Newmont Mining Corporation (NYSE: NEM) (Newmont or the Company)
announced second quarter 2017 results that demonstrated improved
operational and financial performance.
- Net income: Delivered GAAP net
income attributable to stockholders from continuing operations of
$192 million or $0.36 per diluted share, and adjusted net income1
of $248 million or $0.46 per diluted share
- EBITDA: Generated $698 million
in adjusted EBITDA2, up 16 percent from the prior year quarter
- Cash flow: Reported net
operating cash flow from continuing operations of $529 million and
free cash flow3 of $346 million
- Gold costs applicable to sales
(CAS)4: Reported CAS of $664 per ounce in line with the prior
year quarter, favorable to guidance
- Gold all-in sustaining costs
(AISC)5: Improved AISC by three percent to $884 per ounce,
favorable to guidance
- Attributable gold production:
Produced 1.4 million ounces of gold, up 13 percent from the prior
year quarter, in-line with guidance
- Portfolio improvements: Approved
the high grade, low cost Twin Underground mine in Nevada; acquired
a 19.9% stake in Continental Gold to support development of the
Buriticá project in Colombia; mined first ore at Subika Underground
in Africa; on track for commercial production of the Tanami
Expansion Project in Australia in the third quarter of 2017
- Financial strength: Reduced net
debt to $1.5 billion, ending the quarter with $3.1 billion cash on
hand, and an industry-leading, investment-grade credit profile; in
July 2017, further deleveraged and simplified the balance sheet
with the full repayment of $575 million convertible senior notes;
second quarter dividend triples from the prior year quarter to
$0.075 per share
- Outlook: Improved production and
cost outlook for 2017; attributable production guidance improves to
between 5.0 and 5.4 million ounces of gold; CAS guidance improves
to between $675 and $715 per ounce; AISC guidance6 improves to
between $900 and $950 per ounce; capital guidance lowered to
between $890 and $990 million; G&A guidance improved
“Operational execution has driven superior second quarter
results, further investment in profitable growth, and improved
guidance for 2017,” said Gary J. Goldberg, President and Chief
Executive Officer. “We increased adjusted EBITDA by $98 million
compared to the prior year quarter to nearly $700 million, and
reported free cash flow of $346 million. Operations across the
portfolio outperformed, reducing all-in sustaining costs to $884
per ounce and producing 13 percent more gold on an attributable
basis. We expect to sustain this performance through strong
technical fundamentals and ongoing investment in value-adding
technology, and have improved our cost, capital and production
outlook as a result. This performance gives us the means to fund
near-term growth through our new Twin Underground mine and
profitable expansions at Ahafo, Tanami and Northwest Exodus, and to
invest in maintaining our profitability for years to come with new
greenfields prospects as well as our interest in the high grade
Buriticá project in Colombia, and the promising Plateau opportunity
in the Yukon.”
Second Quarter 2017 Summary Results
GAAP Net income attributable to shareholders from
continuing operations of $192 million or $0.36 per diluted share
for the quarter, up $178 million from $14 million or $0.02 per
share in the prior year quarter.
Adjusted net income improved by 59 percent to $248
million or $0.46 per diluted share from $155 million or $0.29 per
share in the prior year quarter mostly due to higher sales volumes.
The primary adjustments to net income include $0.11 per share net
tax adjustments primarily related to valuation allowances.
Revenue rose 12 percent to $1,875 million for the quarter
due to increased sales volumes.
Average realized price7 for gold was $1,250 per ounce for
the quarter compared to $1,257 in the prior year quarter; average
realized price for copper improved $0.46 to $2.46 per pound.
Attributable gold production increased 13 percent to 1.4
million ounces for the quarter as new production from Merian and
Long Canyon more than offset lower grades at Tanami and
Yanacocha.
Gold CAS totaled $955 million for the quarter. Gold CAS
per ounce was mostly unchanged at $664 per ounce for the quarter
compared to $661 in the prior year quarter.
Gold AISC improved three percent to $884 per ounce
compared to $913 in the prior year quarter primarily due to lower
sustaining capital and higher sales volumes.
Attributable copper production from Phoenix and
Boddington increased 15 percent to 15,000 tonnes for the quarter.
Copper CAS totaled $44 million for the quarter. Copper CAS
per pound improved 27 percent to $1.38 per pound for the quarter on
higher sales volumes, full potential improvements and lower
co-product allocation of costs to copper. Copper AISC
improved 22 percent to $1.69 per pound on improved unit CAS.
Capital expenditures8 decreased 35 percent from the prior
year quarter to $183 million as growth projects including Merian
and Long Canyon moved into commercial production partially offset
by increased spending on capital projects in Africa.
Consolidated operating cash flow from continuing
operations decreased 21 percent from the prior year quarter to
$529 million primarily due to changes in working capital. Free cash
flow was $39 million lower at $346 million for the quarter on
improved volumes and lower capital expenditures, offset by working
capital changes.
Balance sheet improved as Newmont ended the quarter with
$3.1 billion cash on hand, a leverage ratio of 0.6x net debt to
adjusted EBITDA and one of the best credit ratings in the mining
sector. On July 17, the Company announced the retirement of $575
million of convertible senior notes. Since 2013, Newmont has
streamlined its balance sheet and reduced gross debt by over 30%
and net debt by over 70%.The Company is committed to maintaining an
investment grade credit profile.
____________________________________
1
Non-GAAP measure. See end of the release
for reconciliation to Net income (loss) attributable to Newmont
stockholders.
2
Non-GAAP measure. See end of the release
for reconciliation to Net income (loss) attributable to Newmont
stockholders.
3
Non-GAAP measure. See end of the release
for reconciliation to Net cash provided by operating
activities.
4
Non-GAAP measure. See end of the release
for reconciliation to Costs applicable to sales.
5
Non-GAAP measure. See end of the release
for reconciliation to Costs applicable to sales.
6
Non-GAAP measure. See end of the release
for reconciliation to Costs applicable to sale outlook. See also
cautionary statement at the end of the release regarding
outlook.
7
Non-GAAP measure. See end of the release
for reconciliation to Sales.
8
Capital expenditures refers to Additions
to property plant and mine development from the Condensed
Consolidated Statements of Cash Flows.
Projects update
Newmont’s capital-efficient project pipeline supports stable
production with improving margins and mine life. Near-term projects
are presented below. Funding for the Tanami Expansion, Subika
Underground, Ahafo Mill Expansion and Twin Underground projects has
been approved. Additional projects represent incremental
improvements to production and cost guidance.
- Tanami
Expansion (Australia) includes a second decline in the mine
and incremental capacity in the plant to increase profitable
production and serve as a platform for future growth. The project
is on track to reach commercial production in the third quarter of
2017 and will maintain Tanami’s annual gold production at 425,000
to 475,000 ounces at AISC of between $700 and $750 per ounce for
the first five years of production. Capital costs are estimated at
between $100 and $120 million with expenditure of $30 to $50
million in 2017.
- Subika
Underground (Africa) leverages existing infrastructure and
an optimized approach to develop Ahafo’s most promising underground
resource. Achieved first production in June 2017 with commercial
production expected in the second half of 2018. The project is
expected to increase average annual gold production by between
150,000 and 200,000 ounces per year for the first five years
beginning in 2019 with an initial mine life of approximately 11
years. Capital costs for the project are estimated at between $160
and $200 million with expenditure of $80 to $90 million in 2017.
The project has an IRR of more than 20 percent at a $1,200 gold
price.
- Ahafo Mill
Expansion (Africa) is designed to maximize resource value by
improving production margins and accelerating stockpile processing.
The project also supports profitable development of Ahafo’s highly
prospective underground resource. First production is expected in
the first half of 2019 with commercial production expected in the
second half of 2019. The expansion is expected to increase average
annual gold production by between 75,000 and 100,000 ounces per
year for the first five years beginning in 2020. Capital costs for
the project are estimated at between $140 and $180 million with
expenditure of approximately $40 to $50 million in 2017. The
project has an IRR of more than 20 percent at a $1,200 gold
price.Together the Ahafo expansion projects (Ahafo Mill Expansion
and Subika Underground) improve Ahafo’s production to between
550,000 and 650,000 ounces per year for the first five full years
of production (2020–2024). During this period Ahafo’s CAS is
expected to be between $650 and $750 per ounce and All-in
sustaining cost is expected to be between $800 and $900 per ounce.
This represents average production improvement of between 200,000
and 300,000 ounces at CAS improvement of between $150 and $250 per
ounce and AISC improvement of $250 to $350 per ounce, compared to
2016 actuals.
- Twin
Underground (North America) is a portal mine beneath Twin
Creek’s Vista surface mine with similar mineralization. First
production is expected in the fourth quarter of 2017 with
commercial production mid-2018. The expansion is expected to
average between 30,000 and 40,000 ounces per year for the first
five years (2018 to 2022). During this period CAS is expected to be
between $525 and $625 per ounce and AISC between $650 and $750 per
ounce. Capital costs are expected to be between $45 and $55 million
with expenditure of $15 to $25 million in 2017, up from prior
estimates due to higher production and additional infrastructure to
support a phased approach with exploration upside. IRR is expected
to be about 20 percent at a $1,200 gold price.
- Quecher
Main (South America) would add oxide production at
Yanacocha, and serve as a bridge to development of Yanacocha’s
considerable sulfide deposits. An investment decision is expected
in the second half of 2017 with first production in 2019. Quecher
extends the life of the Yanacocha operation to 2025 with average
annual gold production of approximately 200,000 ounces per year
between 2020 and 2025 (100 percent basis). Capital costs for the
project are estimated at between $275 and $325 million with
expenditure of $10 to $15 million in 2017.
Outlook
Newmont’s outlook reflects steady gold production and ongoing
investment in its current assets and best growth prospects. Newmont
does not include potential cost and efficiency improvements in its
outlook beyond 2017, nor does it include development projects that
have not yet been funded or reached the execution stage – both of
which represent upside to guidance. Economic assumptions include
$1,200 per ounce gold, $2.50 per pound copper, $55 per barrel WTI
and $0.75 Australian dollar exchange rate.
Attributable gold production guidance is improved —
Production guidance for 2017 improves to between 5.0 and 5.4
million ounces on Full Potential improvements in North America and
Africa. Compared to the prior year, full year production at Merian
and Long Canyon more than offsets declines at Twin Creeks and
Yanacocha. Production guidance for 2018 and longer-term guidance is
unchanged at between 4.7 and 5.2 million ounces with production
from the Ahafo expansions and new production at Twin Underground
offsetting declines at maturing assets. Expansion at Yanacocha
represents upside to both production and cost guidance.
- North America production guidance is
improved. Production guidance for 2017 improves to between 2.1
and 2.2 million ounces following changes to blend management at
Twin Creeks and improved mill grade and leach volumes at Cripple
Creek & Victor. Compared to the prior year, a full year of
operation at Long Canyon offsets the impact of higher planned
stripping at Twin Creeks. Guidance is unchanged at between 1.9 and
2.1 million ounces in 2018 and between 1.8 and 2.0 million ounces
in 2019 due to planned stripping at Carlin and continued stripping
at Twin Creeks. Both sites are expected to return to higher
production levels in 2020.
- South America production guidance is
unchanged. Production guidance remains between 630,000 and
690,000 ounces in 2017 and between 625,000 and 725,000 ounces in
2018 as Merian increases production. Guidance remains at between
500,000 and 600,000 ounces in 2019 due to declining production at
Yanacocha and higher stripping at Merian. The Company continues to
advance oxide and sulfide potential at Yanacocha; both
opportunities represent additional upside not currently captured in
guidance.
- Australia production guidance is
unchanged. Production guidance for 2017 and 2018 remains at
between 1.5 and 1.7 million ounces and between 1.4 and 1.6 million
ounces for 2019 as Boddington stripping results in lower grades
before returning to higher production levels in 2020. The Company
is studying a further expansion at Tanami which represents
additional upside not currently captured in guidance.
- Africa production guidance is
improved. Production guidance for 2017 improves to between
775,000 and 835,000 ounces following Full Potential improvements to
throughput and recovery at Akyem. Guidance remains at between
750,000 and 850,000 ounces in 2018 as Subika Underground offsets
depletion of softer ores and higher grade stockpiles at Akyem.
Production in 2019 remains at between 1.0 and 1.1 million ounces as
Ahafo reaches higher grade ore in the Subika pit and the Ahafo Mill
Expansion achieves commercial production.
Gold cost outlook is improved – CAS guidance for 2017 is
improved to between $675 and $715 per ounce on increased production
and mining and processing improvements in North America, Africa and
Australia. Guidance remains between $700 and $800 per ounce for
2018 and between $650 and $750 per ounce for 2019-2021, before any
portfolio improvements expected through the Full Potential program.
AISC guidance for 2017 is improved to between $900 and $950
per ounce on CAS improvements and reduction of sustaining capital
in North America, Africa and Australia. Guidance remains between
$950 and $1,050 per ounce for 2018, excluding further cost and
efficiency improvements. Longer-term AISC guidance is unchanged at
between $870 and $970 per ounce as increased production from Ahafo
– combined with ongoing productivity, cost and capital improvements
– is expected to more than offset inflation and partially counter
the effects of lower grades.
- North America cost guidance is
improved. CAS per ounce guidance for 2017 improves to between
$675 and $725 on increased production, mine plan improvements at
Carlin and Full Potential cost savings at Cripple Creek &
Victor and Long Canyon. Guidance remains between $750 and $850 in
both 2018 and 2019. AISC per ounce guidance for 2017 improves to
between $855 and $930 on lower CAS and sustaining capital. Guidance
remains at between $950 and $1,050 in 2018 and between $930 and
$1,030 in 2019, as a result of planned stripping at Carlin combined
with lower grades at Twin Creeks and Cripple Creek &
Victor.
- South America cost guidance is
unchanged. CAS per ounce guidance remains at between $675 and
$725 in 2017, between $650 and $750 in 2018 and between $575 and
$675 in 2019. AISC per ounce guidance is unchanged at between $880
and $980 in 2017, between $850 and $950 in 2018 and between $810
and $910 in 2019. Costs decrease as lower cost production from
Merian replaces higher cost production from Yanacocha. Yanacocha
reaches higher grade ore in Tapado Oeste in 2019.
- Australia cost guidance is
improved. CAS per ounce guidance for 2017 improves to between
$640 and $690 on Full Potential improvements to mining costs at
Boddington. Guidance remains at between $675 and $775 in both 2018
and 2019. AISC per ounce guidance for 2017 improves to between $795
and $855 on lower CAS and sustaining capital improvements. Guidance
remains at between $850 and $950 in both 2018 and 2019. Higher
costs year-on-year are due to lower grades as a result of stripping
at Boddington, lower grades at Tanami, and treatment of additional
lower grade stockpile ore at Kalgoorlie in 2019.
- Africa cost guidance is
improved. CAS per ounce guidance for 2017 improves to between
$695 and $745 on Full Potential at Akyem and lower inventory
adjustments and direct costs at Ahafo. Guidance remains at between
$800 and $900 in 2018 and between $475 and $575 in 2019. AISC per
ounce guidance for 2017 improves to between $870 and $920 on lower
CAS. Guidance remains at between $960 and $1,060 for 2018 and
between $680 and $780 for 2019. Medium term costs increase due to
Akyem processing harder, lower-grade ore, which is more than offset
as the Subika Underground mine achieves production in 2018, and
higher-grade ore is reached in the Subika open pit in 2019.
Copper — Together, Boddington and Phoenix are expected to
produce between 40,000 and 60,000 tonnes of copper per year,
unchanged from previous guidance. CAS guidance remains at between
$1.45 and $1.65 per pound and AISC guidance remains at between
$1.85 and $2.05 per pound; higher costs at Phoenix due to lower
copper grades are offset by lower costs at Boddington due to
improved mine planning and cost improvements. Longer term cost
guidance is unchanged; CAS guidance remains at between $1.50 and
$1.90 per pound and AISC guidance remains at between $1.85 and
$2.15 per pound.
Capital — Capital guidance for 2017 is lowered to between
$890 and $990 million, including the remaining capital for the
Northwest Exodus and Tanami Expansion projects, the initial capital
for Subika Underground and the Ahafo Mill Expansion and Twin
Underground. Guidance is unchanged at between $900 million and $1.0
billion for 2018 and between $630 million and $730 million for
2019. Sustaining capital outlook for 2017 is lowered to between
$575 and $675 million and remains between $600 and $700 million per
year longer-term. Newmont expects to reach a development decision
on the Quecher Main project in the second half of this year; this
is currently excluded from outlook.
2017 Outlooka
Consolidated
All-in Consolidated
Consolidated Attributable Consolidated
Sustaining Total Capital Production
Production CAS Costsb
Expenditures (Koz, Kt)
(Koz, Kt) ($/oz, $/lb)
($/oz, $/lb) ($M) North
America Carlin 935 – 1,000 935 – 1,000 775 – 825
980 – 1,040 165 – 185 Phoenixc 200 – 220 200 – 220 875 – 925 1,070
– 1,130 25 – 35 Twin Creeksd 370 – 400 370 – 400 560 – 610 675 –
725 45 – 55 CC&V 420 – 470 420 – 470 560 – 610 680 – 730 30 –
40 Long Canyon 130 – 170 130 – 170 380 – 430 405 – 455 10 – 20
Other North America
15 – 25
Total 2,080 – 2,240 2,080
– 2,240 675 – 725 855
– 930 280 – 360 South
America Yanacochae 530 – 560 260 – 300 845 – 895 1,040 – 1,110
35 – 55 Merian 470 – 520 350 – 390 500 – 540 560 – 610 85 – 125
Other South America
Total 1,000 – 1,080
630 – 690 675 – 725
880 – 980 120 – 175
Australia Boddington 735 – 785 735 – 785 700 – 750
820 – 870 75 – 85 Tanami 405 – 480 405 – 480 575 – 645 785 – 855
110 – 120 Kalgoorlief 375 – 425 375 – 425 585 – 635 665 – 715 15 –
25 Other Australia
Total 1,520 – 1,695 1,520
– 1,695 640 – 690 795
– 855 205 – 240
Africa Ahafo 315 – 345 315 – 345 910 – 965 1,055 – 1,135 150
– 185 Akyem 455 – 485 455 – 485 535 – 575 655 – 705 30 – 40 Other
Africa
Total 775 – 835 775 –
835 695 – 745 870 –
920 180 – 220 Corporate/Other
15 – 20
Total Goldg
5,400 –
5,800 5,000 –
5,400 675 –
715 900 –
950 890 –
990 Phoenix 10 – 20 10 – 20 1.75 – 1.95 2.20 – 2.40
Boddington 30 – 40 30
– 40 1.30 – 1.50
1.60 – 1.80
Total Copper 40
– 60 40 –
60 1.45 –
1.65 1.85 –
2.05
Consolidated Expense Outlookh General & Administrative
$ 215 – $ 240 Interest
Expense $ 210 – $ 250 Depreciation and Amortization $ 1,325 – $
1,425 Advanced Projects & Exploration $ 325 – $ 375 Sustaining
Capital $ 575 – $ 675 Tax Rate
28% – 34%
a
2017 Outlook in the table above are
considered “forward-looking statements” and are based upon certain
assumptions, including, but not limited to, metal prices, oil
prices, certain exchange rates and other assumptions. For example,
2017 Outlook assumes $1,200/oz Au, $2.50/lb Cu, $0.75 USD/AUD
exchange rate and $55/barrel WTI; AISC and CAS estimates do not
include inflation, for the remainder of the year. Production, AISC
and capital estimates exclude projects that have not yet been
approved, (Quecher Main). The potential impact on inventory
valuation as a result of lower prices, input costs, and project
decisions are not included as part of this Outlook. Such
assumptions may prove to be incorrect and actual results may differ
materially from those anticipated. See cautionary note at the end
of the release.
b
All-in sustaining costs or AISC as used in
the Company’s Outlook is a non-GAAP metric defined as the sum of
costs applicable to sales (including all direct and indirect costs
related to current gold production incurred to execute on the
current mine plan), reclamation costs (including operating
accretion and amortization of asset retirement costs), G&A,
exploration expense, advanced projects and R&D, treatment and
refining costs, other expense, net of one-time adjustments and
sustaining capital. See reconciliation at the end of the
release.
c
Includes Lone Tree operations.
d
Includes TRJV operations.
e
Consolidated production for Yanacocha and
Merian is presented on a total production basis for the mine site;
attributable production represents a 51.35% interest for Yanacocha
and a 75% interest for Merian.
f
Both consolidated and attributable
production are shown on a pro-rata basis with a 50% ownership for
Kalgoorlie.
g
Production outlook does not include equity
production from stakes in TMAC (28.8%) or La Zanja (46.94%).
h
Consolidated expense outlook is adjusted
to exclude extraordinary items. For example, the tax rate outlook
above is a consolidated adjusted rate, which assumes the exclusion
of certain tax valuation allowance adjustments.
Three Months Ended
June 30, Six Months Ended June 30, Operating
Results 2017 2016
% Change 2017
2016 % Change Attributable
Sales (koz, kt) Attributable gold ounces sold 1,350 1,207 12 %
2,552 2,304 11 % Attributable copper tonnes sold 14 13 8 % 26 24 8
%
Average Realized Price ($/oz, $/lb) Average
realized gold price $ 1,250 $ 1,257 (1 )% $ 1,236 $ 1,226 1 %
Average realized copper price $ 2.46 $
2.00 23 % $ 2.56 $ 2.02
27 %
Attributable Production (koz, kt)
North America 578 477 21 % 1,082 933 16 % South America 153 81 89 %
303 173 75 % Australia 401 430 (7 )% 761 816 (7 )% Africa
220 205 7 %
440 407 8 %
Total Gold 1,352
1,193 13 %
2,586 2,329 11 %
North America 5 5 — % 9 10 (10 )% Australia
10 8 25 %
19 16 19 %
Total
Copper 15
13 15 %
28
26 8 %
CAS
Consolidated ($/oz, $/lb) North America $ 628 $ 700 (10 )% $
688 $ 716 (4 )% South America 825 773 7 % 736 743 (1 )% Australia
652 621 5 % 651 642 1 % Africa 605
560 8 % 615
558 10 %
Total Gold
$ 664 $ 661
— %
$ 675 $
670 1 %
Total Gold (by-product)
$ 641 $ 660
(3 )%
$ 651
$ 667 (2 )% North America $ 1.60
$ 2.02 (21 )% $ 1.70 $ 2.07 (18 )% Australia
1.27 1.83 (31 )%
1.29 1.72 (25 )%
Total
Copper $ 1.38
$ 1.90 (27 )%
$
1.43 $ 1.85 (23 )%
AISC Consolidated ($/oz, $/lb) North America $ 800 $
884 (10 )% $ 869 $ 880 (1 )% South America 1,075 1,260 (15 )% 960
1,123 (15 )% Australia 779 758 3 % 778 773 1 % Africa
795 733 8 %
773 716 8 %
Total
Gold $ 884 $
913 (3 )%
$ 892
$ 902 (1 )%
Total Gold
(by-product) $ 869
$ 918 (5 )%
$
874 $ 905 (3 )%
North America $ 2.00 $ 2.27 (12 )% $ 2.05 $ 2.38 (14 )%
Australia 1.55 2.11
(27 )% 1.55
2.00 (23 )%
Total Copper
$ 1.69 $ 2.17
(22 )%
$ 1.72
$ 2.15 (20 )%
NEWMONT
MINING CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (unaudited, in millions except per share)
Three Months Ended Six
Months Ended June 30, June 30, 2017
2016 2017 2016
Sales $ 1,875 $ 1,669 $ 3,534 $ 3,131 Costs and expenses
Costs applicable to sales (1) 999 902 1,932 1,753 Depreciation and
amortization 308 281 601 557 Reclamation and remediation 44 21 74
42 Exploration 51 38 87 68 Advanced projects, research and
development 32 44 58 71 General and administrative 58 62 113 115
Other expense, net 14 15 31
33 1,506 1,363
2,896 2,639 Other income (expense)
Other income, net 31 1 22 97 Interest expense, net (64 )
(66 ) (131 ) (140 ) (33 ) (65 )
(109 ) (43 ) Income (loss) before income and mining
tax and other items 336 241 529 449 Income and mining tax benefit
(expense) (167 ) (238 ) (277 ) (465 ) Equity income (loss) of
affiliates (3 ) (5 ) (5 ) (10 ) Net
income (loss) from continuing operations 166 (2 ) 247 (26 ) Net
income (loss) from discontinued operations (15 ) 64
(38 ) 223 Net income (loss) 151 62 209
197 Net loss (income) attributable to noncontrolling interests
Continuing operations 26 16 14 28 Discontinued operations —
(55 ) — (150 ) 26
(39 ) 14 (122 ) Net income (loss)
attributable to Newmont stockholders $ 177 $ 23 $ 223
$ 75 Net income (loss) attributable to Newmont
stockholders: Continuing operations $ 192 $ 14 $ 261 $ 2
Discontinued operations (15 ) 9 (38 )
73 $ 177 $ 23 $ 223 $ 75
Net income (loss) per common share Basic: Continuing operations $
0.36 $ 0.02 $ 0.49 $ — Discontinued operations (0.03 )
0.02 (0.07 ) 0.14 $ 0.33
$ 0.04 $ 0.42 $ 0.14 Diluted: Continuing
operations $ 0.36 $ 0.02 $ 0.49 $ — Discontinued operations
(0.03 ) 0.02 (0.07 ) 0.14 $ 0.33
$ 0.04 $ 0.42 $ 0.14 Cash
dividends declared per common share $ 0.050 $ 0.025 $ 0.100 $ 0.050
(1)
Excludes Depreciation and amortization and
Reclamation and remediation.
NEWMONT MINING CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in
millions) Three Months Ended
Six Months Ended June 30, June 30,
2017 2016 2017
2016 Operating activities: Net income (loss) $ 151 $ 62 $
209 $ 197 Adjustments: Depreciation and amortization 308 281 601
557 Stock-based compensation 19 21 35 37 Reclamation and
remediation 41 20 70 40 Loss (income) from discontinued operations
15 (64 ) 38 (223 ) Deferred income taxes 20 234 76 372 Gain on
asset and investment sales, net (14 ) — (16 ) (104 ) Other
operating adjustments and inventory write-downs 69 88 150 180 Net
change in operating assets and liabilities (80 ) 26
(255 ) (231 ) Net cash provided by (used in)
operating activities of continuing operations 529 668 908 825 Net
cash provided by (used in) operating activities of discontinued
operations (1) (3 ) 109 (9 ) 478
Net cash provided by (used in) operating activities
526 777 899 1,303
Investing activities: Additions to property, plant and mine
development (183 ) (283 ) (363 ) (563 ) Purchases of investments
(113 ) — (113 ) (2 ) Proceeds from sales of investments — — 19 184
Other 10 — 11 4
Net cash provided by (used in) investing activities of
continuing operations (286 ) (283 ) (446 ) (377 ) Net cash provided
by (used in) investing activities of discontinued operations
— (11 ) — (28 ) Net cash
provided by (used in) investing activities (286 )
(294 ) (446 ) (405 ) Financing activities:
Distributions to noncontrolling interests (48 ) — (80 ) — Dividends
paid to common stockholders (27 ) (14 ) (54 ) (27 ) Funding from
noncontrolling interests 25 38 46 50 Payments for withholding of
employee taxes related to stock-based compensation — — (13 ) (4 )
Repayment of debt (2 ) (2 ) (3 ) (501 ) Dividends paid to
noncontrolling interests — — — (146 ) Other (3 ) (2 )
(3 ) (1 ) Net cash provided by (used in) financing
activities of continuing operations (55 ) 20 (107 ) (629 ) Net cash
provided by (used in) financing activities of discontinued
operations — (60 ) — (153
) Net cash provided by (used in) financing activities (55 )
(40 ) (107 ) (782 ) Effect of exchange rate
changes on cash 1 (2 ) 3
4 Net change in cash and cash equivalents 186 441 349 120
Less net cash provided by (used in) Batu Hijau discontinued
operations — 41 —
302 186 400 349 (182 ) Cash and cash equivalents at
beginning of period 2,919 1,781
2,756 2,363 Cash and cash equivalents at end
of period $ 3,105 $ 2,181 $ 3,105 $ 2,181
(1)
Net cash provided by (used in) operating
activities of discontinued operations includes $- and (3) related
to closing costs for the sale of Batu Hijau during the three and
six months ended June 30, 2017, respectively, and $(3), $(3), $(6)
and $(5), respectively, related to the Holt royalty obligation, all
of which were paid out of cash and cash equivalents held for
use.
NEWMONT MINING CORPORATION CONDENSED
CONSOLIDATED BALANCE SHEETS (unaudited, in millions)
At June 30,
At December 31, 2017 2016 ASSETS Cash
and cash equivalents $ 3,105 $ 2,756 Trade receivables 158 127
Other accounts receivables 179 216 Investments 61 56 Inventories
665 617 Stockpiles and ore on leach pads 821 763 Other current
assets 109 142 Current assets 5,098
4,677 Property, plant and mine development, net 12,262 12,485
Investments 306 227 Stockpiles and ore on leach pads 1,781 1,864
Deferred income tax assets 1,245 1,331 Other non-current assets
450 447 Total assets $ 21,142 $
21,031
LIABILITIES Debt $ 577 $ 566 Accounts
payable 304 320 Employee-related benefits 223 304 Income and mining
taxes payable 127 153 Other current liabilities 341
407 Current liabilities 1,572 1,750 Debt 4,046 4,049
Reclamation and remediation liabilities 2,060 2,029 Deferred income
tax liabilities 614 592 Employee-related benefits 434 411 Other
non-current liabilities 376 326 Total
liabilities 9,102 9,157
EQUITY Common stock 853 849 Additional paid-in capital 9,508
9,490 Accumulated other comprehensive income (loss) (318 ) (334 )
Retained earnings 885 716 Newmont
stockholders' equity 10,928 10,721 Noncontrolling interests
1,112 1,153 Total equity 12,040
11,874 Total liabilities and equity $ 21,142 $
21,031
Non-GAAP Financial Measures
Non-GAAP financial measures are intended to provide additional
information only and do not have any standard meaning prescribed by
U.S. 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.
Unless otherwise noted, we present the Non-GAAP financial measures
of our continuing operations in the tables below. For additional
information regarding our discontinued operations, see Note 3 to
the Company’s Condensed Consolidated Financial Statements.
Adjusted net income (loss)
Management uses Adjusted net income (loss) to evaluate the
Company’s operating performance and for planning and forecasting
future business operations. The Company believes the use of
Adjusted net income (loss) allows investors and analysts to
understand the results of the continuing operations of the Company
and its direct and indirect subsidiaries relating to the sale of
products, by excluding certain items that have a disproportionate
impact on our results for a particular period. Adjustments to
continuing operations are presented before tax and net of our
partners’ noncontrolling interests, when applicable. The tax
effect of adjustments is presented in the Tax effect of adjustments
line and is generally calculated using the Company’s statutory
effective tax rate of 35%. 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 Six Months
Ended June 30, June 30, 2017
2016 2017 2016 Net income (loss)
attributable to Newmont stockholders $ 177 $ 23 $ 223 $ 75 Net loss
(income) attributable to Newmont stockholders from discontinued
operations (1) 15 (9 ) 38
(73 ) Net income (loss) attributable to Newmont stockholders from
continuing operations 192 14 261 2 Loss (gain) on asset and
investment sales (2) (14 ) — (16 ) (104 ) Restructuring and other,
net (3) 1 5 7 17 Acquisition costs (4) 3 2 5 2 Reclamation and
remediation charges (5) — — 3 — Impairment of long-lived assets,
net (6) — 3 2 3 Loss on debt repayment (7) — — — 3 Tax effect of
adjustments (8) 3 (6 ) (1 ) (12 ) Valuation allowance and other tax
adjustments (9) 63 137 120
373 Adjusted net income (loss) $ 248 $
155 $ 381 $ 284 Net income (loss) per
share, basic $ 0.33 $ 0.04 $ 0.42 $ 0.14 Net loss (income)
attributable to Newmont stockholders from discontinued operations
0.03 (0.02 ) 0.07 (0.14 )
Net income (loss) attributable to Newmont stockholders from
continuing operations 0.36 0.02 0.49 — Loss (gain) on asset and
investment sales (0.03 ) — (0.03 ) (0.20 ) Restructuring and other,
net — 0.01 0.01 0.03 Acquisition costs 0.01 — 0.01 — Reclamation
and remediation charges — — 0.01 — Impairment of long-lived assets,
net — — — — Loss on debt repayment — — — 0.01 Tax effect of
adjustments 0.01 (0.01 ) — (0.02 ) Valuation allowance and other
tax adjustments 0.11 0.28 0.22
0.72 Adjusted net income (loss) per share,
basic $ 0.46 $ 0.30 $ 0.71 $ 0.54
Net income (loss) per share, diluted $ 0.33 $ 0.04 $ 0.42 $
0.14 Net loss (income) attributable to Newmont stockholders from
discontinued operations 0.03 (0.02 )
0.07 (0.14 ) Net income (loss) attributable to
Newmont stockholders from continuing operations 0.36 0.02 0.49 —
Loss (gain) on asset and investment sales (0.03 ) — (0.03 ) (0.20 )
Restructuring and other, net — 0.01 0.01 0.03 Acquisition costs
0.01 — 0.01 — Reclamation and remediation charges — — 0.01 —
Impairment of long-lived assets, net — — — — Loss on debt repayment
— — — 0.01 Tax effect of adjustments 0.01 (0.01 ) — (0.02 )
Valuation allowance and other tax adjustments 0.11
0.27 0.22 0.71 Adjusted
net income (loss) per share, diluted $ 0.46 $ 0.29 $
0.71 $ 0.53 Weighted average common shares
(millions): Basic 533 531 533 530 Diluted 535 533 534 532
(1)
Net loss (income) attributable to Newmont stockholders from
discontinued operations relates to (i) adjustments in our Holt
royalty obligation, presented net of tax expense (benefit) of $(8),
$(12), $(21) and $(23), respectively, and (ii) Batu Hijau
operations, presented net of tax expense (benefit) of $-, $71, $-
and $168, respectively, and income (loss) attributable to
noncontrolling interests of $-, $55, $- and $150, respectively.
Amounts are presented net of tax expense (benefit) in order to
conform to our Condensed Consolidated Statements of Operations, as
required under U.S. GAAP. For additional information regarding our
discontinued operations, see Note 3 to our Condensed Consolidated
Financial Statements.
(2)
Loss (gain) on asset and investment sales,
included in Other income, net, primarily represents a gain from the
exchange of our interest in the Fort á la Corne joint venture for
equity ownership in Shore Gold in June 2017, the sale of our
holdings in Regis in March 2016 and other gains or losses on asset
sales.
(3)
Restructuring and other, net, included in
Other expense, net, primarily represents certain costs associated
with severance and outsourcing costs, accrued legal costs in our
Africa region in 2016 and system integration costs in 2016 related
to our acquisition of CC&V in August 2015. Amounts are
presented net of income (loss) attributable to noncontrolling
interests of $-, $(1), $(1) and $(2), respectively.
(4)
Acquisition costs, included in Other
expense, net, represent adjustments to the contingent consideration
liability from the acquisition of Boddington.
(5)
Reclamation and remediation charges,
included in Reclamation and remediation, represent revisions to
remediation plans at the Company’s former historic mining
operations.
(6)
Impairment of long-lived assets, net,
included in Other expense, net, represents non-cash write-downs of
long-lived assets. Amounts are presented net of income (loss)
attributable to noncontrolling interests of $-, $(1), $(1) and
$(1), respectively.
(7)
Loss on debt repayment, included in Other
income, net, represents the impact from the debt tender offer on
our 2019 Senior Notes and 2039 Senior Notes during the first
quarter of 2016.
(8)
The tax effect of adjustments, included in
Income and mining tax benefit (expense), represents the tax effect
of adjustments in footnotes (2) through (7), as described above,
and are calculated using the Company's statutory tax rate of
35%.
(9)
Valuation allowance and other tax
adjustments, included in Income and mining tax benefit (expense),
predominantly represent adjustments to remove the impact of our
valuation allowances for items such as foreign tax credits,
alternative minimum tax credits, capital losses and disallowed
foreign losses. We believe that these valuation allowances cause
significant fluctuations in our financial results that are not
indicative of our underlying financial performance. The adjustments
in the three and six months ended June 30, 2017 are due to
increases in tax credit carryovers subject to valuation allowance
of $68 and $135, respectively, partially offset by other tax
adjustments of $5 and $15, respectively. The adjustments in the
three and six months ended June 30, 2016 are due to a tax
restructuring of $170 during the first quarter, a carryback of 2015
tax loss to prior years of $124 during the second quarter,
increases to valuation allowance on tax credit carryovers of $2 and
$62, respectively, and other tax adjustments of $11 and $17,
respectively.
Earnings before interest, taxes and
depreciation and amortization and Adjusted earnings before
interest, taxes and depreciation and amortization
Management uses Earnings before interest, taxes and depreciation
and amortization (“EBITDA”) and EBITDA adjusted for non-core or
certain items that have a disproportionate impact on our results
for a particular period (“Adjusted EBITDA”) as non-GAAP measures to
evaluate the Company’s operating performance. EBITDA and Adjusted
EBITDA do not represent, and should not be considered an
alternative to, net income (loss), operating income (loss), or cash
flow from operations as those terms are defined by GAAP, and do not
necessarily indicate whether cash flows will be sufficient to fund
cash needs. Although Adjusted EBITDA and similar measures are
frequently used as measures of operations and the ability to meet
debt service requirements by other companies, our calculation of
Adjusted EBITDA is not necessarily comparable to such other
similarly titled captions of other companies. The Company believes
that Adjusted EBITDA provides useful information to investors and
others in understanding and evaluating our operating results in the
same manner as our management and board of
directors. Management’s determination of the components
of Adjusted EBITDA are evaluated periodically and based,
in part, on a review of non-GAAP financial measures used by mining
industry analysts. Net income (loss) attributable to Newmont
stockholders is reconciled
to EBITDA and Adjusted EBITDA as follows:
Three Months Ended Six Months
Ended June 30, June 30, 2017
2016 2017 2016 Net income (loss)
attributable to Newmont stockholders $ 177 $ 23 $ 223 $ 75 Net
income (loss) attributable to noncontrolling interests (26 ) 39 (14
) 122 Net loss (income) from discontinued operations (1) 15 (64 )
38 (223 ) Equity loss (income) of affiliates 3 5 5 10 Income and
mining tax expense (benefit) 167 238 277 465 Depreciation and
amortization 308 281 601 557 Interest expense, net 64
66 131 140 EBITDA $ 708
$ 588 $ 1,261 $ 1,146 Adjustments: Loss
(gain) on asset and investment sales (2) $ (14 ) $ — $ (16 ) $ (104
) Restructuring and other (3) 1 6 8 19 Acquisition costs (4) 3 2 5
2 Reclamation and remediation charges (5) — — 3 — Impairment of
long-lived assets (6) — 4 3 4 Loss on debt repayment (7) —
— — 3 Adjusted
EBITDA $ 698 $ 600 $ 1,264 $ 1,070
(1)
Net loss (income) from discontinued operations relates to
(i) adjustments in our Holt royalty obligation, presented net of
tax expense (benefit) of $(8), $(12), $(21) and $(23),
respectively, and (ii) Batu Hijau operations, presented net of tax
expense (benefit) of $-, $71, $- and $168, respectively. For
additional information regarding our discontinued operations, see
Note 3 to our Condensed Consolidated Financial Statements.
(2)
Loss (gain) on asset and investment sales,
included in Other income, net, primarily represents a gain from the
exchange of our interest in the Fort á la Corne joint venture for
equity ownership in Shore Gold in June 2017, the sale of our
holdings in Regis in March 2016 and other gains or losses on asset
sales.
(3)
Restructuring and other, included in Other
expense, net, primarily represents certain costs associated with
severance and outsourcing costs, accrued legal costs in our Africa
region in 2016 and system integration costs in 2016 related to our
acquisition of CC&V in August 2015.
(4)
Acquisition costs, included in Other
expense, net, represent adjustments to the contingent consideration
liability from the acquisition of Boddington.
(5)
Reclamation and remediation charges,
included in Reclamation and remediation, represent revisions to
remediation plans at the Company’s former historic mining
operations.
(6)
Impairment of long-lived assets, included
in Other expense, net, represents non-cash write-downs of
long-lived assets.
(7)
Loss on debt repayment, included in Other
income, net, represents the impact from the debt tender offer on
our 2019 Senior Notes and 2039 Senior Notes during the first
quarter of 2016.
Free Cash Flow
Management uses Free Cash Flow as a non-GAAP measure to analyze
cash flows generated from operations. Free Cash Flow is Net cash
provided by (used in) operating activities less Net cash provided
by (used in) operating activities of discontinued operations less
Additions to property, plant and mine development as presented on
the Condensed Consolidated Statements of Cash Flows. The Company
believes Free Cash Flow is also useful as one of the bases for
comparing the Company’s performance with its competitors. Although
Free Cash Flow and similar measures are frequently used as measures
of cash flows generated from operations by other companies, the
Company’s calculation of Free Cash Flow is not necessarily
comparable to such other similarly titled captions of other
companies.
The presentation of non-GAAP Free Cash Flow is not meant to be
considered in isolation or as an alternative to net income as an
indicator of the Company’s performance, or as an alternative to
cash flows from operating activities as a measure of liquidity as
those terms are defined by GAAP, and does not necessarily indicate
whether cash flows will be sufficient to fund cash needs. The
Company’s definition of Free Cash Flow is limited in that it does
not represent residual cash flows available for discretionary
expenditures due to the fact that the measure does not deduct the
payments required for debt service and other contractual
obligations or payments made for business acquisitions. Therefore,
the Company believes it is important to view Free Cash Flow as a
measure that provides supplemental information to the Company’s
Condensed Consolidated Statements of Cash Flows.
The following table sets forth a reconciliation of Free Cash
Flow, a non-GAAP financial measure, to Net cash provided by (used
in) operating activities, which the Company believes to be the GAAP
financial measure most directly comparable to Free Cash Flow, as
well as information regarding Net cash provided by (used in)
investing activities and Net cash provided by (used in) financing
activities.
Three Months Ended Six Months
Ended June 30, June 30, 2017
2016 2017 2016 Net cash provided
by (used in) operating activities $ 526 $ 777 $ 899 $ 1,303 Less:
Net cash used in (provided by) operating activities of discontinued
operations 3 (109 ) 9
(478 ) Net cash provided by (used in) operating activities of
continuing operations 529 668
908 825 Less: Additions to property, plant and
mine development (183 ) (283 ) (363 )
(563 ) Free Cash Flow $ 346 $ 385 $ 545 $ 262
Net cash provided by (used in) investing activities
(1) $ (286 ) $ (294 ) $ (446 ) $ (405 ) Net cash provided by (used
in) financing activities $ (55 ) $ (40 ) $ (107 ) $ (782 )
(1)
Net cash provided by (used in) investing
activities includes Additions to property, plant and mine
development, which is included in the Company’s computation of Free
Cash Flow.
Costs applicable to sales per
ounce/pound
Costs applicable to sales per ounce/pound are non-GAAP financial
measures. These measures are calculated by dividing the costs
applicable to sales of gold and copper by gold ounces or copper
pounds sold, respectively. These measures are calculated for the
periods presented on a consolidated basis. Costs applicable to
sales per ounce/pound statistics are intended to provide additional
information only and do not have any standardized meaning
prescribed by GAAP and should not be considered in isolation or as
a substitute for measures of performance prepared in accordance
with GAAP. The measures are not necessarily indicative of operating
profit or cash flow from operations as determined under GAAP. Other
companies may calculate these measures differently.
The following tables reconcile these non-GAAP measures to the
most directly comparable GAAP measures.
Costs applicable to sales per
ounce
Three Months Ended Six
Months Ended June 30, June 30, 2017
2016 2017 2016 Costs
applicable to sales (1) $ 955 $ 847 $ 1,849 $ 1,653 Gold sold
(thousand ounces) 1,439 1,281 2,740 2,466 Costs applicable to sales
per ounce $ 664 $ 661 $ 675 $ 670
(1)
Includes by-product credits of $16 and $26 during the three
and six months ended June 30, 2017, respectively, and $10 and $19
during the three and six months ended June 30, 2016, respectively.
Costs applicable to sales per
pound
Three Months Ended Six
Months Ended June 30, June 30, 2017
2016 2017 2016 Costs
applicable to sales (1) $ 44 $ 55 $ 83 $ 100 Copper sold (million
pounds) 32 29 58 54 Costs applicable to sales per pound $ 1.38 $
1.90 $ 1.43 $ 1.85
(1)
Includes by-product credits of $2 and $3 during the three
and six months ended June 30, 2017, respectively, and $2 and $3
during the three and six months ended June 30, 2016, respectively.
All-In Sustaining Costs
Newmont has worked to develop a metric that expands on GAAP
measures, such as cost of goods sold, and non-GAAP measures, such
as Costs applicable to sales per ounce, to provide visibility into
the economics of our mining operations related to expenditures,
operating performance and the ability to generate cash flow from
our continuing operations.
Current GAAP-measures used in the mining industry, such as cost
of goods sold, do not capture all of the expenditures incurred to
discover, develop and sustain production. Therefore, we believe
that all-in sustaining costs is a non-GAAP measure that provides
additional information to management, investors, and analysts that
aid in the understanding of the economics of our operations and
performance compared to other producers and in the investor’s
visibility by better defining the total costs associated with
production.
All-in sustaining cost (“AISC”) amounts are intended to provide
additional information only and do not have any standardized
meaning prescribed by GAAP and should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with GAAP. The measures are not necessarily
indicative of operating profit or cash flow from operations as
determined under GAAP. Other companies may calculate these measures
differently as a result of differences in the underlying accounting
principles, policies applied and in accounting frameworks such as
in International Financial Reporting Standards (“IFRS”), or by
reflecting the benefit from selling non-gold metals as a reduction
to AISC. Differences may also arise related to definitional
differences of sustaining versus development capital activities
based upon each company’s internal policies.
The following disclosure provides information regarding the
adjustments made in determining the all-in sustaining costs
measure:
Costs applicable to sales. Includes all direct and indirect
costs related to current production incurred to execute the current
mine plan. We exclude certain exceptional or unusual amounts
from Costs applicable to sales (“CAS”), such as significant
revisions to recovery amounts. CAS includes by-product credits from
certain metals obtained during the process of extracting and
processing the primary ore-body. CAS is accounted for on an accrual
basis and excludes Depreciation and
amortization and Reclamation and remediation, which is
consistent with our presentation of CAS on the Condensed
Consolidated Statements of Operations. In determining AISC, only
the CAS associated with producing and selling an ounce of gold is
included in the measure. Therefore, the amount of gold CAS included
in AISC is derived from the CAS presented in the Company’s
Condensed Consolidated Statements of Operations less the amount of
CAS attributable to the production of copper at our Phoenix and
Boddington mines. The copper CAS at those mine sites is disclosed
in Note 4 to the Condensed Consolidated Financial Statements. The
allocation of CAS between gold and copper at the Phoenix and
Boddington mines is based upon the relative sales value of gold and
copper produced during the period.
Reclamation costs. Includes accretion expense related to Asset
Retirement Obligation (“ARO”) and the amortization of the related
Asset Retirement Cost (“ARC”) for the Company’s operating
properties. Accretion related to the ARO and the amortization of
the ARC assets for reclamation does not reflect annual cash
outflows but are calculated in accordance with GAAP. The accretion
and amortization reflect the periodic costs of reclamation
associated with current production and are therefore included in
the measure. The allocation of these costs to gold and copper is
determined using the same allocation used in the allocation of CAS
between gold and copper at the Phoenix and Boddington mines.
Advanced projects, research and development and exploration.
Includes incurred expenses related to projects that are designed to
increase or enhance current production and exploration. We note
that as current resources are depleted, exploration and advanced
projects are necessary for us to replace the depleting reserves or
enhance the recovery and processing of the current reserves. As
this relates to sustaining our 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
Condensed Consolidated Statements of Operations less the amount
attributable to the production of copper at our Phoenix and
Boddington 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 Phoenix and Boddington
mines.
General and administrative. Includes costs related to
administrative tasks not directly related to current production,
but rather related to support our corporate structure and fulfill
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 certain administrative costs 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 operations. Furthermore, this adjustment to Other
expense, net is also consistent with the nature of the
adjustments made to Net income (loss) attributable to Newmont
stockholders as disclosed in the Company’s non-GAAP financial
measure Adjusted net income (loss). The allocation of these costs
to gold and copper is determined using the same allocation used in
the allocation of CAS between gold and copper at the Phoenix and
Boddington mines.
Treatment and refining costs. Includes costs paid to smelters
for treatment and refining of our concentrates to produce the
salable metal. These costs are presented net as a reduction
of Sales on our Condensed Consolidated Statements of
Operations.
Sustaining capital. We determined sustaining capital as those
capital expenditures that are necessary to maintain current
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 production or
reserves, are generally considered development. We determined the
classification of sustaining and development capital projects 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 operations and provide improved transparency related to our
ability to finance these expenditures from current operations. The
allocation of these costs to gold and copper is determined using
the same allocation used in the allocation of CAS between gold and
copper at the Phoenix and Boddington mines.
Advanced
Projects, Research and
Treatment All-In Costs Development
General Other and All-In Ounces
Sustaining Three Months Ended Applicable
Reclamation and and Expense,
Refining Sustaining Sustaining
(000)/Pounds Costs per June 30, 2017 to
Sales (1)(2)(3) Costs (4)
Exploration(5) Administrative Net
(6) Costs Capital (7) Costs
(millions) Sold oz/lb Gold Carlin $ 170 $ 2 $
5 $ — $ — $ — $ 48 $ 225 222 $ 1,014 Phoenix 46 2 3 — — 3 3 57 57
1,000 Twin Creeks 61 1 2 — — — 10 74 124 597 Long Canyon 13 1 — — —
— — 14 45 311 CC&V 74 1 3 1 — — 4 83 132 629 Other North
America — — 9 — 2 —
— 11 — — North America 364 7
22 1 2 3 65 464 580
800 Yanacocha 134 19 5 1 3 — 8 170 120 1,417 Merian
64 — 4 — — — 4 72 120 600 Other South America — —
12 3 1 — — 16 — —
South America 198 19 21 4 4
— 12 258 240 1,075 Boddington
147 2 1 — — 5 12 167 211 791 Tanami 58 — 1 — — — 14 73 98 745
Kalgoorlie 55 — 1 — — — 4 60 90 667 Other Australia —
— 7 2 — — 2 11 — —
Australia 260 2 10 2 — 5
32 311 399 779 Ahafo 60 1 9 — 2 — 12 84
89 944 Akyem 73 3 1 — 1 — 3 81 131 618 Other Africa —
— 6 4 — — — 10 — —
Africa 133 4 16 4 3 —
15 175 220 795 Corporate and Other
— — 14 47 1 — 2
64 — — Total Gold $ 955 $ 32 $ 83 $ 58 $ 10 $ 8 $ 126
$ 1,272 1,439 $ 884
Copper Phoenix $ 16 $ — $ — $ — $
— $ — $ 4 $ 20 10 $ 2.00 Boddington 28 1 —
— — 4 1 34 22 1.55 Total
Copper $ 44 $ 1 $ — $ — $ — $ 4 $ 5 $ 54 32 $ 1.69
Consolidated $ 999 $ 33 $ 83 $
58 $ 10 $ 12 $ 131 $ 1,326
(1)
Excludes Depreciation and amortization and
Reclamation and remediation.
(2)
Includes by-product credits of $18.
(3)
Includes stockpile and leach pad inventory adjustments of $24 at
Yanacocha, $9 at Carlin, $8 at Twin Creeks and $5 at Akyem.
(4)
Reclamation costs include operating accretion of $21 and
amortization of asset retirement costs of $12.
(5)
Advanced projects, research and
development and Exploration of $5 at Long Canyon, $5 at Tanami, $1
at Ahafo, $4 at Akyem, and $3 at Yanacocha are recorded in “Other”
of the respective region for development projects.
(6)
Other expense, net is adjusted for
acquisition costs of $3 and restructuring and other costs of
$1.
(7)
Excludes development capital expenditures, capitalized interest and
changes in accrued capital, totaling $52. The following are major
development projects: Merian, Subika Underground, and the Tanami
and Ahafo mill expansions.
Advanced
Projects, Research and Treatment
All-In Costs Development General
Other and All-In Ounces
Sustaining Three Months Ended Applicable
Reclamation and and Expense,
Refining Sustaining Sustaining
(000)/Pounds Costs per June 30, 2016 to
Sales (1)(2)(3) Costs (4)
Exploration(5) Administrative Net
(6) Costs Capital (7) Costs
(millions) Sold oz/lb Gold Carlin $ 184 $ 1 $
4 $ 2 $ — $ — $ 38 $ 229 203 $ 1,128 Phoenix 39 1 1 1 — 2 3 47 50
940 Twin Creeks 58 1 2 — — — 12 73 115 635 Long Canyon — — — — — —
— — — — CC&V 58 1 1 1 — — 2 63 115 548 Other North America
— — 12 — — 1 2
15 — — North America 339 4 20
4 — 3 57 427 483 884
Yanacocha 120 14 11 2 1 1 24 173 154 1,123 Merian — — — — —
— — — — — Other South America — — 21 —
— — — 21 — — South America
120 14 32 2 1 1 24
194 154 1,260 Boddington 141 2 — — — 5 10 158
198 798 Tanami 64 — 3 — — — 20 87 144 604 Kalgoorlie 67 1 2 — — 2 5
77 96 802 Other Australia — — 2 5
2 — 1 10 — — Australia
272 3 7 5 2 7 36
332 438 758 Ahafo 60 1 7 — — — 16 84 91 923 Akyem 56
2 3 — — — 5 66 115 574 Other Africa — — —
1 — — — 1 — — Africa
116 3 10 1 — — 21
151 206 733 Corporate and Other —
— 13 50 — — 3 66 —
— Total Gold $ 847 $ 24 $ 82 $ 62 $ 3 $ 11 $ 141 $ 1,170
1,281 $ 913
Copper Phoenix $ 22 $ — $ — $ — $ — $ 1 $
2 $ 25 11 $ 2.27 Boddington 33 — — —
— 3 2 38 18 2.11 Total Copper $
55 $ — $ — $ — $ — $ 4 $ 4 $ 63 29 $ 2.17
Consolidated $ 902 $ 24 $ 82 $ 62 $ 3 $
15 $ 145 $ 1,233
(1)
Excludes Depreciation and amortization and
Reclamation and remediation.
(2)
Includes by-product credits of $12.
(3)
Includes stockpile and leach pad inventory adjustments of $26 at
Yanacocha, $23 at Carlin and $8 at Twin Creeks.
(4)
Reclamation costs include operating accretion of $15 and
amortization of asset retirement costs of $9.
(5)
Advanced projects, research and
development and Exploration of $7 at Long Canyon and $11 at Merian
are recorded in “Other” of the respective region for development
projects.
(6)
Other expense, net is adjusted for
restructuring and other costs of $6, write-downs of $4, and
acquisition costs of $2.
(7)
Excludes development capital expenditures, capitalized interest and
changes in accrued capital, totaling $138. The following are major
development projects: Merian, Long Canyon, and the CC&V and
Tanami expansions.
Advanced
Projects, Research and Treatment All-In
Costs Development General Other
and All-In Ounces Sustaining Six
Months Ended Applicable Reclamation and
and Expense, Refining Sustaining
Sustaining (000)/Pounds Costs per June 30,
2017 to Sales (1)(2)(3) Costs (4)
Exploration(5) Administrative Net
(6) Costs Capital (7) Costs
(millions) Sold oz/lb Gold Carlin $ 363 $ 3 $
8 $ 1 $ — $ — $ 95 $ 470 430 $ 1,093 Phoenix 89 3 4 — — 6 6 108 101
1,069 Twin Creeks 108 2 4 1 — — 17 132 201 657 Long Canyon 25 1 — —
— — 1 27 77 351 CC&V 144 2 7 1 — — 8 162 251 645 Other North
America — — 17 — 3 —
2 22 — — North America 729 11
40 3 3 6 129 921 1,060
869 Yanacocha 253 32 7 2 3 — 20 317 268 1,183 Merian
112 — 8 — — — 8 128 228 561 Other South America — —
24 6 1 — — 31 — —
South America 365 32 39 8 4
— 28 476 496 960 Boddington 269
3 1 — — 9 26 308 395 780 Tanami 108 1 1 — — — 24 134 174 770
Kalgoorlie 107 1 3 — — — 8 119 174 684 Other Australia —
— 11 4 — — 2 17 —
— Australia 484 5 16 4 —
9 60 578 743 778 Ahafo 136 3 11
— 2 — 19 171 183 934 Akyem 135 6 1 — 1 — 10 153 258 593 Other
Africa — — 12 5 — —
— 17 — — Africa 271 9 24
5 3 — 29 341 441 773
Corporate and Other — — 26 93
5 — 3 127 — — Total Gold $ 1,849
$ 57 $ 145 $ 113 $ 15 $ 15 $ 249 $ 2,443 2,740 $ 892
Copper Phoenix $ 34 $ 1 $ — $ — $ — $ 1 $ 5 $ 41 20 $ 2.05
Boddington 49 1 — — — 6
3 59 38 1.55 Total Copper $ 83 $ 2 $ — $ — $ —
$ 7 $ 8 $ 100 58 $ 1.72
Consolidated $ 1,932 $ 59 $ 145 $ 113 $ 15 $ 22 $ 257 $
2,543
(1)
Excludes Depreciation and amortization and
Reclamation and remediation.
(2)
Includes by-product credits of $29.
(3)
Includes stockpile and leach pad inventory adjustments of $27 at
Carlin, $11 at Twin Creeks, $30 at Yanacocha, $13 at Ahafo and $5
at Akyem.
(4)
Reclamation costs include operating accretion of $42 and
amortization of asset retirement costs of $17.
(5)
Advanced projects, research and
development and Exploration of $10 at Long Canyon, $5 at Ahafo, $8
at Tanami, $5 at Yanacocha and $5 at Akyem are recorded in “Other”
of the respective region for development projects.
(6)
Other expense, net is adjusted for
restructuring and other costs of $8, acquisition costs of $5 and
write-downs of $3.
(7)
Excludes development capital expenditures, capitalized interest and
changes in accrued capital, totaling $106. The following are major
development projects: Merian, Long Canyon, Tanami expansions,
Subika Underground and Ahafo mill expansion.
Advanced
Projects, Research and Treatment
All-In Costs Development General
Other and All-In Ounces
Sustaining Six Months Ended Applicable
Reclamation and and Expense,
Refining Sustaining Sustaining
(000)/Pounds Costs per June 30, 2016 to
Sales (1)(2)(3) Costs (4)
Exploration(5) Administrative Net
(6) Costs Capital (7) Costs
(millions) Sold oz/lb Gold Carlin $ 373 $ 2 $
7 $ 3 $ — $ — $ 70 $ 455 411 $ 1,107 Phoenix 88 2 1 1 — 5 5 102 103
990 Twin Creeks 118 2 4 — — — 18 142 251 566 Long Canyon — — — — —
— — — — — CC&V 91 2 4 1 — — 2 100 170 588 Other North America
— — 19 — 2 1 2
24 — — North America 670 8 35
5 2 6 97 823 935 880
Yanacocha 248 28 20 5 2 1 38 342 333 1,027 Merian — — — — —
— — — — — Other South America — — 30 2
— — — 32 — — South America
248 28 50 7 2 1 38
374 333 1,123 Boddington 252 3 — — — 10 19 284
361 787 Tanami 123 1 6 — — — 34 164 245 669 Kalgoorlie 132 2 3 — —
3 8 148 184 804 Other Australia — — 3 8
3 — 1 15 — — Australia
507 6 12 8 3 13 62
611 790 773 Ahafo 117 3 12 — — — 26 158 178 888 Akyem
111 4 4 — — — 12 131 230 570 Other Africa — —
1 2 — — — 3 — — Africa
228 7 17 2 — — 38
292 408 716 Corporate and Other —
— 25 93 1 — 5 124
— — Total Gold $ 1,653 $ 49 $ 139 $ 115 $ 8 $ 20 $ 240 $
2,224 2,466 $ 902
Copper Phoenix $ 44 $ 1 $ — $ — $ —
$ 2 $ 3 $ 50 21 $ 2.38 Boddington 56 — —
— — 6 4 66 33 2.00 Total
Copper $ 100 $ 1 $ — $ — $ — $ 8 $ 7 $ 116 54 $ 2.15
Consolidated $ 1,753 $ 50 $ 139
$ 115 $ 8 $ 28 $ 247 $ 2,340
(1)
Excludes Depreciation and amortization and
Reclamation and remediation.
(2)
Includes by-product credits of $22.
(3)
Includes stockpile and leach pad inventory adjustments of $54 at
Yanacocha, $43 at Carlin and $10 at Twin Creeks.
(4)
Reclamation costs include operating accretion of $31 and
amortization of asset retirement costs of $19.
(5)
Advanced projects, research and
development and Exploration of $13 at Long Canyon and $14 at Merian
are recorded in “Other” of the respective region for development
projects.
(6)
Other expense, net is adjusted for
restructuring and other costs of $19, write-downs of $4, and
acquisition costs of $2.
(7)
Excludes development capital expenditures, capitalized interest and
changes in accrued capital, totaling $316. The following are major
development projects: Merian, Long Canyon, and the CC&V and
Tanami expansions.
Similar to the historical AISC amounts presented above, AISC
outlook is also a non-GAAP financial measure. A reconciliation of
the 2017 Gold AISC outlook range to the 2017 CAS outlook range is
provided below. The estimates in the table below are considered
“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.
2017 Outlook - Gold Outlook
range Low High Costs Applicable to
Sales (1)(2) $ 3,715 $ 4,065 Reclamation Costs (3) 110 130 Advanced
Projects and Exploration 325 375 General and Administrative 215 240
Other Expense 5 30 Treatment and Refining Costs 20 40 Sustaining
Capital (4) 575 675 All-in Sustaining Costs $ 4,930 $
5,430 Ounces (000) Sold 5,400 5,800 All-in Sustaining
Costs per oz (5) $ 900 $ 950
(1)
Excludes Depreciation and amortization and
Reclamation and remediation.
(2)
Includes stockpile and leach pad inventory adjustments.
(3)
Reclamation costs include operating accretion and amortization of
asset retirement costs.
(4)
Excludes development capital expenditures, capitalized interest and
change in accrued capital.
(5)
The reconciliation above is provided for illustrative purposes in
order to better describe management’s estimates of the components
of the calculation. Ranges for each component of the
forward-looking All-in sustaining costs per ounce are independently
calculated and, as a result, the total All-in sustaining costs and
the All-in sustaining costs per ounce may not sum to the component
ranges. While a reconciliation to the most directly comparable GAAP
measure has been provided for 2017 AISC Gold Outlook on a
consolidated basis, a reconciliation has not been provided on an
individual site-by-site basis or for longer-term outlook in
reliance on Item 10(e)(1)(i)(B) of Regulation S-K because such
reconciliation is not available without unreasonable efforts. See
the Cautionary Statement at the end of this news release for
additional information.
Net average realized price per ounce/
pound
Average realized price per ounce/ pound are non-GAAP financial
measures. The measures are calculated by dividing the Net
consolidated gold and copper sales by the consolidated gold ounces
or copper pounds sold, respectively. These measures are calculated
on a consistent basis for the periods presented on a consolidated
basis. Average realized price per ounce/ pound statistics are
intended to provide additional information only, do not have any
standardized meaning prescribed by GAAP and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with GAAP. The measures are not
necessarily indicative of operating profit or cash flow from
operations as determined under GAAP. Other companies may calculate
these measures differently.
The following tables reconcile these non-GAAP measures to the
most directly comparable GAAP measure:
Three Months Ended Six Months
Ended June 30, June 30, 2017
2016 2017 2016 Sales $ 1,875 $
1,669 $ 3,534 $ 3,131 Consolidated copper sales, net (76 )
(57 ) (147 ) (108 ) Consolidated gold sales,
net $ 1,799 $ 1,612 $ 3,387 $ 3,023 Consolidated gold sales:
Gross before provisional pricing $ 1,808 $ 1,615 $ 3,395 $ 3,018
Provisional pricing mark-to-market (1 ) 6
7 22 Gross after provisional pricing
1,807 1,621 3,402 3,040 Treatment and refining charges (8 )
(9 ) (15 ) (17 ) Net $ 1,799 $ 1,612
$ 3,387 $ 3,023 Consolidated gold ounces sold
(thousands) 1,439 1,281 2,740 2,466 Average realized gold price
(per ounce): Gross before provisional pricing $ 1,256 $ 1,260 $
1,239 $ 1,224 Provisional pricing mark-to-market —
4 3 9 Gross after
provisional pricing 1,256 1,264 1,242 1,233 Treatment and refining
charges (6 ) (7 ) (6 ) (7 ) Net $ 1,250
$ 1,257 $ 1,236 $ 1,226
Three Months Ended Six Months Ended June 30,
June 30, 2017 2016 2017 2016
Sales $ 1,875 $ 1,669 $ 3,534 $ 3,131 Consolidated gold sales, net
(1,799 ) (1,612 ) (3,387 ) (3,023 )
Consolidated copper sales, net $ 76 $ 57 $ 147 $ 108
Consolidated copper sales: Gross before provisional pricing $ 81 $
63 $ 151 $ 116 Provisional pricing mark-to-market (1 )
(2 ) 3 — Gross after provisional
pricing 80 61 154 116 Treatment and refining charges (4 )
(4 ) (7 ) (8 ) Net $ 76 $ 57 $
147 $ 108 Consolidated copper pounds sold (millions)
32 29 58 54 Average realized copper price (per pound): Gross before
provisional pricing $ 2.60 $ 2.19 $ 2.62 $ 2.16 Provisional pricing
mark-to-market (0.02 ) (0.05 ) 0.06
— Gross after provisional pricing 2.58 2.14 2.68 2.16
Treatment and refining charges (0.12 ) (0.14 )
(0.12 ) (0.14 ) Net $ 2.46 $ 2.00 $ 2.56
$ 2.02
Gold By-Product Metrics
Copper is a by-product often obtained during the process of
extracting and processing the primary ore-body. In our GAAP
Condensed Consolidated Financial Statements, the value of these
by-products is recorded as a credit to our CAS and the value of the
primary ore is recorded as Sales. In certain instances, copper is a
co-product, or significant resource in the primary ore-body, and
the revenue is recorded as Sales in our GAAP Condensed Consolidated
Financial Statements.
Gold By-Product Metrics are non-GAAP financial measures that
serve as a basis for comparing the Company’s performance with
certain competitors. As Newmont’s operations are primarily focused
on gold production, “Gold By-Product Metrics” were developed to
allow investors to view Sales, CAS per ounce and AISC per ounce
calculations that classify all copper production as a by-product,
even when copper is the primary ore-body. These metrics are
calculated by subtracting copper sales recognized from Sales and
including these amounts as offsets to CAS.
Gold By-Product Metrics are calculated on a consistent basis for
the periods presented on a consolidated basis. These metrics are
intended to provide supplemental information only, 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. 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 IFRS.
The following tables reconcile these non-GAAP measures to the
most directly comparable GAAP measures:
Three Months Ended Six Months
Ended June 30, June 30, 2017
2016 2017 2016 Consolidated gold
sales, net $ 1,799 $ 1,612 $ 3,387 $ 3,023 Consolidated copper
sales, net 76 57 147
108 Sales $ 1,875 $ 1,669 $ 3,534
$ 3,131 Costs applicable to sales $ 999 $ 902
$ 1,932 $ 1,753 Less: Consolidated copper sales, net (76 )
(57 ) (147 ) (108 ) By-Product costs
applicable to sales $ 923 $ 845 $ 1,785 $
1,645 Gold sold (thousand ounces) 1,439
1,281 2,740 2,466 Total Gold CAS
per ounce (by-product) $ 641 $ 660 $ 651 $ 667
Total AISC $ 1,326 $ 1,233 $ 2,543 $ 2,340 Less:
Consolidated copper sales, net (76 ) (57 )
(147 ) (108 ) By-Product AISC $ 1,250 $ 1,176
$ 2,396 $ 2,232 Gold sold (thousand ounces)
1,439 1,281 2,740 2,466
Total Gold AISC per ounce (by-product) $ 869 $ 918
$ 874 $ 905
Conference call information
Newmont Mining Corporation (NYSE: NEM) announced it will report
second quarter 2017 operations and financial results before the
market opens on Tuesday, July 25, 2017 and will hold a
conference call at 11:00 a.m. Eastern Time (9:00 a.m. Mountain
Time) the same day. The earnings call will also be carried on
the Company’s website.
Conference Call
Details
Dial-In Number 866.270.1533 Intl
Dial-In Number 412.317.0797 Conference Name Newmont Mining Replay
Number 877.344.7529 Intl Replay Number 412.317.0088 Replay Access
Code 10107696
Webcast DetailsURL:
http://event.on24.com/wcc/r/1397572/B9DBFD200B9DC7BDAFC82869BC8A03F7
The second quarter 2017 results will be available before the
market opens on Tuesday, July 25, 2017 on the “Investor Relations”
section of the Company’s website, www.newmont.com. Additionally,
the conference call will be archived for a limited time on the
Company’s website.
Cautionary Statement Regarding Forward Looking Statements,
Including Outlook:
This release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
which are intended to be covered by the safe harbor created by such
sections and other applicable laws. Such forward-looking statements
may include, without limitation: (i) estimates of future production
and sales; (ii) estimates of future costs applicable to sales and
all-in sustaining costs; (iii) estimates of future capital
expenditures; (iv) estimates of future cost reductions and
efficiencies; (v) expectations regarding the development, growth
and potential of the Company’s operations, projects and investment,
including, without limitation, expected returns, life of mine,
commercial start and first production and upside; (vi) expectations
regarding future debt repayments; and (vii) expectations regarding
future free cash flow generation, liquidity and balance sheet
strength. Estimates or expectations of future events or results are
based upon certain assumptions, which may prove to be incorrect.
Such assumptions, include, but are not limited to: (i) there being
no significant change to current geotechnical, metallurgical,
hydrological and other physical conditions; (ii) permitting,
development, operations and expansion of the Company’s operations
and projects being consistent with current expectations and mine
plans; (iii) political developments in any jurisdiction in which
the Company operates being consistent with its current
expectations; (iv) certain exchange rate assumptions for the
Australian dollar to the U.S. dollar, as well as other the exchange
rates being approximately consistent with current levels; (v)
certain price assumptions for gold, copper and oil; (vi) prices for
key supplies being approximately consistent with current levels;
(vii) the accuracy of our current mineral reserve and mineralized
material estimates; and (viii) other assumptions noted herein.
Where the Company expresses or implies an expectation or belief as
to future events or results, such expectation or belief is
expressed in good faith and believed to have a reasonable basis.
However, such statements are subject to risks, uncertainties and
other factors, which could cause actual results to differ
materially from future results expressed, projected or implied by
the “forward-looking statements”. Other risks relating to forward
looking statements in regard to the Company’s business and future
performance may 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 2016 Annual Report on Form 10-K, filed on February 21,
2017, with the Securities and Exchange Commission (SEC), and as
well as the Company’s other SEC filings. The Company does not
undertake any obligation to release publicly revisions to any
“forward-looking statement,” including, without limitation,
outlook, to reflect events or circumstances after the date of this
news release, or to reflect the occurrence of unanticipated events,
except as may be required under applicable securities laws.
Investors should not assume that any lack of update to a previously
issued “forward-looking statement” constitutes a reaffirmation of
that statement. Continued reliance on “forward-looking statements”
is at investors' own risk.
Investors are reminded that this news release should be read in
conjunction with Newmont’s Form 10-Q expected to be filed on or
about July 25, 2017 with the SEC (also available at
www.newmont.com).
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170725005725/en/
Newmont Mining CorporationInvestor
ContactsMeredith Bandy,
303-837-5143meredith.bandy@newmont.comorMedia
ContactsOmar Jabara, 303-837-5114omar.jabara@newmont.com
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