NOTE 25 CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

The following Condensed Consolidating Financial Statements are presented to satisfy disclosure requirements of Rule 3-10(e) of Regulation S-X resulting from the inclusion of Newmont USA Limited (“Newmont USA”), a wholly-owned subsidiary of Newmont, as a co-registrant with Newmont on debt securities issued under a shelf registration statement on Form S-3 filed under the Securities Act of 1933 under which securities of Newmont (including debt securities guaranteed by Newmont USA) may be issued (the “Shelf Registration Statement”). In accordance with Rule 3-10(e) of Regulation S-X, Newmont USA, as the subsidiary guarantor, is 100% owned by Newmont, the guarantees are full and unconditional, and no other subsidiary of Newmont guaranteed any security issued under the Shelf Registration Statement. There are no restrictions on the ability of Newmont or Newmont USA to obtain funds from its subsidiaries by dividend or loan.


	Three Months Ended September 30, 2015
									Newmont
	Newmont								Mining
	Mining		Newmont		Other				Corporation
Condensed Consolidating Statement of Operation	Corporation		USA		Subsidiaries		Eliminations		Consolidated

Sales	$	—	$	468	$	1,565	$	—	$	2,033
Costs and expenses
Costs applicable to sales (1)		—		333		800		—		1,133
Depreciation and amortization		1		86		244		—		331
Reclamation and remediation		—		3		22		—		25
Exploration		—		6		28		—		34
Advanced projects, research and development		—		3		29		—		32
General and administrative		—		12		31		—		43
Other expense, net		—		20		37		—		57
		1		463		1,191		—		1,655
Other income (expense)
Other income, net		—		14		126		—		140
Interest income - intercompany		33		(2)		4		(35)		—
Interest expense - intercompany		(4)		—		(31)		35		—
Interest expense, net		(70)		(1)		(10)		—		(81)
		(41)		11		89		—		59
Income (loss) before income and mining tax and other items		(42)		16		463		—		437
Income and mining tax benefit (expense)		15		4		(170)		—		(151)
Equity income (loss) of affiliates		246		(51)		(3)		(210)		(18)
Income (loss) from continuing operations		219		(31)		290		(210)		268
Income (loss) from discontinued operations		—		—		17		—		17
Net income (loss)		219		(31)		307		(210)		285
Net loss (income) attributable to noncontrolling interests		—		—		(82)		16		(66)
Net income (loss) attributable to Newmont stockholders	$	219	$	(31)	$	225	$	(194)	$	219
Comprehensive income (loss)		270		(33)		355		(256)		336
Comprehensive loss (income) attributable to noncontrolling interests		—		—		(83)		17		(66)
Comprehensive income (loss) attributable to Newmont stockholders	$	270	$	(33)	$	272	$	(239)	$	270

⁽¹⁾

Excludes Depreciation and amortization and Reclamation and remediation.


	Three Months Ended September 30, 2014
									Newmont
	Newmont								Mining
	Mining		Newmont		Other				Corporation
Condensed Consolidating Statement of Operation	Corporation		USA		Subsidiaries		Eliminations		Consolidated

Sales	$	—	$	511	$	1,235	$	—	$	1,746
Costs and expenses
Costs applicable to sales (1)		—		308		877		—		1,185
Depreciation and amortization		1		62		255		—		318
Reclamation and remediation		—		2		18		—		20
Exploration		—		8		36		—		44
Advanced projects, research and development		—		8		28		—		36
General and administrative		—		22		23		—		45
Other expense, net		—		25		38		—		63
		1		435		1,275		—		1,711
Other income (expense)
Other income, net		(23)		23		79		—		79
Interest income - intercompany		35		—		3		(38)		—
Interest expense - intercompany		(3)		—		(35)		38		—
Interest expense, net		(77)		(2)		(10)		—		(89)
		(68)		21		37		—		(10)
Income (loss) before income and mining tax and other items		(69)		97		(3)		—		25
Income and mining tax benefit (expense)		25		(12)		34		—		47
Equity income (loss) of affiliates		257		46		(15)		(288)		—
Income (loss) from continuing operations		213		131		16		(288)		72
Income (loss) from discontinued operations		—		—		3		—		3
Net income (loss)		213		131		19		(288)		75
Net loss (income) attributable to noncontrolling interests		—		—		166		(28)		138
Net income (loss) attributable to Newmont stockholders	$	213	$	131	$	185	$	(316)	$	213
Comprehensive income (loss)		145		128		(46)		(220)		7
Comprehensive loss (income) attributable to noncontrolling interests		—		—		166		(28)		138
Comprehensive income (loss) attributable to Newmont stockholders	$	145	$	128	$	120	$	(248)	$	145

⁽¹⁾

Excludes Depreciation and amortization and Reclamation and remediation.


	Nine Months Ended September 30, 2015
									Newmont
	Newmont								Mining
	Mining		Newmont		Other				Corporation
Condensed Consolidating Statement of Operation	Corporation		USA		Subsidiaries		Eliminations		Consolidated

Sales	$	—	$	1,415	$	4,498	$	—	$	5,913
Costs and expenses
Costs applicable to sales (1)		—		903		2,268		—		3,171
Depreciation and amortization		3		235		658		—		896
Reclamation and remediation		—		10		64		—		74
Exploration		—		22		93		—		115
Advanced projects, research and development		—		9		84		—		93
General and administrative		—		44		94		—		138
Other expense, net		—		36		112		—		148
		3		1,259		3,373		—		4,635
Other income (expense)
Other income, net		(9)		24		113		—		128
Interest income - intercompany		99		8		12		(119)		—
Interest expense - intercompany		(11)		—		(108)		119		—
Interest expense, net		(218)		(4)		(26)		—		(248)
		(139)		28		(9)		—		(120)
Income (loss) before income and mining tax and other items		(142)		184		1,116		—		1,158
Income and mining tax benefit (expense)		50		(33)		(513)		—		(496)
Equity income (loss) of affiliates		566		(84)		40		(556)		(34)
Income (loss) from continuing operations		474		67		643		(556)		628
Income (loss) from discontinued operations		—		—		34		—		34
Net income (loss)		474		67		677		(556)		662
Net loss (income) attributable to noncontrolling interests		—		—		(261)		73		(188)
Net income (loss) attributable to Newmont stockholders	$	474	$	67	$	416	$	(483)	$	474
Comprehensive income (loss)		563		116		707		(635)		751
Comprehensive loss (income) attributable to noncontrolling interests		—		—		(256)		68		(188)
Comprehensive income (loss) attributable to Newmont stockholders	$	563	$	116	$	451	$	(567)	$	563

⁽¹⁾

Excludes Depreciation and amortization and Reclamation and remediation.


	Nine Months Ended September 30, 2014
									Newmont
	Newmont								Mining
	Mining		Newmont		Other				Corporation
Condensed Consolidating Statement of Operation	Corporation		USA		Subsidiaries		Eliminations		Consolidated

Sales	$	—	$	1,496	$	3,779	$	—	$	5,275
Costs and expenses
Costs applicable to sales (1)		—		910		2,418		—		3,328
Depreciation and amortization		3		187		732		—		922
Reclamation and remediation		—		7		54		—		61
Exploration		—		17		102		—		119
Advanced projects, research and development		—		29		91		—		120
General and administrative		—		68		70		—		138
Other expense, net		—		40		139		—		179
		3		1,258		3,606		—		4,867
Other income (expense)
Other income, net		(27)		81		74		—		128
Interest income - intercompany		95		—		8		(103)		—
Interest expense - intercompany		(8)		—		(95)		103		—
Interest expense, net		(242)		(4)		(30)		—		(276)
		(182)		77		(43)		—		(148)
Income (loss) before income and mining tax and other items		(185)		315		130		—		260
Income and mining tax benefit (expense)		65		(58)		15		—		22
Equity income (loss) of affiliates		613		(47)		(9)		(555)		2
Income (loss) from continuing operations		493		210		136		(555)		284
Income (loss) from discontinued operations		—		—		(16)		—		(16)
Net income (loss)		493		210		120		(555)		268
Net loss (income) attributable to noncontrolling interests		—		—		255		(30)		225
Net income (loss) attributable to Newmont stockholders	$	493	$	210	$	375	$	(585)	$	493
Comprehensive income (loss)		365		218		15		(458)		140
Comprehensive loss (income) attributable to noncontrolling interests		—		—		255		(30)		225
Comprehensive income (loss) attributable to Newmont stockholders	$	365	$	218	$	270	$	(488)	$	365

⁽¹⁾

Excludes Depreciation and amortization and Reclamation and remediation.


	Nine Months Ended September 30, 2015
									Newmont
	Newmont								Mining
	Mining		Newmont		Other				Corporation
Condensed Consolidating Statement of Cash Flows	Corporation		USA		Subsidiaries		Eliminations		Consolidated
Operating activities:
Net income (loss)	$	474	$	67	$	677	$	(556)	$	662
Adjustments		(488)		481		824		556		1,373
Net change in operating assets and liabilities		77		(241)		11		—		(153)
Net cash provided by continuing operations		63		307		1,512		—		1,882
Net cash used in discontinued operations		—		—		(9)		—		(9)
Net cash provided by operations		63		307		1,503		—		1,873
Investing activities:
Additions to property, plant and mine development		—		(241)		(700)		—		(941)
Acquisitions, net		(821)		—		2		—		(819)
Sales of investments		—		25		4		—		29
Proceeds from sale of other assets		—		18		108		—		126
Other		—		—		(47)		—		(47)
Net cash used in investing activities		(821)		(198)		(633)		—		(1,652)
Financing activities:
Repayment of debt		(200)		(2)		(130)		—		(332)
Net intercompany borrowings (repayments)		323		(81)		(242)		—		—
Proceeds from stock issuance, net		675		—		—		—		675
Sale of noncontrolling interests		—		3		34		—		37
Funding from noncontrolling interests		—		—		89		—		89
Acquisition of noncontrolling interests		—		—		(8)		—		(8)
Dividends paid to noncontrolling interests		—		—		(3)		—		(3)
Dividends paid to common stockholders		(38)		—		—		—		(38)
Restricted cash and other		(2)		1		(58)		—		(59)
Net cash used in financing activities		758		(79)		(318)		—		361
Effect of exchange rate changes on cash		—		—		(21)		—		(21)
Net change in cash and cash equivalents		—		30		531		—		561
Cash and cash equivalents at beginning of period		—		1,097		1,306		—		2,403
Cash and cash equivalents at end of period	$	—	$	1,127	$	1,837	$	—	$	2,964


	Nine Months Ended September 30, 2014
									Newmont
	Newmont								Mining
	Mining		Newmont		Other				Corporation
Condensed Consolidating Statement of Cash Flows	Corporation		USA		Subsidiaries		Eliminations		Consolidated
Operating activities:
Net income (loss)	$	493	$	210	$	120	$	(555)	$	268
Adjustments		(589)		419		910		555		1,295
Net change in operating assets and liabilities		(61)		(138)		(475)		—		(674)
Net cash provided by (used in) continuing operations		(157)		491		555		—		889
Net cash used in discontinued operations		—		—		(10)		—		(10)
Net cash provided by (used in) operations		(157)		491		545		—		879
Investing activities:
Additions to property, plant and mine development		—		(270)		(496)		—		(766)
Acquisitions, net		—		—		(28)		—		(28)
Sales of investments		25		—		—		—		25
Proceeds from sale of other assets		—		18		173		—		191
Other		—		—		(14)		—		(14)
Net cash provided by (used in) investing activities		25		(252)		(365)		—		(592)
Financing activities:
Proceeds from debt, net		567		—		29		—		596
Repayment of debt		(575)		(1)		(5)		—		(581)
Net intercompany borrowings (repayments)		242		7		(249)		—		—
Sale of noncontrolling interests		—		—		71		—		71
Acquisition of noncontrolling interests		—		—		(6)		—		(6)
Dividends paid to noncontrolling interests		—		—		(4)		—		(4)
Dividends paid to common stockholders		(102)		—		—		—		(102)
Restricted cash and other		—		—		(27)		—		(27)
Net cash provided by (used in) financing activities		132		6		(191)		—		(53)
Effect of exchange rate changes on cash		—		—		(11)		—		(11)
Net change in cash and cash equivalents		—		245		(22)		—		223
Cash and cash equivalents at beginning of period		—		428		1,127		—		1,555
Cash and cash equivalents at end of period	$	—	$	673	$	1,105	$	—	$	1,778


	At September 30, 2015
									Newmont
	Newmont								Mining
	Mining		Newmont		Other				Corporation
Condensed Consolidating Balance Sheet	Corporation		USA		Subsidiaries		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	—	$	1,127	$	1,837	$	—	$	2,964
Trade receivables		—		33		142		—		175
Other accounts receivables		—		15		159		—		174
Intercompany receivable		4,496		6,283		7,811		(18,590)		—
Investments		—		—		25		—		25
Inventories		—		162		604		—		766
Stockpiles and ore on leach pads		—		240		542		—		782
Deferred income tax assets		3		137		53		—		193
Other current assets		—		52		64		—		116
Current assets		4,499		8,049		11,237		(18,590)		5,195
Property, plant and mine development, net		27		3,198		11,150		(40)		14,335
Investments		—		15		363		—		378
Investments in subsidiaries		15,907		4,087		2,890		(22,884)		—
Stockpiles and ore on leach pads		—		575		2,439		—		3,014
Deferred income tax assets		204		490		1,499		(489)		1,704
Long-term intercompany receivable		1,796		380		493		(2,669)		—
Other long-term assets		43		240		645		—		928
Total assets	$	22,476	$	17,034	$	30,716	$	(44,672)	$	25,554
Liabilities
Debt	$	—	$	3	$	263	$	—	$	266
Accounts payable		—		81		354		—		435
Intercompany payable		4,895		5,346		8,349		(18,590)		—
Employee-related benefits		—		103		151		—		254
Income and mining taxes		—		—		119		—		119
Other current liabilities		82		151		384		—		617
Current liabilities		4,977		5,684		9,620		(18,590)		1,691
Debt		5,874		8		203		—		6,085
Reclamation and remediation liabilities		—		242		1,470		—		1,712
Deferred income tax liabilities		—		46		1,206		(489)		763
Employee-related benefits		—		268		151		—		419
Long-term intercompany payable		81		—		2,628		(2,709)		—
Other long-term liabilities		—		39		276		—		315
Total liabilities		10,932		6,287		15,554		(21,788)		10,985
Equity
Newmont stockholders’ equity		11,544		10,747		10,403		(21,150)		11,544
Noncontrolling interests		—		—		4,759		(1,734)		3,025
Total equity		11,544		10,747		15,162		(22,884)		14,569
Total liabilities and equity	$	22,476	$	17,034	$	30,716	$	(44,672)	$	25,554


	At December 31, 2014
									Newmont
	Newmont								Mining
	Mining		Newmont		Other				Corporation
Condensed Consolidating Balance Sheet	Corporation		USA		Subsidiaries		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	—	$	1,097	$	1,306	$	—	$	2,403
Trade receivables		—		23		163		—		186
Other accounts receivables		—		21		269		—		290
Intercompany receivable		4,058		6,027		6,698		(16,783)		—
Investments		—		25		48		—		73
Inventories		—		157		543		—		700
Stockpiles and ore on leach pads		—		201		465		—		666
Deferred income tax assets		3		153		84		—		240
Other current assets		—		95		786		—		881
Current assets		4,061		7,799		10,362		(16,783)		5,439
Property, plant and mine development, net		28		3,190		10,473		(41)		13,650
Investments		—		13		321		—		334
Investments in subsidiaries		14,553		4,121		2,822		(21,496)		—
Stockpiles and ore on leach pads		—		580		2,240		—		2,820
Deferred income tax assets		275		535		1,470		(490)		1,790
Long-term intercompany receivable		1,968		220		700		(2,888)		—
Other long-term assets		48		238		597		—		883
Total assets	$	20,933	$	16,696	$	28,985	$	(41,698)	$	24,916
Liabilities
Debt	$	—	$	1	$	165	$	—	$	166
Accounts payable		—		60		346		—		406
Intercompany payable		4,299		5,034		7,450		(16,783)		—
Employee-related benefits		—		141		166		—		307
Income and mining taxes		—		—		74		—		74
Other current liabilities		67		176		1,002		—		1,245
Current liabilities		4,366		5,412		9,203		(16,783)		2,198
Debt		6,055		5		420		—		6,480
Reclamation and remediation liabilities		—		236		1,370		—		1,606
Deferred income tax liabilities		—		43		1,103		(490)		656
Employee-related benefits		—		343		149		—		492
Long-term intercompany payable		238		—		2,691		(2,929)		—
Other long-term liabilities		—		37		358		—		395
Total liabilities		10,659		6,076		15,294		(20,202)		11,827
Equity
Newmont stockholders’ equity		10,274		10,620		9,225		(19,845)		10,274
Noncontrolling interests		—		—		4,466		(1,651)		2,815
Total equity		10,274		10,620		13,691		(21,496)		13,089
Total liabilities and equity	$	20,933	$	16,696	$	28,985	$	(41,698)	$	24,916