DENVER--(BUSINESS WIRE)--Newmont Mining Corporation (NYSE: NEM) (“Newmont” or the “Company”) today reported fourth quarter and full year 2013 financial and operating results and a three-year outlook.
“In 2013, we generated $1.6 billion of operating cash flow from strong results despite the challenging gold price environment. I am proud of how our team delivered nearly $1.0 billion in cost and efficiency improvements during the year,” said Gary Goldberg, President and Chief Executive Officer. “We also achieved the top end of our gold production guidance of 5.1 million ounces, brought Akyem and the Phoenix Copper Leach operations into commercial production on time and on budget, and divested approximately $600 million in non-core assets in 2013. In addition, we recently improved our financial flexibility by modifying our dividend policy and receiving commitments to restructure our near-term debt maturities.”
Highlights for 2013 and fourth quarter
- Generated operating cash flow1 of $1.6 billion in 2013, including $386 million in the fourth quarter;
- Reduced spending2 by $966 million or 14 percent compared with 2012;
- Achieved a 6 percent reduction in gold all-in sustaining costs3 (“AISC”) per ounce for 2013 over 2012, including a 14 percent reduction in the fourth quarter of 2013 compared with the prior year quarter;
- Achieved adjusted net income4 of $695 million or $1.40 per basic share, which includes a negative impact of $1.11 per share related to impairments of stockpiles and ore on leach pads; GAAP reported net loss attributable to shareholders from continuing operations of $2.5 billion or loss per share of $5.06, primarily due to asset impairments as a direct result of changes in gold pricing assumptions;
- Delivered fourth quarter adjusted net income of $167 million or $0.33 per basic share which includes a negative impact of $0.48 per share related to impairments of stockpiles and ore on leach pads; GAAP reported net loss attributable to shareholders from continuing operations of $1.2 billion or loss per share of $2.34, primarily due to asset impairments as a direct result of changes in gold pricing assumptions;
- Commenced commercial production at Akyem in Ghana and Phoenix Copper Leach in Nevada, both on time and on budget;
- Sold non-core assets for a combined value of approximately $600 million; and
- Increased gold production to 1.4 million attributable ounces in the fourth quarter and 5.1 million attributable ounces in 2013, at the top end of the Company’s 2013 outlook.
Highlights for the current three-year outlook5
- Gold production increases in 2015 and 2016 to between 4.8 to 5.2 million attributable ounces compared to 2014;
- Gold costs applicable to sales (“CAS”) is expected to remain essentially flat over the three-year period compared to 2013 levels while copper CAS is expected to improve; and
- Gold AISC per ounce are expected to decline through 2016, as a further $600 to $700 million of planned cost and efficiency improvements are expected to more than offset the anticipated impact on costs from inflation.
“Our outlook shows stable annual gold production and additional planned all-in sustaining cost reductions of approximately $600 to $700 million are expected to more than offset inflation from 2014 through 2016,” added Goldberg. “We have also optimized plans across our portfolio, including revitalizing mine plans for Tanami and Waihi. We have improved our economic profiles for a number of organic growth projects and expect to make a decision in the second quarter of 2014 on development of the Merian project in Suriname.”
Financial Results
In 2013, the Company reported net loss from continuing operations attributable to shareholders of $2.5 billion or $5.06 per basic share, compared with net income from continuing operations of $1.9 billion, or $3.80 per share in 2012. As a result of lower gold and copper prices and in accordance with US GAAP, full year net income was adjusted by $3.4 billion, net of taxes and minority interest, for impairments and revaluation. Of that amount, $547 million, net of tax and minority interest, is related to impairments of stockpiles and ore on leach pads. The remaining $2.9 billion, net of tax, is related to impairments of property, plant and mine development and other long-term assets at Boddington and Tanami in Australia and Long Canyon in Nevada. The Company reported adjusted net income4 of $695 million or $1.40 per basic share in 2013, compared with $1.85 billion, or $3.73 per basic share a year earlier when gold prices were 16% higher.
Summary of 2013 financial results compared with 2012:
- Annual revenue of $8.3 billion compared with $9.9 billion;
- Gold AISC of $1,104 per ounce for 2013, compared with $1,177 in 2012;
- Average realized gold and copper price of $1,393 per ounce and $2.96 per pound, respectively compared with $1,662 per ounce and $3.43 per pound, respectively;
- Gold and copper CAS of $761 per ounce and $4.42 per pound, respectively, in line with 2013 outlook; compared with $677 per ounce and $2.34 per pound, respectively; and
- Operating cash flow of $1.6 billion compared with $2.4 billion.
Summary of Q4 2013 financial results compared with Q4 2012:
- Fourth quarter revenue of $2.2 billion compared with $2.5 billion;
- Average realized gold and copper price of $1,267 per ounce and $2.99 per pound, respectively, compared with $1,703 per ounce and $3.22 per pound, respectively; fourth quarter gold and copper CAS of $755 per ounce and $4.02 per pound; and
- Operating cash flow of $386 million compared with $846 million.
Balance Sheet and Financial Flexibility
In the fourth quarter, the Company generated $386 million in cash from continuing operations, bringing full year cash from continuing operations to nearly $1.6 billion. The Company ended the year with $1.6 billion in cash and no borrowings on its $3 billion revolving credit facility.
In addition to approximately $600 million in non-core asset sales, the Company expects to divest additional assets or interests that management deems to be non-strategic.
The Company also announced today that it has secured commitments from relationship banks for a five year term loan of $575 million. The term loan is expected to close by the end of March6. The facility is structured to allow for early repayment from free cash flow and provides additional financial flexibility by refinancing an equivalent amount of existing debt that comes due in July 2014.
As announced yesterday, the Company will retain a dividend policy that is linked to the gold price, but has adjusted the annual payout levels to provide financial flexibility while still offering investors continued leverage as gold prices rise.
2013 Operating Results
|
Summary Gold and Copper Production Table (Attributable production, Koz and Mlbs) |
|||||||||||||
| Region | Q4 2013 | Q4 2012 | Change | Year 2013 | Year 2012 | Change | |||||||
| North America | 557 | 526 | 6% | 1,951 | 1,960 | -0.5% | |||||||
| South America | 111 | 134 | -17% | 588 | 744 | -21% | |||||||
| Australia/New Zealand | 483 | 461 | 5% | 1,804 | 1,679 | 7% | |||||||
| Indonesia | 6 | 7 | -14% | 23 | 33 | -30% | |||||||
| Africa | 291 | 123 | 137% | 699 | 561 | 25% | |||||||
| Total Gold | 1,448 | 1,251 | 16% | 5,065 | 4,977 | 2% | |||||||
| Total Copper | 38 | 35 | 9% | 144 | 143 | 0.7% | |||||||
|
Summary Gold All-in Sustaining Costs Table (Consolidated $/oz) |
|||||||||||||
| Region | Q4 2013 | Q4 2012 | Change | Year 2013 | Year 2012 | Change | |||||||
| North America | $965 | $898 | 7% | $964 | $1,053 | -8% | |||||||
| South America | $1,317 | $1,370 | -4% | $1,032 | $1,098 | -6% | |||||||
| Australia/New Zealand | $1,091 | $1,260 | -13% | $1,176 | $1,200 | -2% | |||||||
| Indonesia | $2,385 | $1,947 | 22% | $2,804 | $1,687 | 66% | |||||||
| Africa | $510 | $1,133 | -55% | $790 | $973 | -19% | |||||||
| Total Gold AISC | $1,032 | $1,198 | -14% | $1,104 | $1,177 | -6% | |||||||
In 2013, attributable gold production increased approximately 2 percent from 2012 levels due to higher production from Tanami and Waihi in Australia and New Zealand and the initiation of commercial production at Akyem in Ghana, partially offset by lower production from Peru with the planned ramp down of production at Yanacocha. Attributable copper pounds produced were in line with the prior year due to continued Phase 6 waste mining at Batu Hijau. All-in sustaining cost for gold production in 2013 was reduced by 6 percent due primarily to Newmont’s cost and efficiency improvements.
Attributable Production and Consolidated Costs by Region
North America
|
Nevada |
||||||||||||||
| Q4 2013 | Q4 2012 | Change | Year 2013 | Year 2012 | Change | |||||||||
| Gold koz | 535 | 478 | 12% | 1,768 | 1,748 | 1% | ||||||||
| CAS $/oz | $691 | $580 | 19% | $663 | $638 | 4% | ||||||||
Fourth quarter attributable gold production increased 12 percent from the prior year quarter due to higher tons and grade at Mill 6, higher grade at the Juniper mill and higher grades at Phoenix as well as higher leach production at Carlin North Area and Emigrant. CAS per ounce increased 19 percent from the prior year quarter mainly due to an impairment of stockpiles and leach pads as a result of lower gold prices and lower by-product credits. This was partially offset by lower royalties paid due to lower metal prices and higher inventory builds.
|
La Herradura, Mexico |
||||||||||||||
| Q4 2013 | Q4 2012 | Change | Year 2013 | Year 2012 | Change | |||||||||
| Gold koz | 22 | 48 | -54% | 183 | 212 | -14% | ||||||||
| CAS $/oz | $2,524 | $759 | 233% | $967 | $621 | 56% | ||||||||
Fourth quarter attributable gold production decreased 54 percent and CAS per ounce increased 233 percent from the prior year quarter due to the suspension of the explosives permit related to a land dispute. This resulted in an impairment to the value of ore on leach pads. The permitting process is continuing.
South America
|
Yanacocha, Peru |
||||||||||||||
| Q4 2013 | Q4 2012 | Change | Year 2013 | Year 2012 | Change | |||||||||
| Gold koz | 95 | 121 | -21% | 523 | 691 | -24% | ||||||||
| CAS $/oz | $833 | $617 | 35% | $650 | $505 | 29% | ||||||||
Fourth quarter attributable gold production decreased 21 percent from the prior year quarter mainly due to planned lower gold production from the leach pads due to lower grades. CAS per ounce increased 35 percent from the prior year quarter due to higher direct mining costs, leach pad write-downs and lower production.
|
La Zanja, Peru |
||||||||||||||
| Q4 2013 | Q4 2012 | Change | Year 2013 | Year 2012 | Change | |||||||||
| Gold koz | 16 | 13 | 23% | 65 | 53 | 23% | ||||||||
Australia/New Zealand
|
Boddington |
||||||||||||||
| Q4 2013 | Q4 2012 | Change | Year 2013 | Year 2012 | Change | |||||||||
| Gold koz | 179 | 216 | -17% | 704 | 724 | -3% | ||||||||
| Copper Mlbs | 16 | 19 | -16% | 66 | 67 | -2% | ||||||||
| CAS Gold $/oz | $1,115 | $856 | 30% | $1,083 | $877 | 24% | ||||||||
| CAS copper $/lb | $3.03 | $2.23 | 36% | $2.75 | $2.29 | 20% | ||||||||
Fourth quarter attributable gold and copper production decreased 17 percent and 16 percent, respectively, from the prior year quarter primarily due to lower ore grade and throughput, partially offset by higher recovery. CAS increased 30 percent per ounce and 36 percent per pound, respectively, due to stockpile write-downs.
|
Other Australia/New Zealand |
||||||||||||||
| Q4 2013 | Q4 2012 | Change | Year 2013 | Year 2012 | Change | |||||||||
| Gold koz | 304 | 245 | 24% | 1,100 | 955 | 15% | ||||||||
| CAS $/oz | $741 | $961 | -23% | $882 | $879 | 0.3% | ||||||||
Fourth quarter attributable gold production increased 24% from the prior year quarter primarily as a result of higher ore grade and higher throughput. CAS per ounce decreased 23% from the prior year quarter due to lower operating costs and higher production at Tanami and KCGM.
Indonesia
|
Batu Hijau |
||||||||||||||
| Q4 2013 | Q4 2012 | Change | Year 2013 | Year 2012 | Change | |||||||||
| Gold koz | 6 | 7 | -14% | 23 | 33 | -30% | ||||||||
| Copper Mlbs | 22 | 16 | 38% | 78 | 76 | 3% | ||||||||
| CAS Gold $/oz | $1,946 | $1,292 | 51% | $2,332 | $1,071 | 118% | ||||||||
| CAS copper $/lb | $4.36 | $2.77 | 57% | $5.17 | $2.36 | 119% | ||||||||
Fourth quarter attributable gold and copper production decreased 14 percent and increased 38 percent, respectively, from the prior year quarter due to lower ore grade for gold and higher ore grade for copper, as well as higher copper metal recovery. CAS increased 51 percent per ounce and 57 percent per pound, respectively, due to stockpile write-downs.
Africa
|
Ahafo, Ghana |
||||||||||||||
| Q4 2013 | Q4 2012 | Change | Year 2013 | Year 2012 | Change | |||||||||
| Gold koz | 162 | 123 | 32% | 570 | 561 | 2% | ||||||||
| CAS $/oz | $510 | $694 | -27% | $542 | $596 | -9% | ||||||||
Fourth quarter attributable gold production increased 32 percent from the prior year quarter due to higher ore grade and throughput. CAS per ounce decreased 27 percent from the prior year quarter due to lower milling costs and higher production.
|
Akyem |
||||||||||||||
| Q4 2013 | Q4 2012 | Change | Year 2013 | Year 2012 | Change | |||||||||
| Gold koz | 129 | n/a | n/a | 129 | n/a | n/a | ||||||||
| CAS $/oz | $248 | n/a | n/a | $248 | n/a | n/a | ||||||||
2014 – 2016 Outlook
|
Summary Three-Year Attributable Production and Consolidated Costs Outlook Table |
||||||||||||||||
| 2012 | 2013 | 2014 | 2015 | 2016 | ||||||||||||
| Actual | Actual | Outlook | Outlook | Outlook | ||||||||||||
| Gold (Attributable Moz) | 5.0 | 5.1 | 4.6 – 4.9 | 4.8 – 5.2 | 4.8 – 5.2 | |||||||||||
| Gold (Consolidated Moz) | 5.6 | 5.5 | 5.0 – 5.4 |
5.5 – 5.9 |
5.5 – 5.9 |
|||||||||||
| Gold CAS ($/oz) | $677 | $761 | $740 - $790 | $690 - $740 | $740 - $790 | |||||||||||
| Gold AISC ($/oz) | $1,177 | $1,104 | $1,075 - $1,175 | $950 - $1,050 | $985 - $1,085 | |||||||||||
| Copper (Attributable kt) | 65 | 65 | 95 - 110 | 145 - 160 | 125 – 140 | |||||||||||
| Copper (Consolidated kt) | 102 | 103 | 160 – 175 |
280 – 295 |
225 – 240 | |||||||||||
| Copper CAS ($/lb) | $2.34 | $4.42 | $2.00 - $2.25 | $1.20 - $1.45 | $1.40 - $1.65 | |||||||||||
| Copper AISC ($/lb) | n/a | n/a | $2.75 - $2.95 | $1.60 - $1.85 | $1.80 - $2.05 | |||||||||||
Gold production increases in 2015 and 2016 to between 4.8 to 5.2 million attributable ounces compared to 2014. In 2014, all-in sustaining costs are anticipated to be between $1,075 and $1,175 per gold ounce and $2.75 to $2.95 per copper pound of production. Gold all-in sustaining costs per ounce are expected to decline by eight percent from 2014 through 2016, as $600 to $700 million of additional planned cost and efficiency improvements are expected to more than offset the anticipated impact from inflation. Gold CAS is expected to remain essentially flat over the three-year period compared to 2013 levels while copper CAS is expected to improve as the Batu Hijau mine plan progresses, reaching higher grade ore.
Three-year production outlook, by region
North America: The Turf Vent Shaft is expected to add 100,000 to 150,000 ounces of gold per annum beginning in late 2015 by providing access to higher grade ore at lower costs. Combined with higher gold output at La Herradura, and completion of the Carlin and Twin Creeks stripping campaigns in 2014 and 2015, this will more than offset the 2014 decline in gold production and return to 2013 production rates by 2016. Production forecasts also reflect the February 2014 divestiture of the Midas mine in Nevada. During this time, detailed engineering and permitting for the Long Canyon project will continue working toward a development decision in early 2015.
South America: Gold production levels at Yanacocha are expected to decline with lower grades at its maturing deposits. Newmont is evaluating further options to optimize existing operations through additional laybacks. Although ultimately Conga could add profitable ounces to the portfolio, the Company will continue to pursue the “Water First” approach to gain social acceptance. Also in South America, the Merian project in Suriname represents one of the Company’s most prospective investment opportunities at current metal prices.
Australia and New Zealand: Gold production levels are forecast to remain stable over the three year period, as production increases at Tanami, Boddington, and Waihi associated with productivity and grade improvements offset declines at Jundee, due to planned mining of lower grade ores.
Indonesia: Copper production levels in 2015 and 2016 are expected to be significantly higher and costs significantly lower than 2014 at Batu Hijau as the planned Phase 6 stripping campaign is projected to be completed in the fourth quarter of 2014, providing access to high-grade ore. This is subject to potential operating plan modifications based on recent export regulations issued by the Indonesian government in mid-January. Please see the Company’s press release dated January 22, 2014.
Africa: Gold production in Ghana increases in 2014 with the impact of the full year of Akyem production. For 2015 and 2016, production is expected to decrease with a decline at the Ahafo mine. Potential Ahafo expansion opportunities, such as increasing milling capacity and further developing the Subika Underground deposit, could ultimately offset this decline. These expansion opportunities are being assessed and optimized to determine the best time to invest.
Three-year cost outlook, by region
|
Consolidated CAS ($/oz, $/lb) |
|||||||||||||
|
Region |
2013
Actual |
2014
Outlook |
2015
Outlook |
2016
Outlook |
|||||||||
| North America | $691 | $720 - $790 | $740 - $810 | $680 - $740 | |||||||||
| South America | $650 | $725 - $790 | $560 - $615 | $920 - $1,010 | |||||||||
| Australia/New Zealand | $966 | $855 - $930 | $830 - $910 | $850 - $925 | |||||||||
| Batu Hijau, Indonesia | $2,332 | $630 - $690 | $380 - $420 | $440 - $480 | |||||||||
| Africa | $487 | $575 - $625 | $695 - $760 | $730 - $800 | |||||||||
| Total Gold | $761 | $740 - $790 | $690 - $740 | $740 - $790 | |||||||||
| Total Copper | $4.42 | $2.00 - $2.25 | $1.20 - $1.45 | $1.40 - $1.65 | |||||||||
Gold costs applicable to sales are expected to remain stable from 2014 through 2016, as planned operating cost and efficiency improvements, as well as throughput and recovery enhancements are anticipated to offset the impacts of inflation. The Company’s 2014-2016 CAS projections assume the impact of 3 percent compound annual inflation, as shown above. Approximately two thirds of the Company’s cost savings are expected to come from operating cost and efficiency improvements, while the remaining third is expected to result from throughput and recovery improvements. North American CAS is expected to benefit from higher grade, lower strip ratios, improved milling and recoveries, as well as increased plant availabilities and efficiencies. South American CAS is expected to benefit from processing plant and facility consolidation to partially mitigate the offsetting impact of maturing deposits. In Africa, benefits from mining fleet optimization and productivity enhancements resulting from improved fragmentation are expected to somewhat offset the impact of lower grade and higher stripping ratios at Ahafo. In Australia and New Zealand, higher throughput, as well as improved shutdown, payload and dispatching management are expected to offset the impact of anticipated inflation. In Indonesia, the completion of Phase 6 stripping and the ramp up of Phase 6 ore mining is expected to significantly improve both gold and copper CAS at Batu Hijau in 2015 and 2016.
|
Consolidated Capital Expenditures ($M) |
|||||||||||||
|
Region |
2013
Actual |
2014
Outlook |
2015
Outlook |
2016
Outlook |
|||||||||
| North America | $553 | $540 - $600 | $430 - $475 | $270 - $295 | |||||||||
| South America | $438 | $200 - $250 | $140 - $155 | $165 - $180 | |||||||||
| Australia/New Zealand | $286 | $275 - $300 | $220 - $245 | $190 - $210 | |||||||||
| Batu Hijau, Indonesia | $105 | $125 - $150 | $130 - $145 | $120 - $130 | |||||||||
| Africa | $405 | $130 - $150 | $80 - $90 | $80 - $90 | |||||||||
| Total | $1,799 | $1,300 - $1,400 | $1,000 - $1,100 | $900 - $1,000 | |||||||||
Newmont expects to invest approximately $1.3 to $1.4 billion in consolidated capital expenditures in 2014 allocating approximately 90 percent to sustaining capital. To strengthen the portfolio, the Company will prioritize projects that create value, lower cost and extend mine life, such as the Turf Vent Shaft project in Nevada. The Company continues to evaluate projects and spending to preserve its balance sheet and contribute to free cash flow.
The Company expects to reduce total capital expenditures by 25 percent in 2014 compared to 2013, and achieve a similar total capital reduction in 2015 as compared to 2014. Total capital expenditures is expected to remain essentially flat in 2016. Cost escalation due to inflation of three percent is included for each year of this outlook.
Development Opportunities
Newmont’s long-term asset strategy is to develop assets that offer the best risk-return profile with a continued bias towards gold and copper. The Company is focused on investing organically to ensure sustainable future production and divesting non-core assets. Opportunities are evaluated based on their ability to create value, increase the portfolio mine life, lower the Company’s position on the cost curve, and represent manageable technical, social, and political risks. Factors that influence investment decisions include balance sheet strength, the price environment, and the success of cost and efficiency improvement efforts.
Internal projects that are under consideration include Merian, Long Canyon, Subika Underground, the Ahafo Mill Expansion and Conga (subject to Newmont’s “Water First” approach, and depending on political and social conditions).
Indonesia Update
In January 2014, the Indonesian government issued new regulations pertaining to the export of copper concentrate that contain potentially restrictive conditions in respect of obtaining an export permit and a significant export duty. While the 2009 mining law preserves the validity of PT Newmont Nusa Tenggara’s (“PTNNT”, the entity operating the Batu Hijau mine) Contract of Work (the investment agreement entered into by PTNNT and the Indonesian government in 1986, which includes the right to export copper concentrates and a prohibition against new taxes, duties, and levies), the Indonesia government has stated its intention to apply the new regulations to PTNNT’s operations and has not yet recognized PTNNT’s rights to export copper concentrate and pay taxes, duties, and levies only in accordance with the Contract of Work. The Company believes that these new 2014 regulations conflict with the Contract of Work. PTNNT is continuing to engage with government officials in Indonesia in an effort to resolve this issue and gain clarity regarding the new regulations, while also considering other remedies, including possible legal action. In connection with that process, Newmont is evaluating potential impacts to its operating plans at Batu Hijau. The Company’s ability to achieve its outlook assumes the continuation of our current operating plans at Batu Hijau. For a discussion of factors which could impact future financial performance and operating results in Indonesia, see Item 1A, under the heading “Risk Factors,” of the Company’s Form 10-K, filed on or about February 20, 2014.
Reserves and Resources
Newmont reported gold reserves of 88.4 million ounces and copper reserves of 8.1 billion pounds for 2013. This represents an 11 percent reduction in reported gold reserves and a 15 percent reduction in copper reserves over 2012 due to reductions in gold and copper pricing utilized as well as mine plan and model changes. Removal of lower grade gold and copper reserves plus additions of higher grade gold reserves in 2013 increased overall gold and copper reserve grades by 7 percent. Notable reserve additions for the year include 1.4 million ounces at Tanami, 1.0 million ounces at Long Canyon and 0.5 million ounces at Merian. Gold reserves were calculated at $1,300 per ounce compared with $1,400 per ounce in 2012, and copper reserves were calculated at $3.00 per pound, compared with $3.25 per pound in 2012.
|
Gold Reserves (million ounces) |
|||
| 2012 Base | 99.2 | ||
| Additions from exploration drilling, new reserves being declared | 5.1 | ||
| Reductions due to a decreased gold price assumption | -2.5 | ||
| Revisions due to updated mine designs, model changes and a value over volume analysis | -7.1 | ||
| Depletion from production | -6.2 | ||
| 2013 Reserves* | 88.4 |
*Totals may not sum due to rounding
|
Copper Reserves (billion pounds) |
|||
| 2012 Base | 9.5 | ||
| Reductions due to decreased copper price assumption | -0.5 | ||
| Revisions due to updated mine designs, model changes and a value over volume analysis | -0.6 | ||
| Depletion from production | -0.3 | ||
| 2013 Reserves | 8.1 | ||
Newmont also reported an increase in Attributable Measured and Indicated gold and copper resources of 27.8 million ounces and 7.6 billion pounds, respectively, for 2013. In addition, attributable Inferred gold resources were 16 million ounces and attributable Inferred copper resources were 2.0 billion pounds. Resource additions include first-time resource declaration at Elang comprised of Indicated gold and copper resources of 8.1 million ounces and 5.3 billion pounds, respectively, and Inferred gold and copper resources of 1.4 million ounces and 1.0 billion pounds, respectively. Gold resources were calculated using prices of $1,400 per ounce, compared with $1,600 per ounce in 2012. Copper resources were calculated using prices of $3.50 per pound, unchanged from 2012. A $100 increase in gold price would result in an approximate 4 percent increase in gold reserves while a $100 decrease in gold price would result in an approximate 6 percent decrease in gold reserves. A $0.25 increase in copper price would result in an approximate 3 percent increase in copper reserves while a $0.25 decrease in copper price would result in an approximate 5 percent decrease in copper reserves. Mine plan optimization and other revisions accounted for decreases of approximately 7.1 million ounces of gold and 0.6 billion pounds of copper while gold and copper price related reserve revisions accounted for decreases of approximately 2.5 million ounces of gold and 0.5 billion pounds of copper in 2013, as presented in the above tables.
Attributable proven and probable silver reserves for 2013 were 153 million ounces. Attributable Measured and Indicated silver resources for 2013 were 72 million ounces, with additional Inferred silver resources of 31 million ounces. Silver reserves and resources were calculated using prices of $20.00 and $25.00 per ounce, respectively.
For additional details on Newmont’s reported Gold, Copper and Silver Mineral Reserves and Resources, please refer to the tables at the end of this release.
| NEWMONT MINING CORPORATION | ||||||||||||||||||||||
| STATEMENTS OF CONSOLIDATED OPERATIONS | ||||||||||||||||||||||
| (in millions except per share) | ||||||||||||||||||||||
| Three Months Ended | Years Ended | |||||||||||||||||||||
|
December 31,(1) |
December 31, | |||||||||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
| Sales | $ | 2,169 | $ | 2,476 | $ | 8,322 | $ | 9,868 | ||||||||||||||
| Costs and expenses | ||||||||||||||||||||||
|
Costs applicable to sales (2) |
1,453 | 1,131 | 5,186 | 4,238 | ||||||||||||||||||
| Amortization | 381 | 281 | 1,362 | 1,032 | ||||||||||||||||||
| Reclamation and remediation | 25 | 47 | 81 | 96 | ||||||||||||||||||
| Exploration | 52 | 47 | 247 | 356 | ||||||||||||||||||
| Advanced projects, research and development | 57 | 90 | 222 | 348 | ||||||||||||||||||
| General and administrative | 45 | 50 | 203 | 212 | ||||||||||||||||||
| Write-downs | 2,087 | 52 | 4,352 | 52 | ||||||||||||||||||
| Other expense, net | 40 | 72 | 300 | 449 | ||||||||||||||||||
| 4,140 | 1,770 | 11,953 | 6,783 | |||||||||||||||||||
| Other income (expense) | ||||||||||||||||||||||
| Other income, net | (17 | ) | 157 | 349 | 278 | |||||||||||||||||
| Interest expense, net | (92 | ) | (59 | ) | (303 | ) | (249 | ) | ||||||||||||||
| (109 | ) | 98 | 46 | 29 | ||||||||||||||||||
| Income (loss) before income and mining tax and other items | (2,080 | ) | 804 | (3,585 | ) | 3,114 | ||||||||||||||||
| Income and mining tax benefit (expense) | 823 | (123 | ) | 813 | (869 | ) | ||||||||||||||||
| Equity income (loss) of affiliates | 1 | (12 | ) | (5 | ) | (51 | ) | |||||||||||||||
| Income (loss) from continuing operations | (1,256 | ) | 669 | (2,777 | ) | 2,194 | ||||||||||||||||
| Income (loss) from discontinued operations | 8 | 28 | 61 | (76 | ) | |||||||||||||||||
| Net income (loss) | (1,248 | ) | 697 | (2,716 | ) | 2,118 | ||||||||||||||||
| Net loss (income) attributable to noncontrolling interests | 82 | (24 | ) | 254 | (309 | ) | ||||||||||||||||
| Net income (loss) attributable to Newmont stockholders | $ | (1,166 | ) | $ | 673 | $ | (2,462 | ) | $ | 1,809 | ||||||||||||
| Net income (loss) attributable to Newmont stockholders: | ||||||||||||||||||||||
| Continuing operations | $ | (1,174 | ) | $ | 645 | $ | (2,523 | ) | $ | 1,885 | ||||||||||||
| Discontinued operations | 8 | 28 | 61 | (76 | ) | |||||||||||||||||
| $ | (1,166 | ) | $ | 673 | $ | (2,462 | ) | $ | 1,809 | |||||||||||||
| Income (loss) per common share | ||||||||||||||||||||||
| Basic: | ||||||||||||||||||||||
| Continuing operations | $ | (2.34 | ) | $ | 1.30 | $ | (5.06 | ) | $ | 3.80 | ||||||||||||
| Discontinued operations | 0.01 | 0.06 | 0.12 | (0.15 | ) | |||||||||||||||||
| $ | (2.33 | ) | $ | 1.36 | $ | (4.94 | ) | $ | 3.65 | |||||||||||||
| Diluted: | ||||||||||||||||||||||
| Continuing operations | $ | (2.34 | ) | $ | 1.30 | $ | (5.06 | ) | $ | 3.78 | ||||||||||||
| Discontinued operations | 0.01 | 0.06 | 0.12 | (0.15 | ) | |||||||||||||||||
| $ | (2.33 | ) | $ | 1.36 | $ | (4.94 | ) | $ | 3.63 | |||||||||||||
| Cash dividends declared per common share | $ | 0.20 | $ | 0.35 | $ | 1.225 | $ | 1.40 | ||||||||||||||
_________________________________________________________
(1) Unaudited
(2) Excludes Amortization and Reclamation and remediation.
| NEWMONT MINING CORPORATION | ||||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||
| Three Months Ended | Years Ended | |||||||||||||||||||||
|
December 31,(1) |
December 31, | |||||||||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
| Operating activities: | ||||||||||||||||||||||
| Net income (loss) | $ | (1,248 | ) | $ | 697 | $ | (2,716 | ) | $ | 2,118 | ||||||||||||
| Adjustments: | ||||||||||||||||||||||
| Amortization | 381 | 281 | 1,362 | 1,032 | ||||||||||||||||||
| Stock based compensation and other non-cash benefits | 9 | 17 | 64 | 72 | ||||||||||||||||||
| Reclamation and remediation | 25 | 47 | 81 | 96 | ||||||||||||||||||
| Revaluation of contingent consideration | (18 | ) | 12 | (18 | ) | 12 | ||||||||||||||||
| Loss (income) from discontinued operations | (8 | ) | (28 | ) | (61 | ) | 76 | |||||||||||||||
| Write-downs | 2,087 | 52 | 4,352 | 52 | ||||||||||||||||||
| Impairment of marketable securities | 53 | 8 | 105 | 47 | ||||||||||||||||||
| Deferred income taxes | (744 | ) | (10 | ) | (1,314 | ) | 15 | |||||||||||||||
| Gain on asset and investment sales, net | (4 | ) | (95 | ) | (286 | ) | (107 | ) | ||||||||||||||
| Other operating adjustments and write-downs | 402 | (101 | ) | 1,099 | 48 | |||||||||||||||||
| Net change in operating assets and liabilities | (549 | ) | (34 | ) | (1,107 | ) | (1,073 | ) | ||||||||||||||
| Net cash provided from continuing operations | 386 | 846 | 1,561 | 2,388 | ||||||||||||||||||
| Net cash used in discontinued operations | (4 | ) | (4 | ) | (18 | ) | (16 | ) | ||||||||||||||
| Net cash provided from operations | 382 | 842 | 1,543 | 2,372 | ||||||||||||||||||
| Investing activities: | ||||||||||||||||||||||
| Additions to property, plant and mine development | (372 | ) | (816 | ) | (1,900 | ) | (3,210 | ) | ||||||||||||||
| Acquisitions, net | - | (3 | ) | (13 | ) | (25 | ) | |||||||||||||||
| Sale of marketable securities | 1 | 1 | 589 | 210 | ||||||||||||||||||
| Purchases of marketable securities | - | (11 | ) | (1 | ) | (220 | ) | |||||||||||||||
| Proceeds from sale of other assets | 8 | 28 | 63 | 41 | ||||||||||||||||||
| Other | (13 | ) | (12 | ) | (51 | ) | (60 | ) | ||||||||||||||
| Net cash used in investing activities | (376 | ) | (813 | ) | (1,313 | ) | (3,264 | ) | ||||||||||||||
| Financing activities: | ||||||||||||||||||||||
| Proceeds from debt, net | 276 | 181 | 1,538 | 3,524 | ||||||||||||||||||
| Repayment of debt | (90 | ) | (20 | ) | (1,150 | ) | (1,976 | ) | ||||||||||||||
| Payment of conversion premium on debt | - | - | - | (172 | ) | |||||||||||||||||
| Proceeds from stock issuance, net | - | 4 | 2 | 24 | ||||||||||||||||||
| Sale of noncontrolling interests | - | - | 32 | - | ||||||||||||||||||
| Acquisition of noncontrolling interests | (4 | ) | (10 | ) | (17 | ) | (10 | ) | ||||||||||||||
| Dividends paid to noncontrolling interests | - | - | (2 | ) | (3 | ) | ||||||||||||||||
| Dividends paid to common stockholders | (102 | ) | (174 | ) | (611 | ) | (695 | ) | ||||||||||||||
| Other | - | (1 | ) | (4 | ) | (3 | ) | |||||||||||||||
| Net cash provided from financing activities | 80 | (20 | ) | (212 | ) | 689 | ||||||||||||||||
| Effect of exchange rate changes on cash | (6 | ) | 3 | (24 | ) | 4 | ||||||||||||||||
| Net change in cash and cash equivalents | 80 | 12 | (6 | ) | (199 | ) | ||||||||||||||||
| Cash and cash equivalents at beginning of period | 1,475 | 1,549 | 1,561 | 1,760 | ||||||||||||||||||
| Cash and cash equivalents at end of period | $ | 1,555 | $ | 1,561 | $ | 1,555 | $ | 1,561 | ||||||||||||||
(1) Unaudited
|
NEWMONT MINING CORPORATION
CONSOLIDATED BALANCE SHEETS |
||||||||||||
| At December 31, | At December 31, | |||||||||||
| 2013 | 2012 | |||||||||||
| (in millions) | ||||||||||||
| ASSETS | ||||||||||||
| Cash and cash equivalents | $ | 1,555 | $ | 1,561 | ||||||||
| Trade receivables | 230 | 283 | ||||||||||
| Accounts receivable | 252 | 577 | ||||||||||
| Investments | 78 | 86 | ||||||||||
| Inventories | 717 | 796 | ||||||||||
| Stockpiles and ore on leach pads | 783 | 786 | ||||||||||
| Deferred income tax assets | 253 | 195 | ||||||||||
| Other current assets | 1,006 | 1,661 | ||||||||||
| Current assets | 4,874 | 5,945 | ||||||||||
| Property, plant and mine development, net | 14,277 | 18,010 | ||||||||||
| Investments | 439 | 1,446 | ||||||||||
| Stockpiles and ore on leach pads | 2,723 | 2,896 | ||||||||||
| Deferred income tax assets | 1,607 | 481 | ||||||||||
| Other long-term assets | 844 | 872 | ||||||||||
| Total assets | $ | 24,764 | $ | 29,650 | ||||||||
| LIABILITIES | ||||||||||||
| Debt | $ | 595 | $ | 10 | ||||||||
| Accounts payable | 478 | 657 | ||||||||||
| Employee-related benefits | 341 | 339 | ||||||||||
| Income and mining taxes | 13 | 51 | ||||||||||
| Other current liabilities | 1,313 | 2,084 | ||||||||||
| Current liabilities | 2,740 | 3,141 | ||||||||||
| Debt | 6,145 | 6,288 | ||||||||||
| Reclamation and remediation liabilities | 1,513 | 1,457 | ||||||||||
| Deferred income tax liabilities | 635 | 858 | ||||||||||
| Employee-related benefits | 325 | 586 | ||||||||||
| Other long-term liabilities | 342 | 372 | ||||||||||
| Total liabilities | 11,700 | 12,702 | ||||||||||
| EQUITY | ||||||||||||
| Common stock - $1.60 par value; | 789 | 787 | ||||||||||
| Authorized - 750 million shares | ||||||||||||
| Issued and outstanding - | ||||||||||||
|
Common: 493 million and 492 million shares issued, less 322,000 |
||||||||||||
|
Exchangeable: 56 million shares issued, less 51 million and 51 |
||||||||||||
| Additional paid-in capital | 8,441 | 8,330 | ||||||||||
|
Accumulated other comprehensive income (loss) |
(182 | ) | 490 | |||||||||
| Retained earnings | 1,093 | 4,166 | ||||||||||
| Newmont stockholders’ equity | 10,141 | 13,773 | ||||||||||
| Noncontrolling interests | 2,923 | 3,175 | ||||||||||
| Total equity | 13,064 | 16,948 | ||||||||||
| Total liabilities and equity | $ | 24,764 | $ | 29,650 | ||||||||
|
Regional Operating Statistics |
|||||||||||
| Production Statistics Summary | |||||||||||
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||||
| Consolidated gold ounces produced (thousands): | |||||||||||
| North America | |||||||||||
| Nevada | 535 | 478 | 1,768 | 1,748 | |||||||
| La Herradura | 22 | 48 | 183 | 212 | |||||||
| 557 | 526 | 1,951 | 1,960 | ||||||||
| South America | |||||||||||
| Yanacocha | 184 | 236 | 1,017 | 1,346 | |||||||
| Australia/New Zealand | |||||||||||
| Boddington | 179 | 216 | 704 | 724 | |||||||
| Other Australia/New Zealand | 291 | 230 | 1,044 | 924 | |||||||
| 470 | 446 | 1,748 | 1,648 | ||||||||
| Indonesia | |||||||||||
| Batu Hijau | 12 | 14 | 48 | 68 | |||||||
| Africa | |||||||||||
| Ahafo | 162 | 123 | 570 | 561 | |||||||
| Akyem | 129 | - | 129 | - | |||||||
| 291 | 123 | 699 | 561 | ||||||||
| 1,514 | 1,345 | 5,463 | 5,583 | ||||||||
| Consolidated copper pounds produced (millions): | |||||||||||
| Boddington | 16 | 19 | 66 | 67 | |||||||
| Batu Hijau | 46 | 33 | 161 | 157 | |||||||
| 62 | 52 | 227 | 224 | ||||||||
| Attributable gold ounces produced (thousands): | |||||||||||
| North America | |||||||||||
| Nevada | 535 | 478 | 1,768 | 1,748 | |||||||
| La Herradura | 22 | 48 | 183 | 212 | |||||||
| 557 | 526 | 1,951 | 1,960 | ||||||||
| South America | |||||||||||
| Yanacocha | 95 | 121 | 523 | 691 | |||||||
| Other South America Equity Interests | 16 | 13 | 65 | 53 | |||||||
| 111 | 134 | 588 | 744 | ||||||||
| Australia/New Zealand | |||||||||||
| Boddington | 179 | 216 | 704 | 724 | |||||||
| Other Australia/New Zealand | 291 | 230 | 1,044 | 924 | |||||||
| Other Australia/New Zealand Equity Interests | 13 | 15 | 56 | 31 | |||||||
| 483 | 461 | 1,804 | 1,679 | ||||||||
| Indonesia | |||||||||||
| Batu Hijau | 6 | 7 | 23 | 33 | |||||||
| Africa | |||||||||||
| Ahafo | 162 | 123 | 570 | 561 | |||||||
| Akyem | 129 | - | 129 | - | |||||||
| 291 | 123 | 699 | 561 | ||||||||
| 1,448 | 1,251 | 5,065 | 4,977 | ||||||||
| Attributable copper pounds produced (millions): | |||||||||||
| Boddington | 16 | 19 | 66 | 67 | |||||||
| Batu Hijau | 22 | 16 | 78 | 76 | |||||||
| 38 | 35 | 144 | 143 | ||||||||
| CAS and Capital Expenditures | ||||||||||||||||
| Gold Costs Applicable to Sales ($/ounce) (1) | Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| North America | ||||||||||||||||
| Nevada | $ | 691 | $ | 580 | $ | 663 | $ | 638 | ||||||||
| La Herradura | 2,524 | 759 | 967 | 621 | ||||||||||||
| 764 | 596 | 691 | 636 | |||||||||||||
| South America | ||||||||||||||||
| Yanacocha | 833 | 617 | 650 | 505 | ||||||||||||
| Australia/New Zealand | ||||||||||||||||
| Boddington | 1,115 | 856 | 1,083 | 877 | ||||||||||||
| Other Australia/New Zealand | 741 | 961 | 882 | 879 | ||||||||||||
| 892 | 912 | 966 | 878 | |||||||||||||
| Indonesia | ||||||||||||||||
| Batu Hijau | 1,946 | 1,292 | 2,332 | 1,071 | ||||||||||||
| Africa | ||||||||||||||||
| Ahafo | 510 | 694 | 542 | 596 | ||||||||||||
| Akyem | 248 | - | 248 | - | ||||||||||||
| 393 | 694 | 487 | 596 | |||||||||||||
| Average | $ | 755 | $ | 720 | $ | 761 | $ | 677 | ||||||||
| Attributable to Newmont | $ | 744 | $ | 726 | $ | 765 | $ | 698 | ||||||||
| Copper Costs Applicable to Sales ($/pound) (1) | ||||||||||||||||
| Boddington | $ | 3.03 | $ | 2.23 | $ | 2.75 | $ | 2.29 | ||||||||
| Batu Hijau | 4.36 | 2.77 | 5.17 | 2.36 | ||||||||||||
| Average | $ | 4.02 | $ | 2.61 | $ | 4.42 | $ | 2.34 | ||||||||
| Attributable to Newmont | $ | 3.81 | $ | 2.52 | $ | 4.00 | $ | 2.33 | ||||||||
| (1)Consolidated Costs applicable to sales excludes Amortization and Reclamation and remediation. | ||||||||||||||||
| Consolidated Capital Expenditures ($ million) | Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| North America | ||||||||||||||||
| Nevada | $ | 90 | $ | 157 | $ | 450 | $ | 646 | ||||||||
| La Herradura | 20 | 39 | 102 | 89 | ||||||||||||
| Other North America | - | - | 1 | 31 | ||||||||||||
| 110 | 196 | 553 | 766 | |||||||||||||
| South America | ||||||||||||||||
| Yanacocha | 41 | 118 | 177 | 510 | ||||||||||||
| Conga | 6 | 115 | 190 | 582 | ||||||||||||
| Other South America | 6 | 12 | 71 | 66 | ||||||||||||
| 53 | 245 | 438 | 1,158 | |||||||||||||
| Australia/New Zealand | ||||||||||||||||
| Boddington | 32 | 64 | 113 | 141 | ||||||||||||
| Other Australia/New Zealand | 50 | 70 | 173 | 296 | ||||||||||||
| 82 | 134 | 286 | 437 | |||||||||||||
| Indonesia | ||||||||||||||||
| Batu Hijau | 23 | 50 | 105 | 148 | ||||||||||||
| 23 | 50 | 105 | 148 | |||||||||||||
| Africa | ||||||||||||||||
| Ahafo | 30 | 52 | 169 | 228 | ||||||||||||
| Akyem | 27 | 83 | 236 | 388 | ||||||||||||
| 57 | 135 | 405 | 616 | |||||||||||||
| Corporate and Other | 5 | 5 | 12 | 27 | ||||||||||||
| Total - Accrual Basis | $ | 330 | $ | 765 | $ | 1,799 | $ | 3,152 | ||||||||
| Change in Capital Accrual | 42 | 51 | 101 | 58 | ||||||||||||
| Total - Cash Basis | $ | 372 | $ | 816 | $ | 1,900 | $ | 3,210 | ||||||||
| Attributable to Newmont (Accrual Basis) | $ | 295 | $ | 626 | $ | 1,566 | $ | 2,545 | ||||||||
Supplemental Information
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.
Reconciliation of Adjusted Net Income (loss) to GAAP Net Income (loss)
Management uses the non-GAAP financial measure 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 the 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, income or loss from discontinued operations and the permanent impairment of assets, including marketable securities and goodwill. 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 December 31, | Years Ended December 31, | |||||||||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
| Net income (loss) attributable to Newmont stockholders | $ | (1,166 | ) | $ | 673 | $ | (2,462 | ) | $ | 1,809 | ||||||||||||
| Loss (income) from discontinued operations | (8 | ) | (28 | ) | (61 | ) | 76 | |||||||||||||||
| Impairments | 1,345 | 42 | 2,875 | 80 | ||||||||||||||||||
| Tax valuation allowance | - | - | 535 | - | ||||||||||||||||||
| Asset Sales | (3 | ) | (82 | ) | (246 | ) | (90 | ) | ||||||||||||||
| TMAC transaction costs | - | - | 30 | - | ||||||||||||||||||
| Boddington contingent consideration | (12 | ) | - | (12 | ) | 8 | ||||||||||||||||
| Restructuring and other | 11 | 6 | 36 | 26 | ||||||||||||||||||
| Income tax benefit from internal restructuring | - | (59 | ) | - | (59 | ) | ||||||||||||||||
| Adjusted net income (loss) | $ | 167 | $ | 552 | $ | 695 | $ | 1,850 | ||||||||||||||
| Adjusted net income (loss) per share, basic | $ | 0.33 | $ | 1.11 | $ | 1.40 | $ | 3.73 | ||||||||||||||
| Adjusted net income (loss) per share, diluted | $ | 0.33 | $ | 1.11 | $ | 1.40 | $ | 3.71 | ||||||||||||||
Net income (loss) attributable to Newmont stockholders for the three and twelve months ended December 31, 2013 was impacted by stockpile and leach pad write-downs of $237 and $547, respectively, net of tax and minority interest, which is not reflected in the table above.
CAS 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 both a consolidated and attributable to Newmont basis. Attributable costs applicable to sales are based on our economic interest in production from our mines. For operations where we hold less than a 100 percent economic share in the production, we exclude the share of gold or copper production attributable to the non-controlling interest. We include attributable costs applicable to sales per ounce/pound to provide management, investors and analysts with information with which to compare our performance to other gold producers. 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.
Net attributable costs applicable to sales per ounce measures the benefit of copper produced in conjunction with gold, as a credit against the cost of producing gold. A number of other gold producers present their costs net of the contribution from copper and other non-gold sales. We believe that including a measure on this basis provides management, investors and analysts with information with which to compare our performance to other gold producers, and to better assess the overall performance of our business. In addition, this measure provides information to enable investors and analysts to understand the importance of associated non-gold revenues to our cost structure.
The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures.
| Costs applicable to sales per ounce/pound | |||||||||||||||||||||||||||||||
| Gold(1) | Copper(2) | ||||||||||||||||||||||||||||||
| Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||||
| 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||
| Costs applicable to sales: | |||||||||||||||||||||||||||||||
| Consolidated per financial statements | $ | 4,176 | $ | 3,703 | $ | 3,440 | $ | 1,010 | $ | 535 | $ | 450 | |||||||||||||||||||
| Noncontrolling interests(3) | (377 | ) | (362 | ) | (442 | ) | (420 | ) | (198 | ) | (171 | ) | |||||||||||||||||||
| Attributable to Newmont | $ | 3,799 | $ | 3,341 | $ | 2,998 | $ | 590 | $ | 337 | $ | 279 | |||||||||||||||||||
| Gold/Copper sold (thousand ounces/million pounds): | |||||||||||||||||||||||||||||||
| Consolidated | 5,489 | 5,466 | 5,820 | 229 | 229 | 356 | |||||||||||||||||||||||||
| Noncontrolling interests(3) | (521 | ) | (679 | ) | (795 | ) | (81 | ) | (84 | ) | (153 | ) | |||||||||||||||||||
| Attributable to Newmont(4) | 4,968 | 4,787 | 5,025 | 148 | 145 | 203 | |||||||||||||||||||||||||
| Costs applicable to sales per ounce/pound: | |||||||||||||||||||||||||||||||
| Consolidated | $ | 761 | $ | 677 | $ | 591 | $ | 4.42 | $ | 2.34 | $ | 1.26 | |||||||||||||||||||
| Attributable to Newmont | $ | 765 | $ | 698 | $ | 597 | $ | 4.00 | $ | 2.33 | $ | 1.37 | |||||||||||||||||||
|
(1)Consolidated Costs applicable to sales per financial statements includes by-product credits of $198, $231 and $291 for 2013, 2012 and 2011, respectively. |
|||||||||||||||||||||||||||||||
| (2)Consolidated Costs applicable to sales per financial statements includes by-product credits of $4, $11, and $28 for 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||
| (3)Relates to partners' interests in Batu Hijau and Yanacocha. | |||||||||||||||||||||||||||||||
| (4)Does not include any sales from our non-consolidated interests in La Zanja and Duketon. | |||||||||||||||||||||||||||||||
| Net attributable costs applicable to sales per ounce | ||||||||||||||
| Years Ended December 31, | ||||||||||||||
| 2013 | 2012 | 2011 | ||||||||||||
| Attributable costs applicable to sales: | ||||||||||||||
| Gold | $ | 3,799 | $ | 3,341 | $ | 2,998 | ||||||||
| Copper | 590 | 337 | 279 | |||||||||||
| 4,389 | 3,678 | 3,277 | ||||||||||||
| Copper revenue: | ||||||||||||||
| Consolidated | (677 | ) | (785 | ) | (1,262 | ) | ||||||||
| Noncontrolling interests(1) | 240 | 289 | 542 | |||||||||||
| (437 | ) | (496 | ) | (720 | ) | |||||||||
| Net attributable costs applicable to sales | $ | 3,952 | $ | 3,182 | $ | 2,557 | ||||||||
| Attributable gold ounces sold (thousands) | 4,968 | 4,787 | 5,025 | |||||||||||
| Net attributable costs applicable to sales per ounce | $ | 795 | $ | 665 | $ | 509 | ||||||||
| (1)Relates to partners' interests in Batu Hijau. | ||||||||||||||
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 gold mining operations related to expenditures, operating performance and the ability to generate cash flow from operations.
Current GAAP-measures used in the gold 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 and attributable all-in sustaining costs are non-GAAP measures that provide additional information to management, investors, and analysts that aid in the understanding of the economics of our operations and performance compared to other gold producers and in the investor’s visibility by better defining the total costs associated with producing gold.
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, or by reflecting the benefit from selling non-gold metals as a reduction to AISC. Differences may also arise related to definitional differences of sustaining versus development capital activities based upon each company’s internal policies.
The following disclosure provides information regarding the adjustments made in determining the all-in sustaining costs measure:
Cost Applicable to Sales - Includes all direct and indirect costs related to current gold production incurred to execute the current mine plan. Costs applicable to sales (“CAS”) included by-product credits from certain metals obtained during the process of extracting and processing the primary ore-body. CAS is accounted for on an accrual basis and excludes Amortization and Reclamation and remediation, which is consistent with our presentation of CAS on the Statement of Consolidated Income. In determining all-in sustaining costs, only the CAS associated with producing and selling an ounce of gold is included in the measure. Therefore, the amount of gold CAS included in AISC is derived from the CAS presented in the Company’s Statement of Consolidated Income less the amount of CAS attributable to the production of copper at our Boddington and Batu Hijau mines. The copper CAS at those mine sites is disclosed in Note 3 – Segments that accompanies the Consolidated Financial Statements in the Company’s form 10-K for the year ended December 31, 2013, which is expected to be filed on February 20, 2014. The allocation of CAS between gold and copper at the Boddington and Batu Hijau mines is based upon the relative sales percentage of copper and gold sold during the period.
Remediation Costs - Includes accretion expense related to asset retirement obligations (“ARO”) and the amortization of the related Asset Retirement Cost (“ARC”) for the Company’s operating properties recorded as an ARC asset. Accretion related to ARO and the amortization of the ARC assets for reclamation and remediation do not reflect annual cash outflows but are calculated in accordance with GAAP. The accretion and amortization reflect the periodic costs of reclamation and remediation associated with current gold production and are therefore included in the measure. The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Boddington and Batu Hijau mines.
Advanced Projects and Exploration - Includes incurred expenses related to projects that are designed to increase or enhance current gold production and gold exploration. We note that as current resources are depleted, exploration and advance projects are necessary for us to replace the depleting reserves or enhance the recovery and processing of the current reserves. As this relates to sustaining our gold production, and is considered a continuing cost of a mining company, these costs are included in the AISC measure. These costs are derived from the Advanced projects, research and development and Exploration amounts presented in the Company’s Statement of Consolidated Income less the amount attributable to the production of copper at our Boddington and Batu Hijau mines. The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the 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 gold production. We exclude certain exceptional or unusual expenses from Other expense, net, such as restructuring, as these are not indicative to sustaining our current gold operations. Furthermore, this adjustment to Other expense, net is also consistent with the nature of the adjustments made to Net income (loss) as disclosed in the Company’s non-GAAP financial measure Adjusted net income (loss). The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the 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 Boddington and Batu Hijau mines.
| Costs | Advanced | Other | Treatment and | All-In | Ounces | All-In Sustaining | ||||||||||||||||||||||||||||||||||||||
| Three Months Ended | Applicable | Remediation | Projects and | General and | Expense, | Refining | Sustaining | Sustaining | Sold | Costs | ||||||||||||||||||||||||||||||||||
| December 31, 2013 | to Sales(1)(2)(3) | Costs(4) | Exploration(5) | Administrative | Net(6) | Costs | Capital(7)(8) | Costs | (000 | )(9) | per ounce | |||||||||||||||||||||||||||||||||
| Nevada | $ | 365 | $ | 5 | $ | 16 | $ | - | $ | 4 | $ | 2 | $ | 60 | $ | 452 | 527 | $ | 858 | |||||||||||||||||||||||||
| La Herradura | 55 | - | 11 | - | - | - | 13 | 79 | 22 | 3,591 | ||||||||||||||||||||||||||||||||||
| Other North America | - | - | 2 | - | (3 | ) | - | - | (1 | ) | - | |||||||||||||||||||||||||||||||||
| North America | 420 | 5 | 29 | - | 1 | 2 | 73 | 530 | 549 | 965 | ||||||||||||||||||||||||||||||||||
| Yanacocha | 154 | 22 | 9 | - | 2 | - | 40 | 227 | 186 | 1,220 | ||||||||||||||||||||||||||||||||||
| Conga | - | - | 8 | - | 1 | - | - | 9 | - | |||||||||||||||||||||||||||||||||||
| Other South America | - | - | 8 | - | 1 | - | - | 9 | - | |||||||||||||||||||||||||||||||||||
| South America | 154 | 22 | 25 | - | 4 | - | 40 | 245 | 186 | 1,317 | ||||||||||||||||||||||||||||||||||
| Attributable to Newmont | 130 | 96 | 1,354 | |||||||||||||||||||||||||||||||||||||||||
| Boddington | 227 | 1 | - | - | - | 1 | 26 | 255 | 203 | 1,256 | ||||||||||||||||||||||||||||||||||
| Other Australia/New Zealand | 224 | 7 | 8 | - | 9 | - | 48 | 296 | 302 | 980 | ||||||||||||||||||||||||||||||||||
| Australia/New Zealand | 451 | 8 | 8 | - | 9 | 1 | 74 | 551 | 505 | 1,091 | ||||||||||||||||||||||||||||||||||
| Batu Hijau | 26 | 1 | - | - | 1 | 1 | 2 | 31 | 13 | 2,385 | ||||||||||||||||||||||||||||||||||
| Indonesia | 26 | 1 | - | - | 1 | 1 | 2 | 31 | 13 | 2,385 | ||||||||||||||||||||||||||||||||||
| Attributable to Newmont | 16 | 6 | 2,385 | |||||||||||||||||||||||||||||||||||||||||
| Ahafo | 81 | 1 | 15 | - | 3 | - | 11 | 111 | 159 | 698 | ||||||||||||||||||||||||||||||||||
| Akyem | 32 | - | - | - | 3 | - | - | 35 | 129 | 271 | ||||||||||||||||||||||||||||||||||
| Other Africa | - | - | 2 | - | (1 | ) | - | - | 1 | - | - | |||||||||||||||||||||||||||||||||
| Africa | 113 | 1 | 17 | - | 5 | - | 11 | 147 | 288 | 510 | ||||||||||||||||||||||||||||||||||
| Corporate and Other | - | - | 29 | 45 | 9 | - | 4 | 87 | - | - | ||||||||||||||||||||||||||||||||||
| Consolidated | $ | 1,164 | $ | 37 | $ | 108 | $ | 45 | $ | 29 | $ | 4 | $ | 204 | $ | 1,591 | 1,541 | $ | 1,032 | |||||||||||||||||||||||||
| Attributable to Newmont | $ | 1,461 | 1,444 | $ | 1,012 | |||||||||||||||||||||||||||||||||||||||
| (1) | Excludes Amortization and Reclamation and remediation. | |
| (2) | Excludes copper Costs applicable to sales at Boddington and Batu Hijau of $289. | |
| (3) | Includes gold by-product credits of $ 44. | |
| (4) | Remediation costs include operating accretion of $15 and amortization of asset retirement costs of $ 25 which is further reduced by the copper allocation of Remediation costs of $3. | |
| (5) | Excludes the copper allocation of Advanced projects and Exploration of $1. | |
| (6) | Other expense, net is adjusted for restructuring of $17, the copper allocation of $12 offset by $18 for Boddington Contingent Consideration. | |
| (7) | Excludes development capital expenditures, capitalized interest, and the decrease in capital accrual of $140. The following are major development projects; Phoenix Copper Leach, Turf Vent Shaft, Yanacocha Bio Leach, Conga, Merian, Ahafo Mill Expansion, and Akyem for 2013. | |
| (8) | Excludes the copper allocation of $ 28. | |
| (9) | Excludes attributable gold sales from La Zanja and Duketon. | |
| Costs | Advanced | Other | Treatment and | All-In | Ounces | All-In Sustaining | ||||||||||||||||||||||||||||||||||||||
| Three Months Ended | Applicable | Remediation | Projects and | General and | Expense, | Refining | Sustaining | Sustaining | Sold | Costs | ||||||||||||||||||||||||||||||||||
| December 31, 2012 | to Sales(1)(2)(3) | Costs(4) | Exploration(5) | Administrative | Net(6) | Costs | Capital(7)(8) | Costs | (000 | )(9) | per ounce | |||||||||||||||||||||||||||||||||
| Nevada | $ | 281 | $ | 3 | $ | 14 | $ | - | $ | 1 | $ | 3 | $ | 95 | $ | 397 | 483 | $ | 822 | |||||||||||||||||||||||||
| La Herradura | 36 | - | 13 | - | - | - | 33 | 82 | 48 | 1,708 | ||||||||||||||||||||||||||||||||||
| Other North America | - | - | - | - | (2 | ) | - | - | (2 | ) | - | |||||||||||||||||||||||||||||||||
| North America | 317 | 3 | 27 | - | (1 | ) | 3 | 128 | 477 | 531 | 898 | |||||||||||||||||||||||||||||||||
| Yanacocha | 146 | 9 | 10 | - | 22 | - | 104 | 291 | 238 | 1,223 | ||||||||||||||||||||||||||||||||||
| Conga | - | - | 13 | - | - | - | - | 13 | - | - | ||||||||||||||||||||||||||||||||||
| Other South America | - | - | 10 | - | 2 | - | 10 | 22 | - | - | ||||||||||||||||||||||||||||||||||
| South America | 146 | 9 | 33 | - | 24 | - | 114 | 326 | 238 | 1,370 | ||||||||||||||||||||||||||||||||||
| Attributable to Newmont | 179 | 123 | 1,455 | |||||||||||||||||||||||||||||||||||||||||
| Boddington | 174 | 1 | - | - | 1 | 1 | 51 | 228 | 204 | 1,118 | ||||||||||||||||||||||||||||||||||
| Other Australia/New Zealand | 223 | 7 | 18 | - | 8 | - | 64 | 320 | 231 | 1,385 | ||||||||||||||||||||||||||||||||||
| Australia/New Zealand | 397 | 8 | 18 | - | 9 | 1 | 115 | 548 | 435 | 1,260 | ||||||||||||||||||||||||||||||||||
| Batu Hijau | 24 | - | 2 | - | 2 | 1 | 8 | 37 | 19 | 1,947 | ||||||||||||||||||||||||||||||||||
| Indonesia | 24 | - | 2 | - | 2 | 1 | 8 | 37 | 19 | 1,947 | ||||||||||||||||||||||||||||||||||
| Attributable to Newmont | 18 | 9 | 1,947 | |||||||||||||||||||||||||||||||||||||||||
| Ahafo | 73 | 1 | 11 | - | 6 | - | 19 | 110 | 105 | 1,048 | ||||||||||||||||||||||||||||||||||
| Akyem | - | - | 4 | - | 1 | - | - | 5 | - | - | ||||||||||||||||||||||||||||||||||
| Other Africa | - | - | 4 | - | - | - | - | 4 | - | - | ||||||||||||||||||||||||||||||||||
| Africa | 73 | 1 | 19 | - | 7 | - | 19 | 119 | 105 | 1,133 | ||||||||||||||||||||||||||||||||||
| Corporate and Other | - | - | 29 | 50 | (1 | ) | - | 6 | 84 | - | - | |||||||||||||||||||||||||||||||||
| Consolidated | $ | 957 | $ | 21 | $ | 128 | $ | 50 | $ | 40 | $ | 5 | $ | 390 | $ | 1,591 | 1,328 | $ | 1,198 | |||||||||||||||||||||||||
| Noncontrolling interests | 166 | 125 | 1,328 | |||||||||||||||||||||||||||||||||||||||||
| Attributable to Newmont | $ | 1,425 | 1,203 | $ | 1,185 | |||||||||||||||||||||||||||||||||||||||
| (1) | Excludes Amortization and Reclamation and remediation. | |
| (2) | Excludes copper Costs applicable to sales at Boddington and Batu Hijau of $174. | |
| (3) | Includes gold by-product credits of $ 67. | |
| (4) | Remediation costs include operating accretion of $13 and amortization of asset retirement costs of $ 11 which is further reduced by the copper allocation of Remediation costs of $3. | |
| (5) | Excludes the copper allocation of Advanced projects and Exploration of $9. | |
| (6) | Other expense, net is adjusted for Hope Bay Care and Maintenance of $15, restructuring of $10, and the copper allocation of $7. | |
| (7) | Excludes development capital expenditures, capitalized interest, and the decrease in capital accrual of $373. The following are major development projects; Emigrant, Phoenix Copper Leach, Turf Vent Shaft, Yanacocha Bio Leach, Conga, Tanami Vent Shaft, Ahafo Mill Expansion, and Akyem for 2012. | |
| (8) | Excludes the copper allocation of $ 53. | |
| (9) | Excludes attributable gold sales from La Zanja and Duketon. | |
| Costs | Advanced | Other | Treatment and | All-In | Ounces | All-In Sustaining | ||||||||||||||||||||||||||||||||||||||
| Years Ended | Applicable | Remediation | Projects and | General and | Expense, | Refining | Sustaining | Sustaining | Sold | Costs | ||||||||||||||||||||||||||||||||||
| December 31, 2013 | to Sales(1)(2)(3) | Costs(4) | Exploration(5) | Administrative | Net(6) | Costs | Capital(7)(8) | Costs | (000 | )(9) | per ounce | |||||||||||||||||||||||||||||||||
| Nevada | $ | 1,164 | $ | 15 | $ | 94 | $ | - | $ | 17 | $ | 23 | $ | 258 | $ | 1,571 | 1,756 | $ | 895 | |||||||||||||||||||||||||
| La Herradura | 177 | - | 42 | - | - | - | 74 | 293 | 183 | 1,601 | ||||||||||||||||||||||||||||||||||
| Other North America | - | - | 4 | - | 1 | - | 1 | 6 | - | |||||||||||||||||||||||||||||||||||
| North America | 1,341 | 15 | 140 | - | 18 | 23 | 333 | 1,870 | 1,939 | 964 | ||||||||||||||||||||||||||||||||||
| Yanacocha | 663 | 90 | 41 | - | 63 | - | 148 | 1,005 | 1,022 | 983 | ||||||||||||||||||||||||||||||||||
| Conga | - | - | 24 | - | 3 | - | - | 27 | - | |||||||||||||||||||||||||||||||||||
| Other South America | - | - | 22 | - | 1 | - | - | 23 | - | |||||||||||||||||||||||||||||||||||
| South America | 663 | 90 | 87 | - | 67 | - | 148 | 1,055 | 1,022 | 1,032 | ||||||||||||||||||||||||||||||||||
| Attributable to Newmont | 553 | 525 | 1,053 | |||||||||||||||||||||||||||||||||||||||||
| Boddington | 805 | 6 | 1 | - | 2 | 4 | 90 | 908 | 743 | 1,222 | ||||||||||||||||||||||||||||||||||
| Other Australia/New Zealand | 921 | 26 | 39 | - | 41 | - | 166 | 1,193 | 1,044 | 1,143 | ||||||||||||||||||||||||||||||||||
| Australia/New Zealand | 1,726 | 32 | 40 | - | 43 | 4 | 256 | 2,101 | 1,787 | 1,176 | ||||||||||||||||||||||||||||||||||
| Batu Hijau | 107 | 2 | 2 | - | 3 | 5 | 12 | 131 | 46 | 2,848 | ||||||||||||||||||||||||||||||||||
| Other Indonesia | - | - | - | - | (2 | ) | - | - | (2 | ) | - | |||||||||||||||||||||||||||||||||
| Indonesia | 107 | 2 | 2 | - | 1 | 5 | 12 | 129 | 46 | 2,804 | ||||||||||||||||||||||||||||||||||
| Attributable to Newmont | 62 | 22 | 2,818 | |||||||||||||||||||||||||||||||||||||||||
| Ahafo | 307 | 3 | 51 | - | 24 | - | 109 | 494 | 566 | 873 | ||||||||||||||||||||||||||||||||||
| Akyem | 32 | - | 7 | - | 3 | - | - | 42 | 129 | 326 | ||||||||||||||||||||||||||||||||||
| Other Africa | - | - | 13 | - | - | - | - | 13 | - | |||||||||||||||||||||||||||||||||||
| Africa | 339 | 3 | 71 | - | 27 | - | 109 | 549 | 695 | 790 | ||||||||||||||||||||||||||||||||||
| Corporate and Other | - | - | 117 | 203 | 25 | - | 12 | 357 | - | |||||||||||||||||||||||||||||||||||
| Consolidated | $ | 4,176 | $ | 142 | $ | 457 | $ | 203 | $ | 181 | $ | 32 | $ | 870 | $ | 6,061 | 5,489 | $ | 1,104 | |||||||||||||||||||||||||
| Attributable to Newmont | $ | 5,492 | 4,968 | $ | 1,105 | |||||||||||||||||||||||||||||||||||||||
| (1) | Excludes Amortization and Reclamation and remediation. | |
| (2) | Excludes copper Costs applicable to sales at Boddington and Batu Hijau of $1,010. | |
| (3) | Includes gold by-product credits of $198. | |
| (4) | Remediation costs include operating accretion of $61 and amortization of asset retirement costs of $94 which is further reduced by the copper allocation of Remediation costs of $13. | |
| (5) | Excludes the copper allocation of Advanced projects and Exploration of $12. | |
| (6) | Other expense, net is adjusted for restructuring of $67, TMAC transaction costs of $45, and the copper allocation of $25 offset by $18 for Boddington Contingent Consideration. | |
| (7) | Excludes development capital expenditures, capitalized interest, and the decrease in accrued capital of $915. The following are major development projects; Phoenix Copper Leach, Turf Vent Shaft, Yanacocha Bio Leach, Conga, Merian, Ahafo Mill Expansion, and Akyem for 2013. | |
| (8) | Excludes the copper allocation of $115. | |
| (9) | Excludes attributable gold sales from La Zanja and Duketon. | |
| Costs | Advanced | Other | Treatment and | All-In | Ounces | All-In Sustaining | ||||||||||||||||||||||||||||||||||||||
| Years Ended | Applicable | Remediation | Projects and | General and | Expense, | Refining | Sustaining | Sustaining | Sold | Costs | ||||||||||||||||||||||||||||||||||
| December 31, 2012 | to Sales(1)(2)(3) | Costs(4) | Exploration(5) | Administrative | Net(6) | Costs | Capital(7)(8) | Costs | (000 | )(9) | per ounce | |||||||||||||||||||||||||||||||||
| Nevada | $ | 1,098 | $ | 12 | $ | 138 | $ | - | $ | 18 | $ | 22 | $ | 499 | $ | 1,787 | 1,719 | $ | 1,040 | |||||||||||||||||||||||||
| La Herradura | 132 | - | 41 | - | - | - | 71 | 244 | 212 | 1,151 | ||||||||||||||||||||||||||||||||||
| Other North America | - | - | 2 | - | 1 | - | - | 3 | - | |||||||||||||||||||||||||||||||||||
| North America | 1,230 | 12 | 181 | - | 19 | 22 | 570 | 2,034 | 1,931 | 1,053 | ||||||||||||||||||||||||||||||||||
| Yanacocha | 669 | 34 | 59 | - | 70 | - | 479 | 1,311 | 1,325 | 989 | ||||||||||||||||||||||||||||||||||
| Conga | - | - | 61 | - | - | - | - | 61 | - | |||||||||||||||||||||||||||||||||||
| Other South America | - | - | 69 | - | 4 | - | 10 | 83 | - | |||||||||||||||||||||||||||||||||||
| South America | 669 | 34 | 189 | - | 74 | - | 489 | 1,455 | 1,325 | 1,098 | ||||||||||||||||||||||||||||||||||
| Attributable to Newmont | 788 | 681 | 1,157 | |||||||||||||||||||||||||||||||||||||||||
| Boddington | 623 | 6 | 6 | - | 3 | 7 | 112 | 757 | 711 | 1,065 | ||||||||||||||||||||||||||||||||||
| Other Australia/New Zealand | 796 | 24 | 84 | - | 47 | - | 231 | 1,182 | 905 | 1,306 | ||||||||||||||||||||||||||||||||||
| Australia/New Zealand | 1,419 | 30 | 90 | - | 50 | 7 | 343 | 1,939 | 1,616 | 1,200 | ||||||||||||||||||||||||||||||||||
| Batu Hijau | 71 | 2 | 5 | - | 8 | 7 | 23 | 116 | 67 | 1,731 | ||||||||||||||||||||||||||||||||||
| Other Indonesia | - | - | - | - | (3 | ) | - | - | (3 | ) | - | |||||||||||||||||||||||||||||||||
| Indonesia | 71 | 2 | 5 | - | 5 | 7 | 23 | 113 | 67 | 1,687 | ||||||||||||||||||||||||||||||||||
| Attributable to Newmont | 53 | 32 | 1,656 | |||||||||||||||||||||||||||||||||||||||||
| Ahafo | 314 | 4 | 53 | - | 24 | - | 85 | 480 | 527 | 911 | ||||||||||||||||||||||||||||||||||
| Akyem | - | - | 19 | - | 1 | - | - | 20 | - | |||||||||||||||||||||||||||||||||||
| Other Africa | - | - | 12 | - | 1 | - | - | 13 | - | |||||||||||||||||||||||||||||||||||
| Africa | 314 | 4 | 84 | - | 26 | - | 85 | 513 | 527 | 973 | ||||||||||||||||||||||||||||||||||
| Corporate and Other | - | - | 126 | 212 | 18 | - | 25 | 381 | - | |||||||||||||||||||||||||||||||||||
| Consolidated | $ | 3,703 | $ | 82 | $ | 675 | $ | 212 | $ | 192 | $ | 36 | $ | 1,535 | $ | 6,435 | 5,466 | $ | 1,177 | |||||||||||||||||||||||||
| Attributable to Newmont | $ | 5,708 | 4,787 | $ | 1,192 | |||||||||||||||||||||||||||||||||||||||
| (1) | Excludes Amortization and Reclamation and remediation. | |
| (2) | Excludes copper Costs applicable to sales at Boddington and Batu Hijau of $535. | |
| (3) | Includes gold by-product credits of $231. | |
| (4) | Remediation costs include operating accretion of $55 and amortization of asset retirement costs of $40 which is further reduced by the copper allocation of Remediation costs of $13. | |
| (5) | Excludes the copper allocation of Advanced projects and Exploration of $29. | |
| (6) | Other expense, net is adjusted for restructuring of $58, Hope Bay care and maintenance of $144, Boddington Contingent Consideration of $12, and the copper allocation of $43. | |
| (7) | Excludes development capital expenditures, capitalized interest, and the decrease in accrued capital of $1,523. The following are major development projects; Emigrant, Phoenix Copper Leach, Turf Vent Shaft, Yanacocha Bio Leach, Conga, Tanami Vent Shaft, Ahafo Mill Expansion, and Akyem for 2012. | |
| (8) | Excludes the copper allocation of $ 152. | |
| (9) | Excludes attributable gold sales from La Zanja and Duketon. | |
| Consolidated Spending ($M) | Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
| Costs applicable to sales | $ |
1,453 |
$ | 1,131 | $ | 5,186 | $ | 4,238 | ||||||||||||
|
CAS inventory, stockpiles and leach pad write-downs |
(348 | ) | (7 | ) | (972 | ) | (33 | ) | ||||||||||||
| Advanced projects, research and development and Exploration | 109 | 137 | 469 | 704 | ||||||||||||||||
| General and administrative | 45 | 50 | 203 | 212 | ||||||||||||||||
| Other expense, net (1) |
39 |
47 | 206 | 235 | ||||||||||||||||
| Sustaining capital | 231 | 444 | 985 | 1,687 | ||||||||||||||||
| Consolidated Spending | $ |
1,529 |
$ | 1,802 | $ | 6,077 | $ | 7,043 | ||||||||||||
|
(1) Other expense, net is adjusted for restructuring of $67, TMAC transaction costs of $45, and Boddington contingent consideration of ($18) for 2013; 2012 other expense, net is adjusted for Hope Bay care and maintenance of $144, restructuring costs of $58, and Boddington contingent consideration of $12. |
||||||||||||||||||||
Reserve and Resource Tables
Proven and Probable reserves are based on extensive drilling, sampling, mine modeling and metallurgical testing from which we determine economic feasibility. Metal price assumptions follow SEC guidance not to exceed a three year trailing average. The price sensitivity of reserves depends upon several factors including grade, metallurgical recovery, operating cost, waste-to-ore ratio and ore type. Metallurgical recovery rates vary depending on the metallurgical properties of each deposit and the production process used. The reserve tables included in this release list the average metallurgical recovery rate for each deposit, which takes into account the relevant processing methods. The cut-off grade, or lowest grade of mineralized material considered economic to process, varies with material type, price, metallurgical recoveries, operating costs and co- or by-product credits. The Proven and Probable reserve figures presented herein are estimates based on information available at the time of calculation. No assurance can be given that the indicated levels of recovery of gold and copper will be realized. Ounces of gold and silver or pounds of copper included in the proven and probable reserves are those contained prior to losses during metallurgical treatment. Reserve estimates may require revision based on actual production. Market fluctuations in the price of gold or copper, as well as increased production costs or reduced metallurgical recovery rates, could render certain proven and probable reserves containing relatively lower grades of mineralization uneconomic to exploit and might result in a reduction of reserves.
The Measured, Indicated, and Inferred resource figures presented herein are estimates based on information available at the time of calculation and are exclusive of reserves. A “Mineral Resource” is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade, or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. Ounces of gold and silver or pounds of copper included in the Measured, Indicated and Inferred resources are those contained prior to losses during metallurgical treatment. Market fluctuations in the price of gold and copper, as well as increased production costs or reduced metallurgical recovery rates, could change future estimates of resources.
We publish reserves and resources annually, and will recalculate reserves and resources at year-end 2014, taking into account metal prices, changes, if any, in future production and capital costs, mine designs, model changes, divestments and depletion as well as any acquisitions and additions during 2014.
|
Attributable Proven, Probable, and Combined Gold Reserves(1), U.S. Units |
|||||||||||||||||||||||||||||||||
| December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
| Deposits/Districts by Reporting Unit | Proven Reserves | Probable Reserves | Proven and Probable Reserves | Metallurgical Recovery | Proven + Probable Reserves | ||||||||||||||||||||||||||||
| Newmont | Tonnage | Grade | Gold | Tonnage | Grade | Gold | Tonnage | Grade | Gold | Tonnage | Grade | Gold | |||||||||||||||||||||
| Share | (x1000 tons) | (oz/ton) | (x1000 ozs) | (x1000 tons) | (oz/ton) | (x1000 ozs) | (x1000 tons) | (oz/ton) | (x1000 ozs) | (x1000 tons) | (oz/ton) | (x1000 ozs) | |||||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||||
| Carlin Open Pits, Nevada | 100% | 71,200 | 0.054 | 3,870 | 200,400 | 0.029 | 5,860 | 271,600 | 0.036 | 9,730 | 76% | 313,200 | 0.037 | 11,650 | |||||||||||||||||||
| Carlin Underground, Nevada | 100% | 17,800 | 0.258 | 4,590 | 6,100 | 0.233 | 1,420 | 23,900 | 0.252 | 6,010 | 85% | 23,500 | 0.265 | 6,230 | |||||||||||||||||||
| Midas, Nevada(2) | 100% | 50 | 0.135 | 10 | 200 | 0.083 | 20 | 250 | 0.093 | 30 | 85% | 600 | 0.095 | 50 | |||||||||||||||||||
| Phoenix, Nevada | 100% | 21,000 | 0.019 | 390 | 314,800 | 0.017 | 5,270 | 335,800 | 0.017 | 5,660 | 73% | 439,900 | 0.017 | 7,430 | |||||||||||||||||||
| Twin Creeks, Nevada | 100% | 5,800 | 0.109 | 640 | 33,600 | 0.051 | 1,720 | 39,400 | 0.060 | 2,360 | 73% | 58,300 | 0.058 | 3,400 | |||||||||||||||||||
| Long Canyon(3) | 100% | 0 | 0 | 15,700 | 0.065 | 1,010 | 15,700 | 0.065 | 1,010 | 78% | - | - | - | ||||||||||||||||||||
| Turquoise Ridge, Nevada(4) | 25% | 1,500 | 0.538 | 820 | 1,800 | 0.499 | 870 | 3,300 | 0.517 | 1,690 | 92% | 5,100 | 0.381 | 1,940 | |||||||||||||||||||
| Nevada In-Process(5) | 100% | 22,400 | 0.018 | 390 | - | - | - | 22,400 | 0.018 | 390 | 61% | 25,500 | 0.018 | 450 | |||||||||||||||||||
| Nevada Stockpiles(6) | 100% | 68,800 | 0.059 | 4,030 | 3,400 | 0.028 | 90 | 72,200 | 0.057 | 4,120 | 73% | 72,300 | 0.054 | 3,920 | |||||||||||||||||||
| Total Nevada | 208,550 | 0.071 | 14,740 | 576,000 | 0.028 | 16,260 | 784,550 | 0.040 | 31,000 | 77% | 938,400 | 0.037 | 35,070 | ||||||||||||||||||||
| La Herradura, Mexico | 44% | 61,000 | 0.020 | 1,240 | 48,400 | 0.019 | 940 | 109,400 | 0.020 | 2,180 | 74% | 158,100 | 0.017 | 2,610 | |||||||||||||||||||
| TOTAL NORTH AMERICA | 269,550 | 0.059 | 15.980 | 624,400 | 0.028 | 17,200 | 893,950 | 0.037 | 33,180 | 77% | 1,096,500 | 0.034 | 37,680 | ||||||||||||||||||||
| South America | |||||||||||||||||||||||||||||||||
| Conga, Peru(7) | 51.35% | - | - | - | 303,400 | 0.021 | 6,460 | 303,400 | 0.021 | 6,460 | 75% | 303,400 | 0.021 | 6,460 | |||||||||||||||||||
| Yanacocha Open Pits | 51.35% | 21,700 | 0.047 | 1,010 | 73,100 | 0.017 | 1,280 | 94,800 | 0.024 | 2,290 | 73% | 96,400 | 0.024 | 2,360 | |||||||||||||||||||
| Yanacocha In-Process(5) | 51.35% | 9,100 | 0.020 | 190 | - | - | - | 9,100 | 0.020 | 190 | 72% | 8,600 | 0.026 | 220 | |||||||||||||||||||
| Yanacocha Stockpiles(6) | 51.35% | 8,800 | 0.054 | 480 | - | - | - | 8,800 | 0.054 | 480 | 64% | 8,400 | 0.054 | 460 | |||||||||||||||||||
| Total Yanacocha, Peru | 51.35% | 39,600 | 0.042 | 1,680 | 73,100 | 0.017 | 1,280 | 112,700 | 0.026 | 2,960 | 71% | 113,400 | 0.027 | 3,040 | |||||||||||||||||||
| La Zanja, Peru(8) | 46.94% | 1,200 | 0.020 | 20 | 7,500 | 0.021 | 150 | 8,700 | 0.021 | 170 | 66% | 12,500 | 0.018 | 230 | |||||||||||||||||||
| Merian, Suriname(9) | 80% | - | - | - | 95,500 | 0.035 | 3,390 | 95,500 | 0.035 | 3,390 | 93% | 79,800 | 0.036 | 2,850 | |||||||||||||||||||
| TOTAL SOUTH AMERICA | 40,800 | 0.042 | 1,700 | 479,500 | 0.024 | 11,280 | 520,300 | 0.025 | 12,980 | 79% | 509,100 | 0.025 | 12,580 | ||||||||||||||||||||
| Australia/New Zealand | |||||||||||||||||||||||||||||||||
|
Boddington, Open Pit |
100% | 88,000 | 0.021 | 1,860 | 528,100 | 0.020 | 10,730 | 616,100 | 0.020 | 12,590 | 80% | 930,500 | 0.019 | 17,660 | |||||||||||||||||||
| Boddington Stockpiles | 100% | 27,500 | 0.016 | 440 | 42,300 | 0.013 | 540 | 69,800 | 0.014 | 980 | 81% | 63,800 | 0.015 | 940 | |||||||||||||||||||
| Total Boddington, Western Australia | 100% | 115,500 | 0.020 | 2,300 | 570,400 | 0.020 | 11,270 | 685,900 | 0.020 | 13,570 | 80% | 994,300 | 0.019 | 18,600 | |||||||||||||||||||
| Duketon, Western Australia(10) | 19.52% | 1,100 | 0.043 | 50 | 12,100 | 0.040 | 480 | 13,200 | 0.040 | 530 | 95% | 12,600 | 0.045 | 570 | |||||||||||||||||||
| Jundee, Western Australia | 100% | 1,700 | 0.064 | 110 | 1,600 | 0.192 | 300 | 3,300 | 0.124 | 410 | 91% | 3,900 | 0.130 | 510 | |||||||||||||||||||
| Kalgoorlie Open Pit and Underground | 50% | 9,900 | 0.059 | 580 | 31,600 | 0.056 | 1,770 | 41,500 | 0.057 | 2,350 | 85% | 50,400 | 0.057 | 2,870 | |||||||||||||||||||
| Kalgoorlie Stockpiles(6) | 50% | 59,700 | 0.023 | 1,370 | - | - | - | 59,700 | 0.023 | 1,370 | 76% | 57,900 | 0.023 | 1,330 | |||||||||||||||||||
| Total Kalgoorlie, Western Australia | 50% | 69,600 | 0.028 | 1,950 | 31,600 | 0.056 | 1,770 | 101,200 | 0.037 | 3,720 | 81% | 108,300 | 0.039 | 4,200 | |||||||||||||||||||
| Tanami, Northern Territory | 100% | 4,000 | 0.159 | 640 | 13,800 | 0.172 | 2,370 | 17,800 | 0.169 | 3,010 | 94% | 13,900 | 0.161 | 2,220 | |||||||||||||||||||
| Waihi, New Zealand | 100% | 200 | 0.252 | 60 | 2,000 | 0.080 | 160 | 2,200 | 0.098 | 220 | 90% | 3,000 | 0.101 | 300 | |||||||||||||||||||
| TOTAL AUSTRALIA/NEW ZEALAND | 192,100 | 0.027 | 5,110 | 631,500 | 0.026 | 16,350 | 823,600 | 0.026 | 21,460 | 83% | 1,136,000 | 0.023 | 26,400 | ||||||||||||||||||||
| Indonesia | |||||||||||||||||||||||||||||||||
| Batu Hijau Open Pit(11) | 48.5% | 119,000 | 0.014 | 1,660 | 144,100 | 0.009 | 1,340 | 263,100 | 0.011 | 3,000 | 76% | 297,900 | 0.010 | 3,110 | |||||||||||||||||||
| Batu Hijau Stockpiles(6)(11) | 48.5% | - | - | 138,200 | 0.003 | 430 | 138,200 | 0.003 | 430 | 65% | 140,600 | 0.003 | 440 | ||||||||||||||||||||
| TOTAL INDONESIA | 119,000 | 0.014 | 1,660 | 282,300 | 0.006 | 1,770 | 401,300 | 0.009 | 3,430 | 75% | 438,500 | 0.008 | 3,550 | ||||||||||||||||||||
| Africa | |||||||||||||||||||||||||||||||||
| Ahafo Open Pits(12) | 100% | 8,000 | 0.069 | 560 | 126,800 | 0.061 | 7,770 | 134,800 | 0.062 | 8,330 | 88% | 183,100 |
0.055 |
10,150 | |||||||||||||||||||
| Ahafo Underground(13) | 100% | - | - | 4,900 | 0.129 | 630 | 4,900 | 0.129 | 630 | 91% | 4,900 |
0.129 |
630 | ||||||||||||||||||||
| Ahafo Stockpiles(6) | 100% | 37,300 | 0.031 | 1,160 | - | - | - | 37,300 | 0.031 | 1,160 | 86% | 27,200 |
0.030 |
800 | |||||||||||||||||||
|
|
Total Ahafo, Ghana | 100% | 45,300 | 0.038 | 1,720 | 131,700 | 0.064 | 8,400 | 177,000 | 0.057 | 10,120 | 88% | 215,200 |
0.054 |
11,580 | ||||||||||||||||||
|
|
Akyem Open Pit | 100% | - | - | 137,800 | 0.049 | 6,810 | 137,800 | 0.049 | 6,810 | 88% | 144,600 |
0.051 |
7,380 | |||||||||||||||||||
|
|
Akyem Stockpiles(6) | 100% | 5,500 | 0.068 | 370 | - | - | - | 5,500 | 0.068 | 370 | 90% |
- |
- |
- | ||||||||||||||||||
|
|
Total Akyem, Ghana(14) | 100% | 5,500 | 0.068 | 370 | 137,800 | 0.049 | 6,810 | 143,300 | 0.050 | 7,180 | 88% | 144,600 |
0.051 |
7,380 | ||||||||||||||||||
| TOTAL AFRICA | 50,800 | 0.041 | 2,090 | 269,500 | 0.056 | 15,210 | 320,300 | 0.054 | 17,300 | 88% | 359,800 | 0.053 | 18,960 | ||||||||||||||||||||
|
TOTAL NEWMONT WORLDWIDE |
672,250 | 0.039 | 26,540 | 2,287,200 | 0.027 | 61,810 | 2,959,450 | 0.030 | 88,350 | 81% | 3,539,900 | 0.028 | 99,170 | ||||||||||||||||||||
| (1) | Reserves are calculated at a gold price of $1,300, A$1,415 or NZ$1,675 per ounce unless otherwise noted. 2012 reserves were calculated at a gold price of $1,400, A$1,400 or NZ$1,800 per ounce unless otherwise noted. Tonnage amounts have been rounded to the nearest 100,000 unless they are less than 50,000, and gold ounces have been rounded to the nearest 10,000. | |
| (2) | Property sold to Klondex Mines on February 11, 2014. Values in the table above are as of December 31, 2013. | |
| (3) | Project is currently undeveloped. | |
| (4) | Reserve estimates provided by Barrick, the operator of the Turquoise Ridge joint venture. | |
| (5) | In-process material is the material on leach pads at the end of the year from which gold remains to be recovered. In-process material reserves are reported separately where tonnage or contained ounces are greater than 5% of the total site-reported reserves and contained ounces are greater than 100,000. | |
| (6) | Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where tonnage or contained ounces are greater than 5% of the total site-reported reserves and contained ounces are greater than 100,000. | |
| (7) | Project is under development. | |
| (8) | Reserve estimates were provided by Buenaventura, the operator of the La Zanja project. | |
| (9) |
Project has completed Feasibility and awaits construction decision. Percentage reflects Newmont’s economic interest at December 31, 2013. As of February 19, 2014, Newmont’s economic interest was 100%. |
|
| (10) | Reserve estimates provided by Regis Resources Ltd., in which Newmont holds a 19.52% interest. | |
| (11) | Percentage reflects Newmont’s economic interest as of December 31, 2013. | |
| (12) | Includes undeveloped reserves at Yamfo South, Yamfo Central, Techire West, Subenso South, Subenso North, Yamfo Northeast, and Susuan totaling 3.2 million ounces. | |
| (13) | Subika Underground project is under development. | |
| (14) | Project reached commercial production in November 2013. | |
|
Attributable Proven, Probable, and Combined Gold Reserves(1), Metric Units |
|||||||||||||||||||||||||||||||||
| December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
| Deposits/Districts by Reporting Unit | Proven Reserves | Probable Reserves | Proven and Probable Reserves | Metallurgical Recovery | Proven + Probable Reserves | ||||||||||||||||||||||||||||
| Newmont | Tonnage | Grade | Gold | Tonnage | Grade | Gold | Tonnage | Grade | Gold | Tonnage | Grade | Gold | |||||||||||||||||||||
| Share | (x1000 tonnes) | (g/tonne) | (x1000 ozs) | (x1000 tonnes) | (g/tonne) | (x1000 ozs) | (x1000 tonnes) | (g/tonne) | (x1000 ozs) | (x1000 tonnes) | (g/tonne) | (x1000 ozs) | |||||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||||
| Carlin Open Pits, Nevada | 100% | 64,500 | 1.87 | 3,870 | 181,800 | 1.00 | 5,860 | 246,300 | 1.23 | 9,730 | 76% | 284,200 | 1.28 | 11,650 | |||||||||||||||||||
| Carlin Underground, Nevada | 100% | 16,100 | 8.85 | 4,590 | 5,500 | 7.99 | 1,420 | 21,600 | 8.63 | 6,010 | 85% | 21,300 | 9.09 | 6,230 | |||||||||||||||||||
| Midas, Nevada(2) | 100% | 40 | 4.64 | 10 | 200 | 2.84 | 20 | 240 | 3.19 | 30 | 85% | 500 | 3.25 | 50 | |||||||||||||||||||
| Phoenix, Nevada | 100% | 19,000 | 0.64 | 390 | 285,600 | 0.57 | 5,270 | 304,600 | 0.58 | 5,660 | 73% | 399,000 | 0.58 | 7,430 | |||||||||||||||||||
| Twin Creeks, Nevada | 100% | 5,300 | 3.75 | 640 | 30,400 | 1.76 | 1,720 | 35,700 | 2.05 | 2,360 | 73% | 52,900 | 2.00 | 3,400 | |||||||||||||||||||
| Long Canyon(3) | 100% | 0 | 0 | 14,200 | 2.22 | 1,010 | 14,200 | 2.22 | 1,010 | 78% | - | - | |||||||||||||||||||||
| Turquoise Ridge, Nevada(2) | 25% | 1,400 | 18.44 | 820 | 1,600 | 17.12 | 870 | 3,000 | 17.73 | 1,690 | 92% | 4,700 | 13.07 | 1,940 | |||||||||||||||||||
| Nevada In-Process(5) | 100% | 20,300 | 0.60 | 390 | - | - | 20,300 | 0.60 | 390 | 61% | 23,200 | 0.61 | 450 | ||||||||||||||||||||
| Nevada Stockpiles(6) | 100% | 62,400 | 2.01 | 4,030 | 3,100 | 0.95 | 90 | 65,500 | 1.96 | 4,120 | 73% | 65,500 | 1.86 | 3,920 | |||||||||||||||||||
| Total Nevada | 189,040 | 2.42 | 14,740 | 522,400 | 0.97 | 16,260 | 711,440 | 1.35 | 31,000 | 77% | 851,300 | 1.28 | 35,070 | ||||||||||||||||||||
| La Herradura, Mexico | 44% | 55,300 | 0.70 | 1,240 | 43,900 | 0.67 | 940 | 99,200 | 0.68 | 2,180 | 74% | 143,400 | 0.57 | 2,610 | |||||||||||||||||||
| TOTAL NORTH AMERICA | 244,340 | 2.03 | 15,980 | 566,300 | 0.95 | 17,200 | 810,640 | 1.27 | 33,180 | 77% | 994,700 | 1.18 | 37,680 | ||||||||||||||||||||
| South America | |||||||||||||||||||||||||||||||||
| Conga, Peru(7) | 51.35% | - | - | 275,200 | 0.73 | 6,460 | 275,200 | 0.73 | 6,460 | 75% | 275,200 | 0.73 | 6,460 | ||||||||||||||||||||
| Yanacocha Open Pits | 51.35% | 19,600 | 1.60 | 1,010 | 66,300 | 0.60 | 1,280 | 85,900 | 0.83 | 2,290 | 73% | 87,500 | 0.84 | 2,360 | |||||||||||||||||||
| Yanacocha In-Process(5) | 51.35% | 8,300 | 0.70 | 190 | - | - | 8,300 | 0.70 | 190 | 72% | 7,800 | 0.88 | 220 | ||||||||||||||||||||
| Yanacocha Stockpiles(6) | 51.35% | 8,000 | 1.86 | 480 | - | - | 8,000 | 1.86 | 480 | 64% | 7,600 | 1.86 | 460 | ||||||||||||||||||||
| Total Yanacocha, Peru | 51.35% | 35,900 | 1.45 | 1,680 | 66,300 | 0.60 | 1,280 | 102,200 | 0.90 | 2,960 | 71% | 102,900 | 0.92 | 3,040 | |||||||||||||||||||
| La Zanja, Peru(8) | 46.94% | 1,100 | 0.70 | 20 | 6,800 | 0.70 | 150 | 7,900 | 0.70 | 170 | 66% | 11,400 | 0.61 | 230 | |||||||||||||||||||
| Merian, Suriname(9) | 80% | - | - | 86,600 | 1.22 | 3,390 | 86,600 | 1.22 | 3,390 | 93% | 72,400 | 1.22 | 2,850 | ||||||||||||||||||||
| TOTAL SOUTH AMERICA | 37,000 | 1.43 | 1,700 | 434,900 | 0.81 | 11,280 | 471,900 | 0.86 | 12,980 | 79% | 461,900 | 0.85 | 12,580 | ||||||||||||||||||||
| Australia/New Zealand | |||||||||||||||||||||||||||||||||
| Boddington, Western Australia | 100% | 79,900 | 0.72 | 1,860 | 479,100 | 0.70 | 10,730 | 559,000 | 0.70 | 12,590 | 80% | 844,100 | 0.65 | 17,660 | |||||||||||||||||||
| Boddington Stockpiles | 100% | 25,000 | 0.55 | 440 | 38,300 | 0.43 | 540 | 63,300 | 0.48 | 980 | 81% | 57,800 | 0.50 | 940 | |||||||||||||||||||
| Total Boddington, Western Australia | 100% | 104,900 | 0.68 | 2,300 | 517,400 | 0.68 | 11,270 | 622,300 | 0.68 | 13,570 | 80% | 901,900 | 0.64 | 18,600 | |||||||||||||||||||
| Duketon, Western Australia(10) | 19.52% | 1,000 | 1.49 | 50 | 11,000 | 1.37 | 480 | 12,000 | 1.38 | 530 | 95% | 11,500 | 1.53 | 570 | |||||||||||||||||||
| Jundee, Western Australia | 100% | 1,600 | 2.18 | 110 | 1,400 | 6.59 | 300 | 3,000 | 4.26 | 410 | 91% | 3,600 | 4.46 | 510 | |||||||||||||||||||
| Kalgoorlie Open Pit and Underground | 50% | 9,000 | 2.01 | 580 | 28,600 | 1.92 | 1,770 | 37,600 | 1.94 | 2,350 | 85% | 45,700 | 1.95 | 2,870 | |||||||||||||||||||
| Kalgoorlie Stockpiles(6) | 50% | 54,200 | 0.79 | 1,370 | - | - | 54,200 | 0.79 | 1,370 | 76% | 52,500 | 0.79 | 1,330 | ||||||||||||||||||||
| Total Kalgoorlie, Western Australia | 50% | 63,200 | 0.96 | 1,950 | 28,600 | 1.92 | 1,770 | 91,800 | 1.26 | 3,720 | 81% | 98,200 | 1.33 | 4,200 | |||||||||||||||||||
| Tanami, Northern Territory | 100% | 3,700 | 5.45 | 640 | 12,500 | 5.91 | 2,370 | 16,200 | 5.81 | 3,010 | 94% | 12,600 | 5.51 | 2,220 | |||||||||||||||||||
| Waihi, New Zealand | 100% | 200 | 8.63 | 60 | 1,800 | 2.74 | 160 | 2,000 | 3.36 | 220 | 90% | 2,700 | 3.45 | 300 | |||||||||||||||||||
| TOTAL AUSTRALIA/NEW ZEALAND | 174,600 | 0.91 | 5,110 | 572,700 | 0.89 | 16,350 | 747,300 | 0.89 | 21,460 | 83% | 1,030,500 | 0.65 | 26,400 | ||||||||||||||||||||
| Indonesia | |||||||||||||||||||||||||||||||||
| Batu Hijau Open Pit(11) | 48.5% | 108,000 | 0.48 | 1,660 | 130,700 | 0.32 | 1,340 | 238,700 | 0.39 | 3,000 | 76% | 270,200 | 0.36 | 3,110 | |||||||||||||||||||
| Batu Hijau Stockpiles(6)(11) | 48.5% | - | - | 125,300 | 0.11 | 430 | 125,300 | 0.11 | 430 | 65% | 127,600 | 0.11 | 440 | ||||||||||||||||||||
| TOTAL INDONESIA | 108,000 | 0.48 | 1,660 | 256,000 | 0.22 | 1,770 | 364,000 | 0.29 | 3,430 | 75% | 397,800 | 0.28 | 3,550 | ||||||||||||||||||||
| Africa | |||||||||||||||||||||||||||||||||
| Ahafo Open Pits(12) | 100% | 7,300 | 2.37 | 560 | 115,000 | 2.10 | 7,770 | 122,300 | 2.12 | 8,330 | 88% | 166,100 | 1.90 | 10,150 | |||||||||||||||||||
| Ahafo Underground(13) | 100% | - | - | 4,400 | 4.43 | 630 | 4,400 | 4.43 | 630 | 91% | 4,400 | 4.43 | 630 | ||||||||||||||||||||
| Ahafo Stockpiles(6) | 100% | 33,800 | 1.07 | 1,160 | - | - | 33,800 | 1.07 | 1,160 | 86% | 24,700 | 1.01 | 800 | ||||||||||||||||||||
|
|
Total Ahafo, Ghana | 100% | 41,100 | 1.30 | 1,720 | 119,400 | 2.19 | 8,400 | 160,500 | 1.96 | 10,120 | 88% | 195,200 | 1.85 | 11,580 | ||||||||||||||||||
|
|
Akyem Open Pit | 100% | - | - | 125,000 | 1.69 | 6,810 | 125,000 | 1.69 | 6,810 | 88% | 131,100 | 1.75 | 7,380 | |||||||||||||||||||
|
|
Akyem Stockpile | 100% | 5,000 | 2.32 | 370 | - | - | 5,000 | 2.32 | 370 | 90% | - | - | ||||||||||||||||||||
|
|
Total Akyem, Ghana(14) | 100% | 5,000 | 2.32 | 370 | 125,000 | 1.69 | 6,810 | 130,000 | 1.72 | 7,180 | 88% | 131,100 | 1.75 | 7,380 | ||||||||||||||||||
| TOTAL AFRICA | 46,100 | 1.41 | 2,090 | 244,400 | 1.94 | 15,210 | 290,500 | 1.85 | 17,300 | 88% | 326,300 | 1.81 | 18,960 | ||||||||||||||||||||
| TOTAL NEWMONT WORLDWIDE | 610,040 | 1.35 | 26,540 | 2,074,300 | 0.93 | 61,810 | 2,684,340 | 1.02 | 88,350 | 81% | 3,211,200 | 0.96 | 99,170 | ||||||||||||||||||||
| See Footnotes under Gold Reserves U.S. units table. | |||||||||||||||||||||||||||||||||
|
Attributable Gold Mineral Resources(1)(2), U.S. Units |
|||||||||||||||||||||||||||||||
| December 31, 2013 | |||||||||||||||||||||||||||||||
| Deposits/Districts by Reporting Unit | Gold Measured Resource | Gold Indicated Resource | Gold Measured + Indicated Resource(3) | Gold Inferred Resource | |||||||||||||||||||||||||||
| Newmont | Tonnage | Grade | Gold | Tonnage | Grade | Gold | Tonnage | Grade | Gold | Tonnage | Grade | Gold | |||||||||||||||||||
| Share | (x1000 tons) | (oz/ton) | (x1000 ozs) | (x1000 tons) | (oz/ton) | (x1000 ozs) | (x1000 tons) | (oz/ton) | (x1000 ozs) | (x1000 tons) | (oz/ton) | (x1000 ozs) | |||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||
| Buffalo Valley, Nevada | 70% | - | - | 15,500 | 0.019 | 290 | 15,500 | 0.019 | 290 | 400 | 0.011 | - | |||||||||||||||||||
| Carlin Trend Open Pits, Nevada | 100% | 26,100 | 0.036 | 930 | 57,700 | 0.023 | 1,320 | 83,800 | 0.027 | 2,250 | 17,200 | 0.018 | 300 | ||||||||||||||||||
| Carlin Trend Underground, Nevada | 100% | 400 | 0.182 | 80 | 1,500 | 0.199 | 300 | 1,900 | 0.195 | 380 | 2,500 | 0.264 | 660 | ||||||||||||||||||
| Lone Tree Complex, Nevada | 100% | - | - | 2,500 | 0.023 | 60 | 2,500 | 0.023 | 60 | 7,500 | 0.017 | 130 | |||||||||||||||||||
| Long Canyon, Nevada | 100% | 100 | 0.097 | - | 3,600 | 0.097 | 350 | 3,700 | 0.097 | 350 | 16,500 | 0.090 | 1,490 | ||||||||||||||||||
| Midas, Nevada(4) | 100% | - | - | 100 | 0.040 | - | 100 | 0.040 | - | 400 | 0.038 | 20 | |||||||||||||||||||
| Phoenix, Nevada | 100% | 4,600 | 0.013 | 60 | 170,200 | 0.011 | 1,920 | 174,800 | 0.011 | 1,980 | 87,000 | 0.013 | 1,090 | ||||||||||||||||||
| Sandman, Nevada | 100% | - | - | 1,300 | 0.036 | 50 | 1,300 | 0.036 | 50 | 1,100 | 0.054 | 60 | |||||||||||||||||||
| Turquoise Ridge, Nevada(5) | 25% | 700 | 0.404 | 290 | 700 | 0.364 | 240 | 1,400 | 0.385 | 530 | 800 | 0.533 | 440 | ||||||||||||||||||
| Twin Creeks, Nevada | 100% | 9,300 | 0.083 | 770 | 22,700 | 0.063 | 1,430 | 32,000 | 0.069 | 2,200 | 100 | 0.053 | - | ||||||||||||||||||
| Nevada Stockpiles(6) | 100% | 5,400 | 0.066 | 360 | - | - | 5,400 | 0.066 | 360 | 2,300 | 0.043 | 100 | |||||||||||||||||||
| Total Nevada | 46,600 | 0.054 | 2,490 | 275,800 | 0.022 | 5,960 | 322,400 | 0.026 | 8,450 | 135,800 | 0.032 | 4,290 | |||||||||||||||||||
| La Herradura, Mexico | 44% | 15,600 | 0.022 | 340 | 16,700 | 0.021 | 350 | 32,300 | 0.021 | 690 | 11,300 | 0.020 | 220 | ||||||||||||||||||
| TOTAL NORTH AMERICA | 62,200 | 0.046 | 2,830 | 292,500 | 0.022 | 6,310 | 354,700 | 0.026 | 9,140 | 147,100 | 0.031 | 4,510 | |||||||||||||||||||
| South America | |||||||||||||||||||||||||||||||
| Conga, Peru | 51.35% | - | - | 89,300 | 0.012 | 1,030 | 89,300 | 0.012 | 1,030 | 130,500 | 0.011 | 1,480 | |||||||||||||||||||
| Yanacocha, Peru | 51.35% | 500 | 0.038 | 20 | 15,500 | 0.015 | 220 | 16,000 | 0.015 | 240 | 92,200 | 0.025 | 2,350 | ||||||||||||||||||
| La Zanja, Peru(7) | 46.94% | - | 0.006 | - | 700 | 0.012 | 10 | 700 | 0.012 | 10 | 1,200 | 0.021 | 30 | ||||||||||||||||||
| Merian, Suriname | 80% | 2,100 | 0.029 | 60 | 18,000 | 0.030 | 540 | 20,100 | 0.030 | 600 | 23,700 | 0.031 | 740 | ||||||||||||||||||
| TOTAL SOUTH AMERICA | 2,600 | 0.030 | 80 | 123,500 | 0.015 | 1,800 | 126,100 | 0.015 | 1,880 | 247,600 | 0.019 | 4,600 | |||||||||||||||||||
| Australia/New Zealand | |||||||||||||||||||||||||||||||
| Boddington, Western Australia | 100% | 8,000 | 0.013 | 110 | 164,400 | 0.015 | 2,500 | 172,400 | 0.015 | 2,610 | 6,300 | 0.016 | 100 | ||||||||||||||||||
| Duketon, Western Australia(8) | 19.52% | 400 | 0.033 | 10 | 14,300 | 0.026 | 370 | 14,700 | 0.026 | 380 | 19,400 | 0.026 | 500 | ||||||||||||||||||
| Jundee, Western Australia | 100% | - | - | - | - | - | - | 600 | 0.148 | 100 | |||||||||||||||||||||
| Kalgoorlie, Western Australia | 50% | 6,200 | 0.044 | 270 | 21,500 | 0.043 | 930 | 27,700 | 0.043 | 1,200 | 800 | 0.067 | 50 | ||||||||||||||||||
| McPhilliamy, New South Wales(8) | 19.52% | - | - | 8,900 | 0.037 | 330 | 8,900 | 0.037 | 330 | 3,500 | 0.046 | 160 | |||||||||||||||||||
| Tanami, Northern Territories | 100% | 300 | 0.148 | 50 | 1,700 | 0.164 | 280 | 2,000 | 0.161 | 330 | 8,600 | 0.177 | 1,520 | ||||||||||||||||||
| Waihi, New Zealand | 100% | - | - | 400 | 0.373 | 150 | 400 | 0.373 | 150 | 600 | 0.304 | 190 | |||||||||||||||||||
| TOTAL AUSTRALIA/NEW ZEALAND | 14,900 | 0.029 | 440 | 211,200 | 0.022 | 4,560 | 226,100 | 0.022 | 5,000 | 39,800 | 0.066 | 2,620 | |||||||||||||||||||
| Indonesia | |||||||||||||||||||||||||||||||
| Batu Hijau, Indonesia(9) | 48.5% | 18,300 | 0.011 | 200 | 111,300 | 0.009 | 960 | 129,600 | 0.009 | 1,160 | 43,600 | 0.003 | 130 | ||||||||||||||||||
| Elang, Indonesia | 48.5% | - | - | 789,200 | 0.010 | 8,140 | 789,200 | 0.010 | 8,140 | 200,600 | 0.007 | 1,420 | |||||||||||||||||||
| TOTAL INDONESIA | 18,300 | 0.011 | 200 | 900,500 | 0.010 | 9,100 | 918,800 | 0.010 | 9,300 | 244,200 | 0.006 | 1,550 | |||||||||||||||||||
| Africa | |||||||||||||||||||||||||||||||
| Ahafo, Ghana | 100% | 5,000 |
0.035 |
170 | 53,900 | 0.042 | 2,240 | 58,900 | 0.041 | 2,410 | 26,500 | 0.054 | 1,440 | ||||||||||||||||||
| Subika Underground | 100% | - | - | - | - | - | - | 9,400 | 0.136 | 1,280 | |||||||||||||||||||||
|
|
Total Ahafo, Ghana | 100% | 5,000 | 0.035 | 170 | 53,900 | 0.042 | 2,240 | 58,900 | 0.041 | 2,410 | 35,900 |
0.076 |
2,720 | |||||||||||||||||
|
|
Akyem, Ghana | 100% | - | - | 5,300 | 0.016 | 90 | 5,300 | 0.016 | 90 | 3,200 | 0.031 | 100 | ||||||||||||||||||
| TOTAL AFRICA | 5,000 | 0.035 | 170 | 59,200 | 0.039 | 2,330 | 64,200 | 0.039 | 2,500 | 39,100 | 0.072 | 2,820 | |||||||||||||||||||
| TOTAL NEWMONT WORLDWIDE | 103,000 | 0.036 | 3,720 | 1,586,900 | 0.015 | 24,100 | 1,689,900 | 0.016 | 27,820 | 717,800 | 0.022 | 16,100 | |||||||||||||||||||
| (1) | Resources are reported exclusive of reserves. | |
| (2) | Resources are calculated at a gold price of $1,400, A$1,475 or NZ$1,700 per ounce unless otherwise noted. 2012 Resources were calculated at a gold price of $1,600, A$1,600 or NZ$2,050 per ounce unless otherwise noted. Tonnage amounts have been rounded to the nearest 100,000, and ounces have been rounded to the nearest 10,000. | |
| (3) | Measured and Indicated combined Resources are equivalent to Mineralized Material disclosed in Newmont’s 10-K filing. | |
| (4) | Property sold to Klondex Mines on February 11, 2014. Values in the table above are as of December 31, 2013. | |
| (5) | Resource estimates provided by Barrick, the operator of the Turquoise Ridge joint venture. | |
| (6) | Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. | |
| (7) | Resource estimates provided by Buenaventura, the operator of the La Zanja project. | |
| (8) | Resource estimates provided by Regis Resources Ltd., in which Newmont holds a 19.52% interest. | |
| (9) | Percentage reflects Newmont’s economic interest as of December 31, 2013. | |
| Attributable Gold Mineral Resources(1)(2), Metric Units | |||||||||||||||||||||||||||||||
| December 31, 2013 | |||||||||||||||||||||||||||||||
| Deposits/Districts by Reporting Unit | Gold Measured Resource | Gold Indicated Resource | Gold Measured + Indicated Resource(3) | Gold Inferred Resource | |||||||||||||||||||||||||||
| Newmont | Tonnage | Grade | Gold | Tonnage | Grade | Gold | Tonnage | Grade | Gold | Tonnage | Grade | Gold | |||||||||||||||||||
| Share | (x1000 tonnes) | (g/tonne) | (x1000 ozs) | (x1000 tonnes) | (g/tonne) | (x1000 ozs) | (x1000 tonne) | (g/tonne) | (x1000 ozs) | (x1000 tonnes) | (g/tonne) | (x1000 ozs) | |||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||
| Buffalo Valley, Nevada | 70% | - | - | 14,100 | 0.65 | 290 | 14,100 | 0.65 | 290 | 400 | 0.38 | - | |||||||||||||||||||
| Carlin Trend Open Pits, Nevada | 100% | 23,700 | 1.23 | 930 | 52,400 | 0.79 | 1,320 | 76,100 | 0.92 | 2,250 | 15,600 | 0.60 | 300 | ||||||||||||||||||
| Carlin Trend Underground, Nevada | 100% | 400 | 6.22 | 80 | 1,400 | 6.83 | 300 | 1,800 | 6.70 | 380 | 2,300 | 9.04 | 660 | ||||||||||||||||||
| Lone Tree Complex, Nevada | 100% | - | - | 2,300 | 0.79 | 60 | 2,300 | 0.79 | 60 | 6,800 | 0.57 | 130 | |||||||||||||||||||
| Long Canyon, Nevada | 100% | - | - | 3,200 | 3.32 | 350 | 3,200 | 3.32 | 350 | 14,900 | 3.09 | 1,490 | |||||||||||||||||||
| Midas, Nevada(4) | 100% | - | - | 100 | 1.38 | - | 100 | 1.38 | - | 400 | 1.29 | 20 | |||||||||||||||||||
| Phoenix, Nevada | 100% | 4,200 | 0.44 | 60 | 154,400 | 0.39 | 1,920 | 158,600 | 0.39 | 1,980 | 78,900 | 0.43 | 1,090 | ||||||||||||||||||
| Sandman, Nevada | 100% | - | - | 1,200 | 1.23 | 50 | 1,200 | 1.23 | 50 | 1,000 | 1.85 | 60 | |||||||||||||||||||
| Turquoise Ridge, Nevada(5) | 25% | 700 | 13.86 | 290 | 600 | 12.49 | 240 | 1,300 | 13.21 | 530 | 800 | 18.28 | 440 | ||||||||||||||||||
| Twin Creeks, Nevada | 100% | 8,400 | 2.85 | 770 | 20,600 | 2.16 | 1,430 | 29,000 | 2.36 | 2,200 | 100 | 1.80 | - | ||||||||||||||||||
| Nevada Stockpiles(6) | 100% | 4,900 | 2.26 | 360 | - | - | 4,900 | 2.26 | 360 | 2,100 | 1.48 | 100 | |||||||||||||||||||
| Total Nevada | 42,300 | 1.84 | 2,490 | 250,300 | 0.74 | 5,960 | 292,600 | 0.90 | 8,450 | 123,300 | 1.08 | 4,290 | |||||||||||||||||||
| La Herradura, Mexico | 44% | 14,200 | 0.74 | 340 | 15,100 | 0.72 | 350 | 29,300 | 0.73 | 690 | 10,300 | 0.68 | 220 | ||||||||||||||||||
| TOTAL NORTH AMERICA | 56,500 | 1.56 | 2,830 | 265,400 | 0.74 | 6,310 | 321,900 | 0.88 | 9,140 | 133,600 | 1.05 | 4,510 | |||||||||||||||||||
| South America | |||||||||||||||||||||||||||||||
| Conga, Peru | 51.35% | - | - | 81,000 | 0.40 | 1,030 | 81,000 | 0.40 | 1,030 | 118,400 | 0.39 | 1,480 | |||||||||||||||||||
| Yanacocha, Peru | 51.35% | 500 | 1.30 | 20 | 14,100 | 0.50 | 220 | 14,600 | 0.52 | 240 | 83,600 | 0.87 | 2,350 | ||||||||||||||||||
| La Zanja, Peru(7) | 46.94% | - | 0.19 | - | 700 | 0.41 | 10 | 700 | 0.40 | 10 | 1,100 | 0.72 | 30 | ||||||||||||||||||
| Merian, Suriname | 80% | 1,900 | 0.98 | 60 | 16,400 | 1.03 | 540 | 18,300 | 1.02 | 600 | 21,500 | 1.07 | 740 | ||||||||||||||||||
| TOTAL SOUTH AMERICA | 2,400 | 1.04 | 80 | 112,200 | 0.50 | 1,800 | 114,600 | 0.51 | 1,880 | 224,600 | 0.64 | 4,600 | |||||||||||||||||||
| Australia/New Zealand | |||||||||||||||||||||||||||||||
| Boddington, Western Australia | 100% | 7,200 | 0.46 | 110 | 149,100 | 0.52 | 2,500 | 156,300 | 0.52 | 2,610 | 5,700 | 0.56 | 100 | ||||||||||||||||||
| Duketon, Western Australia(8) | 19.52% | 400 | 1.13 | 10 | 13,000 | 0.89 | 370 | 13,400 | 0.90 | 380 | 17,600 | 0.88 | 500 | ||||||||||||||||||
| Jundee, Western Australia | 100% | - | - | - | - | - | - | - | 600 | 5.08 | 100 | ||||||||||||||||||||
| Kalgoorlie, Western Australia | 50% | 5,600 | 1.50 | 270 | 19,500 | 1.48 | 930 | 25,100 | 1.49 | 1,200 | 700 | 2.29 | 50 | ||||||||||||||||||
| McPhilliamy, New South Wales(8) | 19.52% | - | - | 8,100 | 1.27 | 330 | 8,100 | 1.27 | 330 | 3,100 | 1.57 | 160 | |||||||||||||||||||
| Tanami, Northern Territories | 100% | 300 | 5.08 | 50 | 1,500 | 5.62 | 280 | 1,800 | 5.53 | 330 | 7,800 | 6.06 | 1,520 | ||||||||||||||||||
| Waihi, New Zealand | 100% | - | - | 400 | 12.78 | 150 | 400 | 12.78 | 150 | 600 | 10.41 | 190 | |||||||||||||||||||
| TOTAL AUSTRALIA/NEW ZEALAND | 13,500 | 1.01 | 440 | 191,600 | 0.74 | 4,560 | 205,100 | 0.76 | 5,000 | 36,100 | 2.26 | 2,620 | |||||||||||||||||||
| Indonesia | |||||||||||||||||||||||||||||||
| Batu Hijau, Indonesia(9) | 48.5% | 16,600 | 0.38 | 200 | 101,000 | 0.30 | 960 | 117,600 | 0.31 | 1,160 | 39,600 | 0.10 | 130 | ||||||||||||||||||
| Elang, Indonesia(9) | 48.5% | - | - | 715,900 | 0.35 | 8,140 | 715,900 | 0.35 | 8,140 | 182,000 | 0.24 | 1,420 | |||||||||||||||||||
| TOTAL INDONESIA | 16,600 | 0.38 | 200 | 816,900 | 0.35 | 9,100 | 833,500 | 0.35 | 9,300 | 221,600 | 0.22 | 1,550 | |||||||||||||||||||
| Africa | |||||||||||||||||||||||||||||||
| Ahafo, Ghana | 100% | 4,600 | 1.18 | 170 | 48,900 | 1.43 | 2,240 | 53,400 | 1.41 | 2,410 | 24,100 | 1.86 | 1,440 | ||||||||||||||||||
| Subika Underground | 100% | - | - | - | - | - | - | 8,500 | 4.66 | 1,280 | |||||||||||||||||||||
|
|
Total Ahafo, Ghana | 100% | 4,600 | 1.18 | 170 | 48,900 | 1.43 | 2,240 | 53,400 | 1.41 | 2,410 | 32,600 | 2.59 | 2,720 | |||||||||||||||||
|
|
Akyem, Ghana | 100% | - | - | 4,800 | 0.56 | 90 | 4,800 | 0.56 | 90 | 2,900 | 1.06 | 100 | ||||||||||||||||||
| TOTAL AFRICA | 4,600 | 1.18 | 170 | 53,700 | 1.35 | 2,330 | 58,200 | 1.34 | 2,500 | 35,500 | 2.47 | 2,820 | |||||||||||||||||||
| TOTAL NEWMONT WORLDWIDE | 93,600 | 1.24 | 3,720 | 1,439,800 | 0.52 | 24,100 | 1,533,300 | 0.56 | 27,820 | 651,400 | 0.77 | 16,100 | |||||||||||||||||||
| See footnotes in Gold Resources U.S. units table. | |||||||||||||||||||||||||||||||
| Attributable Copper Reserves(1) U.S. Units | ||||||||||||||||||||||||||||||||
| December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
| Proven Reserves | Probable Reserves | Proven + Probable Reserves | Proven + Probable Reserve | |||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage | Grade | Copper | Tonnage | Grade | Copper | Tonnage | Grade | Copper | Metallurgical | Tonnage | Grade | Copper | ||||||||||||||||||
| (x1000 tons) | (Cu%) | (million pounds) | (x1000 tons) | (Cu%) | (million pounds) | (x1000 tons) | (Cu%) | (million pounds) | Recovery | (x1000 tons) | (Cu%) | (million pounds) | ||||||||||||||||||||
| North America | ||||||||||||||||||||||||||||||||
| Phoenix, Nevada | 100% | 21,000 | 0.14% | 60 | 318,100 | 0.14% | 880 | 339,100 | 0.14% | 940 | 62% | 443,200 | 0.15% | 1,290 | ||||||||||||||||||
| Phoenix Copper Leach, Nevada | 100% | - | - | 160,800 | 0.22% | 710 | 160,800 | 0.22% | 710 | 57% | 177,100 | 0.24% | 850 | |||||||||||||||||||
| TOTAL NORTH AMERICA | 21,000 | 0.14% | 60 | 478,900 | 0.17% | 1,590 | 499,900 | 0.17% | 1,650 | 60% | 620,300 | 0.17% | 2,140 | |||||||||||||||||||
| South America | ||||||||||||||||||||||||||||||||
| Conga, Peru(2) | 51.35% | - | - | 303,400 | 0.28% | 1,690 | 303,400 | 0.28% | 1,690 | 85% | 303,400 | 0.28% | 1,690 | |||||||||||||||||||
| TOTAL SOUTH AMERICA | - | - | 303,400 | 0.28% | 1,690 | 303,400 | 0.28% | 1,690 | 85% | 303,400 | 0.28% | 1,690 | ||||||||||||||||||||
| Australia/New Zealand | ||||||||||||||||||||||||||||||||
|
Boddington Open Pit |
100% | 88,000 | 0.09% | 160 | 528,100 | 0.11% | 1,210 | 616,100 | 0.11% | 1,370 | 78% | 930,500 | 0.11% | 2,070 | ||||||||||||||||||
| Boddington Stockpiles(3) | 100% | 27,500 | 0.09% | 50 | 42,300 | 0.08% | 70 | 69,800 | 0.08% | 120 | 76% | 63,800 | 0.08% | 110 | ||||||||||||||||||
| TOTAL AUSTRALIA/NEW ZEALAND | 115,500 | 0.09% | 210 | 570,400 | 0.11% | 1,280 | 685,900 | 0.11% | 1,490 | 78% | 994,300 | 0.11% | 2,180 | |||||||||||||||||||
| Indonesia | ||||||||||||||||||||||||||||||||
|
Batu Hijau Open Pit(4) |
48.5% | 119,000 | 0.49% | 1,160 | 144,100 | 0.42% | 1,220 | 263,100 | 0.45% | 2,380 | 80% | 297,900 | 0.43% | 2,560 | ||||||||||||||||||
| Batu Hijau Stockpiles(3)(4) | 48.5% | - | - | 138,200 | 0.33% | 920 | 138,200 | 0.33% | 920 | 59% | 140,600 | 0.33% | 940 | |||||||||||||||||||
| TOTAL INDONESIA | 119,000 | 0.49% | 1,160 | 282,300 | 0.38% | 2,140 | 401,300 | 0.41% | 3,300 | 74% | 438,500 | 0.40% | 3,500 | |||||||||||||||||||
| TOTAL NEWMONT WORLDWIDE | 255,500 | 0.28% | 1,430 | 1,635,000 | 0.20% | 6,700 | 1,890,500 | 0.22% | 8,130 | 74% | 2,356,500 | 0.20% | 9,510 | |||||||||||||||||||
| (1) | Reserves are calculated at a price of $3.00 or A$3.25 per pound copper price unless otherwise noted. 2012 Reserves were calculated at $3.25 or A$3.25 per pound copper price unless otherwise noted. Tonnage amounts have been rounded to the nearest 100,000, and pounds have been rounded to the nearest 10 million. | |
| (2) | Project is under development. | |
| (3) | Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material. Stockpiles increase or decrease depending on current mine plans. Stockpiles are reported separately where tonnage or contained metal are greater than 5% if the total site reported reserves. | |
| (4) | Percentage reflects Newmont’s economic interest as of December 31, 2013. | |
| Attributable Copper Reserves(1) Metric Units | ||||||||||||||||||||||||||||||||
| December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
| Proven Reserves | Probable Reserves | Proven + Probable Reserves | Proven + Probable Reserve | |||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage | Grade | Copper | Tonnage | Grade | Copper | Tonnage | Grade | Copper | Metallurgical | Tonnage | Grade | Copper | ||||||||||||||||||
| (x1000 tonnes) | (Cu%) | (Tonnes) | (x1000 tonnes) | (Cu%) | (Tonnes) | (x1000 tonnes) | (Cu%) | (Tonnes) | Recovery | (x1000 tonnes) | (Cu%) | (Tonnes) | ||||||||||||||||||||
| North America | ||||||||||||||||||||||||||||||||
| Phoenix, Nevada | 100% | 19,000 | 0.14% | 27,390 | 288,600 | 0.14% | 401,340 | 307,600 | 0.14% | 428,730 | 62% | 402,100 | 0.15% | 585,790 | ||||||||||||||||||
| Phoenix Copper Leach, Nevada | 100% |
- |
- |
- | 145,900 | 0.22% | 320,040 | 145,900 | 0.22% | 320,040 | 57% | 160,600 | 0.24% | 384,130 | ||||||||||||||||||
| TOTAL NORTH AMERICA | 19,000 | 0.14% | 27,390 | 434,500 | 0.17% | 721,380 | 453,500 | 0.17% | 748,770 | 60% | 562,700 | 0.17% | 969,920 | |||||||||||||||||||
| South America | ||||||||||||||||||||||||||||||||
| Conga, Peru (2) | 51.35% | - | - | 275,200 | 0.28% | 767,420 | 275,200 | 0.28% | 767,420 | 85% | 275,200 | 0.28% | 767,420 | |||||||||||||||||||
| TOTAL SOUTH AMERICA | - | - | 275,200 | 0.28% | 767,420 | 275,200 | 0.28% | 767,420 | 85% | 275,200 | 0.28% | 767,420 | ||||||||||||||||||||
| Australia/New Zealand | ||||||||||||||||||||||||||||||||
|
Boddington Open Pit |
100% | 79,900 | 0.09% | 74,430 | 479,100 | 0.11% | 550,000 | 559,000 | 0.11% | 624,430 | 78% | 844,100 | 0.11% | 939,330 | ||||||||||||||||||
| Boddington Stockpiles(3) | 100% | 25,000 | 0.09% | 23,460 | 38,300 | 0.08% | 29,760 | 63,300 | 0.08% | 53,220 | 76% | 57,800 | 0.08% | 48,810 | ||||||||||||||||||
| TOTAL AUSTRALIA/NEW ZEALAND | 104,900 | 0.09% | 97,890 | 517,400 | 0.11% | 579,760 | 622,300 | 0.11% | 677,650 | 78% | 901,900 | 0.11% | 988,140 | |||||||||||||||||||
| Indonesia | ||||||||||||||||||||||||||||||||
|
Batu Hijau Open Pit(4) |
48.5% | 108,000 | 0.49% | 528,110 | 130,700 | 0.42% | 553,030 | 238,700 | 0.45% | 1,081,140 | 80% | 270,200 | 0.43% | 1,157,880 | ||||||||||||||||||
| Batu Hijau Stockpiles(3)(4) | 48.5% | - | - | 125,300 | 0.33% | 417,690 | 125,300 | 0.33% | 417,690 | 59% | 127,600 | 0.33% | 425,430 | |||||||||||||||||||
| TOTAL INDONESIA | 108,000 | 0.49% | 528,110 | 256,000 | 0.38% | 970,720 | 364,000 | 0.41% | 1,498,830 | 74% | 397,800 | 0.40% | 1,583,310 | |||||||||||||||||||
| TOTAL NEWMONT WORLDWIDE | 231,900 | 0.28% | 653,390 | 1,483,100 | 0.20% | 3,039,280 | 1,715,000 | 0.22% | 3,692,670 |
74% |
2,137,600 | 0.20% | 4,308,790 | |||||||||||||||||||
| See footnotes under Copper Reserves U.S. units table. | ||||||||||||||||||||||||||||||||
| Attributable Copper Mineral Resources(1)(2) U.S. Units | ||||||||||||||||||||||||||||||
| December 31, 2013 | ||||||||||||||||||||||||||||||
| Measured Resources | Indicated Resources | Measured + Indicated Resources(3) | Inferred Resources | |||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage | Grade | Copper | Tonnage | Grade | Copper | Tonnage | Grade | Copper | Tonnage | Grade | Copper | |||||||||||||||||
| (x1000 tons) | (Cu%) | (million pounds) | (x1000 tons) | (Cu%) | (million pounds) | (x1000 tons) | (Cu%) | (million pounds) | (x1000 tons) | (Cu%) | (million pounds) | |||||||||||||||||||
| North America | ||||||||||||||||||||||||||||||
| Phoenix, Nevada | 100% | 4,600 | 0.12% | 10 | 170,200 | 0.12% | 420 | 174,800 | 0.12% | 430 | 89,300 | 0.12% | 210 | |||||||||||||||||
| Phoenix Copper Leach, Nevada | 100% | 1,300 | 0.24% | 10 | 44,400 | 0.20% | 180 | 45,700 | 0.20% | 190 | 24,700 | 0.18% | 90 | |||||||||||||||||
| TOTAL NORTH AMERICA | 5,900 | 0.14% | 20 | 214,600 | 0.14% | 600 | 220,500 | 0.14% | 620 | 114,000 | 0.13% | 300 | ||||||||||||||||||
| South America | ||||||||||||||||||||||||||||||
| Conga, Peru | 51.35% | - | - | 89,300 | 0.19% | 350 | 89,300 | 0.19% | 350 | 130,480 | 0.19% | 490 | ||||||||||||||||||
| TOTAL SOUTH AMERICA | - | - | 89,300 | 0.19% | 350 | 89,300 | 0.19% | 350 | 130,480 | 0.19% | 490 | |||||||||||||||||||
| Australia/New Zealand | ||||||||||||||||||||||||||||||
| Boddington, Western Australia | 100% | 8,000 | 0.08% | 10 | 164,400 | 0.10% | 340 | 172,400 | 0.10% | 350 | 6,300 | 0.12% | 10 | |||||||||||||||||
| TOTAL AUSTRALIA/NEW ZEALAND | 8,000 | 0.08% | 10 | 164,400 | 0.10% | 340 | 172,400 | 0.10% | 350 | 6,300 | 0.12% | 10 | ||||||||||||||||||
| Indonesia | ||||||||||||||||||||||||||||||
| Batu Hijau, Indonesia(4) | 48.5% | 18,300 | 0.36% | 130 | 111,300 | 0.36% | 810 | 129,600 | 0.36% | 940 | 43,600 | 0.29% | 260 | |||||||||||||||||
| Elang, Indoneisa(4) | 48.5% | - | - | 789,200 | 0.34% | 5,310 | 789,200 | 0.34% | 5,310 | 200,600 | 0.24% | 970 | ||||||||||||||||||
| TOTAL INDONESIA | 18,300 | 0.36% | 130 | 900,500 | 0.34% | 6,120 | 918,800 | 0.34% | 6,250 | 244,200 | 0.25% | 1,230 | ||||||||||||||||||
| TOTAL NEWMONT WORLDWIDE | 32,200 | 0.25% | 160 | 1,368,800 | 0.27% | 7,410 | 1,401,000 | 0.27% | 7,570 | 495,000 | 0.20% | 2,030 | ||||||||||||||||||
| (1) | Resources are reported exclusive of reserves. | |
| (2) | Resources are calculated at a copper price of $3.50 or A$3.70 per pound unless otherwise noted. 2012 Resources were calculated at a copper price of $3.50 or A$3.50 per pound unless otherwise noted. Tonnage amounts have been rounded to the nearest 100,000, and pounds have been rounded to the nearest 10 million. | |
| (3) |
Measured and Indicated combined Resources are equivalent to Mineralized Material disclosed in Newmont’s Form 10-K filing. |
|
| (4) | Percentage reflects Newmont’s economic interest as of December 31, 2013. | |
| Attributable Copper Mineral Resources(1)(2) Metric Units | ||||||||||||||||||||||||||||||
| December 31, 2013 | ||||||||||||||||||||||||||||||
| Measured Resources | Indicated Resources | Measured + Indicated Resources(3) | Inferred Resources | |||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage | Grade | Copper | Tonnage | Grade | Copper | Tonnage | Grade | Copper | Tonnage | Grade | Copper | |||||||||||||||||
| (x1000 tonnes) | (Cu%) | (tonnes) | (x1000 tonnes) | (Cu%) | (tonnes) | (x1000 tonnes) | (Cu%) | (tonnes) | (x1000 tonnes) | (Cu%) | (tonnes) | |||||||||||||||||||
| North America | ||||||||||||||||||||||||||||||
| Phoenix, Nevada | 100% | 4,200 | 0.12% | 4,880 | 154,400 | 0.12% | 189,430 | 158,600 | 0.12% | 194,310 | 81,000 | 0.12% | 97,010 | |||||||||||||||||
| Phoenix Copper Leach, Nevada | 100% | 1,200 | 0.24% | 2,920 | 40,300 | 0.20% | 80,180 | 41,500 | 0.20% | 83,100 | 22,400 | 0.18% | 40,050 | |||||||||||||||||
| TOTAL NORTH AMERICA | 5,400 | 0.14% | 7,800 | 194,700 | 0.14% | 269,610 | 200,100 | 0.14% | 277,410 | 103,400 | 0.13% | 137,060 | ||||||||||||||||||
| South America | ||||||||||||||||||||||||||||||
| Conga, Peru | 51.35% | - | - | 81,000 | 0.19% | 156,960 | 81,000 | 0.19% | 156,960 | 118,400 | 0.19% | 221,030 | ||||||||||||||||||
| TOTAL SOUTH AMERICA | - | - | 81,000 | 0.19% | 156,960 | 81,000 | 0.19% | 156,960 | 118,400 | 0.19% | 221,030 | |||||||||||||||||||
| Australia/New Zealand | ||||||||||||||||||||||||||||||
| Boddington, Western Australia | 100% | 7,200 | 0.08% | 5,470 | 149,100 | 0.10% | 155,550 | 156,300 | 0.10% | 161,020 | 5,700 | 0.12% | 6,550 | |||||||||||||||||
| TOTAL AUSTRALIA/NEW ZEALAND | 7,200 | 0.08% | 5,470 | 149,100 | 0.10% | 155,550 | 156,300 | 0.10% | 161,020 | 5,700 | 0.12% | 6,550 | ||||||||||||||||||
| Indonesia | ||||||||||||||||||||||||||||||
| Batu Hijau, Indonesia(4) | 48.5% | 16,600 | 0.36% | 59,470 | 101,000 | 0.36% | 367,290 | 117,600 | 0.36% | 426,760 | 39,600 | 0.29% | 115,920 | |||||||||||||||||
| Elang, Indonesia(4) | 48.5% |
- |
- |
- | 715,900 | 0.34% | 2,408,370 | 715,900 | 0.34% | 2,408,370 | 182,000 | 0.24% | 439,250 | |||||||||||||||||
| TOTAL INDONESIA | 16,600 | 0.36% | 59,470 | 816,900 | 0.34% | 2,775,660 | 833,500 | 0.34% | 2,835,130 | 221,600 | 0.25% | 555,170 | ||||||||||||||||||
| TOTAL NEWMONT WORLDWIDE | 29,200 | 0.25% | 72,740 | 1,241,700 | 0.27% | 3,357,780 | 1,270,900 | 0.27% | 3,430,520 | 449,100 | 0.20% | 919,810 | ||||||||||||||||||
| See footnotes under Copper Resources U.S. units table. | ||||||||||||||||||||||||||||||
|
Attributable Proven, Probable, and Combined Silver Reserves(1), U.S. Units |
|||||||||||||||||||||||||||||||||
| December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
| Deposits/Districts by Reporting Unit | Proven Reserves | Probable Reserves | Proven and Probable Reserves | Metallurgical Recovery | Proven + Probable Reserves | ||||||||||||||||||||||||||||
| Newmont | Tonnage | Grade | Silver | Tonnage | Grade | Silver | Tonnage | Grade | Silver | Tonnage | Grade | Silver | |||||||||||||||||||||
| Share | (x1000 tons) | (oz/ton) | (x1000 ozs) | (x1000 tons) | (oz/ton) | (x1000 ozs) | (x1000 tons) | (oz/ton) | (x1000 ozs) | (x1000 tons) | (oz/ton) | (x1000 ozs) | |||||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||||
| Midas, Nevada(5) | 100% | 50 | 2.66 | 130 | 200 |
13.57 |
2,690 | 250 | 11.48 | 2,820 | 93% | 600 | 7.79 | 4,410 | |||||||||||||||||||
| Phoenix, Nevada | 100% | 21,000 | 0.25 | 5,230 | 318,100 | 0.24 | 75,050 | 339,100 | 0.24 | 80,280 | 36% | 443,200 | 0.25 | 112,580 | |||||||||||||||||||
| TOTAL NORTH AMERICA | 21,050 | 0.26 | 5,360 | 318,300 |
0.24 |
77,740 | 339,350 |
0.24 |
83,100 | 38% | 443,800 | 0.26 | 116,990 | ||||||||||||||||||||
| South America | |||||||||||||||||||||||||||||||||
| Conga, Peru | 51.35% | - | - | 303,400 | 0.06 | 19,400 | 303,400 | 0.06 | 19,400 | 70% | 303,400 | 0.06 | 19,400 | ||||||||||||||||||||
| Yanacocha Open Pits | 51.35% | 20,100 | 0.16 | 3,140 | 70,300 | 0.12 | 8,170 | 90,400 | 0.13 | 11,310 | 21% | 85,400 | 0.10 | 8,410 | |||||||||||||||||||
| Yanacocha In-Process(2) | 51.35% | - | - | 66,300 | 0.25 | 16,850 | 66,300 | 0.25 | 16,850 | 1% | 71,600 | 0.26 | 18,370 | ||||||||||||||||||||
| Yanacocha Stockpiles(3) | 51.35% | 8,800 | 1.21 | 10,660 | - | - | 8,800 | 1.21 | 10,660 | 38% | 8,400 | 1.24 | 10,380 | ||||||||||||||||||||
| Total Yanacocha, Peru | 51.35% | 28,900 | 0.48 | 13,800 | 136,600 | 0.18 | 25,020 | 165,500 |
0.22 |
38,820 | 17% | 165,400 | 0.23 | 37,160 | |||||||||||||||||||
| TOTAL SOUTH AMERICA | 28,900 | 0.48 | 13,800 | 440,000 | 0.10 | 44,420 | 468,900 | 0.12 | 58,220 | 35% | 468,800 | 0.12 | 56,560 | ||||||||||||||||||||
| Indonesia | |||||||||||||||||||||||||||||||||
| Batu Hijau Open Pit(4) | 48.5% | 119,000 | 0.04 | 4,970 | 144,100 | 0.03 | 4,570 | 263,100 | 0.04 | 9,540 | 79% | 297,900 | 0.03 | 10,100 | |||||||||||||||||||
| Batu Hijau Stockpiles(3)(4) | 48.5% | - | - | 138,200 | 0.02 | 2,110 | 138,200 | 0.02 | 2,110 | 67% | 140,600 | 0.02 | 2,140 | ||||||||||||||||||||
| TOTAL INDONESIA | 119,000 | 0.04 | 4,970 | 282,300 | 0.02 | 6,680 | 401,300 | 0.03 | 11,650 | 77% | 438,500 | 0.03 | 12,240 | ||||||||||||||||||||
| TOTAL NEWMONT WORLDWIDE | 168,950 | 0.14 | 24,130 | 1,040,600 | 0.12 | 128,840 | 1,209,550 | 0.13 | 152,970 | 40% | 1,351,100 | 0.14 | 185,790 | ||||||||||||||||||||
| (1) | Reserves are calculated at a silver price of $20.00 per ounce unless otherwise noted. 2012 Reserves were calculated at a silver price of $30.00 per ounce unless otherwise noted. Tonnage amounts have been rounded to the nearest 100,000, unless they are less than 50,000, and silver ounces have been rounded to the nearest 10,000. | |
| (2) | In-process material is the material on leach pads at the end of each year from which gold remains to be recovered. In-process material reserves are reported separately where tonnage or contained ounces are greater than 5% of the total site-reported reserves and contained ounces are greater than 100,000. | |
| (3) | Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpiles are reported separately where tonnage or contained metal are greater than 5% of the total site-reported reserves and contained ounces are greater than 100,000. | |
| (4) | Percentage reflects Newmont’s economic interest as of December 31, 2013. | |
| (5) | Property sold to Klondex Mines on February 11, 2014. Values in the table above are as of December 31, 2013. | |
| Attributable Proven, Probable, and Combined Silver Reserves(1), Metric Units | |||||||||||||||||||||||||||||||||
| December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
| Deposits/Districts by Reporting Unit | Proven Reserves | Probable Reserves | Proven and Probable Reserves | Metallurgical Recovery | Proven + Probable Reserves | ||||||||||||||||||||||||||||
| Newmont | Tonnage | Grade | Silver | Tonnage | Grade | Silver | Tonnage | Grade | Silver | Tonnage | Grade | Silver | |||||||||||||||||||||
| Share | (x1000 tonnes) | (g/tonne) | (x1000 ozs) | (x1000 tonnes) | (g/tonne) | (x1000 ozs) | (x1000 tonnes) | (g/tonne) | (x1000 ozs) | (x1000 tonnes) | (g/tonne) | (x1000 ozs) | |||||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||||
| Midas, Nevada(5) | 100% | 40 | 91.2 | 130 | 200 | 465.4 | 2,690 | 240 | 393.5 | 2,820 | 93% | 500 | 267.1 | 4,410 | |||||||||||||||||||
| Phoenix, Nevada | 100% | 19,000 | 8.6 | 5,230 | 288,600 | 8.1 | 75,050 | 307,600 | 8.1 | 80,280 | 36% | 402,100 | 8.7 | 112,580 | |||||||||||||||||||
| TOTAL NORTH AMERICA | 19,040 | 8.7 | 5,360 | 288,800 | 8.4 | 77,740 | 307,840 | 8.4 | 83,100 | 38% | 402,600 | 9.0 | 116,990 | ||||||||||||||||||||
| South America | |||||||||||||||||||||||||||||||||
| Conga, Peru | 51.35% | - | - | 275,200 | 2.2 | 19,400 | 275,200 | 2.2 | 19,400 | 70% | 275,200 | 2.2 | 19,400 | ||||||||||||||||||||
| Yanacocha Open Pits | 51.35% | 18,200 | 5.4 | 3,140 | 63,800 | 4.0 | 8,170 | 82,000 | 4.3 | 11,310 | 21% | 77,500 | 3.4 | 8,410 | |||||||||||||||||||
| Yanacocha In-Process(2) | 51.35% | - | - | 60,200 | 8.7 | 16,850 | 60,200 | 8.7 | 16,850 | 1% | 64,900 | 8.8 | 18,370 | ||||||||||||||||||||
| Yanacocha Stockpiles(3) | 51.35% | 8,000 | 41.3 | 10,660 | - | - | 8,000 | 41.3 | 10,660 | 38% | 7,600 | 42.4 | 10,380 | ||||||||||||||||||||
| Total Yanacocha, Peru | 51.35% | 26,200 | 16.4 | 13,800 | 124,000 | 6.3 | 25,020 | 150,200 | 8.0 | 38,820 | 17% | 150,000 | 7.7 | 37,160 | |||||||||||||||||||
| TOTAL SOUTH AMERICA | 26,200 | 16.4 | 13,800 | 399,200 | 3.5 | 44,420 | 425,400 | 4.3 | 58,220 | 35% | 425,200 | 4.1 | 56,560 | ||||||||||||||||||||
| Indonesia | |||||||||||||||||||||||||||||||||
| Batu Hijau Open Pit(4) | 48.5% | 108,000 | 1.4 | 4,970 | 130,700 | 1.1 | 4,570 | 238,700 | 1.2 | 9,540 | 79% | 270,200 | 1.2 | 10,100 | |||||||||||||||||||
| Batu Hijau Stockpiles(3)(4) | 48.5% | - | - | 125,300 | 0.5 | 2,110 | 125,300 | 0.5 | 2,110 | 67% | 127,600 | 0.5 | 2,140 | ||||||||||||||||||||
| TOTAL INDONESIA | 108,000 | 1.4 | 4,970 | 256,000 | 0.8 | 6,680 | 364,000 | 1.0 | 11,650 | 77% | 397,800 | 1.0 | 12,240 | ||||||||||||||||||||
| TOTAL NEWMONT WORLDWIDE | 153,240 | 4.9 | 24,130 | 944,000 | 4.2 | 128,840 | 1,097,240 | 4.3 | 152,970 | 40% | 1,225,600 | 4.7 | 185,790 | ||||||||||||||||||||
| See Footnotes under Silver Reserves U.S. units table. | |||||||||||||||||||||||||||||||||
|
Attributable Silver Mineral Resources(1)(2), U.S. Units |
|||||||||||||||||||||||||||||||
| December 31, 2013 | |||||||||||||||||||||||||||||||
| Deposits/Districts by Reporting Unit | Measured Resources | Indicated Resources | Measured + Indicated Resources(3) | Inferred Resources | |||||||||||||||||||||||||||
| Newmont | Tonnage | Grade | Silver | Tonnage | Grade | Silver | Tonnage | Grade | Silver | Tonnage | Grade | Silver | |||||||||||||||||||
| Share | (x1000 tons) | (oz/ton) | (x1000 ozs) | (x1000 tons) | (oz/ton) | (x1000 ozs) | (x1000 tons) | (oz/ton) | (x1000 ozs) | (x1000 tons) | (oz/ton) | (x1000 ozs) | |||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||
| Sandman, Nevada | 100% | - | - | 1,300 | 0.20 | 300 | 1,300 | 0.20 | 300 | 1,100 | 0.12 | 100 | |||||||||||||||||||
| Midas, Nevada(6) | 100% | - | - | 100 | 7.25 | 500 | 100 | 7.25 | 500 | 400 | 6.26 | 2,600 | |||||||||||||||||||
| Phoenix, Nevada | 100% | 4,600 | 0.20 | 900 | 170,200 | 0.21 | 35,000 | 174,800 | 0.21 | 35,900 | 87,000 | 0.21 | 18,600 | ||||||||||||||||||
| Phoenix Stockpiles, Nevada (4) | 100% | - | - | - | - | - | - | 2,300 | 0.09 | 200 | |||||||||||||||||||||
| TOTAL NORTH AMERICA | 4,600 |
0.20 |
900 | 171,600 |
0.21 |
35,800 | 176,200 |
0.21 |
36,700 | 90,800 |
0.24 |
21,500 | |||||||||||||||||||
| South America | |||||||||||||||||||||||||||||||
| Conga, Peru | 51.35% | - | - | 89,300 | 0.05 | 4,200 | 89,300 | 0.05 | 4,200 | 99,100 | 0.03 | 3,300 | |||||||||||||||||||
| Yanacocha, Peru | 51.35% | 500 | 0.34 | 200 | 14,500 | 0.26 | 3,700 | 15,000 | 0.26 | 3,900 | 5,500 | 0.12 | 600 | ||||||||||||||||||
| TOTAL SOUTH AMERICA | 500 | 0.34 | 200 | 103,800 | 0.08 | 7,900 | 104,300 | 0.08 | 8,100 | 104,600 | 0.04 | 3,900 | |||||||||||||||||||
| Indonesia | |||||||||||||||||||||||||||||||
| Batu Hijau, Indonesia(5) | 48.50% | 18,300 | 0.03 | 600 | 111,300 | 0.03 | 3,200 | 129,600 | 0.03 | 3,800 | 43,600 | 0.02 | 800 | ||||||||||||||||||
| Elang, Indonesia(5) | 48.50% | - | - | 789,200 | 0.03 | 23,200 | 789,200 | 0.03 | 23,200 | 200,600 | 0.03 | 5,000 | |||||||||||||||||||
| TOTAL INDONESIA | 18,300 | 0.03 | 600 | 900,500 | 0.03 | 26,400 | 918,800 | 0.03 | 27,000 | 244,200 | 0.02 | 5,800 | |||||||||||||||||||
| TOTAL NEWMONT WORLDWIDE | 23,400 | 0.07 | 1,700 | 1,175,900 | 0.06 | 70,100 | 1,199,300 | 0.06 | 71,800 | 439,600 | 0.07 | 31,200 | |||||||||||||||||||
| (1) | Mineral Resources are reported exclusive of reserves. | |
| (2) | Mineral Resources are calculated at a silver price of $25.00 per ounce unless otherwise noted. 2012 Resources were calculated at a silver price of $35.00 per ounce unless otherwise noted. Tonnage amounts have been rounded to the nearest 100,000. | |
| (3) | Measured and Indicated combined Resources are equivalent to Mineralized Material disclosed in Newmont’s 10-K filing. | |
| (4) | Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. | |
| (5) | Percentage reflects Newmont’s economic interest as of December 31, 2013. | |
| (6) | Property sold to Klondex Mines on February 11, 2014. Values in the table above are as of December 31, 2013. | |
|
Attributable Silver Mineral Resources(1)(2), Metric Units |
|||||||||||||||||||||||||||||||
| December 31, 2013 | |||||||||||||||||||||||||||||||
| Deposits/Districts by Reporting Unit | Measured Resources | Indicated Resources | Measured + Indicated Resources(3) | Inferred Resources | |||||||||||||||||||||||||||
| Newmont | Tonnage | Grade | Silver | Tonnage | Grade | Silver | Tonnage | Grade | Silver | Tonnage | Grade | Silver | |||||||||||||||||||
| Share | (x1000 tonnes) | (g/tonne) | (x1000 ozs) | (x1000 tonnes) | (g/tonne) | (x1000 ozs) | (x1000 tonnes) | (g/tonne) | (x1000 ozs) | (x1000 tonnes) | (g/tonne) | (x1000 ozs) | |||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||
| Sandman, Nevada | 100% | - | - | 1,200 | 6.8 | 300 | 1,200 | 6.8 | 300 | 1,000 | 4.1 | 100 | |||||||||||||||||||
| Midas, Nevada(6) | 100% | - | - | 100 | 248.7 | 500 | 100 | 248.7 | 500 | 400 | 214.5 | 2,600 | |||||||||||||||||||
| Phoenix, Nevada | 100% | 4,200 | 7.0 | 900 | 154,400 | 7.0 | 35,000 | 158,600 | 7.0 | 35,900 | 78,900 | 7.3 | 18,600 | ||||||||||||||||||
| Phoenix Stockpiles, Nevada (4) | 100% | - | - | - | - | - | - | 2,100 | 3.1 | 200 | |||||||||||||||||||||
| TOTAL NORTH AMERICA | 4,200 | 7.0 | 900 | 155,700 | 7.1 | 35,800 | 159,900 | 7.1 | 36,700 | 82,400 | 8.1 | 21,500 | |||||||||||||||||||
| South America | |||||||||||||||||||||||||||||||
| Conga, Peru | 51.35% | - | - | 81,000 | 1.6 | 4,200 | 81,000 | 1.6 | 4,200 | 89,900 | 1.1 | 3,300 | |||||||||||||||||||
| Yanacocha, Peru | 51.35% | 500 | 11.8 | 200 | 13,100 | 8.9 | 3,700 | 13,600 | 8.9 | 3,900 | 5,000 | 4.0 | 600 | ||||||||||||||||||
| TOTAL SOUTH AMERICA | 500 | 11.8 | 200 | 94,100 | 2.6 | 7,900 | 94,600 | 2.7 | 8,100 | 94,900 | 1.3 | 3,900 | |||||||||||||||||||
| Indonesia | |||||||||||||||||||||||||||||||
| Batu Hijau, Indonesia(5) | 48.50% | 16,600 | 1.1 | 600 | 101,000 | 1.0 | 3,200 | 117,600 | 1.0 | 3,800 | 39,600 | 0.6 | 800 | ||||||||||||||||||
| Elang, Indonesia(5) | 48.50% | - | - | 715,900 | 1.0 | 23,200 | 715,900 | 1.0 | 23,200 | 182,000 | 0.9 | 5,000 | |||||||||||||||||||
| TOTAL INDONESIA | 16,600 | 1.1 | 600 | 816,900 | 1.0 | 26,400 | 833,500 | 1.0 | 27,000 | 221,600 | 0.8 | 5,800 | |||||||||||||||||||
| TOTAL NEWMONT WORLDWIDE | 21,300 | 2.5 | 1,700 | 1,066,700 | 2.0 | 70,100 | 1,088,000 | 2.1 | 71,800 | 398,900 | 2.4 | 31,200 | |||||||||||||||||||
| See Footnotes under Silver Resources U.S. units table. | |||||||||||||||||||||||||||||||
Conference Call Information
A conference call will be held on Friday, February 21, 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
| Dial-In Number | 800.369.1917 | |||||
| Intl Dial-In Number | 210.234.0025 | |||||
| Leader | Kirsten Benefiel | |||||
| Passcode | Newmont | |||||
| Replay Number | 800.283.0668 | |||||
| Intl Replay Number | 402.998.0898 | |||||
| Replay Passcode | 2014 |
Webcast Details
URL
http://event.on24.com/r.htm?e=739580&s=1&k=CC07798D7823F25A74B92BAEB6BA6BE9
The fourth quarter and 2013 results and related financial and statistical information will be available after the market close on Thursday, February 20, 2014 on the “Investor Relations” section of the Company’s web site, 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 2014 and Three-Year 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; and (vi) expectations regarding the timing and/or likelihood of closing the term loan. 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 projects being consistent with current expectations and mine plans; (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; and (vii) the accuracy of our current mineral reserve and mineral resource estimates. 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 20, 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.
Cautionary Statement regarding Reserves and Resource:
Ian Douglas, Newmont’s Group Executive of Reserves, is the qualified person responsible for the preparation of the Reserve and Resource estimates in this presentation. The Reserves disclosed in this presentation have been prepared in compliance with Industry Guide 7 published by the SEC. As used in this news release, the term “Reserve” means that part of a mineral deposit that can be economically and legally extracted or produced at the time of the reserve determination. The term “economically,” as used in this definition, means that profitable extraction or production has been established or analytically demonstrated in a full feasibility study to be viable and justifiable under reasonable investment and market assumptions. The term “legally,” as used in this definition, does not imply that all permits needed for mining and processing have been obtained or that other legal issues have been completely resolved. However, for a reserve to exist, Newmont must have a justifiable expectation, based on applicable laws and regulations, that issuance of permits or resolution of legal issues necessary for mining and processing at a particular deposit will be accomplished in the ordinary course and in a timeframe consistent with Newmont‟s current mine plans. Reserves in this news release may be aggregated from the Proven and Probable classes. The terms ”Mineral Resources” or “Resources” and Measured, Indicated and Inferred resources are used in this news release. Investors are advised that the SEC does not recognize these terms. Newmont has determined that such Resources would be substantively the same as those prepared using the Guidelines established by the Society of Mining, Metallurgy and Exploration (“SME”) and defined as Mineral Resources. Estimates of Resources are subject to further exploration and development, are subject to additional risks, and no assurance can be given that they will eventually convert to future Mineral Reserves of the company. Inferred Resources, in particular, have a great amount of uncertainty as to their existence and their economic and legal feasibility. Investors are cautioned not to assume that any part or all of the Inferred Resource exists, or is economically or legally mineable. Also, disclosure of contained ounces is permitted under SME and other regulatory guidelines, such as Canada’s NI 43-101 and Australia’s JORC; however, the SEC generally requires mineral resource information to be reported only as in-place tonnage and grade. In addition, our current or future reserves and exploration and development projects may not result in new mineral producing operations. Even if significant mineralization is discovered and converted to reserves, it will likely take many years from the initial phases of exploration to development and ultimately to production, during which time the economic feasibility of production may change.
__________________________________________________
1 Operating cash flow as used in this release refers to Net cash provided from continuing operations. See the Consolidated Statements of Cash Flow for information for Net cash used in discontinued operations and Net cash provided from operations.
2 Non-GAAP measure. See reconciliation to costs applicable to sales, which was $5,186 million and $4,238 million for the twelve months ended December 31, 2013 and 2012, respectively. Note this metric is represented on a consolidated basis. Cost figures used in this release represent metrics on a consolidated basis unless otherwise indicated.
3 Non-GAAP measure. See reconciliation of AISC to costs applicable to sales which was $5,186 million and $4,238 million for the twelve months ended December 31, 2013 and 2012, respectively.
4 Non-GAAP measure. See reconciliation to net income.
5 Outlook referenced in the table above and elsewhere in this release is based upon management’s good faith estimates as of February 20, 2014 and are considered “forward-looking statements.” References to outlook guidance are based on current mine plans, assumptions noted above and current geotechnical, metallurgical, hydrological and other physical conditions, which are subject to risk and uncertainty as discussed in the “Cautionary Statement” at the end of this release and in the section entitled “Risk Factors” in the Company’s Form 10-K. Individual site ranges may not sum to total regional or company levels to provide for portfolio flexibility.
6 Subject to negotiation of final documentation and satisfaction of customary closing conditions. Expectations regarding the closing of the term loan, future debt repayment and future financial flexibility are considered “forward-looking statements.”
