|
–
|
475
|
|
|
$550
|
–
|
$600
|
|
|
$800
|
–
|
$850
|
|
|
$150
|
–
|
$160
|
|
Kalgoorlief |
|
|
350
|
–
|
400
|
|
|
350
|
–
|
400
|
|
|
$650
|
–
|
$700
|
|
|
$725
|
–
|
$775
|
|
|
$10
|
–
|
$20
|
|
Other Asia Pacific
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$5
|
–
|
$15
|
|
Batu Hijau
|
|
|
525
|
–
|
575
|
|
|
250
|
–
|
275
|
|
|
$500
|
–
|
$550
|
|
|
$650
|
–
|
$700
|
|
|
$50
|
–
|
$60
|
|
Total
|
|
|
2,000
|
–
|
2,225
|
|
|
1,725
|
–
|
1,925
|
|
|
$600
|
–
|
$650
|
|
|
$760
|
–
|
$820
|
|
|
$275
|
–
|
$325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ahafo
|
|
|
330
|
–
|
360
|
|
|
330
|
–
|
360
|
|
|
$775
|
–
|
$825
|
|
|
$1,020
|
–
|
$1,100
|
|
|
$60
|
–
|
$80
|
|
Akyem
|
|
|
430
|
–
|
460
|
|
|
430
|
–
|
460
|
|
|
$560
|
–
|
$600
|
|
|
$700
|
–
|
$750
|
|
|
$40
|
–
|
$50
|
|
Total
|
|
|
760
|
–
|
820
|
|
|
760
|
–
|
820
|
|
|
$650
|
–
|
$700
|
|
|
$850
|
–
|
$900
|
|
|
$100
|
–
|
$130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate/Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$10
|
–
|
$15
|
|
Total Goldg |
|
|
5,450
|
–
|
5,945
|
|
|
4,825
|
–
|
5,295
|
|
|
$650
|
–
|
$700
|
|
|
$900
|
–
|
$960
|
|
|
$1,205
|
–
|
$1,420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix
|
|
|
15
|
–
|
25
|
|
|
15
|
–
|
25
|
|
|
$1.70
|
–
|
$1.90
|
|
|
$2.10
|
–
|
$2.30
|
|
|
|
|
|
|
Boddington
|
|
|
25
|
–
|
35
|
|
|
25
|
–
|
35
|
|
|
$1.90
|
–
|
$2.10
|
|
|
$2.30
|
–
|
$2.50
|
|
|
|
|
|
|
Batu Hijauh |
|
|
170
|
–
|
190
|
|
|
80
|
–
|
100
|
|
|
$1.00
|
–
|
$1.20
|
|
|
$1.40
|
–
|
$1.60
|
|
|
|
|
|
|
Total Copper
|
|
|
210
|
–
|
250
|
|
|
120
|
–
|
160
|
|
|
$1.20
|
–
|
$1.40
|
|
|
$1.50
|
–
|
$1.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Expense Outlooki |
|
General & Administrative
|
|
|
$
|
225
|
–
|
$
|
275
|
|
Interest Expense
|
|
|
$
|
270
|
–
|
$
|
290
|
|
DD&A
|
|
|
$
|
1,350
|
–
|
$
|
1,425
|
|
Exploration and Projects
|
|
|
$
|
275
|
–
|
$
|
300
|
|
Sustaining Capital
|
|
|
$
|
700
|
–
|
$
|
750
|
|
Tax Rate
|
|
|
|
35%
|
–
|
|
39%
|
a2016 Outlook in the table above are considered
“forward-looking statements” and are based upon certain assumptions,
including, but not limited to, metal prices, oil prices, certain
exchange rates and other assumptions. For example, 2016 Outlook assumes
$1,100/oz Au, $2.50/lb Cu, $0.75 USD/AUD exchange rate and $65/barrel
WTI. AISC and CAS cost estimates do not include inflation. Production,
AISC and capital estimates exclude projects that have not yet been
approved (NW Exodus, Twin Underground, Batu Phase 7, Ahafo Mill
Expansion and Subika Underground). The potential impact on inventory
valuation as a result of lower prices, input costs, and project
decisions are not included as part of this Outlook. Such assumptions may
prove to be incorrect and actual results may differ materially from
those anticipated. See cautionary note on page 6.
bAll-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.
eConsolidated production for
Yanacocha is presented on a total production basis for the mine site;
attributable production represents a 51.35% interest.
fBoth
consolidated and attributable production are shown on a pro-rata basis
with a 50% ownership for Kalgoorlie.
gProduction
outlook does not include equity production from stakes in TMAC (29.4%),
La Zanja (46.94%) and Regis (19.45%).
hConsolidated
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 2016 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.
iConsolidated
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.
Investor Day Webcast Details
Newmont will host an investor day on Thursday, December 3, 2015 to
discuss its corporate strategy and outlook. A live webcast of the
investor day and presentation materials will be accessible on Newmont's
website, www.newmont.com.
The live webcast begins at 12:00 p.m. Eastern Time, Thursday, December
3, 2015.
URL: http://event.on24.com/r.htm?e=1050928&s=1&k=2FA65AB4A48416D5DEDEF87513CA41A7
Conference Call Details
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Dial-In Number
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800.857.6428
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Intl Dial-In Number
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517.623.4916
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Leader
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Meredith Bandy
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Passcode
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Newmont
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Replay Number
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888.568.0892
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Intl Replay Number
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203.369.3784
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About Newmont
Newmont is a leading gold and copper producer. The Company employs
approximately 27,000 employees and contractors, with the majority
working at managed operations in the United States, Australia, Ghana,
Peru, Indonesia and Suriname. Newmont is the only gold producer listed
in the S&P 500 index and in 2007 became the first named to the Dow Jones
Sustainability World Index. The Company is an industry leader in value
creation, supported by its leading technical, environmental, social and
safety performance. Newmont was founded in 1921 and has been publicly
traded since 1925.
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, and are intended to
be covered by the safe harbor provided for under such sections. 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 and sustaining capital; (iv) our efforts to continue
delivering reduced costs and efficiency; (v) expectations regarding the
development, growth and exploration potential of the Company’s
operations and projects; and (vi) expectations regarding future price
assumptions, financial performance and other outlook or guidance.
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; (ix) there being
no significant acquisitions or divestitures during the outlook period;
and (x) other assumptions noted herein. Where the Company expresses 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 2014 Annual Report on Form 10-K, filed on February 20, 2015,
with the Securities and Exchange Commission (the “SEC”), the Company’s
Quarterly Report on Form 10-Q filed on July 23, 2015, 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 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151202005996/en/