Newmont Mining Corporation (NYSE: NEM) today reported second quarter
2014 financial and operating results, including:
-
Achieved reported net income attributable to shareholders from
continuing operations of $182 million, or $0.37 per basic share, and
adjusted net income1 of $101 million, or $0.20 per basic
share;
-
Reduced costs applicable to sales (CAS) by 17 percent to $744 per
ounce of gold and by 67 percent to $2.53 per pound of copper over
second quarter 2013 including current and prior period inventory
adjustments;
-
Generated cost savings of $359 million in gold all-in sustaining costs2
(AISC);
-
Generated cash from continuing operations of $378 million and $124
million in free cash flow from continuing operations;
-
Delivered 1.2 million ounces and 20,000 tonnes of attributable gold
and copper production, respectively;
-
Improved gold CAS outlook3 by three percent to $720 to $760
per ounce in 2014;
-
Increased attributable gold production outlook by two percent to 4.7
to 5.0 million ounces in 2014;
-
Announced a decision to develop the Merian project in Suriname;
-
Announced the sale of the Jundee operation in Australia for total
proceeds of approximately $94 million, bringing the total value of
divestments to nearly $800 million in the last year; and
-
Declared a third quarter dividend of $0.025 per share in accordance
with the Company’s gold price-linked dividend policy4.
“We continued to improve costs and efficiencies during the second
quarter with $359 million in all-in sustaining cost reductions. We also
continued to optimize our project pipeline and asset portfolio while
reaching a decision to develop the Merian mine in Suriname, which
establishes a prospective new district for Newmont,” said Gary Goldberg,
President and Chief Executive Officer. “We delivered $124 million in
free cash flow in the second quarter and have generated nearly $800
million through fairly valued divestments over the last 12 months. Based
on this positive trajectory, we have updated our 2014 outlook to reflect
lower costs and higher production. Finally, we continue to work with the
Indonesian government to find a fair solution that allows us to resume
normal operations as quickly as possible.”
Merian Update
Newmont has announced a decision to develop the Merian gold mine in
Suriname. The new mine is expected to begin production in late 2016,
pending receipt of the Right of Exploitation from the government of
Suriname. Merian offers Newmont a profitable new operation in Suriname,
and a foothold in the prospective Guiana Shield region.
During Merian’s first five years of operation, the Company forecasts
average annual production of between 400,000 and 500,000 attributable
ounces of gold at all-in sustaining costs of between $750 and $850 per
ounce. Total capital to bring Merian into commercial production is
estimated at between $900 million and $1 billion on a 100 percent basis.
The government of Suriname has an option to earn up to a 25 percent
fully-funded equity ownership stake, including all project capital and
operating expenses and an initial earn-in contribution.
Indonesia Update
On June 5, 2014, PT Newmont Nusa Tenggara (PTNNT), the entity operating
the Batu Hijau mine, invoked the force majeure clause of its Contract of
Work (CoW), the investment agreement entered into by PTNNT and the
Indonesian government in 1986 and valid through 2030, due to the
inability to export preventing continued production. On July 1, 2014,
PTNNT and Nusa Tenggara Partnership B.V. (NTPBV), a Dutch entity and
PTNNT’s majority shareholder, announced filing for international
arbitration against the Government of Indonesia to seek relief from
export restrictions that have halted production at Batu Hijau. As a
result, we have modified Indonesian guidance for 2014 and updated our
outlook for 2015 and 2016. In the meantime, the Company remains
committed to seeking opportunities to resolve outstanding issues with
the Government of Indonesia to resume normal operations.
2014 Second Quarter Financial Results
The Company reported attributable net income from continuing operations
of $182 million, or $0.37 per basic share, compared with a loss of $2.1
billion, or $4.29 per basic share in the second quarter of 2013.
Adjusted net income was $101 million, or $0.20 per basic share, compared
with a loss of $90 million, or $0.18 per basic share, in the prior year
quarter. Revenue totaled $1.8 billion compared to $2.0 billion in the
second quarter of 2013. Gold and copper AISC was $1,063 per ounce and
$3.69 per pound, respectively, compared with $1,283 per ounce and $8.72
per pound, respectively, in the prior year quarter. Gold and copper CAS
was $744 per ounce and $2.53 per pound, respectively, compared with $895
per ounce and $7.59 per pound, respectively, in the second quarter of
2013. Average realized gold and copper price was $1,283 per ounce and
$3.01 per pound, respectively, compared with $1,386 per ounce and $2.69
per pound, respectively, in the prior year quarter.
2014 Second Quarter Operating Results
Summary Attributable Production Table (Attributable production,
Koz and Kt)
|
|
Region
|
|
|
Q2 2014
|
|
|
Q2 2013
|
|
|
Change
|
|
North America
|
|
|
401
|
|
|
437
|
|
|
-8%
|
|
South America
|
|
|
106
|
|
|
167
|
|
|
-37%
|
|
Australia/New Zealand
|
|
|
468
|
|
|
418
|
|
|
12%
|
|
Indonesia
|
|
|
7
|
|
|
6
|
|
|
17%
|
|
Africa
|
|
|
238
|
|
|
139
|
|
|
71%
|
|
Total Gold
|
|
|
1,220
|
|
|
1,167
|
|
|
5%
|
|
North America
|
|
|
5.3
|
|
|
4.1
|
|
|
29%
|
|
Australia/New Zealand
|
|
|
7.4
|
|
|
7.4
|
|
|
0%
|
|
Indonesia
|
|
|
7.5
|
|
|
7.9
|
|
|
-5%
|
|
Total Copper
|
|
|
20.2
|
|
|
19.4
|
|
|
4%
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary CAS Table (Consolidated $/oz and $/lb)
|
|
Region
|
|
|
Q2 2014
|
|
|
Q2 2013
|
|
|
Change
|
|
North America
|
|
|
$780
|
|
|
$722
|
|
|
8%
|
|
South America
|
|
|
$984
|
|
|
$673
|
|
|
46%
|
|
Australia/New Zealand
|
|
|
$748
|
|
|
$1,206
|
|
|
-38%
|
|
Indonesia
|
|
|
$1,071
|
|
|
$5,299
|
|
|
-80%
|
|
Africa
|
|
|
$468
|
|
|
$596
|
|
|
-21%
|
|
Total Gold CAS
|
|
|
$744
|
|
|
$895
|
|
|
-17%
|
|
North America
|
|
|
$2.33
|
|
|
$1.65
|
|
|
41%
|
|
Australia/New Zealand
|
|
|
$2.42
|
|
|
$3.25
|
|
|
-26%
|
|
Indonesia
|
|
|
$2.82
|
|
|
$11.23
|
|
|
-75%
|
|
Total Copper CAS
|
|
|
$2.53
|
|
|
$7.59
|
|
|
-67%
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary All-in Sustaining Costs Table (Consolidated $/oz and $/lb)
|
|
Region
|
|
|
Q2 2014
|
|
Q2 2013
|
|
|
Change
|
|
North America
|
|
|
$1,032
|
|
$1,095
|
|
|
-6%
|
|
South America
|
|
|
$1,398
|
|
$949
|
|
|
47%
|
|
Australia/New Zealand
|
|
|
$926
|
|
$1,425
|
|
|
-35%
|
|
Indonesia
|
|
|
$1,556
|
|
$5,917
|
|
|
-74%
|
|
Africa
|
|
|
$688
|
|
$1,035
|
|
|
-34%
|
|
Total Gold AISC
|
|
|
$1,063
|
|
$1,283
|
|
|
-17%
|
|
North America
|
|
|
$3.15
|
|
$2.38
|
|
|
32%
|
|
Australia/New Zealand
|
|
|
$3.31
|
|
$3.84
|
|
|
-14%
|
|
Indonesia
|
|
|
$4.32
|
|
$12.59
|
|
|
-66%
|
|
Total Copper AISC
|
|
|
$3.69
|
|
$8.72
|
|
|
-58%
|
|
|
|
|
|
|
|
|
|
|
|
Attributable gold production increased by approximately five percent
from the prior year quarter due to higher production from Africa and
Australia/New Zealand, partially offset by lower production from South
America. Attributable copper production increased by four percent due to
new production from Phoenix Copper Leach in Nevada, offsetting lower
production from Batu Hijau related to export issues. Gold CAS per ounce
decreased by 17 percent due to continued reductions in direct operating
costs as well as lower stockpile and leach pad inventory adjustments,
partially offset by higher unit mining costs in South America. Copper
CAS per pound decreased 67 percent due to lower stockpile inventory
adjustments compared to the prior year quarter.
Second Quarter Operating Results by Region
North America
Attributable gold production at Carlin increased three percent from the
prior year quarter due to higher throughput and grade at Mill 6 as well
as higher recoveries at Emigrant. Utilization at Mill 6 has improved by
10 percent year to date through optimization of management controls and
scheduled downtime. CAS per ounce increased 24 percent from the prior
year quarter due to planned stripping at Gold Quarry and the Carlin
North Area, partially offset by lower direct operating costs achieved by
optimizing haulage costs and reducing leach pad consumables. Development
of the Turf Vent Shaft continues on schedule and on budget.
Attributable gold production at Phoenix decreased 19 percent from the
prior year quarter due to lower grades and throughput. Copper production
increased 29 percent from the prior year quarter due to Phoenix Copper
Leach which commenced production in the fourth quarter of 2013. Gold CAS
per ounce increased four percent from the prior year quarter, primarily
due to lower ounces sold. Copper CAS per pound increased 41 percent from
the prior year quarter, due to lower grades and higher allocation of
costs to copper production based on revenue.
Attributable gold production at Twin Creeks decreased 19 percent from
the prior year quarter primarily due to lower production following the
sale of Midas, as well as lower grades and volumes at the Twin Creeks
Autoclave. CAS per ounce decreased 19 percent from the prior year
quarter, primarily due to a lower strip ratio and the sale of Midas.
Attributable gold production at La Herradura decreased 15 percent from
the prior year quarter, primarily due to the temporary suspension of an
explosives permit. CAS per ounce decreased 28 percent from the prior
year quarter, primarily due to the ramp-up of production upon receipt of
a new explosives permit.
Gold AISC in North America was $1,032 per ounce, a decrease of six
percent over the prior year quarter due to lower advanced project and
exploration spending and lower sustaining capital achieved through
sustainable cost and efficiency improvements. Copper AISC was $3.15 per
pound, an increase of 32 percent over the prior year quarter due to the
increase in CAS as previously mentioned.
South America
Attributable gold production at Yanacocha decreased 35 percent from the
prior year quarter, due primarily to planned processing of lower grade
stockpiled ore and declining grades at Tapado Oeste and Chaquicocha. CAS
per ounce increased 46 percent from the prior year quarter, primarily
due to higher direct mining costs on a unit basis related to the decline
in production compared to the prior year period.
Gold AISC in South America was $1,398 per ounce, an increase of 47
percent over the prior year quarter primarily due to higher direct
mining costs on a unit basis related to lower grade production compared
to the prior year period.
Australia/New Zealand
Attributable gold production at Boddington decreased two percent from
the prior year quarter, primarily due to lower ore grades. This was
partially offset by higher mill throughput. Mill utilization rates have
increased 13 percent year to date through improved conveyor reliability
and consolidation of planned maintenance shutdowns.
Copper production at Boddington was essentially in line with the prior
year quarter as higher throughput was mostly offset by lower ore grades.
Gold CAS per ounce decreased 31 percent and copper CAS per pound
decreased 26 percent from the prior year quarter, primarily due to lower
stockpile inventory adjustments, lower mill maintenance costs and lower
mining costs on a unit basis as a result of higher tons mined. These
were achieved through an improved strip ratio with improved shovel
availability and a change in the mine sequence contributing to the
increase in tons mined.
Attributable gold production at Tanami increased 53 percent from the
prior year quarter, primarily due to higher grades from the Auron ore
body coupled with improved mining rates. Mining rates were enhanced
through improvements in truck utilization and stope availability leading
to higher mill throughput. CAS per ounce decreased 36 percent from the
prior year quarter, primarily due to higher production coupled with
lower underground mining costs on a unit basis.
Attributable gold production at Jundee increased one percent from the
prior year quarter, primarily due to higher ore grade and throughput,
and was partially offset by a build-up of in-circuit inventory. CAS per
ounce decreased 20 percent from the prior year quarter, primarily due to
lower underground mining costs and higher production.
Attributable gold production at Waihi increased 64 percent from the
prior year quarter, primarily due to increased mining and throughput.
CAS per ounce decreased 53 percent from the prior year quarter,
primarily due to higher production and lower operating costs related to
the stripping campaign in the prior year period.
Attributable gold production at KCGM increased five percent from the
prior year quarter, primarily due to a combination of higher ore grades
and recovery, improved throughput and higher concentrate production,
partially offset by a build-up of gold in-circuit inventory. CAS per
ounce decreased 46 percent from the prior year quarter, through lower
direct operating costs, higher production, and the impact of the
inventory adjustment in the prior year quarter.
Gold AISC in Australia/New Zealand was $926 per ounce, a decrease of 35
percent, and copper AISC was $3.31 per pound, a decrease of 14 percent
over the prior year quarter due to lower operating costs and the impact
of the inventory adjustment in the prior year quarter.
Indonesia
Attributable gold production at Batu Hijau increased 17 percent
primarily due to higher grade and higher metal recovery, and was
partially offset by lower throughput as a result of the export issues.
Attributable copper production decreased five percent due to lower
throughput related to the ramp down and was partially offset by higher
ore grade milled and higher recovery. Gold CAS per ounce and copper CAS
per pound decreased 80 percent and 75 percent, respectively, from the
prior year quarter, primarily due to lower inventory adjustments,
partially offset by the abnormal production costs related to the
suspension of operations. CAS includes $16 million of abnormal costs
related to the suspended operation, which equates to $267 per ounce and
$0.70 per pound this quarter.
Gold AISC in Indonesia was $1,556 per ounce, a decrease of 74 percent,
and copper AISC was $4.32 per pound, a decrease of 66 percent over the
prior year quarter due to lower inventory adjustments than the prior
year quarter.
Africa
Attributable gold production at Ahafo decreased 10 percent from the
prior year quarter due to lower grades and throughput. CAS per ounce
decreased 10 percent from the prior year quarter, primarily due to lower
costs, a decrease in mining rates to synchronize with mill capacity, and
improved costs and tire life. Akyem contributed 113,000 ounces of gold
production at CAS of $396 per ounce.
Gold AISC in Africa was $688 per ounce this quarter, a decrease of 34
percent over the prior year quarter due to lower advanced projects and
exploration spending and higher volume.
Outlook Update
For 2014, the Company now expects total attributable gold production of
4.7 to 5.0 million ounces up from 4.6 to 4.9 million ounces, an increase
of two percent. CAS is now expected to be $720 to $760 per ounce reduced
from $740 to $790 per ounce, a reduction of three percent. The Company
also expects total copper production of 90 to 100 thousand tonnes at CAS
of $2.80 to $3.10 per pound and AISC of $3.80 to $4.10 per pound.
Outlook for 2015 and 2016 has been revised to include the recent sale of
Jundee, and initial production from Merian in late 2016. The timing and
outcome of a resolution in Indonesia is difficult to predict; however,
for illustrative purposes guidance reflects the receipt of export
permits for Batu Hijau, by January 1, 2015. The Batu Hijau mine is in
care and maintenance pending receipt of export permits, with PTNNT
expected to incur approximately $20 to $25 million per month in holding
costs. For the second half of 2014, PTNNT plans to ship approximately
58,400 tonnes of concentrate containing approximately 14,400 tonnes of
copper and approximately 11,000 ounces of gold from inventory to PT
Smelting. PTNNT’s ability to export will impact these expectations and
assumptions and Newmont’s ability to achieve outlook.
Balance Sheet and Financial Flexibility
In the second quarter, cash from continuing operations was $378 million
and free cash flow generated from continuing operations was $124
million. At quarter end, the Company held $1.7 billion of consolidated
cash on its balance sheet. During the quarter, the Company also
announced the close of a $575 million five-year, amortizing term loan
that was used to repay the $575 million convertible debt issue that
matured July 15, 2014.
Capital Update
Total capital spent in the second quarter was $254 million. Capital
expenditures in North America during the second quarter of 2014 were
primarily related to the development of the Turf Vent Shaft in Nevada.
Capital expenditures in South America, Australia and New Zealand,
Indonesia, and Africa were primarily for sustaining capital, which has
been reduced across the portfolio through improved asset management.
Total consolidated capital spending is now expected to be $1.4 to $1.485
billion, including $200 to $220 million of project capital for Merian
partially offset by lower sustaining capital spending.
__________________
1 Non-GAAP measure. See end of this release for
reconciliation to net income.
2 Non-GAAP measure.
See end of this release for reconciliation to Costs applicable to sales.
3
Outlook constitutes forward-looking statements, which are subject to
risk and uncertainties. See Cautionary Note at end of this release.
4
Such policy is non-binding; declaration of future dividends remains
subject to approval and discretion of the Board of Directors.
Operating Results Table
Second Quarter Consolidated and Attributable Production and
Consolidated CAS and AISC Results
Region
|
|
|
Q2 2014 Consolidated Production
|
|
|
Q2 2014 Attributable Production
|
|
|
Q2 2014 Consolidated CAS
|
|
|
Q2 2014 Consolidated AISCa
|
|
|
|
(Kozs, Kt)
|
|
|
(Kozs, Kt)
|
|
|
($/oz, $/lb)
|
|
|
($/oz, $/lb)
|
|
Carlin
|
|
|
209
|
|
|
209
|
|
|
$1,003
|
|
|
|
|
Phoenixb
|
|
|
52
|
|
|
52
|
|
|
$601
|
|
|
|
|
Twin Creeksc
|
|
|
94
|
|
|
94
|
|
|
$507
|
|
|
|
|
La Herradurad
|
|
|
46
|
|
|
46
|
|
|
$568
|
|
|
|
|
North America
|
|
|
401
|
|
|
401
|
|
|
$780
|
|
|
$1,032
|
|
Yanacochae
|
|
|
190
|
|
|
98
|
|
|
$984
|
|
|
|
|
La Zanjaf
|
|
|
|
|
|
8
|
|
|
|
|
|
|
|
South America
|
|
|
190
|
|
|
106
|
|
|
$984
|
|
|
$1,398
|
|
Boddington
|
|
|
168
|
|
|
168
|
|
|
$897
|
|
|
|
|
Tanami
|
|
|
95
|
|
|
95
|
|
|
$680
|
|
|
|
|
Jundee
|
|
|
74
|
|
|
74
|
|
|
$569
|
|
|
|
|
Waihi
|
|
|
41
|
|
|
41
|
|
|
$468
|
|
|
|
|
KCGMd
|
|
|
77
|
|
|
77
|
|
|
$868
|
|
|
|
|
Duketonf
|
|
|
|
|
|
13
|
|
|
|
|
|
|
|
Australia/New Zealand
|
|
|
455
|
|
|
468
|
|
|
$748
|
|
|
$926
|
|
Batu Hijau, Indonesiae
|
|
|
15
|
|
|
7
|
|
|
$1,071
|
|
|
$1,556
|
|
Ahafo
|
|
|
125
|
|
|
125
|
|
|
$534
|
|
|
|
|
Akyem
|
|
|
113
|
|
|
113
|
|
|
$396
|
|
|
|
|
Africa
|
|
|
238
|
|
|
238
|
|
|
$468
|
|
|
$688
|
|
Total Gold
|
|
|
1,299
|
|
|
1,220
|
|
|
$744
|
|
|
$1,063
|
|
Phoenix
|
|
|
5
|
|
|
5
|
|
|
$2.33
|
|
|
$3.15
|
|
Boddington
|
|
|
7
|
|
|
7
|
|
|
$2.42
|
|
|
$3.31
|
|
Batu Hijaue
|
|
|
16
|
|
|
8
|
|
|
$2.82
|
|
|
$4.32
|
|
Total Copper
|
|
|
28
|
|
|
20
|
|
|
$2.53
|
|
|
$3.69
|
|
aNon-GAAP measure. See end of this release
for reconciliation to Costs applicable to sales. bIncludes
Lone Tree operations.
|
cIncludes GTRJV operations.
|
dBoth consolidated and attributable
production are shown on a pro-rata basis with a 44% ownership
interest for La Herradura and a 50% ownership for KCGM. eConsolidated
production for Yanacocha and Batu Hijau are presented on a total
production basis for the mine site; whereas attributable
production represents a 51.35% ownership interest for Yanacocha,
and a 48.5% interest for Batu Hijau.
|
fLa Zanja and Duketon are not included in the
consolidated figures above; attributable production figures are
presented based upon a 46.94% ownership interest at La Zanja and a
19.45% ownership interest in Duketon.
|
|
Outlook Tables
2014 Consolidated and Attributable Production, CAS, AISC, and Capital
Outlooka
Region
|
|
|
2014 Consolidated Production
|
|
|
2014 Attributable Production
|
|
|
2014 Consolidated CAS
|
|
|
2014 All-in Sustaining Costsb
|
|
|
2014 Consolidated Capital
|
|
|
|
(Kozs, Kt)
|
|
|
(Kozs, kt)
|
|
|
($/oz, $/lb)
|
|
|
($/oz, $/t)
|
|
|
Expenditures ($M)
|
|
Carlin
|
|
|
830 - 910
|
|
|
830 – 910
|
|
|
$850 - $930
|
|
|
|
|
|
$270 - $295
|
|
Phoenixc
|
|
|
195 - 215
|
|
|
195 – 215
|
|
|
$655 - $715
|
|
|
|
|
|
$30 - $40
|
|
Twin Creeksd
|
|
|
330 - 360
|
|
|
330 – 360
|
|
|
$550 - $600
|
|
|
|
|
|
$110 - $130
|
|
La Herradurae
|
|
|
185 - 200
|
|
|
185 – 200
|
|
|
$800 - $875
|
|
|
|
|
|
$90 - $100
|
|
Other North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$30 - $40
|
|
North America
|
|
|
1,550 - 1,650
|
|
|
1,550 - 1,650
|
|
|
$750 - $810
|
|
|
$1,000 - $1,100
|
|
|
$500 - $550
|
|
Yanacochaf
|
|
|
895 - 985
|
|
|
460 – 500
|
|
|
$660 - $720
|
|
|
|
|
|
$135 - $150
|
|
La Zanjag
|
|
|
|
|
|
50 – 60
|
|
|
|
|
|
|
|
|
|
|
Other South America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$225 - $270
|
|
South America
|
|
|
895 - 985
|
|
|
510 – 560
|
|
|
$660 - $720
|
|
|
$1,090 - $1,180
|
|
|
$360 - $400
|
|
Boddington
|
|
|
665 - 725
|
|
|
665 – 725
|
|
|
$880 - $960
|
|
|
|
|
|
$90 - $100
|
|
Tanami
|
|
|
320 - 350
|
|
|
320 – 350
|
|
|
$700 - $765
|
|
|
|
|
|
$100 - $110
|
|
Jundee
|
|
|
138 - 140
|
|
|
138 – 140
|
|
|
$610 - $620
|
|
|
|
|
|
$15
|
|
Waihi
|
|
|
120 - 130
|
|
|
120 – 130
|
|
|
$560 - $610
|
|
|
|
|
|
$25 - $30
|
|
KCGMe
|
|
|
300 - 330
|
|
|
300 – 330
|
|
|
$895 - $980
|
|
|
|
|
|
$30 - $40
|
|
Duketong
|
|
|
|
|
|
40 – 50
|
|
|
|
|
|
|
|
|
|
|
Other Australia/NZ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$5 - $15
|
|
Australia/New Zealand
|
|
|
1,575 - 1,675
|
|
|
1,625 - 1,725
|
|
|
$805 - $880
|
|
|
$990 - $1,080
|
|
|
$275 - $300
|
|
Batu Hijau, Indonesiah
|
|
|
30 - 35
|
|
|
15 – 20
|
|
|
$1,435 - $1,570
|
|
|
$2,060 - $2,250
|
|
|
$50 - $55
|
|
Ahafo
|
|
|
415 - 440
|
|
|
415 – 440
|
|
|
$580 - $650
|
|
|
|
|
|
$100 - $115
|
|
Akyem
|
|
|
440 - 480
|
|
|
440 – 480
|
|
|
$400 - $445
|
|
|
|
|
|
$15 - $25
|
|
Africa
|
|
|
855 - 920
|
|
|
855 – 920
|
|
|
$495 - $540
|
|
|
$660 - $725
|
|
|
$115 - $140
|
|
Corporate/Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$20 - $25
|
|
Total Gold
|
|
|
5,100 - 5,400
|
|
|
4,725 - 5,000
|
|
|
$720 - $760
|
|
|
$1,075 - $1,175
|
|
|
$1,400 - $1,485
|
|
Phoenix
|
|
|
15 - 25
|
|
|
15 – 25
|
|
|
$2.10 - $2.30
|
|
|
|
|
|
|
|
Boddington
|
|
|
25 - 35
|
|
|
25 – 35
|
|
|
$2.50 - $2.80
|
|
|
|
|
|
|
|
Batu Hijauh
|
|
|
35 - 40
|
|
|
15 – 20
|
|
|
$3.50 - $3.80
|
|
|
|
|
|
|
|
Total Copper
|
|
|
80 - 95
|
|
|
90 – 100
|
|
|
$2.80 - $3.10
|
|
|
$3.80 - $4.10
|
|
|
|
|
aThe outlook ranges presented herein represent
forward looking statements, which are subject to certain risks and
uncertainties. See cautionary statement at the end of this release.
Additionally, individual site ranges in the table above may not sum
to total regional or Company levels to provide for portfolio
flexibility.
|
bNon-GAAP measure. See end of this release
for reconciliation to Costs applicable to sales.
|
cIncludes Lone Tree operations. dIncludes
GTRJV operations.
|
eBoth consolidated and attributable
production are shown on a pro-rata basis with a 44% ownership
interest for La Herradura and a 50% ownership for KCGM. fConsolidated
production for Yanacocha is presented on a total production basis
for the mine site; whereas attributable production represents a
51.35% ownership interest.
|
gLa Zanja and Duketon are not included in the
consolidated figures above; attributable production figures are
presented based upon a 46.94% ownership interest at La Zanja and a
19.45% ownership interest in Duketon. hConsolidated
production for Batu Hijau is presented on a total production basis
for the mine site; whereas attributable production represents an
expected 44.5625% ownership interest in 2014 outlook (which
assumes completion of the remaining share divestiture). PTNNT does
not currently have approvals necessary for export. When and
whether PTNNT is able to resume export in 2014 will impact outlook.
|
|
Consolidated and Attributable Production (Moz, kt)
|
|
|
2014
Outlook
|
|
|
2015
Outlook
|
|
|
2016
Outlook
|
|
Gold (Consolidated Moz)
|
|
|
5,100 - 5,400
|
|
|
5,010 - 5,490
|
|
|
5,700 - 6,100
|
|
Gold (Attributable Moz)
|
|
|
4,725 - 5,000
|
|
|
4,600 - 4,900
|
|
|
5,100 - 5,400
|
|
Copper (Consolidated kt)
|
|
|
80 - 95
|
|
|
220 - 240
|
|
|
260 - 270
|
|
Copper (Attributable kt)
|
|
|
90 - 100
|
|
|
125 - 135
|
|
|
140 - 150
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated CAS ($/oz, $/lb)
Region
|
|
|
2014
Outlook
|
|
|
2015
Outlook
|
|
|
2016
Outlook
|
|
North America
|
|
|
$750 - $810
|
|
|
$740 - $810
|
|
|
$680 - $740
|
|
South America
|
|
|
$660 - $720
|
|
|
$560 - $615
|
|
|
$770 - $840
|
|
Australia/New Zealand
|
|
|
$805 - $880
|
|
|
$865 - $950
|
|
|
$850 - $925
|
|
Batu Hijau, Indonesia
|
|
|
$1,435 - $1,570
|
|
|
$490 - $540
|
|
|
$440 - $480
|
|
Africa
|
|
|
$495 - $540
|
|
|
$695 - $760
|
|
|
$730 - $800
|
|
Total Gold
|
|
|
$720 - $760
|
|
|
$690 - $740
|
|
|
$720 - $760
|
|
Total Copper
|
|
|
$2.80 - $3.10
|
|
|
$1.50 - $1.65
|
|
|
$1.25 - $1.35
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated AISC ($/oz, $/lb)
Region
|
|
|
2014
Outlook
|
|
|
2015
Outlook
|
|
|
2016
Outlook
|
|
North America
|
|
|
$1,000 - $1,100
|
|
|
$955 - $1,045
|
|
|
$835 - $925
|
|
South America
|
|
|
$1,090 - $1,180
|
|
|
$900 - $990
|
|
|
$1,180 - $1,290
|
|
Australia/New Zealand
|
|
|
$990 - $1,080
|
|
|
$1,040 - $1,140
|
|
|
$985 - $1,075
|
|
Batu Hijau, Indonesia
|
|
|
$2,060 - $2,250
|
|
|
$710 - $770
|
|
|
$600 - $655
|
|
Africa
|
|
|
$660 - $725
|
|
|
$875 - $955
|
|
|
$885 - $965
|
|
Total Gold
|
|
|
$1,075 - $1,175
|
|
|
$1,000 - $1,100
|
|
|
$985 - $1,085
|
|
Total Copper
|
|
|
$3.80 - $4.10
|
|
|
$2.00 - $2.20
|
|
|
$1.60 - $1.80
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Capital Expenditures ($M)
Region
|
|
|
2014
Outlook
|
|
|
2015
Outlook
|
|
|
2016
Outlook
|
|
North America
|
|
|
$500 - $550
|
|
|
$430 - $475
|
|
|
$270 - $295
|
|
South America
|
|
|
$360 - $400
|
|
|
$600 - $655
|
|
|
$420 - $455
|
|
Australia/New Zealand
|
|
|
$275 - $300
|
|
|
$220 - $245
|
|
|
$190 - $210
|
|
Batu Hijau, Indonesia
|
|
|
$50 - $55
|
|
|
$150 - $165
|
|
|
$155 - $170
|
|
Africa
|
|
|
$115 - $140
|
|
|
$80 - $90
|
|
|
$80 - $90
|
|
Total
|
|
|
$1,400 - $1,485
|
|
|
$1,550 - $1,650
|
|
|
$1,250 - $1,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 Expense Outlook
|
Description
|
|
|
2014 Consolidated Expenses ($M)
|
|
|
|
|
General & Administrative
|
|
|
$175 - $200
|
Other Expense
|
|
|
$150 - $175
|
Interest Expense
|
|
|
$325 - $350
|
DD&A
|
|
|
$1,050 - $1,125
|
Exploration and Projects
|
|
|
$400 - $450
|
Sustaining Capital
|
|
|
$1,000 - $1,100
|
Tax Rate
|
|
|
37% - 40%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEWMONT MINING CORPORATION
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(unaudited, in millions except per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
|
$
|
1,765
|
|
|
|
$
|
2,018
|
|
|
|
$
|
3,529
|
|
|
|
$
|
4,206
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs applicable to sales (1)
|
|
|
|
1,060
|
|
|
|
|
1,682
|
|
|
|
|
2,143
|
|
|
|
|
2,739
|
|
|
Depreciation and amortization
|
|
|
|
306
|
|
|
|
|
415
|
|
|
|
|
604
|
|
|
|
|
682
|
|
|
Reclamation and remediation
|
|
|
|
21
|
|
|
|
|
18
|
|
|
|
|
41
|
|
|
|
|
36
|
|
|
Exploration
|
|
|
|
41
|
|
|
|
|
76
|
|
|
|
|
75
|
|
|
|
|
135
|
|
|
Advanced projects, research and development
|
|
|
|
42
|
|
|
|
|
46
|
|
|
|
|
84
|
|
|
|
|
98
|
|
|
General and administrative
|
|
|
|
48
|
|
|
|
|
54
|
|
|
|
|
93
|
|
|
|
|
110
|
|
|
Write-downs
|
|
|
|
13
|
|
|
|
|
2,261
|
|
|
|
|
13
|
|
|
|
|
2,262
|
|
|
Other expense, net
|
|
|
|
51
|
|
|
|
|
77
|
|
|
|
|
103
|
|
|
|
|
176
|
|
|
|
|
|
|
|
1,582
|
|
|
|
|
4,629
|
|
|
|
|
3,156
|
|
|
|
|
6,238
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net
|
|
|
|
3
|
|
|
|
|
50
|
|
|
|
|
49
|
|
|
|
|
76
|
|
|
Interest expense, net
|
|
|
|
(94
|
)
|
|
|
|
(70
|
)
|
|
|
|
(187
|
)
|
|
|
|
(135
|
)
|
|
|
|
|
|
|
(91
|
)
|
|
|
|
(20
|
)
|
|
|
|
(138
|
)
|
|
|
|
(59
|
)
|
Income (loss) before income and mining tax and other items
|
|
|
|
92
|
|
|
|
|
(2,631
|
)
|
|
|
|
235
|
|
|
|
|
(2,091
|
)
|
Income and mining tax benefit (expense)
|
|
|
|
53
|
|
|
|
|
287
|
|
|
|
|
(25
|
)
|
|
|
|
107
|
|
Equity income (loss) of affiliates
|
|
|
|
2
|
|
|
|
|
(3
|
)
|
|
|
|
2
|
|
|
|
|
(7
|
)
|
Income (loss) from continuing operations
|
|
|
|
147
|
|
|
|
|
(2,347
|
)
|
|
|
|
212
|
|
|
|
|
(1,991
|
)
|
Income (loss) from discontinued operations
|
|
|
|
(2
|
)
|
|
|
|
74
|
|
|
|
|
(19
|
)
|
|
|
|
74
|
|
Net income (loss)
|
|
|
|
145
|
|
|
|
|
(2,273
|
)
|
|
|
|
193
|
|
|
|
|
(1,917
|
)
|
Net loss (income) attributable to noncontrolling interests
|
|
|
|
35
|
|
|
|
|
214
|
|
|
|
|
87
|
|
|
|
|
172
|
|
Net income (loss) attributable to Newmont stockholders
|
|
|
$
|
180
|
|
|
|
$
|
(2,059
|
)
|
|
|
$
|
280
|
|
|
|
$
|
(1,745
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Newmont stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
$
|
182
|
|
|
|
$
|
(2,133
|
)
|
|
|
$
|
299
|
|
|
|
$
|
(1,819
|
)
|
|
|
Discontinued operations
|
|
|
|
(2
|
)
|
|
|
|
74
|
|
|
|
|
(19
|
)
|
|
|
|
74
|
|
|
|
|
|
|
$
|
180
|
|
|
|
$
|
(2,059
|
)
|
|
|
$
|
280
|
|
|
|
$
|
(1,745
|
)
|
Income (loss) per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
$
|
0.37
|
|
|
|
$
|
(4.29
|
)
|
|
|
$
|
0.60
|
|
|
|
$
|
(3.66
|
)
|
|
|
Discontinued operations
|
|
|
|
(0.01
|
)
|
|
|
|
0.15
|
|
|
|
|
(0.04
|
)
|
|
|
|
0.15
|
|
|
|
|
|
|
$
|
0.36
|
|
|
|
$
|
(4.14
|
)
|
|
|
$
|
0.56
|
|
|
|
$
|
(3.51
|
)
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
$
|
0.37
|
|
|
|
$
|
(4.29
|
)
|
|
|
$
|
0.60
|
|
|
|
$
|
(3.66
|
)
|
|
|
Discontinued operations
|
|
|
|
(0.01
|
)
|
|
|
|
0.15
|
|
|
|
|
(0.04
|
)
|
|
|
|
0.15
|
|
|
|
|
|
|
$
|
0.36
|
|
|
|
$
|
(4.14
|
)
|
|
|
$
|
0.56
|
|
|
|
$
|
(3.51
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per common share
|
|
|
$
|
0.025
|
|
|
|
$
|
0.35
|
|
|
|
$
|
0.175
|
|
|
|
$
|
0.775
|
|
(1) Excludes Depreciation and amortization and Reclamation
and remediation.
|
|
NEWMONT MINING CORPORATION
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(unaudited, in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
Operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
145
|
|
|
|
$
|
(2,273
|
)
|
|
|
$
|
193
|
|
|
|
$
|
(1,917
|
)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
306
|
|
|
|
|
415
|
|
|
|
|
604
|
|
|
|
|
682
|
|
|
|
Stock based compensation and other non-cash benefits
|
|
|
|
14
|
|
|
|
|
19
|
|
|
|
|
27
|
|
|
|
|
38
|
|
|
|
Reclamation and remediation
|
|
|
|
21
|
|
|
|
|
18
|
|
|
|
|
41
|
|
|
|
|
36
|
|
|
|
Loss (income) from discontinued operations
|
|
|
|
2
|
|
|
|
|
(74
|
)
|
|
|
|
19
|
|
|
|
|
(74
|
)
|
|
|
Write-downs
|
|
|
|
13
|
|
|
|
|
2,262
|
|
|
|
|
13
|
|
|
|
|
2,262
|
|
|
|
Impairment of marketable securities
|
|
|
|
-
|
|
|
|
|
7
|
|
|
|
|
1
|
|
|
|
|
11
|
|
|
|
Deferred income taxes
|
|
|
|
(127
|
)
|
|
|
|
(469
|
)
|
|
|
|
(92
|
)
|
|
|
|
(480
|
)
|
|
|
Gain on asset and investment sales, net
|
|
|
|
(2
|
)
|
|
|
|
-
|
|
|
|
|
(52
|
)
|
|
|
|
(1
|
)
|
|
|
Other operating adjustments and write-downs
|
|
|
|
109
|
|
|
|
|
558
|
|
|
|
|
260
|
|
|
|
|
632
|
|
|
|
Net change in operating assets and liabilities
|
|
|
|
(103
|
)
|
|
|
|
(170
|
)
|
|
|
|
(453
|
)
|
|
|
|
(457
|
)
|
Net cash provided from continuing operations
|
|
|
|
378
|
|
|
|
|
293
|
|
|
|
|
561
|
|
|
|
|
732
|
|
Net cash used in discontinued operations
|
|
|
|
(3
|
)
|
|
|
|
(5
|
)
|
|
|
|
(6
|
)
|
|
|
|
(11
|
)
|
Net cash provided from operations
|
|
|
|
375
|
|
|
|
|
288
|
|
|
|
|
555
|
|
|
|
|
721
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to property, plant and mine development
|
|
|
|
(254
|
)
|
|
|
|
(610
|
)
|
|
|
|
(489
|
)
|
|
|
|
(1,120
|
)
|
|
Acquisitions, net
|
|
|
|
-
|
|
|
|
|
(5
|
)
|
|
|
|
(28
|
)
|
|
|
|
(13
|
)
|
|
Sale of marketable securities
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
25
|
|
|
|
|
1
|
|
|
Purchases of marketable securities
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
Proceeds from sale of other assets
|
|
|
|
6
|
|
|
|
|
24
|
|
|
|
|
76
|
|
|
|
|
49
|
|
|
Other
|
|
|
|
(2
|
)
|
|
|
|
(7
|
)
|
|
|
|
(11
|
)
|
|
|
|
(21
|
)
|
Net cash used in investing activities
|
|
|
|
(250
|
)
|
|
|
|
(598
|
)
|
|
|
|
(428
|
)
|
|
|
|
(1,105
|
)
|
Financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from debt, net
|
|
|
|
15
|
|
|
|
|
907
|
|
|
|
|
18
|
|
|
|
|
987
|
|
|
Repayment of debt
|
|
|
|
(5
|
)
|
|
|
|
(534
|
)
|
|
|
|
(5
|
)
|
|
|
|
(534
|
)
|
|
Proceeds from stock issuance, net
|
|
|
|
-
|
|
|
|
|
1
|
|
|
|
|
-
|
|
|
|
|
2
|
|
|
Sale of noncontrolling interests
|
|
|
|
68
|
|
|
|
|
-
|
|
|
|
|
68
|
|
|
|
|
32
|
|
|
Acquisition of noncontrolling interests
|
|
|
|
(2
|
)
|
|
|
|
(4
|
)
|
|
|
|
(4
|
)
|
|
|
|
(10
|
)
|
|
Dividends paid to noncontrolling interests
|
|
|
|
(4
|
)
|
|
|
|
(2
|
)
|
|
|
|
(4
|
)
|
|
|
|
(2
|
)
|
|
Dividends paid to common stockholders
|
|
|
|
(12
|
)
|
|
|
|
(174
|
)
|
|
|
|
(89
|
)
|
|
|
|
(385
|
)
|
|
Other
|
|
|
|
(7
|
)
|
|
|
|
(2
|
)
|
|
|
|
(11
|
)
|
|
|
|
(3
|
)
|
Net cash provided from (used in) financing activities
|
|
|
|
53
|
|
|
|
|
192
|
|
|
|
|
(27
|
)
|
|
|
|
87
|
|
Effect of exchange rate changes on cash
|
|
|
|
-
|
|
|
|
|
(12
|
)
|
|
|
|
(2
|
)
|
|
|
|
(16
|
)
|
Net change in cash and cash equivalents
|
|
|
|
178
|
|
|
|
|
(130
|
)
|
|
|
|
98
|
|
|
|
|
(313
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
|
1,475
|
|
|
|
|
1,378
|
|
|
|
|
1,555
|
|
|
|
|
1,561
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
1,653
|
|
|
|
$
|
1,248
|
|
|
|
$
|
1,653
|
|
|
|
$
|
1,248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEWMONT MINING CORPORATION
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(unaudited, in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At June 30,
|
|
|
At December 31,
|
|
|
|
|
2014
|
|
|
2013
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
1,653
|
|
|
|
$
|
1,555
|
|
Trade receivables
|
|
|
|
147
|
|
|
|
|
230
|
|
Accounts receivable
|
|
|
|
299
|
|
|
|
|
252
|
|
Investments
|
|
|
|
84
|
|
|
|
|
78
|
|
Inventories
|
|
|
|
863
|
|
|
|
|
717
|
|
Stockpiles and ore on leach pads
|
|
|
|
775
|
|
|
|
|
805
|
|
Deferred income tax assets
|
|
|
|
287
|
|
|
|
|
246
|
|
Other current assets
|
|
|
|
1,246
|
|
|
|
|
1,006
|
|
|
Current assets
|
|
|
|
5,354
|
|
|
|
|
4,889
|
|
Property, plant and mine development, net
|
|
|
|
14,043
|
|
|
|
|
14,277
|
|
Investments
|
|
|
|
347
|
|
|
|
|
439
|
|
Stockpiles and ore on leach pads
|
|
|
|
2,773
|
|
|
|
|
2,680
|
|
Deferred income tax assets
|
|
|
|
1,611
|
|
|
|
|
1,478
|
|
Other long-term assets
|
|
|
|
848
|
|
|
|
|
844
|
|
|
Total assets
|
|
|
$
|
24,976
|
|
|
|
$
|
24,607
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
Debt
|
|
|
$
|
112
|
|
|
|
$
|
595
|
|
Accounts payable
|
|
|
|
435
|
|
|
|
|
478
|
|
Employee-related benefits
|
|
|
|
232
|
|
|
|
|
341
|
|
Income and mining taxes
|
|
|
|
52
|
|
|
|
|
13
|
|
Other current liabilities
|
|
|
|
1,421
|
|
|
|
|
1,313
|
|
|
Current liabilities
|
|
|
|
2,252
|
|
|
|
|
2,740
|
|
Debt
|
|
|
|
6,673
|
|
|
|
|
6,145
|
|
Reclamation and remediation liabilities
|
|
|
|
1,531
|
|
|
|
|
1,513
|
|
Deferred income tax liabilities
|
|
|
|
730
|
|
|
|
|
635
|
|
Employee-related benefits
|
|
|
|
345
|
|
|
|
|
323
|
|
Other long-term liabilities
|
|
|
|
354
|
|
|
|
|
342
|
|
|
Total liabilities
|
|
|
|
11,885
|
|
|
|
|
11,698
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
798
|
|
|
|
|
789
|
|
Additional paid-in capital
|
|
|
|
8,636
|
|
|
|
|
8,538
|
|
Accumulated other comprehensive income (loss)
|
|
|
|
(242
|
)
|
|
|
|
(182
|
)
|
Retained earnings
|
|
|
|
1,039
|
|
|
|
|
848
|
|
Newmont stockholders’ equity
|
|
|
|
10,231
|
|
|
|
|
9,993
|
|
Noncontrolling interests
|
|
|
|
2,860
|
|
|
|
|
2,916
|
|
|
Total equity
|
|
|
|
13,091
|
|
|
|
|
12,909
|
|
|
Total liabilities and equity
|
|
|
$
|
24,976
|
|
|
|
$
|
24,607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Operating Statistics
|
|
|
|
|
|
|
Production Statistics Summary
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
Consolidated gold ounces produced (thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlin
|
|
|
209
|
|
|
203
|
|
|
438
|
|
|
434
|
Phoenix
|
|
|
52
|
|
|
64
|
|
|
105
|
|
|
116
|
Twin Creeks
|
|
|
94
|
|
|
116
|
|
|
190
|
|
|
215
|
La Herradura
|
|
|
46
|
|
|
54
|
|
|
74
|
|
|
109
|
|
|
|
401
|
|
|
437
|
|
|
807
|
|
|
874
|
South America
|
|
|
|
|
|
|
|
|
|
|
|
|
Yanacocha
|
|
|
190
|
|
|
291
|
|
|
398
|
|
|
577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia/New Zealand
|
|
|
|
|
|
|
|
|
|
|
|
|
Boddington
|
|
|
168
|
|
|
171
|
|
|
342
|
|
|
347
|
Tanami
|
|
|
95
|
|
|
62
|
|
|
179
|
|
|
122
|
Jundee
|
|
|
74
|
|
|
73
|
|
|
138
|
|
|
150
|
Waihi
|
|
|
41
|
|
|
25
|
|
|
67
|
|
|
55
|
Kalgoorlie
|
|
|
77
|
|
|
73
|
|
|
167
|
|
|
151
|
|
|
|
455
|
|
|
404
|
|
|
893
|
|
|
825
|
Indonesia
|
|
|
|
|
|
|
|
|
|
|
|
|
Batu Hijau
|
|
|
15
|
|
|
13
|
|
|
31
|
|
|
27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
Ahafo
|
|
|
125
|
|
|
139
|
|
|
230
|
|
|
264
|
Akyem
|
|
|
113
|
|
|
-
|
|
|
232
|
|
|
-
|
|
|
|
238
|
|
|
139
|
|
|
462
|
|
|
264
|
|
|
|
1,299
|
|
|
1,284
|
|
|
2,591
|
|
|
2,567
|
Consolidated copper pounds produced (millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix
|
|
|
12
|
|
|
9
|
|
|
24
|
|
|
16
|
Boddington
|
|
|
16
|
|
|
16
|
|
|
34
|
|
|
35
|
Batu Hijau
|
|
|
34
|
|
|
36
|
|
|
81
|
|
|
76
|
|
|
|
62
|
|
|
61
|
|
|
139
|
|
|
127
|
Consolidated copper tonnes produced (thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix
|
|
|
5
|
|
|
4
|
|
|
11
|
|
|
7
|
Boddington
|
|
|
7
|
|
|
7
|
|
|
15
|
|
|
16
|
Batu Hijau
|
|
|
16
|
|
|
16
|
|
|
37
|
|
|
35
|
|
|
|
28
|
|
|
27
|
|
|
63
|
|
|
58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production Statistics Summary
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
Attributable gold ounces produced (thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlin
|
|
|
209
|
|
|
203
|
|
|
438
|
|
|
434
|
Phoenix
|
|
|
52
|
|
|
64
|
|
|
105
|
|
|
116
|
Twin Creeks
|
|
|
94
|
|
|
116
|
|
|
190
|
|
|
215
|
La Herradura
|
|
|
46
|
|
|
54
|
|
|
74
|
|
|
109
|
|
|
|
401
|
|
|
437
|
|
|
807
|
|
|
874
|
South America
|
|
|
|
|
|
|
|
|
|
|
|
|
Yanacocha
|
|
|
98
|
|
|
150
|
|
|
205
|
|
|
296
|
Other South America Equity Interests
|
|
|
8
|
|
|
17
|
|
|
23
|
|
|
32
|
|
|
|
106
|
|
|
167
|
|
|
228
|
|
|
328
|
Australia/New Zealand
|
|
|
|
|
|
|
|
|
|
|
|
|
Boddington
|
|
|
168
|
|
|
171
|
|
|
342
|
|
|
347
|
Tanami
|
|
|
95
|
|
|
62
|
|
|
179
|
|
|
122
|
Jundee
|
|
|
74
|
|
|
73
|
|
|
138
|
|
|
150
|
Waihi
|
|
|
41
|
|
|
25
|
|
|
67
|
|
|
55
|
Kalgoorlie
|
|
|
77
|
|
|
73
|
|
|
167
|
|
|
151
|
Other Australia/New Zealand Equity Interests
|
|
|
13
|
|
|
14
|
|
|
25
|
|
|
29
|
|
|
|
468
|
|
|
418
|
|
|
918
|
|
|
854
|
Indonesia
|
|
|
|
|
|
|
|
|
|
|
|
|
Batu Hijau
|
|
|
7
|
|
|
6
|
|
|
15
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
Ahafo
|
|
|
125
|
|
|
139
|
|
|
230
|
|
|
264
|
Akyem
|
|
|
113
|
|
|
-
|
|
|
232
|
|
|
-
|
|
|
|
238
|
|
|
139
|
|
|
462
|
|
|
264
|
|
|
|
1,220
|
|
|
1,167
|
|
|
2,430
|
|
|
2,333
|
Attributable copper pounds produced (millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix
|
|
|
12
|
|
|
9
|
|
|
24
|
|
|
16
|
Boddington
|
|
|
16
|
|
|
16
|
|
|
34
|
|
|
35
|
Batu Hijau
|
|
|
17
|
|
|
17
|
|
|
39
|
|
|
37
|
|
|
|
45
|
|
|
42
|
|
|
97
|
|
|
88
|
Attributable copper tonnes produced (thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix
|
|
|
5
|
|
|
4
|
|
|
11
|
|
|
7
|
Boddington
|
|
|
7
|
|
|
7
|
|
|
15
|
|
|
16
|
Batu Hijau
|
|
|
8
|
|
|
8
|
|
|
18
|
|
|
17
|
|
|
|
20
|
|
|
19
|
|
|
44
|
|
|
40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
Gold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs Applicable to Sales ($/ounce)(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlin
|
|
|
$
|
1,003
|
|
|
$
|
806
|
|
|
$
|
919
|
|
|
$
|
806
|
Phoenix
|
|
|
|
601
|
|
|
|
579
|
|
|
|
613
|
|
|
|
796
|
Twin Creeks
|
|
|
|
507
|
|
|
|
628
|
|
|
|
522
|
|
|
|
592
|
La Herradura
|
|
|
|
568
|
|
|
|
784
|
|
|
|
603
|
|
|
|
750
|
|
|
|
|
780
|
|
|
|
722
|
|
|
|
753
|
|
|
|
743
|
South America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yanacocha
|
|
|
|
984
|
|
|
|
673
|
|
|
|
1,032
|
|
|
|
626
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia/New Zealand
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boddington
|
|
|
|
897
|
|
|
|
1,307
|
|
|
|
873
|
|
|
|
1,086
|
Tanami
|
|
|
|
680
|
|
|
|
1,064
|
|
|
|
680
|
|
|
|
1,156
|
Jundee
|
|
|
|
569
|
|
|
|
714
|
|
|
|
614
|
|
|
|
712
|
Waihi
|
|
|
|
468
|
|
|
|
995
|
|
|
|
577
|
|
|
|
954
|
Kalgoorlie
|
|
|
|
868
|
|
|
|
1,601
|
|
|
|
852
|
|
|
|
1,309
|
|
|
|
|
748
|
|
|
|
1,206
|
|
|
|
765
|
|
|
|
1,062
|
Indonesia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Batu Hijau
|
|
|
|
1,071
|
|
|
|
5,299
|
|
|
|
1,161
|
|
|
|
3,682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ahafo
|
|
|
|
534
|
|
|
|
596
|
|
|
|
544
|
|
|
|
577
|
Akyem
|
|
|
|
396
|
|
|
|
-
|
|
|
|
353
|
|
|
|
-
|
|
|
|
|
468
|
|
|
|
596
|
|
|
|
448
|
|
|
|
577
|
Average
|
|
|
$
|
744
|
|
|
$
|
895
|
|
|
$
|
747
|
|
|
$
|
830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs Applicable to Sales ($/pound)(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix
|
|
|
$
|
2.33
|
|
|
$
|
1.65
|
|
|
$
|
2.36
|
|
|
$
|
2.11
|
Boddington
|
|
|
|
2.42
|
|
|
|
3.25
|
|
|
|
2.53
|
|
|
|
2.78
|
Batu Hijau
|
|
|
|
2.82
|
|
|
|
11.23
|
|
|
|
2.90
|
|
|
|
7.71
|
Average
|
|
|
$
|
2.53
|
|
|
$
|
7.59
|
|
|
$
|
2.62
|
|
|
$
|
5.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Consolidated Costs applicable to sales excludes
Depreciation and amortization and Reclamation and remediation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
|
Six Months Ended June 30,
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
2013
|
Consolidated Capital Expenditures ($ million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlin
|
|
$
|
60
|
|
|
|
$
|
73
|
|
|
$
|
102
|
|
|
$
|
119
|
Phoenix
|
|
|
9
|
|
|
|
|
37
|
|
|
|
16
|
|
|
|
68
|
Twin Creeks
|
|
|
28
|
|
|
|
|
18
|
|
|
|
60
|
|
|
|
43
|
La Herradura
|
|
|
8
|
|
|
|
|
45
|
|
|
|
14
|
|
|
|
64
|
Other North America
|
|
|
1
|
|
|
|
|
9
|
|
|
|
6
|
|
|
|
13
|
|
|
|
106
|
|
|
|
|
182
|
|
|
|
198
|
|
|
|
307
|
South America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yanacocha
|
|
|
21
|
|
|
|
|
41
|
|
|
|
35
|
|
|
|
89
|
Other South America
|
|
|
8
|
|
|
|
|
75
|
|
|
|
15
|
|
|
|
161
|
|
|
|
29
|
|
|
|
|
116
|
|
|
|
50
|
|
|
|
250
|
Australia/New Zealand
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boddington
|
|
|
26
|
|
|
|
|
29
|
|
|
|
46
|
|
|
|
54
|
Tanami
|
|
|
18
|
|
|
|
|
21
|
|
|
|
38
|
|
|
|
44
|
Jundee
|
|
|
8
|
|
|
|
|
10
|
|
|
|
15
|
|
|
|
23
|
Waihi
|
|
|
2
|
|
|
|
|
5
|
|
|
|
5
|
|
|
|
8
|
Kalgoorlie
|
|
|
4
|
|
|
|
|
4
|
|
|
|
5
|
|
|
|
5
|
Other Australia/New Zealand
|
|
|
3
|
|
|
|
|
2
|
|
|
|
4
|
|
|
|
3
|
|
|
|
61
|
|
|
|
|
71
|
|
|
|
113
|
|
|
|
137
|
Indonesia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Batu Hijau
|
|
|
16
|
|
|
|
|
33
|
|
|
|
31
|
|
|
|
56
|
|
|
|
16
|
|
|
|
|
33
|
|
|
|
31
|
|
|
|
56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ahafo
|
|
|
38
|
|
|
|
|
57
|
|
|
|
60
|
|
|
|
117
|
Akyem
|
|
|
(1
|
)
|
|
|
|
88
|
|
|
|
-
|
|
|
|
154
|
|
|
|
37
|
|
|
|
|
145
|
|
|
|
60
|
|
|
|
271
|
Corporate and Other
|
|
|
6
|
|
|
|
|
25
|
|
|
|
12
|
|
|
|
48
|
Total - Accrual Basis
|
|
$
|
255
|
|
|
|
$
|
572
|
|
|
$
|
464
|
|
|
$
|
1,069
|
Change in Capital Accrual
|
|
|
(1
|
)
|
|
|
|
38
|
|
|
|
25
|
|
|
|
51
|
Total - Cash Basis
|
|
$
|
254
|
|
|
|
$
|
610
|
|
|
$
|
489
|
|
|
$
|
1,120
|
Attributable to Newmont (Accrual Basis)
|
|
$
|
233
|
|
|
|
$
|
499
|
|
|
$
|
424
|
|
|
$
|
919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
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 compare results
of the continuing operations of the Company and its direct and indirect
subsidiaries relating to the production and sale of minerals to similar
operating results of other mining companies, by excluding exceptional or
unusual items. 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 June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Net income (loss) attributable to Newmont stockholders
|
|
|
$
|
180
|
|
|
|
$
|
(2,059
|
)
|
|
|
$
|
280
|
|
|
|
$
|
(1,745
|
)
|
|
|
Loss (income) from discontinued operations
|
|
|
|
2
|
|
|
|
|
(74
|
)
|
|
|
|
19
|
|
|
|
|
(74
|
)
|
|
|
Impairments and loss provisions
|
|
|
|
5
|
|
|
|
|
1,497
|
|
|
|
|
7
|
|
|
|
|
1,501
|
|
|
|
Tax valuation allowance
|
|
|
|
(98
|
)
|
|
|
|
535
|
|
|
|
|
(98
|
)
|
|
|
|
535
|
|
|
|
Restructuring and other
|
|
|
|
4
|
|
|
|
|
11
|
|
|
|
|
7
|
|
|
|
|
16
|
|
|
|
Asset sales
|
|
|
|
(1
|
)
|
|
|
|
-
|
|
|
|
|
(14
|
)
|
|
|
|
-
|
|
|
|
Abnormal production costs at Batu Hijau
|
|
|
|
9
|
|
|
|
|
-
|
|
|
|
|
9
|
|
|
|
|
-
|
|
|
|
TMAC transaction costs
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
30
|
|
|
Adjusted net income (loss)
|
|
|
$
|
101
|
|
|
|
$
|
(90
|
)
|
|
|
$
|
210
|
|
|
|
$
|
263
|
|
|
Adjusted net income (loss) per share, basic
|
|
|
$
|
0.20
|
|
|
|
$
|
(0.18
|
)
|
|
|
$
|
0.42
|
|
|
|
$
|
0.53
|
|
|
Adjusted net income (loss) per share, diluted
|
|
|
$
|
0.20
|
|
|
|
$
|
(0.18
|
)
|
|
|
$
|
0.42
|
|
|
|
$
|
0.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs applicable to sales(1)
|
|
$
|
944
|
|
|
$
|
1,192
|
|
|
$
|
1,904
|
|
|
$
|
2,143
|
|
Gold sold (thousand ounces)
|
|
1,269
|
|
|
|
1,331
|
|
|
|
2,547
|
|
|
|
2,583
|
|
Costs applicable to sales per ounce
|
|
$
|
744
|
|
|
$
|
895
|
|
|
$
|
747
|
|
|
$
|
830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Includes by-product credits of $20 and $38 in the
second quarter and first half of 2014, respectively and $22 and $49
in the second quarter and first half of 2013, respectively.
|
|
|
|
Costs applicable to sales per pound
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs applicable to sales(1)
|
|
$
|
116
|
|
|
$
|
490
|
|
|
$
|
239
|
|
|
$
|
596
|
|
Copper sold (million pounds)
|
|
46
|
|
|
|
64
|
|
|
|
90
|
|
|
|
111
|
|
Costs applicable to sales per pound
|
|
$
|
2.53
|
|
|
$
|
7.59
|
|
|
$
|
2.62
|
|
|
$
|
5.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Includes by-product credits of $4 and $9 in the second
quarter and first half of 2014, respectively and $2 and $5 in the
second quarter and first half of 2013, 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 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 Newmont’s All-in sustaining costs measure:
Cost Applicable to Sales - Includes all direct and indirect costs
related to current 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 Depreciation
and Amortization and Reclamation and remediation,
which is consistent with our presentation of CAS on the Condensed
Consolidated Statements of Income. In determining All-in sustaining
costs, only the CAS associated with producing and selling an ounce of
gold or a pound of copper is included in the measure. Therefore, the
amount of CAS included in AISC is derived from the CAS presented in the
Company’s Condensed Consolidated Statements of Income. The allocation of
CAS between gold and copper at the Phoenix, Boddington, and Batu Hijau
mines is based upon the relative production 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 advanced 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 Condensed Consolidated Statements of Income.
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.
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 production.
We exclude certain exceptional or unusual expenses from Other
expense, net, such as restructuring, as these are not indicative to
sustaining our current 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
precious 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 Phoenix, Boddington, and Batu Hijau mines.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs
|
|
|
|
|
|
Advanced
|
|
|
|
|
|
|
Other
|
|
|
Treatment and
|
|
|
|
|
|
|
All-In
|
|
|
Ounces (000)/
|
|
|
All-In Sustaining
|
Three Months Ended
|
|
|
Applicable
|
|
|
Remediation
|
|
|
Projects and
|
|
|
General and
|
|
|
Expense,
|
|
|
Refining
|
|
|
Sustaining
|
|
|
Sustaining
|
|
|
Pounds (millions)
|
|
|
Costs
|
June 30, 2014
|
|
|
to Sales(1)(2)(3)
|
|
|
Costs(4)
|
|
|
Exploration
|
|
|
Administrative
|
|
|
Net(5)
|
|
|
Costs
|
|
|
Capital(6)
|
|
|
Costs
|
|
|
Sold
|
|
|
per oz/lb
|
GOLD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlin
|
|
|
$
|
209
|
|
|
$
|
1
|
|
|
$
|
7
|
|
|
$
|
-
|
|
|
$
|
3
|
|
|
$
|
-
|
|
|
$
|
35
|
|
|
$
|
255
|
|
|
209
|
|
|
$
|
1,220
|
Phoenix
|
|
|
|
35
|
|
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3
|
|
|
|
1
|
|
|
|
40
|
|
|
57
|
|
|
|
702
|
Twin Creeks
|
|
|
|
49
|
|
|
|
-
|
|
|
|
3
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
29
|
|
|
|
81
|
|
|
96
|
|
|
|
844
|
La Herradura
|
|
|
|
26
|
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
9
|
|
|
|
37
|
|
|
46
|
|
|
|
804
|
Other North America
|
|
|
|
-
|
|
|
|
-
|
|
|
|
6
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
1
|
|
|
|
8
|
|
|
-
|
|
|
|
-
|
|
North America
|
|
|
|
319
|
|
|
|
2
|
|
|
|
18
|
|
|
|
-
|
|
|
|
4
|
|
|
|
3
|
|
|
|
75
|
|
|
|
421
|
|
|
408
|
|
|
|
1,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yanacocha
|
|
|
|
184
|
|
|
|
29
|
|
|
|
9
|
|
|
|
-
|
|
|
|
8
|
|
|
|
-
|
|
|
|
20
|
|
|
|
250
|
|
|
186
|
|
|
|
1,344
|
Other South America
|
|
|
|
-
|
|
|
|
-
|
|
|
|
9
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
10
|
|
|
-
|
|
|
|
-
|
|
South America
|
|
|
|
184
|
|
|
|
29
|
|
|
|
18
|
|
|
|
-
|
|
|
|
9
|
|
|
|
-
|
|
|
|
20
|
|
|
|
260
|
|
|
186
|
|
|
|
1,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boddington
|
|
|
|
133
|
|
|
|
2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
21
|
|
|
|
157
|
|
|
148
|
|
|
|
1,061
|
Tanami
|
|
|
|
63
|
|
|
|
1
|
|
|
|
4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
17
|
|
|
|
85
|
|
|
92
|
|
|
|
924
|
Jundee
|
|
|
|
43
|
|
|
|
2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
9
|
|
|
|
55
|
|
|
76
|
|
|
|
724
|
Waihi
|
|
|
|
19
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
1
|
|
|
|
22
|
|
|
41
|
|
|
|
537
|
Kalgoorlie
|
|
|
|
65
|
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
4
|
|
|
|
72
|
|
|
75
|
|
|
|
960
|
Other Australia/New Zealand
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
3
|
|
|
|
-
|
|
|
|
5
|
|
|
|
9
|
|
|
-
|
|
|
|
-
|
|
Australia/New Zealand
|
|
|
|
323
|
|
|
|
5
|
|
|
|
8
|
|
|
|
-
|
|
|
|
5
|
|
|
|
2
|
|
|
|
57
|
|
|
|
400
|
|
|
432
|
|
|
|
926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Batu Hijau
|
|
|
|
9
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
3
|
|
|
|
13
|
|
|
9
|
|
|
|
1,444
|
Other Indonesia
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
-
|
|
|
|
-
|
|
Indonesia
|
|
|
|
9
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
|
|
3
|
|
|
|
14
|
|
|
9
|
|
|
|
1,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ahafo
|
|
|
|
65
|
|
|
|
1
|
|
|
|
5
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
36
|
|
|
|
108
|
|
|
121
|
|
|
|
893
|
Akyem
|
|
|
|
44
|
|
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
47
|
|
|
113
|
|
|
|
416
|
Other Africa
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3
|
|
|
|
-
|
|
|
|
3
|
|
|
|
-
|
|
|
|
-
|
|
|
|
6
|
|
|
-
|
|
|
|
-
|
|
Africa
|
|
|
|
109
|
|
|
|
2
|
|
|
|
8
|
|
|
|
-
|
|
|
|
6
|
|
|
|
-
|
|
|
|
36
|
|
|
|
161
|
|
|
234
|
|
|
|
688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
|
|
|
|
-
|
|
|
|
-
|
|
|
|
30
|
|
|
|
48
|
|
|
|
12
|
|
|
|
-
|
|
|
|
3
|
|
|
|
93
|
|
|
-
|
|
|
|
-
|
Total Gold
|
|
|
$
|
944
|
|
|
$
|
38
|
|
|
$
|
82
|
|
|
$
|
48
|
|
|
$
|
38
|
|
|
$
|
5
|
|
|
$
|
194
|
|
|
$
|
1,349
|
|
|
1,269
|
|
|
$
|
1,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COPPER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix
|
|
|
$
|
30
|
|
|
$
|
1
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
7
|
|
|
$
|
41
|
|
|
13
|
|
|
$
|
3.15
|
Boddington
|
|
|
|
32
|
|
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5
|
|
|
|
5
|
|
|
|
43
|
|
|
13
|
|
|
|
3.31
|
Batu Hijau
|
|
|
|
54
|
|
|
|
3
|
|
|
|
1
|
|
|
|
-
|
|
|
|
6
|
|
|
|
4
|
|
|
|
14
|
|
|
|
82
|
|
|
19
|
|
|
|
4.32
|
Total Copper
|
|
|
$
|
116
|
|
|
$
|
5
|
|
|
$
|
1
|
|
|
$
|
-
|
|
|
$
|
7
|
|
|
$
|
11
|
|
|
$
|
26
|
|
|
$
|
166
|
|
|
45
|
|
|
$
|
3.69
|
Attributable to Newmont
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
124
|
|
|
35
|
|
|
$
|
3.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
$
|
1,060
|
|
|
$
|
43
|
|
|
$
|
83
|
|
|
$
|
48
|
|
|
$
|
45
|
|
|
$
|
16
|
|
|
$
|
220
|
|
|
$
|
1,515
|
|
|
|
|
|
|
|
(1)
|
|
Excludes Depreciation and amortization and Reclamation and
remediation.
|
(2)
|
|
Includes by-product credits of $24.
|
(3)
|
|
Includes planned stockpile and leach pad inventory adjustments of
$32 at Carlin, $2 at Twin Creeks, $20 at Yanacocha, $15 at
Boddington, and $2 at Batu Hijau.
|
(4)
|
|
Remediation costs include operating accretion of $18 and
amortization of asset retirement costs of $25.
|
(5)
|
|
Other expense, net is adjusted for restructuring costs of $6.
|
(6)
|
|
Excludes development capital expenditures, capitalized interest, and
the increase in accrued capital of $34. The following are major
development projects: Turf Vent Shaft, Conga, and Merian for 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs
|
|
|
|
|
|
Advanced
|
|
|
|
|
|
|
Other
|
|
|
Treatment and
|
|
|
|
|
|
|
All-In
|
|
|
Ounces (000)/
|
|
|
All-In Sustaining
|
Three Months Ended
|
|
|
Applicable
|
|
|
Remediation
|
|
|
Projects and
|
|
|
General and
|
|
|
Expense,
|
|
|
Refining
|
|
|
Sustaining
|
|
|
Sustaining
|
|
|
Pounds (millions)
|
|
|
Costs
|
June 30, 2013
|
|
|
to Sales(1)(2)(3)
|
|
|
Costs(4)
|
|
|
Exploration
|
|
|
Administrative
|
|
|
Net(5)
|
|
|
Costs
|
|
|
Capital(6)
|
|
|
Costs
|
|
|
Sold
|
|
|
per oz/lb
|
GOLD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlin
|
|
|
$
|
169
|
|
|
$
|
2
|
|
|
$
|
8
|
|
|
$
|
-
|
|
|
$
|
1
|
|
|
$
|
-
|
|
|
$
|
49
|
|
|
$
|
229
|
|
|
210
|
|
|
$
|
1,090
|
Phoenix
|
|
|
|
37
|
|
|
|
1
|
|
|
|
2
|
|
|
|
-
|
|
|
|
1
|
|
|
|
2
|
|
|
|
6
|
|
|
|
49
|
|
|
64
|
|
|
|
766
|
Twin Creeks
|
|
|
|
80
|
|
|
|
1
|
|
|
|
3
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
12
|
|
|
|
97
|
|
|
125
|
|
|
|
776
|
La Herradura
|
|
|
|
42
|
|
|
|
-
|
|
|
|
15
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
41
|
|
|
|
98
|
|
|
54
|
|
|
|
1,815
|
Other North America
|
|
|
|
-
|
|
|
|
-
|
|
|
|
13
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
9
|
|
|
|
23
|
|
|
-
|
|
|
|
-
|
|
North America
|
|
|
|
328
|
|
|
|
4
|
|
|
|
41
|
|
|
|
-
|
|
|
|
4
|
|
|
|
2
|
|
|
|
117
|
|
|
|
496
|
|
|
453
|
|
|
|
1,095
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yanacocha
|
|
|
|
201
|
|
|
|
22
|
|
|
|
10
|
|
|
|
-
|
|
|
|
15
|
|
|
|
-
|
|
|
|
31
|
|
|
|
279
|
|
|
296
|
|
|
|
943
|
Other South America
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
-
|
|
|
|
-
|
|
South America
|
|
|
|
201
|
|
|
|
22
|
|
|
|
12
|
|
|
|
-
|
|
|
|
15
|
|
|
|
-
|
|
|
|
31
|
|
|
|
281
|
|
|
296
|
|
|
|
949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boddington
|
|
|
|
252
|
|
|
|
2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
2
|
|
|
|
21
|
|
|
|
278
|
|
|
193
|
|
|
|
1,440
|
Tanami
|
|
|
|
64
|
|
|
|
-
|
|
|
|
3
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
20
|
|
|
|
88
|
|
|
60
|
|
|
|
1,467
|
Jundee
|
|
|
|
51
|
|
|
|
3
|
|
|
|
3
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
12
|
|
|
|
70
|
|
|
73
|
|
|
|
959
|
Waihi
|
|
|
|
25
|
|
|
|
1
|
|
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5
|
|
|
|
32
|
|
|
25
|
|
|
|
1,280
|
Kalgoorlie
|
|
|
|
123
|
|
|
|
1
|
|
|
|
1
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
2
|
|
|
|
128
|
|
|
77
|
|
|
|
1,662
|
Other Australia/New Zealand
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4
|
|
|
|
-
|
|
|
|
11
|
|
|
|
-
|
|
|
|
(1)
|
|
|
|
14
|
|
|
-
|
|
|
|
-
|
|
Australia/New Zealand
|
|
|
|
515
|
|
|
|
7
|
|
|
|
12
|
|
|
|
-
|
|
|
|
15
|
|
|
|
2
|
|
|
|
59
|
|
|
|
610
|
|
|
428
|
|
|
|
1,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Batu Hijau
|
|
|
|
63
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
1
|
|
|
|
1
|
|
|
|
5
|
|
|
|
71
|
|
|
12
|
|
|
|
5,917
|
|
Indonesia
|
|
|
|
63
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
1
|
|
|
|
1
|
|
|
|
5
|
|
|
|
71
|
|
|
12
|
|
|
|
5,917
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ahafo
|
|
|
|
85
|
|
|
|
1
|
|
|
|
11
|
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
|
|
38
|
|
|
|
137
|
|
|
142
|
|
|
|
965
|
Akyem
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
-
|
|
|
|
-
|
Other Africa
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4
|
|
|
|
-
|
|
|
|
4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
8
|
|
|
-
|
|
|
|
-
|
|
Africa
|
|
|
|
85
|
|
|
|
1
|
|
|
|
17
|
|
|
|
-
|
|
|
|
6
|
|
|
|
-
|
|
|
|
38
|
|
|
|
147
|
|
|
142
|
|
|
|
1,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
|
|
|
|
-
|
|
|
|
-
|
|
|
|
34
|
|
|
|
54
|
|
|
|
9
|
|
|
|
-
|
|
|
|
6
|
|
|
|
103
|
|
|
-
|
|
|
|
-
|
Total Gold
|
|
|
$
|
1,192
|
|
|
$
|
34
|
|
|
$
|
117
|
|
|
$
|
54
|
|
|
$
|
50
|
|
|
$
|
5
|
|
|
$
|
256
|
|
|
$
|
1,708
|
|
|
1,331
|
|
|
$
|
1,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COPPER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix
|
|
|
$
|
15
|
|
|
$
|
-
|
|
|
$
|
1
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
19
|
|
|
8
|
|
|
$
|
2.38
|
Boddington
|
|
|
|
62
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5
|
|
|
|
6
|
|
|
|
73
|
|
|
19
|
|
|
|
3.84
|
Batu Hijau
|
|
|
|
413
|
|
|
|
2
|
|
|
|
4
|
|
|
|
-
|
|
|
|
6
|
|
|
|
11
|
|
|
|
30
|
|
|
|
466
|
|
|
37
|
|
|
|
12.59
|
Total Copper
|
|
|
$
|
490
|
|
|
$
|
2
|
|
|
$
|
5
|
|
|
$
|
-
|
|
|
$
|
6
|
|
|
$
|
17
|
|
|
$
|
38
|
|
|
$
|
558
|
|
|
64
|
|
|
$
|
8.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
$
|
1,682
|
|
|
$
|
36
|
|
|
$
|
122
|
|
|
$
|
54
|
|
|
$
|
56
|
|
|
$
|
22
|
|
|
$
|
294
|
|
|
$
|
2,266
|
|
|
|
|
|
|
|
(1)
|
|
Excludes Depreciation and amortization and Reclamation and
remediation.
|
(2)
|
|
Includes by-product credits of $24.
|
(3)
|
|
Includes stockpile and leach pad inventory adjustments of $49 at
Yanacocha, $86 at Boddington, $0 at Tanami, $1 at Waihi, $45 at
Kalgoorlie, and $366 at Batu Hijau.
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(4)
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|
Remediation costs include operating accretion of $15 and
amortization of asset retirement costs of $21.
|
(5)
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|
Other expense, net is adjusted for restructuring costs of $21.
|
(6)
|
|
Excludes development capital expenditures, capitalized interest, and
the decrease in accrued capital of $316. The following are major
development projects: Phoenix Copper Leach, Turf Vent Shaft, Vista
Vein, La Herradura Mill, Yanacocha Bio Leach, Conga, Merian, Ahafo
North, Ahafo Mill Expansion, Subika Underground, and Akyem for 2013.
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|
|
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Conference Call Information
A conference call will be held on Wednesday, July 30, 2014 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
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|
|
|
Dial-In Number
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|
|
888.469.0880
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Intl Dial-In Number
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|
|
415.228.3922
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Leader
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|
|
Meredith Bandy
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Passcode
|
|
|
Newmont
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Replay Number
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|
|
800.294.3086
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Intl Replay Number
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|
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402.220.9766
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Replay Passcode
|
|
|
2014
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Webcast Details
URL http://event.on24.com/r.htm?e=811917&s=1&k=476C3CBABBF9B6626C9F6C04FC6F12BA
The second quarter 2014 results and related financial and statistical
information will be available after the market close on Tuesday, July
29, 2014 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.
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 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) plans and expectations to reduce costs and expenditures; (v)
expectations regarding the development, growth and exploration potential
of the Company’s projects, including, without limitation, Merian; and
(vi) expectations regarding the timing and/or likelihood of resolution
of export issues in Indonesia. 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 mineral
resource estimates; and (viii) 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 2013 Annual Report on Form 10-K, filed
on February 21, 2014, with the Securities and Exchange Commission, 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 Second Quarter Form 10-Q filed with the
Securities and Exchange Commission on or about July 29, 2014 (available
at www.newmont.com).
Copyright Business Wire 2014