(Mark One) | ||
þ
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the Fiscal Year Ended December 31, 2008 | ||
or
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||
o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the Transition Period From to |
Delaware
(State or Other Jurisdiction of Incorporation or Organization) |
84-1611629 (I.R.S. Employer Identification No.) |
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6363 South Fiddlers Green Circle
Greenwood Village, Colorado (Address of Principal Executive Offices) |
80111 (Zip Code) |
Title of Each Class
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Name of Each Exchange on Which Registered
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Common Stock, $1.60 par value
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New York Stock Exchange |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o |
i
ii
ITEM 1. | BUSINESS (dollars in millions except per share, per ounce and per pound amounts) |
Revenues | Long-Lived Assets | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | |||||||||||||||||||
United States
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31 | % | 29 | % | 29 | % | 26 | % | 29 | % | 24 | % | ||||||||||||
Peru
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26 | % | 20 | % | 32 | % | 13 | % | 13 | % | 11 | % | ||||||||||||
Australia/New Zealand
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17 | % | 15 | % | 15 | % | 20 | % | 15 | % | 20 | % | ||||||||||||
Indonesia
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16 | % | 28 | % | 19 | % | 17 | % | 17 | % | 17 | % | ||||||||||||
Canada
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| | 1 | % | 14 | % | 16 | % | 18 | % | ||||||||||||||
Ghana
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7 | % | 6 | % | 3 | % | 9 | % | 9 | % | 9 | % | ||||||||||||
Other(1)
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3 | % | 2 | % | 1 | % | 1 | % | 1 | % | 1 | % |
(1) | Other includes Mexico and Bolivia. |
1
2
Year
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High | Low | Average | |||||||||
1999
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$ | 326 | $ | 253 | $ | 279 | ||||||
2000
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$ | 313 | $ | 264 | $ | 279 | ||||||
2001
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$ | 293 | $ | 256 | $ | 271 | ||||||
2002
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$ | 349 | $ | 278 | $ | 310 | ||||||
2003
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$ | 416 | $ | 320 | $ | 363 | ||||||
2004
|
$ | 454 | $ | 375 | $ | 410 | ||||||
2005
|
$ | 536 | $ | 411 | $ | 444 | ||||||
2006
|
$ | 725 | $ | 525 | $ | 604 | ||||||
2007
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$ | 841 | $ | 608 | $ | 695 | ||||||
2008
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$ | 1,011 | $ | 713 | $ | 872 | ||||||
2009 (through February 11, 2009)
|
$ | 938 | $ | 810 | $ | 874 |
3
Year
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High | Low | Average | |||||||||
1999
|
$ | 0.84 | $ | 0.61 | $ | 0.71 | ||||||
2000
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$ | 0.91 | $ | 0.73 | $ | 0.82 | ||||||
2001
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$ | 0.83 | $ | 0.60 | $ | 0.72 | ||||||
2002
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$ | 0.77 | $ | 0.64 | $ | 0.71 | ||||||
2003
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$ | 1.05 | $ | 0.70 | $ | 0.81 | ||||||
2004
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$ | 1.49 | $ | 1.06 | $ | 1.30 | ||||||
2005
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$ | 2.11 | $ | 1.39 | $ | 1.67 | ||||||
2006
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$ | 3.99 | $ | 2.06 | $ | 3.05 | ||||||
2007
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$ | 3.77 | $ | 2.37 | $ | 3.24 | ||||||
2008
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$ | 4.08 | $ | 1.26 | $ | 3.15 | ||||||
2009 (through February 11, 2009)
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$ | 1.60 | $ | 1.38 | $ | 1.48 |
4
2008 | 2007 | 2006 | ||||||||||
(millions of equity ounces) | ||||||||||||
Opening balance
|
86.5 | 93.9 | 93.2 | |||||||||
Total
additions(1)
|
5.2 | 0.8 | 5.9 | |||||||||
Acquisitions(2)
|
| | 3.7 | |||||||||
Depletion
|
(6.7 | ) | (7.3 | ) | (7.4 | ) | ||||||
Other
divestments(3)
|
| (0.9 | ) | (1.5 | ) | |||||||
Closing balance
|
85.0 | 86.5 | 93.9 | |||||||||
(1) | The impact of the change in gold price assumption on reserve additions was 1.9 million, 0.7 million and 3.1 million equity ounces in 2008, 2007 and 2006, respectively. | |
(2) | In March 2006, reserves were increased by 2.6 million equity ounces from the acquisition of an additional 22.22% interest in the Boddington project. In January 2006, reserves were increased by 1.1 million equity ounces from the acquisition of the remaining 15% interest in Akyem. | |
(3) | In December 2007, we sold the Pajingo operation. In May 2007, Newmonts economic interest in Batu Hijau was reduced from 52.875% to 45% when a minority owner fully repaid a loan from a Newmont subsidiary. In August 2006, the government of Uzbekistan expropriated the Companys 50% interest in the Zarafshan-Newmont Joint Venture. |
5
6
| Statements regarding future earnings; | |
| Estimates of future mineral production and sales, for specific operations and on a consolidated or equity basis; | |
| Estimates of future costs applicable to sales, other expenses and taxes for specific operations and on a consolidated basis; | |
| Estimates of future cash flows; | |
| Estimates of future capital expenditures and other cash needs, for specific operations and on a consolidated basis, and expectations as to the funding thereof; | |
| Estimates regarding timing of future capital expenditures, construction, production or closure activities; | |
| Statements as to the projected development of certain ore deposits, including the timing of such development, the costs of such development and financing plans for these deposits; | |
| Estimates of reserves and statements regarding future exploration results and reserve replacement and the sensitivity of reserves to metal price changes; | |
| Statements regarding the availability, terms and costs related to future borrowing, debt repayment and financing; | |
| Statements regarding modifications to hedge and derivative positions; | |
| Statements regarding political, economic or governmental conditions and environments; | |
| Statements regarding future transactions; | |
| Statements regarding the impacts of changes in the legal and regulatory environment in which we operate; and | |
| Estimates of future costs and other liabilities for certain environmental matters. |
7
ITEM 1A. | RISK FACTORS (dollars in millions except per share, per ounce and per pound amounts) |
| Risks related to the mining industry generally; and | |
| Risks related to Newmont. |
| Sales or leasing of gold by governments and central banks; | |
| U.S. dollar strength; | |
| Recession or reduced economic activity; | |
| Speculative selling; | |
| Decreased industrial, jewelry or investment demand; | |
| Increased supply from production, disinvestment and scrap; | |
| Sales by producers in forward and other hedging transactions; and | |
| Devaluing local currencies (relative to gold and copper priced in U.S. dollars) leading to lower production costs and higher production in certain regions. |
8
| Reduce revenues further through production declines due to cessation of the mining of deposits, or portions of deposits, that have become uneconomic at the then-prevailing gold or copper price; | |
| Reduce or eliminate the profit that we currently expect from ore stockpiles and ore on leach pads; | |
| Halt or delay the development of new projects; | |
| Reduce funds available for exploration; and | |
| Reduce existing reserves by removing ores from reserves that can no longer be economically processed at prevailing prices. |
9
| Cancellation or renegotiation of contracts; | |
| Disadvantages of competing against companies from countries that are not subject to U.S. laws and regulations, including the Foreign Corrupt Practices Act; | |
| Changes in foreign laws or regulations; | |
| Royalty and tax increases or claims by governmental entities, including retroactive claims; | |
| Expropriation or nationalization of property; | |
| Currency fluctuations (particularly in countries with high inflation); | |
| Foreign exchange controls; |
10
| Restrictions on the ability of local operating companies to sell gold offshore for U.S. dollars, or on the ability of such companies to hold U.S. dollars or other foreign currencies in offshore bank accounts; | |
| Import and export regulations, including restrictions on the export of gold; | |
| Restrictions on the ability to pay dividends offshore; | |
| Risk of loss due to civil strife, acts of war, guerrilla activities, insurrection and terrorism; | |
| Risk of loss due to disease and other potential endemic health issues; and | |
| Other risks arising out of foreign sovereignty over the areas in which our operations are conducted, including risks inherent in contracts with government owned entities. |
11
12
13
14
| Availability of labor, power, transportation, commodities and infrastructure; | |
| Changes in input commodity prices and labor costs; | |
| Fluctuations in currency exchange rates; | |
| Availability and terms of financing; | |
| Difficulty of estimating construction costs over a period of years; | |
| Delays in obtaining environmental or other government permits; | |
| Weather and severe climate impacts; and | |
| Potential delays related to social and community issues. |
15
16
17
ITEM 2. | PROPERTIES (dollars in millions except per share, per ounce and per pound amounts) |
18
19
20
21
22
23
24
Nevada, USA | Yanacocha, Peru | |||||||||||||||||||||||
Year Ended December 31,
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2008 | 2007 | 2006 | 2008 | 2007 | 2006 | ||||||||||||||||||
Tons mined (000 dry short tons):
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||||||||||||||||||||||||
Open pit
|
194,092 | 214,127 | 191,438 | 211,525 | 208,871 | 217,501 | ||||||||||||||||||
Underground
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2,500 | 1,942 | 1,651 | | | | ||||||||||||||||||
Tons processed (000 dry short tons):
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||||||||||||||||||||||||
Mill
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24,755 | 25,526 | 17,882 | 4,196 | | | ||||||||||||||||||
Leach
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19,843 | 14,042 | 22,138 | 97,823 | 98,319 | 118,511 | ||||||||||||||||||
Average ore grade (oz/ton):
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||||||||||||||||||||||||
Mill
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0.093 | 0.098 | 0.127 | 0.082 | | | ||||||||||||||||||
Leach
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0.027 | 0.035 | 0.026 | 0.018 | 0.019 | 0.026 | ||||||||||||||||||
Average mill recovery rate
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81.8 | % | 81.2 | % | 81.1 | % | 88.2 | % | | | ||||||||||||||
Ounces produced (000):
|
||||||||||||||||||||||||
Mill
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1,878 | 2,004 | 2,059 | 304 | | | ||||||||||||||||||
Leach
|
381 | 332 | 364 | 1,505 | 1,565 | 2,612 | ||||||||||||||||||
Incremental
start-up(1)
|
1 | 6 | 100 | | | | ||||||||||||||||||
2,260 | 2,342 | 2,523 | 1,809 | 1,565 | 2,612 | |||||||||||||||||||
Ounces sold (000)
|
2,225 | 2,341 | 2,534 | 1,843 | 1,565 | 2,572 | ||||||||||||||||||
Production costs per ounce:
|
||||||||||||||||||||||||
Direct mining and production costs
|
$ | 464 | $ | 445 | $ | 398 | $ | 354 | $ | 310 | $ | 175 | ||||||||||||
By-product credits
|
(39 | ) | (26 | ) | (15 | ) | (27 | ) | (22 | ) | (16 | ) | ||||||||||||
Royalties and production taxes
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30 | 15 | 8 | 16 | 13 | 14 | ||||||||||||||||||
Other
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5 | 3 | 3 | 3 | 12 | 2 | ||||||||||||||||||
Costs applicable to sales
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460 | 437 | 394 | 346 | 313 | 175 | ||||||||||||||||||
Amortization
|
111 | 94 | 74 | 92 | 103 | 67 | ||||||||||||||||||
Reclamation/accretion expense
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3 | 2 | 3 | 5 | 6 | 3 | ||||||||||||||||||
Total production costs
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$ | 574 | $ | 533 | $ | 471 | $ | 443 | $ | 422 | $ | 245 | ||||||||||||
Australia/New Zealand | Batu Hijau, Indonesia | |||||||||||||||||||||||
Year Ended December 31,
|
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | ||||||||||||||||||
Tons mined (000 dry short tons):
|
||||||||||||||||||||||||
Open pit
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48,416 | 56,259 | 54,221 | 195,804 | 244,907 | 293,159 | ||||||||||||||||||
Underground
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3,896 | 3,547 | 3,658 | | | | ||||||||||||||||||
Tons milled (000 dry short tons)
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12,256 | 11,932 | 13,070 | 37,818 | 46,782 | 47,026 | ||||||||||||||||||
Average ore grade (oz/ton)
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0.106 | 0.102 | 0.102 | 0.009 | 0.014 | 0.012 | ||||||||||||||||||
Average mill recovery rate
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91.5 | % | 91.3 | % | 90.9 | % | 75.2 | % | 81.9 | % | 79.5 | % | ||||||||||||
Ounces produced (000)
|
1,195 | 1,117 | 1,216 | 269 | 548 | 448 | ||||||||||||||||||
Ounces sold (000)
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1,187 | 1,153 | 1,176 | 299 | 494 | 435 | ||||||||||||||||||
Production costs per ounce:
|
||||||||||||||||||||||||
Direct mining and production costs
|
$ | 526 | $ | 449 | $ | 353 | $ | 406 | $ | 225 | $ | 193 | ||||||||||||
By-product credits
|
(9 | ) | (5 | ) | (10 | ) | (10 | ) | (8 | ) | (9 | ) | ||||||||||||
Royalties and production taxes
|
32 | 29 | 28 | 18 | 15 | 13 | ||||||||||||||||||
Other
|
3 | 6 | 2 | | | | ||||||||||||||||||
Costs applicable to sales
|
552 | 479 | 373 | 414 | 232 | 197 | ||||||||||||||||||
Amortization
|
103 | 94 | 78 | 85 | 50 | 46 | ||||||||||||||||||
Reclamation/accretion expense
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5 | 5 | 5 | 6 | 3 | 2 | ||||||||||||||||||
Total production costs
|
$ | 660 | $ | 578 | $ | 456 | $ | 505 | $ | 285 | $ | 245 | ||||||||||||
25
Africa | ||||||||||||
Year Ended December 31,
|
2008 | 2007 | 2006 | |||||||||
Tons mined (000 dry short tons):
|
||||||||||||
Open pit
|
50,567 | 44,235 | 19,999 | |||||||||
Tons milled (000 dry short tons)
|
8,262 | 8,090 | 3,515 | |||||||||
Average ore grade (oz/ton)
|
0.075 | 0.060 | 0.065 | |||||||||
Average mill recovery rate
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89.7 | % | 92.0 | % | 88.3 | % | ||||||
Ounces produced (000):
|
||||||||||||
Mill
|
506 | 456 | 197 | |||||||||
Incremental
start-up(1)
|
19 | | 5 | |||||||||
525 | 456 | 202 | ||||||||||
Ounces sold (000)
|
521 | 446 | 202 | |||||||||
Production costs per ounce:
|
||||||||||||
Direct mining and production costs
|
$ | 380 | $ | 355 | $ | 237 | ||||||
By-product credits and other
|
(1 | ) | (1 | ) | (1 | ) | ||||||
Royalties and production taxes
|
27 | 21 | 18 | |||||||||
Other
|
2 | 1 | 3 | |||||||||
Costs applicable to sales
|
408 | 376 | 257 | |||||||||
Amortization
|
126 | 96 | 94 | |||||||||
Reclamation/accretion expense
|
3 | 1 | 1 | |||||||||
Total production costs
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$ | 537 | 473 | 352 | ||||||||
Other Operations | Total Gold | |||||||||||||||||||||||
Year Ended December 31,
|
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | ||||||||||||||||||
Ounces produced (000):
|
||||||||||||||||||||||||
Mill
|
| 12 | 59 | 4,152 | 4,137 | 3,979 | ||||||||||||||||||
Leach
|
181 | 175 | 208 | 2,067 | 2,072 | 3,184 | ||||||||||||||||||
Incremental
start-up(1)
|
| | | 20 | 6 | 105 | ||||||||||||||||||
181 | 187 | 267 | 6,239 | 6,215 | 7,268 | |||||||||||||||||||
Ounces sold (000)
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180 | 185 | 267 | 6,255 | 6,184 | 7,186 | ||||||||||||||||||
Production costs per ounce:
|
||||||||||||||||||||||||
Direct mining and production costs
|
$ | 451 | $ | 334 | $ | 214 | $ | 433 | $ | 384 | $ | 285 | ||||||||||||
By-product credits
|
(15 | ) | (18 | ) | (11 | ) | (25 | ) | (18 | ) | (13 | ) | ||||||||||||
Royalties and production taxes
|
27 | (1 | ) | | 26 | 17 | 14 | |||||||||||||||||
Other
|
103 | 7 | 10 | 6 | 6 | 2 | ||||||||||||||||||
Costs applicable to sales
|
566 | 322 | 213 | 440 | 389 | 288 | ||||||||||||||||||
Amortization
|
100 | 91 | 69 | 104 | 93 | 71 | ||||||||||||||||||
Reclamation/accretion expense
|
9 | 10 | 9 | 4 | 4 | 3 | ||||||||||||||||||
Total production costs
|
$ | 675 | $ | 423 | $ | 291 | $ | 548 | $ | 486 | $ | 362 | ||||||||||||
(1) | Incremental start-up includes the removal and production of de minimis saleable materials during development and is recorded as Other income, net of incremental mining and processing costs. |
26
Batu Hijau, Indonesia | ||||||||||||
Year Ended December 31,
|
2008 | 2007 | 2006 | |||||||||
Tons milled (000 dry short tons)
|
37,818 | 46,782 | 47,026 | |||||||||
Average copper grade
|
0.47 | % | 0.60 | % | 0.55 | % | ||||||
Average copper recovery rate
|
80.6 | % | 86.1 | % | 87.3 | % | ||||||
Copper pounds produced (millions)
|
285 | 484 | 454 | |||||||||
Copper pounds sold (millions)
|
290 | 428 | 435 | |||||||||
Production costs per pound:
|
||||||||||||
Costs applicable to sales
|
$ | 1.38 | $ | 1.05 | $ | 0.67 | ||||||
Amortization
|
0.28 | 0.22 | 0.15 | |||||||||
Reclamation/accretion expense
|
0.02 | 0.01 | 0.01 | |||||||||
Total production costs
|
$ | 1.68 | $ | 1.28 | $ | 0.83 | ||||||
27
December 31, 2008 | ||||||||||||||||||||||||||||||||||||||||||||
Proven Reserves | Probable Reserves | Proven and Probable Reserves | ||||||||||||||||||||||||||||||||||||||||||
Newmont |
Grade |
Grade |
Grade |
Metallurgical |
||||||||||||||||||||||||||||||||||||||||
Deposits/Districts
|
Share | Tonnage(2) | (oz/ton) | Ounces(3) | Tonnage(2) | (oz/ton) | Ounces(3) | Tonnage(2) | (oz/ton) | Ounces(3) | Recovery(3) | |||||||||||||||||||||||||||||||||
(000) | (000) | (000) | (000) | (000) | (000) | |||||||||||||||||||||||||||||||||||||||
Nevada(4)
|
||||||||||||||||||||||||||||||||||||||||||||
Carlin Open
Pit(5)
|
100 | % | 12,000 | 0.072 | 860 | 190,400 | 0.043 | 8,190 | 202,400 | 0.045 | 9,050 | 74 | % | |||||||||||||||||||||||||||||||
Carlin Underground
|
100 | % | 1,700 | 0.256 | 430 | 10,000 | 0.322 | 3,220 | 11,700 | 0.313 | 3,650 | 89 | % | |||||||||||||||||||||||||||||||
Midas(6)
|
100 | % | 600 | 0.498 | 280 | 300 | 0.332 | 110 | 900 | 0.436 | 390 | 95 | % | |||||||||||||||||||||||||||||||
Phoenix(7)
|
100 | % | | | | 299,800 | 0.021 | 6,310 | 299,800 | 0.021 | 6,310 | 72 | % | |||||||||||||||||||||||||||||||
Turquoise
Ridge(8)
|
25 | % | 1,900 | 0.507 | 970 | 700 | 0.483 | 360 | 2,600 | 0.500 | 1,330 | 92 | % | |||||||||||||||||||||||||||||||
Twin Creeks
|
100 | % | 9,200 | 0.098 | 900 | 42,500 | 0.072 | 3,060 | 51,700 | 0.077 | 3,960 | 80 | % | |||||||||||||||||||||||||||||||
Nevada
In-Process(9)
|
100 | % | 36,000 | 0.026 | 940 | | | | 36,000 | 0.026 | 940 | 66 | % | |||||||||||||||||||||||||||||||
Nevada
Stockpiles(10)
|
100 | % | 32,000 | 0.075 | 2,400 | 2,200 | 0.030 | 60 | 34,200 | 0.072 | 2,460 | 78 | % | |||||||||||||||||||||||||||||||
93,400 | 0.073 | 6,780 | 545,900 | 0.039 | 21,310 | 639,300 | 0.044 | 28,090 | 78 | % | ||||||||||||||||||||||||||||||||||
Yanacocha, Peru
|
||||||||||||||||||||||||||||||||||||||||||||
Conga(11)
|
51.35 | % | | | | 317,200 | 0.019 | 6,080 | 317,200 | 0.019 | 6,080 | 79 | % | |||||||||||||||||||||||||||||||
Yanacocha
In-Process(9)(12)
|
51.35 | % | 20,800 | 0.026 | 530 | | | | 20,800 | 0.026 | 530 | 74 | % | |||||||||||||||||||||||||||||||
Yanacocha Open
Pits(12)
|
51.35 | % | 19,200 | 0.023 | 430 | 188,300 | 0.030 | 5,720 | 207,500 | 0.030 | 6,150 | 69 | % | |||||||||||||||||||||||||||||||
40,000 | 0.024 | 960 | 505,500 | 0.023 | 11,800 | 545,500 | 0.023 | 12,760 | 74 | % | ||||||||||||||||||||||||||||||||||
Australia/New Zealand
|
||||||||||||||||||||||||||||||||||||||||||||
Boddington,
Western Australia(13)
|
66.67 | % | 125,500 | 0.026 | 3,310 | 457,700 | 0.022 | 10,060 | 583,200 | 0.023 | 13,370 | 81 | % | |||||||||||||||||||||||||||||||
Jundee, Western
Australia(14)
|
100 | % | 3,500 | 0.096 | 340 | 2,800 | 0.337 | 930 | 6,300 | 0.202 | 1,270 | 91 | % | |||||||||||||||||||||||||||||||
Kalgoorlie Open Pits and Underground
|
50 | % | 23,100 | 0.061 | 1,410 | 40,600 | 0.063 | 2,560 | 63,700 | 0.062 | 3,970 | 85 | % | |||||||||||||||||||||||||||||||
Kalgoorlie
Stockpiles(10)
|
50 | % | 14,400 | 0.031 | 450 | | | | 14,400 | 0.031 | 450 | 76 | % | |||||||||||||||||||||||||||||||
Total Kalgoorlie,
Western Australia(15)
|
50 | % | 37,500 | 0.049 | 1,860 | 40,600 | 0.063 | 2,560 | 78,100 | 0.056 | 4,420 | 84 | % | |||||||||||||||||||||||||||||||
Tanami, Northern
Territory(16)
|
100 | % | 4,000 | 0.167 | 660 | 7,500 | 0.108 | 820 | 11,500 | 0.129 | 1,480 | 96 | % | |||||||||||||||||||||||||||||||
Waihi, New
Zealand(17)
|
100 | % | 300 | 0.267 | 80 | 2,600 | 0.107 | 280 | 2,900 | 0.124 | 360 | 89 | % | |||||||||||||||||||||||||||||||
170,800 | 0.037 | 6,250 | 511,200 | 0.029 | 14,650 | 682,000 | 0.031 | 20,900 | 83 | % | ||||||||||||||||||||||||||||||||||
Batu Hijau, Indonesia
|
||||||||||||||||||||||||||||||||||||||||||||
Open
Pit(18)
|
45 | % | 166,000 | 0.013 | 2,110 | 182,800 | 0.009 | 1,570 | 348,800 | 0.011 | 3,680 | 76 | % | |||||||||||||||||||||||||||||||
Stockpiles(10)(18)
|
45 | % | | | | 131,400 | 0.003 | 410 | 131,400 | 0.003 | 410 | 72 | % | |||||||||||||||||||||||||||||||
166,000 | 0.013 | 2,110 | 314,200 | 0.006 | 1,980 | 480,200 | 0.009 | 4,090 | 76 | % | ||||||||||||||||||||||||||||||||||
Africa
|
||||||||||||||||||||||||||||||||||||||||||||
Ahafo,
Ghana(19)
|
100 | % | 5,900 | 0.039 | 230 | 119,200 | 0.077 | 9,150 | 125,100 | 0.075 | 9,380 | 87 | % | |||||||||||||||||||||||||||||||
Akyem,
Ghana(20)
|
100 | % | | | | 147,200 | 0.052 | 7,660 | 147,200 | 0.052 | 7,660 | 89 | % | |||||||||||||||||||||||||||||||
5,900 | 0.039 | 230 | 266,400 | 0.063 | 16,810 | 272,300 | 0.063 | 17,040 | 88 | % | ||||||||||||||||||||||||||||||||||
Other Operations
|
||||||||||||||||||||||||||||||||||||||||||||
Kori Kollo,
Bolivia(21)
|
88 | % | 9,100 | 0.018 | 160 | 2,400 | 0.014 | 30 | 11,500 | 0.017 | 190 | 52 | % | |||||||||||||||||||||||||||||||
La Herradura,
Mexico(22)
|
44 | % | 36,900 | 0.025 | 910 | 39,200 | 0.025 | 980 | 76,100 | 0.025 | 1,890 | 66 | % | |||||||||||||||||||||||||||||||
46,000 | 0.023 | 1,070 | 41,600 | 0.024 | 1,010 | 87,600 | 0.024 | 2,080 | 65 | % | ||||||||||||||||||||||||||||||||||
Total Gold
|
522,100 | 0.033 | 17,400 | 2,184,800 | 0.031 | 67,560 | 2,706,900 | 0.031 | 84,960 | 80 | % | |||||||||||||||||||||||||||||||||
28
December 31, 2007 | ||||||||||||||||||||||||||||||||||||||||||||
Proven Reserves | Probable Reserves | Proven and Probable Reserves | ||||||||||||||||||||||||||||||||||||||||||
Newmont |
Grade |
Grade |
Grade |
Metallurgical |
||||||||||||||||||||||||||||||||||||||||
Deposits/Districts
|
Share | Tonnage(2) | (oz/ton) | Ounces(3) | Tonnage(2) | (oz/ton) | Ounces(3) | Tonnage(2) | (oz/ton) | Ounces(3) | Recovery(3) | |||||||||||||||||||||||||||||||||
(000) | (000) | (000) | (000) | (000) | (000) | |||||||||||||||||||||||||||||||||||||||
Nevada
|
||||||||||||||||||||||||||||||||||||||||||||
Carlin Open Pit
|
100 | % | 17,700 | 0.065 | 1,140 | 195,800 | 0.043 | 8,380 | 213,500 | 0.045 | 9,520 | 71 | % | |||||||||||||||||||||||||||||||
Carlin Underground
|
100 | % | 1,500 | 0.318 | 490 | 5,700 | 0.407 | 2,330 | 7,200 | 0.388 | 2,820 | 94 | % | |||||||||||||||||||||||||||||||
Midas
|
100 | % | 600 | 0.539 | 340 | 400 | 0.428 | 190 | 1,000 | 0.493 | 530 | 95 | % | |||||||||||||||||||||||||||||||
Phoenix
|
100 | % | | | | 278,100 | 0.027 | 7,600 | 278,100 | 0.027 | 7,600 | 75 | % | |||||||||||||||||||||||||||||||
Turquoise
Ridge(8)
|
25 | % | 2,100 | 0.477 | 990 | 700 | 0.402 | 290 | 2,800 | 0.458 | 1,280 | 92 | % | |||||||||||||||||||||||||||||||
Twin Creeks
|
100 | % | 4,200 | 0.072 | 300 | 47,900 | 0.079 | 3,780 | 52,100 | 0.078 | 4,080 | 80 | % | |||||||||||||||||||||||||||||||
Nevada
In-Process(9)
|
100 | % | 40,200 | 0.026 | 1,060 | | | | 40,200 | 0.026 | 1,060 | 66 | % | |||||||||||||||||||||||||||||||
Nevada
Stockpiles(10)
|
100 | % | 30,900 | 0.079 | 2,440 | 1,500 | 0.030 | 40 | 32,400 | 0.077 | 2,480 | 77 | % | |||||||||||||||||||||||||||||||
97,200 | 0.070 | 6,760 | 530,100 | 0.043 | 22,610 | 627,300 | 0.047 | 29,370 | 77 | % | ||||||||||||||||||||||||||||||||||
Yanacocha, Peru
|
||||||||||||||||||||||||||||||||||||||||||||
Conga
|
51.35 | % | | | | 317,200 | 0.019 | 6,080 | 317,200 | 0.019 | 6,080 | 79 | % | |||||||||||||||||||||||||||||||
Yanacocha
In-Process(9)
|
51.35 | % | 20,700 | 0.027 | 560 | | | | 20,700 | 0.027 | 560 | 76 | % | |||||||||||||||||||||||||||||||
Yanacocha Open Pits
|
51.35 | % | 26,400 | 0.023 | 600 | 229,200 | 0.030 | 6,940 | 255,600 | 0.029 | 7,540 | 69 | % | |||||||||||||||||||||||||||||||
47,100 | 0.025 | 1,160 | 546,400 | 0.024 | 13,020 | 593,500 | 0.024 | 14,180 | 74 | % | ||||||||||||||||||||||||||||||||||
Australia/New Zealand
|
||||||||||||||||||||||||||||||||||||||||||||
Boddington, Western Australia
|
66.67 | % | 124,900 | 0.026 | 3,240 | 352,000 | 0.022 | 7,850 | 476,900 | 0.023 | 11,090 | 82 | % | |||||||||||||||||||||||||||||||
Jundee, Western Australia
|
100 | % | 3,000 | 0.148 | 450 | 3,700 | 0.283 | 1,040 | 6,700 | 0.222 | 1,490 | 91 | % | |||||||||||||||||||||||||||||||
Kalgoorlie Open Pits and Underground
|
50 | % | 32,500 | 0.061 | 1,980 | 33,600 | 0.065 | 2,190 | 66,100 | 0.063 | 4,170 | 86 | % | |||||||||||||||||||||||||||||||
Kalgoorlie
Stockpiles(10)
|
50 | % | 13,500 | 0.031 | 420 | | | | 13,500 | 0.031 | 420 | 79 | % | |||||||||||||||||||||||||||||||
Total Kalgoorlie, Western Australia
|
50 | % | 46,000 | 0.052 | 2,400 | 33,600 | 0.065 | 2,190 | 79,600 | 0.058 | 4,590 | 85 | % | |||||||||||||||||||||||||||||||
Tanami, Northern Territory
|
100 | % | 6,600 | 0.140 | 920 | 6,700 | 0.115 | 770 | 13,300 | 0.127 | 1,690 | 95 | % | |||||||||||||||||||||||||||||||
Waihi, New Zealand
|
100 | % | | | | 3,800 | 0.131 | 500 | 3,800 | 0.131 | 500 | 89 | % | |||||||||||||||||||||||||||||||
180,500 | 0.039 | 7,010 | 399,800 | 0.031 | 12,350 | 580,300 | 0.033 | 19,360 | 85 | % | ||||||||||||||||||||||||||||||||||
Batu Hijau, Indonesia
|
||||||||||||||||||||||||||||||||||||||||||||
Open Pit
|
45 | % | 132,700 | 0.013 | 1,780 | 246,200 | 0.008 | 2,050 | 378,900 | 0.010 | 3,830 | 77 | % | |||||||||||||||||||||||||||||||
Stockpiles(10)
|
45 | % | | | | 114,300 | 0.004 | 410 | 114,300 | 0.004 | 410 | 64 | % | |||||||||||||||||||||||||||||||
132,700 | 0.013 | 1,780 | 360,500 | 0.007 | 2,460 | 493,200 | 0.009 | 4,240 | 76 | % | ||||||||||||||||||||||||||||||||||
Africa
|
||||||||||||||||||||||||||||||||||||||||||||
Ahafo, Ghana
|
100 | % | | | | 124,000 | 0.078 | 9,720 | 124,000 | 0.078 | 9,720 | 87 | % | |||||||||||||||||||||||||||||||
Akyem, Ghana
|
100 | % | | | | 147,200 | 0.052 | 7,660 | 147,200 | 0.052 | 7,660 | 89 | % | |||||||||||||||||||||||||||||||
| | | 271,200 | 0.064 | 17,380 | 271,200 | 0.064 | 17,380 | 88 | % | ||||||||||||||||||||||||||||||||||
Other Operations
|
||||||||||||||||||||||||||||||||||||||||||||
Kori Kollo, Bolivia
|
88 | % | 7,800 | 0.018 | 140 | 17,400 | 0.016 | 280 | 25,200 | 0.017 | 420 | 59 | % | |||||||||||||||||||||||||||||||
La Herradura, Mexico
|
44 | % | 32,600 | 0.023 | 760 | 35,100 | 0.023 | 820 | 67,700 | 0.023 | 1,580 | 66 | % | |||||||||||||||||||||||||||||||
40,400 | 0.022 | 900 | 52,500 | 0.021 | 1,100 | 92,900 | 0.022 | 2,000 | 65 | % | ||||||||||||||||||||||||||||||||||
Total Gold
|
497,900 | 0.035 | 17,610 | 2,160,500 | 0.032 | 68,920 | 2,658,400 | 0.033 | 86,530 | 80 | % | |||||||||||||||||||||||||||||||||
(1) | The term reserve means that part of a mineral deposit that can be economically and legally extracted or produced at the time of the reserve determination. | |
The term economically, as used in the definition of reserve, means that profitable extraction or production has been established or analytically demonstrated in a full feasibility study to be viable and justifiable under reasonable investment and market assumptions. | ||
The term legally, as used in the definition of reserve, does not imply that all permits needed for mining and processing have been obtained or that other legal issues have been completely resolved. However, for a reserve to exist, Newmont must have a justifiable expectation, based on |
29
applicable laws and regulations, that issuance of permits or resolution of legal issues necessary for mining and processing at a particular deposit will be accomplished in the ordinary course and in a timeframe consistent with Newmonts current mine plans. | ||
The term proven reserves means reserves for which (a) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes; (b) grade and/or quality are computed from the results of detailed sampling; and (c) the sites for inspection, sampling and measurements are spaced so closely and the geologic character is sufficiently defined that size, shape, depth and mineral content of reserves are well established. | ||
The term probable reserves means reserves for which quantity and grade are computed from information similar to that used for proven reserves, but the sites for sampling are farther apart or are otherwise less adequately spaced. The degree of assurance, although lower than that for proven reserves, is high enough to assume continuity between points of observation. | ||
References to equity ounces or equity pounds mean that portion of gold or copper produced, sold or included in proven and probable reserves that is attributable to our ownership or economic interest. | ||
Proven and probable equity reserves were calculated using different cut-off grades. The term cut-off grade means the lowest grade of mineralized material considered economic to process. Cut-off grades vary between deposits depending upon prevailing economic conditions, mineability of the deposit, by-products, amenability of the ore to gold or copper extraction, and type of milling or leaching facilities available. | ||
2008 reserves were calculated at a $725, A$850 or NZ$1,000 per ounce gold price unless otherwise noted. | ||
2007 reserves were calculated at a $575, A$750 or NZ$850 per ounce gold price unless otherwise noted. | ||
(2) | Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to the nearest 100,000. | |
(3) | Ounces or pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces are rounded to the nearest 10,000. | |
(4) | Cut-off grades utilized in Nevada 2008 reserves were as follows: oxide leach material not less than 0.006 ounce per ton; oxide mill material not less than 0.025 ounce per ton; refractory leach material not less than 0.025 ounce per ton; and refractory mill material not less than 0.052 ounce per ton. | |
(5) | Includes undeveloped reserves at Castle Reef and Emigrant deposits for combined total undeveloped reserves of 1.4 million ounces. | |
(6) | Also contains reserves of 5.9 million ounces of silver with a metallurgical recovery of 88%. | |
(7) | Gold cut-off grade varies with level of copper credits. | |
(8) | Reserve estimates provided by Barrick, the operator of the Turquoise Ridge joint venture. | |
(9) | In-process material is the material on leach pads at the end of the year from which gold remains to be recovered. In-process material reserves are reported separately where tonnage or ounces are greater than 5% of the total site-reported reserves and ounces are greater than 100,000. | |
(10) | Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where tonnage or ounces are greater than 5% of the total site-reported reserves and ounces are greater than 100,000. | |
(11) | Deposit is currently undeveloped. Gold cut-off grade varies with level of copper credits. |
30
(12) | Reserves include the currently undeveloped deposit at Corimayo, which contains reserves of 1.2 million equity ounces. Cut-off grades utilized in 2008 reserves were as follows: oxide leach material not less than 0.004 ounce per ton; and oxide mill material not less than 0.030 ounce per ton. | |
(13) | Deposit is currently being developed. Mill startup is expected in mid-2009. Gold cut-off grade varies with level of copper credits. In March 2009, we expect to close the acquisition transaction for the additional 33.33% interest in Boddington from AngloGold Ashanti Ltd., which would increase Newmonts share to 100% and add approximately 6.7 million ounces to our equity reserves. | |
(14) | Cut-off grade utilized in 2008 reserves not less than 0.020 ounce per ton. | |
(15) | Cut-off grade utilized in 2008 reserves not less than 0.026 ounce per ton. | |
(16) | Cut-off grade utilized in 2008 reserves not less than 0.029 ounce per ton. | |
(17) | Cut-off grade utilized in 2008 reserves not less than 0.023 ounce per ton. | |
(18) | Gold cut-off grade varies with level of copper credits. | |
(19) | Includes undeveloped reserves at Amoma, Yamfo South, Yamfo Central, Techire West, Subenso South, Subenso North, Yamfo Northeast and Susuan totaling 3.7 million ounces. Cut-off grade utilized in 2008 reserves not less than 0.018 ounce per ton. | |
(20) | Deposit is undeveloped. Cut-off grade utilized in 2008 reserves not less than 0.012 ounce per ton. | |
(21) | Cut-off grade utilized in 2008 reserves not less than 0.004 ounce per ton. | |
(22) | Cut-off grade utilized in 2008 reserves not less than 0.009 ounce per ton. |
December 31, 2008 | ||||||||||||||||||||||||||||||||||||||||||||
Proven Reserves | Probable Reserves | Proven and Probable Reserves | ||||||||||||||||||||||||||||||||||||||||||
Newmont |
Grade |
Grade |
Grade |
Metallurgical |
||||||||||||||||||||||||||||||||||||||||
Deposits/Districts
|
Share | Tonnage(2) | (Cu %) | Pounds(3) | Tonnage(2) | (Cu %) | Pounds(3) | Tonnage(2) | (Cu %) | Pounds(3) | Recovery(3) | |||||||||||||||||||||||||||||||||
(000) | (000) | (000) | ||||||||||||||||||||||||||||||||||||||||||
(millions) | (millions) | (millions) | ||||||||||||||||||||||||||||||||||||||||||
Batu Hijau Open
Pit(4)
|
45 | % | 166,000 | 0.48 | % | 1,600 | 182,800 | 0.40 | % | 1,460 | 348,800 | 0.44 | % | 3,060 | 77 | % | ||||||||||||||||||||||||||||
Batu Hijau
Stockpiles(4)(5)
|
45 | % | | | | 131,400 | 0.34 | % | 890 | 131,400 | 0.34 | % | 890 | 67 | % | |||||||||||||||||||||||||||||
Total Batu Hijau, Indonesia
|
45 | % | 166,000 | 0.48 | % | 1,600 | 314,200 | 0.37 | % | 2,350 | 480,200 | 0.41 | % | 3,950 | 75 | % | ||||||||||||||||||||||||||||
Boddington, Western
Australia(6)
|
66.67 | % | 125,500 | 0.11 | % | 280 | 457,700 | 0.11 | % | 1,000 | 583,200 | 0.11 | % | 1,280 | 83 | % | ||||||||||||||||||||||||||||
Conga,
Peru(7)
|
51.35 | % | | | | 317,200 | 0.26 | % | 1,660 | 317,200 | 0.26 | % | 1,660 | 85 | % | |||||||||||||||||||||||||||||
Phoenix,
Nevada(8)
|
100 | % | | | | 302,000 | 0.15 | % | 890 | 302,000 | 0.15 | % | 890 | 61 | % | |||||||||||||||||||||||||||||
Total Copper
|
291,500 | 0.32 | % | 1,880 | 1,391,100 | 0.21 | % | 5,900 | 1,682,600 | 0.23 | % | 7,780 | 77 | % | ||||||||||||||||||||||||||||||
December 31, 2007 | ||||||||||||||||||||||||||||||||||||||||||||
Proven Reserves | Probable Reserves | Proven and Probable Reserves | ||||||||||||||||||||||||||||||||||||||||||
Newmont |
Grade |
Grade |
Grade |
Metallurgical |
||||||||||||||||||||||||||||||||||||||||
Deposits/Districts
|
Share | Tonnage(2) | (Cu %) | Pounds(3) | Tonnage(2) | (Cu %) | Pounds(3) | Tonnage(2) | (Cu %) | Pounds(3) | Recovery(3) | |||||||||||||||||||||||||||||||||
(000) | (000) | (000) | ||||||||||||||||||||||||||||||||||||||||||
(millions) | (millions) | (millions) | ||||||||||||||||||||||||||||||||||||||||||
Batu Hijau Open Pit
|
45 | % | 132,700 | 0.50 | % | 1,330 | 246,200 | 0.40 | % | 1,970 | 378,900 | 0.43 | % | 3,300 | 79 | % | ||||||||||||||||||||||||||||
Batu Hijau
Stockpiles(5)
|
45 | % | | | | 114,300 | 0.36 | % | 820 | 114,300 | 0.36 | % | 820 | 64 | % | |||||||||||||||||||||||||||||
Total Batu Hijau, Indonesia
|
45 | % | 132,700 | 0.50 | % | 1,330 | 360,500 | 0.39 | % | 2,790 | 493,200 | 0.42 | % | 4,120 | 76 | % | ||||||||||||||||||||||||||||
Boddington, Western Australia
|
66.67 | % | 124,900 | 0.11 | % | 280 | 351,600 | 0.11 | % | 750 | 476,500 | 0.11 | % | 1,030 | 83 | % | ||||||||||||||||||||||||||||
Conga, Peru
|
51.35 | % | | | | 317,200 | 0.26 | % | 1,660 | 317,200 | 0.26 | % | 1,660 | 85 | % | |||||||||||||||||||||||||||||
Phoenix, Nevada
|
100 | % | | | | 279,600 | 0.13 | % | 740 | 279,600 | 0.13 | % | 740 | 66 | % | |||||||||||||||||||||||||||||
Total Copper
|
257,600 | 0.31 | % | 1,610 | 1,308,900 | 0.23 | % | 5,940 | 1,566,500 | 0.24 | % | 7,550 | 78 | % | ||||||||||||||||||||||||||||||
(1) | See footnote (1) to the Gold Proven and Probable Equity Reserves tables above. Copper reserves for 2008 were calculated at a $2.00 or A$2.40 per pound copper price. Copper reserves for 2007 were calculated at a $1.75 or A$2.00 per pound copper price. |
31
(2) | See footnote (2) to the Gold Proven and Probable Equity Reserves tables above. Tonnages are rounded to nearest 100,000. | |
(3) | See footnote (3) to the Gold Proven and Probable Equity Reserves tables above. Pounds are rounded to the nearest 10 million. | |
(4) | Copper cut-off grade varies with level of gold credits. | |
(5) | Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpiles are reported separately where tonnage or contained metal are greater than 5% of the total site reported reserves. | |
(6) | Deposit is currently being developed. Mill startup is expected in mid-2009. Copper cut-off grade varies with level of gold grade. In March 2009, we expect to close the acquisition transaction for the additional 33.33% interest in Boddington from AngloGold Ashanti Ltd., which would increase Newmonts share to 100% and add approximately 640 million pounds to our equity reserves. | |
(7) | Deposit is undeveloped. Copper cut-off grade varies with level of gold grade. | |
(8) | Copper cut-off grade varies with level of gold grade. |
Equity |
||||
Ounces | ||||
(in millions) | ||||
December 31, 2007
|
86.5 | |||
Depletion(1)
|
(6.7 | ) | ||
Revisions and Additions,
net(2)
|
5.2 | |||
December 31, 2008
|
85.0 | |||
(1) | Reserves mined and processed in 2008. | |
(2) | Revisions and additions are due to reserve conversions, optimizations, model updates, metal price changes and updated operating costs and recoveries. |
ITEM 3. | LEGAL PROCEEDINGS |
ITEM 4. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
32
ITEM 4A. | EXECUTIVE OFFICERS OF THE REGISTRANT |
Name
|
Age |
Office
|
||||
Richard T. OBrien
|
54 | President and Chief Executive Officer | ||||
Russell Ball
|
40 | Executive Vice President and Chief Financial Officer | ||||
Alan R. Blank
|
52 | Executive Vice President, Legal and External Affairs | ||||
Randy Engel
|
42 | Executive Vice President, Strategic Development | ||||
Brian A. Hill
|
49 | Executive Vice President, Operations | ||||
Guy Lansdown
|
48 | Executive Vice President, Development | ||||
Brant Hinze
|
53 | Senior Vice President, North American Operations | ||||
Jeffrey R. Huspeni
|
53 | Senior Vice President, African Operations | ||||
Carlos Santa Cruz
|
53 | Senior Vice President, South American Operations | ||||
David Gutierrez
|
54 | Vice President, Accounting and Tax | ||||
Roger Johnson
|
51 | Vice President and Chief Accounting Officer | ||||
Thomas P. Mahoney
|
53 | Vice President and Treasurer |
33
34
ITEM 5. | MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES |
2008 | 2007 | |||||||||||||||
High | Low | High | Low | |||||||||||||
First quarter
|
$ | 56.22 | $ | 45.30 | $ | 47.71 | $ | 41.42 | ||||||||
Second quarter
|
$ | 52.68 | $ | 42.93 | $ | 45.00 | $ | 38.53 | ||||||||
Third quarter
|
$ | 53.37 | $ | 33.73 | $ | 48.26 | $ | 39.44 | ||||||||
Fourth quarter
|
$ | 40.70 | $ | 21.54 | $ | 54.50 | $ | 44.75 |
(a) | (b) | (c) | (d) | |||||||||||||
Maximum Number |
||||||||||||||||
Total Number of |
(or Approximate |
|||||||||||||||
Total |
Shares Purchased |
Dollar Value) |
||||||||||||||
Number of |
Average |
as Part of Publicly |
of Shares That May Yet |
|||||||||||||
Shares |
Price Paid |
Announced Plans |
be Purchased under |
|||||||||||||
Period
|
Purchased | per Share | or Programs | the Plans or Programs | ||||||||||||
October 1, 2008 through October 31, 2008
|
4,275 | (1) | $ | 22.83 | | N/A | ||||||||||
November 1, 2008 through November 30, 2008
|
| $ | | | N/A | |||||||||||
December 1, 2008 through December 31, 2008
|
| $ | | | N/A |
(1) | Represents shares delivered to the Company from restricted stock held by a Company employee upon vesting for purposes of covering the recipients tax withholding obligation. |
35
ITEM 6. | SELECTED FINANCIAL DATA (dollars in millions, except per share) |
Years Ended December 31, | ||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
Revenues
|
$ | 6,199 | $ | 5,526 | $ | 4,882 | $ | 4,265 | $ | 4,222 | ||||||||||
Income (loss) from continuing operations
|
$ | 829 | $ | (963 | ) | $ | 563 | $ | 278 | $ | 416 | |||||||||
Net income (loss) applicable to common
shares(1)(2)
|
$ | 853 | $ | (1,886 | ) | $ | 791 | $ | 322 | $ | 443 | |||||||||
Basic income (loss) per common share:
|
||||||||||||||||||||
From continuing operations
|
$ | 1.83 | $ | (2.13 | ) | $ | 1.25 | $ | 0.62 | $ | 0.94 | |||||||||
Discontinued operations
|
0.05 | (2.04 | ) | 0.51 | 0.10 | 0.17 | ||||||||||||||
Cumulative effect of a change in accounting principle
|
| | | | (0.11 | ) | ||||||||||||||
Net income (loss) per common share, basic
|
$ | 1.88 | $ | (4.17 | ) | $ | 1.76 | $ | 0.72 | $ | 1.00 | |||||||||
Diluted income (loss) per common share:
|
||||||||||||||||||||
From continuing operations
|
$ | 1.82 | $ | (2.13 | ) | $ | 1.25 | $ | 0.62 | $ | 0.93 | |||||||||
Discontinued operations
|
0.05 | (2.04 | ) | 0.51 | 0.10 | 0.17 | ||||||||||||||
Cumulative effect of a change in accounting principle
|
| | | | (0.11 | ) | ||||||||||||||
Net income (loss) per common share, diluted
|
$ | 1.87 | $ | (4.17 | ) | $ | 1.76 | $ | 0.72 | $ | 0.99 | |||||||||
Dividends declared per common share
|
$ | 0.40 | $ | 0.40 | $ | 0.40 | $ | 0.40 | $ | 0.30 |
At December 31, | ||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
Total assets
|
$ | 15,839 | $ | 15,598 | $ | 15,601 | $ | 13,992 | $ | 12,776 | ||||||||||
Long-term debt, including current portion
|
$ | 3,542 | $ | 2,938 | $ | 1,911 | $ | 1,918 | $ | 1,590 | ||||||||||
Stockholders equity
|
$ | 7,102 | $ | 7,548 | $ | 9,337 | $ | 8,376 | $ | 7,938 |
(1) | Net income includes the cumulative effect of a change in accounting principle related to a net expense for the consolidation of Batu Hijau of $47 ($0.11 per share, basic) net of tax and minority interest in 2004. | |
(2) | Net income (loss) includes income (loss) from discontinued operations for Merchant Banking, Pajingo, Zarafshan, Holloway and Golden Grove of $24 ($0.05 per share, basic), ($923) ($2.04 per share, basic), $228 ($0.51 per share, basic), $44 ($0.10 per share, basic) and $74 ($0.17 per share, basic) net of tax in 2008, 2007, 2006, 2005 and 2004, respectively. |
36
ITEM 7. | MANAGEMENTS DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS (dollars in millions, except per share, per ounce and per pound amounts) |
| Overview, which provides a brief summary of our consolidated results and financial position and the primary factors affecting those results, as well as a summary of our expectations for 2009; | |
| Accounting Developments, which provides a discussion of recent changes to our accounting policies that have affected our consolidated results and financial position; | |
| Critical Accounting Policies, which provides an analysis of the accounting policies we consider critical because of their effect on the reported amounts of assets, liabilities, income and/or expenses in our consolidated financial statements and/or because they require difficult, subjective or complex judgments by our management; | |
| Consolidated Financial Results, which includes a discussion of our consolidated financial results for the last three years; | |
| Results of Consolidated Operations, which sets forth an analysis of the operating results for the last three years; | |
| Recently Issued Accounting Pronouncements, which summarizes recently published authoritative accounting guidance, how it might apply to us and how it might affect our future results; and | |
| Liquidity and Capital Resources, which contains a discussion of our cash flows and liquidity, investing activities and financing activities, contractual obligations and off-balance sheet arrangements. |
37
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Revenues
|
$ | 6,199 | $ | 5,526 | $ | 4,882 | ||||||
Income (loss) from continuing operations
|
$ | 829 | $ | (963 | ) | $ | 563 | |||||
Net income (loss)
|
$ | 853 | $ | (1,886 | ) | $ | 791 | |||||
Net income (loss) per common share, basic:
|
||||||||||||
Income (loss) from continuing operations
|
$ | 1.83 | $ | (2.13 | ) | $ | 1.25 | |||||
Net income (loss)
|
$ | 1.88 | $ | (4.17 | ) | $ | 1.76 | |||||
Consolidated gold ounces sold
(thousands)(1)
|
6,255 | 6,184 | 7,186 | |||||||||
Consolidated copper pounds sold (millions)
|
290 | 428 | 435 | |||||||||
Average price received,
net(2)
|
||||||||||||
Gold (per ounce)
|
$ | 874 | $ | 697 | $ | 594 | ||||||
Copper (per pound)
|
$ | 2.59 | $ | 2.86 | $ | 1.54 | ||||||
Costs applicable to
sales(3)
|
||||||||||||
Gold (per ounce)
|
$ | 440 | $ | 389 | $ | 288 | ||||||
Copper (per pound)
|
$ | 1.38 | $ | 1.05 | $ | 0.67 |
(1) | Includes incremental start-up ounces of 20, 6 and 100 in 2008, 2007 and 2006, respectively. Incremental start-up includes the removal and production of de minimis saleable materials during development and is recorded as Other income, net of incremental mining and processing costs. | |
(2) | After treatment and refining charges and excluding settlement of price-capped forward sales contracts. | |
(3) | Excludes Amortization, Accretion, the 2007 Loss on settlement of price-capped forward sales contracts and the 2007 Midas redevelopment. |
| Reclamation and remediation costs ($102, primarily at former mining operations); | |
| Advanced projects, research and development expense ($166, primarily at our Fort a la Corne JV diamond, Hope Bay, Euronimba and Ghana investments); | |
| Losses on write-down of marketable equity securities and other assets ($251, as the credit crisis affected the market for junior mining companies); |
38
| Write-down of property, plant and mine development ($137, primarily related to assets in Canada, Indonesia and Nevada); and | |
| Tax planning and restructuring ($159). |
December 31, | ||||||||
2008 | 2007 | |||||||
Total debt
|
$ | 3,542 | $ | 2,938 | ||||
Total stockholders equity
|
$ | 7,102 | $ | 7,548 | ||||
Cash and cash equivalents
|
$ | 435 | $ | 1,231 | ||||
Marketable equity securities
|
$ | 621 | $ | 1,500 |
| Net proceeds from the issuance of debt of $591; | |
| Net cash provided from continuing operations of $1,403; | |
| Capital expenditures of $1,875; | |
| Completion of the Miramar acquisition for $325; | |
| Dividends paid to common shareholders of $182; | |
| Dividends paid to minority interests of $389; and | |
| Changes in the value of our marketable equity securities as a result of broad declines in the equity markets. |
| Fluctuations in gold and copper prices; | |
| We expect higher 2009 consolidated gold sales of approximately 6.35 to 6.85 million ounces, primarily as a result of the start-up of Boddington, completion of the acquisition of the remaining 33.33% of Boddington, as well as increased gold sales at Yanacocha and Batu Hijau, partially offset by lower sales in Nevada; | |
| Costs applicable to sales gold for 2009 are expected to be approximately $400 to $440 per ounce due to the start-up of lower cost production from Boddington (100%), higher expected gold sales from our Yanacocha and Batu Hijau operations, as well as lower oil price and Australian dollar exchange rate assumptions, partially offset by lower by-product credits resulting from lower copper price assumptions; | |
| We expect 2009 consolidated copper sales of approximately 460 to 510 million pounds at Costs applicable to sales of approximately $0.65 to $0.75 per pound as a result of higher expected sales, processing higher grade ore and lower waste removal costs. | |
| We anticipate capital expenditures of approximately $1,400 to $1,600 in 2009, with approximately 60% in Australia/New Zealand, 15% in Nevada and the remaining 25% invested at other locations. Approximately 45% of the 2009 capital budget is allocated to sustaining investments, with the remaining 55% allocated to project development initiatives, including completion of the Boddington project (100%) in Australia; |
39
| In March 2009, we expect to close the acquisition transaction for the additional 33.33% interest in Boddington from AngloGold Ashanti Ltd. for $750 payable in cash at closing, $240 payable in cash and/or Newmont common stock, at our option, in December 2009, and a royalty capped at $100, equal to 50% of the average realized operating margin (Revenue less Costs applicable to sales on a by-product basis), if any, exceeding $600 per ounce, payable on one-third of gold sales from Boddington. | |
| We expect 2009 exploration expenditures of approximately $165 to $175 and 2009 advanced projects, research and development expenditures of approximately $120 to $150. | |
| In February 2009, we completed a public offering of $518 convertible senior notes, maturing February 15, 2012 for net proceeds of $504. | |
| In February 2009, we completed a public offering of 34,500,000 of our common shares for net proceeds of $1,233. | |
| The completion of the Boddington project as well as potential future investments in the Hope Bay project in Canada, the Akyem project in Ghana and the Conga project in Peru will require significant funding. Our operating cash flow may become insufficient to meet the funding requirements of these investments, fund our ongoing business activities and pay dividends. Our ability to raise and service significant new sources of capital will be a function of macroeconomic conditions, future gold and copper prices and our operational performance, among other factors. In the event of lower gold and copper prices, unanticipated operating or financial challenges, or new funding limitations, our ability to pursue new business opportunities, invest in existing and new projects, fund our ongoing business activities and pay dividends could be significantly constrained; and | |
| Our 2009 expectations, particularly with respect to sales volumes and costs applicable to sales per ounce or pound, may differ significantly from actual quarter and full year results due to the start-up of our Boddington project (100%) and variations in: mine planning and sequencing, ore grades and hardness, metal recoveries, waste removal, commodity input prices, foreign currency exchange rates and gold and copper sales prices. |
40
Level 1
|
Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |
Level 2
|
Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; | |
Level 3
|
Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). |
41
Fair Value at December 31, 2008 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets:
|
||||||||||||||||
Cash equivalents
|
$ | 14 | $ | 14 | $ | | $ | | ||||||||
Marketable equity securities
|
621 | 621 | | | ||||||||||||
Marketable debt securities
|
27 | | | 27 | ||||||||||||
$ | 662 | $ | 635 | $ | | $ | 27 | |||||||||
Liabilities:
|
||||||||||||||||
Trade payable from provisional copper and gold concentrate
sales, net
|
$ | 5 | $ | 5 | $ | | $ | | ||||||||
Derivative instruments, net
|
140 | | 140 | | ||||||||||||
85/8% debentures
(hedged portion)
|
92 | | 92 | | ||||||||||||
$ | 237 | $ | 5 | $ | 232 | $ | | |||||||||
42
Balance at beginning of period
|
$ | 31 | ||
Unrealized losses
|
(7 | ) | ||
Transfers in auction rate securities
|
3 | |||
Balance at end of period
|
$ | 27 | ||
43
44
45
46
47
48
49
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Consolidated gold sales:
|
||||||||||||
Gross
|
$ | 5,460 | $ | 4,332 | $ | 4,241 | ||||||
Less: Treatment and refining charges
|
(13 | ) | (27 | ) | (30 | ) | ||||||
Net
|
$ | 5,447 | $ | 4,305 | $ | 4,211 | ||||||
Consolidated gold ounces sold (thousands):
|
||||||||||||
Gross
|
6,255 | 6,184 | 7,186 | |||||||||
Less: Incremental
start-up
sales(1)
|
(20 | ) | (6 | ) | (100 | ) | ||||||
Net
|
6,235 | 6,178 | 7,086 | |||||||||
Average realized gold price per ounce:
|
||||||||||||
Before treatment and refining charges
|
$ | 876 | $ | 701 | $ | 599 | ||||||
After treatment and refining charges
|
$ | 874 | $ | 697 | $ | 594 |
2008 vs. |
2007 vs. |
|||||||
2007 | 2006 | |||||||
Increase (decrease) in consolidated ounces sold
|
$ | 40 | $ | (544 | ) | |||
Increase in average realized gold price
|
1,088 | 635 | ||||||
Decrease in treatment and refining charges
|
14 | 3 | ||||||
$ | 1,142 | $ | 94 | |||||
(1) | Incremental start-up includes the removal and production of de minimis saleable materials during development and is recorded as Other income, net of incremental mining and processing costs. |
50
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Consolidated copper sales:
|
||||||||||||
Gross before derivative contracts
|
$ | 878 | $ | 1,409 | $ | 1,333 | ||||||
Provisional pricing mark-to-market
|
(47 | ) | (34 | ) | 165 | |||||||
Hedging losses
|
| (1 | ) | (633 | ) | |||||||
Gross after derivative contracts
|
831 | 1,374 | 865 | |||||||||
Less: Treatment and refining charges
|
(79 | ) | (153 | ) | (194 | ) | ||||||
Net
|
$ | 752 | $ | 1,221 | $ | 671 | ||||||
Consolidated copper pounds sold (millions)
|
290 | 428 | 435 | |||||||||
Average realized price per pound:
|
||||||||||||
Gross before derivative contracts
|
$ | 3.03 | $ | 3.30 | $ | 3.07 | ||||||
Provisional pricing mark-to-market
|
(0.16 | ) | (0.09 | ) | 0.38 | |||||||
Hedging losses
|
| | (1.46 | ) | ||||||||
Gross after derivative contracts
|
2.87 | 3.21 | 1.99 | |||||||||
Less: Treatment and refining charges
|
(0.28 | ) | (0.35 | ) | (0.45 | ) | ||||||
Net
|
$ | 2.59 | $ | 2.86 | $ | 1.54 | ||||||
2008 vs. |
2007 vs. |
|||||||
2007 | 2006 | |||||||
Decrease in consolidated pounds sold
|
$ | (443 | ) | $ | (15 | ) | ||
(Decrease) increase in average realized copper price
|
(100 | ) | 524 | |||||
Decrease in treatment and refining charges
|
74 | 41 | ||||||
$ | (469 | ) | $ | 550 | ||||
51
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Gold
|
||||||||||||
Nevada, USA
|
$ | 1,929 | $ | 1,616 | $ | 1,441 | ||||||
Yanacocha, Peru
|
1,613 | 1,093 | 1,543 | |||||||||
Australia/New Zealand:
|
||||||||||||
Tanami, Australia
|
321 | 305 | 250 | |||||||||
Kalgoorlie, Australia
|
264 | 224 | 198 | |||||||||
Jundee, Australia
|
342 | 214 | 190 | |||||||||
Waihi, New Zealand
|
123 | 66 | 71 | |||||||||
1,050 | 809 | 709 | ||||||||||
Batu Hijau, Indonesia
|
261 | 351 | 264 | |||||||||
Africa Ahafo, Ghana
|
435 | 306 | 124 | |||||||||
Other Operations:
|
||||||||||||
La Herradura, Mexico
|
83 | 61 | 48 | |||||||||
Kori Kollo, Bolivia
|
75 | 60 | 77 | |||||||||
Golden Giant, Canada
|
| 8 | 35 | |||||||||
158 | 129 | 160 | ||||||||||
Corporate
|
1 | 1 | (30 | ) | ||||||||
$ | 5,447 | $ | 4,305 | $ | 4,211 | |||||||
Copper
|
||||||||||||
Batu Hijau, Indonesia
|
$ | 752 | $ | 1,221 | $ | 671 | ||||||
52
Costs Applicable to Sales | Amortization | |||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | |||||||||||||||||||
Gold
|
||||||||||||||||||||||||
Nevada, USA
|
$ | 1,022 | $ | 1,021 | $ | 960 | $ | 246 | $ | 220 | $ | 180 | ||||||||||||
Yanacocha, Peru
|
637 | 490 | 450 | 170 | 160 | 172 | ||||||||||||||||||
Australia/New Zealand:
|
||||||||||||||||||||||||
Tanami, Australia
|
220 | 181 | 150 | 39 | 37 | 30 | ||||||||||||||||||
Kalgoorlie, Australia
|
231 | 191 | 158 | 16 | 24 | 25 | ||||||||||||||||||
Jundee, Australia
|
149 | 138 | 107 | 34 | 26 | 26 | ||||||||||||||||||
Waihi, New Zealand
|
55 | 42 | 23 | 33 | 22 | 10 | ||||||||||||||||||
655 | 552 | 438 | 122 | 109 | 91 | |||||||||||||||||||
Batu Hijau, Indonesia
|
124 | 114 | 86 | 25 | 25 | 20 | ||||||||||||||||||
Africa
|
||||||||||||||||||||||||
Ahafo, Ghana
|
205 | 168 | 52 | 63 | 43 | 19 | ||||||||||||||||||
Other Operations:
|
||||||||||||||||||||||||
La Herradura, Mexico
|
38 | 29 | 19 | 8 | 7 | 8 | ||||||||||||||||||
Kori Kollo, Bolivia
|
64 | 28 | 26 | 10 | 10 | 9 | ||||||||||||||||||
Golden Giant, Canada
|
| 2 | 12 | | | 1 | ||||||||||||||||||
102 | 59 | 57 | 18 | 17 | 18 | |||||||||||||||||||
2,745 | 2,404 | 2,043 | 644 | 574 | 500 | |||||||||||||||||||
Copper
|
||||||||||||||||||||||||
Batu Hijau, Indonesia
|
399 | 450 | 292 | 80 | 96 | 66 | ||||||||||||||||||
Other
|
||||||||||||||||||||||||
Exploration
|
| | | 1 | 1 | 3 | ||||||||||||||||||
Australia/New Zealand
|
| | | 3 | 3 | 3 | ||||||||||||||||||
Other Operations
|
| | | | | 1 | ||||||||||||||||||
Hope Bay, Canada
|
| | | 1 | | | ||||||||||||||||||
Corporate and Other
|
| | | 18 | 21 | 16 | ||||||||||||||||||
| | | 23 | 25 | 23 | |||||||||||||||||||
$ | 3,144 | $ | 2,854 | $ | 2,335 | $ | 747 | $ | 695 | $ | 589 | |||||||||||||
53
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Hope Bay
|
$ | 39 | $ | | $ | | ||||||
Fort a la Corne JV
|
26 | | | |||||||||
Technical and project services
|
23 | 15 | 25 | |||||||||
Euronimba
|
15 | 7 | 3 | |||||||||
Akyem
|
7 | 6 | 15 | |||||||||
Phoenix
|
6 | 7 | 10 | |||||||||
Conga
|
4 | 3 | 6 | |||||||||
Other
|
46 | 24 | 22 | |||||||||
$ | 166 | $ | 62 | $ | 81 | |||||||
54
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Reclamation estimate revisions
|
$ | 102 | $ | 29 | $ | 47 | ||||||
Community development
|
65 | 58 | 55 | |||||||||
Regional administration
|
48 | 38 | 38 | |||||||||
Western Australia power plant
|
18 | 11 | 1 | |||||||||
Peruvian royalty
|
18 | 10 | 22 | |||||||||
Batu Hijau divestiture and arbitration
|
15 | 3 | | |||||||||
Pension settlement loss
|
13 | 17 | | |||||||||
World Gold Council dues
|
11 | 11 | 13 | |||||||||
Accretion, non-operating
|
10 | 8 | 3 | |||||||||
Provision for bad debts
|
9 | 1 | | |||||||||
Buyat Bay settlement and other
|
3 | 12 | 22 | |||||||||
Other
|
48 | 48 | 50 | |||||||||
$ | 360 | $ | 246 | $ | 251 | |||||||
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Canadian Oil Sands Trust income
|
$ | 110 | $ | 47 | $ | 30 | ||||||
Gain on sale of exploration property
|
32 | | | |||||||||
Gain on sale of investments, net
|
30 | | | |||||||||
Interest income
|
29 | 50 | 67 | |||||||||
Income from development projects, net
|
12 | 3 | 19 | |||||||||
Gain on other asset sales, net
|
10 | 16 | 19 | |||||||||
Gain (loss) on ineffective portion of derivative instruments, net
|
10 | 4 | (60 | ) | ||||||||
Foreign currency exchange (losses) gains, net
|
(12 | ) | 25 | 5 | ||||||||
Write-down of investments
|
(114 | ) | (46 | ) | | |||||||
Loss on early retirement of debt
|
| | (40 | ) | ||||||||
Other
|
16 | 7 | 13 | |||||||||
$ | 123 | $ | 106 | $ | 53 | |||||||
55
56
57
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Yanacocha
|
$ | 232 | $ | 108 | $ | 256 | ||||||
Batu Hijau
|
98 | 299 | 103 | |||||||||
Other
|
(1 | ) | 3 | 4 | ||||||||
$ | 329 | $ | 410 | $ | 363 | |||||||
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
AGR Matthey Joint Venture
|
$ | (2 | ) | $ | 1 | $ | 1 | |||||
Regis Resources NL
|
(3 | ) | (8 | ) | (2 | ) | ||||||
European Gold Refineries
|
| 6 | 3 | |||||||||
$ | (5 | ) | $ | (1 | ) | $ | 2 | |||||
58
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Sales gold, net
|
$ | | $ | 119 | $ | 157 | ||||||
Income from operations:
|
||||||||||||
Royalty portfolio
|
$ | 6 | $ | 123 | $ | 67 | ||||||
Pajingo
|
| 8 | 12 | |||||||||
Zarafshan
|
| | 6 | |||||||||
6 | 131 | 85 | ||||||||||
Gain on sale of operations:
|
||||||||||||
Pajingo
|
1 | 8 | | |||||||||
Zarafshan
|
| 77 | | |||||||||
Holloway
|
| | 13 | |||||||||
1 | 85 | 13 | ||||||||||
Gain on sale of royalty assets
|
| 905 | | |||||||||
Gain on sale of Alberta oil sands project
|
| | 266 | |||||||||
Gain on sale of Martabe
|
| | 30 | |||||||||
Loss on impairment of goodwill and other assets
|
| (1,665 | ) | (101 | ) | |||||||
Pre-tax income (loss)
|
7 | (544 | ) | 293 | ||||||||
Income tax benefit (expense)
|
17 | (379 | ) | (65 | ) | |||||||
Income (loss) from discontinued operations
|
$ | 24 | $ | (923 | ) | $ | 228 | |||||
59
Gold Ounces or Copper |
||||||||||||||||||||||||||||||||||||
Pounds Sold(1) | Costs Applicable to Sales(2) | Amortization | ||||||||||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | 2008 | 2007 | 2006 | ||||||||||||||||||||||||||||
(ounces in thousands) | ($ per ounce) | ($ per ounce) | ||||||||||||||||||||||||||||||||||
Gold
|
||||||||||||||||||||||||||||||||||||
Nevada
|
2,225 | 2,341 | 2,534 | $ | 460 | $ | 437 | $ | 394 | $ | 111 | $ | 94 | $ | 74 | |||||||||||||||||||||
Yanacocha(3)
(51.35% owned)
|
1,843 | 1,565 | 2,572 | 346 | 313 | 175 | 92 | 103 | 67 | |||||||||||||||||||||||||||
Australia/New Zealand
|
1,187 | 1,153 | 1,176 | 552 | 479 | 373 | 103 | 94 | 78 | |||||||||||||||||||||||||||
Batu
Hijau(3)(4)
|
299 | 494 | 435 | 414 | 232 | 197 | 85 | 50 | 46 | |||||||||||||||||||||||||||
Africa
|
521 | 446 | 202 | 408 | 376 | 257 | 126 | 96 | 94 | |||||||||||||||||||||||||||
Other(3)
|
180 | 185 | 267 | 566 | 322 | 213 | 100 | 91 | 69 | |||||||||||||||||||||||||||
Total/Weighted-Average
|
6,255 | 6,184 | 7,186 | $ | 440 | $ | 389 | $ | 288 | $ | 104 | $ | 93 | $ | 71 | |||||||||||||||||||||
(pounds in millions) | ($ per pound) | ($ per pound) | ||||||||||||||||||||||||||||||||||
Copper
|
||||||||||||||||||||||||||||||||||||
Batu
Hijau(2)(3)
|
290 | 428 | 435 | $ | 1.38 | $ | 1.05 | $ | 0.67 | $ | 0.28 | $ | 0.22 | $ | 0.15 |
(1) | Includes incremental start-up ounces of 20, 6 and 100 in 2008, 2007 and 2006, respectively. | |
(2) | Excludes Amortization, Accretion, Loss on settlement of price-capped forward sales contracts and the 2007 Midas redevelopment. | |
(3) | Consolidated gold ounces and copper pounds sold includes minority interests share. | |
(4) | Economic interest decreased to 45% from 52.875% on May 25, 2007. |
| higher production at Yanacocha due to start-up of milling operations; | |
| higher production at Ahafo due to higher ore grades; partially offset by | |
| lower production at Batu Hijau due to lower ore grades, throughput and recovery. |
| lower production at Nevada due to lower ore grades; | |
| lower production at Yanacocha due to lower ore grade and tons placed on the leach pads; partially offset by | |
| a full year of operations at Ahafo and Leeville and Phoenix (Nevada); and | |
| higher production at Batu Hijau due to higher ore grades. |
60
Gold Ounces Sold(1) | Costs Applicable to Sales(2) | Amortization | ||||||||||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | 2008 | 2007 | 2006 | ||||||||||||||||||||||||||||
(in thousands) | ($ per ounce) | ($ per ounce) | ||||||||||||||||||||||||||||||||||
Nevada
|
2,225 | 2,341 | 2,534 | $ | 460 | $ | 437 | $ | 394 | $ | 111 | $ | 94 | $ | 74 |
(1) | Includes incremental start-up ounces of 1, 6, and 100 in 2008, 2007 and 2006, respectively. | |
(2) | Excludes Amortization, Accretion, the 2007 Loss on settlement of price-capped forward sales contracts and the 2007 Midas redevelopment. |
61
Gold Ounces Sold(1) | Costs Applicable to Sales(2) | Amortization | ||||||||||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | 2008 | 2007 | 2006 | ||||||||||||||||||||||||||||
(in thousands) | ($ per ounce) | ($ per ounce) | ||||||||||||||||||||||||||||||||||
Yanacocha
|
1,843 | 1,565 | 2,572 | $ | 346 | $ | 313 | $ | 175 | $ | 92 | $ | 103 | $ | 67 |
(1) | Consolidated gold ounces sold includes minority interests share (51.35% owned). | |
(2) | Excludes Amortization, Accretion and the 2007 Loss on settlement of price-capped forward sales contracts. |
62
Gold Ounces Sold | Costs Applicable to Sales(1) | Amortization | ||||||||||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | 2008 | 2007 | 2006 | ||||||||||||||||||||||||||||
(in thousands) | ($ per ounce) | ($ per ounce) | ||||||||||||||||||||||||||||||||||
Jundee
|
377 | 298 | 306 | $ | 395 | 462 | $ | 351 | $ | 91 | $ | 88 | $ | 85 | ||||||||||||||||||||||
Tanami
|
365 | 439 | 418 | 604 | 413 | 359 | 108 | 85 | 72 | |||||||||||||||||||||||||||
Kalgoorlie (50% owned)
|
304 | 323 | 332 | 760 | 591 | 477 | 52 | 74 | 76 | |||||||||||||||||||||||||||
Waihi
|
141 | 93 | 120 | 390 | 451 | 191 | 234 | 226 | 83 | |||||||||||||||||||||||||||
Total/Weighted-Average
|
1,187 | 1,153 | 1,176 | $ | 552 | $ | 479 | $ | 373 | $ | 103 | $ | 94 | $ | 78 | |||||||||||||||||||||
(1) | Excludes Amortization, Accretion and the 2007 Loss on settlement of price-capped forward sales contracts. |
63
64
Gold Ounces or Copper Pounds Sold | Costs Applicable to Sales(1) | Amortization | ||||||||||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | 2008 | 2007 | 2006 | ||||||||||||||||||||||||||||
(ounces in thousands) | ($ per ounce) | ($ per ounce) | ||||||||||||||||||||||||||||||||||
Gold
|
||||||||||||||||||||||||||||||||||||
Batu
Hijau(2)(3)
|
299 | 494 | 435 | $ | 414 | $ | 232 | $ | 197 | $ | 85 | $ | 50 | $ | 46 | |||||||||||||||||||||
(pounds in millions) | ($ per pound) | ($ per pound) | ||||||||||||||||||||||||||||||||||
Copper
|
||||||||||||||||||||||||||||||||||||
Batu
Hijau(2)(3)
|
290 | 428 | 435 | $ | 1.38 | $ | 1.05 | $ | 0.67 | $ | 0.28 | $ | 0.22 | $ | 0.15 |
(1) | Excludes Amortization, Accretion and the 2007 Loss on settlement of price-capped forward sales contracts. | |
(2) | Consolidated gold ounces and copper pounds sold includes minority interests share. | |
(3) | Economic interest decreased to 45% from 52.875% on May 25, 2007. |
65
66
Gold Ounces Sold(1) | Costs Applicable to Sales(2) | Amortization | ||||||||||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | 2008 | 2007 | 2006 | ||||||||||||||||||||||||||||
(in thousands) | ($ per ounce) | ($ per ounce) | ||||||||||||||||||||||||||||||||||
Ahafo
|
521 | 446 | 202 | $ | 408 | $ | 376 | $ | 257 | $ | 126 | $ | 96 | $ | 94 |
(1) | Includes incremental start-up ounces of 19 in 2008. | |
(2) | Excludes Amortization, Accretion and the 2007 Loss on settlement of price-capped forward sales contracts. |
67
Gold Ounces Sold | Costs Applicable to Sales(1) | Amortization | ||||||||||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | 2008 | 2007 | 2006 | ||||||||||||||||||||||||||||
(in thousands) | ($ per ounce) | ($ per ounce) | ||||||||||||||||||||||||||||||||||
La Herradura (44% owned)
|
95 | 86 | 79 | $ | 397 | $ | 340 | $ | 244 | $ | 86 | $ | 77 | $ | 114 | |||||||||||||||||||||
Kori
Kollo(2)
(88% owned)
|
85 | 87 | 129 | 754 | 325 | 200 | 116 | 117 | 68 | |||||||||||||||||||||||||||
Golden Giant
|
| 12 | 59 | | 177 | 200 | | | 10 | |||||||||||||||||||||||||||
Total/Weighted-Average
|
180 | 185 | 267 | $ | 566 | $ | 322 | $ | 213 | $ | 100 | $ | 91 | $ | 69 | |||||||||||||||||||||
(1) | Excludes Amortization, Accretion and the 2007 Loss on settlement of price-capped forward sales contracts. | |
(2) | Consolidated gold ounces sold includes minority interests share. |
68
69
70
71
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Consolidated gold ounces sold (in
thousands)(1)
|
6,255 | 6,184 | 7,186 | |||||||||
Average price received per ounce of
gold(2)
|
$ | 874 | $ | 697 | $ | 594 | ||||||
Costs applicable to sales per ounce of gold
sold(3)
|
$ | 440 | $ | 389 | $ | 288 | ||||||
Consolidated copper pounds sold (in millions)
|
290 | 428 | 435 | |||||||||
Average price received per pound of
copper(2)
|
$ | 2.59 | $ | 2.86 | $ | 1.54 | ||||||
Costs applicable to sales per pound of copper
sold(3)
|
$ | 1.38 | $ | 1.05 | $ | 0.67 |
(1) | Includes incremental start-up ounces of 20, 6 and 100 in 2008, 2007 and 2006, respectively. Incremental start-up includes the removal and production of de minimis saleable materials during development and is recorded as Other income, net of incremental mining and processing costs. | |
(2) | After treatment and refining charges and excluding settlement of price-capped forward sales contracts. | |
(3) | Excludes Amortization, Accretion, the 2007 Loss on settlement of price-capped forward sales contracts and the 2007 Midas redevelopment. |
72
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Nevada, USA
|
$ | 337 | $ | 588 | $ | 705 | ||||||
Yanacocha, Peru
|
239 | 253 | 269 | |||||||||
Australia/New Zealand:
|
||||||||||||
Jundee, Australia
|
37 | 41 | 23 | |||||||||
Tanami, Australia
|
49 | 41 | 31 | |||||||||
Kalgoorlie, Australia
|
14 | 5 | 14 | |||||||||
Waihi, New Zealand
|
27 | 39 | 28 | |||||||||
Boddington, Australia
|
833 | 468 | 93 | |||||||||
Other, Australia
|
2 | 5 | 3 | |||||||||
962 | 599 | 192 | ||||||||||
Batu Hijau, Indonesia
|
84 | 74 | 106 | |||||||||
Africa:
|
||||||||||||
Ahafo, Ghana
|
115 | 114 | 177 | |||||||||
Akyem, Ghana
|
2 | 20 | 57 | |||||||||
117 | 134 | 234 | ||||||||||
Hope Bay, Canada
|
82 | | | |||||||||
Other Operations:
|
||||||||||||
Kori Kollo, Bolivia
|
5 | 3 | 1 | |||||||||
La Herradura, Mexico
|
28 | 10 | 10 | |||||||||
33 | 13 | 11 | ||||||||||
Corporate and Other
|
21 | 11 | 20 | |||||||||
$ | 1,875 | $ | 1,672 | $ | 1,537 | |||||||
73
74
75
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Royalty portfolio
|
$ | (111 | ) | $ | 90 | $ | 74 | |||||
Pajingo
|
| 48 | 34 | |||||||||
Zarafshan
|
| | 10 | |||||||||
Holloway
|
| | (22 | ) | ||||||||
$ | (111 | ) | $ | 138 | $ | 96 | ||||||
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Proceeds from asset sales, net
|
$ | (6 | ) | $ | 1,197 | $ | 353 | |||||
Additions to property, plant and mine development
|
| (6 | ) | (20 | ) | |||||||
Zarafshan-Newmont Joint Venture settlement, net
|
| 77 | | |||||||||
Marketable securities and other investments, net
|
| 88 | (2 | ) | ||||||||
Other
|
| (2 | ) | 7 | ||||||||
$ | (6 | ) | $ | 1,354 | $ | 338 | ||||||
76
77
Payments Due by Period | ||||||||||||||||||||
Less Than |
1-3 |
4-5 |
More Than |
|||||||||||||||||
Contractual Obligations
|
Total | 1 Year | Years | Years | 5 Years | |||||||||||||||
Debt(1)
|
$ | 4,369 | $ | 213 | $ | 1,435 | $ | 775 | $ | 1,946 | ||||||||||
Capital lease
obligations(1)
|
297 | 52 | 163 | 73 | 9 | |||||||||||||||
Remediation and reclamation
obligations(2)
|
1,352 | 68 | 195 | 118 | 971 | |||||||||||||||
Employee-related
benefits(3)
|
231 | 70 | 87 | 40 | 34 | |||||||||||||||
FIN 48 liability and
interest(4)
|
167 | | | | 167 | |||||||||||||||
Operating leases
|
99 | 12 | 34 | 17 | 36 | |||||||||||||||
Minimum royalty payments
|
187 | 19 | 56 | 38 | 74 | |||||||||||||||
Purchase
obligations(5)
|
198 | 49 | 59 | 36 | 54 | |||||||||||||||
Other(6)
|
1,067 | 406 | 623 | 35 | 3 | |||||||||||||||
$ | 7,967 | $ | 889 | $ | 2,652 | $ | 1,132 | $ | 3,294 | |||||||||||
(1) | Amounts represent principal ($3,541) and estimated interest payments ($1,125) assuming no early extinguishment. | |
(2) | Mining operations are subject to extensive environmental regulations in the jurisdictions in which they operate. Pursuant to environmental regulations, we are required to close our operations and reclaim and remediate the lands that operations have disturbed. The estimated undiscounted cash outflows of these remediation and reclamation obligations are reflected here. For more information regarding remediation and reclamation liabilities, see Note 25 to the Consolidated Financial Statements. | |
(3) | Contractual obligations for Employee-related benefits include severance, workers participation, pension funding and other benefit plans. Pension plan funding beyond 2013 cannot be reasonably estimated given variable market conditions and actuarial assumptions and are not included. | |
(4) | As of December 31, 2008, our FIN 48 liability and FIN 48 interest payable were $130 and $37, respectively. We are unable to reasonably estimate the timing of our FIN 48 liability and interest payments beyond 2009 due to uncertainties in the timing of the effective settlement of tax positions. | |
(5) | Purchase obligations are not recorded in the Consolidated Financial Statements. Purchase obligations represent contractual obligations for purchase of power, materials and supplies, consumables, inventories and capital projects. | |
(6) | Other contractual obligations that are not reflected in our Consolidated Financial Statements include labor and service contracts. Payments related to derivative contracts cannot be reasonably estimated given variable market conditions. See Note 14 to the Consolidated Financial Statements. |
78
79
Total Capitalization as of December 31, 2008 | ||||||||||||
Pro-Forma |
Pro-Forma |
|||||||||||
Actual | Adjustments | Balance | ||||||||||
Cash, cash equivalents, marketable securities and other
short-term instruments
|
$ | 447 | $ | 1,737 | $ | 2,184 | ||||||
Long-term debt, including current portion:
|
||||||||||||
3.00% Convertible Senior Notes due 2012
|
$ | | $ | 444 | $ | 444 | ||||||
1.250% Convertible Senior Notes due 2014
|
575 | (127 | ) | 448 | ||||||||
1.625% Convertible Senior Notes due 2017
|
575 | (174 | ) | 401 | ||||||||
Other debt
|
2,390 | | 2,390 | |||||||||
Total long-term debt
|
$ | 3,540 | $ | 143 | $ | 3,683 | ||||||
Stockholders equity:
|
||||||||||||
Common stock
|
$ | 709 | $ | 55 | $ | 764 | ||||||
Additional paid-in capital
|
6,639 | 1,444 | 8,083 | |||||||||
Accumulated other comprehensive loss
|
(253 | ) | | (253 | ) | |||||||
Retained earnings (deficit)
|
7 | (30 | ) | (23 | ) | |||||||
Total stockholders equity
|
$ | 7,102 | $ | 1,469 | $ | 8,571 | ||||||
Total capitalization
|
$ | 10,642 | $ | 1,612 | $ | 12,254 | ||||||
80
ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK (dollars in millions except per share, per ounce and per pound amounts) |
81
82
83
Expected Maturity Date | Fair Value | |||||||||||||||||||||||
Total/ |
At December 31, | |||||||||||||||||||||||
2009 | 2010 | 2011 | Average | 2008 | 2007 | |||||||||||||||||||
IDR Forward Purchase Contracts:
|
||||||||||||||||||||||||
$ (millions)
|
$ | 35 | $ | | $ | | $ | 35 | $ | (4 | )(1) | $ | (1 | )(1) | ||||||||||
Average rate (IDR/$)
|
10,238 | | | 10,238 | ||||||||||||||||||||
A$ Operating Forward Purchase Contracts:
|
||||||||||||||||||||||||
$ (millions)
|
$ | 376 | $ | 282 | $ | 85 | $ | 743 | $ | (85 | )(2) | $ | | (2) | ||||||||||
Average rate ($/A$)
|
0.79 | 0.78 | 0.74 | 0.78 | ||||||||||||||||||||
NZ$ Operating Forward Purchase Contracts:
|
||||||||||||||||||||||||
$ (millions)
|
$ | 37 | $ | 12 | $ | | $ | 49 | $ | (6 | )(3) | $ | | (3) | ||||||||||
Average rate ($/NZ$)
|
0.67 | 0.62 | | 0.66 | ||||||||||||||||||||
A$ Capital Forward Purchase Contracts:
|
||||||||||||||||||||||||
$ (millions)
|
$ | 325 | $ | | $ | | $ | 325 | $ | (40 | )(4) | $ | (1 | )(4) | ||||||||||
Average rate ($/A$)
|
0.80 | | | 0.80 | ||||||||||||||||||||
A$ Capital Call Option Contracts:
|
||||||||||||||||||||||||
$ (millions)
|
$ | 28 | $ | | $ | | $ | 28 | $ | 1 | (4) | $ | 1 | (4) | ||||||||||
Average rate ($/A$)
|
0.70 | | | 0.70 |
(1) | The fair value of the IDR operating forward purchase contracts includes $4 and $1 in Other current liabilities as of December 31, 2008 and December 31, 2007, respectively. | |
(2) | The fair value of the A$ operating forward purchase contracts includes $1 in Other current assets, $1 in Other long-term assets, $45 in Other current liabilities, and $42 in Other long-term liabilities as of December 31, 2008. The fair value of the A$ operating forward purchase contracts included $2 in Other current assets, $2 in Other long-term assets, $1 in Other current liabilities, and $3 in Other long-term liabilities as of December 31, 2007. | |
(3) | The fair value of the NZ$ operating forward purchase contracts includes $5 in Other current liabilities and $1 in Other long-term liabilities as of December 31, 2008. | |
(4) | The fair value of the capital hedge program related to the construction of the Boddington project includes $3 in Other current assets for A$ bought call option and forward purchase contracts and $42 in Other current liabilities for A$ forward purchase contracts as of December 31, 2008. The fair value of the capital hedge program included $1 in Other current assets for A$ bought call option contracts and $1 in Other current liabilities for A$ forward purchase contracts as of December 31, 2007. |
84
Expected Maturity Date | Fair Value | |||||||||||||||
Total/ |
At December 31, |
At December 31, |
||||||||||||||
2009 | Average | 2008 | 2007 | |||||||||||||
Diesel Forward Purchase Contracts:
|
||||||||||||||||
$ (millions)
|
$ | 37 | $ | 37 | $ | (15 | )(1) | $ | | |||||||
Average rate ($/gallon)
|
2.49 | 2.49 |
(1) | The fair value of the diesel forward purchase contracts includes $15 in Other current liabilities as of December 31, 2008. |
85
2008 | 2007 | |||||||
Carrying value of fixed rate
debt(1)
|
$ | 1,961 | $ | 1,965 | ||||
Fair value of fixed rate
debt(1)
|
$ | 1,909 | $ | 2,206 | ||||
Pro forma fair value sensitivity of fixed rate debt of a
+/−10 basis point interest rate
change(2)
|
$ | +/−8.4 | $ | +/−10.8 |
(1) | Excludes specialized and hybrid debt instruments for which it is not practicable to estimate fair values and pro forma fair values or sensitivities. These instruments include the Sale-Leaseback of the Refractory Ore Treatment Plant, PTNNT project financing facility, Yanacocha project financing and certain capital leases. The estimated fair value quoted above may or may not reflect the actual trading value of these instruments. | |
(2) | The pro forma information assumes a +/−10 basis point change in market interest rates as of December 31 of each year, and reflects the corresponding estimated change in the fair value of fixed rate debt outstanding at that date under that assumption. Actual changes in the timing and amount of interest rate variations may differ from the above assumptions. |
86
ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
87
88
89
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
(in millions, except per share) | ||||||||||||
Revenues
|
||||||||||||
Sales gold, net
|
$ | 5,447 | $ | 4,305 | $ | 4,211 | ||||||
Sales copper, net
|
752 | 1,221 | 671 | |||||||||
6,199 | 5,526 | 4,882 | ||||||||||
Costs and expenses
|
||||||||||||
Costs applicable to sales
gold(1)
|
2,745 | 2,404 | 2,043 | |||||||||
Costs applicable to sales
copper(2)
|
399 | 450 | 292 | |||||||||
Loss on settlement of price-capped forward sales contracts
(Note 3)
|
| 531 | | |||||||||
Midas redevelopment (Note 4)
|
| 11 | | |||||||||
Amortization
|
747 | 695 | 589 | |||||||||
Accretion
|
32 | 29 | 27 | |||||||||
Exploration
|
214 | 177 | 166 | |||||||||
Advanced projects, research and development (Note 5)
|
166 | 62 | 81 | |||||||||
General and administrative
|
144 | 142 | 136 | |||||||||
Write-down of goodwill (Note 20)
|
| 1,122 | | |||||||||
Write-down of property, plant and mine development (Note 19)
|
137 | 10 | 3 | |||||||||
Other expense, net (Note 6)
|
360 | 246 | 251 | |||||||||
4,944 | 5,879 | 3,588 | ||||||||||
Other income (expense)
|
||||||||||||
Other income, net (Note 7)
|
123 | 106 | 53 | |||||||||
Interest expense, net of capitalized interest of $47, $50 and
$57, respectively
|
(102 | ) | (105 | ) | (97 | ) | ||||||
21 | 1 | (44 | ) | |||||||||
Income (loss) from continuing operations before income tax,
minority
|
||||||||||||
interest and equity (loss) income of affiliates
|
1,276 | (352 | ) | 1,250 | ||||||||
Income tax expense (Note 8)
|
(113 | ) | (200 | ) | (326 | ) | ||||||
Minority interest in income of consolidated subsidiaries
(Note 9)
|
(329 | ) | (410 | ) | (363 | ) | ||||||
Equity (loss) income of affiliates (Note 10)
|
(5 | ) | (1 | ) | 2 | |||||||
Income (loss) from continuing operations
|
829 | (963 | ) | 563 | ||||||||
Income (loss) from discontinued operations (Note 11)
|
24 | (923 | ) | 228 | ||||||||
Net income (loss)
|
$ | 853 | $ | (1,886 | ) | $ | 791 | |||||
Income (loss) from continuing operations per common share, basic
|
$ | 1.83 | $ | (2.13 | ) | $ | 1.25 | |||||
Income (loss) from discontinued operations per common share,
basic
|
0.05 | (2.04 | ) | 0.51 | ||||||||
Net income (loss) per common share, basic (Note 12)
|
$ | 1.88 | $ | (4.17 | ) | $ | 1.76 | |||||
Income (loss) from continuing operations per common share,
diluted
|
$ | 1.82 | $ | (2.13 | ) | $ | 1.25 | |||||
Income (loss) from discontinued operations per common share,
diluted
|
0.05 | (2.04 | ) | 0.50 | ||||||||
Net income (loss) per common share, diluted (Note 12)
|
$ | 1.87 | $ | (4.17 | ) | $ | 1.75 | |||||
Basic weighted-average common shares outstanding
|
454 | 452 | 450 | |||||||||
Diluted weighted-average common shares outstanding
|
455 | 452 | 452 | |||||||||
Cash dividends declared per common share
|
$ | 0.40 | $ | 0.40 | $ | 0.40 | ||||||
(1) | Exclusive of Loss on settlement of price-capped forward sales contracts, Midas redevelopment, Amortization and Accretion. | |
(2) | Exclusive of Amortization and Accretion. |
90
At December 31, | ||||||||
2008 | 2007 | |||||||
(in millions) | ||||||||
ASSETS
|
||||||||
Cash and cash equivalents
|
$ | 435 | $ | 1,231 | ||||
Marketable securities and other short-term investments
(Note 15)
|
12 | 61 | ||||||
Trade receivables
|
104 | 177 | ||||||
Accounts receivable
|
223 | 168 | ||||||
Inventories (Note 16)
|
519 | 463 | ||||||
Stockpiles and ore on leach pads (Note 17)
|
324 | 373 | ||||||
Deferred income tax assets (Note 8)
|
286 | 112 | ||||||
Other current assets (Note 18)
|
458 | 87 | ||||||
Current assets
|
2,361 | 2,672 | ||||||
Property, plant and mine development, net (Note 19)
|
10,132 | 9,140 | ||||||
Investments (Note 15)
|
655 | 1,531 | ||||||
Stockpiles and ore on leach pads (Note 17)
|
1,145 | 788 | ||||||
Deferred income tax assets (Note 8)
|
1,145 | 1,027 | ||||||
Other long-term assets (Note 18)
|
213 | 230 | ||||||
Goodwill (Note 20)
|
188 | 186 | ||||||
Assets of operations held for sale (Note 11)
|
| 24 | ||||||
Total assets
|
$ | 15,839 | $ | 15,598 | ||||
LIABILITIES | ||||||||
Current portion of long-term debt (Note 21)
|
$ | 169 | $ | 255 | ||||
Accounts payable
|
412 | 339 | ||||||
Employee-related benefits (Note 22)
|
178 | 153 | ||||||
Income and mining taxes (Note 8)
|
58 | 88 | ||||||
Other current liabilities (Note 24)
|
779 | 665 | ||||||
Current liabilities
|
1,596 | 1,500 | ||||||
Long-term debt (Note 21)
|
3,373 | 2,683 | ||||||
Reclamation and remediation liabilities (Note 25)
|
716 | 623 | ||||||
Deferred income tax liabilities (Note 8)
|
1,051 | 1,025 | ||||||
Employee-related benefits (Note 22)
|
379 | 226 | ||||||
Other long-term liabilities (Note 24)
|
252 | 150 | ||||||
Liabilities of operations held for sale (Note 11)
|
| 394 | ||||||
Total liabilities
|
7,367 | 6,601 | ||||||
Commitments and contingencies (Note 33)
|
||||||||
Minority interest in subsidiaries
|
1,370 | 1,449 | ||||||
STOCKHOLDERS EQUITY
|
||||||||
Common stock $1.60 par value;
|
||||||||
Authorized 750 million shares
|
||||||||
Issued and outstanding
|
||||||||
Common: 443 million and 435 million shares issued,
less 264,000 and 304,000 treasury shares, respectively
|
709 | 696 | ||||||
Exchangeable: 56 million shares issued, less
44 million and 38 million redeemed shares, respectively
|
||||||||
Additional paid-in capital
|
6,639 | 6,696 | ||||||
Accumulated other comprehensive (loss) income (Note 26)
|
(253 | ) | 957 | |||||
Retained earnings (deficit)
|
7 | (801 | ) | |||||
Total stockholders equity
|
7,102 | 7,548 | ||||||
Total liabilities and stockholders equity
|
$ | 15,839 | $ | 15,598 | ||||
91
Accumulated |
||||||||||||||||||||||||
Additional |
Retained |
Other |
Total |
|||||||||||||||||||||
Common Stock |
Paid-In |
Earnings |
Comprehensive |
Stockholders |
||||||||||||||||||||
Shares | Amount | Capital | (Deficit) | Income (Loss) | Equity | |||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Balance at December 31, 2005
|
448 | $ | 666 | $ | 6,578 | $ | 754 | $ | 378 | $ | 8,376 | |||||||||||||
Net income
|
| | | 791 | | 791 | ||||||||||||||||||
Other comprehensive income
|
| | | | 322 | 322 | ||||||||||||||||||
Common stock dividends
|
| | | (180 | ) | | (180 | ) | ||||||||||||||||
Adoption of EITF
04-06
|
| | | (81 | ) | | (81 | ) | ||||||||||||||||
Adoption of FAS 158
|
| | | | (27 | ) | (27 | ) | ||||||||||||||||
Stock based compensation and related share issuances
|
3 | 5 | 131 | | | 136 | ||||||||||||||||||
Shares issued in exchange for exchangeable shares
|
| 6 | (6 | ) | | | | |||||||||||||||||
Balance at December 31, 2006
|
451 | $ | 677 | $ | 6,703 | $ | 1,284 | $ | 673 | $ | 9,337 | |||||||||||||
Net loss
|
| | | (1,886 | ) | | (1,886 | ) | ||||||||||||||||
Other comprehensive income
|
| | | | 284 | 284 | ||||||||||||||||||
Common stock dividends
|
| | (90 | ) | (91 | ) | | (181 | ) | |||||||||||||||
Adoption of FIN 48
|
| | | (108 | ) | | (108 | ) | ||||||||||||||||
Stock based compensation and related share issuances
|
2 | 4 | 88 | | | 92 | ||||||||||||||||||
Shares issued in exchange for exchangeable shares
|
| 15 | (15 | ) | | | | |||||||||||||||||
Warrants issued (Note 21)
|
| | 248 | | | 248 | ||||||||||||||||||
Call options purchased (net of $128 deferred tax assets)
|
| | (238 | ) | | | (238 | ) | ||||||||||||||||
Balance at December 31, 2007
|
453 | $ | 696 | $ | 6,696 | $ | (801 | ) | $ | 957 | $ | 7,548 | ||||||||||||
Net income
|
| | | 853 | | 853 | ||||||||||||||||||
Other comprehensive loss
|
| | | | (1,210 | ) | (1,210 | ) | ||||||||||||||||
Common stock dividends
|
| | (137 | ) | (45 | ) | | (182 | ) | |||||||||||||||
Stock based compensation and related share issuances
|
2 | 2 | 91 | | | 93 | ||||||||||||||||||
Shares issued in exchange for exchangeable shares (Note 12)
|
| 11 | (11 | ) | | | | |||||||||||||||||
Balance at December 31, 2008
|
455 | $ | 709 | $ | 6,639 | $ | 7 | $ | (253 | ) | $ | 7,102 | ||||||||||||
92
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
(in millions) | ||||||||||||
Net income (loss)
|
$ | 853 | $ | (1,886 | ) | $ | 791 | |||||
Other comprehensive (loss) income:
|
||||||||||||
Unrealized (loss) gain on marketable securities, net of $105,
$(19) and $(49) tax benefit (expense), respectively
|
(573 | ) | 113 | 272 | ||||||||
Foreign currency translation adjustments
|
(387 | ) | 138 | (14 | ) | |||||||
Change in pension liability, net of $69 and $(18) and $(9) tax
benefit (expense), respectively
|
||||||||||||
Net change from periodic valuations
|
(139 | ) | 18 | 12 | ||||||||
Net amount reclassified to income
|
9 | 15 | 5 | |||||||||
Net unrecognized loss on pension liability
|
(130 | ) | 33 | 17 | ||||||||
Change in fair value of cash flow hedge instruments, net of tax
and minority interests benefit (expense) of $53, $(1) and $(26),
respectively
|
||||||||||||
Net change from periodic revaluations
|
(125 | ) | 2 | (177 | ) | |||||||
Net amount reclassified to income
|
5 | (2 | ) | 224 | ||||||||
Net unrecognized (loss) gain on derivatives
|
(120 | ) | | 47 | ||||||||
Other comprehensive (loss) income
|
(1,210 | ) | 284 | 322 | ||||||||
Comprehensive (loss) income
|
$ | (357 | ) | $ | (1,602 | ) | $ | 1,113 | ||||
93
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
(in millions) | ||||||||||||
Operating activities:
|
||||||||||||
Net income (loss)
|
$ | 853 | $ | (1,886 | ) | $ | 791 | |||||
Adjustments to reconcile net income (loss) to net cash from
continuing operations:
|
||||||||||||
Amortization
|
747 | 695 | 589 | |||||||||
Minority interest in income of consolidated subsidiaries
(Note 9)
|
329 | 410 | 363 | |||||||||
Deferred income taxes
|
(300 | ) | (152 | ) | (127 | ) | ||||||
Write-down of investments (Note 7)
|
114 | 46 | | |||||||||
Write-down of property, plant and mine development
|
137 | 10 | 3 | |||||||||
Gain on asset sales, net
|
(72 | ) | (16 | ) | (19 | ) | ||||||
Reclamation estimate revisions (Note 25)
|
102 | 29 | 47 | |||||||||
Stock based compensation and other benefits
|
50 | 46 | 50 | |||||||||
Accretion of accumulated reclamation obligations (Note 25)
|
42 | 37 | 30 | |||||||||
(Income) loss from discontinued operations (Note 11)
|
(24 | ) | 923 | (228 | ) | |||||||
Hedge gain, net
|
(9 | ) | (9 | ) | (46 | ) | ||||||
Write-down of goodwill
|
| 1,122 | | |||||||||
Revenue from prepaid forward sales obligation
|
| | (48 | ) | ||||||||
Other operating adjustments and write-downs
|
76 | 25 | 71 | |||||||||
Net change in operating assets and liabilities (Note 28)
|
(642 | ) | (755 | ) | (347 | ) | ||||||
Net cash provided from continuing operations
|
1,403 | 525 | 1,129 | |||||||||
Net cash (used in) provided from discontinued operations
(Note 11)
|
(111 | ) | 138 | 96 | ||||||||
Net cash provided from operations
|
1,292 | 663 | 1,225 | |||||||||
Investing activities:
|
||||||||||||
Additions to property, plant and mine development
|
(1,875 | ) | (1,672 | ) | (1,537 | ) | ||||||
Proceeds from sale of marketable debt and equity securities
|
50 | 224 | 2,216 | |||||||||
Investments in marketable debt and equity securities
|
(17 | ) | (258 | ) | (1,493 | ) | ||||||
Acquisitions, net (Note 13)
|
(325 | ) | (953 | ) | (348 | ) | ||||||
Cash received on repayment of Batu Hijau carried interest
(Note 9)
|
| 161 | | |||||||||
Other
|
16 | 31 | 20 | |||||||||
Net cash used in investing activities of continuing operations
|
(2,151 | ) | (2,467 | ) | (1,142 | ) | ||||||
Net cash (used in) provided from investing activities of
discontinued operations (Note 11)
|
(6 | ) | 1,354 | 338 | ||||||||
Net cash used in investing activities
|
(2,157 | ) | (1,113 | ) | (804 | ) | ||||||
Financing activities:
|
||||||||||||
Proceeds from debt, net
|
5,078 | 3,008 | 198 | |||||||||
Repayment of debt
|
(4,487 | ) | (2,036 | ) | (111 | ) | ||||||
Dividends paid to minority interests
|
(389 | ) | (270 | ) | (264 | ) | ||||||
Dividends paid to common stockholders
|
(182 | ) | (181 | ) | (180 | ) | ||||||
Proceeds from stock issuance
|
29 | 51 | 78 | |||||||||
Purchase of Company share call options (Note 21)
|
| (366 | ) | | ||||||||
Issuance of Company share warrants (Note 21)
|
| 248 | | |||||||||
Early extinguishment of prepaid forward sales obligation
|
| | (48 | ) | ||||||||
Change in restricted cash and other
|
74 | 11 | (6 | ) | ||||||||
Net cash provided from (used in) financing activities of
continuing operations
|
123 | 465 | (333 | ) | ||||||||
Net cash used in financing activities of discontinued operations
(Note 11)
|
| | (7 | ) | ||||||||
Net cash provided from (used in) financing activities
|
123 | 465 | (340 | ) | ||||||||
Effect of exchange rate changes on cash
|
(54 | ) | 50 | 3 | ||||||||
Net change in cash and cash equivalents
|
(796 | ) | 65 | 84 | ||||||||
Cash and cash equivalents at beginning of period
|
1,231 | 1,166 | 1,082 | |||||||||
Cash and cash equivalents at end of period
|
$ | 435 | $ | 1,231 | $ | 1,166 | ||||||
94
NOTE 1 | THE COMPANY |
NOTE 2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
95
96
97
98
99
100
101
102
103
104
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |
Level 2 | Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; | |
Level 3 | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). |
Fair Value at December 31, 2008 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets:
|
||||||||||||||||
Cash equivalents
|
$ | 14 | $ | 14 | $ | | $ | | ||||||||
Marketable equity securities
|
621 | 621 | | | ||||||||||||
Marketable debt securities
|
27 | | | 27 | ||||||||||||
$ | 662 | $ | 635 | $ | | $ | 27 | |||||||||
Liabilities:
|
||||||||||||||||
Trade payable from provisional copper and gold concentrate
sales, net
|
$ | 5 | $ | 5 | $ | | $ | | ||||||||
Derivative instruments, net
|
140 | | 140 | | ||||||||||||
85/8% debentures
(hedged portion)
|
92 | | 92 | | ||||||||||||
$ | 237 | $ | 5 | $ | 232 | $ | | |||||||||
105
Balance at beginning of period
|
$ | 31 | ||
Unrealized losses
|
(7 | ) | ||
Transfers in auction rate securities
|
3 | |||
Balance at end of period
|
$ | 27 | ||
106
107
108
109
NOTE 3 | PRICE-CAPPED FORWARD SALES CONTRACTS |
NOTE 4 | MIDAS REDEVELOPMENT |
110
NOTE 5 | ADVANCED PROJECTS, RESEARCH AND DEVELOPMENT |
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Hope Bay
|
$ | 39 | $ | | $ | | ||||||
Fort a la Corne JV
|
26 | | | |||||||||
Technical and project services
|
23 | 15 | 25 | |||||||||
Euronimba
|
15 | 7 | 3 | |||||||||
Akyem
|
7 | 6 | 15 | |||||||||
Phoenix
|
6 | 7 | 10 | |||||||||
Conga
|
4 | 3 | 6 | |||||||||
Other
|
46 | 24 | 22 | |||||||||
$ | 166 | $ | 62 | $ | 81 | |||||||
NOTE 6 | OTHER EXPENSE, NET |
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Reclamation estimate revisions (Note 25)
|
$ | 102 | $ | 29 | $ | 47 | ||||||
Community development
|
65 | 58 | 55 | |||||||||
Regional administration
|
48 | 38 | 38 | |||||||||
Western Australia power plant
|
18 | 11 | 1 | |||||||||
Peruvian royalty
|
18 | 10 | 22 | |||||||||
Batu Hijau divestiture and arbitration
|
15 | 3 | | |||||||||
Pension settlement loss (Note 22)
|
13 | 17 | | |||||||||
World Gold Council dues
|
11 | 11 | 13 | |||||||||
Accretion, non-operating (Note 25)
|
10 | 8 | 3 | |||||||||
Provision for bad debts
|
9 | 1 | | |||||||||
Buyat Bay settlement and other (Note 33)
|
3 | 12 | 22 | |||||||||
Other
|
48 | 48 | 50 | |||||||||
$ | 360 | $ | 246 | $ | 251 | |||||||
111
NOTE 7 | OTHER INCOME, NET |
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Canadian Oil Sands Trust income
|
$ | 110 | $ | 47 | $ | 30 | ||||||
Gain on sale of exploration property
|
32 | | | |||||||||
Gain on sale of investments, net
|
30 | | | |||||||||
Interest income
|
29 | 50 | 67 | |||||||||
Income from development projects, net
|
12 | 3 | 19 | |||||||||
Gain on other asset sales, net
|
10 | 16 | 19 | |||||||||
Gain (loss) on ineffective portion of derivative instruments,
net (Note 14)
|
10 | 4 | (60 | ) | ||||||||
Foreign currency exchange (losses) gains, net
|
(12 | ) | 25 | 5 | ||||||||
Write-down of investments (Note 15)
|
(114 | ) | (46 | ) | | |||||||
Loss on early retirement of debt
|
| | (40 | ) | ||||||||
Other
|
16 | 7 | 13 | |||||||||
$ | 123 | $ | 106 | $ | 53 | |||||||
NOTE 8 | INCOME TAXES |
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Current:
|
||||||||||||
United States
|
$ | (62 | ) | $ | 121 | $ | | |||||
Foreign
|
(351 | ) | (473 | ) | (453 | ) | ||||||
(413 | ) | (352 | ) | (453 | ) | |||||||
Deferred:
|
||||||||||||
United States
|
235 | (1 | ) | 15 | ||||||||
Foreign
|
65 | 153 | 112 | |||||||||
300 | 152 | 127 | ||||||||||
$ | (113 | ) | $ | (200 | ) | $ | (326 | ) | ||||
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
United States
|
$ | 564 | $ | (155 | ) | $ | 188 | |||||
Foreign
|
712 | (197 | ) | 1,062 | ||||||||
$ | 1,276 | $ | (352 | ) | $ | 1,250 | ||||||
112
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Income (loss) from continuing operations before income tax,
minority interest and equity (loss) income of affiliates
|
$ | 1,276 | $ | (352 | ) | $ | 1,250 | |||||
United States statutory corporate income tax rate
|
35 | % | 35 | % | 35 | % | ||||||
Income tax (expense) benefit computed at United States statutory
corporate income tax rate
|
(447 | ) | 123 | (438 | ) | |||||||
Reconciling items:
|
||||||||||||
Percentage depletion and Canadian Resource Allowance
|
130 | 70 | 77 | |||||||||
Change in valuation allowance on deferred tax assets
|
(31 | ) | 17 | 3 | ||||||||
Effect of foreign earnings, net of allowable credits
|
(5 | ) | (10 | ) | (7 | ) | ||||||
U.S. tax effect of minority interest attributable to
non-U.S.
investees
|
19 | 4 | 15 | |||||||||
Rate differential for foreign earnings indefinitely reinvested
|
(20 | ) | (7 | ) | (70 | ) | ||||||
Resolution of prior years uncertain income tax matters
|
69 | (3 | ) | 4 | ||||||||
Foreign currency translation of monetary assets
|
21 | | 1 | |||||||||
Tax effect of changes in tax laws
|
| 4 | 23 | |||||||||
Tax effect of impairment of goodwill
|
| (393 | ) | | ||||||||
U.S. tax payable and book/tax basis analysis
|
| | 27 | |||||||||
Tax effect of loss generated on change in form of a
non-U.S.
subsidiary
|
159 | | | |||||||||
Change in Australias functional currency for tax reporting
|
| | 48 | |||||||||
Other
|
(8 | ) | (5 | ) | (9 | ) | ||||||
Income tax expense
|
$ | (113 | ) | $ | (200 | ) | $ | (326 | ) | |||
113
At December 31, | ||||||||
2008 | 2007 | |||||||
Deferred income tax assets:
|
||||||||
Exploration costs
|
$ | 65 | $ | 59 | ||||
Depreciation
|
49 | 89 | ||||||
Net operating losses and tax credits
|
890 | 610 | ||||||
Retiree benefit and vacation accrual costs
|
138 | 68 | ||||||
Remediation and reclamation costs
|
138 | 141 | ||||||
Derivative instruments
|
111 | 128 | ||||||
Foreign currency exchange
|
2 | | ||||||
Investment in partnerships
|
101 | 78 | ||||||
Other
|
64 | 158 | ||||||
1,558 | 1,331 | |||||||
Valuation allowances
|
(513 | ) | (509 | ) | ||||
1,045 | 822 | |||||||
Deferred income tax liabilities:
|
||||||||
Net undistributed earnings of subsidiaries
|
(22 | ) | (11 | ) | ||||
Unrealized gain on investments
|
(44 | ) | (149 | ) | ||||
Depletable and amortizable costs associated with mineral rights
|
(602 | ) | (629 | ) | ||||
Derivative instruments
|
(5 | ) | (25 | ) | ||||
Foreign currency exchange
|
| (26 | ) | |||||
(673 | ) | (840 | ) | |||||
Net deferred income tax assets (liabilities)
|
$ | 372 | $ | (18 | ) | |||
At December 31, | ||||||||
2008 | 2007 | |||||||
Current deferred income tax assets
|
$ | 286 | $ | 112 | ||||
Long-term deferred income tax assets
|
1,145 | 1,027 | ||||||
Current deferred income tax liabilities
|
(8 | ) | (132 | ) | ||||
Long-term deferred income tax liabilities
|
(1,051 | ) | (1,025 | ) | ||||
$ | 372 | $ | (18 | ) | ||||
At December 31, 2007 | ||||
Long-term deferred income tax assets
|
$ | 1 | ||
Long-term deferred income tax liabilities
|
| |||
$ | 1 | |||
114
2008 | 2007 | |||||||
Total amount of gross unrecognized tax benefits at beginning of
year
|
$ | 230 | $ | 267 | ||||
Additions for tax positions of prior years
|
29 | 18 | ||||||
Additions for tax positions of current year
|
50 | 14 | ||||||
Reductions due to settlements with taxing authorities
|
(57 | ) | (9 | ) | ||||
Reductions due to lapse of statute of limitations
|
(71 | ) | (14 | ) | ||||
Reductions due to change in legislation
|
| (30 | ) | |||||
Reclassification of net interest out of gross unrecognized tax
benefits balance
|
| (16 | ) | |||||
Total amount of gross unrecognized tax benefits at end year
|
$ | 181 | $ | 230 | ||||
115
116
At December 31, | ||||||||
2008 | 2007 | |||||||
United States
|
$ | 1,092 | $ | 678 | ||||
Foreign
|
(720 | ) | (696 | ) | ||||
$ | 372 | $ | (18 | ) | ||||
At December 31, | ||||||||
2008 | 2007 | |||||||
United States
|
$ | 23 | $ | 124 | ||||
Foreign
|
35 | 343 | ||||||
$ | 58 | $ | 467 | |||||
NOTE 9 | MINORITY INTEREST IN INCOME OF CONSOLIDATED SUBSIDIARIES |
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Yanacocha
|
$ | 232 | $ | 108 | $ | 256 | ||||||
Batu Hijau
|
98 | 299 | 103 | |||||||||
Other
|
(1 | ) | 3 | 4 | ||||||||
$ | 329 | $ | 410 | $ | 363 | |||||||
117
NOTE 10 | EQUITY (LOSS) INCOME OF AFFILIATES |
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
AGR Matthey Joint Venture
|
$ | (2 | ) | $ | 1 | $ | 1 | |||||
Regis Resources NL
|
(3 | ) | (8 | ) | (2 | ) | ||||||
European Gold Refineries
|
| 6 | 3 | |||||||||
$ | (5 | ) | $ | (1 | ) | $ | 2 | |||||
NOTE 11 | DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE |
118
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Sales gold, net
|
$ | | $ | 119 | $ | 157 | ||||||
Income from operations:
|
||||||||||||
Royalty portfolio
|
$ | 6 | $ | 123 | $ | 67 | ||||||
Pajingo
|
| 8 | 12 | |||||||||
Zarafshan
|
| | 6 | |||||||||
6 | 131 | 85 | ||||||||||
Gain on sale of operations:
|
||||||||||||
Pajingo
|
1 | 8 | | |||||||||
Zarafshan
|
| 77 | | |||||||||
Holloway
|
| | 13 | |||||||||
1 | 85 | 13 | ||||||||||
Gain on sale of royalty assets
|
| 905 | | |||||||||
Gain on sale of Alberta oil sands project
|
| | 266 | |||||||||
Gain on sale of Martabe
|
| | 30 | |||||||||
Loss on impairment of goodwill and other assets
|
| (1,665 | ) | (101 | ) | |||||||
Pre-tax income (loss)
|
7 | (544 | ) | 293 | ||||||||
Income tax benefit (expense)
|
17 | (379 | ) | (65 | ) | |||||||
Income (loss) from discontinued operations
|
$ | 24 | $ | (923 | ) | $ | 228 | |||||
119
At December 31, |
||||
2007 | ||||
Assets:
|
||||
Accounts receivable
|
$ | 20 | ||
Property, plant and mine development
|
3 | |||
Deferred income tax assets
|
1 | |||
$ | 24 | |||
Liabilities:
|
||||
Income and mining taxes
|
$ | 378 | ||
Other liabilities
|
16 | |||
$ | 394 | |||
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Net cash (used in) provided from discontinued operations:
|
||||||||||||
Income (loss) from discontinued operations
|
$ | 24 | $ | (923 | ) | $ | 228 | |||||
Amortization
|
| 46 | 51 | |||||||||
Deferred income taxes
|
| 55 | 37 | |||||||||
Gain on asset sales, net
|
| (990 | ) | (309 | ) | |||||||
Gain on sale of investments, net
|
| (46 | ) | (13 | ) | |||||||
Loss on impairment of goodwill
|
| 1,665 | | |||||||||
Other operating adjustments and write-downs
|
| 18 | 96 | |||||||||
(Decrease) increase in net operating liabilities
|
(135 | ) | 313 | 6 | ||||||||
$ | (111 | ) | $ | 138 | $ | 96 | ||||||
Net cash (used in) provided from investing activities of
discontinued operations:
|
||||||||||||
Proceeds from asset sales, net
|
$ | (6 | ) | $ | 1,274 | $ | 353 | |||||
Proceeds from sale of marketable securities
|
| 90 | 8 | |||||||||
Additions to property, plant and mine development
|
| (6 | ) | (20 | ) | |||||||
Investments in marketable securities
|
| (2 | ) | (10 | ) | |||||||
Other
|
| (2 | ) | 7 | ||||||||
$ | (6 | ) | $ | 1,354 | $ | 338 | ||||||
Net cash used in financing activities of discontinued operations:
|
||||||||||||
Repayment of debt
|
$ | | $ | | $ | (7 | ) | |||||
120
NOTE 12 | STOCKHOLDERS EQUITY AND INCOME (LOSS) PER SHARE |
121
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Numerator:
|
||||||||||||
Income (loss) from continuing operations
|
$ | 829 | $ | (963 | ) | $ | 563 | |||||
Income (loss) from discontinued operations
|
24 | (923 | ) | 228 | ||||||||
Net income (loss)
|
$ | 853 | $ | (1,886 | ) | $ | 791 | |||||
Denominator (common shares millions):
|
||||||||||||
Basic
|
454 | 452 | 450 | |||||||||
Effect of employee stock based awards
|
1 | | 2 | |||||||||
Diluted
|
455 | 452 | 452 | |||||||||
Income (loss) per common share
|
||||||||||||
Basic:
|
||||||||||||
Income (loss) from continuing operations
|
$ | 1.83 | $ | (2.13 | ) | $ | 1.25 | |||||
Income (loss) from discontinued operations
|
0.05 | (2.04 | ) | 0.51 | ||||||||
Net income (loss)
|
$ | 1.88 | $ | (4.17 | ) | $ | 1.76 | |||||
Diluted:
|
||||||||||||
Income (loss) from continuing operations
|
$ | 1.82 | $ | (2.13 | ) | $ | 1.25 | |||||
Income (loss) from discontinued operations
|
0.05 | (2.04 | ) | 0.50 | ||||||||
Net income (loss)
|
$ | 1.87 | $ | (4.17 | ) | $ | 1.75 | |||||
122
NOTE 13 | ACQUISITIONS |
Assets:
|
||||
Cash and cash equivalents
|
$ | 38 | ||
Property, plant and mine development, net
|
1,880 | |||
Investments
|
40 | |||
Deferred income tax assets
|
94 | |||
Other assets
|
35 | |||
2,087 | ||||
Liabilities:
|
||||
Accrued liabilities
|
53 | |||
Deferred income tax liabilities
|
681 | |||
734 | ||||
Net assets acquired
|
$ | 1,353 | ||
123
NOTE 14 | DERIVATIVE INSTRUMENTS |
124
Expected Maturity Date | Fair Value | |||||||||||||||||||||||
Total/ |
At December 31, | |||||||||||||||||||||||
2009 | 2010 | 2011 | Average | 2008 | 2007 | |||||||||||||||||||
IDR Forward Purchase Contracts:
|
||||||||||||||||||||||||
$ (millions)
|
$ | 35 | $ | | $ | | $ | 35 | $ | (4 | )(1) | $ | (1 | )(1) | ||||||||||
Average rate (IDR/$)
|
10,238 | | | 10,238 | ||||||||||||||||||||
A$ Operating Forward Purchase Contracts:
|
||||||||||||||||||||||||
$ (millions)
|
$ | 376 | $ | 282 | $ | 85 | $ | 743 | $ | (85 | )(2) | $ | | (2) | ||||||||||
Average rate ($/A$)
|
0.79 | 0.78 | 0.74 | 0.78 | ||||||||||||||||||||
NZ$ Operating Forward Purchase Contracts:
|
||||||||||||||||||||||||
$ (millions)
|
$ | 37 | $ | 12 | $ | | $ | 49 | $ | (6 | )(3) | $ | | (3) | ||||||||||
Average rate ($/NZ$)
|
0.67 | 0.62 | | 0.66 | ||||||||||||||||||||
A$ Capital Forward Purchase Contracts:
|
||||||||||||||||||||||||
$ (millions)
|
$ | 325 | $ | | $ | | $ | 325 | $ | (40 | )(4) | $ | (1 | )(4) | ||||||||||
Average rate ($/A$)
|
0.80 | | | 0.80 | ||||||||||||||||||||
A$ Capital Call Option Contracts:
|
||||||||||||||||||||||||
$ (millions)
|
$ | 28 | $ | | $ | | $ | 28 | $ | 1 | (4) | $ | 1 | (4) | ||||||||||
Average rate ($/A$)
|
0.70 | | | 0.70 |
(1) | The fair value of the IDR operating forward purchase contracts includes $4 and $1 in Other current liabilities as of December 31, 2008 and December 31, 2007, respectively. | |
(2) | The fair value of the A$ operating forward purchase contracts includes $1 in Other current assets, $1 in Other long-term assets, $45 in Other current liabilities, and $42 in Other long-term liabilities as of December 31, 2008. The fair value of the A$ operating forward purchase contracts included $2 in Other current assets, $2 in Other long-term assets, $1 in Other current liabilities, and $3 in Other long-term liabilities as of December 31, 2007. | |
(3) | The fair value of the NZ$ operating forward purchase contracts includes $5 in Other current liabilities and $1 in Other long-term liabilities as of December 31, 2008. | |
(4) | The fair value of the capital hedge program related to the construction of the Boddington project includes $3 in Other current assets for A$ bought call option and forward purchase contracts and $42 in Other current liabilities for A$ forward purchase contracts as of December 31, 2008. The fair value of the capital hedge program included $1 in Other current assets for A$ bought call option contracts and $1 in Other current liabilities for A$ forward purchase contracts as of December 31, 2007. |
125
Expected Maturity Date | Fair Value | |||||||||||||||
Total/ |
At December 31, |
At December 31, |
||||||||||||||
2009 | Average | 2008 | 2007 | |||||||||||||
Diesel Forward Purchase Contracts:
|
||||||||||||||||
$ (millions)
|
$ | 37 | $ | 37 | $ | (15 | )(1) | $ | | |||||||
Average rate ($/gallon)
|
2.49 | 2.49 |
(1) | The fair value of the diesel forward purchase contracts includes $15 in Other current liabilities as of December 31, 2008. |
126
NOTE 15 | INVESTMENTS |
At December 31, 2008 | ||||||||||||||||
Cost/Equity |
Unrealized |
Fair/Equity |
||||||||||||||
Basis | Gain | Loss | Basis | |||||||||||||
Current:
|
||||||||||||||||
Marketable Equity Securities
|
$ | 14 | $ | 1 | $ | (3 | ) | $ | 12 | |||||||
Long-term:
|
||||||||||||||||
Marketable Debt Securities:
|
||||||||||||||||
Auction rate securities
|
$ | 7 | $ | | $ | (2 | ) | $ | 5 | |||||||
Asset backed securities
|
25 | | (3 | ) | 22 | |||||||||||
32 | | (5 | ) | 27 | ||||||||||||
Marketable Equity Securities:
|
||||||||||||||||
Canadian Oil Sands Trust
|
251 | 283 | | 534 | ||||||||||||
Gabriel Resources Ltd.
|
64 | | | 64 | ||||||||||||
Shore Gold Inc.
|
6 | | | 6 | ||||||||||||
Other
|
8 | | (3 | ) | 5 | |||||||||||
329 | 283 | (3 | ) | 609 | ||||||||||||
Other investments, at cost
|
7 | | | 7 | ||||||||||||
Investment in Affiliates (Note 10):
|
||||||||||||||||
AGR Matthey Joint Venture
|
12 | | | 12 | ||||||||||||
$ | 380 | $ | 283 | $ | (8 | ) | $ | 655 | ||||||||
127
At December 31, 2007 | ||||||||||||||||
Cost/Equity |
Unrealized |
Fair/Equity |
||||||||||||||
Basis | Gain | Loss | Basis | |||||||||||||
Current:
|
||||||||||||||||
Marketable Equity Securities
|
$ | 19 | $ | 39 | $ | | $ | 58 | ||||||||
Other investments, at cost
|
3 | | | 3 | ||||||||||||
$ | 22 | $ | 39 | $ | | $ | 61 | |||||||||
Long-term:
|
||||||||||||||||
Marketable Debt Securities:
|
||||||||||||||||
Auction rate securities
|
$ | 7 | $ | | $ | (2 | ) | $ | 5 | |||||||
Asset backed securities
|
31 | | | 31 | ||||||||||||
38 | | (2 | ) | 36 | ||||||||||||
Marketable Equity Securities:
|
||||||||||||||||
Canadian Oil Sands Trust
|
316 | 907 | | 1,223 | ||||||||||||
Gabriel Resources Ltd.
|
94 | | | 94 | ||||||||||||
Shore Gold Inc.
|
80 | | | 80 | ||||||||||||
Other
|
37 | 15 | (7 | ) | 45 | |||||||||||
527 | 922 | (7 | ) | 1,442 | ||||||||||||
Other investments, at cost
|
4 | | | 4 | ||||||||||||
Investment in Affiliates (Note 10):
|
||||||||||||||||
European Gold Refineries
|
29 | | | 29 | ||||||||||||
AGR Matthey Joint Venture
|
17 | | | 17 | ||||||||||||
Regis Resources NL
|
3 | | | 3 | ||||||||||||
49 | | | 49 | |||||||||||||
$ | 618 | $ | 922 | $ | (9 | ) | $ | 1,531 | ||||||||
128
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Unrealized |
Unrealized |
Unrealized |
||||||||||||||||||||||
As of December 31, 2008
|
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||
Marketable equity securities
|
$ | 6 | $ | 6 | $ | | $ | | $ | 6 | $ | 6 | ||||||||||||
Marketable debt securities
|
22 | 3 | 5 | 2 | 27 | 5 | ||||||||||||||||||
$ | 28 | $ | 9 | $ | 5 | $ | 2 | $ | 33 | $ | 11 | |||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Unrealized |
Unrealized |
Unrealized |
||||||||||||||||||||||
As of December 31, 2007
|
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||
Marketable equity securities
|
$ | 16 | $ | 7 | $ | | $ | | $ | 16 | $ | 7 | ||||||||||||
Marketable debt securities
|
5 | 2 | | | 5 | 2 | ||||||||||||||||||
$ | 21 | $ | 9 | $ | | $ | | $ | 21 | $ | 9 | |||||||||||||
NOTE 16 | INVENTORIES |
At December 31, | ||||||||
2008 | 2007 | |||||||
In-process
|
$ | 53 | $ | 64 | ||||
Concentrate
|
54 | 69 | ||||||
Precious metals
|
24 | 27 | ||||||
Materials, supplies and other
|
388 | 303 | ||||||
$ | 519 | $ | 463 | |||||
129
NOTE 17 | STOCKPILES AND ORE ON LEACH PADS |
At December 31, | ||||||||
2008 | 2007 | |||||||
Current:
|
||||||||
Stockpiles
|
$ | 120 | $ | 204 | ||||
Ore on leach pads
|
204 | 169 | ||||||
$ | 324 | $ | 373 | |||||
Long-term:
|
||||||||
Stockpiles
|
$ | 873 | $ | 528 | ||||
Ore on leach pads
|
272 | 260 | ||||||
$ | 1,145 | $ | 788 | |||||
NOTE 18 | OTHER ASSETS |
At December 31, | ||||||||
2008 | 2007 | |||||||
Other current assets:
|
||||||||
Prepaid income and mining taxes
|
$ | 187 | $ | 10 | ||||
Refinery metal inventory and receivable
|
168 | | ||||||
Other prepaid assets
|
43 | 37 | ||||||
Notes receivable
|
9 | 13 | ||||||
Other
|
51 | 27 | ||||||
$ | 458 | $ | 87 | |||||
Other long-term assets:
|
||||||||
Debt issuance costs
|
$ | 35 | $ | 40 | ||||
Restricted cash
|
33 | 93 | ||||||
Corporate-owned life insurance
|
26 | 19 | ||||||
Prepaid royalties
|
19 | 20 | ||||||
Other receivables
|
17 | 21 | ||||||
Prepaid maintenance costs
|
13 | 6 | ||||||
Derivative instruments (Note 14)
|
8 | 6 | ||||||
Other
|
62 | 25 | ||||||
$ | 213 | $ | 230 | |||||
130
NOTE 19 | PROPERTY, PLANT AND MINE DEVELOPMENT |
Depreciable |
At December 31, 2008 | At December 31, 2007 | ||||||||||||||||||||||||||
Life |
Accumulated |
Net Book |
Accumulated |
Net Book |
||||||||||||||||||||||||
(In Years) | Cost | Amortization | Value | Cost | Amortization | Value | ||||||||||||||||||||||
Land
|
| $ | 105 | $ | | $ | 105 | $ | 88 | $ | | $ | 88 | |||||||||||||||
Facilities and equipment
|
1 - 25 | 9,158 | (4,411 | ) | 4,747 | 7,786 | (4,110 | ) | 3,676 | |||||||||||||||||||
Mine development
|
1 - 25 | 2,063 | (933 | ) | 1,130 | 1,951 | (896 | ) | 1,055 | |||||||||||||||||||
Mineral interests
|
1 - 25 | 2,767 | (563 | ) | 2,204 | 2,830 | (509 | ) | 2,321 | |||||||||||||||||||
Asset retirement cost
|
1 - 25 | 384 | (191 | ) | 193 | 335 | (165 | ) | 170 | |||||||||||||||||||
Construction-in-progress
|
| 1,753 | | 1,753 | 1,830 | | 1,830 | |||||||||||||||||||||
$ | 16,230 | $ | (6,098 | ) | $ | 10,132 | $ | 14,820 | $ | (5,680 | ) | $ | 9,140 | |||||||||||||||
Leased assets included above in facilities and equipment
|
2 - 18 | $ | 425 | $ | (268 | ) | $ | 157 | $ | 378 | $ | (228 | ) | $ | 150 | |||||||||||||
At December 31, 2008 | At December 31, 2007 | |||||||||||||||||||||||||||
Amortization |
Gross |
Gross |
||||||||||||||||||||||||||
Period |
Carrying |
Accumulated |
Net Book |
Carrying |
Accumulated |
Net Book |
||||||||||||||||||||||
Mineral Interests
|
(in years) | Value | Amortization | Value | Value | Amortization | Value | |||||||||||||||||||||
Production stage
|
1 - 25 | $ | 804 | $ | (556 | ) | $ | 248 | $ | 766 | $ | (502 | ) | $ | 264 | |||||||||||||
Development stage
|
| 372 | | 372 | 386 | | 386 | |||||||||||||||||||||
Exploration stage
|
| 1,591 | (7 | ) | 1,584 | 1,678 | (7 | ) | 1,671 | |||||||||||||||||||
$ | 2,767 | $ | (563 | ) | $ | 2,204 | $ | 2,830 | $ | (509 | ) | $ | 2,321 | |||||||||||||||
131
NOTE 20 | GOODWILL |
Australia/ |
||||||||||||
New Zealand | Exploration | Consolidated | ||||||||||
Balance at January 1, 2006
|
$ | 186 | $ | 1,129 | $ | 1,315 | ||||||
Boddington acquisition from Newcrest Mining Ltd.
preliminary
|
23 | | 23 | |||||||||
Balance at December 31, 2006
|
209 | 1,129 | 1,338 | |||||||||
Boddington acquisition from Newcrest Mining Ltd.
final
|
(23 | ) | | (23 | ) | |||||||
Pre-acquisition income tax contingency adjustment
|
| (7 | ) | (7 | ) | |||||||
Exploration impairment
|
| (1,122 | ) | (1,122 | ) | |||||||
Balance at December 31, 2007
|
186 | | 186 | |||||||||
Pre-acquisition income tax contingency adjustment
|
2 | | 2 | |||||||||
Balance at December 31, 2008
|
$ | 188 | $ | | $ | 188 | ||||||
132
NOTE 21 | DEBT |
At December 31, | ||||||||||||||||
2008 | 2007 | |||||||||||||||
Current | Non-Current | Current | Non-Current | |||||||||||||
Sale-leaseback of refractory ore treatment plant
|
$ | 24 | $ | 188 | $ | 22 | $ | 212 | ||||||||
85/8% debentures,
net of discount (due 2011)
|
| 214 | | 218 | ||||||||||||
Corporate revolving credit facility (due 2012)
|
| 757 | | |||||||||||||
2014 convertible senior notes
|
| 575 | | 575 | ||||||||||||
2017 convertible senior notes
|
575 | | 575 | |||||||||||||
57/8% notes,
net of discount (due 2035)
|
| 597 | | 597 | ||||||||||||
Newmont Australia
75/8%
guaranteed notes
|
| | 119 | | ||||||||||||
PTNNT project financing facility
|
87 | 219 | 87 | 306 | ||||||||||||
PTNNT shareholder loans
|
18 | | | | ||||||||||||
Yanacocha credit facility
|
14 | 62 | 14 | 76 | ||||||||||||
Yanacocha bonds
|
| 100 | | 100 | ||||||||||||
Ahafo project facility
|
9 | 66 | | | ||||||||||||
Other project financings and capital leases
|
17 | 20 | 13 | 24 | ||||||||||||
$ | 169 | $ | 3,373 | $ | 255 | $ | 2,683 | |||||||||
133
134
135
136
At December 31, | ||||||||
2008 | 2007 | |||||||
Current:
|
||||||||
Accrued payroll and withholding taxes
|
$ | 87 | $ | 79 | ||||
Peruvian workers participation
|
35 | 25 | ||||||
Accrued severance
|
6 | 5 | ||||||
Employee pension benefits
|
5 | 6 | ||||||
Other post-retirement plans
|
4 | 3 | ||||||
Other employee-related payables
|
41 | 35 | ||||||
$ | 178 | $ | 153 | |||||
At December 31, | ||||||||
2008 | 2007 | |||||||
Long-term:
|
||||||||
Employee pension benefits
|
$ | 235 | $ | 107 | ||||
Other post-retirement benefit plans
|
85 | 66 | ||||||
Accrued severance
|
39 | 33 | ||||||
Peruvian workers participation
|
10 | 9 | ||||||
Other employee-related payables
|
10 | 11 | ||||||
$ | 379 | $ | 226 | |||||
137
138
Pension Benefits | Other Benefits | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Change in Benefit Obligation:
|
||||||||||||||||
Benefit obligation at beginning of year
|
$ | 447 | $ | 448 | $ | 68 | $ | 79 | ||||||||
Service cost-benefits earned during the year
|
15 | 18 | 2 | 3 | ||||||||||||
Interest cost
|
29 | 27 | 5 | 5 | ||||||||||||
Actuarial loss (gain)
|
74 | (18 | ) | 17 | (17 | ) | ||||||||||
Foreign currency exchange gain
|
(8 | ) | (1 | ) | | | ||||||||||
Settlement payments
|
(21 | ) | (31 | ) | | | ||||||||||
Benefits paid
|
(18 | ) | (15 | ) | (3 | ) | (3 | ) | ||||||||
Plans acquired
|
| 19 | | 1 | ||||||||||||
Projected benefit obligation at end of year
|
$ | 518 | $ | 447 | $ | 89 | $ | 68 | ||||||||
Accumulated Benefit Obligation
|
$ | 421 | $ | 383 | N/A | N/A | ||||||||||
Change in Fair Value of Assets:
|
||||||||||||||||
Fair value of assets at beginning of year
|
$ | 341 | $ | 260 | $ | | $ | | ||||||||
Actual return on plan assets
|
(94 | ) | 12 | | | |||||||||||
Employer contributions
|
73 | 98 | 3 | 3 | ||||||||||||
Foreign currency exchange loss
|
(3 | ) | | | | |||||||||||
Settlement payments
|
(21 | ) | (31 | ) | | | ||||||||||
Benefits paid
|
(18 | ) | (15 | ) | (3 | ) | (3 | ) | ||||||||
Plans acquired
|
| 17 | | | ||||||||||||
Fair value of assets at end of year
|
$ | 278 | $ | 341 | $ | | $ | | ||||||||
139
2008 | 2007 | |||||||||||||||||||||||
Market Value of |
Funded |
Market Value of |
Funded |
|||||||||||||||||||||
PBO | Plan Assets | Status | PBO | Plan Assets | Status | |||||||||||||||||||
Qualified plan salaried employees
|
$ | 395 | $ | 232 | $ | (163 | ) | $ | 309 | $ | 278 | $ | (31 | ) | ||||||||||
Non-qualified plan salaried employees
|
30 | | (30 | ) | 41 | | (41 | ) | ||||||||||||||||
Qualified plan hourly employees
|
44 | 36 | (8 | ) | 38 | 45 | 7 | |||||||||||||||||
Non-qualified plan Indonesian employees
|
19 | | (19 | ) | 23 | | (23 | ) | ||||||||||||||||
Other plans
|
30 | 10 | (20 | ) | 36 | 18 | (18 | ) | ||||||||||||||||
$ | 518 | $ | 278 | $ | (240 | ) | $ | 447 | $ | 341 | $ | (106 | ) | |||||||||||
Pension Benefits | Other Benefits | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Prepaid pension asset
|
$ | | $ | 7 | $ | | $ | | ||||||||
Accrued employee benefit liability
|
$ | 240 | $ | 113 | $ | 89 | $ | 68 | ||||||||
Accumulated other comprehensive (loss) income:
|
||||||||||||||||
Net actuarial loss (gain)
|
$ | 261 | $ | 81 | $ | (9 | ) | $ | (28 | ) | ||||||
Prior service cost (credit)
|
9 | 10 | (6 | ) | (7 | ) | ||||||||||
270 | 91 | (15 | ) | (35 | ) | |||||||||||
Less: Income taxes
|
(94 | ) | (32 | ) | 5 | 12 | ||||||||||
$ | 176 | $ | 59 | $ | (10 | ) | $ | (23 | ) | |||||||
Pension Benefit Costs | Other Benefit Costs | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | |||||||||||||||||||
Service cost
|
$ | 15 | $ | 18 | $ | 18 | $ | 2 | $ | 3 | $ | 3 | ||||||||||||
Interest cost
|
29 | 27 | 24 | 5 | 5 | 4 | ||||||||||||||||||
Expected return on plan assets
|
(28 | ) | (22 | ) | (18 | ) | | | | |||||||||||||||
Amortization of loss (gain)
|
3 | 6 | 8 | (2 | ) | | | |||||||||||||||||
Amortization of prior service cost (credit)
|
1 | 1 | 1 | (1 | ) | (1 | ) | (1 | ) | |||||||||||||||
Amendments
|
| | 9 | | | (2 | ) | |||||||||||||||||
Settlements
|
13 | 17 | | | | | ||||||||||||||||||
$ | 33 | $ | 47 | $ | 42 | $ | 4 | $ | 7 | $ | 4 | |||||||||||||
140
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | |||||||||||||||||||
Net loss (gain)
|
$ | 196 | $ | (9 | ) | $ | (7 | ) | $ | 17 | $ | (19 | ) | $ | (11 | ) | ||||||||
Amortization of net (loss) gain
|
(16 | ) | (23 | ) | (8 | ) | 2 | | | |||||||||||||||
Amortization of prior service (cost) credit
|
(1 | ) | (1 | ) | (1 | ) | 1 | 1 | 1 | |||||||||||||||
Total recognized in Other comprehensive loss (income)
|
$ | 179 | $ | (33 | ) | $ | (16 | ) | $ | 20 | $ | (18 | ) | $ | (10 | ) | ||||||||
Total recognized in net periodic benefit cost and Other
comprehensive loss (income)
|
$ | 212 | $ | 14 | $ | 26 | $ | 24 | $ | (11 | ) | $ | (6 | ) | ||||||||||
Pension |
Other |
|||||||
Benefits | Benefits | |||||||
Net actuarial loss (gain)
|
$ | 8 | $ | (2 | ) | |||
Prior service cost
|
1 | (1 | ) | |||||
$ | 9 | $ | (3 | ) | ||||
Pension Benefits | Other Benefits | |||||||||||||||
As of December 31, | As of December 31, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Weighted-average assumptions used in measuring the
Companys benefit obligation:
|
||||||||||||||||
Discount rate
|
6.05 | % | 6.8 | % | 6.05 | % | 6.8 | % | ||||||||
Rate of compensation increase
|
5.0 | % | 5.0 | % | 5.0 | % | 5.0 | % |
Pension Benefits | Other Benefits | |||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | |||||||||||||||||||
Weighted-average assumptions used in measuring the net periodic
pension benefit cost:
|
||||||||||||||||||||||||
Discount long-term rate
|
6.8 | % | 5.9 | % | 5.75 | % | 6.8 | % | 5.9 | % | 5.75 | % | ||||||||||||
Expected return on plan assets
|
8.0 | % | 8.0 | % | 8.0 | % | N/A | N/A | N/A | |||||||||||||||
Rate of compensation increase
|
5.0 | % | 4.0 | % | 4.0 | % | 5.0 | % | 4.0 | % | 4.0 | % |
141
Actual at |
||||||||
December 31, |
||||||||
Asset Allocation
|
Target | 2008 | ||||||
U.S. equity investments
|
45 | % | 37 | % | ||||
International equity investments
|
20 | % | 14 | % | ||||
Fixed income investments
|
35 | % | 41 | % | ||||
Cash
|
| % | 8 | % |
One-Percentage-Point |
One-Percentage-Point |
|||||||
Increase | Decrease | |||||||
Effect on total of service and interest cost components of net
periodic post-retirement health care benefit cost
|
$ | 1 | $ | (1 | ) | |||
Effect on the health care component of the accumulated
post-retirement benefit obligation
|
$ | 13 | $ | (10 | ) |
142
Pension |
Other Benefit |
|||||||
Benefits | Plans | |||||||
2009
|
$ | 25 | $ | 4 | ||||
2010
|
21 | 4 | ||||||
2011
|
21 | 4 | ||||||
2012
|
24 | 4 | ||||||
2013
|
28 | 5 | ||||||
2014 through 2018
|
175 | 29 | ||||||
$ | 294 | $ | 50 | |||||
NOTE 23 | STOCK BASED COMPENSATION |
143
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
Weighted-average risk-free interest rate
|
3.1 | % | 4.6 | % | 4.9 | % | 4.2 | % | 3.4 | % | ||||||||||
Dividend yield
|
1.0 | % | 1.0 | % | 0.7 | % | 1.0 | % | 0.8 | % | ||||||||||
Expected life in years
|
5 | 5 | 5 | 4 | 4 | |||||||||||||||
Volatility
|
30 | % | 32 | % | 34 | % | 38 | % | 41 | % |
2008 | 2007 | 2006 | ||||||||||||||||||||||
Weighted |
Weighted |
Weighted |
||||||||||||||||||||||
Average |
Average |
Average |
||||||||||||||||||||||
Number of |
Exercise |
Number of |
Exercise |
Number of |
Exercise |
|||||||||||||||||||
Shares | Price | Shares | Price | Shares | Price | |||||||||||||||||||
Outstanding at beginning of year
|
6,234,814 | $ | 41.09 | 7,503,608 | $ | 39.08 | 9,433,669 | $ | 35.90 | |||||||||||||||
Granted
|
1,416,963 | $ | 40.77 | 1,066,500 | $ | 42.06 | 1,238,750 | $ | 57.71 | |||||||||||||||
Exercised
|
(931,741 | ) | $ | 30.88 | (1,706,303 | ) | $ | 29.93 | (2,397,816 | ) | $ | 31.50 | ||||||||||||
Forfeited and expired
|
(257,032 | ) | $ | 49.17 | (628,991 | ) | $ | 46.30 | (770,995 | ) | $ | 53.23 | ||||||||||||
Outstanding at end of year
|
6,463,004 | $ | 42.17 | 6,234,814 | $ | 41.09 | 7,503,608 | $ | 39.08 | |||||||||||||||
Options exercisable at year-end
|
4,464,475 | $ | 42.01 | 4,687,127 | $ | 39.15 | 5,333,035 | $ | 34.60 | |||||||||||||||
Weighted-average fair value of options granted during the year
|
$ | 11.96 | $ | 13.36 | $ | 19.76 | ||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||
Weighted |
||||||||||||||||||||
Average |
||||||||||||||||||||
Remaining |
Weighted |
Weighted |
||||||||||||||||||
Contractual |
Average |
Average |
||||||||||||||||||
Number |
Life |
Exercise |
Number |
Exercise |
||||||||||||||||
Range of Exercise Prices
|
Outstanding | (in Years) | Price | Exercisable | Price | |||||||||||||||
$ 0 to $20
|
110,762 | 0.8 | $ | 18.37 | 110,762 | $ | 18.37 | |||||||||||||
$20 to $30
|
1,177,114 | 5.0 | $ | 26.15 | 877,114 | $ | 25.89 | |||||||||||||
$30 to $40
|
426,666 | 6.3 | $ | 38.05 | 429,962 | $ | 38.05 | |||||||||||||
$40 to $50
|
3,849,462 | 7.3 | $ | 44.59 | 2,340,630 | $ | 45.15 | |||||||||||||
$50+
|
899,000 | 7.3 | $ | 57.71 | 706,007 | $ | 57.71 | |||||||||||||
6,463,004 | 5.3 | $ | 42.17 | 4,464,475 | $ | 42.01 | ||||||||||||||
144
2008 | 2007 | 2006 | ||||||||||
Stock options vested
|
835,982 | 1,484,732 | 2,020,049 | |||||||||
Weighted-average exercise price
|
$ | 47.21 | $ | 47.05 | $ | 40.80 |
Year Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Stock options
|
$ | 16 | $ | 17 | $ | 29 | ||||||
Restricted stock
|
6 | 4 | | |||||||||
Restricted stock units
|
| 1 | | |||||||||
Deferred stock awards
|
12 | 9 | 8 | |||||||||
$ | 34 | $ | 31 | $ | 37 | |||||||
145
NOTE 24 | OTHER LIABILITIES |
At December 31, | ||||||||
2008 | 2007 | |||||||
Other current liabilities:
|
||||||||
Refinery metal payable
|
$ | 168 | $ | | ||||
Accrued operating costs
|
158 | 147 | ||||||
Derivative instruments (Note 14)
|
111 | 3 | ||||||
Accrued capital expenditures
|
107 | 172 | ||||||
Reclamation and remediation costs (Note 25)
|
64 | 71 | ||||||
Taxes other than income and mining
|
39 | 23 | ||||||
Interest
|
35 | 40 | ||||||
Royalties
|
28 | 34 | ||||||
Peruvian royalty
|
18 | 5 | ||||||
Deferred income tax (Note 8)
|
8 | 132 | ||||||
Other
|
43 | 38 | ||||||
$ | 779 | $ | 665 | |||||
At December 31, | ||||||||
2008 | 2007 | |||||||
Other long-term liabilities:
|
||||||||
Income and mining taxes
|
$ | 167 | $ | 113 | ||||
Derivative instruments (Note 14)
|
43 | 3 | ||||||
Other
|
42 | 34 | ||||||
$ | 252 | $ | 150 | |||||
NOTE 25 | RECLAMATION AND REMEDIATION LIABILITIES (ASSET RETIREMENT OBLIGATIONS) |
146
Balance January 1, 2007
|
$ | 598 | ||
Additions, change in estimates and other
|
95 | |||
Liabilities settled
|
(54 | ) | ||
Acquisition/Disposition of liability, net
|
18 | |||
Accretion expense
|
37 | |||
Balance December 31, 2007
|
694 | |||
Additions, change in estimates and other
|
148 | |||
Liabilities settled
|
(104 | ) | ||
Accretion expense
|
42 | |||
Balance December 31, 2008
|
$ | 780 | ||
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Asset retirement cost amortization
|
$ | 26 | $ | 28 | $ | 23 | ||||||
Accretion, operating
|
32 | 29 | 27 | |||||||||
Accretion, non-operating (Note 6)
|
10 | 8 | 3 | |||||||||
Reclamation estimate revisions (Note 6)
|
102 | 29 | 47 | |||||||||
$ | 170 | $ | 94 | $ | 100 | |||||||
147
NOTE 26 | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME |
At December 31, | ||||||||
2008 | 2007 | |||||||
Unrealized gain on marketable securities, net of $55 and $161
tax expense, respectively
|
$ | 218 | $ | 791 | ||||
Foreign currency translation adjustments
|
(206 | ) | 181 | |||||
Pension liability adjustments, net of $94 and $32 tax benefit,
respectively
|
(176 | ) | (59 | ) | ||||
Other post-retirement benefit adjustments, net of $5 and $12 tax
expense, respectively
|
10 | 23 | ||||||
Changes in fair value of cash flow hedge instruments, net of tax
and minority interests benefit (expense) of $44 and $(9),
respectively
|
(99 | ) | 21 | |||||
$ | (253 | ) | $ | 957 | ||||
NOTE 27 | RELATED PARTY TRANSACTIONS |
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Gold and silver sales:
|
||||||||||||
AGR
|
$ | 10 | $ | 9 | $ | | ||||||
EGR
|
$ | | $ | 135 | $ | 66 | ||||||
Refining fees paid:
|
||||||||||||
AGR
|
$ | 3 | $ | 2 | $ | 1 | ||||||
EGR
|
$ | | $ | 2 | $ | 3 |
148
NOTE 28 | NET CHANGE IN OPERATING ASSETS AND LIABILITIES |
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Decrease (increase) in operating assets:
|
||||||||||||
Trade and accounts receivable
|
$ | 80 | $ | 17 | $ | (110 | ) | |||||
Inventories, stockpiles and ore on leach pads
|
(354 | ) | (95 | ) | (382 | ) | ||||||
EGR refinery assets
|
38 | | | |||||||||
Other assets
|
(209 | ) | 6 | (25 | ) | |||||||
(Decrease) increase in operating liabilities:
|
||||||||||||
Accounts payable and other accrued liabilities
|
(55 | ) | (629 | ) | 230 | |||||||
EGR refinery liabilities
|
(38 | ) | | | ||||||||
Reclamation liabilities (Note 25)
|
(104 | ) | (54 | ) | (60 | ) | ||||||
$ | (642 | ) | $ | (755 | ) | $ | (347 | ) | ||||
NOTE 29 | SUPPLEMENTAL CASH FLOW INFORMATION |
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Income taxes, net of refunds
|
$ | 785 | $ | 324 | $ | 403 | ||||||
Interest, net of amounts capitalized
|
$ | 97 | $ | 88 | $ | 96 |
149
NOTE 30 | OPERATING LEASE COMMITMENTS |
NOTE 31 | SEGMENT AND RELATED INFORMATION |
| Accretion, which was previously reported in Costs applicable to sales has been reclassified to a separate Accretion line item. | |
| Regional administrative and community development, which were previously reported in Costs applicable to sales have been reclassified to Other expense, net for all periods presented. | |
| Marketing, which was reported in Costs applicable to sales has been reclassified to General and administrative. | |
| Write-down of investments, which was reported in Costs and expenses has been reclassified to Other income, net. | |
| The Other Operations reportable segment includes the La Herradura, Kori Kollo and Golden Giant operations. |
150
Australia/ |
Other |
|||||||||||||||||||||||
Nevada | Yanacocha | New Zealand | Batu Hijau | Africa | Operations | |||||||||||||||||||
Year Ended December 31, 2008
|
||||||||||||||||||||||||
Sales, net:
|
||||||||||||||||||||||||
Gold
|
$ | 1,929 | $ | 1,613 | $ | 1,050 | $ | 261 | $ | 435 | $ | 158 | ||||||||||||
Copper
|
$ | | $ | | $ | | $ | 752 | $ | | $ | | ||||||||||||
Cost applicable to sales:
|
||||||||||||||||||||||||
Gold
|
$ | 1,022 | $ | 637 | $ | 655 | $ | 124 | $ | 205 | $ | 102 | ||||||||||||
Copper
|
$ | | $ | | $ | | $ | 399 | $ | | $ | | ||||||||||||
Amortization:
|
||||||||||||||||||||||||
Gold
|
$ | 246 | $ | 170 | $ | 122 | $ | 25 | $ | 63 | $ | 18 | ||||||||||||
Copper
|
$ | | $ | | $ | | $ | 80 | $ | | $ | | ||||||||||||
Other
|
$ | | $ | | $ | 3 | $ | | $ | | $ | | ||||||||||||
Accretion
|
$ | 6 | $ | 10 | $ | 5 | $ | 8 | $ | 1 | $ | 2 | ||||||||||||
Exploration
|
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
Advanced projects, research and development
|
$ | 12 | $ | 6 | $ | 9 | $ | 2 | $ | 12 | $ | 4 | ||||||||||||
Write-down of property, plant and mine development
|
$ | 4 | $ | | $ | 2 | $ | 10 | $ | | $ | | ||||||||||||
Other expense
|
$ | 45 | $ | 76 | $ | 83 | $ | 44 | $ | 17 | $ | 18 | ||||||||||||
Other income, net
|
$ | 7 | $ | 11 | $ | 51 | $ | 5 | $ | 14 | $ | 2 | ||||||||||||
Interest expense, net of capitalized interest
|
$ | | $ | 8 | $ | | $ | 23 | $ | | $ | 1 | ||||||||||||
Pre-tax income (loss) before minority interest and equity loss
of affiliates
|
$ | 600 | $ | 717 | $ | 219 | $ | 301 | $ | 151 | $ | 14 | ||||||||||||
Equity loss of affiliates
|
$ | | $ | | $ | (5 | ) | $ | | $ | | $ | | |||||||||||
Capital expenditures
|
$ | 337 | $ | 239 | $ | 962 | $ | 84 | $ | 117 | $ | 33 |
151
Total |
Corporate |
|||||||||||||||||||
Operations | Hope Bay | Exploration | and Other | Consolidated | ||||||||||||||||
Year Ended December 31, 2008
|
||||||||||||||||||||
Sales, net:
|
||||||||||||||||||||
Gold
|
$ | 5,446 | $ | | $ | | $ | 1 | $ | 5,447 | ||||||||||
Copper
|
$ | 752 | $ | | $ | | $ | | $ | 752 | ||||||||||
Cost applicable to sales:
|
||||||||||||||||||||
Gold
|
$ | 2,745 | $ | | $ | | $ | | $ | 2,745 | ||||||||||
Copper
|
$ | 399 | $ | | $ | | $ | | $ | 399 | ||||||||||
Amortization:
|
||||||||||||||||||||
Gold
|
$ | 644 | $ | | $ | | $ | | $ | 644 | ||||||||||
Copper
|
$ | 80 | $ | | $ | | $ | | $ | 80 | ||||||||||
Other
|
$ | 3 | $ | 1 | $ | 1 | $ | 18 | $ | 23 | ||||||||||
Accretion
|
$ | 32 | $ | | $ | | $ | | $ | 32 | ||||||||||
Exploration
|
$ | | $ | | $ | 214 | $ | | $ | 214 | ||||||||||
Advanced projects, research and development
|
$ | 45 | $ | 39 | $ | 3 | $ | 79 | $ | 166 | ||||||||||
Write-down of property, plant and mine development
|
$ | 16 | $ | | $ | | $ | 121 | $ | 137 | ||||||||||
Other expense
|
$ | 283 | $ | | $ | | $ | 77 | $ | 360 | ||||||||||
Other income, net
|
$ | 90 | $ | 1 | $ | 32 | $ | | $ | 123 | ||||||||||
Interest expense, net of capitalized interest
|
$ | 32 | $ | | $ | | $ | 70 | $ | 102 | ||||||||||
Pre-tax income (loss) before minority interest and equity loss
of affiliates
|
$ | 2,002 | $ | (39 | ) | $ | (186 | ) | $ | (501 | ) | $ | 1,276 | |||||||
Equity loss of affiliates
|
$ | (5 | ) | $ | | $ | | $ | | $ | (5 | ) | ||||||||
Capital expenditures
|
$ | 1,772 | $ | 82 | $ | | $ | 21 | $ | 1,875 |
152
Australia/ |
Other |
|||||||||||||||||||||||
Nevada | Yanacocha | New Zealand | Batu Hijau | Africa | Operations | |||||||||||||||||||
Year Ended December 31, 2007
|
||||||||||||||||||||||||
Sales, net:
|
||||||||||||||||||||||||
Gold
|
$ | 1,616 | $ | 1,093 | $ | 809 | $ | 351 | $ | 306 | $ | 129 | ||||||||||||
Copper
|
$ | | $ | | $ | | $ | 1,221 | $ | | $ | | ||||||||||||
Cost applicable to sales:
|
||||||||||||||||||||||||
Gold
|
$ | 1,021 | $ | 490 | $ | 552 | $ | 114 | $ | 168 | $ | 59 | ||||||||||||
Copper
|
$ | | $ | | $ | | $ | 450 | $ | | $ | | ||||||||||||
Loss on settlement of price-capped forward sales contracts
|
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
Midas redevelopment
|
$ | 11 | $ | | $ | | $ | | $ | | $ | | ||||||||||||
Amortization:
|
||||||||||||||||||||||||
Gold
|
$ | 220 | $ | 160 | $ | 109 | $ | 25 | $ | 43 | $ | 17 | ||||||||||||
Copper
|
$ | | $ | | $ | | $ | 96 | $ | | $ | | ||||||||||||
Other
|
$ | | $ | | $ | 3 | $ | | $ | | $ | | ||||||||||||
Accretion
|
$ | 5 | $ | 9 | $ | 6 | $ | 6 | $ | 1 | $ | 2 | ||||||||||||
Exploration
|
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
Advanced projects, research and development
|
$ | 7 | $ | 9 | $ | 6 | $ | | $ | 15 | $ | | ||||||||||||
Write-down of goodwill
|
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
Write-down of property, plant and mine development
|
$ | | $ | | $ | 2 | $ | 8 | $ | | $ | | ||||||||||||
Other expense
|
$ | 37 | $ | 74 | $ | 39 | $ | 23 | $ | 10 | $ | (9 | ) | |||||||||||
Other income, net
|
$ | 10 | $ | 16 | $ | (8 | ) | $ | 17 | $ | 4 | $ | 7 | |||||||||||
Interest expense, net
|
$ | | $ | 3 | $ | | $ | 37 | $ | 1 | $ | 1 | ||||||||||||
Pre-tax income (loss) before minority interest and equity income
of affiliates
|
$ | 325 | $ | 363 | $ | 81 | $ | 829 | $ | 73 | $ | 65 | ||||||||||||
Equity (loss) income of affiliates
|
$ | | $ | | $ | (7 | ) | $ | | $ | | $ | | |||||||||||
Capital expenditures
|
$ | 588 | $ | 253 | $ | 599 | $ | 74 | $ | 134 | $ | 13 |
153
Total |
Corporate |
|||||||||||||||
Operations | Exploration | and Other | Consolidated | |||||||||||||
Year Ended December 31, 2007
|
||||||||||||||||
Sales, net:
|
||||||||||||||||
Gold
|
$ | 4,304 | $ | | $ | 1 | $ | 4,305 | ||||||||
Copper
|
$ | 1,221 | $ | | $ | | $ | 1,221 | ||||||||
Cost applicable to sales:
|
||||||||||||||||
Gold
|
$ | 2,404 | $ | | $ | | $ | 2,404 | ||||||||
Copper
|
$ | 450 | $ | | $ | | $ | 450 | ||||||||
Loss on settlement of price-capped forward sales contracts
|
$ | | $ | | $ | 531 | $ | 531 | ||||||||
Midas redevelopment
|
$ | 11 | $ | | $ | | $ | 11 | ||||||||
Amortization:
|
||||||||||||||||
Gold
|
$ | 574 | $ | | $ | | $ | 574 | ||||||||
Copper
|
$ | 96 | $ | | $ | | $ | 96 | ||||||||
Other
|
$ | 3 | $ | 1 | $ | 21 | $ | 25 | ||||||||
Accretion
|
$ | 29 | $ | | $ | | $ | 29 | ||||||||
Exploration
|
$ | | $ | 177 | $ | | $ | 177 | ||||||||
Advanced projects, research and development
|
$ | 37 | $ | | $ | 25 | $ | 62 | ||||||||
Write-down of goodwill
|
$ | | $ | 1,122 | $ | | $ | 1,122 | ||||||||
Write-down of property, plant and mine development
|
$ | 10 | $ | | $ | | $ | 10 | ||||||||
Other expense
|
$ | 174 | $ | | $ | 72 | $ | 246 | ||||||||
Other income, net
|
$ | 46 | $ | 2 | $ | 58 | $ | 106 | ||||||||
Interest expense, net
|
$ | 42 | $ | | $ | 63 | $ | 105 | ||||||||
Pre-tax income (loss) before minority interest and equity income
of affiliates
|
$ | 1,736 | $ | (1,300 | ) | $ | (788 | ) | $ | (352 | ) | |||||
Equity (loss) income of affiliates
|
$ | (7 | ) | $ | | $ | 6 | $ | (1 | ) | ||||||
Capital expenditures
|
$ | 1,661 | $ | | $ | 11 | $ | 1,672 |
154
Australia/ |
Other |
|||||||||||||||||||||||
Nevada | Yanacocha | New Zealand | Batu Hijau | Africa | Operations | |||||||||||||||||||
Year Ended December 31, 2006
|
||||||||||||||||||||||||
Sales, net:
|
||||||||||||||||||||||||
Gold
|
$ | 1,441 | $ | 1,543 | $ | 709 | $ | 264 | $ | 124 | $ | 160 | ||||||||||||
Copper
|
$ | | $ | | $ | | $ | 671 | $ | | $ | | ||||||||||||
Cost applicable to sales:
|
||||||||||||||||||||||||
Gold
|
$ | 960 | $ | 450 | $ | 438 | $ | 86 | $ | 52 | $ | 57 | ||||||||||||
Copper
|
$ | | $ | | $ | | $ | 292 | $ | | $ | | ||||||||||||
Amortization:
|
||||||||||||||||||||||||
Gold
|
$ | 180 | $ | 172 | $ | 91 | $ | 20 | $ | 19 | $ | 18 | ||||||||||||
Copper
|
$ | | $ | | $ | | $ | 66 | $ | | $ | | ||||||||||||
Other
|
$ | | $ | | $ | 3 | $ | | $ | | $ | 1 | ||||||||||||
Accretion
|
$ | 6 | $ | 7 | $ | 6 | $ | 5 | $ | | $ | 3 | ||||||||||||
Exploration
|
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
Advanced projects, research and development
|
$ | 10 | $ | 6 | $ | 2 | $ | 2 | $ | 28 | $ | 1 | ||||||||||||
Write-downs of property, plant and mine development
|
$ | | $ | 1 | $ | | $ | 1 | $ | | $ | | ||||||||||||
Other expense
|
$ | 36 | $ | 105 | $ | 36 | $ | 18 | $ | 8 | $ | (18 | ) | |||||||||||
Other income, net
|
$ | 22 | $ | 19 | $ | 7 | $ | (45 | ) | $ | 1 | $ | 7 | |||||||||||
Interest expense, net
|
$ | | $ | 12 | $ | | $ | 44 | $ | (1 | ) | $ | 1 | |||||||||||
Pre-tax income (loss) before minority interest and equity income
of affiliates
|
$ | 270 | $ | 808 | $ | 135 | $ | 357 | $ | 19 | $ | 105 | ||||||||||||
Equity income of affiliates
|
$ | | $ | | $ | (1 | ) | $ | | $ | | $ | | |||||||||||
Capital expenditures
|
$ | 705 | $ | 269 | $ | 192 | $ | 106 | $ | 234 | $ | 11 |
155
Total |
Corporate |
|||||||||||||||
Operations | Exploration | and Other | Consolidated | |||||||||||||
Year Ended December 31, 2006
|
||||||||||||||||
Sales, net:
|
||||||||||||||||
Gold
|
$ | 4,241 | $ | | $ | (30 | ) | $ | 4,211 | |||||||
Copper
|
$ | 671 | $ | | $ | | $ | 671 | ||||||||
Cost applicable to sales:
|
||||||||||||||||
Gold
|
$ | 2,043 | $ | | $ | | $ | 2,043 | ||||||||
Copper
|
$ | 292 | $ | | $ | | $ | 292 | ||||||||
Amortization:
|
||||||||||||||||
Gold
|
$ | 500 | $ | | $ | | $ | 500 | ||||||||
Copper
|
$ | 66 | $ | | $ | | $ | 66 | ||||||||
Other
|
$ | 4 | $ | 3 | $ | 16 | $ | 23 | ||||||||
Accretion
|
$ | 27 | $ | | $ | | $ | 27 | ||||||||
Exploration
|
$ | | $ | 166 | $ | | $ | 166 | ||||||||
Advanced projects, research and development
|
$ | 49 | $ | | $ | 32 | $ | 81 | ||||||||
Write-downs of property, plant and mine development
|
$ | 2 | $ | | $ | 1 | $ | 3 | ||||||||
Other expense
|
$ | 185 | $ | 1 | $ | 65 | $ | 251 | ||||||||
Other income, net
|
$ | 11 | $ | 6 | $ | 36 | $ | 53 | ||||||||
Interest expense, net
|
$ | 56 | $ | | $ | 41 | $ | 97 | ||||||||
Pre-tax income (loss) before minority interest and equity income
of affiliates
|
$ | 1,694 | $ | (164 | ) | $ | (280 | ) | $ | 1,250 | ||||||
Equity income of affiliates
|
$ | (1 | ) | $ | | $ | 3 | $ | 2 | |||||||
Capital expenditures
|
$ | 1,517 | $ | | $ | 20 | $ | 1,537 |
At December 31, | ||||||||
2008 | 2007 | |||||||
Goodwill:
|
||||||||
Australia/New Zealand
|
$ | 188 | $ | 186 | ||||
Total assets:
|
||||||||
Nevada
|
$ | 3,215 | $ | 3,104 | ||||
Yanacocha
|
1,902 | 1,908 | ||||||
Australia/New Zealand
|
2,633 | 1,876 | ||||||
Batu Hijau
|
2,371 | 2,471 | ||||||
Africa
|
1,181 | 1,082 | ||||||
Hope Bay
|
1,621 | 1,566 | ||||||
Other operations
|
166 | 157 | ||||||
Exploration
|
37 | 24 | ||||||
Corporate and other
|
2,713 | 3,386 | ||||||
Total assets from continuing operations
|
15,839 | 15,574 | ||||||
Assets held for sale
|
| 24 | ||||||
$ | 15,839 | $ | 15,598 | |||||
156
Years Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Europe
|
$ | 4,831 | $ | 3,837 | $ | 4,053 | ||||||
Japan
|
464 | 562 | 355 | |||||||||
Indonesia
|
307 | 512 | 85 | |||||||||
Korea
|
231 | 248 | 154 | |||||||||
Australia
|
170 | 165 | 79 | |||||||||
India
|
32 | 101 | 76 | |||||||||
Other
|
164 | 101 | 80 | |||||||||
$ | 6,199 | $ | 5,526 | $ | 4,882 | |||||||
At December 31, | ||||||||
2008 | 2007 | |||||||
United States
|
$ | 3,034 | $ | 2,932 | ||||
Australia
|
2,371 | 1,555 | ||||||
Indonesia
|
1,980 | 1,744 | ||||||
Canada
|
1,671 | 1,639 | ||||||
Peru
|
1,461 | 1,357 | ||||||
Ghana
|
1,051 | 974 | ||||||
Other
|
77 | 74 | ||||||
$ | 11,645 | $ | 10,275 | |||||
157
NOTE 32 | CONSOLIDATING FINANCIAL STATEMENTS |
For the Year Ended December 31, 2008 | ||||||||||||||||||||
Newmont |
||||||||||||||||||||
Newmont |
Mining |
|||||||||||||||||||
Condensed Consolidating |
Mining |
Newmont |
Other |
Corporation |
||||||||||||||||
Statement of Income
|
Corporation | USA | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues
|
||||||||||||||||||||
Sales gold, net
|
$ | | $ | 3,961 | $ | 1,486 | $ | | $ | 5,447 | ||||||||||
Sales copper, net
|
| 752 | | | 752 | |||||||||||||||
| 4,713 | 1,486 | | 6,199 | ||||||||||||||||
Costs and expenses
|
||||||||||||||||||||
Costs applicable to sales (exclusive of amortization and
accretion shown separately below)
|
||||||||||||||||||||
Gold
|
| 1,887 | 879 | (21 | ) | 2,745 | ||||||||||||||
Copper
|
| 399 | | | 399 | |||||||||||||||
Amortization
|
| 558 | 190 | (1 | ) | 747 | ||||||||||||||
Accretion
|
| 25 | 7 | | 32 | |||||||||||||||
Exploration
|
| 132 | 82 | | 214 | |||||||||||||||
Advanced projects, research and development
|
| 63 | 107 | (4 | ) | 166 | ||||||||||||||
General and administrative
|
| 113 | 6 | 25 | 144 | |||||||||||||||
Write-down of property, plant and mine development
|
| 15 | 122 | | 137 | |||||||||||||||
Other expense, net
|
1 | 246 | 112 | 1 | 360 | |||||||||||||||
1 | 3,438 | 1,505 | | 4,944 | ||||||||||||||||
Other (expense) income
|
||||||||||||||||||||
Other income (expense), net
|
(40 | ) | 112 | 51 | | 123 | ||||||||||||||
Interest income intercompany
|
278 | 24 | | (302 | ) | | ||||||||||||||
Interest expense intercompany
|
(8 | ) | | (294 | ) | 302 | | |||||||||||||
Interest expense, net
|
(41 | ) | (56 | ) | (5 | ) | | (102 | ) | |||||||||||
189 | 80 | (248 | ) | | 21 | |||||||||||||||
Income (loss) from continuing operations before taxes, minority
interest and equity (loss) income of affiliates
|
188 | 1,355 | (267 | ) | | 1,276 | ||||||||||||||
Income tax (expense) benefit
|
(66 | ) | (105 | ) | 58 | | (113 | ) | ||||||||||||
Minority interest in income of subsidiaries
|
| (347 | ) | 10 | 8 | (329 | ) | |||||||||||||
Equity income (loss) of affiliates
|
707 | 4 | 102 | (818 | ) | (5 | ) | |||||||||||||
Income (loss) from continuing operations
|
829 | 907 | (97 | ) | (810 | ) | 829 | |||||||||||||
Income (loss) from discontinued operations
|
24 | 5 | 3 | (8 | ) | 24 | ||||||||||||||
Net income (loss)
|
$ | 853 | $ | 912 | $ | (94 | ) | $ | (818 | ) | $ | 853 | ||||||||
158
For the Year Ended December 31, 2007 | ||||||||||||||||||||
Newmont |
||||||||||||||||||||
Newmont |
Mining |
|||||||||||||||||||
Condensed Consolidating |
Mining |
Newmont |
Other |
Corporation |
||||||||||||||||
Statement of Income
|
Corporation | USA | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues
|
||||||||||||||||||||
Sales gold, net
|
$ | | $ | 3,181 | $ | 1,124 | $ | | $ | 4,305 | ||||||||||
Sales copper, net
|
| 1,221 | | | 1,221 | |||||||||||||||
| 4,402 | 1,124 | | 5,526 | ||||||||||||||||
Costs and expenses
|
||||||||||||||||||||
Costs applicable to sales (exclusive of loss on settlement of
price-capped forward sales contracts, Midas redevelopment,
amortization and accretion shown separately below)
|
||||||||||||||||||||
Gold
|
| 1,683 | 739 | (18 | ) | 2,404 | ||||||||||||||
Copper
|
| 450 | | | 450 | |||||||||||||||
Loss on settlement of price-capped forward sales
|
| 531 | | | 531 | |||||||||||||||
Midas redevelopment
|
| 11 | | | 11 | |||||||||||||||
Amortization
|
| 541 | 155 | (1 | ) | 695 | ||||||||||||||
Accretion
|
| 22 | 7 | | 29 | |||||||||||||||
Exploration
|
| 113 | 64 | | 177 | |||||||||||||||
Advanced projects, research and development
|
| 34 | 30 | (2 | ) | 62 | ||||||||||||||
General and administrative
|
| 117 | 4 | 21 | 142 | |||||||||||||||
Write-down of goodwill
|
| | 1,122 | | 1,122 | |||||||||||||||
Write-down of property, plant and mine development
|
| 8 | 2 | | 10 | |||||||||||||||
Other expense, net
|
| 203 | 43 | | 246 | |||||||||||||||
| 3,713 | 2,166 | | 5,879 | ||||||||||||||||
Other income (expense)
|
||||||||||||||||||||
Other income (expense), net
|
35 | 104 | (33 | ) | | 106 | ||||||||||||||
Interest income intercompany
|
210 | 52 | | (262 | ) | | ||||||||||||||
Interest expense intercompany
|
(7 | ) | | (255 | ) | 262 | | |||||||||||||
Interest expense, net
|
(49 | ) | (44 | ) | (12 | ) | | (105 | ) | |||||||||||
189 | 112 | (300 | ) | | 1 | |||||||||||||||
Income (loss) from continuing operations before taxes, minority
interest and equity (loss) income of affiliates
|
189 | 801 | (1,342 | ) | | (352 | ) | |||||||||||||
Income tax (expense) benefit
|
(56 | ) | 38 | (182 | ) | | (200 | ) | ||||||||||||
Minority interest in income of subsidiaries
|
| (451 | ) | 321 | (280 | ) | (410 | ) | ||||||||||||
Equity (loss) income of affiliates
|
(1,096 | ) | 4 | (236 | ) | 1,327 | (1 | ) | ||||||||||||
(Loss) income from continuing operations
|
(963 | ) | 392 | (1,439 | ) | 1,047 | (963 | ) | ||||||||||||
(Loss) income from discontinued operations
|
(923 | ) | (124 | ) | (760 | ) | 884 | (923 | ) | |||||||||||
Net (loss) income
|
$ | (1,886 | ) | $ | 268 | $ | (2,199 | ) | $ | 1,931 | $ | (1,886 | ) | |||||||
159
For the Year Ended December 31, 2006 | ||||||||||||||||||||
Newmont |
||||||||||||||||||||
Newmont |
Mining |
|||||||||||||||||||
Condensed Consolidating |
Mining |
Newmont |
Other |
Corporation |
||||||||||||||||
Statement of Income
|
Corporation | USA | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues
|
||||||||||||||||||||
Sales gold, net
|
$ | | $ | 3,342 | $ | 869 | $ | | $ | 4,211 | ||||||||||
Sales copper, net
|
| 671 | | | 671 | |||||||||||||||
| 4,013 | 869 | | 4,882 | ||||||||||||||||
Costs and expenses
|
||||||||||||||||||||
Costs applicable to sales (exclusive of amortization and
accretion shown separately below)
|
||||||||||||||||||||
Gold
|
| 1,542 | 511 | (10 | ) | 2,043 | ||||||||||||||
Copper
|
| 292 | | | 292 | |||||||||||||||
Amortization
|
| 475 | 114 | | 589 | |||||||||||||||
Accretion
|
| 19 | 8 | | 27 | |||||||||||||||
Exploration
|
| 120 | 46 | | 166 | |||||||||||||||
Advanced projects, research and development
|
| 44 | 36 | 1 | 81 | |||||||||||||||
General and administrative
|
| 125 | 3 | 8 | 136 | |||||||||||||||
Write-down of property, plant and mine development
|
| 3 | | | 3 | |||||||||||||||
Other expense
|
37 | 184 | 30 | | 251 | |||||||||||||||
37 | 2,804 | 748 | (1 | ) | 3,588 | |||||||||||||||
Other income (expense)
|
||||||||||||||||||||
Other income
|
13 | 6 | 34 | | 53 | |||||||||||||||
Interest income intercompany
|
121 | 79 | | (200 | ) | | ||||||||||||||
Interest expense intercompany
|
(7 | ) | | (193 | ) | 200 | | |||||||||||||
Interest expense, net
|
(27 | ) | (62 | ) | (8 | ) | | (97 | ) | |||||||||||
100 | 23 | (167 | ) | | (44 | ) | ||||||||||||||
Income (loss) from continuing operations before taxes, minority
interest and equity income of affiliates
|
63 | 1,232 | (46 | ) | 1 | 1,250 | ||||||||||||||
Income tax (expense) benefit
|
(54 | ) | (303 | ) | 31 | | (326 | ) | ||||||||||||
Minority interest in income of subsidiaries
|
| (364 | ) | (17 | ) | 18 | (363 | ) | ||||||||||||
Equity income (loss) of affiliates
|
554 | | 119 | (671 | ) | 2 | ||||||||||||||
Income (loss) from continuing operations
|
563 | 565 | 87 | (652 | ) | 563 | ||||||||||||||
Income (loss) from discontinued operations
|
228 | (65 | ) | 208 | (143 | ) | 228 | |||||||||||||
Net income (loss)
|
$ | 791 | $ | 500 | $ | 295 | $ | (795 | ) | $ | 791 | |||||||||
160
At December 31, 2008 | ||||||||||||||||||||
Newmont |
||||||||||||||||||||
Newmont |
Mining |
|||||||||||||||||||
Mining |
Newmont |
Other |
Corporation |
|||||||||||||||||
Condensed Consolidating Balance Sheets
|
Corporation | USA | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | | $ | 310 | $ | 125 | $ | | $ | 435 | ||||||||||
Marketable securities and other short-term investments
|
| 1 | 11 | | 12 | |||||||||||||||
Trade receivables
|
| 97 | 7 | | 104 | |||||||||||||||
Accounts receivable
|
1,941 | 913 | 370 | (3,001 | ) | 223 | ||||||||||||||
Inventories
|
| 407 | 112 | | 519 | |||||||||||||||
Stockpiles and ore on leach pads
|
| 276 | 48 | | 324 | |||||||||||||||
Deferred income tax assets
|
| 238 | 48 | | 286 | |||||||||||||||
Other current assets
|
1 | 223 | 234 | | 458 | |||||||||||||||
Current assets
|
1,942 | 2,465 | 955 | (3,001 | ) | 2,361 | ||||||||||||||
Property, plant and mine development, net
|
| 5,329 | 4,822 | (19 | ) | 10,132 | ||||||||||||||
Investments
|
| 11 | 644 | | 655 | |||||||||||||||
Investments in subsidiaries
|
6,247 | 25 | 828 | (7,100 | ) | | ||||||||||||||
Long-term stockpiles and ore on leach pads
|
| 1,040 | 105 | | 1,145 | |||||||||||||||
Deferred income tax assets
|
61 | 873 | 211 | | 1,145 | |||||||||||||||
Other long-term assets
|
1,983 | 320 | 153 | (2,243 | ) | 213 | ||||||||||||||
Goodwill
|
| | 188 | | 188 | |||||||||||||||
Total assets
|
$ | 10,233 | $ | 10,063 | $ | 7,906 | $ | (12,363 | ) | $ | 15,839 | |||||||||
Liabilities
|
||||||||||||||||||||
Current portion of long-term debt
|
$ | | $ | 160 | $ | 9 | $ | | $ | 169 | ||||||||||
Accounts payable
|
524 | 587 | 2,292 | (2,991 | ) | 412 | ||||||||||||||
Employee-related benefits
|
| 147 | 31 | | 178 | |||||||||||||||
Income and mining taxes
|
21 | 36 | 1 | | 58 | |||||||||||||||
Other current liabilities
|
15 | 312 | 461 | (9 | ) | 779 | ||||||||||||||
Current liabilities
|
560 | 1,242 | 2,794 | (3,000 | ) | 1,596 | ||||||||||||||
Long-term debt
|
2,504 | 802 | 67 | | 3,373 | |||||||||||||||
Reclamation and remediation liabilities
|
1 | 519 | 196 | | 716 | |||||||||||||||
Deferred income tax liabilities
|
| 364 | 687 | | 1,051 | |||||||||||||||
Employee-related benefits
|
3 | 341 | 35 | | 379 | |||||||||||||||
Other long-term liabilities
|
283 | 182 | 2,049 | (2,262 | ) | 252 | ||||||||||||||
Total liabilities
|
3,351 | 3,450 | 5,828 | (5,262 | ) | 7,367 | ||||||||||||||
Minority interest in subsidiaries
|
| 1,432 | 202 | (264 | ) | 1,370 | ||||||||||||||
Stockholders equity
|
||||||||||||||||||||
Preferred stock
|
| | 61 | (61 | ) | | ||||||||||||||
Common stock
|
709 | | | | 709 | |||||||||||||||
Additional paid-in capital
|
6,419 | 2,647 | 4,334 | (6,761 | ) | 6,639 | ||||||||||||||
Accumulated other comprehensive (loss) income
|
(253 | ) | (173 | ) | (138 | ) | 311 | (253 | ) | |||||||||||
Retained earnings (deficit)
|
7 | 2,707 | (2,381 | ) | (326 | ) | 7 | |||||||||||||
Total stockholders equity
|
6,882 | 5,181 | 1,876 | (6,837 | ) | 7,102 | ||||||||||||||
Total liabilities and stockholders equity
|
$ | 10,233 | $ | 10,063 | $ | 7,906 | $ | (12,363 | ) | $ | 15,839 | |||||||||
161
At December 31, 2007 | ||||||||||||||||||||
Newmont |
||||||||||||||||||||
Newmont |
Mining |
|||||||||||||||||||
Mining |
Newmont |
Other |
Corporation |
|||||||||||||||||
Condensed Consolidating Balance Sheets
|
Corporation | USA | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | | $ | 790 | $ | 441 | $ | | $ | 1,231 | ||||||||||
Marketable securities and other short-term investments
|
| 3 | 58 | | 61 | |||||||||||||||
Trade receivables
|
| 174 | 3 | | 177 | |||||||||||||||
Accounts receivable
|
1,407 | 1,730 | 405 | (3,374 | ) | 168 | ||||||||||||||
Inventories
|
| 378 | 85 | | 463 | |||||||||||||||
Stockpiles and ore on leach pads
|
| 330 | 43 | | 373 | |||||||||||||||
Deferred income tax assets
|
| 89 | 23 | | 112 | |||||||||||||||
Other current assets
|
1 | 51 | 35 | | 87 | |||||||||||||||
Current assets
|
1,408 | 3,545 | 1,093 | (3,374 | ) | 2,672 | ||||||||||||||
Property, plant and mine development, net
|
| 5,189 | 3,971 | (20 | ) | 9,140 | ||||||||||||||
Investments
|
| 11 | 1,520 | | 1,531 | |||||||||||||||
Investments in subsidiaries
|
4,299 | 22 | 772 | (5,093 | ) | | ||||||||||||||
Long-term stockpiles and ore on leach pads
|
| 718 | 70 | | 788 | |||||||||||||||
Deferred income tax assets
|
119 | 680 | 228 | | 1,027 | |||||||||||||||
Other long-term assets
|
4,037 | 325 | 131 | (4,263 | ) | 230 | ||||||||||||||
Goodwill
|
| | 186 | | 186 | |||||||||||||||
Assets of operations held for sale
|
| 2 | 22 | | 24 | |||||||||||||||
Total assets
|
$ | 9,863 | $ | 10,492 | $ | 7,993 | $ | (12,750 | ) | $ | 15,598 | |||||||||
Liabilities
|
||||||||||||||||||||
Current portion of long-term debt
|
$ | | $ | 135 | $ | 120 | $ | | $ | 255 | ||||||||||
Accounts payable
|
456 | 1,795 | 1,459 | (3,371 | ) | 339 | ||||||||||||||
Employee-related benefits
|
| 111 | 42 | | 153 | |||||||||||||||
Income and mining taxes
|
66 | (49 | ) | 71 | | 88 | ||||||||||||||
Other current liabilities
|
20 | 302 | 349 | (6 | ) | 665 | ||||||||||||||
Current liabilities
|
542 | 2,294 | 2,041 | (3,377 | ) | 1,500 | ||||||||||||||
Long-term debt
|
1,747 | 935 | 1 | | 2,683 | |||||||||||||||
Reclamation and remediation liabilities
|
| 456 | 167 | | 623 | |||||||||||||||
Deferred income tax liabilities
|
66 | 357 | 602 | | 1,025 | |||||||||||||||
Employee-related benefits
|
2 | 193 | 31 | | 226 | |||||||||||||||
Other long-term liabilities
|
263 | 113 | 4,058 | (4,284 | ) | 150 | ||||||||||||||
Liabilities of operations held for sale
|
41 | 262 | 91 | | 394 | |||||||||||||||
Total liabilities
|
2,661 | 4,610 | 6,991 | (7,661 | ) | 6,601 | ||||||||||||||
Minority interest in subsidiaries
|
| 1,467 | 273 | (291 | ) | 1,449 | ||||||||||||||
Stockholders equity
|
||||||||||||||||||||
Preferred stock
|
| | 61 | (61 | ) | | ||||||||||||||
Common stock
|
696 | | | | 696 | |||||||||||||||
Additional paid-in capital
|
6,350 | 2,647 | 2,434 | (4,735 | ) | 6,696 | ||||||||||||||
Accumulated other comprehensive income (loss)
|
957 | (28 | ) | 517 | (489 | ) | 957 | |||||||||||||
Retained (deficit) earnings
|
(801 | ) | 1,796 | (2,283 | ) | 487 | (801 | ) | ||||||||||||
Total stockholders equity
|
7,202 | 4,415 | 729 | (4,798 | ) | 7,548 | ||||||||||||||
Total liabilities and stockholders equity
|
$ | 9,863 | $ | 10,492 | $ | 7,993 | $ | (12,750 | ) | $ | 15,598 | |||||||||
162
For the Year Ended December 31, 2008 | ||||||||||||||||||||
Newmont |
||||||||||||||||||||
Newmont |
Mining |
|||||||||||||||||||
Condensed Consolidating |
Mining |
Newmont |
Other |
Corporation |
||||||||||||||||
Statement of Cash Flows
|
Corporation | USA | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Operating activities:
|
||||||||||||||||||||
Net income (loss)
|
$ | 853 | $ | 912 | $ | (94 | ) | $ | (818 | ) | $ | 853 | ||||||||
Adjustments to reconcile net income (loss) to net cash provided
from (used in) operations
|
27 | 787 | (440 | ) | 818 | 1,192 | ||||||||||||||
Net change in operating assets and liabilities
|
17 | (590 | ) | (69 | ) | | (642 | ) | ||||||||||||
Net cash provided from (used in) continuing operations
|
897 | 1,109 | (603 | ) | | 1,403 | ||||||||||||||
Net cash (used in) provided from discontinued operations
|
| (130 | ) | 19 | | (111 | ) | |||||||||||||
Net cash provided from (used in) operations
|
897 | 979 | (584 | ) | | 1,292 | ||||||||||||||
Investing activities:
|
||||||||||||||||||||
Additions to property, plant and mine development
|
| (712 | ) | (1,163 | ) | | (1,875 | ) | ||||||||||||
Proceeds from sale of marketable debt and equity securities
|
| | 50 | | 50 | |||||||||||||||
Investments in marketable debt and equity securities
|
| | (17 | ) | | (17 | ) | |||||||||||||
Acquisitions, net
|
| (7 | ) | (318 | ) | | (325 | ) | ||||||||||||
Other
|
| 17 | (1 | ) | | 16 | ||||||||||||||
Net cash used in investing activities of continuing operations
|
| (702 | ) | (1,449 | ) | | (2,151 | ) | ||||||||||||
Net cash (used in) provided from investing activities of
discontinued operations
|
| (10 | ) | 4 | | (6 | ) | |||||||||||||
Net cash used in investing activities
|
| (712 | ) | (1,445 | ) | | (2,157 | ) | ||||||||||||
Financing activities:
|
||||||||||||||||||||
Net external borrowings (repayments)
|
757 | (120 | ) | (46 | ) | | 591 | |||||||||||||
Net intercompany (repayments) borrowings
|
(1,518 | ) | (287 | ) | 1,805 | | | |||||||||||||
Dividends paid to minority interests
|
| (385 | ) | (4 | ) | | (389 | ) | ||||||||||||
Dividends paid to common stockholders
|
(182 | ) | | | | (182 | ) | |||||||||||||
Proceeds from stock issuance
|
29 | | | | 29 | |||||||||||||||
Change in restricted cash and other
|
17 | 48 | 9 | | 74 | |||||||||||||||
Net cash (used in) provided from financing activities of
continuing operations
|
(897 | ) | (744 | ) | 1,764 | | 123 | |||||||||||||
Effect of exchange rate changes on cash
|
| (3 | ) | (51 | ) | | (54 | ) | ||||||||||||
Net change in cash and cash equivalents
|
| (480 | ) | (316 | ) | | (796 | ) | ||||||||||||
Cash and cash equivalents at beginning of period
|
| 790 | 441 | | 1,231 | |||||||||||||||
Cash and cash equivalents at end of period
|
$ | | $ | 310 | $ | 125 | $ | | $ | 435 | ||||||||||
163
For the Year Ended December 31, 2007 | ||||||||||||||||||||
Newmont |
||||||||||||||||||||
Newmont |
Mining |
|||||||||||||||||||
Condensed Consolidating |
Mining |
Newmont |
Other |
Corporation |
||||||||||||||||
Statement of Cash Flows
|
Corporation | USA | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Operating activities:
|
||||||||||||||||||||
Net (loss) income
|
$ | (1,886 | ) | $ | 268 | $ | (2,199 | ) | $ | 1,931 | $ | (1,886 | ) | |||||||
Adjustments to reconcile net (loss) income to net cash (used in)
provided from operations
|
871 | 1,138 | 3,088 | (1,931 | ) | 3,166 | ||||||||||||||
Net change in operating assets and liabilities
|
66 | (549 | ) | (272 | ) | | (755 | ) | ||||||||||||
Net cash (used in) provided from continuing operations
|
(949 | ) | 857 | 617 | | 525 | ||||||||||||||
Net cash provided from discontinued operations
|
| 27 | 111 | | 138 | |||||||||||||||
Net cash (used in) provided from operations
|
(949 | ) | 884 | 728 | | 663 | ||||||||||||||
Investing activities:
|
||||||||||||||||||||
Additions to property, plant and mine development
|
| (940 | ) | (732 | ) | | (1,672 | ) | ||||||||||||
Proceeds from sale of marketable debt and equity securities
|
| 224 | | | 224 | |||||||||||||||
Investments in marketable debt and equity securities
|
| (222 | ) | (36 | ) | | (258 | ) | ||||||||||||
Acquisitions, net
|
| | (953 | ) | | (953 | ) | |||||||||||||
Cash received on repayment of Batu Hijau carried interest
|
| 161 | | | 161 | |||||||||||||||
Other
|
| 24 | 7 | | 31 | |||||||||||||||
Net cash used in investing activities of continuing operations
|
| (753 | ) | (1,714 | ) | | (2,467 | ) | ||||||||||||
Net cash provided from investing activities of discontinued
operations
|
1 | 122 | 1,231 | | 1,354 | |||||||||||||||
Net cash provided from (used in) investing activities
|
1 | (631 | ) | (483 | ) | | (1,113 | ) | ||||||||||||
Financing activities:
|
||||||||||||||||||||
Net borrowings (repayments)
|
1,125 | (148 | ) | (5 | ) | | 972 | |||||||||||||
Net intercompany borrowings (repayments)
|
71 | (91 | ) | 20 | | | ||||||||||||||
Dividends paid to minority interests
|
| (270 | ) | | | (270 | ) | |||||||||||||
Dividends paid to common stockholders
|
(181 | ) | | | | (181 | ) | |||||||||||||
Proceeds from stock issuance
|
51 | | | | 51 | |||||||||||||||
Purchase of Company share call options
|
(366 | ) | | | | (366 | ) | |||||||||||||
Issuance of Company share warrants
|
248 | | | | 248 | |||||||||||||||
Change in restricted cash and other
|
| 6 | 5 | | 11 | |||||||||||||||
Net cash provided from (used in) financing activities
|
948 | (503 | ) | 20 | | 465 | ||||||||||||||
Effect of exchange rate changes on cash
|
| | 50 | | 50 | |||||||||||||||
Net change in cash and cash equivalents
|
| (250 | ) | 315 | | 65 | ||||||||||||||
Cash and cash equivalents at beginning of period
|
| 1,040 | 126 | | 1,166 | |||||||||||||||
Cash and cash equivalents at end of period
|
$ | | $ | 790 | $ | 441 | $ | | $ | 1,231 | ||||||||||
164
For the Year Ended December 31, 2006 | ||||||||||||||||||||
Newmont |
||||||||||||||||||||
Newmont |
Mining |
|||||||||||||||||||
Condensed Consolidating |
Mining |
Newmont |
Other |
Corporation |
||||||||||||||||
Statement of Cash Flows
|
Corporation | USA | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Operating activities:
|
||||||||||||||||||||
Net income (loss)
|
$ | 791 | $ | 500 | $ | 295 | $ | (795 | ) | $ | 791 | |||||||||
Adjustments to reconcile net income (loss) to net cash provided
from operations
|
(826 | ) | 892 | (176 | ) | 795 | 685 | |||||||||||||
Net change in operating assets and liabilities
|
64 | (354 | ) | (57 | ) | | (347 | ) | ||||||||||||
Net cash provided from continuing operations
|
29 | 1,038 | 62 | | 1,129 | |||||||||||||||
Net cash (used in) provided from discontinued operations
|
| (12 | ) | 108 | | 96 | ||||||||||||||
Net cash provided from operations
|
29 | 1,026 | 170 | | 1,225 | |||||||||||||||
Investing activities:
|
||||||||||||||||||||
Additions to property, plant and mine development
|
| (1,116 | ) | (421 | ) | | (1,537 | ) | ||||||||||||
Proceeds from sale of marketable debt and equity securities
|
| 2,216 | | | 2,216 | |||||||||||||||
Investments in marketable debt and equity securities
|
| (1,442 | ) | (51 | ) | | (1,493 | ) | ||||||||||||
Acquisitions, net
|
| | (348 | ) | | (348 | ) | |||||||||||||
Other
|
| 12 | 8 | | 20 | |||||||||||||||
Net cash used in investing activities of continuing operations
|
| (330 | ) | (812 | ) | | (1,142 | ) | ||||||||||||
Net cash provided from investing activities of discontinued
operations
|
48 | 3 | 287 | | 338 | |||||||||||||||
Net cash provided from (used in) investing activities
|
48 | (327 | ) | (525 | ) | | (804 | ) | ||||||||||||
Financing activities:
|
||||||||||||||||||||
Net borrowings (repayments)
|
| 89 | (2 | ) | | 87 | ||||||||||||||
Net intercompany borrowings (repayments)
|
6 | (400 | ) | 394 | | | ||||||||||||||
Dividends paid to minority interests
|
| (264 | ) | | | (264 | ) | |||||||||||||
Dividends paid to common stockholders
|
(168 | ) | | (12 | ) | | (180 | ) | ||||||||||||
Proceeds from stock issuance
|
78 | | | | 78 | |||||||||||||||
Early extinguishment of prepaid forward sales obligation
|
| (48 | ) | | | (48 | ) | |||||||||||||
Change in restricted cash and other
|
6 | (12 | ) | | | (6 | ) | |||||||||||||
Net cash (used in) provided from financing activities of
continuing operations
|
(78 | ) | (635 | ) | 380 | | (333 | ) | ||||||||||||
Net cash used in financing activities of discontinued operations
|
| (7 | ) | | | (7 | ) | |||||||||||||
Net cash (used in) provided from financing activities
|
(78 | ) | (642 | ) | 380 | | (340 | ) | ||||||||||||
Effect of exchange rate changes on cash
|
| 4 | (1 | ) | | 3 | ||||||||||||||
Net change in cash and cash equivalents
|
(1 | ) | 61 | 24 | | 84 | ||||||||||||||
Cash and cash equivalents at beginning of period
|
1 | 979 | 102 | | 1,082 | |||||||||||||||
Cash and cash equivalents at end of period
|
$ | | $ | 1,040 | $ | 126 | $ | | $ | 1,166 | ||||||||||
165
NOTE 33 | COMMITMENTS AND CONTINGENCIES |
166
167
168
169
170
171
172
173
NOTE 34 | UNAUDITED SUPPLEMENTARY DATA |
2008 | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
Revenues
|
$ | 1,943 | $ | 1,522 | $ | 1,392 | $ | 1,342 | ||||||||
Gross
profit(1)
|
$ | 962 | $ | 571 | $ | 384 | $ | 359 | ||||||||
Income from continuing operations
|
$ | 364 | $ | 279 | $ | 177 | $ | 9 | ||||||||
Income (loss) from discontinued operations
|
$ | 6 | $ | (2 | ) | $ | 19 | $ | 1 | |||||||
Net income
|
$ | 370 | $ | 277 | $ | 196 | $ | 10 | ||||||||
Income from continuing operations, per common share, basic
|
$ | 0.81 | $ | 0.61 | $ | 0.39 | $ | 0.02 | ||||||||
Income from discontinued operations, per common share, basic
|
$ | 0.01 | $ | | $ | 0.04 | $ | | ||||||||
Net income per common share, basic
|
$ | 0.82 | $ | 0.61 | $ | 0.43 | $ | 0.02 | ||||||||
Income from continuing operations, per common share, diluted
|
$ | 0.80 | $ | 0.61 | $ | 0.39 | $ | 0.02 | ||||||||
Income from discontinued operations, per common share, diluted
|
$ | 0.01 | $ | | $ | 0.04 | $ | | ||||||||
Net income per common share, diluted
|
$ | 0.81 | $ | 0.61 | $ | 0.43 | $ | 0.02 | ||||||||
Basic weighted-average shares outstanding
|
453 | 454 | 454 | 454 | ||||||||||||
Diluted weighted-average shares outstanding
|
457 | 456 | 455 | 455 | ||||||||||||
Dividends declared per common share
|
$ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | ||||||||
Closing price of common stock
|
$ | 45.30 | $ | 52.16 | $ | 38.76 | $ | 40.70 |
2007 | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
Revenues
|
$ | 1,224 | $ | 1,276 | $ | 1,616 | $ | 1,410 | ||||||||
Gross profit
(loss)(1)
|
$ | 285 | $ | (163 | ) | $ | 739 | $ | 545 | |||||||
Income (loss) from continuing operations
|
$ | 40 | $ | (401 | ) | $ | 331 | $ | (933 | ) | ||||||
Income (loss) from discontinued operations
|
$ | 28 | $ | (1,661 | ) | $ | 66 | $ | 644 | |||||||
Net income (loss)
|
$ | 68 | $ | (2,062 | ) | $ | 397 | $ | (289 | ) | ||||||
Income (loss) from continuing operations, per common share, basic
|
$ | 0.09 | $ | (0.89 | ) | $ | 0.73 | $ | (2.06 | ) | ||||||
Income (loss) from discontinued operations, per common share,
basic
|
$ | 0.06 | $ | (3.68 | ) | $ | 0.15 | $ | 1.43 | |||||||
Net income (loss) per common share, basic
|
$ | 0.15 | $ | (4.57 | ) | $ | 0.88 | $ | (0.63 | ) | ||||||
Income (loss) from continuing operations, per common share,
diluted
|
$ | 0.09 | $ | (0.89 | ) | $ | 0.73 | $ | (2.06 | ) | ||||||
Income (loss) from discontinued operations, per common share,
diluted
|
$ | 0.06 | $ | (3.68 | ) | $ | 0.15 | $ | 1.43 | |||||||
Net income (loss) per common share, diluted
|
$ | 0.15 | $ | (4.57 | ) | $ | 0.88 | $ | (0.63 | ) | ||||||
Basic weighted-average shares outstanding
|
451 | 451 | 452 | 452 | ||||||||||||
Diluted weighted-average shares outstanding
|
452 | 451 | 453 | 452 | ||||||||||||
Dividends declared per common share
|
$ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | ||||||||
Closing price of common stock
|
$ | 41.99 | $ | 39.06 | $ | 44.73 | $ | 48.83 |
(1) | Revenues less Costs applicable to sales, Loss on settlement of price-capped forward sales contracts, Midas redevelopment, Amortization and Accretion. |
174
NOTE 35 | SUBSEQUENT EVENTS |
175
Total Capitalization as of |
||||||||||||
December 31, 2008 | ||||||||||||
Pro-Forma |
Pro-Forma |
|||||||||||
Actual | Adjustments | Balance | ||||||||||
Cash, cash equivalents, marketable securities and other
short-term instruments
|
$ | 447 | $ | 1,737 | $ | 2,184 | ||||||
Long-term debt, including current portion:
|
||||||||||||
3.00% Convertible Senior Notes due 2012
|
$ | | $ | 444 | $ | 444 | ||||||
1.250% Convertible Senior Notes due 2014
|
575 | (127 | ) | 448 | ||||||||
1.625% Convertible Senior Notes due 2017
|
575 | (174 | ) | 401 | ||||||||
Other debt
|
2,392 | | 2,392 | |||||||||
Total long-term debt
|
$ | 3,542 | $ | 143 | $ | 3,685 | ||||||
Stockholders equity:
|
||||||||||||
Common stock
|
$ | 709 | $ | 55 | $ | 764 | ||||||
Additional paid-in capital
|
6,639 | 1,444 | 8,083 | |||||||||
Accumulated other comprehensive loss
|
(253 | ) | | (253 | ) | |||||||
Retained earnings (deficit)
|
7 | (30 | ) | (23 | ) | |||||||
Total stockholders equity
|
$ | 7,102 | $ | 1,469 | $ | 8,571 | ||||||
Total capitalization
|
$ | 10,644 | $ | 1,612 | $ | 12,256 | ||||||
176
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
ITEM 9A. | CONTROLS AND PROCEDURES |
177
ITEM 10. | DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT |
ITEM 11. | EXECUTIVE COMPENSATION |
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
Number of Securities |
||||||||||||
Remaining Available for |
||||||||||||
Future Issuance under |
||||||||||||
Number of Securities to be |
Weighted-Average |
Equity Compensation |
||||||||||
Issued Upon Exercise of |
Exercise Price of |
Plans (Excluding |
||||||||||
Outstanding Options, |
Outstanding Options, |
Securities Reflected in |
||||||||||
Warrants and Rights |
Warrants and Rights |
Column (a)) |
||||||||||
Plan Category
|
(a) | (b)(1) | (c) | |||||||||
Equity compensation plans approved by security
holders(2)
|
6,614,823(3 | ) | $ | 43.88 | 13,514,010 | (4) | ||||||
Equity compensation plans not approved by security holders
|
547,275(5 | ) | $ | 24.00 | | |||||||
TOTAL
|
7,162,098 | $ | 38.03 | 13,514,010 |
(1) | The weighted average exercise price does not take into account the shares issuable upon vesting of director stock units and restricted stock units. | |
(2) | Newmonts 2005 Stock Incentive Plan was approved by the stockholders on April 27, 2005. A maximum of 20,000,000 shares of Newmonts Common Stock were authorized to be issued under this plan. Out of this maximum number of shares, no more than 10,000,000 shares may be awarded as restricted stock and other stock based awards and no more than 1,000,000 shares may be awarded as non-employee director stock awards. In addition, no more than 1,000,000 shares may be awarded without agreements providing for vesting in full in three years or more, subject to certain exceptions such as shares subject to performance-based conditions. | |
(3) | This number does not include 8,526 shares of common stock issuable upon exercise of outstanding options granted under certain equity plans assumed by Newmont in acquisitions. The weighted average exercise price of outstanding options granted under the assumed plans as of |
178
December 31, 2008 was $20.12. Newmont cannot grant any additional options or awards under these assumed plans. | ||
(4) | Securities remaining available for future issuance under the 2005 Stock Incentive Plan. No additional grants or awards will be made under any of the Companys other plans. | |
(5) | Shares of common stock issuable upon exercise of outstanding options granted under the 1999 Employees Stock Plan. Options have a term of 10 years and vest in periods ranging from two to four years. |
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS |
ITEM 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
179
ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
(a) | Financial Statements |
Page | ||||
88 | ||||
90 | ||||
91 | ||||
92 | ||||
93 | ||||
94 | ||||
95 |
(b) | Exhibits |
180
By: |
/s/ Alan
R. Blank
|
Signature
|
Title
|
|||
* Richard T. OBrien |
President, Chief Executive Officer and Director (Principal Executive Officer) | |||
* Russell Ball |
Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||
* Roger P. Johnson |
Vice President and Chief Accounting Officer (Principal Accounting Officer) |
|||
Glen A. Barton* |
Director | |||
Vincent A. Calarco* |
Director | |||
Joseph A. Carrabba* |
Director | |||
Noreen Doyle* |
Director | |||
Veronica M. Hagen* |
Director | |||
Michael S. Hamson* |
Director |
S-1
Signature
|
Title
|
|||
Robert J. Miller* |
Director | |||
John B. Prescott* |
Director | |||
Donald C. Roth* |
Director | |||
James V. Taranik* |
Director | |||
Simon R. Thompson* |
Director | |||
*By: |
/s/ Alan
R. Blank Alan R. Blank Attorney-in-Fact |
S-2
Exhibit |
||||||
Number
|
Description
|
|||||
2 | .1 | | Agreement dated October 8, 2007, among Registrant, Newmont Mining B.C. Limited and Miramar Mining Corporation. Incorporated by reference to Exhibit 2.1 to Registrants Form 8-K filed with the Securities and Exchange Commission on October 10, 2007 and Exhibit 7.3 to Registrants Schedule 13D filed with the Securities and Exchange Commission on October 9, 2007. | |||
2 | .2 | | Acquisition Agreement, dated November 30, 2007, between Registrant and Franco-Nevada Corporation. Incorporated by reference to Exhibit 99.1 to Registrants Form 8-K/A filed with the Securities and Exchange Commission on December 26, 2007. | |||
3 | .1 | | Certificate of Incorporation of Registrant. Incorporated herein by reference to Appendix F to the Registrants Registration Statement on Form S-4 (File No. 333-76506), filed with the Securities and Exchange Commission on January 10, 2002. | |||
3 | .2 | | Certificate of Designations of Special Voting Stock. Incorporated herein by reference to Exhibit 3.3 to the Registrants Registration Statement on Form 8-A relating to the registration of its common stock, filed with the Securities and Exchange Commission on February 15, 2002. | |||
3 | .3 | | Certificate of Amendment to the Certificate of Incorporation of Registrant. Incorporated herein by reference to Exhibit 3.4 to the Registrants Registration Statement on Form 8-A relating to the registration of its common stock, filed with the Securities and Exchange Commission on February 15, 2002. | |||
3 | .4 | | Certificate of Designations of $3.25 Convertible Preferred Stock of Registrant. Incorporated herein by reference to Exhibit 3.6 to the Registrants Registration Statement on Form 8-A relating to the registration of its $3.25 convertible preferred stock, filed with the Securities and Exchange Commission on February 15, 2002. | |||
3 | .5 | | By-laws of the Registrant as amended and restated effective April 24, 2007, Incorporated by reference to Exhibit 3(1) to Registrants Form 10-Q for March 31, 2007, and filed with the Securities and Exchange Commission on April 27, 2007. | |||
4 | .1 | | Indenture, dated as of March 22, 2005, among Newmont Mining Corporation, Newmont USA Limited and Citibank, N.A. Incorporated by reference to Exhibit 4.1 to Registrants Form 8-K filed with the Securities and Exchange Commission on March 22, 2005. | |||
4 | .2 | | Form of 5.875% Note due 2035 issued pursuant to Indenture, dated as of March 22, 2005, among Registrant, Newmont USA Limited and Citibank, N.A. Incorporated by reference to Exhibit 4.2 to Registrants Form 8-K filed with the Securities and Exchange Commission on March 22, 2005. | |||
4 | .3 | | Indenture, dated as of July 17, 2007, among Registrant, Newmont USA Limited and The Bank of New York Trust Company, N.A. relating to 1.250% Convertible Senior Notes due 2014. Incorporated by reference to Exhibit 4.1 to Registrants Quarterly Report on Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
4 | .4 | | Indenture, dated as of July 17, 2007, among Registrant, Newmont USA Limited and The Bank of New York Trust Company, N.A relating to 1.625% Convertible Senior Notes due 2017. Incorporated by reference to Exhibit 4.2 to Registrants Quarterly Report on Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
4 | .5 | | Indenture, dated as of February 3, 2009, by and among Newmont Mining Corporation, Newmont USA Limited and The Bank of New York Mellon Trust Company, N.A., as trustee (including form of 3.00% Convertible Senior Note due 2012).Incorporated by reference to Exhibit 4.1 of Registrants Form 8-K filed with the Securities and Exchange Commission on February 3, 2009. |
E-1
Exhibit |
||||||
Number
|
Description
|
|||||
4 | .6 | | Pass Through Trust Agreement dated as of July 15, 1994, between Newmont Gold Company (now known as Newmont USA Limited) and The First National Bank of Chicago relating to the Pass Through Certificates, Series 1994-A1. (The front cover of this Exhibit indicates the material differences between such Exhibit and the substantially similar (except for price-related information) Pass-Through Agreement between Newmont Gold Company (now known as Newmont USA Limited) and The First National Bank of Chicago relating to the Pass-Through Certificates, Series 1994-A2.) Incorporated by reference to Exhibit 4.1 to Newmont Gold Companys Quarterly Report on Form 10-Q for the quarter ended September 30, 1994. | |||
4 | .7 | | Lease dated as of September 30, 1994, between Newmont Gold Company (now known as Newmont USA Limited) and Shawmut Bank Connecticut, National Association relating to Trust No. 1 and a 75% undivided interest in Newmont Gold Companys refractory gold ore treatment facility. (The front cover of this Exhibit indicates the material differences between such Exhibit and the substantially similar (except for price-related information) entered into on the same date relating to the remaining 25% undivided interest in the facility.) Incorporated by reference to Exhibit 4.2 to Newmont Gold Companys Quarterly Report on Form 10-Q for the quarter ended September 30, 1994. | |||
4 | .8 | | Trust Indenture and Security Agreement dated as of July 15, 1994, between Shawmut Bank Connecticut, National Association and The First National Bank of Chicago relating to Trust No. 1 and a 75% undivided interest in Newmont Gold Companys (now known as Newmont USA Limited) refractory gold ore treatment facility. (The front cover of this Exhibit indicates the material differences between such Exhibit and the substantially similar (except for price-related information) entered into on the same date relating to the remaining 25% undivided interest in the facility.) Incorporated by reference to Exhibit 4.3 to Newmont Gold Companys Quarterly Report on Form 10-Q for the quarter ended September 30, 1994. | |||
4 | .9 | | See footnote(1). | |||
10 | .1 | | Savings Equalization Plan, amended and restated, of Newmont USA Limited, a wholly owned subsidiary of the Registrant, effective December 31, 2008, filed herewith. | |||
10 | .2 | | Pension Equalization Plan, amended and restated, of Newmont USA Limited, a wholly owned subsidiary of the Registrant, effective December 31, 2008, filed herewith. | |||
10 | .3 | | 1996 Employees Stock Plan amended and restated effective as of March 17, 1999. Incorporated by reference to Exhibit 10(d) to Newmont Mining Corporations Annual Report on Form 10-K for the year ended December 31, 1998. | |||
10 | .4 | | 1999 Employees Stock Plan. Incorporated by reference to Exhibit 10(e) to Newmont Mining Corporations Annual Report on Form 10-K for the year ended December 31, 1998. | |||
10 | .5 | | 2005 Stock Incentive Plan, amended and restated effective October 26, 2005. Incorporated by reference to Exhibit 10.1 of Registrants Form 8-K filed with the Securities and Exchange Commission on October 31, 2005. | |||
10 | .6 | | Form of Award Agreement used for Executive Officers to grant stock options pursuant to Registrants 1996 Employees Stock Plan. Incorporated herein by reference to Exhibit 99.2 of Registrants Form 8-K filed with the Securities and Exchange Commission on December 13, 2004. | |||
10 | .7 | | Form of Award Agreement used for Executive Officers to grant stock options pursuant to Registrants 1999 Employees Stock Plan. Incorporated herein by reference to Exhibit 10.1 of Registrants Form 8-K filed with the Securities and Exchange Commission on March 2, 2005. | |||
10 | .8 | | Form of Award Agreement used for Executive Officers to grant restricted stock pursuant to Registrants 1999 Employees Stock Plan. Incorporated herein by reference to Exhibit 10.1 of Registrants Form 8-K filed with the Securities and Exchange Commission on March 2, 2005. |
E-2
Exhibit |
||||||
Number
|
Description
|
|||||
10 | .9 | | Form of Award Agreement used for Executive Officers to grant restricted stock units pursuant to Registrants 1999 Employees Stock Plan. Incorporated herein by reference to Exhibit 10.2 of Registrants Form 8-K filed with the Securities and Exchange Commission on March 2, 2005. | |||
10 | .10 | | Form of Award Agreement used for Executive Officers to grant stock options pursuant to Registrants 2005 Stock Incentive Plan. Incorporated herein by reference to Exhibit 10.2 of Registrants Form 8-K filed with the Securities and Exchange Commission on October 26, 2005. | |||
10 | .11 | | Form of Award Agreement used for Executive Officers to grant restricted stock pursuant to Registrants 2005 Stock Incentive Plan. Incorporated herein by reference to Exhibit 10.3 of Registrants Form 8-K filed with the Securities and Exchange Commission on October 26, 2005. | |||
10 | .12 | | Award Agreement for Richard OBrien dated April 30, 2007 to grant restricted stock pursuant to Registrants 2005 Stock Incentive Plan. Incorporated herein by reference to Exhibit 10.2 to Registrants Form 10-Q for the period March 31, 2007, filed with the Securities and Exchange Commission on April 27, 2007. | |||
10 | .13 | | Award Agreement for Richard OBrien dated October 31, 2008 to grant restricted stock pursuant to Registrants 2005 Stock Incentive Plan, filed herewith | |||
10 | .14 | | Award Agreement for Richard OBrien dated October 31, 2008 to grant stock options pursuant to Registrants 2005 Stock Incentive Plan, filed herewith. | |||
10 | .15 | | Form of Award Agreement used for non-employee directors to grant director stock units pursuant to the 2005 Stock Incentive Plan. Incorporated herein by reference to Exhibit 10.1 of Registrants Form 8-K filed with the Securities and Exchange Commission on June 17, 2005. | |||
10 | .16 | | Annual Incentive Compensation Payroll Practice of the Registrant, amended and restated effective January 1, 2007. Incorporated by reference to Exhibit 10.33 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .17 | | Employee Performance Incentive Compensation Payroll Practice of Registrant, amended and restated effective January 1, 2007. Incorporated herein by reference to Exhibit 10.33 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .18 | | Senior Executive Compensation Program effective as of January 1, 2008. Incorporated by reference to Exhibit 10.17 to Newmont Mining Corporations Annual Report on Form 10-K for the year ended December 31, 2007. | |||
10 | .19 | | Amended and Restated Officers Death Benefit Plan effective January 1, 2004 of Newmont USA Limited, a wholly owned subsidiary of Registrant. Incorporated herein by reference to Exhibit 10.1 to Registrants Form 8-K filed with the Securities and Exchange Commission on December 22, 2004. | |||
10 | .20 | | Executive Change of Control Plan, amended and restated effective December 31, 2008, of Newmont USA Limited, a wholly owned subsidiary of Registrant, filed herewith. | |||
10 | .21 | | Newmont Mining Corporation 2000 Non-Employee Directors Stock Plan, as Amended and Restated as of May 17, 2000. Incorporated by reference to Exhibit 10 to Newmont Mining Corporations Quarterly Report on Form 10-Q for the quarter ended September 30, 2000. |
E-3
Exhibit |
||||||
Number
|
Description
|
|||||
10 | .22 | | Credit Agreement dated as of July 30, 2004, as amended and restated as of July 28, 2005, as amended and restated April 24, 2007, among Newmont Mining Corporation, Newmont USA Limited, JP Morgan Chase Bank, N.A., Australia and New Zealand Banking Group Limited, Banco Bilbao Vizcaya SA, Bank of Montreal Chicago Branch, The Bank of New York, The Bank of Nova Scotia, The Bank of Tokyo-Mitsubishi, Ltd., BNP Paribas, Calyon New York Branch, CIBC Inc., Citicorp USA Inc., Commonwealth Bank of Australia New York Branch, Deutsche Bank AG New York Branch, HSBC Bank USA, National Association, Mizuho Corporate Bank, Ltd., Royal Bank of Canada, The Royal Bank of Scotland, plc, Societe Generale, Sumitomo Mitsui Banking Corporation, UBS Loan Finance LLC, US Bank N.A. Incorporated by reference as Exhibit 10.1 to Registrants Quarterly Report on Form 10-Q for the period March 31, 2007, filed with the Securities and Exchange Commission on April 27, 2007. | |||
10 | .23 | | Summary of Non-Employee Director Compensation and Benefits, effective January 1, 2008. Incorporated by reference as Exhibit 10.34 to Registrants Annual Report on Form 10-K for the year ended December 31, 2007. | |||
10 | .24 | | Summary of Executive Compensation, filed herewith. | |||
10 | .25 | | Purchase Agreement, dated as of July 11, 2007, by and among Newmont Mining Corporation, Newmont USA Limited and J.P. Morgan Securities Inc. and Citigroup Global Markets Inc., as Representatives of the several Initial Purchasers listed in Schedule I thereto. Incorporated by reference as Exhibit 10.1 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .26 | | Confirmation of Convertible Note Hedge, dated as of July 11, 2007, between Newmont Mining Corporation and JPMorgan Chase Bank, National Association, London Branch (with respect to 2014 Notes). Incorporated by reference as Exhibit 10.2 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .27 | | Confirmation of Convertible Note Hedge, dated as of July 11, 2007, between Newmont Mining Corporation and JPMorgan Chase Bank, National Association, London Branch (with respect to 2017 Notes). Incorporated by reference as Exhibit 10.3 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .28 | | Confirmation of Convertible Note Hedge, dated as of July 11, 2007, between Newmont Mining Corporation and Citibank, N.A. (with respect to 2014 Notes). Incorporated by reference as Exhibit 10.4 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. 2007. | |||
10 | .29 | | Confirmation of Convertible Note Hedge, dated as of July 11, 2007, between Newmont Mining Corporation and Citibank, N.A. (with respect to 2017 Notes). Incorporated by reference as Exhibit 10.5 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .30 | | Confirmation of Convertible Note Hedge, dated as of July 11, 2007, between Newmont Mining Corporation and UBS AG, London Branch (with respect to 2014 Notes). Incorporated by reference as Exhibit 10.6 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .31 | | Confirmation of Convertible Note Hedge, dated as of July 11, 2007, between Newmont Mining Corporation and UBS AG, London Branch (with respect to 2017 Notes). Incorporated by reference as Exhibit 10.7 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .32 | | Confirmation of Convertible Note Hedge, dated as of July 11, 2007, between Newmont Mining Corporation and Deutsche Bank AG, London Branch (with respect to 2014 Notes). Incorporated by reference as Exhibit 10.8 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. |
E-4
Exhibit |
||||||
Number
|
Description
|
|||||
10 | .33 | | Confirmation of Convertible Note Hedge, dated as of July 11, 2007, between Newmont Mining Corporation and Deutsche Bank AG, London Branch (with respect to 2017 Notes). Incorporated by reference as Exhibit 10.9 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .34 | | Confirmation of Convertible Note Warrant Transaction, dated as of July 11, 2007, between Newmont Mining Corporation and JPMorgan Chase Bank, National Association, London Branch (with respect to 2014 Notes). Incorporated by reference as Exhibit 10.10 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .35 | | Confirmation of Convertible Note Warrant Transaction, dated as of July 11, 2007, between Newmont Mining Corporation and JPMorgan Chase Bank, National Association, London Branch (with respect to 2017 Notes). Incorporated by reference as Exhibit 10.11 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .36 | | Confirmation of Convertible Note Warrant Transaction, dated as of July 11, 2007, between Newmont Mining Corporation and Citibank, N.A. (with respect to 2014 Notes). Incorporated by reference as Exhibit 10.12 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .37 | | Confirmation of Convertible Note Warrant Transaction, dated as of July 11, 2007, between Newmont Mining Corporation and Citibank, N.A. (with respect to 2017 Notes). Incorporated by reference as Exhibit 10.13 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .38 | | Confirmation of Convertible Note Warrant Transaction, dated as of July 11, 2007, between Newmont Mining Corporation and UBS AG, London Branch (with respect to 2014 Notes). Incorporated by reference as Exhibit 10.14 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .39 | | Confirmation of Convertible Note Warrant Transaction, dated as of July 11, 2007, between Newmont Mining Corporation and UBS AG, London Branch (with respect to 2017 Notes). Incorporated by reference as Exhibit 10.15 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .40 | | Confirmation of Convertible Note Warrant Transaction, dated as of July 11, 2007, between Newmont Mining Corporation and Deutsche Bank AG, London Branch (with respect to 2014 Notes). Incorporated by reference as Exhibit 10.16 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .41 | | Confirmation of Convertible Note Warrant Transaction, dated as of July 11, 2007, between Newmont Mining Corporation and Deutsche Bank AG, London Branch (with respect to 2017 Notes). Incorporated by reference as Exhibit 10.17 to Registrants on Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .42 | | Confirmation of Convertible Note Hedge, dated as of July 13, 2007, between Newmont Mining Corporation and JPMorgan Chase Bank, National Association, London Branch (with respect to 2014 Notes). Incorporated by reference as Exhibit 10.18 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .43 | | Confirmation of Convertible Note Hedge, dated as of July 13, 2007, between Newmont Mining Corporation and JPMorgan Chase Bank, National Association, London Branch (with respect to 2017 Notes). Incorporated by reference as Exhibit 10.19 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. |
E-5
Exhibit |
||||||
Number
|
Description
|
|||||
10 | .44 | | Confirmation of Convertible Note Hedge, dated as of July 13, 2007, between Newmont Mining Corporation and Citibank, N.A. (with respect to 2014 Notes). Incorporated by reference as Exhibit 10.20 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .45 | | Confirmation of Convertible Note Hedge, dated as of July 13, 2007, between Newmont Mining Corporation and Citibank, N.A. (with respect to 2017 Notes). Incorporated by reference as Exhibit 10.21 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .46 | | Confirmation of Convertible Note Hedge, dated as of July 13, 2007, between Newmont Mining Corporation and UBS AG, London Branch (with respect to 2014 Notes). Incorporated by reference as Exhibit 10.22 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .47 | | Confirmation of Convertible Note Hedge, dated as of July 13, 2007, between Newmont Mining Corporation and UBS AG, London Branch (with respect to 2017 Notes). Incorporated by reference as Exhibit 10.23 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .48 | | Confirmation of Convertible Note Hedge, dated as of July 13, 2007, between Newmont Mining Corporation and Deutsche Bank AG, London Branch (with respect to 2014 Notes). Incorporated by reference as Exhibit 10.24 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .49 | | Confirmation of Convertible Note Hedge, dated as of July 13, 2007, between Newmont Mining Corporation and Deutsche Bank AG, London Branch (with respect to 2017 Notes). Incorporated by reference as Exhibit 10.25 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .50 | | Confirmation of Convertible Note Warrant Transaction, dated as of July 13, 2007, between Newmont Mining Corporation and JPMorgan Chase Bank, National Association, London Branch (with respect to 2014 Notes). Incorporated by reference as Exhibit 10.26 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .51 | | Confirmation of Convertible Note Warrant Transaction, dated as of July 13, 2007, between Newmont Mining Corporation and JPMorgan Chase Bank, National Association, London Branch (with respect to 2017 Notes). Incorporated by reference as Exhibit 10.27 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .52 | | Confirmation of Convertible Note Warrant Transaction, dated as of July 13, 2007, between Newmont Mining Corporation and Citibank, N.A. (with respect to 2014 Notes). Incorporated by reference as Exhibit 10.28 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .53 | | Confirmation of Convertible Note Warrant Transaction, dated as of July 13, 2007, between Newmont Mining Corporation and Citibank, N.A. (with respect to 2017 Notes). Incorporated by reference as Exhibit 10.29 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .54 | | Confirmation of Convertible Note Warrant Transaction, dated as of July 13, 2007, between Newmont Mining Corporation and UBS AG, London Branch (with respect to 2014 Notes). Incorporated by reference as Exhibit 10.30 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .55 | | Confirmation of Convertible Note Warrant Transaction, dated as of July 13, 2007, between Newmont Mining Corporation and UBS AG, London Branch (with respect to 2017 Notes). Incorporated by reference as Exhibit 10.31 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. |
E-6
Exhibit |
||||||
Number
|
Description
|
|||||
10 | .56 | | Confirmation of Convertible Note Warrant Transaction, dated as of July 13, 2007, between Newmont Mining Corporation and Deutsche Bank AG, London Branch (with respect to 2014 Notes). Incorporated by reference as Exhibit 10.32 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .57 | | Confirmation of Convertible Note Warrant Transaction, dated as of July 13, 2007, between Newmont Mining Corporation and Deutsche Bank AG, London Branch (with respect to 2017 Notes). Incorporated by reference as Exhibit 10.33 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .58 | | Office Space and Office Services Agreement between Newmont (USA) Limited and Wayne W. Murdy effective January 1, 2008. Incorporated by reference as Exhibit 10.37 to Registrants Form 10-Q for the period June 30, 2007, filed with the Securities and Exchange Commission on August 2, 2007. | |||
10 | .59 | | Sale and Purchase Agreement, dated as of January 27, 2009 with AngloGold Ashanti Australia Limited. Incorporated by reference as Exhibit 10.1 to Registrants Form 8-K filed with the Securities and Exchange Commission on January 28, 2009. | |||
10 | .60 | | Contract of Work dated December 2, 1986, between the Government of the Republic of Indonesia and PT Newmont Nusa Tenggara. Incorporated by reference as Exhibit 10.1 to Registrants Form 10-Q filed with the Securities and Exchange Commission on July 24, 2008. | |||
12 | .1 | | Statement re Computation of Ratio of Earnings to Fixed Charges, filed herewith. | |||
21 | | Subsidiaries of Newmont Mining Corporation, filed herewith. | ||||
23 | .1 | | Consent of PricewaterhouseCoopers LLP, filed herewith. | |||
24 | | Power of Attorney, filed herewith. | ||||
31 | .1 | | Certification Pursuant to Rule 13A-14 or 15D-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 signed by the Principal Executive Officer, filed herewith. | |||
31 | .2 | | Certification Pursuant to Rule 13A-14 or 15D-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 signed by the Principal Financial Officer, filed herewith. | |||
32 | .1 | | Statement Required by 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 signed by Principal Executive Officer, furnished herewith. | |||
32 | .2 | | Statement Required by 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 signed by Chief Financial Officer, furnished herewith. | |||
100 | (2) | | The following materials from the Annual Report on Form 10-K of Newmont Mining Corporation for the year ended December 31, 2008, filed on February 18, 2009, formatted in XBRL (eXtensible Business Reporting Language): (i) Statements of Consolidated Income (Loss), (ii) Consolidated Balance Sheets, (iii) Statements of Consolidated Changes in Stockholders Equity, (iv) Statements of Consolidated Comprehensive (Loss) Income, (v) Statements of Consolidated Cash Flows, (vi) document and entity information, and (vii) related notes to these financial statements tagged as blocks of text. |
(1) | In reliance upon Item 601(b)(4)(iii) of Regulation S-K, various instruments defining the rights of holders of long-term debt of the Newmont Mining Corporation are not being filed herewith because the total of securities authorized under each such instrument does not exceed 10% of the total assets of Newmont Mining Corporation. Newmont Mining Corporation hereby agrees to furnish a copy of any such instrument to the Commission upon request. | |
(2) | In accordance with Rule 402 of Regulation S-T, the information in this Exhibit 100 shall not be deemed filed for the purposes of section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by the specific reference in such filing. |
E-7
Page | ||||
ARTICLE I |
||||
DEFINITIONS |
1 | |||
ARTICLE II ELIGIBILITY AND PARTICIPATION |
||||
Section 2.01. Eligibility and Participation |
5 | |||
Section 2.02. Enrollment |
6 | |||
Section 2.03. Plan Re-entry |
6 | |||
Section 2.04. Failure of Eligibility |
6 | |||
Section 2.05. Forfeiture Upon Termination for Cause |
6 | |||
ARTICLE III CONTRIBUTION DEFERRALS |
||||
Section 3.01. Participant Base Compensation Deferrals |
6 | |||
Section 3.02. Bonus Deferrals |
7 | |||
Section 3.03. Company Deferrals |
8 | |||
ARTICLE IV INVESTMENT OF DEFERRALS AND ACCOUNTING |
||||
Section 4.01. Investment Credit |
8 | |||
Section 4.02. Limitations on Investments |
8 | |||
Section 4.03. Underlying Investments |
8 | |||
ARTICLE V DISTRIBUTIONS |
||||
Section 5.01. Distribution Elections Generally |
9 | |||
Section 5.02. Time of Distribution |
9 | |||
Section 5.03. Form of Distribution |
10 | |||
Section 5.04. Vesting of Benefits |
10 | |||
Section 5.05. Election Changes |
11 | |||
Section 5.06. Domestic Relations Orders |
11 | |||
Section 5.07. Unforeseeable Emergency |
12 | |||
Section 5.08. Beneficiaries |
12 |
Page | ||||
ARTICLE VI COMMITTEES |
||||
Section 6.01. Appointment of Committees |
13 | |||
Section 6.02. Responsibilities of the Administration Committee |
13 | |||
Section 6.03. Responsibilities of the Investment Committee |
13 | |||
Section 6.04. Responsibilities of the Appeals Committee |
13 | |||
Section 6.05. Organization of Committees |
14 | |||
Section 6.06. Indemnification of Committee Members |
14 | |||
ARTICLE VII CLAIMS PROCEDURES |
||||
Section 7.01. Filing a Claim |
14 | |||
Section 7.02. Review of Initial Claim |
15 | |||
Section 7.03. Appeal of Denial of Initial Claim |
15 | |||
Section 7.04. Review of Appeal |
15 | |||
Section 7.05. Form of Notice to Claimant |
15 | |||
Section 7.06. Discretionary Authority of Committees |
16 | |||
ARTICLE VIII TRUST |
||||
Section 8.01. Trust Agreement |
16 | |||
Section 8.02. Expenses of Trust |
16 | |||
ARTICLE IX AMENDMENT AND TERMINATION |
||||
Section 9.01. Termination of Plan |
16 | |||
Section 9.02. Amendment by Board of Directors |
17 | |||
ARTICLE X MISCELLANEOUS |
||||
Section 10.01. Funding of Benefits; No Fiduciary Relationship |
17 | |||
Section 10.02. Inalienability of Benefits |
17 | |||
Section 10.03. Disposition of Unclaimed Distributions |
18 | |||
Section 10.04. Tax Withholding |
18 | |||
Section 10.05. Employment Status |
18 | |||
Section 10.06. Validity and Severability |
18 | |||
Section 10.07. Governing Law |
18 | |||
Section 10.08. Right of Offset |
18 |
Page | ||||
Section 10.09. Conformance With Applicable Laws |
18 | |||
Section 10.10. Payments Due Minors or Incapacitated Persons |
19 | |||
Section 10.11. Distribution Delay for Specified Employees |
19 | |||
ARTICLE XI TRANSITION RULES AND ELECTIONS |
||||
Section 11.01. Code Section 409A Restatement Grandfather |
19 | |||
Section 11.02. Election of Time and Form of Payment for Amounts Credited From January
1, 2005 to December 31, 2008 |
19 | |||
Section 11.03. Distribution Scheduled for 2008 |
20 | |||
Section 11.04. Credits Made in 2008 |
20 |
| Base Compensation Deferral Account. | ||
| Bonus Compensation Deferral Account. | ||
| Company Deferral Account. |
Years of Vesting Service | Vested Portion | |||
Less than 1 |
0 | % | ||
1 |
20 | |||
2 |
40 | |||
3 |
60 | |||
4 or more |
100 |
NEWMONT USA LIMITED | ||||||
By | /s/ Alan R. Blank | |||||
Executive Vice President, Legal and External Affairs | ||||||
Page | ||||
ARTICLE I |
||||
DEFINITIONS |
1 | |||
ARTICLE II |
||||
ELIGIBILITY AND PARTICIPATION |
||||
Section 2.01. Eligibility and Participation |
5 | |||
Section 2.02. Failure of Eligibility |
6 | |||
Section 2.03. Forfeiture Upon Termination for Cause |
6 | |||
ARTICLE III |
||||
FUNDING |
6 | |||
ARTICLE IV |
||||
EXECUTIVE RETIREMENT BENEFITS |
||||
Section 4.01. Normal Retirement Benefit |
7 | |||
Section 4.02. Early Retirement Benefit |
8 | |||
Section 4.03. Benefits on Other Termination of Employment |
8 | |||
Section 4.04. Method and Time of Payment |
8 | |||
Section 4.05. Nonduplication of Benefits |
8 | |||
ARTICLE V |
||||
SPOUSAL BENEFITS |
||||
Section 5.01. Pre-Retirement Spousal Benefit |
9 | |||
Section 5.02. Post-Retirement Spousal Benefit |
9 | |||
ARTICLE VI |
||||
ADMINISTRATION |
||||
Section 6.01. Appointment of Committees |
9 | |||
Section 6.02. Responsibilities of the Administration Committee |
9 | |||
Section 6.03. Responsibilities of the Appeals Committee |
10 | |||
Section 6.04. Organization of Committees |
10 | |||
Section 6.05. Indemnification of Committee Members |
10 | |||
ARTICLE VII |
||||
CLAIMS PROCEDURES |
||||
Section 7.01. Filing a Claim |
11 | |||
Section 7.02. Review of Initial Claim |
11 | |||
Section 7.03. Appeal of Denial of Initial Claim |
11 | |||
Section 7.04. Review of Appeal |
11 | |||
Section 7.05. Form of Notice to Claimant |
12 | |||
Section 7.06. Discretionary Authority of Committees |
12 | |||
Section 7.07. Limitation on Claims |
12 |
Page | ||||
ARTICLE VIII |
||||
AMENDMENT AND TERMINATION |
||||
Section 8.01. Termination of Plan |
12 | |||
Section 8.02. Amendment by Company |
13 | |||
ARTICLE IX |
||||
MISCELLANEOUS |
||||
Section 9.01. Inalienability of Benefits |
13 | |||
Section 9.02. Domestic Relations Orders |
13 | |||
Section 9.03. Disposition of Unclaimed Payments |
13 | |||
Section 9.04. Withholding |
14 | |||
Section 9.05. Participation in Plan by Affiliates |
14 | |||
Section 9.06. Notices |
14 | |||
Section 9.07. Employment Status |
14 | |||
Section 9.08. Successors |
14 | |||
Section 9.09. Validity and Severability |
14 | |||
Section 9.10. Governing Law |
14 | |||
Section 9.11. Right of Offset |
14 | |||
Section 9.12. Conformance With Applicable Laws |
15 | |||
Section 9.13. Payments Due Minors or Incapacitated Persons |
15 | |||
Section 9.14. Distribution Delay for Specified Employees |
15 |
NEWMONT USA LIMITED | ||||||
By | /s/ Alan R. Blank | |||||
Executive Vice President, Legal and External Affairs | ||||||
2
3
4
NEWMONT MINING CORPORATION |
||||
By: | /s/ Sharon E. Thomas | |||
Sharon E. Thomas | ||||
Vice President and Secretary | ||||
/s/ Richard T. OBrien
Richard T. OBrien
|
5
2
3
4
5
6
7
NEWMONT MINING CORPORATION |
||||
By: | /s/ Sharon E. Thomas | |||
Sharon E. Thomas | ||||
Vice President and Secretary | ||||
/s/ Richard T. OBrien
Richard T. OBrien
|
8
Page | ||||
INTRODUCTION |
1 | |||
ARTICLE I |
||||
DEFINITIONS |
1 | |||
ARTICLE II |
||||
ELIGIBILITY |
||||
Section 2.01. Eligibility Requirements |
6 | |||
Section 2.02. Duration of Participation |
7 | |||
ARTICLE III |
||||
BENEFITS |
||||
Section 3.01. Separation Benefits |
7 | |||
Section 3.02. Timing and Amount of Separation Benefits |
7 | |||
Section 3.03. Other Benefits Payable |
9 | |||
Section 3.04. Certain Additional Payments by the Employer |
9 | |||
Section 3.05. Coordination With Governmental Plans |
12 | |||
Section 3.06. Payment Due at the Time of Death |
13 | |||
ARTICLE IV |
||||
TERMINATION OF BENEFITS |
||||
Section 4.01. Termination of Benefits Generally |
13 | |||
ARTICLE V |
||||
CONTINUATION OF HEALTH CARE COVERAGE |
13 | |||
ARTICLE VI |
||||
PROTECTION OF MEDICAL PRIVACY |
13 | |||
ARTICLE VII |
||||
ADMINISTRATION COMMITTEE |
||||
Section 7.01. Appointment of the Administration Committee |
13 | |||
Section 7.02. Responsibilities of the Administration Committee |
14 | |||
Section 7.03. Organization of the Administration Committee |
14 | |||
Section 7.04. Indemnification of Administration Committee Members |
14 | |||
Section 7.05. Benefits Claims and Appeals |
15 |
Page | ||||
ARTICLE VIII |
||||
MISCELLANEOUS |
||||
Section 8.01. Full Settlement |
15 | |||
Section 8.02. Confidential Information |
16 | |||
Section 8.03. Unfunded Plan Status |
16 | |||
Section 8.04. Employment Status |
16 | |||
Section 8.05. Validity and Severability |
16 | |||
Section 8.06. Governing Law |
16 | |||
Section 8.07. Right of Offset |
16 | |||
Section 8.08. Conformance With Applicable Laws |
17 | |||
Section 8.09. Payments Due Minors or Incapacitated Persons |
17 | |||
Section 8.10. Distribution Delay for Specified Employees |
17 | |||
ARTICLE IX |
||||
DURATION, AMENDMENT AND TERMINATION |
||||
Section 9.01. Duration |
17 | |||
Section 9.02. Amendment or Termination |
17 | |||
Section 9.03. Procedure for Extension, Amendment or Termination |
18 |
Executive Change of Control Plan of Newmont
Effective December 31, 2008
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Executive Change of Control Plan of Newmont
Effective December 31, 2008
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Executive Change of Control Plan of Newmont
Effective December 31, 2008
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Executive Change of Control Plan of Newmont
Effective December 31, 2008
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Executive Change of Control Plan of Newmont
Effective December 31, 2008
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Executive Change of Control Plan of Newmont
Effective December 31, 2008
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Executive Change of Control Plan of Newmont
Effective December 31, 2008
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Executive Change of Control Plan of Newmont
Effective December 31, 2008
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Executive Change of Control Plan of Newmont
Effective December 31, 2008
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Executive Change of Control Plan of Newmont
Effective December 31, 2008
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Executive Change of Control Plan of Newmont
Effective December 31, 2008
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Executive Change of Control Plan of Newmont
Effective December 31, 2008
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Executive Change of Control Plan of Newmont
Effective December 31, 2008
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Executive Change of Control Plan of Newmont
Effective December 31, 2008
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Executive Change of Control Plan of Newmont
Effective December 31, 2008
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Executive Change of Control Plan of Newmont
Effective December 31, 2008
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Executive Change of Control Plan of Newmont
Effective December 31, 2008
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Executive Change of Control Plan of Newmont
Effective December 31, 2008
Page 18 of 19
NEWMONT USA LIMITED | ||||||
By | /s/ Alan R. Blank | |||||
Name | Alan R. Blank | |||||
Title | Executive Vice President, Legal and External Affairs | |||||
Executive Change of Control Plan of Newmont
Effective December 31, 2008
Page 19 of 19
Name and Current Position | Base Salary ($) | |||
Richard T. OBrien |
$ | 1,000,000 | ||
President and Chief Executive Officer |
||||
Russell Ball |
$ | 540,000 | ||
Executive Vice President and Chief Financial Officer |
||||
Randy Engel |
$ | 490,000 | ||
Executive Vice President, Strategic Development |
||||
Guy Lansdown |
$ | 560,000 | ||
Executive Vice President, Development |
| Participate in Senior Executive Compensation Program (filed as Exhibit 10.18 to this Annual Report on Form 10-K (Form 10-K), which includes award of Financial Performance Shares, a Strategic Objectives Bonus and Corporate Performance Bonus. | |
| Participate in a long-term stock option incentive practice. See Proxy Statement pursuant to Section 14(a) of Securities Exchange Act of 1934 filed February 28, 2008 (Proxy Statement) for description of the stock option program. |
Target | ||||||||||||||||
Financial | Maximum | Target Corporate | ||||||||||||||
Performance | Strategic | Performance | ||||||||||||||
Stock | Objectives Bonus | Bonus (% of | Target Stock | |||||||||||||
(% of annual | (% of annual base | annual base | Option Grant | |||||||||||||
base salary) | salary ) | salary) | (# options) | |||||||||||||
Richard T. OBrien |
135 | 125 | 62.5 | 90,000 | ||||||||||||
Russell Ball |
110 | 75 | 37.5 | 40,000 | ||||||||||||
Randy Engel |
110 | 75 | 37.5 | 40,000 | ||||||||||||
Guy Lansdown |
110 | 75 | 37.5 | 40,000 |
| Participate in the Companys broad-based benefit programs generally available to U.S. based salaried employees, including health, disability, and life insurance programs, qualified 401(k), pension plan and severance plan. See Proxy Statement for description of disability benefits, qualified 401(k) plan, pension plan and severance plan. |
| Participate in Companys non-qualified savings plan, non-qualified pension plan, executive change of control plan and officers death benefit plan (filed as Exhibits to this Form 10-K). See Proxy Statement for description of the nonqualified savings plan, non-qualified pension plan, executive change of control plan and officers death benefit plan. |
| Receive certain perquisites, including country club or social membership for the Chief Executive Officer and personal use of administrative assistant services. See Proxy Statement for description of such perquisites. |
Years Ended December 31, | ||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
Earnings: |
||||||||||||||||||||
Income (loss) from continuing operations
before income tax expense and accounting
change (1) (2) |
$ | 1,276 | $ | (352 | ) | $ | 1,250 | $ | 924 | $ | 1,048 | |||||||||
Adjustments: |
||||||||||||||||||||
Fixed charges added to earnings |
114 | 112 | 103 | 101 | 101 | |||||||||||||||
Dividends from equity affiliates |
| 2 | 1 | | 2 | |||||||||||||||
Amortization of capitalized interest |
17 | 18 | 13 | 16 | 16 | |||||||||||||||
$ | 1,407 | $ | (220 | ) | $ | 1,367 | $ | 1,041 | $ | 1,167 | ||||||||||
Fixed Charges: |
||||||||||||||||||||
Net interest expense(3) |
$ | 102 | $ | 105 | $ | 97 | $ | 97 | $ | 97 | ||||||||||
Portion of rental expense representative
of interest |
12 | 7 | 6 | 4 | 4 | |||||||||||||||
Fixed charges added to earnings |
114 | 112 | 103 | 101 | 101 | |||||||||||||||
Capitalized interest |
47 | 50 | 57 | 39 | 13 | |||||||||||||||
$ | 161 | $ | 162 | $ | 160 | $ | 140 | $ | 114 | |||||||||||
Ratio of earnings to fixed charges |
8.7 | (4) | 8.5 | 7.4 | 10.2 |
(1) | Income (loss) from continuing operations before income tax expense, minority interest, equity (loss) income of affiliates and cumulative effect of a change in accounting principle. | |
(2) | Excludes interest on income tax liabilities. Interest and penalties related to income taxes are included in Income tax expense. | |
(3) | Includes interest expense of majority-owned subsidiaries and amortization of debt issuance costs. | |
(4) | Earnings for 2007 were inadequate to cover fixed charges by $382. |
Name | State/Country of Incorporation | Ownership Percentage | ||
Newmont Mining Corporation |
Delaware, USA | |||
Dacia Exploration S.R.L. |
Romania | 100% | ||
DAfrico (Overseas) Ltd |
Cyprus | 100% | ||
Moydow Limited |
Ghana | 100% | ||
Newmont LaSource SAS |
France | 16.9251% | ||
N.I. Limited |
Bermuda | 7% | ||
Newmont Australia Holdings Pty Ltd |
Victoria, Australia | 100% | ||
Newmont Australia Limited |
Victoria, Australia | 70.68% | ||
Australian Tenement Holdings Pty Ltd |
Victoria, Australia | 100% | ||
Bardini Pty Ltd |
Western Australia | 100% | ||
National Shareholder Services Pty Ltd |
Western Australia | 100% | ||
Newmont AP Power Pty Ltd |
Western Australia | 100% | ||
Newmont Capital Pty Ltd |
New South Wales, Australia | 100% | ||
Pacific-Nevada Mining Pty Ltd |
Australian Capital Territory | 100% | ||
Newmont Metals Pty Ltd |
Australian Capital Territory | 100% | ||
Newmont Golden Grove Operations Pty Ltd |
Western Australia | 100% | ||
Newmont Midas Holdings Limited |
Nevada, USA | 9.1% | ||
Newmont Midas Operations Inc. |
Nevada, USA | 100% | ||
Newmont Mining Finance Pty Ltd |
Australian Capital Territory | 100% | ||
Newmont Mining Holdings Pty Ltd |
South Australia | 100% | ||
Newmont ACM Pty Ltd |
Victoria, Australia | 100% | ||
Australian Consolidated Minerals Pty Ltd |
Western Australia | 100% | ||
Newmont Exploration Pty Ltd |
South Australia | 100% | ||
Newmont Gold Pty Ltd |
Western Australia | 100% | ||
GMK Investments Pty Ltd |
South Australia | 100% | ||
GMKI Pty Ltd |
Australia Capital Territory | 100% | ||
GPS Finance Pty Ltd |
Australia Capital Territory | 100% | ||
Newmont Power Pty Ltd |
South Australia | 100% | ||
NP Kalgoorlie Pty Ltd |
South Australia | 100% | ||
Goldfields Power Pty Ltd |
Western Australia | 50% | ||
Newmont Yandal Operations Pty Ltd |
Victoria, Australia | 12.557% | ||
Clynton Court Pty Ltd |
Victoria, Australia | 100% | ||
Great Central Holdings Pty Ltd |
Victoria, Australia | 100% | ||
Eagle Mining Pty Ltd |
Western Australia | 100% | ||
Hunter Resources Pty Ltd |
Queensland, Australia | 100% | ||
Quotidian No. 117 Pty Ltd |
Victoria, Australia | 100% | ||
Matlock Mining Pty Ltd |
Western Australia | 46.5% | ||
Matlock Mining Pty Ltd |
Western Australia | 53.5% | ||
Australian Metals Corporation Pty Ltd |
Western Australia | 100% | ||
Great Central Mines Pty Ltd |
Western Australia | 100% | ||
Matlock Castellano Pty Ltd |
Western Australia | 100% | ||
Great Central Investments Pty Ltd |
Victoria, Australia | 100% | ||
Newmont Wiluna Mines Pty Ltd |
Western Australia | 100% | ||
Newmont Wiluna Gold Pty Ltd |
Queensland, Australia | 100% | ||
Newmont Wiluna Metals Pty Ltd |
Western Australia | 100% | ||
Newmont Finance Limited |
South Australia | 100% | ||
Newmont GMK Holdings Pty Ltd |
Western Australia | 100% | ||
Kalgoorlie Lake View Pty Ltd |
Victoria, Australia | 100% | ||
Kalgoorlie Consolidated Gold Mines Pty Ltd. |
Western Australia | 50% |
1
Name | State/Country of Incorporation | Ownership Percentage | ||
Macapa Pty Ltd |
Western Australia | 100% | ||
Newmont GRPL Pty Ltd |
Western Australia | 100% | ||
Norkal Pty Ltd |
Western Australia | 100% | ||
North Kalgurli Mines Pty Ltd |
Western Australia | 100% | ||
Newmont Gold Exploration Pty Ltd |
Western Australia | 100% | ||
Newmont Gold Marketing & Finance Pty Ltd |
South Australia | 100% | ||
Australian Gold Alliance Pty Ltd |
South Australia | 100% | ||
AGR Management Services Pty Ltd |
Western Australia | 40% | ||
AGR Matthey (NZ) Limited |
New Zealand | 40% | ||
Newmont Gold Treasury Pty Ltd |
South Australia | 100% | ||
Newmont Group Finance Pty Ltd |
South Australia | 100% | ||
Newmont NGL Holdings Pty Ltd |
Northern Territory, Australia | 100% | ||
Newmont Boddington Holdings Pty Ltd |
South Australia | 100% | ||
Newmont Boddington Investments Pty Ltd |
South Australia | 100% | ||
Newmont Boddington Pty Ltd |
South Australia | 100% | ||
BGM Management Company Pty Ltd |
Western Australia | 100% | ||
Newmont Kaltails Pty Ltd |
Victoria, Australia | 100% | ||
Newmont Pajingo Pty Ltd |
Western Australia | 100% | ||
Newmont Tanami Pty Ltd |
South Australia | 57.39% | ||
Otter Gold Mines Pty Ltd |
Victoria, Australia | 100% | ||
Otter Gold Pty Ltd |
New South Wales, Australia | 100% | ||
Wirralie Gold Mines Pty Ltd |
Queensland, Australia | 100% | ||
Newmont Pacific Energy Pty Ltd |
New South Wales, Australia | 100% | ||
Yandal Gold Holdings Pty Ltd |
Australian Capital Territory | 100% | ||
Yandal Gold Pty Ltd |
Western Australia | 100% | ||
Newmont Yandal Operations Pty Ltd |
Victoria, Australia | 59.6361% | ||
Newmont International Exploration Pty Ltd |
South Australia | 100% | ||
Newmont Asia Pty Ltd |
South Australia | 100% | ||
Kepala Burung Offshore Pty Ltd |
Victoria, Australia | 36.11% | ||
Newmont International Holdings Pty Ltd |
South Australia | 100% | ||
Newmont Mining Services Pty Ltd |
South Australia | 100% | ||
Newmont Pacific Pty Ltd |
New South Wales, Australia | 100% | ||
Newmont Tanami Pty Ltd |
South Australia | 42.61% | ||
Newmont Woodcutters Pty Ltd |
New South Wales, Australia | 100% | ||
Newmont Yandal Operations Pty Ltd |
Victoria, Australia | 27.8069% | ||
Newmont Capital Limited |
Nevada, USA | 88.65% | ||
Newmont Australia Limited |
Victoria, Australia | 13.14% | ||
Newmont USA Limited |
Delaware, USA | 100% | ||
Balkhash Mining and Exploration Inc. |
Delaware, USA | 100% | ||
Battle Mountain Gold Company |
Nevada, USA | 100% | ||
Battle Mountain Exploration Company |
Texas, USA | 100% | ||
Battle Mountain (Irian Jaya) Ltd. |
Nevada, USA | 100% | ||
PT Iriana Mutiara Mining |
Indonesia | 80% | ||
Battle Mountain Resources Inc. |
Nevada, USA | 100% | ||
Empresa Minera Inti Raymi S.A. |
Bolivia | 60.5% | ||
Minera BMG |
Nevada, USA | 100% | ||
Minera Choluteca S.A. de C.V. |
Honduras | 50% | ||
Newmont Australia Investment Limited |
Delaware, USA | 100% | ||
Newmont Bolivia Limited |
Nevada, USA | 100% | ||
Empresa Minera Inti Raymi S.A. |
Bolivia | 27.5% | ||
Empresa Minera La Joya S.R.L. |
Bolivia | 75.5% | ||
Newmont Canada Corporation |
Nova Scotia, Canada | 11.86% | ||
PT Newmont Minahasa Raya |
Indonesia | 80% | ||
Silidor Mines Inc. |
Quebec | 100% | ||
Newmont McCoy Cove Limited |
Nevada, USA | 100% |
2
Name | State/Country of Incorporation | Ownership Percentage | ||
Newmont Nova Scotia ULC |
Nova Scotia, Canada | 100% | ||
Newmont Canada Corporation |
Nova Scotia, Canada | .98% | ||
Canmont Mining Properties Limited |
Delaware, USA | 100% | ||
Newmont Altin Madencilik Limited Sirketi |
Turkey | 1% | ||
Newmont Global Employment Limited Partnership |
Bermuda | 1% | ||
Dawn Mining Company LLC |
Delaware, USA | 51% | ||
Elko Land and Livestock Company |
Nevada, USA | 100% | ||
G.F. Holdings B.V. |
Netherlands | 100% | ||
Hospah Coal Company |
Delaware | 100% | ||
Idarado Mining Company |
Delaware, USA | 100% | ||
Idarado Legacy, LLC |
Colorado, USA | 80% | ||
Minera El Bermejal S. de R.L. de C.V. |
Mexico | 44% | ||
Minera Newmont (Chile) Limitada |
Chile | 99% | ||
Minera Penmont S. de R.L. de C.V. |
Mexico | 44% | ||
New Verde Mines LLC |
Delaware, USA | 100% | ||
Newmont de Mexico S.A. de C.V. |
Mexico | 99% | ||
Newmont Exploration of Canada Ltd. |
Canada | 100% | ||
Newmont Global Employment Limited |
Bermuda | 99% | ||
Newmont Gold Company |
Delaware, USA | 100% | ||
Newmont GTR LLC |
Nevada, USA | 100% | ||
Newmont Indonesia Investment Limited |
Delaware, USA | 100% | ||
Newmont Indonesia Limited |
Delaware, USA | 100% | ||
Nusa Tenggara Partnership |
Netherlands | 56.25% | ||
PT Newmont Nusa Tenggara |
Indonesia | 80% | ||
PT Investama Utama Indonesia |
Indonesia | 49% | ||
PT Bhinneka Investama Indonesia |
Indonesia | 27.56% | ||
PT Investama Utama Indonesia |
Indonesia | 51% | ||
Newmont International Services Limited |
Delaware, USA | 100% | ||
PT Newmont Pacific Nusantara |
Indonesia | 1% | ||
Newmont Kazakhstan Gold Limited |
Delaware, USA | 100% | ||
Newmont Latin America Limited |
Delaware, USA | 100% | ||
Minera Los Tapados S.A. |
Peru | .0144% | ||
Minera Newmont (Chile) Limitada |
Chile | 1% | ||
Newmont de Mexico S.A. de C.V. |
Mexico | 1% | ||
Newmont Midas Holdings Limited |
Nevada, USA | 90.9% | ||
Newmont Midas Operations Inc. |
Nevada, USA | 100% | ||
Newmont Nevada Energy Investment LLC |
Delaware, USA | 100% | ||
Newmont NL Limited |
Delaware, USA | 100% | ||
Newmont North America Exploration Limited |
Delaware, USA | 100% | ||
Newmont Overseas Exploration Limited |
Delaware, USA | 100% | ||
Newmont Altin Madencilik Limited Sirketi |
Turkey | 99% | ||
PT Newmont Pacific Nusantara |
Indonesia | 99% | ||
Suriname Gold Company, LLC |
Delaware, USA | 50% | ||
Newmont Peru Limited |
Delaware, USA | 100% | ||
Minera Chaupiloma Dos de Cajamarca S.R.L. |
Peru | 40% | ||
Minera Los Tapados S.A. |
Peru | 99.9856 | ||
Newmont Investment Holdings LLC |
Delaware, USA | 100% | ||
Newmont Perú S.R.L. |
Peru | .00026% | ||
Newmont Perú S.R.L. |
Peru | 99.99974% | ||
Minera La Zanja S.R.L. |
Peru | 46.9444% | ||
Newmont Realty Company |
Delaware, USA | 100% | ||
Newmont Russia Limited |
Delaware, USA | 100% | ||
Newmont Second Capital Corporation |
Delaware, USA | 100% | ||
Minas Conga S.R.L. |
Peru | 40% | ||
Minera Yanacocha S.R.L. |
Peru | 51.35% |
3
Name | State/Country of Incorporation | Ownership Percentage | ||
Newmont Mines Limited |
Delaware, USA | 100% | ||
Newmont Technologies Limited |
Nevada, USA | 100% | ||
Newmont (Uzbekistan) Limited |
Cyprus | 60% | ||
Resurrection Mining Company |
Delaware, USA | 100% | ||
San Juan Basin Coal Holding Company |
Delaware, USA | 100% | ||
Santa Fe Pacific Gold Corporation |
Delaware, USA | 100% | ||
Yandal Bond Company Limited |
Delaware, USA | 100% | ||
Newmont Holdings ULC |
Nova Scotia, Canada | 100% | ||
Newmont Mining Corporation of Canada Limited |
Canada | 100% | ||
Newmont Australia Limited |
Western Australia | 16.18% | ||
Newmont Canada Corporation |
Nova Scotia, Canada | 87.16% | ||
Newmont Capital Limited |
Nevada, USA | 11.35% | ||
Newmont Mining B.C. Limited |
British Columbia, Canada | 100% | ||
Miramar Mining Corporation |
British Columbia, Canada | 78% | ||
Miramar Bathurst Resources Ltd. |
British Columbia, Canada | 100% | ||
Miramar Gold Corporation |
Nevada, USA | 100% | ||
Miramar Mining Canada Ltd. |
British Columbia, Canada | 100% | ||
Miramar Northern Mining Ltd. |
British Columbia, Canada | 100% | ||
Con Exploration Ltd. |
British Columbia, Canada | 100% | ||
Hope Bay Mining Ltd. |
British Columbia, Canada | 100% | ||
Miramar HBG Inc. |
Quebec, Canada | 100% | ||
Miramar Resources Ltd. |
British Columbia, Canada | 100% | ||
Orcana Resources Inc. |
Nevada, USA | 100% | ||
Talapoosa Mining Corporation |
British Columbia, Canada | 100% | ||
Talapoosa Mining Inc. |
Nevada, USA | 100% | ||
688282 British Columbia Ltd. |
British Columbia, Canada | 100% | ||
Vol Mines Ltd. |
Ontario, Canada | 100% | ||
Newmont Insurance (Singapore) Pte Ltd |
Singapore | 100% | ||
N.I. Limited |
Bermuda | 93% | ||
Newmont LaSource SAS |
France | 16.7001% | ||
Autin Investments BV |
Netherlands | 100% | ||
Euronimba Ltd |
Jersey, U.K. | 43.5% | ||
Societe Des Mines de Fer de Guinee |
Guinea | 95% | ||
Gold Discovery Company |
Cayman Islands | 55% | ||
Newmont Golden Ridge Limited |
Ghana | 100% | ||
Newmont Ghana Gold Limited |
Ghana | 100% | ||
Societe Miniere de Sabodala |
Senegal | 50.6% | ||
Newmont Mineral Holdings B.V. |
Netherlands | 100% | ||
European Gold Refineries Holding SA |
Switzerland | 60.64% | ||
Finorafa S.A. |
Switzerland | 100% | ||
Valcambi S.A. |
Switzerland | 100% | ||
Newmont Nusa Tenggara Holdings B.V. |
Netherlands | 100% | ||
Newmont Mining U.K. Limited |
United Kingdom | 100% | ||
Newmont Ventures Limited |
Delaware | 100% | ||
Newmont (Guyana) Incorporated |
Guyana | 100% | ||
NVL (Guinée) SARL |
Guinea | 100% | ||
Newmont Waihi Gold Limited |
New Zealand | 100% | ||
Waihi Gold Company Limited |
New Zealand | 100% | ||
Newmont (Uzbekistan) Limited |
Cyprus | 40% | ||
Normandy Overseas Holding Company Sdn Bhd |
Malaysia | 100% | ||
Normandy Company (Malaysia) Sdn Bhd |
Malaysia | 100% | ||
Newmont International Group BV |
Netherlands | 100% | ||
Newmont Latin America Inc. |
Canada | 100% | ||
Newmont LaSource SAS |
France | 66.3748% |
4
Signature | Title | |
/s/ Glen A. Barton
|
Director | |
Glen A. Barton |
||
/s/ Vincent A. Calarco
|
Non-Executive Chairman | |
Vincent A. Calarco |
||
/s/ Joseph A. Carrabba
|
Director | |
Joseph A. Carrabba |
||
/s/ Noreen Doyle
|
Director | |
Noreen Doyle |
||
/s/ Veronica M. Hagen
|
Director | |
Veronica M. Hagen |
||
/s/ Michael S. Hamson
|
Director | |
Michael S. Hamson |
Signature | Title | |
/s/ Robert J. Miller
|
Director | |
Robert J. Miller |
||
/s/ Richard T. OBrien
|
Director, President and Chief Executive Officer (Principal Executive Officer) |
|
/s/ John B. Prescott
|
Director | |
John B. Prescott |
||
Donald C. Roth
|
Director | |
Donald C. Roth |
||
/s/ James V. Taranik
|
Director | |
James V. Taranik |
||
/s/ Simon Thompson
|
Director | |
Simon Thompson |
||
/s/ Russell D. Ball
|
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
|
/s/ Roger Johnson
|
Vice President and Chief Accounting Officer (Principal Accounting Officer) |
-2-
/s/ Richard T. OBrien
|
||||
Chief Executive Officer |
C-1
/s/ Russell. Ball
|
||||
Chief Financial Officer |
C-2
/s/ Richard T. OBrien
|
||||
Chief Executive Officer |
C-3
/s/ Russell Ball
|
||||
Chief Financial Officer |
C-4
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