Newmont (NYSE: NEM, TSX: NGT) (Newmont or the Company) today
announced it successfully completed the sale of its 50 percent
stake in Kalgoorlie Consolidated Gold Mines (KCGM) to Northern Star
Resources Limited (ASX: NST) (Northern Star) receiving cash
proceeds of $800 million.
“Newmont is pleased to complete the sale of KCGM to Northern
Star and hand over the asset in good order to a well-established
gold producer with a commitment to safety, community development
and responsible environmental practices,” said Tom Palmer,
President and Chief Executive Officer. “Proceeds from the
transaction will support Newmont’s disciplined approach to capital
allocation, which includes strategically reinvesting in the
business, strengthening the Company’s investment-grade balance
sheet and returning cash to shareholders,” Palmer added.
Total proceeds from the transaction include a $25 million
payment that gives Northern Star specified exploration tenements,
transitional services support and an option to exclusively
negotiate for the purchase of Newmont’s Kalgoorlie power business
for a 120 day period. The $25 million payment will be credited
against the purchase price for the power business or $22.5 million
would be returned to Northern Star if the power business is sold to
a third party.
Combined with the previously announced agreements to sell Red
Lake in Canada for $375 million and the Company’s stake in
Continental Gold for $260 million, Newmont has met its divestiture
target of $1.0 to $1.5 billion, with more than $1.4 billion in cash
proceeds expected to be received in the first quarter of 2020. The
sale of KCGM further streamlines Newmont’s portfolio, with 12
top-tier assets located on four continents in the world’s most
favorable gold mining jurisdictions.
Following the divestiture of KCGM, the Company is updating its
2020 guidance and long-term outlook1.
- Attributable gold production2: Production guidance is
expected to be 6.4 million ounces for 2020 and between 6.2 and 6.7
million ounces longer-term through 2024.
- Gold costs applicable to sales (CAS):CAS guidance is
unchanged at $750 per ounce for 2020 and between $650 and $750 per
ounce for 2021 and 2022; CAS is expected to be between $600 and
$700 per ounce for 2023 and 2024.
- Gold all-in sustaining costs3(AISC): AISC
guidance is unchanged at $975 per ounce for 2020 and between $850
and $950 per ounce for 2021 and 2022; AISC is expected to be
between $800 and $900 per ounce for 2023 and 2024.
- Capital: Attributable sustaining capital guidance has
been lowered to $950 million for 2020 and between $0.9 to $1.1
billion longer-term through 2024.
- Consolidated expense outlook: The 2020 outlook for
general & administrative costs is unchanged at $265 million,
depreciation and amortization has been lowered to $2,125 million,
and investment in exploration and advanced projects has decreased
to $450 million. Outlook for interest expense and adjusted tax rate
remains unchanged.
_______________________________
1 Outlook guidance used in this release are considered
“forward-looking statements” and users are cautioned that actual
results may vary; refer to the cautionary statement at the end of
this release. 2 Attributable gold production outlook includes the
Company’s equity investment (40%) in Pueblo Viejo but does not
include other equity investments. 3 AISC as used in the Company’s
outlook is a non-GAAP metric – see end of this release for
information and reconciliation to CAS outlook.
Australia region:
- Australia remains a core operating region for Newmont, and the
sale of KCGM allows the Company to focus on investing in profitable
growth and long-term value creation at our world class Tanami and
Boddington complexes, in addition to Newmont’s active exploration
campaigns across the region. The following table shows the
Company’s revised production and improved cost outlook for the
Australia region over the next three years.
2020
2021
2022
Moz
1.2
1.2 - 1.4
1.3 - 1.5
CAS/oz
$700
$575 - $675
$500 - $600
AISC/oz
$900
$775 - $875
$650 - $750
Newmont has the strongest and most sustainable portfolio of
operations, projects and exploration prospects in the gold sector.
These assets allow the Company to sequence profitable projects in
its unmatched pipeline to sustain stable gold production over a
decades-long time horizon in top-tier jurisdictions around the
globe.
2020 Outlooka
2020 Outlook +/- 5% ConsolidatedProduction
AttributableProduction ConsolidatedCAS
ConsolidatedAll-in SustainingCostsb
ConsolidatedSustainingCapitalExpenditures
ConsolidatedDevelopmentCapitalExpenditures
AttributableSustainingCapitalExpenditures
AttributableDevelopmentCapitalExpenditures (Koz, GEOs
Koz) (Koz, GEOs Koz) ($/oz) ($/oz)
($M) ($M) ($M) ($M) North
America
1,675
1,675
805
995
335
60
335
60
South America
1,290
1,345
790
940
135
175
100
125
Australia
1,180
1,180
700
900
185
270c
185
270c
Africa
850
850
710
870
95
70
95
70
Nevada Gold Minesd
1,375
1,375
690
880
185
45
185
45
Total Golde
6,300
6,400e
750
975
975f
625
950f
575
Total Co-products
1,105
1,105
560
880
2020 Consolidated Expense Outlook ($M) +/-5% General
& Administrative
265
Interest Expense
300
Depreciation and Amortization
2,125
Advanced Projects & Exploration
450
Adjusted Tax Rateg,h
38%-42%
Federal Tax Rateh
29%-33%
Mining Tax Rateh
8%-10%
2020 Site Outlooka as of January 2, 2020
ConsolidatedProduction AttributableProduction
ConsolidatedCAS ConsolidatedAll-in SustainingCostsb
ConsolidatedSustainingCapitalExpenditures
ConsolidatedDevelopmentCapitalExpenditures (Koz)
(Koz) ($/oz) ($/oz) ($M) ($M)
CC&V
285
285
1,000
1,175
35
Éléonore
355
355
760
915
50
10
Peñasquito
575
575
570
725
165
Porcupine
325
325
795
975
40
Musselwhite
140
140
1,460
1,930
50
50
Other North America
Cerro Negro
405
405
560
710
45
75
Yanacochai
415
215
1,105
1,260
35
100
Meriani
465
350
715
840
50
Pueblo Viejo
375
Other South America
Boddington
700
700
855
1,015
95
40
Tanami
480
480
455
685
85
225c
Other Australia
5
Ahafo
480
480
810
960
60
30
Akyem
365
365
575
695
25
10
Ahafo North
25
Other Africa
5
Nevada Gold Minesd
1,375
1,375
690
880
185
45
Corporate/Other
30
Peñasquito - Co-products (GEO)j
975
975
515
805
Boddington - Co-product (GEO)j
130
130
910
1,105
Peñasquito - Zinc (Mlbs)
425
425
Peñasquito - Lead (Mlbs)
200
200
Peñasquito - Silver (Moz)
30
30
Boddington - Copper (Mlbs)
55
55
a2020 outlook projections used in this presentation are
considered forward-looking statements and represent management’s
good faith estimates or expectations of future production results
as of January 2, 2019. Outlook is based upon certain assumptions,
including, but not limited to, metal prices, oil prices, certain
exchange rates and other assumptions. For example, 2020 Outlook
assumes $1,200/oz Au, $16/oz Ag, $2.75/lb Cu, $1.20/lb Zn, $0.95/lb
Pb, $0.75 USD/AUD exchange rate, $0.77 USD/CAD exchange rate and
$60/barrel WTI; AISC and CAS estimates do not include inflation,
for the remainder of the year. Production, CAS, AISC and capital
estimates exclude projects that have not yet been approved. 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. Assumptions used for purposes of Outlook may prove
to be incorrect and actual results may differ from those
anticipated, including variation beyond a +/-5% range. Outlook
cannot be guaranteed. As such, investors are cautioned not to place
undue reliance upon Outlook and forward-looking statements as there
can be no assurance that the plans, assumptions or expectations
upon which they are placed will occur. Amounts may not recalculate
to totals due to rounding. See cautionary at the end of this
release. bAll-in sustaining costs or AISC as used in the Company’s
Outlook is a non-GAAP metric; see below for further information and
reconciliation to consolidated 2020 CAS outlook. cIncludes finance
lease payments related to the Tanami Power Project paid over a 10
year term beginning in 2019. dRepresents the ownership interest in
the Nevada Gold Mines (NGM) joint venture. NGM is owned 38.5% by
Newmont Goldcorp and owned 61.5% and operated by Barrick. The
Company accounts for its interest in NGM using the proportionate
consolidation method, thereby recognizing its pro-rata share of the
assets, liabilities and operations of NGM. eAttributable gold
production outlook includes the Company’s equity investment (40%)
in Pueblo Viejo with ~375Koz in 2020; does not include the
Company’s other equity investments. fTotal sustaining capital
includes ~$30 million of corporate and other spend. gThe adjusted
tax rate excludes certain items such as tax valuation allowance
adjustments. hAssuming average prices of $1,400 per ounce for gold,
$16 per ounce for silver, $2.75 per pound for copper, $0.95 per
pound for lead, and $1.20 per pound for zinc and achievement of
current production and sales volumes and cost estimates, we
estimate our consolidated adjusted effective tax rate related to
continuing operations for 2020 will be between 38%-42%.
iConsolidated 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. jGold equivalent ounces (GEO) is calculated as pounds or
ounces produced multiplied by the ratio of the other metal’s price
to the gold price, using Gold ($1,200/oz.), Copper ($2.75/lb.),
Silver ($16/oz.), Lead ($0.95/lb.), and Zinc ($1.20/lb.)
pricing.
Longer-term Outlook
Outlook 2020E (+/- 5%) 2021E
2022E 2023E 2024E Attributable Production
(koz)
6,400
6,200 - 6,700
6,200 - 6,700
6,200 - 6,700
6,200 - 6,700
Attributable Co-products (GEOs Koz)
1,105
1,000 - 1,200
1,100 - 1,300
1,300 - 1,500
1,300 - 1,500
Consolidated Gold CAS ($/oz)
750
650 - 750
650 - 750
600 - 700
600 - 700
Consolidated Gold All-in Sustaining Costs ($/oz)
975
850 - 950
850 - 950
800 - 900
800 - 900
Attributable Sustaining Capital Expenditures ($M)
950
900 - 1,100
900 - 1,100
900 - 1,100
900 - 1,100
Attributable Development Capital Expenditures ($M)
575
500 - 600
300 - 400
100 - 200
0 - 100
Consolidated Sustaining Capital Expenditures ($M)
975
900 - 1,100
900 - 1,100
900 - 1,100
900 - 1,100
Consolidated Development Capital Expenditures ($M)
625
500 - 600
300 - 400
100 - 200
0 - 100
The estimates in the table above 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.
In developing this outlook, Newmont management applied a number
of hypothetical assumptions in respect of a number of future
matters that impact outlook. For example, longer-term Outlook
assumes $1,200/oz Au, $16/oz Ag, $2.75/lb Cu, $1.20/lb Zn, $0.95/lb
Pb, $0.75 USD/AUD exchange rate, $0.77 USD/CAD exchange rate and
$60/barrel WTI. There can be no assurance that such assumptions are
correct, that such projects will be approved or that outlook will
be achieved.
For a more discussion of risks and other factors that might
impact future looking statements, see the Company’s Quarterly
Report on Form 10-Q for the quarter ended September 30 2019,
available on the SEC website or www.newmontgoldcorp.com, including
without limitation the risk factors under the heading “We may not
realize the anticipated benefits of the Newmont Goldcorp
Transaction and the integration of Goldcorp and Newmont may not
occur as planned”, “To the extent we are unable to control all
activities of any joint ventures or joint operations in which we
hold an interest, the success of such operations will be beyond our
control” and other descriptions in the “Risk Factors” section.
A reconciliation has not been provided for longer-term AISC
outlook in reliance on Item 10(e)(1)(i)(B) of Regulation S-K
because such reconciliation is not available without unreasonable
efforts.
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.
Costs applicable to sales per ounce/gold equivalent
ounce
Costs applicable to sales per ounce/gold equivalent ounce are
non-GAAP financial measures. These measures are calculated by
dividing the costs applicable to sales of gold and other metals by
gold ounces or gold equivalent ounces sold, respectively. These
measures are calculated for the periods presented on a consolidated
basis. Costs applicable to sales per ounce/gold equivalent ounce
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.
All-In Sustaining Costs
Newmont has developed 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 provides investors
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 (i.e. non-sustaining)
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 for the period
ended September 30, 2019. 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 other metals. The other metals’
CAS at the Peñasquito, Boddington, and Phoenix mines is disclosed
in Note 5 to the Condensed Consolidated Financial Statements. The
allocation of CAS between gold and other metals is based upon the
relative sales value of gold and other metals produced during the
period.
Reclamation costs. Includes accretion expense related to
Reclamation liabilities and the amortization of the related Asset
Retirement Cost (“ARC”) for the Company’s operating properties.
Accretion related to the Reclamation liabilities 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
other metals is determined using the same allocation used in the
allocation of CAS between gold and other metals.
Advanced projects, research and development and exploration.
Includes incurred expenses related to projects that are designed to
sustain 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 to sustain
production at existing operations. As these costs relate to
sustaining our production, and are 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 incurred expenses
related to the development of new operations, or related to major
projects at existing operations where these projects will
materially benefit the operation in the future. The allocation of
these costs to gold and other metals is determined using the same
allocation used in the allocation of CAS between gold and other
metals.
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. 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 other metals is
determined using the same allocation used in the allocation of CAS
between gold and other metals.
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. The
allocation of these costs to gold and other metals is determined
using the same allocation used in the allocation of CAS between
gold and other metals.
Sustaining capital and finance lease payments. We determined
sustaining capital and finance lease payments as those capital
expenditures and finance lease payments that are necessary to
maintain current production and execute the current mine plan.
Sustaining finance lease payments are included beginning in 2019 in
connection with the adoption of ASC 842. Refer to Note 2 in the
Condensed Consolidated Financial Statements for further details. We
determined development (i.e. non-sustaining) capital expenditures
and finance lease payments to be those payments used to develop new
operations or related to projects at existing operations where
those projects will materially benefit the operation. The
classification of sustaining and development capital projects and
finance leases is based on a systematic review of our project
portfolio in light of the nature of each project. Sustaining
capital and finance lease payments 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 other metals is determined using the same
allocation used in the allocation of CAS between gold and other
metals.
A reconciliation of the 2020 Gold AISC outlook to the 2020 Gold
CAS outlook, 2020 Co-product AISC outlook to the 2020 Co-product
CAS outlook are 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.
2020 Outlook - Gold 7,8 Outlook Estimate
(in millions, except ounces and per ounce)
Cost Applicable to Sales 1,2
4,725
Reclamation Costs 3
110
Advance Project and Exploration 4
175
General and Administrative 5
240
Other Expense
10
Treatment and Refining Costs
35
Sustaining Capital 6
855
Sustaining Finance Lease Payments
30
All-in Sustaining Costs
6,150
Ounces (000) Sold 9
6,300
All-in Sustaining Costs per Oz
$975
(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)
Advanced Project and Exploration excludes non-sustaining advanced
projects and exploration.
(5)
Includes stock based compensation.
(6)
Excludes development capital expenditures, capitalized interest and
change in accrued capital.
(7)
The reconciliation is provided for illustrative purposes in order
to better describe management’s estimates of the components of the
calculation. Estimates 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 2020 AISC Gold and Co-Product Outlook on a
consolidated basis, a reconciliation has not been provided on an
individual site or project basis in reliance on Item 10(e)(1)(i)(B)
of Regulation S-K because such reconciliation is not available
without unreasonable efforts.
(8)
All values are presented on a consolidated basis for combined
Newmont Goldcorp.
(9)
Consolidated production for Yanacocha and Merian is presented on a
total production basis for the mine site and excludes production
from Pueblo Viejo.
2020 Outlook - Co-Product 7,8 Outlook
Estimate (in millions, except GEO and per GEO)
Cost Applicable to Sales 1,2
620
Reclamation Costs 3
10
Advance Project and Exploration 4
10
General and Administrative 5
25
Other Expense
-
Treatment and Refining Costs
160
Sustaining Capital 6
120
Sustaining Finance Lease Payments
20
All-in Sustaining Costs
975
Co-Product GEO (000) Sold 9
1,105
All-in Sustaining Costs per Co Product GEO
$880
(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)
Advanced Project and Exploration excludes non-sustaining advanced
projects and exploration.
(5)
Includes stock based compensation.
(6)
Excludes development capital expenditures, capitalized interest and
change in accrued capital.
(7)
The reconciliation is provided for illustrative purposes in order
to better describe management’s estimates of the components of the
calculation. Estimates 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 2020 AISC Gold and Co-Product Outlook on a
consolidated basis, a reconciliation has not been provided on an
individual site or project basis in reliance on Item 10(e)(1)(i)(B)
of Regulation S-K because such reconciliation is not available
without unreasonable efforts.
(8)
All values are presented on a consolidated basis for combined
Newmont Goldcorp.
(9)
Co-Product GEO are all non gold co-products (Peñasquito silver,
zinc, lead, and Boddington copper).
About Newmont
Newmont is the world’s leading gold company and a producer of
copper, silver, zinc and lead. The Company’s world-class portfolio
of assets, prospects and talent is anchored in favorable mining
jurisdictions in North America, South America, Australia and
Africa. Newmont is the only gold producer listed in the S&P 500
Index and is widely recognized for its principled environmental,
social and governance practices. The Company is an industry leader
in value creation, supported by robust safety standards, superior
execution and technical proficiency. Newmont was founded in 1921
and has been publicly traded since 1925.
Cautionary Statement Regarding Forward Looking Statements,
Including Outlook:
This news 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. Where a
forward-looking statement 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. Forward-looking statements often
address our expected future business and financial performance and
financial condition; and often contain words such as “anticipate,”
“intend,” “plan,” “will,” “would,” “estimate,” “expect,” “believe,”
“target,” “indicative,” “preliminary,” or “potential.”
Forward-looking statements in this news release may include,
without limitation, (i) expectations regarding the use of proceeds;
(ii) expectations regarding the sale of the power business and
related proceeds; (iii) expectations regarding investment-grade
balance sheet strength and future return of cash to shareholders;
(iv) expectations regarding the closing of the Red Lake and
Continental Gold sales; and (v) expectations of the Company’s 2020
guidance and long-term outlook, including, without limitation,
estimates of future production and sales, future costs applicable
to sales and all-in sustaining costs, future expenses, sustaining
capital and development capital, and other financial outlook and
assumptions. 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 geotechnical, metallurgical,
hydrological and other physical conditions; (ii) permitting,
development, operations and expansion of operations and projects
being consistent with current expectations and mine plans,
including, without limitation, receipt of export approvals; (iii)
political developments in any jurisdiction in which the Company
operates being consistent with expectations; (iv) certain exchange
rate assumptions; (v) certain price assumptions for gold, copper,
silver, zinc, lead and oil; (vi) prices for key supplies being
approximately consistent with assumed levels; (vii) the accuracy of
current mineral reserve and mineralized material estimates; and
(viii) other planning assumptions. In addition, risks that could
cause results to differ from forward-looking statements may include
the inherent uncertainty associated with financial or other
projections, unanticipated difficulties or expenditures relating to
the Goldcorp integration and NGM joint venture, unanticipated
delays to closings of the Red Lake and Continental sales, and
unexpected developments in connection with the sale of the power
business. For a more detailed discussion of risks and other factors
that might impact future looking statements, see the Company’s
Quarterly Report on Form 10-Q for the quarter ended June 30, 2019
under the heading “Risk Factors”, filed with the U.S. Securities
and Exchange Commission (the “SEC”) and available on the SEC
website or www.newmontgoldcorp.com, as well as the Company’s other
SEC filings, including the most recent Quarterly Report on Form
10-Q for the quarter ended September 30, 2019. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200102005543/en/
Media Contact Omar Jabara
303.837.5114 omar.jabara@newmont.com
Investor Contact Jessica Largent
303.837.5484 jessica.largent@newmont.com
Newmont (NYSE:NEM)
Historical Stock Chart
From Apr 2024 to May 2024
Newmont (NYSE:NEM)
Historical Stock Chart
From May 2023 to May 2024