10-Q 1 nem-10q_20150331.htm 10-Q

Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

Form 10-Q

 

(Mark One)

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2015

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 MINING CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

84-1611629

(State or Other Jurisdiction of
Incorporation or Organization)

 

(I.R.S. Employer
Identification No.)

 

6363 South Fiddler’s Green Circle

 

 

Greenwood Village, Colorado

 

80111

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s telephone number, including area code (303) 863-7414

 

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.    x  Yes    ¨  No

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).    x  Yes    ¨  No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12-b2 of the Exchange Act.

 

 

Large accelerated filer

 x

 

 

 

 

Accelerated filer

¨

 

Non-accelerated filer

 ¨

(Do not check if a smaller reporting company.)

Smaller reporting company

¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b2 of the Exchange Act).    ¨  Yes    x   No

 

There were 499,846,772 shares of common stock outstanding on April 15, 2015.

 

 

 


Table of Contents

TABLE OF CONTENTS

 

 

  

 

Page

 

  

PART I

 

ITEM 1.

  

FINANCIAL STATEMENTS

1

 

  

 

Condensed Consolidated Statements of Income

1

 

  

Condensed Consolidated Statements of Comprehensive Income

2

 

  

Condensed Consolidated Statements of Cash Flows

3

 

  

Condensed Consolidated Balance Sheets

4

 

  

Notes to Condensed Consolidated Financial Statements

5

 

ITEM 2.

  

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

33

 

  

 

Overview

33

 

  

Selected Financial and Operating Results

35

 

  

Consolidated Financial Results

35

 

  

Results of Consolidated Operations

40

 

  

Liquidity and Capital Resources

44

 

  

Environmental

46

 

  

Accounting Developments

46

 

  

Non-GAAP Financial Measures

46

 

  

Safe Harbor Statement

53

 

ITEM 3.

  

 

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

54

 

ITEM 4.

  

 

CONTROLS AND PROCEDURES

56

 

  

 

PART II

 

 

ITEM 1.

  

 

LEGAL PROCEEDINGS

57

 

ITEM 1A.

  

RISK FACTORS

57

 

ITEM 2.

  

ISSUER PURCHASES OF EQUITY SECURITIES

57

 

ITEM 3.

  

DEFAULTS UPON SENIOR SECURITIES

57

 

ITEM 4.

  

MINE SAFETY DISCLOSURES

57

 

ITEM 5.

  

OTHER INFORMATION

58

 

ITEM 6.

  

EXHIBITS

58

 

SIGNATURES

59

 

EXHIBIT INDEX

60

 

 

 

 


Table of Contents

PART I—FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS.

NEWMONT MINING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited, in millions except per share)

 

 

Three Months Ended

 

 

March 31,

 

 

2015

 

 

2014

 

 

 

 

 

 

 

 

 

Sales (Note 3)

$

1,972

 

 

$

1,764

 

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

Costs applicable to sales (1) (Note 3)

 

1,019

 

 

 

1,083

 

Depreciation and amortization

 

289

 

 

 

298

 

Reclamation and remediation (Note 4)

 

23

 

 

 

20

 

Exploration

 

33

 

 

 

34

 

Advanced projects, research and development

 

28

 

 

 

42

 

General and administrative

 

44

 

 

 

45

 

Other expense, net (Note 5)

 

39

 

 

 

52

 

 

 

1,475

 

 

 

1,574

 

Other income (expense)

 

 

 

 

 

 

 

Other income, net (Note 6)

 

11

 

 

 

46

 

Interest expense, net

 

(85

)

 

 

(93

)

 

 

(74

)

 

 

(47

)

Income (loss) before income and mining tax and other items

 

423

 

 

 

143

 

Income and mining tax benefit (expense) (Note 7)

 

(193

)

 

 

(78

)

Equity income (loss) of affiliates

 

(9

)

 

 

-

 

Income (loss) from continuing operations

 

221

 

 

 

65

 

Income (loss) from discontinued operations (Note 8)

 

8

 

 

 

(17

)

Net income (loss)

 

229

 

 

 

48

 

Net loss (income) attributable to noncontrolling interests (Note 9)

 

(46

)

 

 

52

 

Net income (loss) attributable to Newmont stockholders

$

183

 

 

$

100

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Newmont stockholders:

 

 

 

 

 

 

 

Continuing operations

$

175

 

 

$

117

 

Discontinued operations

 

8

 

 

 

(17

)

 

$

183

 

 

$

100

 

Income (loss) per common share (Note 10)

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

Continuing operations

$

0.35

 

 

$

0.23

 

Discontinued operations

 

0.02

 

 

 

(0.03

)

 

$

0.37

 

 

$

0.20

 

Diluted:

 

 

 

 

 

 

 

Continuing operations

$

0.35

 

 

$

0.23

 

Discontinued operations

 

0.02

 

 

 

(0.03

)

 

$

0.37

 

 

$

0.20

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

$

0.025

 

 

$

0.150

 

 

 

(1) 

Excludes Depreciation and amortization and Reclamation and remediation.

The accompanying notes are an integral part of the condensed consolidated financial statements.

 

 

1


Table of Contents

NEWMONT MINING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited, in millions)

 

 

Three Months Ended

 

 

March 31,

 

 

2015

 

 

2014

 

Net income (loss)

$

229

 

 

$

48

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

Unrealized gain (loss) on marketable securities,

     net of $nil and $(1) tax benefit (expense), respectively

 

1

 

 

 

(31

)

Foreign currency translation adjustments

 

(10

)

 

 

(5

)

Change in pension and other post-retirement benefits,

     net of $(2) and $(1) tax benefit (expense), respectively

 

5

 

 

 

2

 

Change in fair value of cash flow hedge instruments,

     net of $4 and $4, tax benefit (expense), respectively

 

 

 

 

 

 

 

Net change from periodic revaluations

 

(22

)

 

 

9

 

Net amount reclassified to income

 

12

 

 

 

-

 

Net unrecognized gain (loss) on derivatives

 

(10

)

 

 

9

 

Other comprehensive income (loss)

 

(14

)

 

 

(25

)

Comprehensive income (loss)

$

215

 

 

$

23

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) attributable to:

 

 

 

 

 

 

 

Newmont stockholders

$

169

 

 

$

77

 

Noncontrolling interests

 

46

 

 

 

(54

)

 

$

215

 

 

$

23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

 

 

 

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Table of Contents

NEWMONT MINING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in millions)

 

 

Three Months Ended

 

 

March 31,

 

 

2015

 

 

2014

 

Operating activities:

 

 

 

 

 

 

 

Net income

$

229

 

 

$

48

 

Adjustments:

 

 

 

 

 

 

 

Depreciation and amortization

 

289

 

 

 

298

 

Stock based compensation and other non-cash benefits

 

20

 

 

 

13

 

Reclamation and remediation

 

23

 

 

 

20

 

Loss (income) from discontinued operations

 

(8

)

 

 

17

 

Impairment of investments

 

57

 

 

 

1

 

Deferred income taxes

 

61

 

 

 

35

 

Gain on asset and investment sales, net

 

(44

)

 

 

(50

)

Other operating adjustments and write-downs

 

74

 

 

 

151

 

Net change in operating assets and liabilities (Note 23)

 

(73

)

 

 

(350

)

Net cash provided from continuing operations

 

628

 

 

 

183

 

Net cash used in discontinued operations

 

(3

)

 

 

(3

)

Net cash provided from operations

 

625

 

 

 

180

 

Investing activities:

 

 

 

 

 

 

 

Additions to property, plant and mine development

 

(284

)

 

 

(235

)

Acquisitions, net

 

-

 

 

 

(28

)

Sales of investments

 

29

 

 

 

25

 

Purchases of investments

 

-

 

 

 

(1

)

Proceeds from sale of other assets

 

44

 

 

 

70

 

Other

 

(3

)

 

 

(9

)

Net cash used in investing activities

 

(214

)

 

 

(178

)

Financing activities:

 

 

 

 

 

 

 

Proceeds from debt, net

 

-

 

 

 

3

 

Repayment of debt

 

(205

)

 

 

-

 

Sale of noncontrolling interests

 

37

 

 

 

-

 

Funding from noncontrolling interests

 

47

 

 

 

-

 

Acquisition of noncontrolling interests

 

(3

)

 

 

(2

)

Dividends paid to noncontrolling interests

 

(3

)

 

 

-

 

Dividends paid to common stockholders

 

(12

)

 

 

(77

)

Restricted cash and other

 

(57

)

 

 

(4

)

Net cash used in financing activities

 

(196

)

 

 

(80

)

Effect of exchange rate changes on cash

 

(20

)

 

 

(2

)

Net change in cash and cash equivalents

 

195

 

 

 

(80

)

Cash and cash equivalents at beginning of period

 

2,403

 

 

 

1,555

 

Cash and cash equivalents at end of period

$

2,598

 

 

$

1,475

 

 

 

 

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

 

 

 

3


Table of Contents

NEWMONT MINING CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in millions)

 

 

At March 31,

 

 

At December 31,

 

 

2015

 

 

2014

 

ASSETS

 

 

 

 

 

 

 

Cash and cash equivalents

$

2,598

 

 

$

2,403

 

Trade receivables

 

237

 

 

 

186

 

Other accounts receivables

 

179

 

 

 

290

 

Investments (Note 15)

 

39

 

 

 

73

 

Inventories (Note 16)

 

684

 

 

 

700

 

Stockpiles and ore on leach pads (Note 17)

 

753

 

 

 

666

 

Deferred income tax assets

 

223

 

 

 

240

 

Other current assets (Note 18)

 

1,438

 

 

 

881

 

Current assets

 

6,151

 

 

 

5,439

 

Property, plant and mine development, net

 

13,612

 

 

 

13,650

 

Investments (Note 15)

 

272

 

 

 

334

 

Stockpiles and ore on leach pads (Note 17)

 

2,805

 

 

 

2,820

 

Deferred income tax assets

 

1,828

 

 

 

1,790

 

Other long-term assets (Note 18)

 

934

 

 

 

883

 

Total assets

$

25,602

 

 

$

24,916

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

Debt (Note 19)

$

231

 

 

$

166

 

Accounts payable

 

376

 

 

 

406

 

Employee-related benefits

 

208

 

 

 

307

 

Income and mining taxes

 

164

 

 

 

74

 

Other current liabilities (Note 20)

 

1,855

 

 

 

1,245

 

Current liabilities

 

2,834

 

 

 

2,198

 

Debt (Note 19)

 

6,221

 

 

 

6,480

 

Reclamation and remediation liabilities (Note 4)

 

1,617

 

 

 

1,606

 

Deferred income tax liabilities

 

707

 

 

 

656

 

Employee-related benefits

 

498

 

 

 

492

 

Other long-term liabilities (Note 20)

 

362

 

 

 

395

 

Total liabilities

 

12,239

 

 

 

11,827

 

Commitments and contingencies (Note 25)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

Common stock

 

800

 

 

 

798

 

Additional paid-in capital

 

8,741

 

 

 

8,712

 

Accumulated other comprehensive income (loss)

 

(492

)

 

 

(478

)

Retained earnings

 

1,413

 

 

 

1,242

 

Newmont stockholders' equity

 

10,462

 

 

 

10,274

 

Noncontrolling interests

 

2,901

 

 

 

2,815

 

Total equity

 

13,363

 

 

 

13,089

 

Total liabilities and equity

$

25,602

 

 

$

24,916

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

 

 

4


Table of Contents

NEWMONT MINING 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 Mining Corporation and its subsidiaries (collectively, “Newmont” or the “Company”) are unaudited. In the opinion of management, all 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, 2014 filed on February 20, 2015 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 United States generally accepted accounting principles (“GAAP”) have been condensed or omitted. References to “A$” refer to Australian currency and “NZ$” to New Zealand currency.

Certain amounts in prior years have been reclassified to conform to the 2015 presentation. Reclassifications are related to a change to our Indonesia and Australia/New Zealand geographic regions (see Note 3). Other reclassified amounts were not material to the financial statements.

 

NOTE 2     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Risks and Uncertainties

As a global mining company, our revenue, profitability and future rate of growth are substantially dependent on prevailing prices for gold, copper and, to a lesser extent, silver. Historically, the commodity markets have been very volatile, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on our financial position, results of operations, cash flows, access to capital and on the quantities of reserves that we can economically produce. The carrying value of our property, plant and mine development assets, inventories, stockpiles and ore on leach pads, and deferred tax assets are particularly sensitive to the outlook for commodity prices. A decline in our long term price outlook from current levels could result in material impairment charges related to these assets.

In September 2014, PT Newmont Nusa Tenggara (“PTNNT”) and the Government of Indonesia signed a Memorandum of Understanding (“MoU”) that resulted in PTNNT receiving a six-month permit to export copper concentrate that expired in mid-March 2015. On March 30, 2015, the Company received a six-month permit extension to export copper concentrate that expires in late September 2015. Effective with the signing of the MoU, PTNNT agreed to pay certain export duties and royalties. The MoU also outlines terms for the six main elements of the Contract of Work renegotiation, which will be incorporated into an amendment of the Contract of Work. The six areas are: concession area size; royalties, taxes and export duties; domestic processing and refining; ownership divestment; utilization of local manpower, domestic goods and services; and duration of the Contract of Work. Negotiations between PTNNT and the Government of Indonesia to amend the Contract of Work remain on-going. No assurances can be made at this time with respect to the outcome of such negotiations and expiration of the export permit without its renewal may negatively impact future operations and financial results at Batu Hijau. As a result of the on-going Contract of Work renegotiations at Batu Hijau, we have evaluated, and will continue to evaluate, the need for asset impairments, inventory write-downs, tax valuation allowances and other applicable accounting charges due to the status of the mine. The total assets at Batu Hijau as of March 31, 2015 and December 31, 2014 were $3,256 and $3,107, respectively.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Recently Adopted Accounting Pronouncements

Stock-based compensation

In June 2014, the Financial Accounting Services Board (“FASB”) issued Accounting Standards Update (“ASU”) guidance to resolve the diversity of practice relating to the accounting for stock-based performance awards that the performance target could be achieved after the employee completes the required service period. The update is effective prospectively or retrospectively beginning

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Table of Contents

NEWMONT MINING CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(dollars in millions, except per share, per ounce and per pound amounts)

 

January 1, 2015. Adoption of the new guidance, effective for the fiscal year beginning January 1, 2015, had no impact on the consolidated financial position, results of operations or cash flows.

Recently Issued Accounting Pronouncements

Debt issuance costs

In April 2015, ASU guidance was issued related to debt issuance costs. This update simplifies the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding debt liability. The update is effective in fiscal years, including interim periods, beginning after December 15, 2015, and early adoption is permitted. The Company is currently evaluating this guidance and the impact it will have on the consolidated financial position, results of operations or cash flows.

Consolidations

In February 2015, ASU guidance was issued related to consolidations. This update makes some targeted changes to current consolidation guidance and impacts both the voting and the variable interest consolidation models. In particular, the update will change how companies determine whether limited partnerships or similar entities are variable interest entities. The update is effective in fiscal years, including interim periods, beginning after December 15, 2016, and early adoption is permitted. We currently consolidate certain variable interest entities and we do not expect the updated guidance to have an impact on the consolidated financial position, results of operations or cash flows.

Revenue Recognition

In May 2014, ASU guidance was issued related to revenue from contracts with customers. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. The ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods and is to be retrospectively applied. Early adoption is not permitted. The Company is currently evaluating this guidance and the impact it will have on the consolidated financial position, results of operations or cash flows.

 

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Table of Contents

NEWMONT MINING CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(dollars in millions, except per share, per ounce and per pound amounts)

 

NOTE 3     SEGMENT INFORMATION

The Company’s reportable segments are based upon the Company’s management structure that is focused on the geographic region for the Company’s operations. In the first quarter of 2015, the Australia/New Zealand and Indonesia geographic regions were combined into one Asia Pacific geographic region. Geographic regions include North America, South America, Asia Pacific, Africa, and Corporate and Other.

 

 

 

Sales

 

 

Costs

Applicable

to Sales

 

 

Depreciation

and Amortization

 

 

Advanced

Projects and

Exploration

 

 

Pre-Tax

Income (Loss)

 

 

Capital

Expenditures (1)

 

Three Months Ended March 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

$

276

 

 

$

178

 

 

$

45

 

 

$

3

 

 

$

47

 

 

$

57

 

Phoenix:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

61

 

 

 

41

 

 

 

10

 

 

 

 

 

 

 

 

 

 

 

 

 

Copper

 

34

 

 

 

25

 

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Phoenix

 

95

 

 

 

66

 

 

 

16

 

 

 

1

 

 

 

8

 

 

 

7

 

Twin Creeks

 

149

 

 

 

59

 

 

 

13

 

 

 

2

 

 

 

74

 

 

 

19

 

Other North America

 

-

 

 

 

-

 

 

 

-

 

 

 

5

 

 

 

(1

)

 

 

6

 

North America

 

520

 

 

 

303

 

 

 

74

 

 

 

11

 

 

 

128

 

 

 

89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

301

 

 

 

114

 

 

 

71

 

 

 

5

 

 

 

94

 

 

 

15

 

Other South America

 

-

 

 

 

-

 

 

 

3

 

 

 

10

 

 

 

(13

)

 

 

-

 

South America

 

301

 

 

 

114

 

 

 

74

 

 

 

15

 

 

 

81

 

 

 

15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

239

 

 

 

157

 

 

 

30

 

 

 

 

 

 

 

 

 

 

 

 

 

Copper

 

47

 

 

 

39

 

 

 

7

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Boddington

 

286

 

 

 

196

 

 

 

37

 

 

 

1

 

 

 

58

 

 

 

11

 

Tanami

 

120

 

 

 

57

 

 

 

19

 

 

 

1

 

 

 

45

 

 

 

16

 

Waihi

 

50

 

 

 

19

 

 

 

5

 

 

 

1

 

 

 

25

 

 

 

6

 

Kalgoorlie

 

74

 

 

 

60

 

 

 

5

 

 

 

-

 

 

 

11

 

 

 

7

 

Batu Hijau:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

114

 

 

 

50

 

 

 

9

 

 

 

 

 

 

 

 

 

 

 

 

 

Copper

 

246

 

 

 

121

 

 

 

21

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Batu Hijau

 

360

 

 

 

171

 

 

 

30

 

 

 

1

 

 

 

135

 

 

 

20

 

Other Asia Pacific

 

-

 

 

 

-

 

 

 

4

 

 

 

1

 

 

 

(9

)

 

 

-

 

Asia Pacific

 

890

 

 

 

503

 

 

 

100

 

 

 

5

 

 

 

265

 

 

 

60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

121

 

 

 

55

 

 

 

15

 

 

 

6

 

 

 

44

 

 

 

21

 

Akyem

 

140

 

 

 

44

 

 

 

22

 

 

 

-

 

 

 

71

 

 

 

11

 

Other Africa

 

-

 

 

 

-

 

 

 

-

 

 

 

1

 

 

 

(3

)

 

 

-

 

Africa

 

261

 

 

 

99

 

 

 

37

 

 

 

7

 

 

 

112

 

 

 

32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other

 

-

 

 

 

-

 

 

 

4

 

 

 

23

 

 

 

(163

)

 

 

92

 

Consolidated

$

1,972

 

 

$

1,019

 

 

$

289

 

 

$

61

 

 

$

423

 

 

$

288

 

 

 

(1) 

Includes an increase in accrued capital expenditures of $4; consolidated capital expenditures on a cash basis were $284.

 

7


Table of Contents

NEWMONT MINING CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(dollars in millions, except per share, per ounce and per pound amounts)

 

 

 

 

Sales

 

 

Costs

Applicable

to Sales

 

 

Depreciation

and Amortization

 

 

Advanced

Projects and

Exploration

 

 

Pre-Tax

Income (Loss)

 

 

Capital

Expenditures (1)

 

Three Months Ended March 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

$

293

 

 

$

192

 

 

$

35

 

 

$

4

 

 

$

61

 

 

$

42

 

Phoenix:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

70

 

 

 

34

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

Copper

 

32

 

 

 

26

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Phoenix

 

102

 

 

 

60

 

 

 

8

 

 

 

1

 

 

 

29

 

 

 

7

 

Twin Creeks

 

132

 

 

 

55

 

 

 

11

 

 

 

1

 

 

 

111

 

 

 

32

 

La Herradura (2)

 

31

 

 

 

16

 

 

 

8

 

 

 

4

 

 

 

3

 

 

 

6

 

Other North America

 

-

 

 

 

-

 

 

 

-

 

 

 

6

 

 

 

(9

)

 

 

5

 

North America

 

558

 

 

 

323

 

 

 

62

 

 

 

16

 

 

 

195

 

 

 

92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

265

 

 

 

221

 

 

 

101

 

 

 

7

 

 

 

(87

)

 

 

15

 

Other South America

 

-

 

 

 

-

 

 

 

-

 

 

 

8

 

 

 

(8

)

 

 

7

 

South America

 

265

 

 

 

221

 

 

 

101

 

 

 

15

 

 

 

(95

)

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

220

 

 

 

142

 

 

 

25

 

 

 

 

 

 

 

 

 

 

 

 

 

Copper

 

39