Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or the
Company) today announced third quarter 2023 results and declared a
third quarter dividend of $0.40 per share.
Newmont Delivered a Stable Q3 Performance
- Produced 1.3 million attributable gold ounces and 58
thousand co-product gold equivalent ounces (GEOs)* from
copper; building momentum for improved production in the fourth
quarter
- Reported gold Costs Applicable to Sales (CAS) per ounce** of
$1,019 and gold All-In Sustaining Costs (AISC) per ounce** of
$1,426; improvement driven by higher sales volumes compared to
the prior quarter
- Revised 2023 outlook for the standalone Newmont portfolio to
5.3 million ounces of attributable production, CAS per ounce** of
$1,000 and AISC per ounce** of $1,400; incorporates the impacts
of the strike at Peñasquito, and lower production volumes from
non-managed joint ventures (Nevada Gold Mines and Pueblo Viejo) and
Ahafo***
- Generated $1.0 billion of cash from continuing operations
and reported $397 million of Free Cash Flow**; driven by
favorable working capital changes, while continuing to reinvest in
profitable projects
- Reported Net Income of $163 million, with Adjusted Net
Income (ANI)** of $0.36 per diluted share and Adjusted EBITDA** of
$933 million; driven by higher production volumes, strong gold
prices and stable costs
- Ended the quarter with $3.2 billion of consolidated cash and
$6.2 billion of liquidity; reported net debt to adjusted EBITDA
ratio of 0.7x**
- Resolved the Union labor strike at Peñasquito; focused
on the safe ramp-up of operations in the fourth quarter
- Received Full Funds approval for the Pamour project at
Porcupine; on track to deliver first ore in 2024
- Declared commercial production at San Marcos; the first
of six ore bodies in Cerro Negro District Expansion 1
- Assigned an A- rating with a stable outlook from Fitch;
reflects Newmont’s ability to generate strong liquidity
- On track to close the pending acquisition of Newcrest Mining
Limited ("Newcrest") on November 6th; secured all government
and regulatory approvals and shareholder votes
- Announced the addition of two Directors; welcoming
Philip Aiken AM and Sally-Anne Layman from the Newcrest Board, with
appointment to the Newmont Board of Directors effective upon close
of the pending Newcrest transaction
Third Quarter Dividend Declared Within Established
Framework****
- Board of Directors declared a dividend of $0.40 per share of
common stock for the third quarter of 2023; payable on December
22, 2023 to holders of record at the close of business on November
30, 2023
- Annualized dividend payout range for 2023 of $1.40 to $1.80
per share****; subject to quarterly approval by Board of
Directors
- Based on a sustainable base dividend of $1.00 per
share payable at base reserves price and an incremental
dividend payout of $0.60 per share; third quarter dividend
payout calibrated at the mid-point of the $1,700 per ounce
annualized payout range
"Newmont generated $1.0 billion of cash from continuing
operations during the third quarter and continued to execute on our
long-term strategic plan. As we look ahead to the closing of the
Newcrest transaction, we are excited about the long-term value it
will bring to both sets of stakeholders and our combined workforce.
This transaction strengthens our position as the world's leading
gold company and sets the standard in safe, profitable and
responsible mining. We look forward to closing the transaction on
November 6th and providing our first integration update on the
combined business in the first quarter of 2024."
- Tom Palmer, Newmont President and Chief Executive
Officer
*
Gold equivalent ounces (GEOs) calculated
using Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.),
Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2023.
**
Non-GAAP metrics; see reconciliations at
the end of this release.
***
See discussion of outlook and cautionary
statement at the end of this release regarding forward-looking
statements. Revised outlook excludes Newcrest Mining Limited.
****
Expectations regarding 2023 dividend
levels are forward-looking statements. The dividend framework is
non-binding and an annualized dividend has not been declared by the
Board. The declaration and payment of future quarterly dividends
remains at the discretion of the Board of Directors and will depend
on the Company’s financial results, cash flow and cash
requirements, future prospects, and other factors deemed relevant
by the Board. See cautionary statement at the end of this
release.
Summary of Third Quarter Results
Q3'23
Q2'23
Q1'23
Q3'22
Average realized gold price ($ per
ounce)
$
1,920
$
1,965
$
1,906
$
1,691
Attributable gold production (million
ounces)1
1.29
1.24
1.27
1.49
Gold costs applicable to sales (CAS) ($
per ounce)2
$
1,019
$
1,054
$
1,025
$
968
Gold all-in sustaining costs (AISC) ($ per
ounce)2
$
1,426
$
1,472
$
1,376
$
1,271
GAAP net income (loss) from continuing
operations ($ millions)
$
157
$
153
$
339
$
218
Adjusted net income ($ millions)3
$
286
$
266
$
320
$
212
Adjusted net income per share ($/diluted
share)3
$
0.36
$
0.33
$
0.40
$
0.27
Adjusted EBITDA ($ millions)3
$
933
$
910
$
990
$
850
Cash flow from continuing operations ($
millions)
$
1,001
$
656
$
481
$
466
Capital expenditures ($ millions)4
$
604
$
616
$
526
$
529
Free cash flow ($ millions)5
$
397
$
40
$
(45
)
$
(63
)
IMPROVED PRODUCTION AND CASH FLOWS DELIVERED IN THE THIRD
QUARTER
In the third quarter, Newmont delivered improved production
compared to the second quarter, despite navigating challenges at
the sites noted below. Further improvements to production are
expected in the fourth quarter.
- Peñasquito - Operations continued to be suspended at the
site for the duration of the third quarter to focus on finding an
appropriate and sustainable resolution to the dispute with the
leadership of the National Union of Mine and Metal Workers of the
Mexican Republic (“the Union”). On October 13, 2023, Newmont
reached a resolution with the Union and has since begun the safe
ramp-up of operations. Newmont expects to reach full operating
capacity by the end of the fourth quarter.
- Ahafo - During the third quarter, the replacement
conveyor at Ahafo was commissioned as planned. However, mill
throughput was impacted when routine condition monitoring by
Newmont's Asset Management Team identified hairline fractures to
one of the large grinding mill’s girth gears. To reduce any further
deterioration to the gear and to avoid a major unplanned failure,
Newmont made the decision to operate at less than full capacity. In
October, the team optimized the processing circuit, bringing
throughput to approximately 80 percent. Full processing rates are
expected to be reached in the second quarter of 2024 when the girth
gear is replaced.
- Cerro Negro - The site delivered higher ounces in the
third quarter due to improved productivity compared to the second
quarter. This improvement was tempered by supply chain disruptions
as a result of import restrictions which impacted the ability to
deliver key supplies to the site. Newmont will continue to work
closely with suppliers to mitigate disruption in Argentina.
- Nevada Gold Mines and Pueblo Viejo6 - Lower than planned
production was delivered from Newmont's non-managed joint
ventures.
Direct operating costs remained largely consistent with the
second quarter as inflation pressures continued to stabilize, with
improvements to pricing on commodities, as well lower direct costs
as a result of the suspension of operations at Peñasquito. AISC was
lower due to lower sustaining capital during the third quarter
compared to the second quarter. Peñasquito incurred $78 million of
operating costs and $53 million of depreciation and amortization
while operations were suspended. These costs have not been adjusted
from Newmont's Non-GAAP financial metrics for the third
quarter.
Cash flow from continuing operations was $1,001 million, which
was favorable compared to the second quarter, primarily driven by
favorable working capital changes, including the timing of accounts
payable, draw-downs of lower cost inventory and lower cash tax
payments. During the quarter, Newmont reinvested $604 million in
capital spend, including $264 million in development capital spend
to continue to progress near-term projects and $340 million in
sustaining capital to progress site improvement projects.
THIRD QUARTER 2023 FINANCIAL AND PRODUCTION SUMMARY
Attributable gold production1 decreased 13 percent to
1,291 thousand ounces from the prior year quarter primarily due to
lower production at Peñasquito, Akyem and Ahafo. In addition, lower
than planned production was delivered from the non-managed joint
venture at Pueblo Viejo. This unfavorable impact was partially
offset by higher production at Yanacocha. Gold sales were
largely in line with production for the quarter.
Gold CAS totaled $1.3 billion for the quarter. Gold
CAS per ounce2 increased 5 percent to $1,019 per ounce from the
prior year quarter primarily due to lower gold sales volumes as a
result of the Peñasquito labor strike for the duration of the third
quarter of 2023. This unfavorable impact was partially offset by
lower energy, materials and contracted services costs at Peñasquito
while operations were suspended.
Gold AISC per ounce2 increased 12 percent to $1,426 per
ounce from the prior year quarter primarily due to higher CAS per
gold ounce and higher sustaining capital spend.
Attributable gold equivalent ounce (GEO) production from
other metals decreased 81 percent to 58 thousand ounces
primarily due to the suspension of operations at Peñasquito, which
were partially offset by higher copper production at Boddington.
GEO sales were largely in line with production for the
quarter.
CAS from other metals totaled $98 million for the
quarter. CAS per GEO2 increased 130 percent to $1,636 per
ounce from the prior year quarter primarily due to lower other
metal sales as a result of the Peñasquito labor strike for the
duration of the third quarter of 2023. This unfavorable impact was
partially offset by lower energy, materials and contracted services
costs at Peñasquito while operations were suspended.
AISC per GEO2 increased 142 percent to $2,422 per ounce
primarily due to higher CAS per GEO as a result of the Peñasquito
labor strike.
Average realized gold price was $1,920, an increase of
$229 per ounce over the prior year quarter. Average realized gold
price includes $1,929 per ounce of gross price received, an
unfavorable impact of $4 per ounce mark-to-market on
provisionally-priced sales and reductions of $5 per ounce for
treatment and refining charges.
Revenue decreased 5 percent from the prior year quarter
to $2.5 billion primarily due to lower sales volumes, partially
offset by higher average realized gold and copper prices.
Net income from continuing operations attributable to Newmont
stockholders was $157 million or $0.20 per diluted share, a
decrease of $61 million from the prior year quarter primarily due
to lower sales volumes as a result of the Peñasquito labor strike,
as well as higher reclamation and remediation charges. These
decreases were partially offset by higher average realized prices
for gold and copper and lower CAS.
Adjusted net income3 was $286 million or $0.36 per
diluted share, compared to $212 million or $0.27 per diluted share
in the prior year quarter. Primary adjustments to third quarter net
income include reclamation and remediation charges of $104 million,
changes in the fair value of investments of $41 million, Newcrest
transaction-related costs of $16 million and restructuring and
severance costs of $7 million.
Adjusted EBITDA3 increased 10 percent to $933 million for
the quarter, compared to $850 million for the prior year
quarter.
Capital expenditures4 increased 14 percent from the prior
year quarter to $604 million primarily due to higher sustaining
capital spend. Development capital expenditures in 2023 primarily
relate to Tanami Expansion 2, Ahafo North, Yanacocha Sulfides,
Pamour and Cerro Negro District Expansion 1.
Consolidated operating cash flow from continuing
operations increased 115 percent from the prior year quarter to
$1,001 million primarily due to payments made in the third quarter
of 2022 related to 2021 site performance for the Peñasquito
Profit-Sharing Agreement, as well as the timing of accounts payable
and prepaid taxes at Peñasquito, partially offset by a decrease in
revenue due to lower sales volumes primarily as a result of the
strike at Peñasquito.
Free Cash Flow5 increased to $397 million from $(63)
million in the prior year quarter primarily due to higher operating
cash flow, partially offset by higher capital expenditures.
Balance sheet and liquidity remained strong in the third
quarter, ending the quarter with $3.2 billion of consolidated cash,
with approximately $6.2 billion of total liquidity; reported net
debt to adjusted EBITDA of 0.7x7.
Nevada Gold Mines (NGM)6 attributable gold production was
300 thousand ounces, with CAS of $992 per ounce2 and AISC of $1,307
per ounce2 for the third quarter. NGM EBITDA7 was $263 million.
Pueblo Viejo (PV)6 attributable gold production was 52
thousand ounces for the quarter. Cash distributions received for
the Company's equity method investment in Pueblo Viejo totaled $32
million in the third quarter. Capital contributions of $23 million
were made during the quarter related to the expansion project at
Pueblo Viejo.
1
Attributable gold production includes 52
thousand ounces for the third quarter of 2023, 51 thousand ounces
for the second quarter of 2023, and 60 thousand ounces for the
first quarter of 2023 and 81 thousand ounces for the third quarter
of 2022 from the Company’s equity method investment in Pueblo Viejo
(40%).
2
Non-GAAP measure. See end of this release
for reconciliation to Costs applicable to sales.
3
Non-GAAP measure. See end of this release
for reconciliation to Net income (loss) attributable to Newmont
stockholders.
4
Capital expenditures refers to Additions
to property plant and mine development from the Consolidated
Statements of Cash Flows.
5
Non-GAAP measure. See end of this release
for reconciliation to Net cash provided by operating
activities.
6
Newmont has a 38.5% interest in Nevada
Gold Mines in the U.S., which is accounted for using the
proportionate consolidation method. In addition, Newmont has a 40%
interest in Pueblo Viejo, which is accounted for as an equity
method investment.
7
Non-GAAP measure. See end of this release
for reconciliation.
Progressing Profitable Near-Term Projects from Unmatched
Organic Pipeline
Newmont’s project pipeline supports stable production with
improving margins and mine lives1. Newmont's 2023 and longer-term
outlook includes current development capital costs and production
related to Tanami Expansion 2, Ahafo North, Pamour and Cerro Negro
District Expansion 1. Development capital spend and all metal
production for Yanacocha Sulfides has been excluded from
longer-term outlook until an investment decision has been
reached.
Additional projects not listed below represent incremental
improvements to the Company's outlook.
- Tanami Expansion 2 (Australia)
secures Tanami’s future as a long-life, low-cost producer by
extending mine life beyond 2040 through the addition of a 1,460
meter hoisting shaft and supporting infrastructure to process 3.3
million tonnes per year and provide a platform for future growth.
The expansion is expected to increase average annual gold
production by approximately 150,000 to 200,000 ounces per year for
the first five years and reduce operating costs by approximately 10
percent, bringing average all-in sustaining costs to $900 to $1,000
per ounce for Tanami (2026-2030). Commercial production for the
project is expected in the second half of 2025. Total capital costs
are estimated to be between $1.2 and $1.3 billion. Development
costs (excluding capitalized interest) since approval were $677
million, of which $178 million related to the nine months ended
September 30, 2023.
- Ahafo North (Africa) expands our
existing footprint in Ghana with four open pit mines and a
stand-alone mill located approximately 30 kilometers from the
Company’s Ahafo South operations. The project is expected to add
between 275,000 and 325,000 ounces per year with all-in sustaining
costs of $800 to $900 per ounce for the first five full years of
production. Ahafo North is the best unmined gold deposit in West
Africa with approximately 3.8 million ounces of Reserves and 1.4
million ounces of Measured, Indicated and Inferred Resources2 and
significant upside potential to extend beyond Ahafo North’s current
13-year mine life. Commercial production for the project is
expected in the second half of 2025. Total capital costs are
estimated to be between $950 and $1,050 million. Development costs
(excluding capitalized interest) since approval were $333 million,
of which $121 million related to the nine months ended September
30, 2023.
- Pamour (North America) extends the
life of Porcupine and maintains production beyond 2024. The project
will optimize mill capacity, adding volume and supporting high
grade ore from Borden and Hoyle Pond, while supporting further
exploration in a highly prospective and proven mining district. An
investment decision was reached in October of 2023, with first ore
expected in 2024. Commercial production for the project is expected
in the fourth quarter of 2025. Development capital costs are
estimated to be between $350 and $450 million.
- Cerro Negro District Expansion 1
(South America) includes the simultaneous development of the
Marianas and Eastern districts to extend the mine life of Cerro
Negro beyond 2030. The project is expected to improve production
and provides a platform for further exploration and future growth
through additional expansions. Development capital costs for the
project are estimated to be between $350 and $450 million. In the
third quarter of 2023 Newmont declared commercial production for
San Marcos, the first of six ore bodies associated with the
expansion project.
- Yanacocha Sulfides (South America)
has been deferred for at least two years from the previously
planned investment decision date in 2024, representing the first
step to Newmont delivering on its portfolio optimization strategy.
Yanacocha Sulfides will develop the first phase of sulfide deposits
and an integrated processing circuit, including an autoclave to
produce 45% gold, 45% copper and 10% silver. The first phase
focuses on developing the Yanacocha Verde and Chaquicocha deposits
to extend Yanacocha’s operations beyond 2040 with second and third
phases having the potential to extend life for multiple
decades.
1
Project estimates remain subject to change
based upon uncertainties, including future market conditions,
macroeconomic and geopolitical conditions, changes in interest
rates, inflation, commodities and raw materials prices, supply
chain disruptions, labor markets, engineering and mine plan
assumptions, future funding decisions, consideration of strategic
capital allocation and other factors, which may impact estimated
capital expenditures, AISC and timing of projects. See end of this
release for cautionary statement regarding forward-looking
statements.
2
Total resources presented for Ahafo North
includes Measured and Indicated resources of 910 thousand gold
ounces and Inferred resources of 490 thousand gold ounces. See
cautionary statement at the end of this release.
Revised 2023 Outlook Incorporating the Resolution of the
Peñasquito Strike
Newmont is providing a revised 2023 outlook for the standalone
Newmont portfolio of 5.3 million ounces of attributable production
to incorporate the impacts of the Peñasquito strike, lower
production from the non-managed Nevada Gold Mines and Pueblo Viejo
joint ventures, and lower production at Ahafo due to lower
throughput following the decision to operate at less than full
capacity to protect one of the grinding mill's girth gears until it
is replaced. As a result of these volume impacts, 2023 CAS is
expected to be approximately $1,000 per ounce, with AISC of $1,400
per ounce. In addition, as a result of the Peñasquito strike, the
outlook for silver, lead and zinc has been revised for the
remainder of the year.
Sustaining capital is expected to be $1.4 billion for 2023,
incorporating increased spend from the upgrading of camp conditions
at Musselwhite, the addition of five new autonomous haulage trucks
at Boddington to advance stripping in the North and South Pits and
the replacement conveyor at Ahafo. Development capital is expected
to be $1.1 billion for 2023, incorporating reduced spend at
Yanacocha Sulfides and the timing of spend at Tanami Expansion 2 as
a result of the rainfall event in the first quarter.
Copper guidance for Boddington remains unchanged for the year.
In addition, consolidated expense guidance remains unchanged, with
the exception of Depreciation and Amortization as a result of the
lower production volumes for the year.
Please see the cautionary statement at the end of this release
for additional information. For further discussion, investors are
encouraged to attend Newmont’s Third Quarter 2023 Earnings
Conference Call.
Standalone Newmont 2023 Outlook
a
2023E
Gold ($1,900/oz price
assumption)
Attributable Gold Production (Moz) b
5.3
Gold CAS ($/oz)
$1,000
Gold AISC ($/oz) c
$1,400
Copper ($3.50/lb price
assumption)
Copper Production (Mlb)
100
Copper CAS ($/lb)
$2.00
Copper AISC ($/lb) c
$2.50
Silver ($23.00/oz price
assumption)
Silver Production (Moz)
15
Silver CAS ($/oz)
$16.00
Silver AISC ($/oz) c
$21.60
Lead ($0.95/lb price
assumption)
Lead Production (Mlb)
100
Lead CAS ($/lb)
$0.80
Lead AISC ($/lb) c
$1.00
Zinc ($1.15/lb price
assumption)
Zinc Production (Mlb)
230
Zinc CAS ($/lb)
$1.10
Zinc AISC ($/lb) c
$1.60
Attributable Capital
Sustaining Capital ($M)
$1,400
Development Capital ($M)
$1,100
Consolidated Expenses
Exploration & Advanced Projects
($M)
$500
General & Administrative ($M)
$275
Interest Expense ($M)
$210
Depreciation & Amortization ($M)
$2,000
Adjusted Tax Rate d,e
32% - 36%
a
2023 outlook projections are considered
forward-looking statements and represent management’s good faith
estimates or expectations of future production results as of
October 26, 2023, excluding Newcrest Mining Limited. Outlook is
based upon certain assumptions, including, but not limited to,
metal prices, oil prices, certain exchange rates and other
assumptions. For example, revised 2023 Outlook assumes $1,900/oz
Au, $3.50/lb Cu, $23.00/oz Ag, $1.15/lb Zn, $0.95/lb Pb, $0.70
AUD/USD exchange rate, $0.75 CAD/USD exchange rate and $80/barrel
WTI. Production, CAS, AISC and capital estimates exclude projects
that have not yet been approved, except for Cerro Negro District
Expansion 1 which is included in Outlook. The potential impact on
inventory valuation as a result of lower prices, input costs, and
project decisions are not included as part of this Outlook.
Assumptions used for purposes of Outlook may prove to be incorrect
and actual results may differ from those anticipated, including
variation beyond a +/-5% range. Outlook cannot be guaranteed. As
such, investors are cautioned not to place undue reliance upon
Outlook and forward-looking statements as there can be no assurance
that the plans, assumptions or expectations upon which they are
placed will occur. Amounts may not recalculate to totals due to
rounding. See cautionary statement at the end of this release.
b
Attributable production includes Newmont’s
40% interest in Pueblo Viejo, which is accounted for as an equity
method investment.
c
All-in sustaining costs (AISC) as used in
the Company’s Outlook is a non-GAAP metric; see below for further
information and reconciliation to consolidated 2023 CAS
outlook.
d
The adjusted tax rate excludes certain
items such as tax valuation allowance adjustments.
e
Assuming average prices of $1,900 per
ounce for gold, $3.50 per pound for copper, $23.00 per ounce for
silver, $0.95 per pound for lead, and $1.15 per pound for zinc and
achievement of current production, sales and cost estimates, we
estimate our consolidated adjusted effective tax rate related to
continuing operations for 2023 will be between 32%-36%.
Three Months Ended September
30,
Nine Months Ended September
30,
Operating Results
2023
2022
% Change
2023
2022
% Change
Attributable Sales (koz)
Attributable gold ounces sold (1)
1,229
1,369
(10
)%
3,614
4,115
(12
)%
Attributable gold equivalent ounces
sold
59
281
(79
)%
575
964
(40
)%
Average Realized Price ($/oz,
$/lb)
Average realized gold price
$
1,920
$
1,691
14
%
$
1,930
$
1,806
7
%
Average realized copper price
$
3.68
$
2.80
31
%
$
3.71
$
3.54
5
%
Average realized silver price (2)
N.M.
$
15.42
N.M.
$
20.18
$
17.81
13
%
Average realized lead price (2)
N.M.
$
0.86
N.M.
$
0.90
$
0.92
(2
)%
Average realized zinc price (2)
N.M.
$
1.25
N.M.
$
0.97
$
1.41
(31
)%
Attributable Production (koz)
CC&V
45
47
(4
)%
134
125
7
%
Musselwhite
48
44
9
%
130
115
13
%
Porcupine
64
74
(14
)%
190
201
(5
)%
Éléonore
50
57
(12
)%
164
148
11
%
Peñasquito (2)
—
182
(100
)%
123
440
(72
)%
Merian (75%)
62
65
(5
)%
164
212
(23
)%
Cerro Negro
71
67
6
%
186
209
(11
)%
Yanacocha (3)
87
53
64
%
208
172
21
%
Boddington
181
174
4
%
589
589
—
%
Tanami
123
122
1
%
312
355
(12
)%
Ahafo
133
155
(14
)%
398
397
—
%
Akyem
75
99
(24
)%
195
298
(35
)%
Nevada Gold Mines
300
267
12
%
848
845
—
%
Total Gold (excluding equity method
investments)
1,239
1,406
(12
)%
3,641
4,106
(11
)%
Pueblo Viejo (40%) (4)
52
81
(36
)%
163
220
(26
)%
Total Gold
1,291
1,487
(13
)%
3,804
4,326
(12
)%
Peñasquito (2)
—
254
(100
)%
413
819
(50
)%
Boddington
58
45
29
%
189
160
18
%
Total Gold Equivalent Ounces
58
299
(81
)%
602
979
(39
)%
CAS Consolidated ($/oz, $/GEO)
CC&V
$
1,253
$
1,325
(5
)%
$
1,165
$
1,265
(8
)%
Musselwhite
$
1,045
$
1,113
(6
)%
$
1,230
$
1,257
(2
)%
Porcupine
$
1,189
$
970
23
%
$
1,160
$
1,038
12
%
Éléonore
$
1,338
$
1,171
14
%
$
1,280
$
1,305
(2
)%
Peñasquito (2)
N.M.
$
757
N.M.
$
1,196
$
791
51
%
Merian (75%)
$
1,261
$
1,041
21
%
$
1,231
$
947
30
%
Cerro Negro
$
1,216
$
1,068
14
%
$
1,317
$
986
34
%
Yanacocha (3)
$
1,057
$
1,415
(25
)%
$
1,102
$
1,130
(2
)%
Boddington
$
848
$
839
1
%
$
821
$
798
3
%
Tanami
$
655
$
637
3
%
$
783
$
641
22
%
Ahafo
$
969
$
1,011
(4
)%
$
957
$
984
(3
)%
Akyem
$
1,032
$
776
33
%
$
958
$
737
30
%
Nevada Gold Mines
$
992
$
1,104
(10
)%
$
1,049
$
1,010
4
%
Total Gold
$
1,019
$
968
5
%
$
1,033
$
931
11
%
Total Gold (by-product) (5)
$
1,022
$
907
13
%
$
988
$
847
17
%
Peñasquito (2)
N.M.
$
699
N.M.
$
1,183
$
815
45
%
Boddington
$
816
$
776
5
%
$
797
$
768
4
%
Total Gold Equivalent Ounces
$
1,636
$
712
130
%
$
1,056
$
807
31
%
Three Months Ended September
30,
Nine Months Ended September
30,
Operating Results (continued)
2023
2022
% Change
2023
2022
% Change
AISC Consolidated ($/oz, $/GEO)
CC&V
$
1,819
$
1,750
4
%
$
1,603
$
1,661
(3
)%
Musselwhite
$
1,715
$
1,533
12
%
$
1,869
$
1,619
15
%
Porcupine
$
1,644
$
1,199
37
%
$
1,545
$
1,271
22
%
Éléonore
$
2,107
$
1,570
34
%
$
1,855
$
1,675
11
%
Peñasquito (2)
N.M.
$
982
N.M.
$
1,569
$
1,002
57
%
Merian (75%)
$
1,652
$
1,252
32
%
$
1,580
$
1,131
40
%
Cerro Negro
$
1,438
$
1,411
2
%
$
1,556
$
1,248
25
%
Yanacocha (3)
$
1,187
$
1,676
(29
)%
$
1,290
$
1,362
(5
)%
Boddington
$
1,123
$
1,001
12
%
$
1,039
$
921
13
%
Tanami
$
890
$
925
(4
)%
$
1,066
$
930
15
%
Ahafo
$
1,208
$
1,161
4
%
$
1,269
$
1,167
9
%
Akyem
$
1,332
$
930
43
%
$
1,260
$
900
40
%
Nevada Gold Mines
$
1,307
$
1,358
(4
)%
$
1,364
$
1,232
11
%
Total Gold
$
1,426
$
1,271
12
%
$
1,425
$
1,209
18
%
Total Gold (by-product) (5)
$
1,467
$
1,268
16
%
$
1,451
$
1,192
22
%
Peñasquito (2)
N.M.
$
982
N.M.
$
1,648
$
1,092
51
%
Boddington
$
1,108
$
873
27
%
$
1,033
$
879
18
%
Total Gold Equivalent Ounces
$
2,422
$
999
142
%
$
1,511
$
1,098
38
%
(1)
Attributable gold ounces from the Pueblo
Viejo mine, an equity method investment, are not included in
attributable gold ounces sold.
(2)
For the three months ended September 30,
2023, Peñasquito had no production due to the suspension of
operations as a result of the Union labor strike. Sales activity
recognized in the third quarter of 2023 is related to adjustments
on provisionally priced concentrate sales subject to final
settlement. Consequently, price per ounce/pound metrics are not
meaningful ("N.M.").
(3)
The Company recognized amounts
attributable to noncontrolling interest for Yanacocha during the
period prior to acquiring Sumitomo Corporation's 5% interest in the
second quarter of 2022.
(4)
Represents attributable gold from Pueblo
Viejo and does not include the Company's other equity method
investments. Attributable gold ounces produced at Pueblo Viejo are
not included in attributable gold ounces sold, as noted in footnote
1. Income and expenses of equity method investments are included in
Equity income (loss) of affiliates.
(5)
Non-GAAP measure. See end of this release
for reconciliation.
NEWMONT CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions
except per share)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Sales
$
2,493
$
2,634
$
7,855
$
8,715
Costs and expenses:
Costs applicable to sales (1)
1,371
1,545
4,396
4,688
Depreciation and amortization
480
508
1,427
1,614
Reclamation and remediation
166
53
298
163
Exploration
78
69
192
169
Advanced projects, research and
development
53
80
132
169
General and administrative
70
73
215
210
Other expense, net
37
11
86
68
2,255
2,339
6,746
7,081
Other income (expense):
Other income (loss), net
42
56
124
(128
)
Interest expense, net of capitalized
interest
(48
)
(55
)
(162
)
(174
)
(6
)
1
(38
)
(302
)
Income (loss) before income and mining tax
and other items
232
296
1,071
1,332
Income and mining tax benefit
(expense)
(73
)
(96
)
(449
)
(343
)
Equity income (loss) of affiliates
3
25
44
81
Net income (loss) from continuing
operations
162
225
666
1,070
Net income (loss) from discontinued
operations
1
(5
)
15
19
Net income (loss)
163
220
681
1,089
Net loss (income) attributable to
noncontrolling interests
(5
)
(7
)
(17
)
(41
)
Net income (loss) attributable to Newmont
stockholders
$
158
$
213
$
664
$
1,048
Net income (loss) attributable to Newmont
stockholders:
Continuing operations
$
157
$
218
$
649
$
1,029
Discontinued operations
1
(5
)
15
19
$
158
$
213
$
664
$
1,048
Weighted average common shares
(millions):
Basic
795
794
795
793
Effect of employee stock-based awards
1
1
$
—
2
Diluted
796
795
795
795
Net income (loss) attributable to Newmont
stockholders per common share:
Basic:
Continuing operations
$
0.20
$
0.28
$
0.82
$
1.30
Discontinued operations
—
(0.01
)
0.02
0.02
$
0.20
$
0.27
$
0.84
$
1.32
Diluted:
Continuing operations
$
0.20
$
0.28
$
0.82
$
1.30
Discontinued operations
—
(0.01
)
0.02
0.02
$
0.20
$
0.27
$
0.84
$
1.32
(1)
Excludes Depreciation and amortization and Reclamation and
remediation.
NEWMONT CORPORATION| CONDENSED
CONSOLIDATED BALANCE SHEETS (unaudited, in millions)
At September 30,
2023
At December 31, 2022
ASSETS
Cash and cash equivalents
$
3,190
$
2,877
Time deposits and other investments
24
880
Trade receivables
78
366
Inventories
1,127
979
Stockpiles and ore on leach pads
829
774
Other current assets
707
639
Current assets
5,955
6,515
Property, plant and mine development,
net
24,474
24,073
Investments
3,133
3,278
Stockpiles and ore on leach pads
1,740
1,716
Deferred income tax assets
138
173
Goodwill
1,971
1,971
Other non-current assets
673
756
Total assets
$
38,084
$
38,482
LIABILITIES
Accounts payable
$
651
$
633
Employee-related benefits
345
399
Income and mining taxes payable
143
199
Lease and other financing obligations
94
96
Other current liabilities
1,575
1,599
Current liabilities
2,808
2,926
Debt
5,575
5,571
Lease and other financing obligations
418
465
Reclamation and remediation
liabilities
6,714
6,578
Deferred income tax liabilities
1,696
1,809
Employee-related benefits
397
342
Silver streaming agreement
787
828
Other non-current liabilities
429
430
Total liabilities
18,824
18,949
Commitments and contingencies (1)
EQUITY
Common stock
1,281
1,279
Treasury stock
(263
)
(239
)
Additional paid-in capital
17,425
17,369
Accumulated other comprehensive income
(loss)
8
29
Retained earnings
623
916
Newmont stockholders' equity
19,074
19,354
Noncontrolling interests
186
179
Total equity
19,260
19,533
Total liabilities and equity
$
38,084
$
38,482
(1)
Refer to Note 18 of the Condensed
Consolidated Financial Statements for additional information.
NEWMONT CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in
millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Operating activities:
Net income (loss)
$
163
$
220
$
681
$
1,089
Non-cash adjustments:
Depreciation and amortization
480
508
1,427
1,614
Net loss (income) from discontinued
operations
(1
)
5
(15
)
(19
)
Reclamation and remediation
167
46
287
149
Stock-based compensation
16
17
58
57
Change in fair value of investments
41
(5
)
42
91
(Gain) loss on asset and investment sales,
net
2
(9
)
(34
)
26
Deferred income taxes
(24
)
(34
)
(3
)
(145
)
Charges from pension settlement
—
—
—
130
Other non-cash adjustments
30
28
37
8
Net change in operating assets and
liabilities
127
(310
)
(342
)
(812
)
Net cash provided by (used in) operating
activities of continuing operations
1,001
466
2,138
2,188
Net cash provided by (used in) operating
activities of discontinued operations
2
7
9
22
Net cash provided by (used in) operating
activities
1,003
473
2,147
2,210
Investing activities:
Additions to property, plant and mine
development
(604
)
(529
)
(1,746
)
(1,485
)
Proceeds from maturities of
investments
374
—
1,355
—
Purchases of investments
(3
)
(657
)
(545
)
(665
)
Proceeds from asset and investment
sales
5
16
219
57
Contributions to equity method
investees
(26
)
(61
)
(90
)
(152
)
Return of investment from equity method
investees
—
13
30
52
Other
1
(5
)
24
(64
)
Net cash provided by (used in) investing
activities
(253
)
(1,223
)
(753
)
(2,257
)
Financing activities:
Dividends paid to common stockholders
(318
)
(437
)
(954
)
(1,310
)
Distributions to noncontrolling
interests
(41
)
(37
)
(107
)
(140
)
Funding from noncontrolling interests
32
33
107
89
Payments on lease and other financing
obligations
(16
)
(16
)
(48
)
(50
)
Payments for withholding of employee taxes
related to stock-based compensation
(2
)
(2
)
(24
)
(38
)
Acquisition of noncontrolling
interests
—
—
—
(348
)
Repayment of debt
—
—
—
(89
)
Other
(36
)
(1
)
(39
)
9
Net cash provided by (used in) financing
activities
(381
)
(460
)
(1,065
)
(1,877
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(5
)
(20
)
(9
)
(29
)
Net change in cash, cash equivalents and
restricted cash
364
(1,230
)
320
(1,953
)
Cash, cash equivalents and restricted cash
at beginning of period
2,900
4,370
2,944
5,093
Cash, cash equivalents and restricted cash
at end of period
$
3,264
$
3,140
$
3,264
$
3,140
Reconciliation of cash, cash equivalents
and restricted cash:
Cash and cash equivalents
$
3,190
$
3,058
$
3,190
$
3,058
Restricted cash included in Other current
assets
1
18
1
18
Restricted cash included in Other
non-current assets
73
64
73
64
Total cash, cash equivalents and
restricted cash
$
3,264
$
3,140
$
3,264
$
3,140
Non-GAAP Financial Measures
Non-GAAP financial measures are intended to provide additional
information only and do not have any standard meaning prescribed by
GAAP. These measures should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
GAAP. Refer to Non-GAAP Financial Measures within Part II, Item 7
within our Form 10-K for the year ended December 31, 2022, filed
with the SEC on February 23, 2023 for further information on the
non-GAAP financial measures presented below, including why
management believes that its presentation of non-GAAP financial
measures provides useful information to investors.
Adjusted net income (loss)
Net income (loss) attributable to Newmont stockholders is
reconciled to Adjusted net income (loss) as follows:
Three Months Ended
September 30, 2023
Nine Months Ended
September 30, 2023
per share data (1)
per share data (1)
basic
diluted
basic
diluted
Net income (loss) attributable to Newmont
stockholders
$
158
$
0.20
$
0.20
$
664
$
0.84
$
0.84
Net loss (income) attributable to Newmont
stockholders from discontinued operations
(1
)
—
—
(15
)
(0.02
)
(0.02
)
Net income (loss) attributable to Newmont
stockholders from continuing operations
157
0.20
0.20
649
0.82
0.82
Reclamation and remediation charges
(2)
104
0.14
0.14
102
0.13
0.13
Change in fair value of investments
(3)
41
0.05
0.05
42
0.05
0.05
Newcrest transaction-related costs (4)
16
0.02
0.02
37
0.05
0.05
(Gain) loss on asset and investment sales,
net (5)
2
—
—
(34
)
(0.04
)
(0.04
)
Restructuring and severance (6)
7
0.01
0.01
19
0.03
0.03
Impairment charges (7)
2
—
—
10
0.01
0.01
Settlement costs (8)
2
—
—
2
—
—
Other (9)
(1
)
—
—
(5
)
—
—
Tax effect of adjustments (10)
(47
)
(0.06
)
(0.06
)
(48
)
(0.07
)
(0.07
)
Valuation allowance and other tax
adjustments (11)
3
—
—
98
0.12
0.12
Adjusted net income (loss)
$
286
$
0.36
$
0.36
$
872
$
1.10
$
1.10
Weighted average common shares (millions):
(12)
795
796
795
795
(1)
Per share measures may not recalculate due
to rounding.
(2)
Reclamation and remediation charges,
included in Reclamation and remediation, represent revisions to
reclamation and remediation plans at the Company's former operating
properties and historic mining operations that have entered the
closure phase and have no substantive future economic value. Refer
to Note 5 of the Condensed Consolidated Financial Statement for
further information.
(3)
Change in fair value of investments,
included in Other income (loss), net, primarily represents
unrealized gains and losses related to the Company's investment in
current and non-current marketable equity securities.
(4)
Newcrest transaction-related costs,
included in Other expense, net, primarily represents costs incurred
related to the Newcrest transaction. Refer to Note 1 of the
Condensed Consolidated Financial Statements for further
information.
(5)
(Gain) loss on asset and investment sales,
net, included in Other income (loss), net, primarily represents the
net gain recognized on the exchange of the previously held Maverix
investment for Triple Flag and the subsequent sale of the Triple
Flag investment. Refer to Note 11 of the Condensed Consolidated
Financial Statements for further information.
(6)
Restructuring and severance, included in
Other expense, net, primarily represents severance and related
costs associated with significant organizational or operating model
changes implemented by the Company.
(7)
Impairment charges, included in Other
expense, net, represents non-cash write-downs of various assets
that are no longer in use and materials and supplies
inventories.
(8)
Settlement costs, included in Other
expense, net, are primarily comprised of litigation expenses.
(9)
Other represents income received on the
favorable settlement of certain matters that were outstanding at
the time of sale of the related investment in 2022. Amounts
included in Other income (loss), net.
(10)
The tax effect of adjustments, included in
Income and mining tax benefit (expense), represents the tax effect
of adjustments in footnotes (2) through (9), as described above,
and are calculated using the applicable regional tax rate.
(11)
Valuation allowance and other tax
adjustments, included in Income and mining tax benefit (expense),
is recorded for items such as foreign tax credits, capital losses,
disallowed foreign losses, and the effects of changes in foreign
currency exchange rates on deferred tax assets and deferred tax
liabilities. The adjustment for the three and nine months ended
September 30, 2023 reflects the net increase or (decrease) to net
operating losses, capital losses, tax credit carryovers, and other
deferred tax assets subject to valuation allowance of $69 and $126,
the effects of changes in foreign exchange rates on deferred tax
assets and liabilities of $(73) and $(52), net reductions to the
reserve for uncertain tax positions of $4 and $18, other tax
adjustments of $3 and $6. For further information on reductions to
the reserve for uncertain tax positions, refer to Note 8 of the
Condensed Consolidated Financial Statements.
(12)
Adjusted net income (loss) per diluted
share is calculated using diluted common shares in accordance with
GAAP.
Three Months Ended
September 30, 2022
Nine Months Ended
September 30, 2022
per share data (1)
per share data (1)
basic
diluted
basic
diluted
Net income (loss) attributable to Newmont
stockholders
$
213
$
0.27
$
0.27
$
1,048
$
1.32
$
1.32
Net loss (income) attributable to Newmont
stockholders from discontinued operations
5
0.01
0.01
(19
)
(0.02
)
(0.02
)
Net income (loss) attributable to Newmont
stockholders from continuing operations
218
0.28
0.28
1,029
1.30
1.30
Pension settlements (2)
—
—
—
130
0.16
0.16
Change in fair value of investments
(3)
(5
)
(0.01
)
(0.01
)
91
0.11
0.11
(Gain) loss on asset and investment sales,
net (4)
(9
)
(0.01
)
(0.01
)
26
0.03
0.03
Settlement costs (5)
2
—
—
20
0.03
0.03
Reclamation and remediation charges
(6)
—
—
—
13
0.02
0.02
Restructuring and severance (7)
2
—
—
3
—
—
Impairment charges (8)
1
—
—
3
—
—
COVID-19 specific costs (9)
—
—
—
1
—
—
Other (10)
—
—
—
(18
)
(0.03
)
(0.03
)
Tax effect of adjustments (11)
1
—
—
(61
)
(0.07
)
(0.07
)
Valuation allowance and other tax
adjustments (12)
2
0.01
0.01
(117
)
(0.14
)
(0.14
)
Adjusted net income (loss)
$
212
$
0.27
$
0.27
$
1,120
$
1.41
$
1.41
Weighted average common shares (millions):
(13)
794
795
793
795
(1)
Per share measures may not recalculate due
to rounding.
(2)
Pension settlement, included in Other
income (loss), net, represent pension settlement charges in 2022
related to the annuitization of certain defined benefit plans. For
further information, refer to Note 7 of the Condensed Consolidated
Financial Statements.
(3)
Change in fair value of investments,
included in Other income (loss), net, primarily represents
unrealized gains and losses related to the Company's investment in
current and non-current marketable and other equity securities.
(4)
(Gain) loss on asset and investment sales,
included in Other income (loss), net, primarily represents the loss
recognized on the sale of the La Zanja equity method investment
partially offset by a gain on the sale of a royalty in NGM during
the third quarter of 2022. For further information, refer to Note 1
of the Condensed Consolidated Financial Statements.
(5)
Settlement costs, included in Other
expense, net, primarily are comprised of legal settlement and a
voluntary contribution made to support humanitarian efforts in
Ukraine.
(6)
Reclamation and remediation charges,
included in Reclamation and remediation, represent revisions to
reclamation and remediation plans at the Company's former operating
properties and historic mining operations that have entered the
closure phase and have no substantive future economic value. For
further information, refer to Note 5 of the Condensed Consolidated
Financial Statements.
(7)
Restructuring and severance, included in
Other expense, net, primarily represents severance and related
costs associated with significant organizational or operating model
changes implemented by the Company.
(8)
Impairment charges, included in Other
expense, net, represents non-cash write-downs of various assets
that are no longer in use and materials and supplies
inventories.
(9)
COVID-19 specific costs, included in Other
expense, net, primarily include amounts distributed from Newmont
Global Community Support Fund to help host communities, governments
and employees combat the COVID-19 pandemic.
(10)
Primarily comprised of a reimbursement of
certain historical Goldcorp operational expenses related to a
legacy project that reached commercial production in the second
quarter of 2022, included in Other income (loss), net.
(11)
The tax effect of adjustments, included in
Income and mining tax benefit (expense), represents the tax effect
of adjustments in footnotes (2) through (10), as described above,
and are calculated using the applicable regional tax rate.
(12)
Valuation allowance and other tax
adjustments, included in Income and mining tax benefit (expense),
is recorded for items such as foreign tax credits, capital losses,
disallowed foreign losses, and the effects of changes in foreign
currency exchange rates on deferred tax assets and deferred tax
liabilities. The adjustment for the three and nine months ended
September 30, 2022 reflects the net increase or (decrease) to net
operating losses, capital losses, tax credit carryovers, and other
deferred tax assets subject to valuation allowance of $19 and $68,
the effects of changes in foreign exchange rates on deferred tax
assets and liabilities of $(22) and $(48), net reductions to the
reserve for uncertain tax positions of $4 and $(13), other tax
adjustments of $1 and $1, and a tax settlement in Mexico of $— and
$(125). For further information on reductions to the reserve for
uncertain tax positions, refer to Note 8 of the Condensed
Consolidated Financial Statements.
(13)
Adjusted net income (loss) per diluted
share is calculated using diluted common shares in accordance with
GAAP.
Earnings before interest, taxes,
depreciation and amortization and Adjusted earnings before
interest, taxes, depreciation and amortization
Net income (loss) attributable to Newmont stockholders is
reconciled to EBITDA and Adjusted EBITDA as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Net income (loss) attributable to Newmont
stockholders
$
158
$
213
$
664
$
1,048
Net income (loss) attributable to
noncontrolling interests
5
7
17
41
Net loss (Income) from discontinued
operations
(1
)
5
(15
)
(19
)
Equity loss (income) of affiliates
(3
)
(25
)
(44
)
(81
)
Income and mining tax expense
(benefit)
73
96
449
343
Depreciation and amortization
480
508
1,427
1,614
Interest expense, net of capitalized
interest
48
55
162
174
EBITDA
$
760
$
859
$
2,660
$
3,120
Adjustments:
Reclamation and remediation charges
(1)
$
104
$
—
$
102
$
13
Change in fair value of investments
(2)
41
(5
)
42
91
Newcrest transaction-related costs (3)
16
—
37
—
(Gain) loss on asset and investment sales,
net (4)
2
(9
)
(34
)
26
Restructuring and severance (5)
7
2
19
3
Impairment charges (6)
2
1
10
3
Settlement costs (7)
2
2
2
20
Pension settlement (8)
—
—
—
130
COVID-19 specific costs (9)
—
—
—
1
Other (10)
(1
)
—
(5
)
(18
)
Adjusted EBITDA
$
933
$
850
$
2,833
$
3,389
(1)
Reclamation and remediation charges,
included in Reclamation and remediation, represent revisions to
reclamation and remediation plans at the Company's former operating
properties and historic mining operations that have entered the
closure phase and have no substantive future economic value. For
further information, refer to Note 5 of the Condensed Consolidated
Financial Statements.
(2)
Change in fair value of investments,
included in Other income (loss), net, primarily represents
unrealized gains and losses related to the Company's investments in
current and non-current marketable equity securities.
(3)
Newcrest transaction-related costs,
included in Other expense, net, primarily represents costs incurred
related to the Newcrest transaction in 2023. Refer to Note 1 of the
Condensed Consolidated Financial Statements for further
information.
(4)
(Gain) loss on asset and investment sales,
net, included in Other income (loss), net, in 2023 is primarily
comprised of the net gain recognized on the exchange of the
previously held Maverix investment for Triple Flag and the
subsequent sale of the Triple Flag investment. Refer to Note 11 of
the Condensed Consolidated Financial Statements for further
information. Amounts related to 2022 are primarily comprised of the
loss recognized on the sale of the La Zanja equity method
investment, partially offset by a gain on the sale of a royalty at
NGM in the third quarter of 2022. Refer to Note 1 of the Condensed
Consolidated Financial Statements for further information.
(5)
Restructuring and severance, included in
Other expense, net, primarily represents severance and related
costs associated with significant organizational or operating model
changes implemented by the Company for all periods presented.
(6)
Impairment charges, included in Other
expense, net, represents non-cash write-downs of various assets
that are no longer in use and materials and supplies
inventories.
(7)
Settlement costs, included in Other
expense, net, are primarily comprised of litigation expenses in
2023 and a legal settlement and a voluntary contribution made to
support humanitarian efforts in Ukraine in 2022.
(8)
Pension settlement, included in Other
income (loss), net, represents pension settlement charges in 2022
related to the annuitization of certain defined benefit plans. For
further information, refer to Note 7 of the Condensed Consolidated
Financial Statements.
(9)
COVID-19 specific costs, included in Other
expense, net, primarily include amounts distributed from Newmont
Global Community Support Fund to help host communities, governments
and employees combat the COVID-19 pandemic.
(10)
Other, included in Other income (loss),
net, in 2023 represents income received during the first quarter of
2023, on the favorable settlement of certain matters that were
outstanding at the time of sale of the related investment in 2022.
Amounts related to 2022 are primarily comprised of a reimbursement
of certain historical Goldcorp operational expenses related to a
legacy project that reached commercial production in the second
quarter of 2022.
Income (loss) before income and mining tax and other items is
reconciled to Nevada Gold Mines (NGM) EBITDA as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Income (Loss) before Income and Mining Tax
and other Items, NGM (1)
$
151
$
49
$
376
$
293
Depreciation and amortization (1)
112
109
323
361
NGM EBITDA
$
263
$
158
$
699
$
654
(1)
Refer to Note 3 of the Condensed
Consolidated Financial Statements.
Free Cash Flow
The following table sets forth a reconciliation of Free Cash
Flow to Net cash provided by (used in) operating activities, which
the Company believes to be the GAAP financial measure most directly
comparable to Free Cash Flow, as well as information regarding Net
cash provided by (used in) investing activities and Net cash
provided by (used in) financing activities.
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Net cash provided by (used in) operating
activities
$
1,003
$
473
$
2,147
$
2,210
Less: Net cash used in (provided by)
operating activities of discontinued operations
(2
)
(7
)
(9
)
(22
)
Net cash provided by (used in) operating
activities of continuing operations
1,001
466
2,138
2,188
Less: Additions to property, plant and
mine development
(604
)
(529
)
(1,746
)
(1,485
)
Free Cash Flow
$
397
$
(63
)
$
392
$
703
Net cash provided by (used in) investing
activities (1)
$
(253
)
$
(1,223
)
$
(753
)
$
(2,257
)
Net cash provided by (used in) financing
activities
$
(381
)
$
(460
)
$
(1,065
)
$
(1,877
(1)
Net cash provided by (used in) investing
activities includes Additions to property, plant and mine
development, which is included in the Company’s computation of Free
Cash Flow.
Attributable Free Cash Flow
Management uses Attributable Free Cash Flow as a non-GAAP
measure to analyze cash flows generated from operations that are
attributable to the Company. Attributable Free Cash Flow is Net
cash provided by (used in) operating activities after deducting net
cash flows from operations attributable to noncontrolling interests
less Net cash provided by (used in) operating activities of
discontinued operations after deducting net cash flows from
discontinued operations attributable to noncontrolling interests
less Additions to property, plant and mine development after
deducting property, plant and mine development attributable to
noncontrolling interests. The Company believes that Attributable
Free Cash Flow is useful as one of the bases for comparing the
Company’s performance with its competitors. Although Attributable
Free Cash Flow and similar measures are frequently used as measures
of cash flows generated from operations by other companies, the
Company’s calculation of Attributable Free Cash Flow is not
necessarily comparable to such other similarly titled captions of
other companies.
The presentation of non-GAAP Attributable Free Cash Flow is not
meant to be considered in isolation or as an alternative to Net
income attributable to Newmont stockholders as an indicator of the
Company’s performance, or as an alternative to Net cash provided by
(used in) operating activities as a measure of liquidity as those
terms are defined by GAAP, and does not necessarily indicate
whether cash flows will be sufficient to fund cash needs. The
Company’s definition of Attributable Free Cash Flow is limited in
that it does not represent residual cash flows available for
discretionary expenditures due to the fact that the measure does
not deduct the payments required for debt service and other
contractual obligations or payments made for business acquisitions.
Therefore, the Company believes it is important to view
Attributable Free Cash Flow as a measure that provides supplemental
information to the Company’s Condensed Consolidated Statements of
Cash Flows.
The following tables set forth a reconciliation of Attributable
Free Cash Flow, a non-GAAP financial measure, to Net cash provided
by (used in) operating activities, which the Company believes to be
the GAAP financial measure most directly comparable to Attributable
Free Cash Flow, as well as information regarding Net cash provided
by (used in) investing activities and Net cash provided by (used
in) financing activities.
Three Months Ended September
30, 2023
Nine Months Ended September
30, 2023
Consolidated
Attributable to noncontrolling
interests (1)
Attributable to Newmont
Stockholders
Consolidated
Attributable to noncontrolling
interests (1)
Attributable to Newmont
Stockholders
Net cash provided by (used in) operating
activities
$
1,003
$
(17
)
$
986
$
2,147
$
(29
)
$
2,118
Less: Net cash used in (provided by)
operating activities of discontinued operations
(2
)
—
(2
)
(9
)
—
(9
)
Net cash provided by (used in) operating
activities of continuing operations
1,001
(17
)
984
2,138
(29
)
2,109
Less: Additions to property, plant and
mine development (2)
(604
)
6
(598
)
(1,746
)
15
(1,731
)
Free Cash Flow
$
397
$
(11
)
$
386
$
392
$
(14
)
$
378
Net cash provided by (used in) investing
activities (3)
$
(253
)
$
(753
)
Net cash provided by (used in) financing
activities
$
(381
)
$
(1,065
)
(1)
Adjustment to eliminate a portion of Net
cash provided by (used in) operating activities, Net cash provided
by (used in) operating activities of discontinued operations and
Additions to property, plant and mine development attributable to
noncontrolling interests, which relates to Merian (25%).
(2)
For the three months ended September 30,
2023, Merian had total consolidated Additions to property, plant
and mine development of $26 on a cash basis. For the nine months
ended September 30, 2023, Merian had total consolidated Additions
to property, plant and mine development of $60 on a cash basis.
(3)
Net cash provided by (used in) investing
activities includes Additions to property, plant and mine
development, which is included in the Company’s computation of Free
Cash Flow.
Three Months Ended September
30, 2022
Nine Months Ended September
30, 2022
Consolidated
Attributable to noncontrolling
interests (1)
Attributable to Newmont
Stockholders
Consolidated
Attributable to noncontrolling
interests (1)
Attributable to Newmont
Stockholders
Net cash provided by (used in) operating
activities
$
473
$
(11
)
$
462
$
2,210
$
(64
)
$
2,146
Less: Net cash used in (provided by)
operating activities of discontinued operations
(7
)
—
(7
)
(22
)
—
(22
)
Net cash provided by (used in) operating
activities of continuing operations
466
(11
)
455
2,188
(64
)
2,124
Less: Additions to property, plant and
mine development (2)
(529
)
4
(525
)
(1,485
)
25
(1,460
)
Free Cash Flow
$
(63
)
$
(7
)
$
(70
)
$
703
$
(39
)
$
664
Net cash provided by (used in) investing
activities (3)
$
(1,223
)
$
(2,257
)
Net cash provided by (used in) financing
activities
$
(460
)
$
(1,877
)
(1)
Adjustment to eliminate a portion of Net
cash provided by (used in) operating activities, Net cash provided
by (used in) operating activities of discontinued operations and
Additions to property, plant and mine development attributable to
noncontrolling interests, which relate to Merian (25%) for the
three and nine months ended September 30, 2022, and Yanacocha (5%)
for the nine months ended September 30, 2022.
(2)
For the three months ended September 30,
2022, Yanacocha and Merian had total consolidated Additions to
property, plant and mine development of $86 and $14, respectively,
on a cash basis. For the nine months ended September 30, 2022,
Yanacocha and Merian had total consolidated Additions to property,
plant and mine development of $237 and $37, respectively, on a cash
basis.
(3)
Net cash provided by (used in) investing
activities includes Additions to property, plant and mine
development, which is included in the Company’s computation of Free
Cash Flow.
Net Debt
Net Debt is calculated as Debt and Lease and other financing
obligations less Cash and cash equivalents and time deposits
included in Time deposits and other investments, as presented on
the Condensed Consolidated Balance Sheets. Cash and cash
equivalents and time deposits are subtracted from Debt and Lease
and other financing obligations as these are highly liquid,
low-risk investments and could be used to reduce the Company's debt
obligations.
The following table sets forth a reconciliation of Net Debt, a
non-GAAP financial measure, to Debt and Lease and other financing
obligations, which the Company believes to be the GAAP financial
measures most directly comparable to Net Debt.
At September 30,
2023
At December 31,
2022
Debt
$
5,575
$
5,571
Lease and other financing obligations
512
561
Less: Cash and cash equivalents
(3,190
)
(2,877
)
Less: Time deposits (1)
—
(829
)
Net debt
$
2,897
$
2,426
(1)
Time deposits are included in Time
deposits and other investments on the Condensed Consolidated
Balance Sheets. Refer to Note 11 of the Condensed Consolidated
Financial Statements for further information.
Costs applicable to sales per ounce/gold
equivalent ounce
Costs applicable to sales per ounce/gold equivalent ounce are
calculated by dividing the costs applicable to sales of gold and
other metals by gold ounces or gold equivalent ounces sold,
respectively. These measures are calculated for the periods
presented on a consolidated basis.
The following tables reconcile these non-GAAP measures to the
most directly comparable GAAP measures.
Costs applicable to sales per gold ounce
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Costs applicable to sales (1)(2)
$
1,273
$
1,345
$
3,789
$
3,910
Gold sold (thousand ounces)
1,250
1,391
3,669
4,202
Costs applicable to sales per ounce
(3)
$
1,019
$
968
$
1,033
$
931
(1)
Includes by-product credits of $28 and $22
during the three months ended September 30, 2023 and 2022,
respectively, and $86 and $75 during the nine months ended
September 30, 2023 and 2022, respectively.
(2)
Excludes Depreciation and amortization and
Reclamation and remediation.
(3)
Per ounce measures may not recalculate due
to rounding.
Costs applicable to sales per gold equivalent ounce
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Costs applicable to sales (1)(2)
$
98
$
200
$
607
$
778
Gold equivalent ounces sold - other metals
(thousand ounces) (3)
59
281
575
964
Costs applicable to sales per gold
equivalent ounce (4)
$
1,636
$
712
$
1,056
$
807
(1)
Includes by-product credits of $1 and $2
during the three months ended September 30, 2023 and 2022,
respectively, and $5 and $6 during the nine months ended September
30, 2023 and 2022, respectively.
(2)
Excludes Depreciation and amortization and
Reclamation and remediation.
(3)
Gold equivalent ounces is calculated as
pounds or ounces produced multiplied by the ratio of the other
metals price to the gold price, using Gold ($1,400/oz.), Copper
($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc
($1.20/lb.) pricing for 2023 and Gold ($1,200/oz.), Copper
($3.25/lb.), Silver ($23.00/oz.), Lead ($0.95/lb.) and Zinc
($1.15/lb.) pricing for 2022.
(4)
Per ounce measures may not recalculate due
to rounding.
Costs applicable to sales per gold ounce for Nevada Gold
Mines (NGM)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Cost applicable to sales, NGM (1)(2)
$
298
$
294
$
888
$
853
Gold sold (thousand ounces), NGM
301
267
847
845
Costs applicable to sales per ounce, NGM
(3)
$
992
$
1,104
$
1,049
$
1,010
(1)
See Note 3 to the Condensed Consolidated
Financial Statements.
(2)
Excludes Depreciation and amortization and
Reclamation and remediation.
(3)
Per ounce measures may not recalculate due
to rounding.
All-In Sustaining Costs
All-in sustaining costs represent the sum of certain costs,
recognized as GAAP financial measures, that management considers to
be associated with production. All-in sustaining costs per ounce
amounts are calculated by dividing all-in sustaining costs by gold
ounces or gold equivalent ounces sold.
Three Months Ended
September 30, 2023
Costs Applicable to
Sales(1)(2)(3)(4)
Reclamation Costs(5)
Advanced Projects, Research
and Development and Exploration(6)
General and
Administrative
Other Expense, Net(7)
Treatment and Refining
Costs
Sustaining Capital and Lease
Related Costs(8)(9)
All-In Sustaining
Costs
Ounces (000) Sold
All-In Sustaining Costs Per
oz.(10)
Gold
CC&V
$
57
$
3
$
3
$
—
$
—
$
—
$
20
$
83
46
$
1,819
Musselwhite
50
1
2
—
—
—
28
81
47
1,715
Porcupine
73
5
3
—
—
—
19
100
61
1,644
Éléonore
63
2
3
—
1
—
29
98
46
2,107
Peñasquito (11)
16
2
—
—
—
—
5
23
(1
)
N.M.
Merian
104
2
4
—
—
—
27
137
83
1,652
Cerro Negro
79
1
1
—
1
—
11
93
65
1,438
Yanacocha
90
6
—
—
—
—
4
100
85
1,187
Boddington
157
5
1
—
—
4
42
209
186
1,123
Tanami
81
1
—
—
—
—
28
110
123
890
Ahafo
133
5
—
—
1
—
27
166
137
1,208
Akyem
72
13
—
1
—
—
8
94
71
1,332
Nevada Gold Mines
298
4
4
2
2
2
82
394
301
1,307
Corporate and Other (12)
—
—
23
62
3
—
6
94
—
—
Total Gold
$
1,273
$
50
$
44
$
65
$
8
$
6
$
336
$
1,782
1,250
$
1,426
Gold equivalent ounces - other metals
(13)
Peñasquito (11)
$
48
$
7
$
1
$
—
$
1
$
1
$
11
$
69
(2
)
N.M.
Boddington
50
—
—
—
—
3
14
67
61
$
1,108
Corporate and Other (12)
—
—
1
5
1
—
2
9
—
—
Total Gold Equivalent Ounces
$
98
$
7
$
2
$
5
$
2
$
4
$
27
$
145
59
$
2,422
Consolidated
$
1,371
$
57
$
46
$
70
$
10
$
10
$
363
$
1,927
(1)
Excludes Depreciation and amortization and
Reclamation and remediation.
(2)
Includes by-product credits of $29 and
excludes co-product revenues of $93.
(3)
Includes stockpile, leach pad, and product
inventory adjustments of $1 at Porcupine, $2 at Peñasquito, and $2
at NGM.
(4)
Beginning January 1, 2023, COVID-19
specific costs incurred in the ordinary course of business are
recognized in Costs applicable to sales.
(5)
Reclamation costs include operating
accretion and amortization of asset retirement costs of $25 and
$32, respectively, and exclude accretion and reclamation and
remediation adjustments at former operating properties that have
entered the closure phase and have no substantive future economic
value of $37 and $104, respectively.
(6)
Advanced projects, research and
development and exploration excludes development expenditures of $1
at CC&V, $2 at Porcupine $2 at Peñasquito, $5 at Merian, $2 at
Cerro Negro, $7 at Tanami, $12 at Ahafo, $6 at Akyem, $4 at NGM,
and $44 at Corporate and Other, totaling $85 related to developing
new operations or major projects at existing operations where these
projects will materially benefit the operation.
(7)
Other expense, net is adjusted for
Newcrest transaction-related costs of $16, restructuring and
severance of $7, impairment charges of $2, settlement costs of
$2.
(8)
Excludes capitalized interest related to
sustaining capital expenditures. See Liquidity and Capital
Resources within Part I, Item 2, Management's Discussion and
Analysis for capital expenditures by segment.
(9)
Includes finance lease payments and other
costs for sustaining projects of $17.
(10)
Per ounce measures may not recalculate due
to rounding.
(11)
For the three months ended September 30,
2023, Peñasquito had no production due to the Peñasquito labor
strike. Sales activity recognized in the third quarter of 2023 at
Peñasquito is related to adjustments on provisionally priced
concentrate sales subject to final settlement. As such, the per
ounce metrics are not meaningful ("N.M.") for the current
quarter.
(12)
Corporate and Other includes the Company's
business activities relating to its corporate and regional offices
and all equity method investments. Refer to Note 3 of the Condensed
Consolidated Financial Statements for further information.
(13)
Gold equivalent ounces is calculated as
pounds or ounces produced multiplied by the ratio of the other
metals price to the gold price, using Gold ($1,400/oz.), Copper
($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc
($1.20/lb.) pricing for 2023.
Three Months Ended
September 30, 2022
Costs Applicable to
Sales(1)(2)(3)
Reclamation Costs(4)
Advanced Projects, Research
and Development and Exploration(5)
General and
Administrative
Other Expense, Net(6)
Treatment and Refining
Costs
Sustaining Capital and Lease
Related Costs(7)(8)(9)
All-In Sustaining
Costs
Ounces (000) Sold
All-In Sustaining Costs Per
oz.(10)
Gold
CC&V
$
64
$
4
$
3
$
—
$
1
$
—
$
12
$
84
48
$
1,750
Musselwhite
47
1
2
—
—
—
15
65
42
1,533
Porcupine
72
1
3
—
—
—
12
88
73
1,199
Éléonore
64
3
—
—
—
—
19
86
54
1,570
Peñasquito
109
3
1
1
—
8
20
142
144
982
Merian
89
1
4
—
1
—
13
108
86
1,252
Cerro Negro
71
2
—
—
2
—
18
93
66
1,411
Yanacocha
74
4
1
—
2
—
6
87
53
1,676
Boddington
148
3
1
—
1
4
19
176
177
1,001
Tanami
81
1
2
—
1
—
32
117
127
925
Ahafo
155
3
2
—
(1
)
—
19
178
153
1,161
Akyem
77
8
1
—
—
—
7
93
100
930
Nevada Gold Mines
294
3
4
2
—
—
59
362
267
1,358
Corporate and Other (11)
—
—
19
62
—
—
7
88
1
—
Total Gold
$
1,345
$
37
$
43
$
65
$
7
$
12
$
258
$
1,767
1,391
$
1,271
Gold equivalent ounces - other metals
(12)
Peñasquito
$
164
$
4
$
2
$
1
$
(1
)
$
30
$
30
$
230
234
$
982
Boddington
36
1
—
(1
)
—
3
2
41
47
873
Corporate and Other (11)
—
—
1
8
—
—
1
10
—
—
Total Gold Equivalent Ounces
$
200
$
5
$
3
$
8
$
(1
)
$
33
$
33
$
281
281
$
999
Consolidated
$
1,545
$
42
$
46
$
73
$
6
$
45
$
291
$
2,048
(1)
Excludes Depreciation and amortization and
Reclamation and remediation.
(2)
Includes by-product credits of $24 and
excludes co-product revenues of $284.
(3)
Includes stockpile and leach pad inventory
adjustments of $11 at CC&V, $13 at Yanacocha, $2 at Akyem, and
$21 at NGM.
(4)
Reclamation costs include operating
accretion and amortization of asset retirement costs of $17 and
$25, respectively, and exclude accretion and reclamation and
remediation adjustments at former operating properties that have
entered the closure phase and have no substantive future economic
value of $28 and $8, respectively.
(5)
Advanced projects, research and
development and exploration excludes development expenditures of $1
at Porcupine, $2 at Peñasquito, $4 at Yanacocha, $4 at Merian, $8
at Cerro Negro, $6 at Tanami, $5 at Ahafo, $3 at Akyem, $5 at NGM
and $65 at Corporate and Other, totaling $103 related to developing
new operations or major projects at existing operations where these
projects will materially benefit the operation.
(6)
Other expense, net is adjusted for
settlement costs of $2, restructuring and severance costs of $2,
and impairment charges of $1.
(7)
Includes sustaining capital expenditures
of $276. See Liquidity and Capital Resources within Part I, Item 2,
Management's Discussion and Analysis for sustaining capital
expenditures by segment.
(8)
Excludes development capital expenditures,
capitalized interest and the change in accrued capital totaling
$253. See Liquidity and Capital Resources within Part I, Item 2,
Management's Discussion and Analysis for discussion of major
development projects.
(9)
Includes finance lease payments for
sustaining projects of $15.
(10)
Per ounce measures may not recalculate due
to rounding.
(11)
Corporate and Other includes the Company's
business activities relating to its corporate and regional offices
and all equity method investments. Refer to Note 3 of the Condensed
Consolidated Financial Statements for further information.
(12)
Gold equivalent ounces is calculated as
pounds or ounces produced multiplied by the ratio of the other
metals price to the gold price, using Gold ($1,200/oz.), Copper
($3.25/lb.), Silver ($23.00/oz.), Lead ($0.95/lb.) and Zinc
($1.15/lb.) pricing for 2022.
Nine Months Ended
September 30, 2023
Costs Applicable to
Sales(1)(2)(3)(4)
Reclamation Costs(5)
Advanced Projects, Research
and Development and Exploration(6)
General and
Administrative
Other Expense, Net(7)
Treatment and Refining
Costs
Sustaining Capital and Lease
Related Costs(8)(9)
All-In Sustaining
Costs
Ounces (000) Sold
All-In Sustaining Costs Per
oz.(10)
Gold
CC&V
$
157
$
8
$
8
$
—
$
1
$
—
$
42
$
216
135
$
1,603
Musselwhite
163
4
7
—
—
—
73
247
132
1,869
Porcupine
220
17
10
—
—
—
45
292
189
1,545
Éléonore
212
7
6
—
1
—
81
307
165
1,855
Peñasquito
123
6
1
—
—
7
24
161
103
1,569
Merian
269
5
9
—
—
—
63
346
219
1,580
Cerro Negro
232
4
3
—
2
—
33
274
176
1,556
Yanacocha
225
17
6
—
4
—
11
263
204
1,290
Boddington
483
14
3
—
—
14
97
611
588
1,039
Tanami
244
2
1
—
—
—
86
333
312
1,066
Ahafo
384
14
1
—
2
—
108
509
401
1,269
Akyem
189
29
1
1
—
—
29
249
198
1,260
Nevada Gold Mines
888
11
12
7
2
5
230
1,155
847
1,364
Corporate and Other (11)
—
—
55
181
4
—
24
264
—
—
Total Gold
$
3,789
$
138
$
123
$
189
$
16
$
26
$
946
$
5,227
3,669
$
1,425
Gold equivalent ounces - other metals
(12)
Peñasquito
$
456
$
21
$
3
$
1
$
1
$
66
$
87
$
635
385
$
1,648
Boddington
151
2
1
—
—
11
31
196
190
1,033
Corporate and Other (11)
—
—
7
25
1
—
5
38
—
—
Total Gold Equivalent Ounces
$
607
$
23
$
11
$
26
$
2
$
77
$
123
$
869
575
$
1,511
Consolidated
$
4,396
$
161
$
134
$
215
$
18
$
103
$
1,069
$
6,096
(1)
Excludes Depreciation and amortization and
Reclamation and remediation.
(2)
Includes by-product credits of $91 and
excludes co-product revenues of $772.
(3)
Includes stockpile, leach pad, and product
inventory adjustments of $3 at Porcupine, $5 at Éléonore, $19 at
Peñasquito, $2 at Cerro Negro, $4 at Yanacocha, $1 at Akyem, and $4
at NGM.
(4)
Beginning January 1, 2023, COVID-19
specific costs incurred in the ordinary course of business are
recognized in Costs applicable to sales.
(5)
Reclamation costs include operating
accretion and amortization of asset retirement costs of $74 and
$87, respectively, and exclude accretion and reclamation and
remediation adjustments at former operating properties that have
entered the closure phase and have no substantive future economic
value of $111 and $113, respectively.
(6)
Advanced projects, research and
development and exploration excludes development expenditures of $2
at CC&V, $5 at Porcupine, $5 at Peñasquito, $8 at Merian, $3 at
Cerro Negro, $3 at Yanacocha, $19 at Tanami, $27 at Ahafo, $13 at
Akyem, $13 at NGM, and $92 at Corporate and Other, totaling $190
related to developing new operations or major projects at existing
operations where these projects will materially benefit the
operation.
(7)
Other expense, net is adjusted for
Newcrest transaction-related costs of $37, restructuring and
severance of $19, impairment charges of $10, and settlement costs
of $2.
(8)
Excludes capitalized interest related to
sustaining capital expenditures. See Liquidity and Capital
Resources within Part I, Item 2, Management's Discussion and
Analysis for capital expenditures by segment.
(9)
Includes finance lease payments and other
costs for sustaining projects of $55.
(10)
Per ounce measures may not recalculate due
to rounding.
(11)
Corporate and Other includes the Company's
business activities relating to its corporate and regional offices
and all equity method investments. Refer to Note 3 of the Condensed
Consolidated Financial Statements for further information.
(12)
Gold equivalent ounces is calculated as
pounds or ounces produced multiplied by the ratio of the other
metals price to the gold price, using Gold ($1,400/oz.), Copper
($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc
($1.20/lb.) pricing for 2023.
Nine Months Ended
September 30, 2022
Costs Applicable
to Sales (1)(2)(3)
Reclamation Costs
(4)
Advanced Projects,
Research and Development and
Exploration(5)
General and
Administrative
Other Expense, Net(6)
Treatment and Refining
Costs
Sustaining Capital and Lease
Related Costs(7)(8)(9)
All-In Sustaining
Costs
Ounces (000) Sold
All-In Sustaining Costs Per
oz.(10)
Gold
CC&V
$
165
$
11
$
6
$
—
$
4
$
—
$
30
$
216
130
$
1,661
Musselwhite
143
4
5
—
1
—
32
185
114
1,619
Porcupine
209
3
9
—
—
—
35
256
201
1,271
Éléonore
197
7
1
—
3
—
45
253
151
1,675
Peñasquito (11)
323
8
3
1
1
21
52
409
408
1,002
Merian
270
4
9
—
3
—
37
323
285
1,131
Cerro Negro
205
5
1
—
9
—
40
260
208
1,248
Yanacocha
214
14
3
—
9
—
17
257
190
1,362
Boddington
491
12
3
—
2
12
46
566
616
921
Tanami
230
2
6
—
6
—
89
333
358
930
Ahafo
390
7
3
—
—
—
63
463
396
1,167
Akyem
220
23
2
—
—
—
24
269
299
900
Nevada Gold Mines
853
7
11
7
—
1
162
1,041
845
1,232
Corporate and Other (12)
—
—
60
172
—
—
18
250
1
—
Total Gold
$
3,910
$
107
$
122
$
180
$
38
$
34
$
690
$
5,081
4,202
$
1,209
Gold equivalent ounces - other metals
(13)
Peñasquito (11)
$
647
$
14
$
8
$
1
$
3
$
95
$
98
$
866
793
$
1,092
Boddington
131
2
1
(1
)
—
8
9
150
171
879
Corporate and Other (12)
—
—
9
30
—
—
3
42
—
—
Total Gold Equivalent Ounces
$
778
$
16
$
18
$
30
$
3
$
103
$
110
$
1,058
964
$
1,098
Consolidated
$
4,688
$
123
$
140
$
210
$
41
$
137
$
800
$
6,139
(1)
Excludes Depreciation and amortization and
Reclamation and remediation.
(2)
Includes by-product credits of $81 and
excludes co-product revenues of $1,129.
(3)
Includes stockpile and leach pad inventory
adjustments of $18 at CC&V, $13 at Yanacocha, $3 at Merian, $2
at Akyem, and $49 at NGM.
(4)
Reclamation costs include operating
accretion and amortization of asset retirement costs of $49 and
$74, respectively, and exclude accretion and reclamation and
remediation adjustments at former operating properties that have
entered the closure phase and have no substantive future economic
value of $85 and $29, respectively.
(5)
Advanced projects, research and
development and exploration excludes development expenditures of $1
at CC&V, $2 at Porcupine, $5 at Peñasquito, $8 at Yanacocha, $8
at Merian, $14 at Cerro Negro, $15 at Tanami, $15 at Ahafo, $10 at
Akyem, $13 at NGM and $107 at Corporate and Other, totaling $198
related to developing new operations or major projects at existing
operations where these projects will materially benefit the
operation.
(6)
Other expense, net is adjusted for
settlement costs of $20, impairment charges of $3, restructuring
and severance costs of $3 and distributions from the Newmont Global
Community Support Fund of $1.
(7)
Includes sustaining capital expenditures
of $752. See Liquidity and Capital Resources within Part I, Item 2,
Management's Decision and Analysis for sustaining capital
expenditures by segment.
(8)
Excludes development capital expenditures,
capitalized interest and the change in accrued capital totaling
$733. See Liquidity and Capital Resources within Part I, Item 2,
Management's Discussion and Analysis for discussion of major
development projects.
(9)
Includes finance lease payments for
sustaining projects of $48.
(10)
Per ounce measures may not recalculate due
to rounding.
(11)
Costs applicable to sales includes $70
related to the Peñasquito Profit-Sharing Agreement regarding 2021
site performance. For further information, refer to Note 3 of the
Condensed Consolidated Financial Statements.
(12)
Corporate and Other includes the Company's
business activities relating to its corporate and regional offices
and all equity method investments. Refer to Note 3 of the Condensed
Consolidated Financial Statements for further information.
(13)
Gold equivalent ounces is calculated as
pounds or ounces produced multiplied by the ratio of the other
metals price to the gold price, using Gold ($1,200/oz.), Copper
($3.25/lb.), Silver ($23.00/oz.), Lead ($0.95/lb.) and Zinc
($1.15/lb.) pricing for 2022.
A reconciliation of the 2023 Gold AISC outlook to the 2023 Gold
CAS outlook is provided below. The estimates in the table below are
considered “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, which are
intended to be covered by the safe harbor created by such sections
and other applicable laws.
2023 Outlook - Gold (1)(2)
Outlook Estimate (+/-
5%)
(in millions, except ounces and per
ounce)
Cost Applicable to Sales (3)(4)
$
5,350
Reclamation Costs (5)
195
Advanced Projects & Exploration
(6)
175
General and Administrative (7)
255
Other Expense
15
Treatment and Refining Costs
40
Sustaining Capital (8)
1,300
Sustaining Finance Lease Payments
45
All-in Sustaining Costs
$
7,375
Ounces (000) Sold (9)
5,300
All-in Sustaining Costs per Ounce
$
1,400
(1)
The reconciliation is provided for
illustrative purposes in order to better describe management’s
estimates of the components of the calculation. Estimates for each
component of the forward-looking All-in sustaining costs per ounce
are independently calculated and, as a result, the total All-in
sustaining costs and the All-in sustaining costs per ounce may not
sum to the component ranges. While a reconciliation to the most
directly comparable GAAP measure has been provided for the 2023
AISC Gold Outlook on a consolidated basis, a reconciliation has not
been provided on an individual site or project basis in reliance on
Item 10(e)(1)(i)(B) of Regulation S-K because such reconciliation
is not available without unreasonable efforts.
(2)
All values are presented on a consolidated
basis for Newmont.
(3)
Excludes Depreciation and amortization and
Reclamation and remediation.
(4)
Includes stockpile and leach pad inventory
adjustments.
(5)
Reclamation costs include operating
accretion and amortization of asset retirement costs.
(6)
Advanced Project and Exploration excludes
non-sustaining advanced projects and exploration.
(7)
Includes stock based compensation.
(8)
Excludes development capital expenditures,
capitalized interest and change in accrued capital.
(9)
Consolidated production for Merian is
presented on a total production basis for the mine site and
excludes production from Pueblo Viejo.
Net debt to Adjusted EBITDA ratio
Management uses net debt to Adjusted EBITDA as non-GAAP measures
to evaluate the Company’s operating performance, including our
ability to generate earnings sufficient to service our debt. Net
debt to Adjusted EBITDA represents the ratio of the Company’s debt,
net of cash and cash equivalents and time deposits, to Adjusted
EBITDA. Net debt to Adjusted EBITDA does not represent, and should
not be considered an alternative to, net income (loss), operating
income (loss), or cash flow from operations as those terms are
defined by GAAP, and does not necessarily indicate whether cash
flows will be sufficient to fund cash needs. Although Net Debt to
Adjusted EBITDA and similar measures are frequently used as
measures of operations and the ability to meet debt service
requirements by other companies, our calculation of net debt to
Adjusted EBITDA measure is not necessarily comparable to such other
similarly titled captions of other companies. The Company believes
that net debt to Adjusted EBITDA provides useful information to
investors and others in understanding and evaluating our operating
results in the same manner as our management and Board of
Directors. Management’s determination of the components of net debt
to Adjusted EBITDA is evaluated periodically and based, in part, on
a review of non-GAAP financial measures used by mining industry
analysts. Net income (loss) attributable to Newmont stockholders is
reconciled to Adjusted EBITDA as follows:
Three Months Ended
September 30, 2023
June 30, 2023
March 31, 2023
December 31, 2022
Net income (loss) attributable to Newmont
stockholders
$
158
155
$
351
$
(1,477
)
Net income (loss) attributable to
noncontrolling interests
5
—
12
19
Net loss (income) from discontinued
operations
(1
)
(2
)
(12
)
(11
)
Equity loss (income) of affiliates
(3
)
(16
)
(25
)
(26
)
Income and mining tax expense
(benefit)
73
163
213
112
Depreciation and amortization
480
486
461
571
Interest expense, net of capitalized
interest
48
49
65
53
EBITDA
760
835
1,065
(759
)
EBITDA Adjustments:
Reclamation and remediation charges
104
(2
)
—
700
Change in fair value of investments
41
42
(41
)
(45
)
Newcrest transaction-related costs
16
21
—
—
Restructuring and severance
7
10
2
1
Impairment charges
2
4
4
1,317
(Gain) loss on asset and investment sales,
net
2
—
(36
)
(61
)
Settlement costs
2
—
—
2
Pension settlements
—
—
—
7
COVID-19 specific costs
—
—
—
2
Other
(1
)
—
(4
)
(3
)
Adjusted EBITDA
933
910
990
1,161
12 month trailing Adjusted
EBITDA
$
3,994
Total Debt
$
5,575
Lease and other financing obligations
512
Less: Cash and cash equivalents
(3,190
)
Total net debt
$
2,897
Net debt to adjusted EBITDA
0.7
Net average realized price per
ounce/pound
Average realized price per ounce/ pound are non-GAAP financial
measures. The measures are calculated by dividing the net
consolidated gold, copper, silver, lead and zinc sales by the
consolidated gold ounces, copper pounds, silver ounces, lead pounds
and zinc pounds sold, respectively. These measures are calculated
on a consistent basis for the periods presented on a consolidated
basis. Average realized price per ounce/ pound statistics are
intended to provide additional information only, do not have any
standardized meaning prescribed by GAAP and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with GAAP. The measures are not
necessarily indicative of operating profit or cash flow from
operations as determined under GAAP. Other companies may calculate
these measures differently.
The following tables reconcile these non-GAAP measures to the
most directly comparable GAAP measure:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Consolidated gold sales, net
$
2,400
$
2,350
$
7,083
$
7,586
Consolidated copper sales, net
90
48
282
223
Consolidated silver sales, net
5
105
246
401
Consolidated lead sales, net
—
26
64
98
Consolidated zinc sales, net
(2
)
105
180
407
Total sales
$
2,493
$
2,634
$
7,855
$
8,715
Three Months Ended September
30, 2023
Gold
Copper
Silver
Lead
Zinc
(ounces)
(pounds)
(ounces)
(pounds)
(pounds)
Consolidated sales: (1)
Gross before provisional pricing and
streaming impact
$
2,411
$
93
$
2
$
—
$
(3
)
Provisional pricing mark-to-market
(5
)
—
3
—
2
Silver streaming amortization
—
—
—
—
—
Gross after provisional pricing and
streaming impact
2,406
93
5
—
(1
)
Treatment and refining charges
(6
)
(3
)
—
—
(1
)
Net
$
2,400
$
90
$
5
$
—
$
(2
)
Consolidated ounces (thousands)/pounds
(millions) sold
1,250
25
55
—
(2
)
Average realized price (per ounce/pound):
(1)(2)
Gross before provisional pricing and
streaming impact
$
1,929
$
3.83
N.M.
N.M.
N.M.
Provisional pricing mark-to-market
(4
)
—
N.M.
N.M.
N.M.
Silver streaming amortization
—
—
N.M.
N.M.
N.M.
Gross after provisional pricing and
streaming impact
1,925
3.83
N.M.
N.M.
N.M.
Treatment and refining charges
(5
)
(0.15
)
N.M.
N.M.
N.M.
Net
$
1,920
$
3.68
N.M.
N.M.
N.M.
(1)
Due to the Peñasquito labor strike,
Peñasquito had no production during the third quarter of 2023.
Sales activity recognized in the third quarter of 2023 is related
to adjustments on provisionally priced concentrate sales subject to
final settlement. As such, the average realized price per
ounce/pound metrics are not meaningful ("N.M.").
(2)
Per ounce/pound measures may not
recalculate due to rounding.
Three Months Ended September
30, 2022
Gold
Copper
Silver
Lead
Zinc
(ounces)
(pounds)
(ounces)
(pounds)
(pounds)
Consolidated sales:
Gross before provisional pricing and
streaming impact
$
2,386
$
60
$
106
$
27
$
122
Provisional pricing mark-to-market
(24
)
(9
)
(6
)
—
—
Silver streaming amortization
—
—
17
—
—
Gross after provisional pricing and
streaming impact
2,362
51
117
27
122
Treatment and refining charges
(12
)
(3
)
(12
)
(1
)
(17
)
Net
$
2,350
$
48
$
105
$
26
$
105
Consolidated ounces (thousands)/pounds
(millions) sold
1,391
17
6,805
30
85
Average realized price (per ounce/pound):
(1)
Gross before provisional pricing and
streaming impact
$
1,716
$
3.45
$
15.55
$
0.89
$
1.44
Provisional pricing mark-to-market
(17
)
(0.53
)
(0.85
)
—
—
Silver streaming amortization
—
—
2.45
—
—
Gross after provisional pricing and
streaming impact
1,699
2.92
17.15
0.89
1.44
Treatment and refining charges
(8
)
(0.12
)
(1.73
)
(0.03
)
(0.19
)
Net
$
1,691
$
2.80
$
15.42
$
0.86
$
1.25
(1)
Per ounce/pound measures may not
recalculate due to rounding.
Nine Months Ended September
30, 2023
Gold
Copper
Silver
Lead
Zinc
(ounces)
(pounds)
(ounces)
(pounds)
(pounds)
Consolidated sales:
Gross before provisional pricing and
streaming impact
$
7,098
$
293
$
227
$
69
$
240
Provisional pricing mark-to-market
11
—
7
(2
)
(16
)
Silver streaming amortization
—
—
31
—
—
Gross after provisional pricing and
streaming impact
7,109
293
265
67
224
Treatment and refining charges
(26
)
(11
)
(19
)
(3
)
(44
)
Net
$
7,083
$
282
$
246
$
64
$
180
Consolidated ounces (thousands)/pounds
(millions) sold
3,669
76
12,178
72
187
Average realized price (per ounce/pound):
(1)
Gross before provisional pricing and
streaming impact
$
1,934
$
3.86
$
18.65
$
0.96
$
1.28
Provisional pricing mark-to-market
3
—
0.54
(0.03
)
(0.08
)
Silver streaming amortization
—
—
2.56
—
—
Gross after provisional pricing and
streaming impact
1,937
3.86
21.75
0.93
1.20
Treatment and refining charges
(7
)
(0.15
)
(1.57
)
(0.03
)
(0.23
)
Net
$
1,930
$
3.71
$
20.18
$
0.90
$
0.97
(1)
Per ounce/pound measures may not
recalculate due to rounding.
Nine Months Ended September
30, 2022
Gold
Copper
Silver
Lead
Zinc
(ounces)
(pounds)
(ounces)
(pounds)
(pounds)
Consolidated sales:
Gross before provisional pricing and
streaming impact
$
7,642
$
254
$
402
$
106
$
478
Provisional pricing mark-to-market
(22
)
(23
)
(18
)
(5
)
(18
)
Silver streaming amortization
—
—
56
—
—
Gross after provisional pricing and
streaming impact
7,620
231
440
101
460
Treatment and refining charges
(34
)
(8
)
(39
)
(3
)
(53
)
Net
$
7,586
$
223
$
401
$
98
$
407
Consolidated ounces (thousands)/pounds
(millions) sold
4,202
63
22,523
107
290
Average realized price (per ounce/pound):
(1)
Gross before provisional pricing and
streaming impact
$
1,819
$
4.03
$
17.88
$
1.00
$
1.65
Provisional pricing mark-to-market
(5
)
(0.37
)
(0.78
)
(0.05
)
(0.06
)
Silver streaming amortization
—
—
2.45
—
—
Gross after provisional pricing and
streaming impact
1,814
3.66
19.55
0.95
1.59
Treatment and refining charges
(8
)
(0.12
)
(1.74
)
(0.03
)
(0.18
)
Net
$
1,806
$
3.54
$
17.81
$
0.92
$
1.41
(1)
Per ounce/pound measures may not
recalculate due to rounding.
Gold by-product metrics
Copper, silver, lead and zinc are by-products often obtained
during the process of extracting and processing the primary
ore-body. In our GAAP Condensed Consolidated Financial Statements,
the value of these by-products is recorded as a credit to our CAS
and the value of the primary ore is recorded as Sales. In certain
instances, copper, silver, lead and zinc are co-products, or a
significant resource in the primary ore-body, and the revenue is
recorded as Sales in our GAAP Condensed Consolidated Financial
Statements.
Gold by-product metrics are non-GAAP financial measures that
serve as a basis for comparing the Company’s performance with
certain competitors. As Newmont’s operations are primarily focused
on gold production, “Gold by-product metrics” were developed to
allow investors to view Sales, CAS per ounce and AISC per ounce
calculations that classify all copper, silver, lead and zinc
production as a by-product, even when copper, silver, lead or zinc
is a significant resource in the primary ore-body. These metrics
are calculated by subtracting copper, silver, lead and zinc sales
recognized from Sales and including these amounts as offsets to
CAS.
Gold by-product metrics are calculated on a consistent basis for
the periods presented on a consolidated basis. These metrics are
intended to provide supplemental information only, do not have any
standardized meaning prescribed by GAAP and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with GAAP. Other companies may
calculate these measures differently as a result of differences in
the underlying accounting principles, policies applied and in
accounting frameworks, such as in IFRS.
The following tables reconcile these non-GAAP measures to the
most directly comparable GAAP measures:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Consolidated gold sales, net
$
2,400
$
2,350
$
7,083
$
7,586
Consolidated other metal sales, net
93
284
772
1,129
Sales
$
2,493
$
2,634
$
7,855
$
8,715
Costs applicable to sales
$
1,371
$
1,545
$
4,396
$
4,688
Less: Consolidated other metal sales,
net
(93
)
(284
)
(772
)
(1,129
)
By-product costs applicable to sales
$
1,278
$
1,261
$
3,624
$
3,559
Gold sold (thousand ounces)
1,250
1,391
3,669
4,202
Total Gold CAS per ounce (by-product)
(1)
$
1,022
$
907
$
988
$
847
Total AISC
$
1,927
$
2,048
$
6,096
$
6,139
Less: Consolidated other metal sales,
net
(93
)
(284
)
(772
)
(1,129
)
By-product AISC
$
1,834
$
1,764
$
5,324
$
5,010
Gold sold (thousand ounces)
1,250
1,391
3,669
4,202
Total Gold AISC per ounce (by-product)
(1)
$
1,467
$
1,268
$
1,451
$
1,192
(1)
Per ounce/pound measures may not
recalculate due to rounding.
Conference Call Information
A conference call will be held on Thursday, October 26,
2023 at 10:00 a.m. Eastern Time (8:00 a.m. Mountain
Time); it will also be carried on the Company’s website.
Conference Call Details
Dial-In Number
833.470.1428
Intl. Dial-In Number
404.975.48391
Dial-In Access Code
570192
Conference Name
Newmont
Replay Number
866.813.9403
Intl. Replay Number
929.458.6194
Replay Access Code
901520
Webcast Details
Title: Newmont Third Quarter 2023 Earnings Conference Call
URL: https://events.q4inc.com/attendee/362063644
The third quarter 2023 results will be available before the
market opens on Thursday, October 26, 2023, on the “Investor
Relations” section of the Company’s website, www.newmont.com.
Additionally, the conference call will be archived for a limited
time on the Company’s website.
(1)
For toll-free phone numbers, refer to the
following link:
https://www.netroadshow.com/events/global-numbers?confId=49005
About Newmont
Newmont is the world’s leading gold company and a producer of
copper, silver, lead and zinc. The Company’s world-class portfolio
of assets, prospects and talent is anchored in favorable mining
jurisdictions in North America, South America, Australia and
Africa. Newmont is the only gold producer listed in the S&P 500
Index and is widely recognized for its principled environmental,
social and governance practices. The Company is an industry leader
in value creation, supported by robust safety standards, superior
execution and technical expertise. Newmont was founded in 1921 and
has been publicly traded since 1925.
Cautionary Statement Regarding Forward
Looking Statements, Including Outlook Assumptions:
This news release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are intended to be covered by the safe harbor
created by such sections and other applicable laws and
"forward-looking information" within the meaning of applicable
Australian securities laws. Where a forward-looking statement
expresses or implies an expectation or belief as to future events
or results, such expectation or belief is expressed in good faith
and believed to have a reasonable basis. However, such statements
are subject to risks, uncertainties and other factors, which could
cause actual results to differ materially from future results
expressed, projected or implied by the forward-looking statements.
Forward-looking statements often address our expected future
business and financial performance and financial condition; and
often contain words such as “anticipate,” “intend,” “plan,” “will,”
“would,” “estimate,” “expect,” “believe,” "pending" or “potential.”
Forward-looking statements in this news release may include,
without limitation, (i) estimates of future production and sales,
including production outlook, average future production and upside
potential; (ii) estimates of future costs applicable to sales and
all-in sustaining costs; (iii) estimates of future capital
expenditures, including development and sustaining capital; (iv)
expectations regarding the Tanami Expansion 2, Ahafo North,
Yanacocha Sulfides, Pamour and Cerro Negro District Expansion 1
projects, including, without limitation, expectations for
production, milling, costs applicable to sales and all-in
sustaining costs, capital costs, mine life extension, construction
completion, commercial production, and other timelines; (v) future
expectations regarding sites with recently restarted operations,
including Peñasquito; (vi) expectations regarding future
investments or divestitures; (vii) expectations regarding free cash
flow and returns to stockholders, including with respect to future
dividends, the dividend framework and expected payout levels;
(viii) expectations regarding future mineralization, including,
without limitation, expectations regarding reserves and recoveries;
(ix) other outlook; and (x) expectations regarding pending or
proposed transactions, including statements relating to the pending
acquisition of Newcrest, such as the expected timing and
implementation of the pending transaction and satisfaction of
customary closing conditions. Estimates or expectations of future
events or results are based upon certain assumptions, which may
prove to be incorrect. Such assumptions, include, but are not
limited to: (i) there being no significant change to current
geotechnical, metallurgical, hydrological and other physical
conditions; (ii) permitting, development, operations and expansion
of operations and projects being consistent with current
expectations and mine plans; (iii) political developments in any
jurisdiction in which the Company operates being consistent with
its current expectations; (iv) certain exchange rate assumptions;
(v) certain price assumptions for gold, copper, silver, zinc, lead
and oil; (vi) prices for key supplies; (vii) the accuracy of
current mineral reserve and mineralized material estimates; and
(viii) other planning assumptions. Uncertainties include those
relating to general macroeconomic uncertainty and changing market
conditions, changing restrictions on the mining industry in the
jurisdictions in which we operate, impacts to supply chain,
including price, availability of goods, ability to receive supplies
and fuel, and impacts of changes in interest rates. Such
uncertainties could result in operating sites being placed into
care and maintenance and impact estimates, costs and timing of
projects. Uncertainties in geopolitical conditions could impact
certain planning assumptions, including, but not limited to
commodity and currency prices, costs and supply chain
availabilities. Investors are reminded that the dividend framework
is non-binding and the 2023 dividend payout range does not
represent a legal commitment. Future dividends beyond the dividend
payable on December 22, 2023 to holders of record at the close of
business on November 30, 2023 have not yet been approved or
declared by the Board of Directors, and an annualized dividend
payout or dividend yield has not been declared by the Board.
Management’s expectations with respect to future dividends are
“forward-looking statements” and the Company’s dividend framework
is non-binding. The declaration and payment of future dividends
remain at the discretion of the Board of Directors and will be
determined based on Newmont’s financial results, balance sheet
strength, cash and liquidity requirements, future prospects, gold
and commodity prices, and other factors deemed relevant by the
Board. Risks relating to forward-looking statements in regard to
the pending acquisition of Newcrest and the combined company may
include, but are not limited to, fluctuations in company stock
price and results of operations; the prompt and effective
integration of Newmont’s and Newcrest’s businesses and the ability
to achieve the anticipated synergies and value-creation
contemplated by the pending transaction; the risk associated with
the timing of the implementation of the pending transaction,
including the risk that the pending transaction fails to be
implemented for any reason; the outcome of any legal proceedings
that have been or may be instituted against the parties and others
related to the scheme implementation deed dated May 15, 2023, as
amended from time to time (the “Scheme Implementation Deed”);
unanticipated difficulties or expenditures relating to the pending
transaction, the response of business partners and retention as a
result of the announcement and pendency of the transaction; risks
relating to the value of the scheme consideration to be issued in
connection with the pending transaction; the anticipated size of
the markets and continued demand for Newmont’s and Newcrest’s
resources and the impact of competitive responses to the
announcement of the transaction; and the diversion of management
time on pending transaction-related issues. For a more detailed
discussion of such risks, see the Company’s Annual Report on Form
10-K for the year ended December 31, 2022 filed with the U.S.
Securities and Exchange Commission (the “SEC”) on February 23,
2023, as updated by the current report on Form 8-K, filed with the
SEC on July 20, 2023, as well as Newmont's other SEC filings,
including the definitive proxy statement, filed with the SEC on
September 5, 2023, under the heading “Risk Factors", and other
factors identified in the Company's reports filed with the SEC,
available on the SEC website or www.newmont.com. The Company does
not undertake any obligation to release publicly revisions to any
“forward-looking statement,” including, without limitation,
outlook, to reflect events or circumstances after the date of this
news release, or to reflect the occurrence of unanticipated events,
except as may be required under applicable securities laws.
Investors should not assume that any lack of update to a previously
issued “forward-looking statement” constitutes a reaffirmation of
that statement. Continued reliance on “forward-looking statements”
is at investors’ own risk.
Notice Regarding Reserve and Resource
Estimates:
Unless otherwise stated herein, the reserves stated in this
release represent estimates at December 31, 2022, which could be
economically and legally extracted or produced at the time of the
reserve determination. Estimates of proven and probable reserves
are subject to considerable uncertainty. Such estimates are, or
will be, to a large extent, based on metal prices and
interpretations of geologic data obtained from drill holes and
other exploration techniques, which data may not necessarily be
indicative of future results. Additionally, resource does not
indicate proven and probable reserves as defined by the SEC or the
Company’s standards. Estimates of measured, indicated and inferred
resource are subject to further exploration and development, and
are, therefore, subject to considerable uncertainty. Inferred
resources, in particular, have a great amount of uncertainty as to
their existence and their economic and legal feasibility. The
Company cannot be certain that any part or parts of the resource
will ever be converted into reserves. For additional information on
our reserves and resources, please see Item 2 of the Company’s Form
10-K, filed on February 23, 2023 with the SEC, as updated by the
current report on Form 8-K, filed with the SEC on July 20,
2023.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231026893832/en/
Media Contact Jennifer Pakradooni
720.236.8170 jennifer.pakradooni@newmont.com
Investor Contact - North America
Daniel Horton 303.837.5468 daniel.horton@newmont.com
Investor Contact - Asia Pacific
Christopher Maitland +61 499.082.360
christopher.maitland@newmont.com
Newmont (TSX:NGT)
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