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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 10-Q
(Mark One)
☒     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2023
or
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from__________to__________
Commission File Number: 001-31240
Newmont-Color-RGB.jpg
NEWMONT CORPORATION
(Exact name of registrant as specified in its charter)
Delaware84-1611629
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
6900 E Layton Ave
Denver, Colorado
80237
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code (303) 863-7414
Securities registered or to be registered pursuant to Section 12(b) of the Act.
Title of each classTrading SymbolName of each exchange on which registered
Common stock, par value $1.60 per shareNEMNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     ☒ Yes     ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     ☒ Yes     ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12-b2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer☐
Non-accelerated filer
☐
Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b2 of the Exchange Act).     ☐ Yes     ☒ No
There were 794,712,201 shares of common stock outstanding on April 20, 2023.

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GLOSSARY: UNITS OF MEASURE AND ABBREVIATIONS
UnitUnit of Measure
$United States Dollar
%Percent
A$Australian Dollar
C$Canadian Dollar
gramMetric Gram
ounceTroy Ounce
poundUnited States Pound
tonneMetric Ton
Abbreviation
Description
AISC (1)
All-In Sustaining Costs
ARCAsset Retirement Cost
ASCFASB Accounting Standard Codification
ASUFASB Accounting Standard Update
AUDAustralian Dollar
CAD
Canadian Dollar
CASCosts Applicable to Sales
EBITDA (1)
Earnings Before Interest, Taxes, Depreciation and Amortization
EIAEnvironmental Impact Assessment
EPAU.S. Environmental Protection Agency
ESGEnvironmental, Social and Governance
Exchange ActU.S. Securities Exchange Act of 1934
FASBFinancial Accounting Standards Board
GAAP
U.S. Generally Accepted Accounting Principles
GEO (2)
Gold Equivalent Ounces
GHG
Greenhouse Gases, which are defined by the EPA as gases that trap heat in the atmosphere
LIBOR
London Interbank Offered Rate
LBMA
London Bullion Market Association
LME
London Metal Exchange
MD&A
Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations
MINAMMinistry of the Environment of Peru
Mine ActU.S. Federal Mine Safety and Health Act of 1977
MINEMMinistry of Energy and Mines of Peru
MSHAFederal Mine Safety and Health Administration
MXN
Mexican Peso
NPDESNational Pollutant Discharge Elimination System
SECU.S. Securities and Exchange Commission
Securities ActU.S. Securities Act of 1933
SOFR
Secured Overnight Financing Rate
U.S.
The United States of America
USD
United States Dollar
WTPWater Treatment Plant
____________________________
(1)Refer to Non-GAAP Financial Measures within Part I, Item 2, Management's Discussion and Analysis.
(2)Refer to Results of Consolidated Operations within Part I, Item 2, Management's Discussion and Analysis.
1
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NEWMONT CORPORATION
FIRST QUARTER 2023 RESULTS AND HIGHLIGHTS
(unaudited, in millions, except per share, per ounce and per pound)
Three Months Ended
March 31,
20232022
Financial Results:
Sales$2,679 $3,023 
Gold$2,303 $2,514 
Copper$110 $99 
Silver$117 $156 
Lead$32 $44 
Zinc$117 $210 
Costs applicable to sales (1)
$1,482 $1,435 
Gold$1,239 $1,184 
Copper$53 $46 
Silver$82 $97 
Lead$22 $22 
Zinc$86 $86 
Net income (loss) from continuing operations $351 $453 
Net income (loss) $363 $469 
Net income (loss) from continuing operations attributable to Newmont stockholders
$339 $432 
Per common share, diluted:
Net income (loss) from continuing operations attributable to Newmont stockholders$0.42 $0.54 
Net income (loss) attributable to Newmont stockholders$0.44 $0.56 
Adjusted net income (loss) (2)
$320 $546 
Adjusted net income (loss) per share, diluted (2)
$0.40 $0.69 
Earnings before interest, taxes and depreciation and amortization (2)
$1,065 $1,237 
Adjusted earnings before interest, taxes and depreciation and amortization (2)
$990 $1,390 
Net cash provided by (used in) operating activities of continuing operations$481 $689 
Free cash flow (2)
$(45)$252 
Cash dividends paid per common share in the period ended March 31
$0.40 $0.55 
Cash dividends declared per common share for the period ended March 31
$0.40 $0.55 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Refer to Non-GAAP Financial Measures within Part I, Item 2, Management's Discussion and Analysis.
2
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NEWMONT CORPORATION
FIRST QUARTER 2023 RESULTS AND HIGHLIGHTS
(unaudited, in millions, except per share, per ounce and per pound)
Three Months Ended
March 31,
20232022
Operating Results:
Consolidated gold ounces (thousands):
Produced1,233 1,311 
Sold1,208 1,329 
Attributable gold ounces (thousands):
Produced (1)
1,273 1,344 
Sold (2)
1,188 1,291 
Consolidated and attributable gold equivalent ounces - other metals (thousands) (3)
Produced288 350 
Sold265 350 
Consolidated and attributable - other metals:
Produced copper (million pounds)26 19 
Sold copper (million pounds)26 21 
Produced silver (thousand ounces)7,463 8,080 
Sold silver (thousand ounces)6,124 7,652 
Produced lead (million pounds)41 44 
Sold lead (million pounds)36 42 
Produced zinc (million pounds)102 114 
Sold zinc (million pounds)99 120 
Average realized price:
Gold (per ounce) $1,906 $1,892 
Copper (per pound) $4.18 $4.84 
Silver (per ounce)$19.17 $20.36 
Lead (per pound)$0.86 $1.06 
Zinc (per pound)$1.18 $1.75 
Consolidated costs applicable to sales: (4)(5)
Gold (per ounce) $1,025 $890 
Gold equivalent ounces - other metals (per ounce) (3)
$918 $717 
All-in sustaining costs: (5)
Gold (per ounce) $1,376 $1,156 
Gold equivalent ounces - other metals (per ounce) (3)
$1,322 $997 
____________________________
(1)Attributable gold ounces produced includes 60 and 69 thousand ounces for the three months ended March 31, 2023 and 2022, respectively, related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment.
(2)Attributable gold ounces sold excludes ounces related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment.
(3)Gold equivalent ounces are calculated as pounds or ounces produced or sold multiplied by the ratio of the other metals’ price to the gold price. In 2023, the Company updated the metal prices utilized for this calculation to align with reserve metal price assumptions; this resulted in fewer calculated gold equivalent ounces - other metals produced and sold of 55 thousand ounces and 48 thousand ounces, respectively, than would have been calculated based on the pricing used in 2022 for this calculation. Refer to Results of Consolidated Operations within Part I, Item 2, Management's Discussion and Analysis for further information.
(4)Excludes Depreciation and amortization and Reclamation and remediation.
(5)Refer to Non-GAAP Financial Measures within Part I, Item 2, Management's Discussion and Analysis.

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First Quarter 2023 Highlights (dollars in millions, except per share, per ounce and per pound amounts)
•Net income: Reported Net income (loss) from continuing operations attributable to Newmont stockholders of $339 or $0.42 per diluted share, a decrease of $93 from the prior-year quarter primarily due to lower sales volumes for all metals except copper, higher Costs applicable to sales predominately resulting from cost inflation impacts, partially offset by a non-cash pension settlement charge recognized in 2022, lower Depreciation and amortization, and the net gain recognized on the exchange and subsequent sale of Triple Flag Precious Metals Corporation shares in 2023 compared to the loss on the sale of the La Zanja equity method investment in 2022.
•Adjusted net income: Reported Adjusted net income of $320 or $0.40 per diluted share, a decrease of $0.29 per diluted share from the prior-year quarter (see Non-GAAP Financial Measures within Part I, Item 2, Management's Discussion and Analysis).
•Adjusted EBITDA: Reported $990 in Adjusted EBITDA, a decrease of 29% from the prior-year quarter (see Non-GAAP Financial Measures within Part I, Item 2, Management's Discussion and Analysis).
•Cash Flow: Reported Net cash provided by (used in) operating activities of continuing operations of $481, a decrease of 30% from the prior year, and free cash flow of $(45) (see Non-GAAP Financial Measures within Part I, Item 2, Management's Discussion and Analysis).
•ESG: In April 2023, published Annual Sustainability Report, providing a transparent view of ESG performance, and the Taxes and Royalties Contribution Report, providing an overview of the Company's tax strategy and economic contributions as part of its commitment to shared value creation.
•Attributable gold production: Produced 1.3 million attributable ounces of gold and 288 thousand attributable gold equivalent ounces from co-products.
•Financial strength: Ended the quarter with $2.7 billion of consolidated cash, $797 million of time deposits with a maturity of more than three months but less than one year, and $6.5 billion of total liquidity; declared a dividend of $0.40 per share in April 2023.
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PART I—FINANCIAL INFORMATION
ITEM 1.       FINANCIAL STATEMENTS.
NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions except per share)
Three Months Ended
March 31,
20232022
Sales (Note 4)
$2,679 $3,023 
Costs and expenses:
Costs applicable to sales (1)
1,482 1,435 
Depreciation and amortization461 547 
Reclamation and remediation (Note 5)
66 61 
Exploration48 38 
Advanced projects, research and development35 44 
General and administrative74 64 
Other expense, net (Note 6)
8 35 
2,174 2,224 
Other income (expense):
Other income (loss), net (Note 7)
99 (109)
Interest expense, net of capitalized interest(65)(62)
34 (171)
Income (loss) before income and mining tax and other items539 628 
Income and mining tax benefit (expense) (Note 8)
(213)(214)
Equity income (loss) of affiliates (Note 10)
25 39 
Net income (loss) from continuing operations351 453 
Net income (loss) from discontinued operations12 16 
Net income (loss)363 469 
Net loss (income) attributable to noncontrolling interests (Note 1)
(12)(21)
Net income (loss) attributable to Newmont stockholders$351 $448 
Net income (loss) attributable to Newmont stockholders:
Continuing operations$339 $432 
Discontinued operations12 16 
$351 $448 
Weighted average common shares (millions):
Basic794793
Effect of employee stock-based awards11
Diluted795794
Net income (loss) attributable to Newmont stockholders per common share:
Basic:
Continuing operations$0.42 $0.54 
Discontinued operations0.02 0.02 
$0.44 $0.56 
Diluted:
Continuing operations$0.42 $0.54 
Discontinued operations0.02 0.02 
$0.44 $0.56 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, in millions)
Three Months Ended
March 31,
20232022
Net income (loss)$363 $469 
Other comprehensive income (loss):
Change in marketable securities, net of tax(1)(1)
Foreign currency translation adjustments (1)(1)
Change in pension and other post-retirement benefits, net of tax(1)122 
Reclassification of (gain) loss on cash flow hedge instruments from accumulated other comprehensive income (loss), net of tax(3)1 
Other comprehensive income (loss)(6)121 
Comprehensive income (loss)$357 $590 
Comprehensive income (loss) attributable to:
Newmont stockholders $345 $569 
Noncontrolling interests12 21 
$357 $590 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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NEWMONT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions)
At March 31,
2023		At December 31,
2022
ASSETS
Cash and cash equivalents$2,657 $2,877 
Time deposits and other investments (Note 10)
847 880 
Trade receivables (Note 4)
348 366 
Inventories (Note 11)
1,067 979 
Stockpiles and ore on leach pads (Note 12)
905 774 
Other current assets735 639 
Current assets6,559 6,515 
Property, plant and mine development, net24,097 24,073 
Investments (Note 10)
3,216 3,278 
Stockpiles and ore on leach pads (Note 12)
1,691 1,716 
Deferred income tax assets170 173 
Goodwill1,971 1,971 
Other non-current assets670 756 
Total assets$38,374 $38,482 
LIABILITIES
Accounts payable$648 $633 
Employee-related benefits 302 399 
Income and mining taxes payable213 199 
Lease and other financing obligations96 96 
Other current liabilities (Note 14)
1,493 1,599 
Current liabilities2,752 2,926 
Debt (Note 13)
5,572 5,571 
Lease and other financing obligations451 465 
Reclamation and remediation liabilities (Note 5)
6,603 6,578 
Deferred income tax liabilities1,800 1,809 
Employee-related benefits 395 342 
Silver streaming agreement805 828 
Other non-current liabilities (Note 14)
437 430 
Total liabilities18,815 18,949 
Commitments and contingencies (Note 17)
EQUITY
Common stock1,281 1,279 
Treasury stock(261)(239)
Additional paid-in capital17,386 17,369 
Accumulated other comprehensive income (loss) (Note 15)
23 29 
Retained earnings (accumulated deficit)948 916 
Newmont stockholders' equity19,377 19,354 
Noncontrolling interests182 179 
Total equity19,559 19,533 
Total liabilities and equity$38,374 $38,482 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
Three Months Ended
March 31,
20232022
Operating activities:
Net income (loss)$363 $469 
Non-cash adjustments:
Depreciation and amortization461 547 
Net loss (income) from discontinued operations(12)(16)
Reclamation and remediation 61 57 
Change in fair value of investments (Note 7)
(41)(39)
(Gain) loss on asset and investment sales, net (Note 7)
(36)35 
Stock-based compensation 19 18 
Deferred income taxes15 (41)
Charges from pension settlement (Note 7)
— 130 
Other non-cash adjustments13 (6)
Net change in operating assets and liabilities (Note 16)
(362)(465)
Net cash provided by (used in) operating activities of continuing operations481 689 
Net cash provided by (used in) operating activities of discontinued operations — 5 
Net cash provided by (used in) operating activities481 694 
Investing activities:
Proceeds from maturities of investments557 — 
Additions to property, plant and mine development (526)(437)
Purchases of investments (525)(4)
Proceeds from asset and investment sales181 9 
Contributions to equity method investees(41)(52)
Return of investment from equity method investees— 13 
Other 12 (48)
Net cash provided by (used in) investing activities (342)(519)
Financing activities:
Dividends paid to common stockholders(318)(436)
Funding from noncontrolling interests41 32 
Distributions to noncontrolling interests(34)(59)
Payments for withholding of employee taxes related to stock-based compensation(22)(36)
Payments on lease and other financing obligations(16)(19)
Acquisition of noncontrolling interests (Note 1)
— (300)
Repayment of debt— (89)
Other(1)12 
Net cash provided by (used in) financing activities(350)(895)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(8)3 
Net change in cash, cash equivalents and restricted cash(219)(717)
Cash, cash equivalents and restricted cash at beginning of period 2,944 5,093 
Cash, cash equivalents and restricted cash at end of period $2,725 $4,376 
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$2,657 $4,272 
Restricted cash included in Other current assets1 50 
Restricted cash included in Other non-current assets67 54 
Total cash, cash equivalents and restricted cash$2,725 $4,376 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(unaudited, in millions)
Common StockTreasury StockAdditional
Paid-In
Capital		Accumulated
Other
Comprehensive
Income (Loss)		Retained
Earnings
(Accumulated
Deficit)		Noncontrolling
Interests		Total
Equity
SharesAmountSharesAmount
Balance at December 31, 2022799 $1,279 (6)$(239)$17,369 $29 $916 $179 $19,533 
Net income (loss)— — — — — — 351 12 363 
Other comprehensive income (loss) — — — — — (6)— — (6)
Dividends declared (1)
— — — — — — (319)— (319)
Distributions declared to noncontrolling interests— — — — — — — (40)(40)
Cash calls requested from noncontrolling interests— — — — — — — 31 31 
Withholding of employee taxes related to stock-based compensation— — (1)(22)— — — — (22)
Stock-based awards and related share issuances1 2 — — 17 — — — 19 
Balance at March 31, 2023800 $1,281 (7)$(261)$17,386 $23 $948 $182 $19,559 
____________________________
(1)Cash dividends paid per common share were $0.40 for the three months ended March 31, 2023.
Common StockTreasury StockAdditional
Paid-In
Capital		Accumulated
Other
Comprehensive
Income (Loss)		Retained
Earnings
(Accumulated
Deficit)		Noncontrolling
Interests		Total
Equity		Contingently
Redeemable
Noncontrolling
Interest
SharesAmountSharesAmount
Balance at December 31, 2021797 $1,276 (5)$(200)$17,981 $(133)$3,098 $(209)$21,813 $48 
Net income (loss)— — — — — — 448 21 469 — 
Other comprehensive income (loss)— — — — — 121 — — 121 — 
Dividends declared (1)
— — — — — — (439)— (439)— 
Distributions declared to noncontrolling interests— — — — — — — (59)(59)— 
Cash calls requested from noncontrolling interests— — — — — — — 30 30 — 
Withholding of employee taxes related to stock-based compensation— — (1)(36)— — — — (36)— 
Acquisition of noncontrolling interests (Note 1)
— — — — (699)— — 399 (300)— 
Reclassification of contingently redeemable noncontrolling interests (Note 1)
— — — — — — — — — (48)
Stock options exercised— — — — 14 — — — 14 — 
Stock-based awards and related share issuances2 2 — — 16 — — — 18 — 
Balance at March 31, 2022799 $1,278 (6)$(236)$17,312 $(12)$3,107 $182 $21,631 $— 
____________________________
(1)Cash dividends paid per common share were $0.55 for the three months ended March 31, 2022.
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

NOTE 1     BASIS OF PRESENTATION
The interim Condensed Consolidated Financial Statements (“interim statements”) of Newmont Corporation, a Delaware corporation and its subsidiaries (collectively, “Newmont,” “we,” “us,” or the “Company”) are unaudited. In the opinion of management, all normal recurring adjustments and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with Newmont’s Consolidated Financial Statements for the year ended December 31, 2022 filed on February 23, 2023 on Form 10-K. The year-end balance sheet data was derived from the audited financial statements and, in accordance with the instructions to Form 10-Q, certain information and footnote disclosures required by GAAP have been condensed or omitted.
Noncontrolling interests
For the three months ended March 31, 2023, Net loss (income) attributable to noncontrolling interest is comprised of income of $12, all of which is related to Suriname Gold project C.V. (“Merian”). For the three months ended March 31, 2022, Net loss (income) attributable to noncontrolling interest is comprised of income of $20 and $1 related to Merian and Minera Yanacocha S.R.L. ("Yanacocha"), respectively. Newmont consolidates Merian through its wholly-owned subsidiary, Newmont Suriname LLC., in its Condensed Consolidated Financial Statements as the primary beneficiary of Merian, which is a variable interest entity.
Yanacocha transaction
In February 2022, the Company completed the acquisition of Compañia de Minas Buenaventura S.A.A. (“Buenaventura”) 43.65% noncontrolling interest in Yanacocha (the "Yanacocha Transaction") for $300 cash consideration, certain royalties on any production from other future potential projects, and contingent payments of up to $100 tied to higher metal prices, achieving commercial production at the Yanacocha Sulfides project and resolution on the outstanding Yanacocha tax dispute. Concurrently, the Company sold its 46.94% ownership interest in Minera La Zanja S.R.L. ("La Zanja") for a $45 loss on sale of its equity interest, included in Other income (loss), net. Additionally, in March 2022, Sumitomo exercised its option to require Yanacocha to repurchase its 5% interest which closed in the second quarter of 2022, resulting in the Company obtaining 100% ownership interest in Yanacocha.
NOTE 2     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Risks and Uncertainties
The Company continues to experience the impacts from geopolitical and macroeconomic pressures. With the resulting volatile environment, the Company continues to monitor inflationary conditions, the effects of certain countermeasures taken by central banks, and the potential for further supply chain disruptions relating to the Russian invasion of Ukraine and the COVID-19 pandemic, as well as an uncertain and evolving labor market. Additionally, in early 2023 the banking industry experienced adversity including bank failures, take-overs, and entrance into receivership or insolvency, amongst other events. While the Company has not experienced any impacts from these recent events, further instability in the banking system could put the liquidity of Newmont and third parties with which we do business at risk. The Company maintains strict adherence to its cash investment policies which focus on highly rated investments and capital preservation mechanisms to achieve the Company’s strategic objectives.
These factors could have further potential short- and, possibly, long-term material adverse impacts on the Company including, but not limited to, volatility in commodity prices and the prices for gold and other metals, changes in the equity and debt markets or country specific factors adversely impacting discount rates, significant cost inflation impacts on production, capital and asset retirement costs, logistical challenges, workforce interruptions and financial market disruptions, as well as potential impacts to estimated costs and timing of projects.
In the third quarter of 2022, the Company announced the delay of the full-funds investment decision for the Yanacocha Sulfides project in Peru in response to the current market conditions. While the Company has extended the timeline of the full-funds decision, assessment of the project remains a priority as the Company continues to advance engineering and long-term procurement activities. The delay of the Yanacocha Sulfides project is intended to focus funds on current operations and other capital commitments while management assesses execution and project options, up to and including transitioning Yanacocha operations into full closure. To the extent that assessment determines that the project is no longer sufficiently profitable or economically feasible under the Company’s internal requirements, it would result in negative modifications to our proven and probable reserves. Additionally, should the Company ultimately decide to forgo the development of Yanacocha Sulfides, the current carrying value of the assets under construction and other long-lived assets of the Yanacocha operations could become impaired and the timing of certain closure activities would be accelerated. As of March 31, 2023, the Yanacocha operations have total long-lived assets of approximately $1,065, inclusive of approximately $683 of assets under construction related to Yanacocha Sulfides. Refer also to our risk factors under the titles "Estimates relating to projects and mine plans of existing operations are uncertain and we may incur higher costs and lower economic returns than estimated” and "Our long-lived assets and goodwill could become impaired, which could have a material non-cash adverse effect on our results of operations” included in Part I of the Company's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 23, 2023, for further information.
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
Additionally, the Company continues to hold the Conga project in Peru, which we do not currently anticipate developing in the next ten years as we continue to assess Yanacocha Sulfides; accordingly, the Conga project remains in care and maintenance. Should we be unable to develop the Conga project or conclude that future development is not in the best interest of the business, we may consider other alternatives for the project, which may result in a future impairment charge for the remaining assets. The total assets at Conga were $898 at March 31, 2023.
The Company will continue to monitor and evaluate the potential impacts of the current and ongoing inflationary pressures and supply chain disruptions. Depending on the duration and extent of ongoing global developments and inflationary conditions, these factors could materially impact the Company’s results of operations, cash flows and financial condition and could result in material impairment charges to the Company’s Property, plant and mine development, net; Inventories; Stockpiles and ore on leach pads; Investments; Deferred income tax assets; and Goodwill.
Refer to Note 17 below for further information on risks and uncertainties that could have a potential impact on the Company as well as Note 2 of the Consolidated Financial Statements included in Part II of the Company's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 23, 2023.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. The Company must make these estimates and assumptions because certain information used is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. Actual results could differ from these estimates.
Reclassifications
Certain amounts and disclosures in prior years have been reclassified to conform to the current year presentation.
Recently Issued Accounting Pronouncements and Federal Laws
Effects of Reference Rate Reform
In March 2020, ASU No. 2020-04 was issued which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform. In January 2021, ASU No. 2021-01 was issued which broadened the scope of ASU No. 2020-04 to include certain derivative instruments. In December 2022, ASU No. 2022-06 was issued which deferred the sunset date of ASU No. 2020-04. The guidance is effective for all entities as of March 12, 2020 through December 31, 2024. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. The Company is in the process of reviewing key contracts to identify any contracts that reference the LIBOR and to implement adequate fallback provisions if not already implemented to mitigate the risks or impacts from the transition. No material impacts are expected to the consolidated financial statements or disclosures.
Inflation Reduction Act
In August 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the "IRA") into law. The IRA introduced an excise tax on stock repurchases of 1% of the fair market value of stock repurchases net of stock issued during the tax year and a corporate alternative minimum tax (the "Corporate AMT") of 15% on the adjusted financial statement income ("AFSI") of corporations with average AFSI exceeding $1 billion over a three-year period. The excise tax on stock repurchases is effective on net stock repurchases made after December 31, 2022 and the Corporate AMT is effective for tax periods beginning in fiscal year 2023. While waiting on pending Department of Treasury regulatory guidance, the Company is continuing to monitor developments. Based upon information known to date, the IRA had no material impact on our current consolidated financial statements and is not expected to have a material impact on future consolidated financial statements, disclosures, or cash flows.
NOTE 3     SEGMENT INFORMATION
The Company regularly reviews its segment reporting for alignment with its strategic goals and operational structure as well as for evaluation of business performance and allocation of resources by Newmont’s Chief Operating Decision Maker ("CODM"). In January 2023, Newmont reassessed and revised its operating strategies and the accountabilities of the senior leadership team in light of the continuing volatile and uncertain market conditions. Following these changes, the Company reevaluated its segments to reflect certain changes in the financial information regularly reviewed by the CODM. As a result, the Company determined that its reportable segments were each of its 12 mining operations and its 38.5% interest in Nevada Gold Mines ("NGM"), which is accounted for using the proportionate consolidation method. Segment results for the prior periods have been recast to reflect the change in reportable segments.
In the following tables, Income (loss) before income and mining tax and other items from reportable segments does not reflect general corporate expenses, interest (except project-specific interest) or income and mining taxes. Intercompany revenue and expense amounts have been eliminated within each segment in order to report on the basis that management uses internally for
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
evaluating segment performance. The Company's business activities and operating segments that are not considered reportable, including all equity method investments, are reported in Corporate and Other, which has been provided for reconciliation purposes.
The financial information relating to the Company’s segments is as follows:
SalesCosts Applicable to SalesDepreciation and AmortizationAdvanced Projects, Research and Development and ExplorationIncome (Loss) before Income and Mining Tax and Other Items
Capital Expenditures (1)
Three Months Ended March 31, 2023
CC&V$91 $51 $7 $3 $27 $10 
Musselwhite83 58 19 1 6 14 
Porcupine123 70 29 4 15 22 
Éléonore129 75 27 1 26 14 
Peñasquito:
Gold110 67 20 
Silver117 82 25 
Lead32 22 7 
Zinc117 86 24 
Total Peñasquito376 257 76 3 22 35 
Merian159 85 18 3 53 14 
Cerro Negro
116 70 31 2 7 35 
Yanacocha100 56 16 3 — 63 
Boddington:
Gold381 167 28 
Copper110 53 9 
Total Boddington491 220 37 2 233 37 
Tanami123 61 19 4 40