Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
 
Form 10-Q
 
(Mark One)
x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934	
For the Quarterly Period Ended September 30, 2014
or
¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934	
For the transition period from               to             
Commission File Number: 001-31240

NEWMONT MINING CORPORATION
(Exact name of registrant as specified in its charter)

Delaware	 	84-1611629	
(State or Other Jurisdiction of
Incorporation or Organization)	 	(I.R.S. Employer
Identification No.)	
 
6363 South Fiddler’s Green Circle	 	 	
Greenwood Village, Colorado	 	80111	
(Address of Principal Executive Offices)	 	(Zip Code)	
Registrant’s telephone number, including area code (303) 863-7414
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     x   Yes     ¨   No
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     x   Yes     ¨   No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12-b2 of the Exchange Act.

 	Large accelerated filer	  x	 	 	 	 	Accelerated filer	¨	
 	Non-accelerated filer	  ¨	(Do not check if a smaller reporting company.)	Smaller reporting company	¨	
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b2 of the Exchange Act).     ¨   Yes     x   No
 
There were 498,795,641 shares of common stock outstanding on October 22, 2014.

 

Table of Contents
 TABLE OF CONTENTS
 
 	  	 	Page	
 	  	PART I	 	
ITEM 1.	  	FINANCIAL STATEMENTS	1	
 	  	 
Condensed Consolidated Statements of Operations 	1	
 	  	Condensed Consolidated Statements of Comprehensive Income (Loss)	2	
 	  	Condensed Consolidated Statements of Cash Flows 	3	
 	  	Condensed Consolidated Balance Sheets	4	
 	  	Notes to Condensed Consolidated Financial Statements	5	
 
ITEM 2.	  	 
MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION	41	
 	  	 
Overview	41	
 	  	Selected Financial and Operating Results	43	
 	  	Consolidated Financial Results 	43	
 	  	Results of Consolidated Operations	49	
 	  	Liquidity and Capital Resources 	57	
 	  	Environmental	60	
 	  	Accounting Developments	60	
 	  	Non-GAAP Financial Measures	60	
 	  	Safe Harbor Statement	68	
 
ITEM 3.	  	 
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	69	
 
ITEM 4.	  	 
CONTROLS AND PROCEDURES	71	
 	  	 
PART II	 	
 
ITEM 1.	  	 
LEGAL PROCEEDINGS	72	
 
ITEM 1A.	  	RISK FACTORS	72	
 
ITEM 2.	  	ISSUER PURCHASES OF EQUITY SECURITIES	72	
 
ITEM 3.	  	DEFAULTS UPON SENIOR SECURITIES	72	
 
ITEM 4.	  	MINE SAFETY DISCLOSURES	72	
 
ITEM 5.	  	OTHER INFORMATION	73	
 
ITEM 6.	  	EXHIBITS	73	
 
SIGNATURES	74	
 
EXHIBIT INDEX	75	

 

Table of Contents
 
 PART I—FINANCIAL INFORMATION
 ITEM  1.	 FINANCIAL STATEMENTS.	
 NEWMONT MINING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions except per share)
 
 	Three Months Ended	 	 	Nine Months Ended	 	
 	September 30,	 	 	September 30,	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales (Note 3)	$	1,746	 	 	$	2,020	 	 	$	5,275	 	 	$	6,226	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Costs and expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Costs applicable to sales (1) (Note 3)	 	1,185	 	 	 	1,078	 	 	 	3,328	 	 	 	3,817	 	
Depreciation and amortization	 	318	 	 	 	299	 	 	 	922	 	 	 	981	 	
Reclamation and remediation (Note 4)	 	20	 	 	 	20	 	 	 	61	 	 	 	56	 	
Exploration	 	44	 	 	 	60	 	 	 	119	 	 	 	195	 	
Advanced projects, research and development	 	36	 	 	 	67	 	 	 	120	 	 	 	165	 	
General and administrative	 	45	 	 	 	48	 	 	 	138	 	 	 	158	 	
Write-downs (Note 5)	 	5	 	 	 	3	 	 	 	18	 	 	 	2,265	 	
Other expense, net (Note 6)	 	58	 	 	 	84	 	 	 	161	 	 	 	260	 	
 	 	1,711	 	 	 	1,659	 	 	 	4,867	 	 	 	7,897	 	
Other income (expense)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other income, net (Note 7)	 	79	 	 	 	290	 	 	 	128	 	 	 	366	 	
Interest expense, net	 	(89	)	 	 	(76	)	 	 	(276	)	 	 	(211	)	
 	 	(10	)	 	 	214	 	 	 	(148	)	 	 	155	 	
Income (loss) before income and mining tax and other items	 	25	 	 	 	575	 	 	 	260	 	 	 	(1,516	)	
Income and mining tax benefit (expense) (Note 8)	 	47	 	 	 	(161	)	 	 	22	 	 	 	(54	)	
Equity income (loss) of affiliates	 	-	 	 	 	1	 	 	 	2	 	 	 	(6	)	
Income (loss) from continuing operations	 	72	 	 	 	415	 	 	 	284	 	 	 	(1,576	)	
Income (loss) from discontinued operations (Note 9)	 	3	 	 	 	(21	)	 	 	(16	)	 	 	53	 	
Net income (loss)	 	75	 	 	 	394	 	 	 	268	 	 	 	(1,523	)	
Net loss (income) attributable to noncontrolling interests (Note 10)	 	138	 	 	 	4	 	 	 	225	 	 	 	176	 	
Net income (loss) attributable to Newmont stockholders	$	213	 	 	$	398	 	 	$	493	 	 	$	(1,347	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss) attributable to Newmont stockholders:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	$	210	 	 	$	419	 	 	$	509	 	 	$	(1,400	)	
Discontinued operations	 	3	 	 	 	(21	)	 	 	(16	)	 	 	53	 	
 	$	213	 	 	$	398	 	 	$	493	 	 	$	(1,347	)	
Income (loss) per common share (Note 11)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	$	0.42	 	 	$	0.84	 	 	$	1.02	 	 	$	(2.82	)	
Discontinued operations	 	0.01	 	 	 	(0.04	)	 	 	(0.03	)	 	 	0.11	 	
 	$	0.43	 	 	$	0.80	 	 	$	0.99	 	 	$	(2.71	)	
Diluted:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	$	0.42	 	 	$	0.84	 	 	$	1.02	 	 	$	(2.82	)	
Discontinued operations	 	0.01	 	 	 	(0.04	)	 	 	(0.03	)	 	 	0.11	 	
 	$	0.43	 	 	$	0.80	 	 	$	0.99	 	 	$	(2.71	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash dividends declared per common share	$	0.025	 	 	$	0.250	 	 	$	0.200	 	 	$	1.025	 	

(1)  	Excludes Depreciation and amortization and Reclamation and remediation.	
The accompanying notes are an integral part of the condensed consolidated financial statements.

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 NEWMONT MINING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, in millions)
 
 	Three Months Ended September 30,	 	 	Nine Months Ended September 30,	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	$	75	 	 	$	394	 	 	$	268	 	 	$	(1,523	)	
Other comprehensive income (loss):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unrealized gain (loss) on marketable securities,
     net of $0, $36, $(1) and $151 tax benefit (expense), respectively	 	(24	)	 	 	(134	)	 	 	(110	)	 	 	(413	)	
Foreign currency translation adjustments	 	(11	)	 	 	(6	)	 	 	(9	)	 	 	(28	)	
Change in pension and other post-retirement benefits,
     net of $(1), $(61), $(3) and $(69) tax benefit (expense), respectively	 	4	 	 	 	113	 	 	 	7	 	 	 	124	 	
Change in fair value of cash flow hedge instruments,
     net of $(33), $(35), $(20) and $110 tax benefit (expense), respectively	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net change from periodic revaluations	 	(38	)	 	 	48	 	 	 	(4	)	 	 	(189	)	
Net amount reclassified to income	 	1	 	 	 	(4	)	 	 	(12	)	 	 	(39	)	
Net unrecognized gain (loss) on derivatives	 	(37	)	 	 	44	 	 	 	(16	)	 	 	(228	)	
Other comprehensive income (loss)	 	(68	)	 	 	17	 	 	 	(128	)	 	 	(545	)	
Comprehensive income (loss)	$	7	 	 	$	411	 	 	$	140	 	 	$	(2,068	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Comprehensive income (loss) attributable to:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Newmont stockholders	$	145	 	 	$	414	 	 	$	365	 	 	$	(1,893	)	
Noncontrolling interests	 	(138	)	 	 	(3	)	 	 	(225	)	 	 	(175	)	
 	$	7	 	 	$	411	 	 	$	140	 	 	$	(2,068	)	
The accompanying notes are an integral part of the condensed consolidated financial statements.

 
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 NEWMONT MINING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
 
 	Nine Months Ended	 	
 	September 30,	 	
 	2014	 	 	2013	 	
Operating activities:	 	 	 	 	 	 	 	
Net income (loss)	$	268	 	 	$	(1,523	)	
Adjustments:	 	 	 	 	 	 	 	
Depreciation and amortization	 	922	 	 	 	981	 	
Stock based compensation and other non-cash benefits	 	42	 	 	 	55	 	
Reclamation and remediation	 	61	 	 	 	56	 	
Loss (income) from discontinued operations	 	16	 	 	 	(53	)	
Write-downs	 	18	 	 	 	2,265	 	
Impairment of marketable securities	 	4	 	 	 	52	 	
Deferred income taxes	 	(183	)	 	 	(523	)	
Gain on asset and investment sales, net	 	(92	)	 	 	(282	)	
Other operating adjustments and write-downs	 	507	 	 	 	697	 	
Net change in operating assets and liabilities (Note 24)	 	(674	)	 	 	(550	)	
Net cash provided from continuing operations	 	889	 	 	 	1,175	 	
Net cash used in discontinued operations	 	(10	)	 	 	(14	)	
Net cash provided from operations	 	879	 	 	 	1,161	 	
Investing activities:	 	 	 	 	 	 	 	
Additions to property, plant and mine development	 	(766	)	 	 	(1,528	)	
Acquisitions, net	 	(28	)	 	 	(13	)	
Sale of marketable securities	 	25	 	 	 	588	 	
Purchases of marketable securities	 	(1	)	 	 	(1	)	
Proceeds from sale of other assets	 	191	 	 	 	55	 	
Other	 	(13	)	 	 	(38	)	
Net cash used in investing activities	 	(592	)	 	 	(937	)	
Financing activities:	 	 	 	 	 	 	 	
Proceeds from debt, net	 	596	 	 	 	1,262	 	
Repayment of debt	 	(581	)	 	 	(1,060	)	
Proceeds from stock issuance, net	 	-	 	 	 	2	 	
Sale of noncontrolling interests	 	71	 	 	 	32	 	
Acquisition of noncontrolling interests	 	(6	)	 	 	(13	)	
Dividends paid to noncontrolling interests	 	(4	)	 	 	(2	)	
Dividends paid to common stockholders	 	(102	)	 	 	(509	)	
Other	 	(27	)	 	 	(4	)	
Net cash used in financing activities	 	(53	)	 	 	(292	)	
Effect of exchange rate changes on cash	 	(11	)	 	 	(18	)	
Net change in cash and cash equivalents	 	223	 	 	 	(86	)	
Cash and cash equivalents at beginning of period	 	1,555	 	 	 	1,561	 	
Cash and cash equivalents at end of period	$	1,778	 	 	$	1,475	 	
The accompanying notes are an integral part of the condensed consolidated financial statements.

 
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 NEWMONT MINING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions)
 
 	At September 30,	 	 	At December 31,	 	
 	2014	 	 	2013	 	
ASSETS	 	 	 	 	 	 	 	
Cash and cash equivalents	$	1,778	 	 	$	1,555	 	
Trade receivables	 	127	 	 	 	230	 	
Accounts receivable	 	264	 	 	 	252	 	
Investments (Note 16)	 	82	 	 	 	78	 	
Inventories (Note 17)	 	846	 	 	 	717	 	
Stockpiles and ore on leach pads (Note 18)	 	689	 	 	 	805	 	
Deferred income tax assets	 	323	 	 	 	246	 	
Other current assets (Note 19)	 	1,379	 	 	 	1,006	 	
Current assets	 	5,488	 	 	 	4,889	 	
Property, plant and mine development, net	 	13,901	 	 	 	14,277	 	
Investments (Note 16)	 	323	 	 	 	439	 	
Stockpiles and ore on leach pads (Note 18)	 	2,758	 	 	 	2,680	 	
Deferred income tax assets	 	1,760	 	 	 	1,478	 	
Other long-term assets (Note 19)	 	891	 	 	 	844	 	
Total assets	$	25,121	 	 	$	24,607	 	
 	 	 	 	 	 	 	 	
LIABILITIES	 	 	 	 	 	 	 	
Debt (Note 20)	$	143	 	 	$	595	 	
Accounts payable	 	440	 	 	 	478	 	
Employee-related benefits	 	252	 	 	 	341	 	
Income and mining taxes	 	30	 	 	 	13	 	
Other current liabilities (Note 21)	 	1,646	 	 	 	1,313	 	
Current liabilities	 	2,511	 	 	 	2,740	 	
Debt (Note 20)	 	6,630	 	 	 	6,145	 	
Reclamation and remediation liabilities (Note 4)	 	1,495	 	 	 	1,513	 	
Deferred income tax liabilities	 	734	 	 	 	635	 	
Employee-related benefits	 	318	 	 	 	323	 	
Other long-term liabilities (Note 21)	 	334	 	 	 	342	 	
Total liabilities	 	12,022	 	 	 	11,698	 	
Commitments and contingencies (Note 26)	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	
EQUITY	 	 	 	 	 	 	 	
Common stock	 	798	 	 	 	789	 	
Additional paid-in capital	 	8,654	 	 	 	8,538	 	
Accumulated other comprehensive income (loss)	 	(310	)	 	 	(182	)	
Retained earnings	 	1,239	 	 	 	848	 	
Newmont stockholders' equity	 	10,381	 	 	 	9,993	 	
Noncontrolling interests	 	2,718	 	 	 	2,916	 	
Total equity	 	13,099	 	 	 	12,909	 	
Total liabilities and equity	$	25,121	 	 	$	24,607	 	
The accompanying notes are an integral part of the condensed consolidated financial statements.

 
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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)

 NOTE 1     BASIS OF PRESENTATION
The interim Condensed Consolidated Financial Statements (“interim statements”) of Newmont Mining Corporation and its subsidiaries (collectively, “Newmont” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with Newmont’s Consolidated Financial Statements for the year ended December 31, 2013 filed on June 13, 2014 on Form 8-K. The year-end balance sheet data was derived from the audited financial statements and, in accordance with the instructions to Form 10-Q, certain information and footnote disclosures required by United States generally accepted accounting principles (“GAAP”) have been condensed or omitted. References to “A$” refer to Australian currency, “C$” to Canadian currency and “NZ$” to New Zealand currency.
On February 18, 2014 the Company redeemed all outstanding exchangeable shares (other than those held by Newmont and its affiliates). On the date of the redemption, holders of exchangeable shares received, in exchange for each exchangeable share, one share of common stock of Newmont. At December 31, 2013, the value of the remaining outstanding exchangeable shares was included in Additional paid-in capital and Common shares.
Certain amounts in prior years have been reclassified to conform to the 2014 presentation.
 
NOTE 2    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Risks and Uncertainties
As a global mining company, our revenue, profitability and future rate of growth are substantially dependent on prevailing prices for gold, copper and, to a lesser extent, silver. Historically, the commodity markets have been very volatile, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on our financial position, results of operations, cash flows, access to capital and on the quantities of reserves that we can economically produce. The carrying value of our property, plant and mine development assets, inventories, stockpiles and ore on leach pads, and deferred tax assets are particularly sensitive to the outlook for commodity prices. A decline in our long term price outlook from current levels could result in material impairment charges related to these assets.
In September 2014, PT Newmont Nusa Tenggara (“PTNNT”) and the Government of Indonesia signed a Memorandum of Understanding (“MoU”) that resulted in PTNNT receiving a six-month permit to export copper concentrate. Effective with the signing of the MoU, PTNNT agreed to pay export duties set forth in a new regulation issued in July 2014, provide a $25 surety bond to demonstrate its support for smelter development, and pay royalties of 4 percent for copper, 3.75 percent for gold, and 3.25 percent for silver. On July 25, 2014, the Minister of Finance revised its January 2014 regulations to reduce export duties on copper concentrate providing for export duties on copper concentrate to reduce as smelter development progresses, with duties initially at 7.5 percent, then declining to 5 percent when development progress exceeds 7.5 percent and finally to 0 percent when smelter progress exceeds 30 percent. The MoU also outlines terms for the six main elements of the Contract of Work renegotiation, which will be incorporated into an amendment of the Contract of Work. The six areas are: concession area size; royalties, taxes and export duties; domestic processing and refining; ownership divestment; utilization of local manpower, domestic goods and services; and duration of the Contract of Work. Negotiations between PTNNT and the Government of Indonesia to amend the Contract of Work remain on-going. No assurances can be made at this time with respect to the outcome of such negotiations. Future amendments to the Contract of Work and/or failure to successfully renegotiate the Contract of Work prior to the expiration of the export permit may negatively impact future operations and financial results at Batu Hijau.
As a result of the on-going Contract of Work renegotiations at Batu Hijau, we have evaluated, and will continue to evaluate, the need for asset impairments, inventory write-downs, tax valuation allowances and other applicable accounting charges due to the status of the mine.
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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
 
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Recently Adopted Accounting Pronouncements
Discontinued Operations
In April 2014, FASB Accounting Standards Codification (“ASC”) guidance was issued related to Discontinued Operations which changed the criteria for determining which disposals can be presented as discontinued operations and modified related disclosure requirements. The updated guidance requires an entity to only classify discontinued operations due to a major strategic shift or a major effect on an entity’s operations in the financial statements. The updated guidance will also require additional disclosures relating to discontinued operations. The Company early adopted this guidance prospectively at the beginning of fiscal year January 1, 2014. Adoption of the new guidance did not have an impact on the consolidated financial position, results of operations or cash flows.
Presentation of an Unrecognized Tax Benefit
In July 2013, ASC guidance was issued related to the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. The updated guidance requires an entity to net its unrecognized tax benefits against its jurisdictional deferred tax assets related to net operating loss carryforward, a similar tax loss, or tax credit carryforwards. A gross presentation will be required only if such carryforwards are not available or would not be used by the entity to settle any additional income taxes resulting from disallowance of the uncertain tax position. Adoption of the new guidance, effective for the fiscal year beginning January 1, 2014, had no impact on the consolidated financial position, results of operations or cash flows.
Foreign Currency Matters
In March 2013, ASC guidance was issued related to foreign currency matters to clarify the treatment of cumulative translation adjustments when a parent sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. The updated guidance also resolves the diversity in practice for the treatment of business combinations achieved in stages in a foreign entity. Adoption of the new guidance, effective for the fiscal year beginning January 1, 2014, had no impact on the consolidated financial position, results of operations or cash flows.
Recently Issued Accounting Pronouncements
Stock based compensation
In June 2014, ASU guidance was issued to resolve the diversity of practice relating to the accounting for stock based performance awards that the performance target could be achieved after the employee completes the required service period. The update is effective prospectively or retrospectively beginning January 1, 2015. The Company does not expect the updated guidance to have an impact on the consolidated financial position, results of operations or cash flows.
Revenue Recognition
In May 2014, ASU guidance was issued related to revenue from contracts with customers. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. The ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods and is to be retrospectively applied. Early adoption is not permitted. The Company is currently evaluating this guidance and the impact it will have on its consolidated financial statements.
 
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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
 
NOTE 3     SEGMENT INFORMATION
The Company’s reportable segments are based upon the Company’s management structure that is focused on the geographic region for the Company’s operations. Geographic regions include North America, South America, Australia/New Zealand, Indonesia, Africa and Corporate and Other. Segment results for 2013 have been retrospectively revised to reflect a change in our reportable segments to align with a change in the chief operating decision makers’ evaluation of the organization, effective in the first quarter of 2014. The Nevada operations have been revised to reflect Carlin, Phoenix, and Twin Creeks segments and Other Australia/New Zealand operations have been revised to reflect Tanami, Jundee, Waihi and Kalgoorlie segments. The Conga development project will be reported in the Other South America segment. The Nimba and Merian development projects, historically reported in Other Africa and Other South America, respectively, will be reported in Corporate and Other. The financial information relating to the Company’s segments for all periods presented have been updated to reflect these changes.
 
On July 1, 2014, the Company completed the sale of its Jundee underground gold mine in Australia to Northern Star Resources Limited for total cash proceeds of $94.
 
On October 6, 2014, the Company completed the sale of its 44% interest in La Herradura to Fresnillo plc for total cash proceeds of $450. At September 30, 2014, total assets and total liabilities were $520 and $133, respectively.
7

Table of Contents
NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)

 
 	Sales	 	 	Costs
Applicable
to Sales	 	 	Depreciation
and Amortization	 	 	Advanced
Projects and
Exploration	 	 	Pre-Tax
Income (Loss)	 	
Three Months Ended September 30, 2014	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Carlin	$	304	 	 	$	206	 	 	$	40	 	 	$	5	 	 	$	49	 	
Phoenix:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold	 	78	 	 	 	47	 	 	 	9	 	 	 	 	 	 	 	 	 	
Copper	 	34	 	 	 	25	 	 	 	4	 	 	 	 	 	 	 	 	 	
Total	 	112	 	 	 	72	 	 	 	13	 	 	 	3	 	 	 	20	 	
Twin Creeks	 	116	 	 	 	43	 	 	 	7	 	 	 	-	 	 	 	65	 	
La Herradura	 	58	 	 	 	44	 	 	 	10	 	 	 	5	 	 	 	(1	)	
Other North America	 	-	 	 	 	-	 	 	 	-	 	 	 	8	 	 	 	5	 	
North America	 	590	 	 	 	365	 	 	 	70	 	 	 	21	 	 	 	138	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Yanacocha	 	314	 	 	 	125	 	 	 	74	 	 	 	8	 	 	 	93	 	
Other South America	 	-	 	 	 	-	 	 	 	-	 	 	 	9	 	 	 	(9	)	
South America	 	314	 	 	 	125	 	 	 	74	 	 	 	17	 	 	 	84	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boddington:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold	 	201	 	 	 	150	 	 	 	26	 	 	 	 	 	 	 	 	 	
Copper	 	44	 	 	 	40	 	 	 	6	 	 	 	 	 	 	 	 	 	
Total	 	245	 	 	 	190	 	 	 	32	 	 	 	-	 	 	 	29	 	
Tanami	 	100	 	 	 	67	 	 	 	17	 	 	 	3	 	 	 	16	 	
Jundee	 	2	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	25	 	
Waihi	 	47	 	 	 	20	 	 	 	7	 	 	 	3	 	 	 	19	 	
Kalgoorlie	 	102	 	 	 	71	 	 	 	4	 	 	 	1	 	 	 	30	 	
Other Australia/New Zealand	 	-	 	 	 	-	 	 	 	4	 	 	 	1	 	 	 	(18	)	
Australia/New Zealand	 	496	 	 	 	348	 	 	 	64	 	 	 	8	 	 	 	101	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Batu Hijau:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold	 	9	 	 	 	26	 	 	 	8	 	 	 	 	 	 	 	 	 	
Copper	 	61	 	 	 	227	 	 	 	64	 	 	 	 	 	 	 	 	 	
Total	 	70	 	 	 	253	 	 	 	72	 	 	 	-	 	 	 	(272	)	
Other Indonesia	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
Indonesia	 	70	 	 	 	253	 	 	 	72	 	 	 	-	 	 	 	(272	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Ahafo	 	138	 	 	 	56	 	 	 	13	 	 	 	4	 	 	 	66	 	
Akyem	 	138	 	 	 	38	 	 	 	20	 	 	 	-	 	 	 	78	 	
Other Africa	 	-	 	 	 	-	 	 	 	-	 	 	 	1	 	 	 	(3	)	
Africa	 	276	 	 	 	94	 	 	 	33	 	 	 	5	 	 	 	141	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate and Other	 	-	 	 	 	-	 	 	 	5	 	 	 	29	 	 	 	(167	)	
Consolidated	$	1,746	 	 	$	1,185	 	 	$	318	 	 	$	80	 	 	$	25	 	

8

Table of Contents
NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)

 	Sales	 	 	Costs
Applicable
to Sales	 	 	Depreciation
and Amortization	 	 	Advanced
Projects and
Exploration	 	 	Pre-Tax
Income (Loss)	 	
Three Months Ended September 30, 2013	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Carlin	$	352	 	 	$	165	 	 	$	30	 	 	$	12	 	 	$	141	 	
Phoenix:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold	 	109	 	 	 	47	 	 	 	8	 	 	 	 	 	 	 	 	 	
Copper	 	37	 	 	 	15	 	 	 	3	 	 	 	 	 	 	 	 	 	
Total	 	146	 	 	 	62	 	 	 	11	 	 	 	1	 	 	 	70	 	
Twin Creeks	 	157	 	 	 	61	 	 	 	18	 	 	 	1	 	 	 	77	 	
La Herradura	 	70	 	 	 	40	 	 	 	9	 	 	 	10	 	 	 	12	 	
Other North America	 	-	 	 	 	-	 	 	 	-	 	 	 	11	 	 	 	(17	)	
North America	 	725	 	 	 	328	 	 	 	68	 	 	 	35	 	 	 	283	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Yanacocha	 	346	 	 	 	159	 	 	 	87	 	 	 	9	 	 	 	50	 	
Other South America	 	-	 	 	 	-	 	 	 	-	 	 	 	18	 	 	 	(19	)	
South America	 	346	 	 	 	159	 	 	 	87	 	 	 	27	 	 	 	31	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boddington:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold	 	204	 	 	 	152	 	 	 	28	 	 	 	 	 	 	 	 	 	
Copper	 	42	 	 	 	29	 	 	 	5	 	 	 	 	 	 	 	 	 	
Total	 	246	 	 	 	181	 	 	 	33	 	 	 	1	 	 	 	26	 	
Tanami	 	132	 	 	 	64	 	 	 	22	 	 	 	2	 	 	 	39	 	
Jundee	 	89	 	 	 	49	 	 	 	23	 	 	 	-	 	 	 	18	 	
Waihi	 	30	 	 	 	21	 	 	 	6	 	 	 	2	 	 	 	(1	)	
Kalgoorlie	 	106	 	 	 	68	 	 	 	5	 	 	 	-	 	 	 	32	 	
Other Australia/New Zealand	 	-	 	 	 	-	 	 	 	4	 	 	 	3	 	 	 	(9	)	
Australia/New Zealand	 	603	 	 	 	383	 	 	 	93	 	 	 	8	 	 	 	105	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Batu Hijau:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold	 	16	 	 	 	11	 	 	 	3	 	 	 	 	 	 	 	 	 	
Copper	 	136	 	 	 	122	 	 	 	24	 	 	 	 	 	 	 	 	 	
Total	 	152	 	 	 	133	 	 	 	27	 	 	 	2	 	 	 	(14	)	
Other Indonesia	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
Indonesia	 	152	 	 	 	133	 	 	 	27	 	 	 	2	 	 	 	(14	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Ahafo	 	194	 	 	 	75	 	 	 	19	 	 	 	12	 	 	 	86	 	
Akyem	 	-	 	 	 	-	 	 	 	-	 	 	 	2	 	 	 	(3	)	
Other Africa	 	-	 	 	 	-	 	 	 	-	 	 	 	1	 	 	 	(7	)	
Africa	 	194	 	 	 	75	 	 	 	19	 	 	 	15	 	 	 	76	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate and Other	 	-	 	 	 	-	 	 	 	5	 	 	 	40	 	 	 	94	 	
Consolidated	$	2,020	 	 	$	1,078	 	 	$	299	 	 	$	127	 	 	$	575	 	

9

Table of Contents
NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
 
 	Sales	 	 	Costs
Applicable
to Sales	 	 	Depreciation
and Amortization	 	 	Advanced
Projects and
Exploration	 	 	Pre-Tax
Income (Loss)	 	 	Capital
Expenditures (1)	 	
Nine Months Ended September 30, 2014	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Carlin	$	865	 	 	$	607	 	 	$	118	 	 	$	16	 	 	$	113	 	 	$	169	 	
Phoenix:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold	 	220	 	 	 	116	 	 	 	23	 	 	 	 	 	 	 	 	 	 	 	 	 	
Copper	 	105	 	 	 	81	 	 	 	12	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	325	 	 	 	197	 	 	 	35	 	 	 	4	 	 	 	79	 	 	 	22	 	
Twin Creeks	 	373	 	 	 	147	 	 	 	27	 	 	 	4	 	 	 	238	 	 	 	86	 	
La Herradura	 	148	 	 	 	86	 	 	 	28	 	 	 	11	 	 	 	22	 	 	 	20	 	
Other North America	 	-	 	 	 	-	 	 	 	-	 	 	 	20	 	 	 	(11	)	 	 	11	 	
North America	 	1,711	 	 	 	1,037	 	 	 	208	 	 	 	55	 	 	 	441	 	 	 	308	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Yanacocha	 	819	 	 	 	530	 	 	 	259	 	 	 	24	 	 	 	(47	)	 	 	59	 	
Other South America	 	-	 	 	 	-	 	 	 	-	 	 	 	26	 	 	 	(41	)	 	 	30	 	
South America	 	819	 	 	 	530	 	 	 	259	 	 	 	50	 	 	 	(88	)	 	 	89	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boddington:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold	 	611	 	 	 	425	 	 	 	75	 	 	 	 	 	 	 	 	 	 	 	 	 	
Copper	 	121	 	 	 	112	 	 	 	18	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	732	 	 	 	537	 	 	 	93	 	 	 	-	 	 	 	93	 	 	 	63	 	
Tanami	 	324	 	 	 	185	 	 	 	52	 	 	 	8	 	 	 	77	 	 	 	58	 	
Jundee	 	181	 	 	 	85	 	 	 	34	 	 	 	1	 	 	 	83	 	 	 	15	 	
Waihi	 	132	 	 	 	58	 	 	 	19	 	 	 	4	 	 	 	50	 	 	 	10	 	
Kalgoorlie	 	316	 	 	 	213	 	 	 	14	 	 	 	4	 	 	 	85	 	 	 	16	 	
Other Australia/New Zealand	 	-	 	 	 	-	 	 	 	13	 	 	 	3	 	 	 	(43	)	 	 	4	 	
Australia/New Zealand	 	1,685	 	 	 	1,078	 	 	 	225	 	 	 	20	 	 	 	345	 	 	 	166	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Batu Hijau:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold	 	27	 	 	 	43	 	 	 	13	 	 	 	 	 	 	 	 	 	 	 	 	 	
Copper	 	162	 	 	 	338	 	 	 	94	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	189	 	 	 	381	 	 	 	107	 	 	 	2	 	 	 	(356	)	 	 	44	 	
Other Indonesia	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	(1	)	 	 	-	 	
Indonesia	 	189	 	 	 	381	 	 	 	107	 	 	 	2	 	 	 	(357	)	 	 	44	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Ahafo	 	435	 	 	 	182	 	 	 	46	 	 	 	18	 	 	 	181	 	 	 	72	 	
Akyem	 	436	 	 	 	120	 	 	 	62	 	 	 	-	 	 	 	240	 	 	 	14	 	
Other Africa	 	-	 	 	 	-	 	 	 	-	 	 	 	6	 	 	 	(11	)	 	 	-	 	
Africa	 	871	 	 	 	302	 	 	 	108	 	 	 	24	 	 	 	410	 	 	 	86	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate and Other	 	-	 	 	 	-	 	 	 	15	 	 	 	88	 	 	 	(491	)	 	 	42	 	
Consolidated	$	5,275	 	 	$	3,328	 	 	$	922	 	 	$	239	 	 	$	260	 	 	$	735	 	
 
(1)   Includes a decrease in accrued capital expenditures of $31; consolidated capital expenditures on a cash basis were $766.
10

Table of Contents
NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)

 
 	Sales	 	 	Costs
Applicable
to Sales	 	 	Depreciation
and Amortization	 	 	Advanced
Projects and
Exploration	 	 	Pre-Tax
Income (Loss)	 	 	Capital
Expenditures (1)	 	
Nine Months Ended September 30, 2013	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Carlin	$	993	 	 	$	513	 	 	$	89	 	 	$	31	 	 	$	349	 	 	$	182	 	
Phoenix:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold	 	242	 	 	 	125	 	 	 	23	 	 	 	 	 	 	 	 	 	 	 	 	 	
Copper	 	73	 	 	 	41	 	 	 	8	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	315	 	 	 	166	 	 	 	31	 	 	 	8	 	 	 	103	 	 	 	105	 	
Twin Creeks	 	511	 	 	 	193	 	 	 	58	 	 	 	7	 	 	 	249	 	 	 	56	 	
La Herradura	 	231	 	 	 	122	 	 	 	22	 	 	 	31	 	 	 	57	 	 	 	82	 	
Other North America	 	-	 	 	 	-	 	 	 	-	 	 	 	32	 	 	 	(43	)	 	 	18	 	
North America	 	2,050	 	 	 	994	 	 	 	200	 	 	 	109	 	 	 	715	 	 	 	443	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Yanacocha	 	1,221	 	 	 	520	 	 	 	254	 	 	 	32	 	 	 	326	 	 	 	136	 	
Other South America	 	-	 	 	 	-	 	 	 	-	 	 	 	23	 	 	 	(26	)	 	 	184	 	
South America	 	1,221	 	 	 	520	 	 	 	254	 	 	 	55	 	 	 	300	 	 	 	320	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boddington:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold	 	782	 	 	 	578	 	 	 	129	 	 	 	 	 	 	 	 	 	 	 	 	 	
Copper	 	156	 	 	 	139	 	 	 	29	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	938	 	 	 	717	 	 	 	158	 	 	 	1	 	 	 	(2,059	)	 	 	81	 	
Tanami	 	313	 	 	 	203	 	 	 	55	 	 	 	7	 	 	 	(73	)	 	 	67	 	
Jundee	 	318	 	 	 	154	 	 	 	60	 	 	 	7	 	 	 	98	 	 	 	33	 	
Waihi	 	114	 	 	 	74	 	 	 	22	 	 	 	4	 	 	 	11	 	 	 	9	 	
Kalgoorlie	 	336	 	 	 	266	 	 	 	18	 	 	 	2	 	 	 	54	 	 	 	10	 	
Other Australia/New Zealand	 	-	 	 	 	-	 	 	 	9	 	 	 	11	 	 	 	(46	)	 	 	4	 	
Australia/New Zealand	 	2,019	 	 	 	1,414	 	 	 	322	 	 	 	32	 	 	 	(2,015	)	 	 	204	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Batu Hijau:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold	 	42	 	 	 	81	 	 	 	18	 	 	 	 	 	 	 	 	 	 	 	 	 	
Copper	 	305	 	 	 	582	 	 	 	114	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	347	 	 	 	663	 	 	 	132	 	 	 	13	 	 	 	(495	)	 	 	82	 	
Other Indonesia	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	2	 	 	 	-	 	
Indonesia	 	347	 	 	 	663	 	 	 	132	 	 	 	13	 	 	 	(493	)	 	 	82	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Ahafo	 	589	 	 	 	226	 	 	 	56	 	 	 	36	 	 	 	273	 	 	 	139	 	
Akyem	 	-	 	 	 	-	 	 	 	-	 	 	 	7	 	 	 	(10	)	 	 	201	 	
Other Africa	 	-	 	 	 	-	 	 	 	-	 	 	 	7	 	 	 	(24	)	 	 	-	 	
Africa	 	589	 	 	 	226	 	 	 	56	 	 	 	50	 	 	 	239	 	 	 	340	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate and Other	 	-	 	 	 	-	 	 	 	17	 	 	 	101	 	 	 	(262	)	 	 	80	 	
Consolidated	$	6,226	 	 	$	3,817	 	 	$	981	 	 	$	360	 	 	$	(1,516	)	 	$	1,469	 	
(1)	Includes a decrease in accrued capital expenditures of $59; consolidated capital expenditures on a cash basis were $1,528.	

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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
 
NOTE 4     RECLAMATION AND REMEDIATION
The Company’s Reclamation and remediation expense consisted of:
 
 	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Reclamation	$	-	 	 	$	3	 	 	$	-	 	 	$	3	 	
Accretion - operating	 	18	 	 	 	15	 	 	 	54	 	 	 	45	 	
Accretion - non-operating	 	2	 	 	 	2	 	 	 	7	 	 	 	8	 	
 	$	20	 	 	$	20	 	 	$	61	 	 	$	56	 	
At September 30, 2014 and December 31, 2013, $1,427 and $1,432, respectively, were accrued for reclamation obligations relating to operating properties. In addition, the Company is involved in several matters concerning environmental obligations associated with former, primarily historic, mining activities. Generally, these matters concern developing and implementing remediation plans at the various sites involved. At September 30, 2014 and December 31, 2013, $152 and $179, respectively, were accrued for such obligations. These amounts are also included in Reclamation and remediation liabilities .
The following is a reconciliation of Reclamation and remediation liabilities :
 
 	Nine Months Ended September 30,	 	
 	2014	 	 	2013	 	
Balance at beginning of period	$	1,611	 	 	$	1,539	 	
Additions, changes in estimates and other	 	(2	)	 	 	1	 	
Liabilities settled	 	(91	)	 	 	(41	)	
Accretion expense	 	61	 	 	 	53	 	
Balance at end of period	$	1,579	 	 	$	1,552	 	
The current portion of Reclamation and remediation liabilities of $84 and $98 at September 30, 2014 and December 31, 2013, respectively, are included in Other current liabilities (see Note 21).
 
NOTE 5     WRITE-DOWNS

 	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Property, plant and mine development	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Carlin	$	3	 	 	$	-	 	 	$	3	 	 	$	-	 	
Phoenix	 	2	 	 	 	-	 	 	 	2	 	 	 	-	 	
Yanacocha	 	-	 	 	 	2	 	 	 	-	 	 	 	3	 	
Other South America	 	-	 	 	 	-	 	 	 	13	 	 	 	-	 	
Boddington	 	-	 	 	 	-	 	 	 	-	 	 	 	2,107	 	
Tanami	 	-	 	 	 	1	 	 	 	-	 	 	 	67	 	
Batu Hijau	 	-	 	 	 	-	 	 	 	-	 	 	 	1	 	
 	 	5	 	 	 	3	 	 	 	18	 	 	 	2,178	 	
Other long-term assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boddington	 	-	 	 	 	-	 	 	 	-	 	 	 	31	 	
Tanami	 	-	 	 	 	-	 	 	 	-	 	 	 	56	 	
 	 	-	 	 	 	-	 	 	 	-	 	 	 	87	 	
 	$	5	 	 	$	3	 	 	$	18	 	 	$	2,265	 	
The 2014 year-to-date write-downs are primarily related to non-essential equipment in Carlin, Phoenix and Other South America, specifically for certain assets at Conga that have been sold. The 2013 write-downs were primarily related to Boddington and Tanami and caused by an interim impairment assessment necessitated by a decrease in the Company’s long-term gold and copper price assumptions during the second quarter to $1,400 per ounce and $3.00 per pound, respectively, and rising operating costs.
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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
 
Goodwill was included in the interim impairment assessment, due to the above conditions in 2013.  As a result, the Company recorded an impairment of $56 at Tanami.
 
NOTE 6     OTHER EXPENSE, NET

 	Three Months Ended September 30,	 	 	Nine Months Ended September 30,	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Regional administration	$	14	 	 	$	12	 	 	$	45	 	 	$	48	 	
Community development	 	8	 	 	 	42	 	 	 	34	 	 	 	72	 	
Restructuring and other	 	19	 	 	 	20	 	 	 	32	 	 	 	50	 	
Western Australia power plant	 	5	 	 	 	3	 	 	 	12	 	 	 	14	 	
Transaction/Acquisition costs	 	-	 	 	 	-	 	 	 	-	 	 	 	45	 	
Other	 	12	 	 	 	7	 	 	 	38	 	 	 	31	 	
 	$	58	 	 	$	84	 	 	$	161	 	 	$	260	 	
 
NOTE 7     OTHER INCOME, NET
 
 	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Gain (loss) on asset sales, net	$	41	 	 	$	1	 	 	$	87	 	 	$	2	 	
Refinery Income, net	 	13	 	 	 	20	 	 	 	22	 	 	 	27	 	
Gain on sale of investments, net	 	-	 	 	 	280	 	 	 	5	 	 	 	280	 	
Interest	 	1	 	 	 	4	 	 	 	3	 	 	 	10	 	
Development projects, net	 	-	 	 	 	1	 	 	 	2	 	 	 	9	 	
Canadian Oil Sands dividends	 	-	 	 	 	-	 	 	 	-	 	 	 	21	 	
Impairment of marketable securities	 	(3	)	 	 	(41	)	 	 	(4	)	 	 	(52	)	
Foreign currency exchange, net	 	20	 	 	 	19	 	 	 	(5	)	 	 	56	 	
Other	 	7	 	 	 	6	 	 	 	18	 	 	 	13	 	
 	$	79	 	 	$	290	 	 	$	128	 	 	$	366	 	
 
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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
 
NOTE 8     INCOME AND MINING TAXES
The Company’s income and mining tax expense differed from the amounts computed by applying the United States statutory corporate income tax rate for the following reasons:
 
 	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income and mining
    tax and other items	 	 	 	 	$	25	 	 	 	 	 	 	$	575	 	 	 	 	 	 	$	260	 	 	 	 	 	 	$	(1,516	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tax at statutory rate	 	35	%	 	$	9	 	 	 	35	%	 	$	201	 	 	 	35	%	 	$	91	 	 	 	35	%	 	$	(531	)	
Reconciling items:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Percentage depletion	 	(152	)%	 	 	(38	)	 	 	(1	)%	 	 	(6	)	 	 	(25	)%	 	 	(66	)	 	 	7	%	 	 	(99	)	
Change in valuation allowance on
     deferred tax assets	 	(124	)%	 	 	(31	)	 	 	1	%	 	 	7	 	 	 	(36	)%	 	 	(93	)	 	 	(46	)%	 	 	698	 	
Tax planning on sale of Canadian Oil Sands and
     Canadian capital gains tax rate	 	-	 	 	 	-	 	 	 	(11	)%	 	 	(61	)	 	 	-	 	 	 	-	 	 	 	4	%	 	 	(61	)	
Mining and other taxes	 	24	%	 	 	6	 	 	 	2	%	 	 	11	 	 	 	5	%	 	 	14	 	 	 	(3	)%	 	 	47	 	
Disallowed loss on Midas Sale	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	5	%	 	 	13	 	 	 	-	 	 	 	-	 	
Tax impact on Jundee Sale	 	32	%	 	 	8	 	 	 	-	 	 	 	-	 	 	 	3	%	 	 	8	 	 	 	-	 	 	 	-	 	
Effect of foreign earnings, net of credits	 	-	 	 	 	-	 	 	 	2	%	 	 	9	 	 	 	3	%	 	 	8	 	 	 	(3	)%	 	 	48	 	
Other	 	(3	)%	 	 	(1	)	 	 	-	 	 	 	-	 	 	 	1	%	 	 	3	 	 	 	3	%	 	 	(48	)	
Income and mining tax expense (benefit)	 	(188	)%	 	$	(47	)	 	 	28	%	 	$	161	 	 	 	(9	)%	 	$	(22	)	 	 	(3	)%	 	$	54	 	
A valuation allowance is provided for those deferred tax assets for which it is more likely than not that the related benefits will not be realized. In determining the amount of the valuation allowance, each quarter the Company considers future reversals of existing taxable temporary differences, estimated future taxable income, taxable income in prior carryback year(s), as well as feasible tax planning strategies in each jurisdiction to determine if the deferred tax assets are realizable. If it is determined that the Company will not realize all or a portion of its deferred tax assets, it will place or increase a valuation allowance. Conversely, if determined that it will ultimately be able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of risk factors that could impact the Company’s ability to realize the deferred tax assets. See Note 2, Summary of Significant Accounting Policies, Risks and Uncertainties.
The Company operates in numerous countries around the world and accordingly it is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates. Some of these tax regimes are defined by contractual agreements with the local government, and others are defined by the general corporate income tax laws of the country. The Company has historically filed, and continues to file, all required income tax returns and pay the income taxes reasonably determined to be due. The tax rules and regulations in many countries are highly complex and subject to interpretation. From time to time the Company is subject to a review of its historic income tax filings and in connection with such reviews, disputes can arise with the taxing authorities over the interpretation or application of certain rules to the Company’s business conducted within the country involved.
At September 30, 2014, the Company’s total unrecognized tax benefit was $460 for uncertain income tax positions taken or expected to be taken on income tax returns. Of this, $58 represents the amount of unrecognized tax benefits that, if recognized, would affect the Company’s effective income tax rate.
As a result of the statute of limitations that expire in the next 12 months in various jurisdictions, and possible settlements of audit-related issues with taxing authorities in various jurisdictions with respect to which none of the issues are individually significant, the Company believes that it is reasonably possible that the total amount of its net unrecognized income tax benefits will decrease by approximately $65 to $70 in the next 12 months.
 
NOTE 9     DISCONTINUED OPERATIONS
Discontinued operations includes a retained royalty obligation (“Holt”) from Holloway Mining Company. Holloway Mining Company, which owned the Holt-McDermott property, was sold to St. Andrew Goldfields Ltd. (“St. Andrew”) in 2006. The Company
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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
 
records adjustments based on short and long-term gold prices, discount rate assumptions and resource estimates published by St. Andrew.
During the third quarter and first nine months of 2014, the Company recorded a benefit of $3 and a charge of $16, net of tax expense of $2 and benefit of $7, respectively. During the third quarter and first nine months of 2013, the Company recorded a charge of $21 and a benefit of $53, net of tax benefit of $10 and expense of $24, respectively.
Net operating cash used in discontinued operations of $10 and $14 in the first nine months of 2014 and 2013 respectively relates to payments on the Holt property royalty.
 
NOTE 10     NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Minera Yanacocha	$	(6	)	 	$	5	 	 	$	(55	)	 	$	86	 	
Batu Hijau	 	(125	)	 	 	(10	)	 	 	(158	)	 	 	(251	)	
TMAC	 	(11	)	 	 	(3	)	 	 	(18	)	 	 	(17	)	
Other	 	4	 	 	 	4	 	 	 	6	 	 	 	6	 	
 	$	(138	)	 	$	(4	)	 	$	(225	)	 	$	(176	)	
Newmont has a 51.35% ownership interest in Minera Yanacocha S.R.L. (“Yanacocha”), with the remaining interests held by Compañia de Minas Buenaventura, S.A.A. (43.65%) and the International Finance Corporation (5%).
Newmont has a 48.5% effective economic interest in PT Newmont Nusa Tenggara (“PTNNT”) with remaining interests held by an affiliate of Sumitomo Corporation of Japan and various Indonesian entities. PTNNT operates the Batu Hijau copper and gold mine in Indonesia.
Newmont’s economic ownership interest in TMAC was reduced to 45.2% from 70.4% in April 2014 due to TMAC’s private placement to raise funds. The remaining interests are held by TMAC management and various outside investors.
Based on ASC guidance for variable interest entities, Newmont consolidates PTNNT and TMAC in its condensed consolidated financial statements.
 
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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
 
NOTE 11    INCOME PER COMMON SHARE
Basic income per common share is computed by dividing income available to Newmont common stockholders by the weighted average number of common shares outstanding during the period. Diluted income per common share is computed similarly except that weighted average common shares is increased to reflect all dilutive instruments.
 
 	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss) attributable to Newmont stockholders	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	$	210	 	 	$	419	 	 	$	509	 	 	$	(1,400	)	
Discontinued operations	 	3	 	 	 	(21	)	 	 	(16	)	 	 	53	 	
 	$	213	 	 	$	398	 	 	$	493	 	 	$	(1,347	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average common shares (millions):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	499	 	 	 	498	 	 	 	499	 	 	 	497	 	
Effect of employee stock-based awards	 	1	 	 	 	-	 	 	 	-	 	 	 	-	 	
Diluted	 	500	 	 	 	498	 	 	 	499	 	 	 	497	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) per common share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	$	0.42	 	 	$	0.84	 	 	$	1.02	 	 	$	(2.82	)	
Discontinued operations	 	0.01	 	 	 	(0.04	)	 	 	(0.03	)	 	 	0.11	 	
 	$	0.43	 	 	$	0.80	 	 	$	0.99	 	 	$	(2.71	)	
Diluted:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	$	0.42	 	 	$	0.84	 	 	$	1.02	 	 	$	(2.82	)	
Discontinued operations	 	0.01	 	 	 	(0.04	)	 	 	(0.03	)	 	 	0.11	 	
 	$	0.43	 	 	$	0.80	 	 	$	0.99	 	 	$	(2.71	)	
Options to purchase 3 million and 3 million shares of common stock at average exercise prices of $48 and $48 were outstanding at September 30, 2014 and 2013, respectively, but were not included in the computation of diluted weighted average common shares because their exercise prices exceeded the average price of the Company’s common stock for the respective periods presented.
Other outstanding options to purchase 1 million shares of common stock were not included in the computation of diluted weighted average common shares in the first nine months of 2013 because their effect would have been anti-dilutive.
Newmont is required to settle the principal amount of its 2017 Convertible Senior Note in cash and may elect to settle the remaining conversion premium (average share price in excess of the conversion price), if any, in cash, shares or a combination thereof. The 2014 Convertible Senior Note was settled in July of 2014.  The effect of contingently convertible instruments on diluted earnings per share is calculated under the net share settlement method in accordance with ASC guidance. The conversion price exceeded the Company’s share price for the periods presented, therefore no additional shares were included in the computation of diluted weighted average common shares.

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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
 
NOTE 12   EMPLOYEE PENSION AND OTHER BENEFIT PLANS
 
 	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Pension benefit costs, net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Service cost	$	6	 	 	$	9	 	 	$	19	 	 	$	27	 	
Interest cost	 	10	 	 	 	11	 	 	 	30	 	 	 	31	 	
Expected return on plan assets	 	(12	)	 	 	(12	)	 	 	(38	)	 	 	(37	)	
Amortization, net	 	3	 	 	 	8	 	 	 	10	 	 	 	26	 	
Settlements	 	3	 	 	 	5	 	 	 	6	 	 	 	5	 	
 	$	10	 	 	$	21	 	 	$	27	 	 	$	52	 	

 	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Other benefit costs, net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Service cost	$	1	 	 	$	1	 	 	$	2	 	 	$	3	 	
Interest cost	 	2	 	 	 	1	 	 	 	5	 	 	 	4	 	
 	$	3	 	 	$	2	 	 	$	7	 	 	$	7	 	

NOTE 13     STOCK BASED COMPENSATION
 
 	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Stock options	$	-	 	 	$	2	 	 	$	2	 	 	$	7	 	
Restricted stock units	 	7	 	 	 	8	 	 	 	22	 	 	 	24	 	
Performance leveraged stock units	 	3	 	 	 	2	 	 	 	8	 	 	 	6	 	
Strategic performance units	 	5	 	 	 	1	 	 	 	10	 	 	 	4	 	
 	$	15	 	 	$	13	 	 	$	42	 	 	$	41	 	
 
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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
 
NOTE 14    FAIR VALUE ACCOUNTING
The following table sets forth the Company’s assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
 
 	Fair Value at September 30, 2014	 	
 	Total	 	 	Level 1	 	 	Level 2	 	 	Level 3	 	
Assets:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash equivalents	$	1,103	 	 	$	1,103	 	 	$	-	 	 	$	-	 	
Marketable equity securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Extractive industries	 	217	 	 	 	217	 	 	 	-	 	 	 	-	 	
Other	 	17	 	 	 	17	 	 	 	-	 	 	 	-	 	
Marketable debt securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asset backed commercial paper	 	24	 	 	 	-	 	 	 	-	 	 	 	24	 	
Auction rate securities	 	6	 	 	 	-	 	 	 	-	 	 	 	6	 	
Trade receivable from provisional copper and
     gold concentrate sales, net	 	93	 	 	 	93	 	 	 	-	 	 	 	-	 	
 	$	1,460	 	 	$	1,430	 	 	$	-	 	 	$	30	 	
Liabilities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Derivative instruments, net:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign exchange forward contracts	$	70	 	 	$	-	 	 	$	70	 	 	$	-	 	
Diesel forward contracts	 	6	 	 	 	-	 	 	 	6	 	 	 	-	 	
Boddington contingent consideration	 	10	 	 	 	-	 	 	 	-	 	 	 	10	 	
Holt property royalty	 	147	 	 	 	-	 	 	 	-	 	 	 	147	 	
 	$	233	 	 	$	-	 	 	$	76	 	 	$	157	 	
 
The fair values of the derivative instruments in the table above are presented on a net basis. The gross amounts related to the fair value of the derivatives instruments above are included in the Derivatives Instruments Note (see Note 15). All other Fair Value disclosures in the above table are presented on a gross basis.
The following table sets forth a summary of the quantitative and qualitative information related to the unobservable inputs used in the calculation of the Company’s Level 3 financial assets and liabilities at September 30, 2014:
 
Description	At September 30, 2014	 	 	Valuation technique	 	Unobservable input	 	Range/Weighted
average	 	
Auction Rate Securities	$	6	 	 	Discounted cash flow	 	Weighted average recoverability rate	 	 	80	%	
Asset Backed Commercial Paper	24	 	 	Discounted cash flow	 	Recoverability rate	 	 	90	%	
Boddington Contingent Consideration	10	 	 	Monte Carlo	 	Discount rate	 	 	5	%	
 	 	 	 	 	 	 	Long Term Gold price	 	$	1,300	 	
 	 	 	 	 	 	 	Long Term Copper price	 	$	3.00	 	
Holt property royalty	147	 	 	Monte Carlo	 	Weighted average discount rate	 	 	4	%	
 	 	 	 	 	 	 	Long Term Gold price	 	$	1,300	 	
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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
 
The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial assets and liabilities at September 30, 2014:
 
 	Auction Rate
Securities	 	 	Asset Backed
Commercial
Paper	 	 	Total Assets	 	 	Boddington
Contingent
Royalty	 	 	Holt Property
Royalty	 	 	Total Liabilities	 	
Balance at beginning of period	$	5	 	 	$	25	 	 	$	30	 	 	$	10	 	 	$	134	 	 	$	144	 	
Settlements	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	(10	)	 	 	(10	)	
Revaluation	 	1	 	 	 	(1	)	 	 	-	 	 	 	-	 	 	 	23	 	 	 	23	 	
Balance at end of period	$	6	 	 	$	24	 	 	$	30	 	 	$	10	 	 	$	147	 	 	$	157	 	
At September 30, 2014, assets and liabilities classified within Level 3 of the fair value hierarchy represent 2% and 67%, respectively, of total assets and liabilities measured at fair value.
 
NOTE 15    DERIVATIVE INSTRUMENTS
The Company’s strategy is to provide shareholders with leverage to changes in gold and copper prices by selling its production at spot market prices. Consequently, the Company does not hedge its gold and copper sales. The Company continues to manage certain risks associated with commodity input costs, interest rates and foreign currencies using the derivative market. All of the derivative instruments described below were transacted for risk management purposes and qualify as cash flow hedges.
Cash Flow Hedges
The foreign currency and diesel contracts are designated as cash flow hedges, and as such, the effective portion of unrealized changes in market value have been recorded in Accumulated other comprehensive income (loss) and are reclassified to income during the period in which the hedged transaction affects earnings. Gains and losses from hedge ineffectiveness are recognized in current earnings .
Foreign Currency Contracts
Newmont had the following foreign currency derivative contracts outstanding at September 30, 2014:
 
 	Expected Maturity Date	 	
 	2014	 	 	2015	 	 	2016	 	 	2017	 	 	2018	 	 	Total/Average	 	
A$ Operating Fixed Forward Contracts:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
A$ notional (millions)	 	75	 	 	 	270	 	 	 	158	 	 	 	105	 	 	 	6	 	 	 	614	 	
Average rate ($/A$)	 	0.99	 	 	 	0.98	 	 	 	0.95	 	 	 	0.93	 	 	 	0.92	 	 	 	0.96	 	
Expected hedge ratio	 	19	%	 	 	18	%	 	 	11	%	 	 	7	%	 	 	4	%	 	 	 	 	
NZ$ Operating Fixed Forward Contracts:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NZ$ notional (millions)	 	18	 	 	 	56	 	 	 	11	 	 	 	-	 	 	 	-	 	 	 	85	 	
Average rate ($/NZ$)	 	0.81	 	 	 	0.80	 	 	 	0.80	 	 	 	-	 	 	 	-	 	 	 	0.80	 	
Expected hedge ratio	 	68	%	 	 	45	%	 	 	16	%	 	 	-	 	 	 	-	 	 	 	 	 	
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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
 
Diesel Fixed Forward Contracts
Newmont had the following diesel derivative contracts outstanding at September 30, 2014:
 
 	Expected Maturity Date	 	
 	2014	 	 	2015	 	 	2016	 	 	2017	 	 	Total/Average	 	
Diesel Fixed Forward Contracts:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diesel gallons (millions)	 	7	 	 	 	22	 	 	 	13	 	 	 	4	 	 	 	46	 	
Average rate ($/gallon)	 	2.82	 	 	 	2.78	 	 	 	2.70	 	 	 	2.69	 	 	 	2.75	 	
Expected Nevada hedge ratio	 	73	%	 	 	58	%	 	 	33	%	 	 	12	%	 	 	 	 	
Derivative Instrument Fair Values
Newmont had the following derivative instruments designated as hedges at September 30, 2014 and December 31, 2013:
 
 	Fair Value	 	
 	At September 30, 2014	 	
 	Other Current Assets	 	 	Other Long-Term Assets	 	 	Other Current Liabilities	 	 	Other Long-Term Liabilities	 	
Foreign currency exchange contracts:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
A$ operating fixed forwards	$	-	 	 	$	-	 	 	$	33	 	 	$	34	 	
NZ$ operating fixed forwards	 	-	 	 	 	-	 	 	 	2	 	 	 	1	 	
Diesel fixed forwards	 	-	 	 	 	-	 	 	 	4	 	 	 	2	 	
Total derivative instruments (Notes 19 and 21)	$	-	 	 	$	-	 	 	$	39	 	 	$	37	 	
 
 	Fair Value	 	
 	At December 31, 2013	 	
 	Other Current Assets	 	 	Other Long-Term Assets	 	 	Other Current Liabilities	 	 	Other Long-Term Liabilities	 	
Foreign currency exchange contracts:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
A$ operating fixed forwards	$	-	 	 	$	-	 	 	$	36	 	 	$	60	 	
NZ$ operating fixed forwards	 	1	 	 	 	-	 	 	 	-	 	 	 	-	 	
Diesel fixed forwards	 	3	 	 	 	1	 	 	 	-	 	 	 	-	 	
Total derivative instruments (Notes 19 and 21)	$	4	 	 	$	1	 	 	$	36	 	 	$	60	 	
 
The following tables show the location and amount of gains (losses) reported in the Company’s Condensed Consolidated Financial Statements related to the Company’s cash flow hedges.

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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
 
 	Foreign Currency Exchange Contracts	 	 	Diesel Forward Contracts	 	 	Forward Starting Swap Contracts	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	
For the three months ended September 30,	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash flow hedging relationships:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gain (loss) recognized in other comprehensive
     income (loss) (effective portion)	$	(44	)	 	$	77	 	 	$	(9	)	 	$	3	 	 	$	-	 	 	$	-	 	
Gain (loss) reclassified from Accumulated other
     comprehensive income into income (loss)
     (effective portion) (1)	$	4	 	 	$	8	 	 	$	(1	)	 	$	1	 	 	$	(5	)	 	$	(5	)	
For the nine months ended September 30,	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash flow hedging relationships:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gain (loss) recognized in other comprehensive
     income (loss) (effective portion)	$	8	 	 	$	(291	)	 	$	(8	)	 	$	(1	)	 	$	-	 	 	$	-	 	
Gain (loss) reclassified from Accumulated other
     comprehensive income into income (loss)
     (effective portion) (1)	$	31	 	 	$	68	 	 	$	-	 	 	$	1	 	 	$	(14	)	 	$	(14	)	
(1)	The gain (loss) recognized for the effective portion of cash flow hedges is included in Cost applicable to sales, Write-downs and Interest expense , net .	
Based on fair values at September 30, 2014 the amount to be reclassified from Accumulated other comprehensive income (loss) , net of tax to income for derivative instruments during the next 12 months is a gain of approximately $5.
Provisional Copper and Gold Sales
The Company’s provisional copper and gold sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the gold and copper concentrates at the prevailing indices’ prices at the time of sale. The embedded derivative, which does not qualify for hedge accounting, is marked to market through earnings each period prior to final settlement.
The Company recorded an average price of $3.13 per pound before mark-to-market adjustments and treatment and refining charges during the three and nine months ended September 30, 2014.  During this same period, changes in copper prices resulted in a provisional pricing mark-to-market loss of $4 ($0.08 per pound) and loss of $15 ($0.11 per pound), respectively. At September 30, 2014, Newmont had copper sales of 59 million pounds priced at an average of $3.04 per pound, subject to final pricing over the next several months.
The Company recorded an average price of $1,280 and $1,286 per ounce before mark-to-market adjustments and treatment and refining charges during the three and nine months ended September 30, 2014.  During this same period, changes in gold prices resulted in a provisional pricing mark-to-market loss of $6 ($5 per ounce) and loss of $2 (nil per ounce), respectively. At September 30, 2014, Newmont had gold sales of 112,000 ounces priced at an average of $1,234 per ounce, subject to final pricing over the next several months.
 
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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
 
NOTE 16     INVESTMENTS

 	At September 30, 2014	 	
 	Cost/Equity	 	 	Unrealized	 	 	Fair/Equity	 	
 	Basis	 	 	Gain	 	 	Loss	 	 	Basis	 	
Current:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marketable Equity Securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gabriel Resources Ltd.	$	37	 	 	$	8	 	 	$	-	 	 	$	45	 	
Other	 	35	 	 	 	6	 	 	 	(4	)	 	 	37	 	
 	$	72	 	 	$	14	 	 	$	(4	)	 	$	82	 	
Long-term:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marketable Debt Securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asset backed commercial paper	$	22	 	 	$	2	 	 	$	-	 	 	$	24	 	
Auction rate securities	 	8	 	 	 	-	 	 	 	(2	)	 	 	6	 	
 	 	30	 	 	 	2	 	 	 	(2	)	 	 	30	 	
Marketable Equity Securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Regis Resources Ltd.	 	165	 	 	 	-	 	 	 	(33	)	 	 	132	 	
Other	 	15	 	 	 	5	 	 	 	-	 	 	 	20	 	
 	 	180	 	 	 	5	 	 	 	(33	)	 	 	152	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other investments, at cost	 	20	 	 	 	-	 	 	 	-	 	 	 	20	 	
Investment in Affiliates:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Euronimba Ltd.	 	2	 	 	 	-	 	 	 	-	 	 	 	2	 	
Minera La Zanja S.R.L.	 	104	 	 	 	-	 	 	 	-	 	 	 	104	 	
Novo Resources Corp.	 	15	 	 	 	-	 	 	 	-	 	 	 	15	 	
 	$	351	 	 	$	7	 	 	$	(35	)	 	$	323	 	

 	At December 31, 2013	 	
 	Cost/Equity	 	 	Unrealized	 	 	Fair/Equity	 	
 	Basis	 	 	Gain	 	 	Loss	 	 	Basis	 	
Current:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marketable Equity Securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gabriel Resources Ltd.	$	37	 	 	$	-	 	 	$	-	 	 	$	37	 	
Paladin Energy Ltd.	 	21	 	 	 	1	 	 	 	-	 	 	 	22	 	
Other	 	19	 	 	 	4	 	 	 	(4	)	 	 	19	 	
 	$	77	 	 	$	5	 	 	$	(4	)	 	$	78	 	
Long-term:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marketable Debt Securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asset backed commercial paper	$	23	 	 	$	2	 	 	$	-	 	 	$	25	 	
Auction rate securities	 	8	 	 	 	-	 	 	 	(3	)	 	 	5	 	
 	 	31	 	 	 	2	 	 	 	(3	)	 	 	30	 	
Marketable Equity Securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Regis Resources Ltd.	 	165	 	 	 	88	 	 	 	-	 	 	 	253	 	
Other	 	30	 	 	 	5	 	 	 	-	 	 	 	35	 	
 	 	195	 	 	 	93	 	 	 	-	 	 	 	288	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other investments, at cost	 	13	 	 	 	-	 	 	 	-	 	 	 	13	 	
Investment in Affiliates:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Minera La Zanja S.R.L.	 	92	 	 	 	-	 	 	 	-	 	 	 	92	 	
Novo Resources Corp.	 	16	 	 	 	-	 	 	 	-	 	 	 	16	 	
 	$	347	 	 	$	95	 	 	$	(3	)	 	$	439	 	
 
In March 2014, the Company sold its investment in Paladin Energy Ltd. for $25, resulting in a pre-tax gain of $4 recorded in Other income, net .
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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
 
The following tables present the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by length of time that the individual securities have been in a continuous unrealized loss position:

 	Less than 12 Months	 	 	12 Months or Greater	 	 	Total	 	
At September 30, 2014	Fair Value	 	 	Unrealized
Losses	 	 	Fair Value	 	 	Unrealized
Losses	 	 	Fair Value	 	 	Unrealized
Losses	 	
Marketable equity securities	$	143	 	 	$	37	 	 	$	-	 	 	$	-	 	 	$	143	 	 	$	37	 	
Auction rate securities	 	-	 	 	 	-	 	 	 	6	 	 	 	2	 	 	 	6	 	 	 	2	 	
 	$	143	 	 	$	37	 	 	$	6	 	 	$	2	 	 	$	149	 	 	$	39	 	

 	Less than 12 Months	 	 	12 Months or Greater	 	 	Total	 	
At December 31, 2013	Fair Value	 	 	Unrealized
Losses	 	 	Fair Value	 	 	Unrealized
Losses	 	 	Fair Value	 	 	Unrealized
Losses	 	
Marketable equity securities	$	54	 	 	$	4	 	 	$	-	 	 	$	-	 	 	$	54	 	 	$	4	 	
Auction rate securities	 	-	 	 	 	-	 	 	 	5	 	 	 	3	 	 	 	5	 	 	 	3	 	
 	$	54	 	 	$	4	 	 	$	5	 	 	$	3	 	 	$	59	 	 	$	7	 	
 
While the fair value of the Company’s investments in marketable equity securities and auction rate securities are below their respective cost, the Company views these declines as temporary. The Company has the ability and intends to hold its auction rate securities until maturity or such time that the market recovers.
 
NOTE 17     INVENTORIES
 
 	At September 30,	 	 	At December 31,	 	
 	2014	 	 	2013	 	
In-process	$	145	 	 	$	97	 	
Concentrate and Copper Cathode	 	202	 	 	 	108	 	
Precious metals	 	15	 	 	 	26	 	
Materials, supplies and other	 	484	 	 	 	486	 	
 	$	846	 	 	$	717	 	

NOTE 18     STOCKPILES AND ORE ON LEACH PADS

 	At September 30,	 	 	At December 31,	 	
 	2014	 	 	2013	 	
Current:	 	 	 	 	 	 	 	
Stockpiles	$	423	 	 	$	580	 	
Ore on leach pads	 	266	 	 	 	225	 	
 	$	689	 	 	$	805	 	
Long-term:	 	 	 	 	 	 	 	
Stockpiles	$	2,517	 	 	$	2,434	 	
Ore on leach pads	 	241	 	 	 	246	 	
 	$	2,758	 	 	$	2,680	 	
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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)

 	At September 30,	 	 	At December 31,	 	
 	2014	 	 	2013	 	
Stockpiles and ore on leach pads:	 	 	 	 	 	 	 	
Carlin	$	389	 	 	$	439	 	
Phoenix	 	111	 	 	 	109	 	
Twin Creeks	 	300	 	 	 	327	 	
La Herradura	 	108	 	 	 	57	 	
Yanacocha	 	408	 	 	 	504	 	
Boddington	 	351	 	 	 	304	 	
Tanami	 	16	 	 	 	12	 	
Jundee	 	-	 	 	 	7	 	
Waihi	 	1	 	 	 	2	 	
Kalgoorlie	 	117	 	 	 	107	 	
Batu Hijau	 	1,194	 	 	 	1,290	 	
Ahafo	 	358	 	 	 	292	 	
Akyem	 	94	 	 	 	35	 	
 	$	3,447	 	 	$	3,485	 	
The Company recorded write-downs classified as components of Costs applicable to sales of $248 and $430 for the third quarter and first nine months of 2014, respectively, compared to $56 and $611 for the same periods in 2013.  The Company recorded write-downs classified as components of Depreciation and amortization of $61 and $123 for the third quarter and first nine months of 2014, respectively, compared to $20 and $146 for the same periods in 2013. Write-downs are recorded to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Adjustments to net realizable value are a result of current and prior stripping costs, lower long-term metal prices and the associated historical and estimated future processing costs in relation to the Company’s long term price assumptions.
Of the write-downs in first nine months of 2014, $119 are related to Carlin, $5 to Phoenix, $9 to Twin Creeks, $105 to Yanacocha, $83 to Boddington and $232 to Batu Hijau. The write downs recorded at Batu Hijau were impacted by the signing of the MoU with the Government of Indonesia due to the increase in royalties which increase the estimated future processing costs.
Of the write-downs in the first nine months of 2013, $3 are related to Carlin, $1 to Twin Creeks, $104 to Yanacocha, $133 to Boddington, $2 to Tanami, $4 to Waihi, $48 to Kalgoorlie and $462 to Batu Hijau.
 
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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
 
NOTE 19     OTHER ASSETS
 
 	At September 30,	 	 	At December 31,	 	
 	2014	 	 	2013	 	
Other current assets:	 	 	 	 	 	 	 	
Refinery metal inventory and receivable	$	1,021	 	 	$	679	 	
Other prepaid assets	 	246	 	 	 	157	 	
Other refinery receivables	 	108	 	 	 	130	 	
Derivative instruments	 	-	 	 	 	4	 	
Other	 	4	 	 	 	36	 	
 	$	1,379	 	 	$	1,006	 	
 	 	 	 	 	 	 	 	
Other long-term assets:	 	 	 	 	 	 	 	
Income tax receivable	$	265	 	 	$	229	 	
Restricted cash	 	123	 	 	 	95	 	
Intangible assets	 	111	 	 	 	98	 	
Goodwill	 	105	 	 	 	132	 	
Prepaid royalties	 	103	 	 	 	103	 	
Debt issuance costs	 	61	 	 	 	62	 	
Derivative instruments	 	-	 	 	 	1	 	
Prepaid maintenance costs	 	32	 	 	 	31	 	
Other	 	91	 	 	 	93	 	
 	$	891	 	 	$	844	 	
 
NOTE 20     DEBT
Scheduled minimum debt repayments are $5 for the remainder of 2014, $168 in 2015, $221 in 2016, $771 in 2017, $1 in 2018 and $5,680 thereafter.
Term Loan and Revolver Extension
On July 11, 2014, the Company borrowed $575 under a new uncollateralized term loan facility entered into with a syndicate of banks.  Borrowings under the facility bear interest at LIBOR plus a margin ranging from 0.875% to 1.65%, and mature on July 11, 2019.  Fees and other debt issuance costs related to the facility were capitalized and will be amortized over the term of the debt.  Proceeds were used to retire the $575 convertible debt on July15, 2014.
On March 31, 2014, the Company’s Corporate Revolving Credit Facility was amended to extend the facility two years to 2019. The available capacity under the Corporate Revolving Credit Facility remains at $3,000. There are no borrowings outstanding under the facility at September 30, 2014.
 
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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
 
NOTE 21     OTHER LIABILITIES
 
 	At September 30,	 	 	At December 31,	 	
 	2014	 	 	2013	 	
Other current liabilities:	 	 	 	 	 	 	 	
Refinery metal payable	$	1,021	 	 	$	679	 	
Deferred income tax	 	136	 	 	 	74	 	
Accrued operating costs	 	126	 	 	 	157	 	
Reclamation and remediation liabilities	 	84	 	 	 	98	 	
Interest	 	84	 	 	 	74	 	
Accrued capital expenditures	 	41	 	 	 	72	 	
Derivative instruments	 	39	 	 	 	36	 	
Royalties	 	29	 	 	 	58	 	
Holt property royalty	 	14	 	 	 	15	 	
Taxes other than income and mining	 	14	 	 	 	6	 	
Other	 	58	 	 	 	44	 	
 	$	1,646	 	 	$	1,313	 	
Other long-term liabilities:	 	 	 	 	 	 	 	
Holt property royalty	$	133	 	 	$	119	 	
Income and mining taxes	 	77	 	 	 	70	 	
Power supply agreements	 	37	 	 	 	39	 	
Derivative instruments	 	37	 	 	 	60	 	
Boddington contingent consideration	 	10	 	 	 	10	 	
Other	 	40	 	 	 	44	 	
 	$	334	 	 	$	342	 	
 
26

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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
 
NOTE 22     CHANGES IN EQUITY
 
 	Nine Months Ended September 30,	 	
 	2014	 	 	2013	 	
Common stock:	 	 	 	 	 	 	 	
At beginning of period	$	789	 	 	$	787	 	
Redemptions of Exchangeable Shares	 	8	 	 	 	-	 	
Stock based awards	 	1	 	 	 	2	 	
At end of period	 	798	 	 	 	789	 	
Additional paid-in capital:	 	 	 	 	 	 	 	
At beginning of period	 	8,538	 	 	 	8,427	 	
Redemption of Exchangeable Shares	 	(8	)	 	 	-	 	
Stock based awards (1)	 	91	 	 	 	61	 	
Sale of noncontrolling interests	 	33	 	 	 	48	 	
At end of period	 	8,654	 	 	 	8,536	 	
Accumulated other comprehensive income (loss):	 	 	 	 	 	 	 	
At beginning of period	 	(182	)	 	 	490	 	
Other comprehensive income (loss)	 	(128	)	 	 	(546	)	
At end of period	 	(310	)	 	 	(56	)	
Retained earnings:	 	 	 	 	 	 	 	
At beginning of period	 	848	 	 	 	3,991	 	
Net income (loss) attributable to Newmont stockholders	 	493	 	 	 	(1,347	)	
Dividends Paid	 	(102	)	 	 	(509	)	
At end of period	 	1,239	 	 	 	2,135	 	
Noncontrolling interests:	 	 	 	 	 	 	 	
At beginning of period	 	2,916	 	 	 	3,175	 	
Net income (loss) attributable to noncontrolling interests	 	(225	)	 	 	(176	)	
Dividends paid to noncontrolling interests	 	(4	)	 	 	(2	)	
Sale of noncontrolling interests, net	 	31	 	 	 	7	 	
Other comprehensive income	 	-	 	 	 	1	 	
At end of period	 	2,718	 	 	 	3,005	 	
Total equity	$	13,099	 	 	$	14,409	 	
(1)	A 2014 balance sheet adjustment of $26 was recorded to correct the presentation of stock based compensation cost as a component of additional paid-in capital, which was previously included as a current employee-related benefit liability. We concluded that the unadjusted balance of $51 was immaterial to the comparative December 31, 2013 balance sheet.	

NOTE 23     RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

 	Unrealized (loss) on marketable securities, net	 	 	Foreign currency translation adjustments	 	 	Pension and other post-retirement benefit adjustments	 	 	Changes in fair value of cash flow hedge instruments	 	 	Total	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
December 31, 2013	$	(35	)	 	$	145	 	 	$	(124	)	 	$	(168	)	 	$	(182	)	
Change in other comprehensive income (loss)
     before reclassifications	 	(110	)	 	 	(9	)	 	 	-	 	 	 	(4	)	 	 	(123	)	
Reclassifications from accumulated other
     comprehensive income (loss)	 	-	 	 	 	-	 	 	 	7	 	 	 	(12	)	 	 	(5	)	
Net current-period other comprehensive
     income (loss)	 	(110	)	 	 	(9	)	 	 	7	 	 	 	(16	)	 	 	(128	)	
September 30, 2014	$	(145	)	 	$	136	 	 	$	(117	)	 	$	(184	)	 	$	(310	)	
27

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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)

Details about Accumulated Other Comprehensive Income (Loss) Components	 	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)	 	 	Affected Line Item in the Condensed Consolidated Statement of Operations	
 	 	Three Months Ended September 30,
2014	 	 	Three Months Ended September 30,
2013	 	 	Nine Months Ended September 30,
2014	 	 	Nine Months Ended September 30,
2013	 	 	 	
Marketable securities adjustments:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sale of marketable securities	 	$	-	 	 	$	(280	)	 	$	(5	)	 	$	(280	)	 	Other income, net	
Impairment of marketable
     securities	 	 	3	 	 	 	41	 	 	 	4	 	 	 	52	 	 	Other income, net	
Total before tax	 	 	3	 	 	 	(239	)	 	 	(1	)	 	 	(228	)	 	 	
Tax benefit (expense)	 	 	-	 	 	 	37	 	 	 	1	 	 	 	34	 	 	 	
Net of tax	 	$	3	 	 	$	(202	)	 	 	-	 	 	$	(194	)	 	 	
Pension liability adjustments:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Amortization, net	 	$	3	 	 	$	8	 	 	$	10	 	 	$	26	 	 	(1)	
Total before tax	 	 	3	 	 	 	8	 	 	 	10	 	 	 	26	 	 	 	
Tax benefit (expense)	 	 	(1	)	 	 	(3	)	 	 	(3	)	 	 	(9	)	 	 	
Net of tax	 	$	2	 	 	$	5	 	 	$	7	 	 	$	17	 	 	 	
Hedge instruments adjustments:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating cash flow hedges	 	$	(3	)	 	$	(9	)	 	$	(31	)	 	$	(88	)	 	Costs applicable to sales	
Capital cash flow hedges	 	 	-	 	 	 	-	 	 	 	-	 	 	 	1	 	 	Depreciation and
     amortization	
Capital cash flow hedges	 	 	-	 	 	 	-	 	 	 	-	 	 	 	18	 	 	Write-downs	
Forward starting swap hedges	 	 	5	 	 	 	5	 	 	 	14	 	 	 	14	 	 	Interest expense, net	
Total before tax	 	 	2	 	 	 	(4	)	 	 	(17	)	 	 	(55	)	 	 	
Tax benefit (expense)	 	 	(1	)	 	 	-	 	 	 	5	 	 	 	16	 	 	 	
Net of tax	 	$	1	 	 	$	(4	)	 	$	(12	)	 	$	(39	)	 	 	
Total reclassifications for the period,
     net of tax	 	$	6	 	 	$	(201	)	 	$	(5	)	 	$	(216	)	 	 	
 
(1)	This accumulated other comprehensive income (loss) component is included in General and administrative and costs that benefit the inventory/production process. Refer to Note 3 to the Consolidated Financial Statements for the year ended December 31, 2013 filed June 13, 2014 on Form 8-K for information on costs that benefit the inventory/production process.	
 
NOTE 24     NET CHANGE IN OPERATING ASSETS AND LIABILITIES
Net cash provided from operations attributable to the net change in operating assets and liabilities is composed of the following:
 
 	Nine Months Ended September 30,	 	
 	2014	 	 	2013	 	
Decrease (increase) in operating assets:	 	 	 	 	 	 	 	
Trade and accounts receivable	$	147	 	 	$	255	 	
Inventories, stockpiles and ore on leach pads	 	(493	)	 	 	(598	)	
EGR refinery assets	 	(382	)	 	 	166	 	
Other assets	 	(46	)	 	 	(53	)	
Increase (decrease) in operating liabilities:	 	 	 	 	 	 	 	
Accounts payable and other accrued liabilities	 	(237	)	 	 	(113	)	
EGR refinery liabilities	 	382	 	 	 	(166	)	
Reclamation liabilities	 	(45	)	 	 	(41	)	
 	$	(674	)	 	$	(550	)	
 
28

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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)

NOTE 25     CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
The following Condensed Consolidating Financial Statements are presented to satisfy disclosure requirements of Rule 3-10(e) of Regulation S-X resulting from the inclusion of Newmont USA Limited (“Newmont USA”), a wholly-owned subsidiary of Newmont, as a co-registrant with Newmont on debt securities issued under a shelf registration statement on Form S-3 filed under the Securities Act of 1933 under which securities of Newmont (including debt securities guaranteed by Newmont USA) may be issued (the “Shelf Registration Statement”). In accordance with Rule 3-10(e) of Regulation S-X, Newmont USA, as the subsidiary guarantor, is 100% owned by Newmont, the guarantees are full and unconditional, and no other subsidiary of Newmont guaranteed any security issued under the Shelf Registration Statement. There are no restrictions on the ability of Newmont or Newmont USA to obtain funds from its subsidiaries by dividend or loan.

 	Three Months Ended September 30, 2014	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Newmont	 	
 	Newmont	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Mining	 	
 	Mining	 	 	Newmont	 	 	Other	 	 	 	 	 	 	Corporation	 	
Condensed Consolidating Statement of Operation	Corporation	 	 	USA	 	 	Subsidiaries	 	 	Eliminations	 	 	Consolidated	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales	$	-	 	 	$	511	 	 	$	1,235	 	 	$	-	 	 	$	1,746	 	
Costs and expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Costs applicable to sales (1)	 	-	 	 	 	308	 	 	 	877	 	 	 	-	 	 	 	1,185	 	
Depreciation and amortization	 	1	 	 	 	62	 	 	 	255	 	 	 	-	 	 	 	318	 	
Reclamation and remediation	 	-	 	 	 	2	 	 	 	18	 	 	 	-	 	 	 	20	 	
Exploration	 	-	 	 	 	8	 	 	 	36	 	 	 	-	 	 	 	44	 	
Advanced projects, research and development	 	-	 	 	 	8	 	 	 	28	 	 	 	-	 	 	 	36	 	
General and administrative	 	-	 	 	 	22	 	 	 	23	 	 	 	-	 	 	 	45	 	
Write-downs	 	-	 	 	 	3	 	 	 	2	 	 	 	-	 	 	 	5	 	
Other expense, net	 	-	 	 	 	22	 	 	 	36	 	 	 	-	 	 	 	58	 	
 	 	1	 	 	 	435	 	 	 	1,275	 	 	 	-	 	 	 	1,711	 	
Other income (expense)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other income, net	 	(23	)	 	 	23	 	 	 	79	 	 	 	-	 	 	 	79	 	
Interest income - intercompany	 	35	 	 	 	-	 	 	 	3	 	 	 	(38	)	 	 	-	 	
Interest expense - intercompany	 	(3	)	 	 	-	 	 	 	(35	)	 	 	38	 	 	 	-	 	
Interest expense, net	 	(77	)	 	 	(2	)	 	 	(10	)	 	 	-	 	 	 	(89	)	
 	 	(68	)	 	 	21	 	 	 	37	 	 	 	-	 	 	 	(10	)	
Income (loss) before income and mining tax and other items	 	(69	)	 	 	97	 	 	 	(3	)	 	 	-	 	 	 	25	 	
Income and mining tax benefit (expense)	 	25	 	 	 	(12	)	 	 	34	 	 	 	-	 	 	 	47	 	
Equity income (loss) of affiliates	 	257	 	 	 	46	 	 	 	(15	)	 	 	(288	)	 	 	-	 	
Income (loss) from continuing operations	 	213	 	 	 	131	 	 	 	16	 	 	 	(288	)	 	 	72	 	
Income (loss) from discontinued operations	 	-	 	 	 	-	 	 	 	3	 	 	 	-	 	 	 	3	 	
Net income (loss)	 	213	 	 	 	131	 	 	 	19	 	 	 	(288	)	 	 	75	 	
Net loss (income) attributable to noncontrolling interests	 	-	 	 	 	-	 	 	 	166	 	 	 	(28	)	 	 	138	 	
Net income (loss) attributable to Newmont stockholders	$	213	 	 	$	131	 	 	$	185	 	 	$	(316	)	 	$	213	 	
Comprehensive income (loss)	 	145	 	 	 	128	 	 	 	(46	)	 	 	(220	)	 	 	7	 	
Comprehensive loss (income) attributable to noncontrolling interests	 	-	 	 	 	-	 	 	 	166	 	 	 	(28	)	 	 	138	 	
Comprehensive income (loss) attributable to Newmont stockholders	$	145	 	 	$	128	 	 	$	120	 	 	$	(248	)	 	$	145	 	
(1)	Excludes Depreciation and amortization and Reclamation and remediation .	
29

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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)

 	Three Months Ended September 30, 2013	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Newmont	 	
 	Newmont	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Mining	 	
 	Mining	 	 	Newmont	 	 	Other	 	 	 	 	 	 	Corporation	 	
Condensed Consolidating Statement of Operation	Corporation	 	 	USA	 	 	Subsidiaries	 	 	Eliminations	 	 	Consolidated	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales	$	-	 	 	$	624	 	 	$	1,396	 	 	$	-	 	 	$	2,020	 	
Costs and expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Costs applicable to sales (1)	 	-	 	 	 	266	 	 	 	812	 	 	 	-	 	 	 	1,078	 	
Depreciation and amortization	 	-	 	 	 	50	 	 	 	249	 	 	 	-	 	 	 	299	 	
Reclamation and remediation	 	-	 	 	 	2	 	 	 	18	 	 	 	-	 	 	 	20	 	
Exploration	 	-	 	 	 	10	 	 	 	50	 	 	 	-	 	 	 	60	 	
Advanced projects, research and development	 	-	 	 	 	14	 	 	 	53	 	 	 	-	 	 	 	67	 	
General and administrative	 	-	 	 	 	23	 	 	 	25	 	 	 	-	 	 	 	48	 	
Write-downs	 	-	 	 	 	-	 	 	 	3	 	 	 	-	 	 	 	3	 	
Other expense, net	 	-	 	 	 	21	 	 	 	63	 	 	 	-	 	 	 	84	 	
 	 	-	 	 	 	386	 	 	 	1,273	 	 	 	-	 	 	 	1,659	 	
Other income (expense)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other income, net	 	(12	)	 	 	2	 	 	 	300	 	 	 	-	 	 	 	290	 	
Interest income - intercompany	 	31	 	 	 	7	 	 	 	6	 	 	 	(44	)	 	 	-	 	
Interest expense - intercompany	 	(2	)	 	 	-	 	 	 	(42	)	 	 	44	 	 	 	-	 	
Interest expense, net	 	(78	)	 	 	(1	)	 	 	3	 	 	 	-	 	 	 	(76	)	
 	 	(61	)	 	 	8	 	 	 	267	 	 	 	-	 	 	 	214	 	
Income (loss) before income and mining tax and other items	 	(61	)	 	 	246	 	 	 	390	 	 	 	-	 	 	 	575	 	
Income and mining tax benefit (expense)	 	21	 	 	 	(46	)	 	 	(136	)	 	 	-	 	 	 	(161	)	
Equity income (loss) of affiliates	 	438	 	 	 	(99	)	 	 	18	 	 	 	(356	)	 	 	1	 	
Income (loss) from continuing operations	 	398	 	 	 	101	 	 	 	272	 	 	 	(356	)	 	 	415	 	
Income (loss) from discontinued operations	 	-	 	 	 	-	 	 	 	(21	)	 	 	-	 	 	 	(21	)	
Net income (loss)	 	398	 	 	 	101	 	 	 	251	 	 	 	(356	)	 	 	394	 	
Net loss (income) attributable to noncontrolling interests	 	-	 	 	 	-	 	 	 	(1	)	 	 	5	 	 	 	4	 	
Net income (loss) attributable to Newmont stockholders	$	398	 	 	$	101	 	 	$	250	 	 	$	(351	)	 	$	398	 	
Comprehensive income (loss)	 	414	 	 	 	211	 	 	 	159	 	 	 	(373	)	 	 	411	 	
Comprehensive loss (income) attributable to noncontrolling interests	 	-	 	 	 	-	 	 	 	(1	)	 	 	4	 	 	 	3	 	
Comprehensive income (loss) attributable to Newmont stockholders	$	414	 	 	$	211	 	 	$	158	 	 	$	(369	)	 	$	414	 	
(1)	Excludes Depreciation and amortization and Reclamation and remediation .	
30

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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)

 	Nine Months Ended September 30, 2014	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Newmont	 	
 	Newmont	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Mining	 	
 	Mining	 	 	Newmont	 	 	Other	 	 	 	 	 	 	Corporation	 	
Condensed Consolidating Statement of Operation	Corporation	 	 	USA	 	 	Subsidiaries	 	 	Eliminations	 	 	Consolidated	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales	$	-	 	 	$	1,496	 	 	$	3,779	 	 	$	-	 	 	$	5,275	 	
Costs and expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Costs applicable to sales (1)	 	-	 	 	 	910	 	 	 	2,418	 	 	 	-	 	 	 	3,328	 	
Depreciation and amortization	 	3	 	 	 	187	 	 	 	732	 	 	 	-	 	 	 	922	 	
Reclamation and remediation	 	-	 	 	 	7	 	 	 	54	 	 	 	-	 	 	 	61	 	
Exploration	 	-	 	 	 	17	 	 	 	102	 	 	 	-	 	 	 	119	 	
Advanced projects, research and development	 	-	 	 	 	29	 	 	 	91	 	 	 	-	 	 	 	120	 	
General and administrative	 	-	 	 	 	68	 	 	 	70	 	 	 	-	 	 	 	138	 	
Write-downs	 	-	 	 	 	3	 	 	 	15	 	 	 	-	 	 	 	18	 	
Other expense, net	 	-	 	 	 	37	 	 	 	124	 	 	 	-	 	 	 	161	 	
 	 	3	 	 	 	1,258	 	 	 	3,606	 	 	 	-	 	 	 	4,867	 	
Other income (expense)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other income, net	 	(27	)	 	 	81	 	 	 	74	 	 	 	-	 	 	 	128	 	
Interest income - intercompany	 	95	 	 	 	-	 	 	 	8	 	 	 	(103	)	 	 	-	 	
Interest expense - intercompany	 	(8	)	 	 	-	 	 	 	(95	)	 	 	103	 	 	 	-	 	
Interest expense, net	 	(242	)	 	 	(4	)	 	 	(30	)	 	 	-	 	 	 	(276	)	
 	 	(182	)	 	 	77	 	 	 	(43	)	 	 	-	 	 	 	(148	)	
Income (loss) before income and mining tax and other items	 	(185	)	 	 	315	 	 	 	130	 	 	 	-	 	 	 	260	 	
Income and mining tax benefit (expense)	 	65	 	 	 	(58	)	 	 	15	 	 	 	-	 	 	 	22	 	
Equity income (loss) of affiliates	 	613	 	 	 	(47	)	 	 	(9	)	 	 	(555	)	 	 	2	 	
Income (loss) from continuing operations	 	493	 	 	 	210	 	 	 	136	 	 	 	(555	)	 	 	284	 	
Income (loss) from discontinued operations	 	-	 	 	 	-	 	 	 	(16	)	 	 	-	 	 	 	(16	)	
Net income (loss)	 	493	 	 	 	210	 	 	 	120	 	 	 	(555	)	 	 	268	 	
Net loss (income) attributable to noncontrolling interests	 	-	 	 	 	-	 	 	 	255	 	 	 	(30	)	 	 	225	 	
Net income (loss) attributable to Newmont stockholders	$	493	 	 	$	210	 	 	$	375	 	 	$	(585	)	 	$	493	 	
Comprehensive income (loss)	 	365	 	 	 	218	 	 	 	15	 	 	 	(458	)	 	 	140	 	
Comprehensive loss (income) attributable to noncontrolling interests	 	-	 	 	 	-	 	 	 	255	 	 	 	(30	)	 	 	225	 	
Comprehensive income (loss) attributable to Newmont stockholders	$	365	 	 	$	218	 	 	$	270	 	 	$	(488	)	 	$	365	 	
(1)	Excludes Depreciation and amortization and Reclamation and remediation .	
31

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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)

 	Nine Months Ended September 30, 2013	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Newmont	 	
 	Newmont	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Mining	 	
 	Mining	 	 	Newmont	 	 	Other	 	 	 	 	 	 	Corporation	 	
Condensed Consolidating Statement of Operation	Corporation	 	 	USA	 	 	Subsidiaries	 	 	Eliminations	 	 	Consolidated	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales	$	-	 	 	$	1,708	 	 	$	4,518	 	 	$	-	 	 	$	6,226	 	
Costs and expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Costs applicable to sales (1)	 	-	 	 	 	798	 	 	 	3,019	 	 	 	-	 	 	 	3,817	 	
Depreciation and amortization	 	-	 	 	 	146	 	 	 	835	 	 	 	-	 	 	 	981	 	
Reclamation and remediation	 	-	 	 	 	6	 	 	 	50	 	 	 	-	 	 	 	56	 	
Exploration	 	-	 	 	 	38	 	 	 	157	 	 	 	-	 	 	 	195	 	
Advanced projects, research and development	 	-	 	 	 	37	 	 	 	128	 	 	 	-	 	 	 	165	 	
General and administrative	 	-	 	 	 	77	 	 	 	81	 	 	 	-	 	 	 	158	 	
Write-downs	 	-	 	 	 	-	 	 	 	2,265	 	 	 	-	 	 	 	2,265	 	
Other expense, net	 	-	 	 	 	51	 	 	 	209	 	 	 	-	 	 	 	260	 	
 	 	-	 	 	 	1,153	 	 	 	6,744	 	 	 	-	 	 	 	7,897	 	
Other income (expense)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other income, net	 	(10	)	 	 	11	 	 	 	365	 	 	 	-	 	 	 	366	 	
Interest income - intercompany	 	113	 	 	 	22	 	 	 	16	 	 	 	(151	)	 	 	-	 	
Interest expense - intercompany	 	(8	)	 	 	-	 	 	 	(143	)	 	 	151	 	 	 	-	 	
Interest expense, net	 	(211	)	 	 	(7	)	 	 	7	 	 	 	-	 	 	 	(211	)	
 	 	(116	)	 	 	26	 	 	 	245	 	 	 	-	 	 	 	155	 	
Income (loss) before income and mining tax and other items	 	(116	)	 	 	581	 	 	 	(1,981	)	 	 	-	 	 	 	(1,516	)	
Income and mining tax benefit (expense)	 	40	 	 	 	(167	)	 	 	73	 	 	 	-	 	 	 	(54	)	
Equity income (loss) of affiliates	 	(1,271	)	 	 	(490	)	 	 	(111	)	 	 	1,866	 	 	 	(6	)	
Income (loss) from continuing operations	 	(1,347	)	 	 	(76	)	 	 	(2,019	)	 	 	1,866	 	 	 	(1,576	)	
Income (loss) from discontinued operations	 	-	 	 	 	-	 	 	 	53	 	 	 	-	 	 	 	53	 	
Net income (loss)	 	(1,347	)	 	 	(76	)	 	 	(1,966	)	 	 	1,866	 	 	 	(1,523	)	
Net loss (income) attributable to noncontrolling interests	 	-	 	 	 	-	 	 	 	261	 	 	 	(85	)	 	 	176	 	
Net income (loss) attributable to Newmont stockholders	$	(1,347	)	 	$	(76	)	 	$	(1,705	)	 	$	1,781	 	 	$	(1,347	)	
Comprehensive income (loss)	 	(1,893	)	 	 	26	 	 	 	(2,715	)	 	 	2,514	 	 	 	(2,068	)	
Comprehensive loss (income) attributable to noncontrolling interests	 	-	 	 	 	-	 	 	 	261	 	 	 	(86	)	 	 	175	 	
Comprehensive income (loss) attributable to Newmont stockholders	$	(1,893	)	 	$	26	 	 	$	(2,454	)	 	$	2,428	 	 	$	(1,893	)	
(1)	Excludes Depreciation and amortization and Reclamation and remediation .	

 
32

Table of Contents
NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)

 
 	Nine Months Ended September 30, 2014	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Newmont	 	
 	Newmont	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Mining	 	
 	Mining	 	 	Newmont	 	 	Other	 	 	 	 	 	 	Corporation	 	
Condensed Consolidating Statement of Cash Flows	Corporation	 	 	USA	 	 	Subsidiaries	 	 	Eliminations	 	 	Consolidated	 	
Operating activities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	$	493	 	 	$	210	 	 	$	120	 	 	$	(555	)	 	$	268	 	
Adjustments	 	(589	)	 	 	419	 	 	 	910	 	 	 	555	 	 	 	1,295	 	
Net change in operating assets and liabilities	 	(61	)	 	 	(138	)	 	 	(475	)	 	 	-	 	 	 	(674	)	
Net cash provided from (used in) continuing operations	 	(157	)	 	 	491	 	 	 	555	 	 	 	-	 	 	 	889	 	
Net cash used in discontinued operations	 	-	 	 	 	-	 	 	 	(10	)	 	 	-	 	 	 	(10	)	
Net cash provided from (used in) operations	 	(157	)	 	 	491	 	 	 	545	 	 	 	-	 	 	 	879	 	
Investing activities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Additions to property, plant and mine development	 	-	 	 	 	(270	)	 	 	(496	)	 	 	-	 	 	 	(766	)	
Acquisitions, net	 	-	 	 	 	-	 	 	 	(28	)	 	 	-	 	 	 	(28	)	
Sale of marketable securities	 	25	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	25	 	
Purchases of marketable securities	 	-	 	 	 	-	 	 	 	(1	)	 	 	-	 	 	 	(1	)	
Proceeds from sale of other assets	 	-	 	 	 	18	 	 	 	173	 	 	 	-	 	 	 	191	 	
Other	 	-	 	 	 	-	 	 	 	(13	)	 	 	-	 	 	 	(13	)	
Net cash provided from (used in) investing activities	 	25	 	 	 	(252	)	 	 	(365	)	 	 	-	 	 	 	(592	)	
Financing activities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Proceeds from debt, net	 	567	 	 	 	-	 	 	 	29	 	 	 	-	 	 	 	596	 	
Repayment of debt	 	(575	)	 	 	(1	)	 	 	(5	)	 	 	-	 	 	 	(581	)	
Net intercompany borrowings (repayments)	 	242	 	 	 	7	 	 	 	(249	)	 	 	-	 	 	 	-	 	
Sale of noncontrolling interests	 	-	 	 	 	-	 	 	 	71	 	 	 	-	 	 	 	71	 	
Acquisition of noncontrolling interests	 	-	 	 	 	-	 	 	 	(6	)	 	 	-	 	 	 	(6	)	
Dividends paid to noncontrolling interests	 	-	 	 	 	-	 	 	 	(4	)	 	 	-	 	 	 	(4	)	
Dividends paid to common stockholders	 	(102	)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	(102	)	
Other	 	-	 	 	 	-	 	 	 	(27	)	 	 	-	 	 	 	(27	)	
Net cash provided from (used in) financing activities	 	132	 	 	 	6	 	 	 	(191	)	 	 	-	 	 	 	(53	)	
Effect of exchange rate changes on cash	 	-	 	 	 	-	 	 	 	(11	)	 	 	-	 	 	 	(11	)	
Net change in cash and cash equivalents	 	-	 	 	 	245	 	 	 	(22	)	 	 	-	 	 	 	223	 	
Cash and cash equivalents at beginning of period	 	-	 	 	 	428	 	 	 	1,127	 	 	 	-	 	 	 	1,555	 	
Cash and cash equivalents at end of period	$	-	 	 	$	673	 	 	$	1,105	 	 	$	-	 	 	$	1,778	 	

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Table of Contents
NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)

 	Nine Months Ended September 30, 2013	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Newmont	 	
 	Newmont	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Mining	 	
 	Mining	 	 	Newmont	 	 	Other	 	 	 	 	 	 	Corporation	 	
Condensed Consolidating Statement of Cash Flows	Corporation	 	 	USA	 	 	Subsidiaries	 	 	Eliminations	 	 	Consolidated	 	
Operating activities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	$	(1,347	)	 	$	(76	)	 	$	(1,966	)	 	$	1,866	 	 	$	(1,523	)	
Adjustments	 	1,362	 	 	 	870	 	 	 	2,892	 	 	 	(1,876	)	 	 	3,248	 	
Net change in operating assets and liabilities	 	(12	)	 	 	(331	)	 	 	(207	)	 	 	-	 	 	 	(550	)	
Net cash provided from (used in) continuing operations	 	3	 	 	 	463	 	 	 	719	 	 	 	(10	)	 	 	1,175	 	
Net cash used in discontinued operations	 	-	 	 	 	-	 	 	 	(14	)	 	 	-	 	 	 	(14	)	
Net cash provided from (used in) operations	 	3	 	 	 	463	 	 	 	705	 	 	 	(10	)	 	 	1,161	 	
Investing activities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Additions to property, plant and mine development	 	-	 	 	 	(330	)	 	 	(1,198	)	 	 	-	 	 	 	(1,528	)	
Acquisitions, net	 	-	 	 	 	-	 	 	 	(13	)	 	 	-	 	 	 	(13	)	
Sale of marketable securities	 	-	 	 	 	-	 	 	 	588	 	 	 	-	 	 	 	588	 	
Purchases of marketable securities	 	-	 	 	 	-	 	 	 	(1	)	 	 	-	 	 	 	(1	)	
Proceeds from sale of other assets	 	-	 	 	 	-	 	 	 	55	 	 	 	-	 	 	 	55	 	
Other	 	-	 	 	 	-	 	 	 	(38	)	 	 	-	 	 	 	(38	)	
Net cash used in investing activities	 	-	 	 	 	(330	)	 	 	(607	)	 	 	-	 	 	 	(937	)	
Financing activities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Proceeds from debt, net	 	939	 	 	 	-	 	 	 	323	 	 	 	-	 	 	 	1,262	 	
Repayment of debt	 	(939	)	 	 	-	 	 	 	(121	)	 	 	-	 	 	 	(1,060	)	
Net intercompany borrowings (repayments)	 	504	 	 	 	(290	)	 	 	(214	)	 	 	-	 	 	 	-	 	
Proceeds from stock issuance, net	 	2	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	2	 	
Sale of noncontrolling interests	 	-	 	 	 	-	 	 	 	32	 	 	 	-	 	 	 	32	 	
Acquisition of noncontrolling interests	 	-	 	 	 	-	 	 	 	(13	)	 	 	-	 	 	 	(13	)	
Dividends paid to noncontrolling interests	 	-	 	 	 	-	 	 	 	(2	)	 	 	-	 	 	 	(2	)	
Dividends paid to common stockholders	 	(509	)	 	 	-	 	 	 	(10	)	 	 	10	 	 	 	(509	)	
Other	 	-	 	 	 	-	 	 	 	(4	)	 	 	-	 	 	 	(4	)	
Net cash provided from (used in) financing activities	 	(3	)	 	 	(290	)	 	 	(9	)	 	 	10	 	 	 	(292	)	
Effect of exchange rate changes on cash	 	-	 	 	 	-	 	 	 	(18	)	 	 	-	 	 	 	(18	)	
Net change in cash and cash equivalents	 	-	 	 	 	(157	)	 	 	71	 	 	 	-	 	 	 	(86	)	
Cash and cash equivalents at beginning of period	 	-	 	 	 	342	 	 	 	1,219	 	 	 	-	 	 	 	1,561	 	
Cash and cash equivalents at end of period	$	-	 	 	$	185	 	 	$	1,290	 	 	$	-	 	 	$	1,475	 	
 
34

Table of Contents
NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)

 	At September 30, 2014	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Newmont	 	
 	Newmont	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Mining	 	
 	Mining	 	 	Newmont	 	 	Other	 	 	 	 	 	 	Corporation	 	
Condensed Consolidating Balance Sheet	Corporation	 	 	USA	 	 	Subsidiaries	 	 	Eliminations	 	 	Consolidated	 	
Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash and cash equivalents	$	-	 	 	$	673	 	 	$	1,105	 	 	$	-	 	 	$	1,778	 	
Trade receivables	 	-	 	 	 	36	 	 	 	91	 	 	 	-	 	 	 	127	 	
Accounts receivable	 	-	 	 	 	1	 	 	 	263	 	 	 	-	 	 	 	264	 	
Intercompany receivable	 	3,357	 	 	 	6,169	 	 	 	6,121	 	 	 	(15,647	)	 	 	-	 	
Investments	 	-	 	 	 	1	 	 	 	81	 	 	 	-	 	 	 	82	 	
Inventories	 	-	 	 	 	165	 	 	 	681	 	 	 	-	 	 	 	846	 	
Stockpiles and ore on leach pads	 	-	 	 	 	200	 	 	 	489	 	 	 	-	 	 	 	689	 	
Deferred income tax assets	 	2	 	 	 	164	 	 	 	157	 	 	 	-	 	 	 	323	 	
Other current assets	 	-	 	 	 	34	 	 	 	1,345	 	 	 	-	 	 	 	1,379	 	
Current assets	 	3,359	 	 	 	7,443	 	 	 	10,333	 	 	 	(15,647	)	 	 	5,488	 	
Property, plant and mine development, net	 	29	 	 	 	3,092	 	 	 	10,822	 	 	 	(42	)	 	 	13,901	 	
Investments	 	-	 	 	 	13	 	 	 	310	 	 	 	-	 	 	 	323	 	
Investments in subsidiaries	 	14,589	 	 	 	4,363	 	 	 	2,862	 	 	 	(21,814	)	 	 	-	 	
Stockpiles and ore on leach pads	 	-	 	 	 	595	 	 	 	2,163	 	 	 	-	 	 	 	2,758	 	
Deferred income tax assets	 	748	 	 	 	554	 	 	 	948	 	 	 	(490	)	 	 	1,760	 	
Long-term intercompany receivable	 	2,056	 	 	 	62	 	 	 	395	 	 	 	(2,513	)	 	 	-	 	
Other long-term assets	 	49	 	 	 	246	 	 	 	596	 	 	 	-	 	 	 	891	 	
Total assets	$	20,830	 	 	$	16,368	 	 	$	28,429	 	 	$	(40,506	)	 	$	25,121	 	
Liabilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Debt	$	-	 	 	$	1	 	 	$	142	 	 	$	-	 	 	$	143	 	
Accounts payable	 	-	 	 	 	75	 	 	 	365	 	 	 	-	 	 	 	440	 	
Intercompany payable	 	3,988	 	 	 	4,891	 	 	 	6,768	 	 	 	(15,647	)	 	 	-	 	
Employee-related benefits	 	-	 	 	 	112	 	 	 	140	 	 	 	-	 	 	 	252	 	
Income and mining taxes	 	-	 	 	 	3	 	 	 	27	 	 	 	-	 	 	 	30	 	
Other current liabilities	 	80	 	 	 	128	 	 	 	1,438	 	 	 	-	 	 	 	1,646	 	
Current liabilities	 	4,068	 	 	 	5,210	 	 	 	8,880	 	 	 	(15,647	)	 	 	2,511	 	
Debt	 	6,149	 	 	 	6	 	 	 	475	 	 	 	-	 	 	 	6,630	 	
Reclamation and remediation liabilities	 	-	 	 	 	180	 	 	 	1,315	 	 	 	-	 	 	 	1,495	 	
Deferred income tax liabilities	 	-	 	 	 	26	 	 	 	1,198	 	 	 	(490	)	 	 	734	 	
Employee-related benefits	 	-	 	 	 	167	 	 	 	151	 	 	 	-	 	 	 	318	 	
Long-term intercompany payable	 	232	 	 	 	-	 	 	 	2,323	 	 	 	(2,555	)	 	 	-	 	
Other long-term liabilities	 	-	 	 	 	26	 	 	 	308	 	 	 	-	 	 	 	334	 	
Total liabilities	 	10,449	 	 	 	5,615	 	 	 	14,650	 	 	 	(18,692	)	 	 	12,022	 	
Equity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Newmont stockholders’ equity	 	10,381	 	 	 	10,753	 	 	 	9,372	 	 	 	(20,125	)	 	 	10,381	 	
Noncontrolling interests	 	-	 	 	 	-	 	 	 	4,407	 	 	 	(1,689	)	 	 	2,718	 	
Total equity	 	10,381	 	 	 	10,753	 	 	 	13,779	 	 	 	(21,814	)	 	 	13,099	 	
Total liabilities and equity	$	20,830	 	 	$	16,368	 	 	$	28,429	 	 	$	(40,506	)	 	$	25,121	 	
35

Table of Contents
NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)

 	At December 31, 2013	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Newmont	 	
 	Newmont	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Mining	 	
 	Mining	 	 	Newmont	 	 	Other	 	 	 	 	 	 	Corporation	 	
Condensed Consolidating Balance Sheet	Corporation	 	 	USA	 	 	Subsidiaries	 	 	Eliminations	 	 	Consolidated	 	
Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash and cash equivalents	$	-	 	 	$	428	 	 	$	1,127	 	 	$	-	 	 	$	1,555	 	
Trade receivables	 	-	 	 	 	21	 	 	 	209	 	 	 	-	 	 	 	230	 	
Accounts receivable	 	-	 	 	 	23	 	 	 	229	 	 	 	-	 	 	 	252	 	
Intercompany receivable	 	1,400	 	 	 	6,089	 	 	 	5,672	 	 	 	(13,161	)	 	 	-	 	
Investments	 	22	 	 	 	1	 	 	 	55	 	 	 	-	 	 	 	78	 	
Inventories	 	-	 	 	 	146	 	 	 	571	 	 	 	-	 	 	 	717	 	
Stockpiles and ore on leach pads	 	-	 	 	 	358	 	 	 	447	 	 	 	-	 	 	 	805	 	
Deferred income tax assets	 	3	 	 	 	157	 	 	 	86	 	 	 	-	 	 	 	246	 	
Other current assets	 	-	 	 	 	73	 	 	 	933	 	 	 	-	 	 	 	1,006	 	
Current assets	 	1,425	 	 	 	7,296	 	 	 	9,329	 	 	 	(13,161	)	 	 	4,889	 	
Property, plant and mine development, net	 	32	 	 	 	3,026	 	 	 	11,263	 	 	 	(44	)	 	 	14,277	 	
Investments	 	-	 	 	 	7	 	 	 	432	 	 	 	-	 	 	 	439	 	
Investments in subsidiaries	 	13,982	 	 	 	5,158	 	 	 	2,807	 	 	 	(21,947	)	 	 	-	 	
Stockpiles and ore on leach pads	 	-	 	 	 	512	 	 	 	2,168	 	 	 	-	 	 	 	2,680	 	
Deferred income tax assets	 	694	 	 	 	466	 	 	 	844	 	 	 	(526	)	 	 	1,478	 	
Long-term intercompany receivable	 	3,204	 	 	 	62	 	 	 	367	 	 	 	(3,633	)	 	 	-	 	
Other long-term assets	 	46	 	 	 	223	 	 	 	575	 	 	 	-	 	 	 	844	 	
Total assets	$	19,383	 	 	$	16,750	 	 	$	27,785	 	 	$	(39,311	)	 	$	24,607	 	
Liabilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Debt	$	561	 	 	$	1	 	 	$	33	 	 	$	-	 	 	$	595	 	
Accounts payable	 	-	 	 	 	80	 	 	 	398	 	 	 	-	 	 	 	478	 	
Intercompany payable	 	3,092	 	 	 	5,404	 	 	 	4,665	 	 	 	(13,161	)	 	 	-	 	
Employee-related benefits	 	-	 	 	 	175	 	 	 	166	 	 	 	-	 	 	 	341	 	
Income and mining taxes	 	-	 	 	 	-	 	 	 	13	 	 	 	-	 	 	 	13	 	
Other current liabilities	 	71	 	 	 	161	 	 	 	1,081	 	 	 	-	 	 	 	1,313	 	
Current liabilities	 	3,724	 	 	 	5,821	 	 	 	6,356	 	 	 	(13,161	)	 	 	2,740	 	
Debt	 	5,556	 	 	 	7	 	 	 	582	 	 	 	-	 	 	 	6,145	 	
Reclamation and remediation liabilities	 	-	 	 	 	176	 	 	 	1,337	 	 	 	-	 	 	 	1,513	 	
Deferred income tax liabilities	 	-	 	 	 	23	 	 	 	1,138	 	 	 	(526	)	 	 	635	 	
Employee-related benefits	 	5	 	 	 	169	 	 	 	149	 	 	 	-	 	 	 	323	 	
Long-term intercompany payable	 	196	 	 	 	-	 	 	 	3,481	 	 	 	(3,677	)	 	 	-	 	
Other long-term liabilities	 	-	 	 	 	20	 	 	 	322	 	 	 	-	 	 	 	342	 	
Total liabilities	 	9,481	 	 	 	6,216	 	 	 	13,365	 	 	 	(17,364	)	 	 	11,698	 	
Equity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Newmont stockholders’ equity	 	9,902	 	 	 	10,534	 	 	 	9,816	 	 	 	(20,259	)	 	 	9,993	 	
Noncontrolling interests	 	-	 	 	 	-	 	 	 	4,604	 	 	 	(1,688	)	 	 	2,916	 	
Total equity	 	9,902	 	 	 	10,534	 	 	 	14,420	 	 	 	(21,947	)	 	 	12,909	 	
Total liabilities and equity	$	19,383	 	 	$	16,750	 	 	$	27,785	 	 	$	(39,311	)	 	$	24,607	 	

 
NOTE 26    COMMITMENTS AND CONTINGENCIES
General
The Company follows ASC guidance in accounting for loss contingencies. Accordingly, estimated losses from contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a liability could be incurred and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the contingency and estimated range of loss, if determinable, is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.
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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
 
Operating Segments
The Company’s operating segments are identified in Note 3. Except as noted in this paragraph, all of the Company’s commitments and contingencies specifically described in this Note 26 relate to the Corporate and Other reportable segment. The Yanacocha matters relate to the Yanacocha reportable segment. The PTNNT matters relate to the Batu Hijau reportable segment.
Environmental Matters
The Company’s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. The Company conducts its operations so as to protect the public health and environment and believes its operations are in compliance with applicable laws and regulations in all material respects. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures.
Estimated future reclamation costs are based principally on legal and regulatory requirements. At September 30, 2014 and December 31, 2013, $1,427 and $1,432, respectively, were accrued for reclamation costs relating to currently or recently producing mineral properties in accordance with asset retirement obligation guidance. The current portions of $58 and $66 at September 30, 2014 and December 31, 2013, respectively, are included in Other current liabilities .
In addition, the Company is involved in several matters concerning environmental obligations associated with former mining activities. Generally, these matters concern developing and implementing remediation plans at the various sites involved. The Company believes that the related environmental obligations associated with these sites are similar in nature with respect to the development of remediation plans, their risk profile and the compliance required to meet general environmental standards. Based upon the Company’s best estimate of its liability for these matters, $152 and $179 were accrued for such obligations at September 30, 2014 and December 31, 2013, respectively. These amounts are included in Other current liabilities and Reclamation and remediation liabilities . Depending upon the ultimate resolution of these matters, the Company believes that it is reasonably possible that the liability for these matters could be as much as 151% greater or 1% lower than the amount accrued at September 30, 2014. The amounts accrued are reviewed periodically based upon facts and circumstances available at the time. Changes in estimates are recorded in Reclamation and remediation in the period estimates are revised.
Details about certain of the more significant matters involved are discussed below.
Newmont Mining Corporation
Empire Mine. On July 19, 2012, the California Department of Parks and Recreation (“Parks”) served Newmont, New Verde Mines LLC, Newmont North America Exploration Limited, Newmont Realty Company and Newmont USA Limited with a complaint for damages and declaratory relief under CERCLA, specifically for costs associated with water treatment at the Empire Mine State Park and for a declaration that Newmont is liable for past and future response costs, as well as indemnification to Parks. In 1975 Parks purchased the Empire Mine site in Grass Valley, California from Newmont to create a historic state park featuring the mining of the Empire Mine. Parks has operated the Empire Mine Site for over 35 years. Newmont intends to vigorously defend this lawsuit. Newmont cannot reasonably predict the outcome of this matter.
Newmont USA Limited - 100% Newmont Owned
Ross-Adams Mine Site. By letter dated June 5, 2007, the U.S. Forest Service notified Newmont that it had expended approximately $0.3 in response costs to address environmental conditions at the Ross-Adams mine in Prince of Wales, Alaska, and requested Newmont USA Limited pay those costs and perform an Engineering Evaluation/Cost Analysis (“EE/CA”) to assess what future response activities might need to be completed at the site. Newmont intends to vigorously defend any formal claims by the EPA. Newmont has agreed to perform the EE/CA. Newmont cannot reasonably predict the likelihood or outcome of any future action against it arising from this matter.
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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
 
Other Legal Matters
Minera Yanacocha S.R.L. (“Yanacocha”) - 51.35% Newmont Owned
Choropampa . In June 2000, a transport contractor of Yanacocha spilled approximately 151 kilograms of elemental mercury near the town of Choropampa, Peru, which is located 53 miles (85 kilometers) southwest of the Yanacocha mine. Elemental mercury is not used in Yanacocha’s operations but is a by-product of gold mining and was sold to a Lima firm for use in medical instruments and industrial applications. A comprehensive health and environmental remediation program was undertaken by Yanacocha in response to the incident. In August 2000, Yanacocha paid under protest a fine of 1,740,000 Peruvian soles (approximately $0.5) to the Peruvian government. Yanacocha has entered into settlement agreements with a number of individuals impacted by the incident. As compensation for the disruption and inconvenience caused by the incident, Yanacocha entered into agreements with and provided a variety of public works in the three communities impacted by this incident. Yanacocha cannot predict the likelihood of additional expenditures related to this matter.
Additional lawsuits relating to the Choropampa incident were filed against Yanacocha in the local courts of Cajamarca, Peru, in May 2002 by over 900 Peruvian citizens. A significant number of the plaintiffs in these lawsuits entered into settlement agreements with Yanacocha prior to filing such claims. In April 2008, the Peruvian Supreme Court upheld the validity of these settlement agreements, which the Company expects to result in the dismissal of all claims brought by previously settled plaintiffs. Yanacocha has also entered into settlement agreements with approximately 350 additional plaintiffs. The claims asserted by approximately 200 plaintiffs remain. In 2011, Yanacocha was served with 23 complaints alleging grounds to nullify the settlements entered into between Yanacocha and the plaintiffs. Yanacocha has answered the complaints and the court has dismissed several of the matters and the plaintiffs have filed appeals. All appeals were referred to the Civil Court of Cajamarca, which affirmed the decisions of the lower court judge. The plaintiffs have filed appeals of such orders before the Supreme Court. Some of these appeals were dismissed by the Supreme Court in favor of Yanacocha, and others are pending resolution. Yanacocha will continue to vigorously defend its position. Neither the Company nor Yanacocha can reasonably estimate the ultimate loss relating to such claims.
Administrative Actions . The Peruvian government agency responsible for environmental evaluation and inspection, Organismo Evaluacion y Fiscalizacion Ambiental (“OEFA”), conducts periodic reviews of the Yanacocha site. In 2011, 2012, and 2013, OEFA issued notices of alleged violations of OEFA standards to Yanacocha and Conga relating to past inspections. Total fines for all outstanding OEFA alleged violations remain dependent upon the number of units associated with the alleged violations. The alleged violations currently range from zero to 60,216 units, with each unit having a potential fine equivalent to approximately $.00130. Yanacocha and Conga are responding to all notices of alleged violations, but cannot reasonably predict the outcome of the agency allegations.
PT Newmont Nusa Tenggara (“PTNNT”) – 31.5% Newmont Owned
Divestiture: Under the Batu Hijau Contract of Work, beginning in 2006 and continuing through 2010, a portion of PTNNT’s shares were required to be offered for sale, first, to the Indonesian government or, second, to Indonesian nationals, equal to the difference between the following percentages and the percentage of shares already owned by the Indonesian government or Indonesian nationals (if such number is positive): 23% by March 31, 2006; 30% by March 31, 2007; 37% by March 31, 2008; 44% by March 31, 2009; and 51% by March 31, 2010. As PT Pukuafu Indah (“PTPI”), an Indonesian national, owned a 20% interest in PTNNT at all relevant times, in 2006, a 3% interest was required to be offered for sale and, in each of 2007 through 2010, an additional 7% interest was required to be offered (for an aggregate 31% interest). The price at which such interests were offered for sale to the Indonesian parties was the fair market value of such interest considering PTNNT as a going concern, as agreed with the Indonesian government. Following certain disputes and an arbitration with the Indonesian government, in November and December 2009, sale agreements were concluded pursuant to which the 2006, 2007 and 2008 shares were sold to PT Multi Daerah Bersaing (“PTMDB”), the nominee of the local governments, and the 2009 shares were sold to PTMDB in February 2010, resulting in PTMDB owning a 24% interest in PTNNT.
On December 17, 2010, the Ministry of Energy & Mineral Resources, acting on behalf of the Indonesian government, accepted the offer to acquire the final 7% interest in PTNNT. Subsequently, the Indonesian government designated Pusat Investasi Pemerintah (“PIP”), an agency of the Ministry of Finance, as the entity that will buy the final stake. On May 6, 2011, PIP and the foreign shareholders entered into a definitive agreement for the sale and purchase of the final 7% divestiture stake, subject to receipt of approvals from certain Indonesian government ministries. Subsequent to signing the agreement, a disagreement arose between the Ministry of Finance and the Indonesian parliament in regard to whether parliamentary approval was needed to allow PIP to make the
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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
 
share purchase. In July 2012, the Constitutional Court ruled that parliament approval is required for PIP to use state funds to purchase the shares, which approval has not yet been obtained. Further disputes may arise in regard to the divestiture of the 2010 shares.
WALHI: In September 2011, an Indonesian non-governmental organization named Wahana Lingkungan Hidup Indonesia (“WALHI”) brought an administrative law claim against Indonesia’s Ministry of Environment to challenge the May 2011 renewal of PTNNT’s submarine tailings permit. PTNNT and the regional government of KSB (“KSB”) filed separate applications for intervention into the proceedings, both of which were accepted by the Administrative Court. KSB intervened on the side of WALHI, and PTNNT joined on the side of the Ministry of Environment. On April 3, 2012, the Administrative Court ruled in favor of the Ministry of Environment and PTNNT, finding that the Ministry of Environment properly renewed the permit in accordance with Indonesian law and regulations. WALHI appealed the verdict. On October 2, 2012, the High Administrative Law Court rejected WALHI’s appeal, after which WALHI filed a notice to appeal the case to the Supreme Court. On May 28, 2013, the Supreme Court of Indonesia updated its website to provide that WALHI’s appeal in this matter was rejected. The parties are still awaiting the written decision from the court. PTNNT will continue to defend its submarine tailings permit and is confident that the Ministry of Environment acted properly in renewing PTNNT’s permit.
Export Issue: On June 27, 2014, PTNNT and its majority shareholder Nusa Tenggara Partnership B.V. (“NTPBV,” a Dutch entity) submitted a request for arbitration to the International Centre for Settlement of Investment Disputes (“ICSID”) against the Government of Indonesia seeking relief from application of recent Indonesian export regulations. On August 26, 2014, PTNNT and NTPBV requested dismissal of the arbitration and with the Government of Indonesia’s consent, ICSID dismissed the arbitration. Subsequently, on September 3, 2014, PTNNT entered into a Memorandum of Understanding (“MoU”) with the Government of Indonesia (referred to herein as the “Government”) under which the Government and PTNNT agreed to certain increases in Government revenues and to negotiate certain amendments to the Contract of Work. Effective with the signing of the MoU, PTNNT agreed to pay export duties at the rates set forth in a new regulation issued in July 2014; to provide a $25 surety bond to demonstrate its support for smelter development; and to increase royalties to 4.0% for copper, 3.75% for gold, and 3.25% for silver. On July 25, 2014, the Government’s Ministry of Finance revised its January 2014 regulations to reduce export duty rates on copper concentrate. The revised regulations provide for export duties to reduce as smelter development progresses. The export duties are set at 7.5% while smelter development progress is in the 0% - 7.5% range, declining to 5% when development progress exceeds 7.5% and 0% when development progress exceeds 30%. The MoU also outlines terms for the six main elements of the Contract of Work renegotiation, which will be incorporated into an amendment of the Contract of Work. The six areas are: concession area size; royalties, taxes and export duties; domestic processing and refining; ownership divestment; utilization of local manpower, domestic goods and services; and duration of the Contract of Work. The negotiation of the amendment to the Contract of Work contemplated by the MoU remains on-going. Continued future operations at Batu Hijau are subject to various factors,  including, without limitation, the successful renegotiation of the Contract of Work, issuance of future export permits and approvals, negotiations with the labor union, future in-country smelting availability and regulations relating to export quotas, and certain other factors.
NWG Investments Inc. v. Fronteer Gold Inc.
In April 2011, Newmont acquired Fronteer Gold Inc. (“Fronteer”).
Fronteer acquired NewWest Gold Corporation (“NewWest Gold”) in September 2007. At the time of that acquisition, NWG Investments Inc. (“NWG”) owned approximately 86% of NewWest Gold and an individual named Jacob Safra owned or controlled 100% of NWG. Prior to its acquisition of NewWest Gold, Fronteer entered into a June 2007 lock-up agreement with NWG providing that, among other things, NWG would support Fronteer’s acquisition of NewWest Gold. At that time, Fronteer owned approximately 42% of Aurora Energy Resources Inc. (“Aurora”), which, among other things, had a uranium exploration project in Labrador, Canada.
NWG contends that, during the negotiations leading up to the lock-up agreement, Fronteer represented to NWG that Aurora would commence uranium mining in Labrador by 2013, that this was a firm date, that Fronteer was not aware of any obstacle to doing so, that Aurora faced no serious environmental issues in Labrador and that Aurora’s competitors faced greater delays in commencing uranium mining. NWG further contends that it entered into the lock-up agreement and agreed to support Fronteer’s acquisition of NewWest Gold in reliance upon these purported representations. On October 11, 2007, less than three weeks after the Fronteer-NewWest Gold transaction closed, a member of the Nunatsiavut Assembly introduced a motion calling for the adoption of a moratorium on uranium mining in Labrador. On April 8, 2008, the Nunatsiavut Assembly adopted a three-year moratorium on uranium mining in Labrador. NWG contends that Fronteer was aware during the negotiations of the NWG/Fronteer lock-up agreement that the Nunatsiavut Assembly planned on adopting this moratorium and that its adoption would preclude Aurora from commencing uranium mining by 2013, but Fronteer nonetheless fraudulently induced NWG to enter into the lock-up agreement.
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NEWMONT MINING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
 
On September 24, 2012, NWG served a summons and complaint on NMC, and then amended the complaint to add Newmont Canada Holdings ULC as a defendant. The complaint also named Fronteer Gold Inc. and Mark O’Dea as defendants. The complaint sought rescission of the merger between Fronteer and NewWest Gold and $750 in damages. In August 2013 the Supreme Court of New York, New York County issued an order granting the defendants’ motion to dismiss on forum non conveniens. Subsequently, NWG filed a notice of appeal of the decision and then a notice of dismissal of the appeal on March 24, 2014.
On February 26, 2014, NWG filed a lawsuit in Ontario Superior Court of Justice against Fronteer Gold Inc., Newmont Mining Corporation, Newmont Canada Holdings ULC, Newmont FH B.V. and Mark O’Dea. The Ontario Complaint is based upon the same allegations contained in the New York lawsuit with claims for fraud and negligent misrepresentation. NWG seeks disgorgement of profits since the close of the NWG deal on September 24, 2007 and punitive damages.
Newmont intends to vigorously defend this matter, but cannot reasonably predict the outcome.
Other Commitments and Contingencies
Tax contingencies are provided for in accordance with ASC income tax guidance (see Note 8).
The Company has minimum royalty obligations on one of its producing mines in Nevada for the life of the mine. Amounts paid as a minimum royalty (where production royalties are less than the minimum obligation) in any year are recoverable in future years when the minimum royalty obligation is exceeded. Although the minimum royalty requirement may not be met in a particular year, the Company expects that over the mine life, gold production will be sufficient to meet the minimum royalty requirements. Minimum royalty payments payable are $30 in 2014, $34 in 2015 through 2018 and $323 thereafter.
As part of its ongoing business and operations, the Company and its affiliates are required to provide surety bonds, bank letters of credit and bank guarantees as financial support for various purposes, including environmental reclamation, exploration permitting, workers compensation programs and other general corporate purposes. At September 30, 2014 and December 31, 2013, there were $1,737 and $1,807, respectively, of outstanding letters of credit, surety bonds and bank guarantees. The surety bonds, letters of credit and bank guarantees reflect fair value as a condition of their underlying purpose and are subject to fees competitively determined in the market place. The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations. As the specific requirements are met, the beneficiary of the associated instrument cancels and/or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure. Generally, bonding requirements associated with environmental regulation are becoming more restrictive. However, the Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements through existing or alternative means, as they arise.
Newmont is from time to time involved in various legal proceedings related to its business. Except in the above described proceedings, management does not believe that adverse decisions in any pending or threatened proceeding or that amounts that may be required to be paid by reason thereof will have a material adverse effect on the Company’s financial condition or results of operations.

 
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 ITEM  2.	 MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION (dollars in millions, except per share, per ounce and per pound amounts)	
The following discussion provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Newmont Mining Corporation and its subsidiaries (collectively, “Newmont,” the “Company,” “our” and “we”). We use certain non-GAAP financial measures in our MD&A. For a detailed description of each of the non-GAAP financial measures used in this MD&A, please see the discussion under “Non-GAAP Financial Measures” beginning on page 60. References to “A$” refer to Australian currency, “C$” to Canadian currency and “NZ$” to New Zealand currency.
This item should be read in conjunction with our interim unaudited Condensed Consolidated Financial Statements and the notes thereto included in this quarterly report. Additionally, the following discussion and analysis should be read in conjunction with Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations and the consolidated financial statements included in Part II of our Annual Report on Form 10-K for the year ended December 31, 2013 filed February 20, 2014 and revisions filed June 13, 2014 on Form 8-K.
 Overview
Newmont is one of the world’s largest gold producers and is the only gold company included in the S&P 500 Index and Fortune 500. We have been included in the Dow Jones Sustainability Index-World for eight consecutive years and have adopted the World Gold Council’s Conflict-Free Gold Policy. We are also engaged in the exploration for and acquisition of gold and copper properties. We have significant operations and/or assets in the United States, Australia, Peru, Indonesia, Ghana, Mexico, Suriname and New Zealand.
Our vision is to be the most valued and respected mining company through industry leading performance.
We continue to position the business to capture benefits of economic recovery and demand growth in the current volatile commodity market environment. Our team has spent considerable time over the past eighteen months optimizing our project portfolio so that when the time is right, we can move forward with developing projects that generate value. We are focused on providing sustainable efficiency, productivity and cost improvements over the next three years and expect to deliver significant cost and cash savings improvement initiatives. One of the programs we launched in 2013 to achieve these improvements was the Full Potential program (“Full Potential”). Full Potential is designed to leverage our industry experience and discipline to accelerate the delivery of business improvement opportunities across our operations and support areas, resulting in improved levels of operating cash flow.
Third quarter 2014 highlights are included below and discussed further in Results of Consolidated Operations .
Operating highlights
—	Sales of $1,746 and $5,275 for the third quarter and first nine months of 2014;	
—	Average realized gold and copper prices of $1,270 per ounce and $2.71 per pound, respectively, for the third quarter and $1,282 per ounce and $2.75 per pound, respectively, for first nine months of 2014;	
—	Consolidated gold production of 1,251,000 ounces (1,152,000 attributable ounces) for the third quarter of 2014, at Costs applicable to sales of $705 per ounce;	
—	Consolidated gold production of 3,842,000 ounces (3,584,000 attributable ounces) for the first nine months of 2014, at Costs applicable to sales of $733 per ounce;	
—	Consolidated copper production of 34 million pounds (30 million attributable pounds) for the third quarter of 2014, at Costs applicable to sales of $5.73 per pound;	
—	Consolidated copper production of 173 million pounds (128 million attributable pounds) for the first nine months of 2014, at Costs applicable to sales of $3.75 per pound;	
—	Gold operating margin (see “Non-GAAP Financial Measures” on page 60) of $565 and $549 per ounce for the third quarter and first nine months of 2014, respectively.	
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Our global project pipeline.
We manage our wider project portfolio to maintain flexibility to address the development risks associated with our projects including permitting, local community and government support, engineering and procurement availability, technical issues, escalating costs and other associated risks that could adversely impact the timing and costs of certain opportunities.
 
Projects included in our global pipeline comprise an important part of the Company’s growth strategy and reflect opportunities throughout the development cycle.  The most advanced projects, including early stage development and projects in or near the Execution phase are described below.  The exploration, construction and execution of these projects may require significant funding to complete.
Turf Vent Shaft, Nevada. The Turf No. 3 Vent Shaft Project is in the construction phase and is planned to achieve commercial production in late 2015 and is expected to add between 100,000 and 150,000 ounces of production annually. Capital costs for the project are estimated at approximately $400. The Turf No. 3 Vent Shaft project provides the ventilation required to increase production, and decrease mine costs over the 11 year mine life at greater Leeville.
Merian, Suriname . On July 29, 2014 the Board of Directors of Newmont approved full funding for the Merian project in Suriname and construction mobilization began in August 2014.  Following the project approval by Newmont, the Government of Suriname granted the Right of Exploitation on August 22, 2014.  The government of Suriname has until December 2014 to exercise the option to purchase a 25% equity ownership in Merian, which, if exercised, will bring Newmont’s ownership to 75%. The project allows Newmont to pursue a new district with upside potential and the opportunity to grow and extend the operating life of the South American region. Average life of mine estimated gold production (on a 100% basis) of 300,000 to 400,000 ounces per year is expected, once Merian comes into production in late 2016. Total capital spend on the project is expected to range from $900 to $1,000 on a 100% ownership basis. At December 31, 2013, gold Reserves at Merian contained 119,000 thousand tons of Probable Reserves, grading 0.035 ounces per ton for 4.2 million ounces on a 100% ownership basis.
Waihi Correnso, New Zealand.   Waihi Correnso is in the construction phase and is planned to achieve commercial production in 2015. Total capital costs to complete the project are estimated at approximately $30 to $35. The project is an extension of the operating Favona, Moonlight and Trio underground mines and will leverage the existing surface and processing infrastructure. The Correnso deposit is a conventional high grade vein, and offers upside resource potential in and around Correnso.
Conga, Peru. Due to local political and community protests, construction and development activities at the Conga project were largely suspended in November 2011. The results of the Peruvian Central Government initiated Environmental Impact Assessment (“EIA”) independent review were announced on April 20, 2012 and confirmed our initial EIA met Peruvian and International standards. The review made recommendations to provide additional water capacity and social funds, which we have largely accepted. We announced our decision to move the project forward on a “water first” approach on June 22, 2012. We anticipate spending in 2014 to be approximately $65, focusing on building access roads and permitting work around the Perol water reservoir, and gaining further social acceptance for the project. Total property, plant and mine development was $1,619 at September 30, 2014. At December 31, 2013 we reported 303,400 thousand tons of Probable Reserves, grading 0.021 ounces per ton for 6.4 million attributable ounces of gold Reserves and 0.28% copper for 1,690 million attributable pounds of copper Reserves at Conga. Construction of Conga and the implementation of the independent EIA review recommendations will continue provided it can be done in a safe manner with risk-adjusted returns that justify future investment. Should we be unable to continue with the current development plan at Conga, we may reprioritize and reallocate capital to other alternatives, which may result in a potential accounting impairment. See Item1A, Risk Factors in Newmont’s Annual Report on Form 10-K for the year ended December 31, 2013 filed February 20, 2014 for a description of political risks related to the project’s development.
Long Canyon, Nevada . The project is in the definition stage of development and we continue to develop our understanding of Long Canyon and the district. We have submitted the Plan-of-Operations to the Bureau of Land Management in support of our Environmental Impact Statement (“EIS”) and continue to progress the exploration program. At December 31, 2013, we reported 15,700 thousand tons of Probable Reserves, grading 0.065 ounce per ton for 1.0 million attributable ounces of gold Reserves at Long Canyon. The definition stage engineering and permitting is on track to be completed by the end of 2014 and we anticipate an investment decision in early 2015.
Tanami Production Expansion, Australia.   The goal of the Tanami Production Expansion project is to increase production and lower All-in-sustaining-cost per ounce of the mine. Incremental improvements are driven by bringing ounces forward, mining additional ounces at depth and leveraging the fixed costs of the mine and processing facilities. The scope for this project includes a ventilation upgrade, additional mining equipment, a second mine access (Dual Access) and increasing process plant capacity. An investment decision is expected in early 2015.  
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Subika Underground, Ghana . Subika Underground is in the confirmation stage of development as work continues to optimize the mine plan and reduce costs. The project is expected to produce approximately 200,000 ounces of gold per year and an investment decision is expected in late 2015 or 2016.
Ahafo Mill Expansion, Ghana . We continue to evaluate development alternatives for this project. Current engineering efforts are focused on reducing the scale of the project. The potential improved economics and feasibility of the project will be assessed, and the project considered for an investment decision in the second half of 2015.
 Selected Financial and Operating Results

 	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Sales	$	1,746	 	 	$	2,020	 	 	$	5,275	 	 	$	6,226	 	
Income (loss) from continuing operations	$	72	 	 	$	415	 	 	$	284	 	 	$	(1,576	)	
Net income (loss)	$	75	 	 	$	394	 	 	$	268	 	 	$	(1,523	)	
Net income (loss) attributable to Newmont stockholders	$	213	 	 	$	398	 	 	$	493	 	 	$	(1,347	)	
Per common share, basic:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) from continuing operations attributable to Newmont stockholders	$	0.42	 	 	$	0.84	 	 	$	1.02	 	 	$	(2.82	)	
Net income (loss) attributable to Newmont stockholders	$	0.43	 	 	$	0.80	 	 	$	0.99	 	 	$	(2.71	)	
Adjusted net income (loss) (1)	$	249	 	 	$	217	 	 	$	459	 	 	$	480	 	
Adjusted net income (loss) per share (1)	$	0.50	 	 	$	0.44	 	 	$	0.92	 	 	$	0.97	 	
Consolidated gold ounces (thousands)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Produced	 	1,251	 	 	 	1,382	 	 	 	3,842	 	 	 	3,949	 	
Sold (2)	 	1,267	 	 	 	1,365	 	 	 	3,814	 	 	 	3,948	 	
Consolidated copper pounds (millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Produced	 	34	 	 	 	62	 	 	 	173	 	 	 	190	 	
Sold	 	51	 	 	 	70	 	 	 	141	 	 	 	181	 	
Average price received, net:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold (per ounce)	$	1,270	 	 	$	1,322	 	 	$	1,282	 	 	$	1,442	 	
Copper (per pound)	$	2.71	 	 	$	3.10	 	 	$	2.75	 	 	$	2.95	 	
Consolidated costs applicable to sales: (3)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold (per ounce)	$	705	 	 	$	668	 	 	$	733	 	 	$	774	 	
Copper (per pound)	$	5.73	 	 	$	2.41	 	 	$	3.75	 	 	$	4.23	 	
Operating margin: (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold (per ounce)	$	565	 	 	$	654	 	 	$	549	 	 	$	668	 	
Copper (per pound)	$	(3.02	)	 	$	0.69	 	 	$	(1.00	)	 	$	(1.28	)	
(1)  	See “Non-GAAP Financial Measures” on page 60.	
(2)  	Excludes development ounces.	
(3)  	Excludes Depreciation and amortization and Reclamation and remediation.	
 Consolidated Financial Results
Net income (loss) attributable to Newmont stockholders for the third quarter of 2014 was $213 ($0.43 per share) compared to income of $398 ($0.80 per share) for the third quarter of 2013. Results for the third quarter of 2014 compared to the third quarter of 2013 were impacted by stockpile inventory adjustments triggered by increased future costs as a result of the Memorandum of Understanding (“MoU”) with the Government of Indonesia at Batu Hijau, lower realized gold prices and the inability to export concentrate in Indonesia partially offset by a favorable deferred tax settlement in the current quarter. Net income (loss) attributable to Newmont stockholders for the first nine months of 2014 was $493 ($0.99 per share) compared to a loss of $1,347 ($(2.71) per share) for the first nine months of 2013. Results for the first nine months of 2014 compared to the same period in 2013 were impacted by lower asset impairments, inventory adjustments due to decreases in metal prices during the second quarter of 2013, partially offset by lower realized gold prices and the inability to export concentrate in Indonesia.
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Gold Sales decreased 11% and 14% in the third quarter and first nine months of 2014, respectively, as compared to the same periods in 2013 due to lower sales volumes as a result of current year divestitures, and lower realized prices. The following analysis summarizes consolidated gold sales:
 
 	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Consolidated gold sales:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross before provisional pricing	$	1,622	 	 	$	1,815	 	 	$	4,906	 	 	$	5,733	 	
Provisional pricing mark-to-market	 	(7	)	 	 	9	 	 	 	(2	)	 	 	(13	)	
Gross after provisional pricing	 	1,615	 	 	 	1,824	 	 	 	4,904	 	 	 	5,720	 	
Treatment and refining charges	 	(8	)	 	 	(19	)	 	 	(17	)	 	 	(28	)	
Net	$	1,607	 	 	$	1,805	 	 	$	4,887	 	 	$	5,692	 	
Consolidated gold ounces sold (thousands):	 	1,267	 	 	 	1,365	 	 	 	3,814	 	 	 	3,948	 	
Average realized gold price (per ounce):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross before provisional pricing	$	1,280	 	 	$	1,330	 	 	$	1,286	 	 	$	1,452	 	
Provisional pricing mark-to-market	 	(5	)	 	 	6	 	 	 	-	 	 	 	(4	)	
Gross after provisional pricing	 	1,275	 	 	 	1,336	 	 	 	1,286	 	 	 	1,448	 	
Treatment and refining charges	 	(5	)	 	 	(14	)	 	 	(4	)	 	 	(6	)	
Net	$	1,270	 	 	$	1,322	 	 	$	1,282	 	 	$	1,442	 	
The change in consolidated gold sales is due to:
 
 	Three Months Ended	 	 	Nine Months Ended	 	
 	September 30,	 	 	September 30,	 	
 	2014 vs. 2013	 	 	2014 vs. 2013	 	
Change in consolidated ounces sold	$	(131	)	 	$	(194	)	
Change in average realized gold price	 	(78	)	 	 	(622	)	
Change in treatment and refining charges	 	11	 	 	 	11	 	
 	$	(198	)	 	$	(805	)	
Copper Sales decreased 35% and 27% in the third quarter and first nine months of 2014, respectively, as compared to the same period in 2013 due to lower copper pounds sold, primarily related to the export issues at Batu Hijau and lower realized prices. The following analysis summarizes consolidated copper sales:
 
 	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Consolidated copper sales:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross before provisional pricing	$	160	 	 	$	219	 	 	$	443	 	 	$	592	 	
Provisional pricing mark-to-market	 	(4	)	 	 	16	 	 	 	(15	)	 	 	(9	)	
Gross after provisional pricing	 	156	 	 	 	235	 	 	 	428	 	 	 	583	 	
Treatment and refining charges	 	(17	)	 	 	(20	)	 	 	(40	)	 	 	(49	)	
Net	$	139	 	 	$	215	 	 	$	388	 	 	$	534	 	
Consolidated copper pounds sold (millions):	 	51	 	 	 	70	 	 	 	141	 	 	 	181	 	
Average realized copper price (per pound):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross before provisional pricing	$	3.13	 	 	$	3.16	 	 	$	3.13	 	 	$	3.30	 	
Provisional pricing mark-to-market	 	(0.08	)	 	 	0.25	 	 	 	(0.11	)	 	 	(0.06	)	
Gross after provisional pricing	 	3.05	 	 	 	3.41	 	 	 	3.02	 	 	 	3.24	 	
Treatment and refining charges	 	(0.34	)	 	 	(0.31	)	 	 	(0.27	)	 	 	(0.29	)	
Net	$	2.71	 	 	$	3.10	 	 	$	2.75	 	 	$	2.95	 	
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The change in consolidated copper sales is due to:
 
 	Three Months Ended	 	 	Nine Months Ended	 	
 	September 30,	 	 	September 30,	 	
 	2014 vs. 2013	 	 	2014 vs. 2013	 	
Change in consolidated pounds sold	$	(61	)	 	$	(125	)	
Change in average realized copper price	 	(18	)	 	 	(30	)	
Change in treatment and refining charges	 	3	 	 	 	9	 	
 	$	(76	)	 	$	(146	)	
The following is a summary of consolidated gold and copper sales, net:
 
 	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Gold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
North America:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Carlin	$	304	 	 	$	352	 	 	$	865	 	 	$	993	 	
Phoenix	 	78	 	 	 	109	 	 	 	220	 	 	 	242	 	
Twin Creeks	 	116	 	 	 	157	 	 	 	373	 	 	 	511	 	
La Herradura	 	58	 	 	 	70	 	 	 	148	 	 	 	231	 	
 	 	556	 	 	 	688	 	 	 	1,606	 	 	 	1,977	 	
South America:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Yanacocha	 	314	 	 	 	346	 	 	 	819	 	 	 	1,221	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Australia/New Zealand:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boddington	 	201	 	 	 	204	 	 	 	611	 	 	 	782	 	
Tanami	 	100	 	 	 	132	 	 	 	324	 	 	 	313	 	
Jundee	 	2	 	 	 	89	 	 	 	181	 	 	 	318	 	
Waihi	 	47	 	 	 	30	 	 	 	132	 	 	 	114	 	
Kalgoorlie	 	102	 	 	 	106	 	 	 	316	 	 	 	336	 	
 	 	452	 	 	 	561	 	 	 	1,564	 	 	 	1,863	 	
Indonesia:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Batu Hijau	 	9	 	 	 	16	 	 	 	27	 	 	 	42	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Africa:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Ahafo	 	138	 	 	 	194	 	 	 	435	 	 	 	589	 	
Akyem	 	138	 	 	 	-	 	 	 	436	 	 	 	-	 	
 	 	276	 	 	 	194	 	 	 	871	 	 	 	589	 	
 	 	1,607	 	 	 	1,805	 	 	 	4,887	 	 	 	5,692	 	
Copper	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
North America:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Phoenix	 	34	 	 	 	37	 	 	 	105	 	 	 	73	 	
Australia/New Zealand:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boddington	 	44	 	 	 	42	 	 	 	121	 	 	 	156	 	
Indonesia:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Batu Hijau	 	61	 	 	 	136	 	 	 	162	 	 	 	305	 	
 	 	139	 	 	 	215	 	 	 	388	 	 	 	534	 	
 	$	1,746	 	 	$	2,020	 	 	$	5,275	 	 	$	6,226	 	
Costs applicable to sales includes a 16% and 11% reduction in direct operating costs in the third quarter and first nine months of 2014, respectively, compared to the same periods in 2013. This reduction in direct operating costs is partially offset by the addition of Akyem which reached commercial production in the fourth quarter of 2013. Costs applicable to sales for gold decreased in the third quarter and first nine months of 2014 compared to the same periods in 2013 due to the direct operating cost reductions mentioned above and the impact of stockpile inventory adjustments due to decreased metal prices during the second quarter of 2013. Costs applicable to sales for copper increased in the third quarter compared to the same period in 2013 due to stockpile inventory adjustments triggered by increased future costs as a result of the MoU with the Government of Indonesia at Batu Hijau, partially offset by the aforementioned reduction in direct operating costs. Costs applicable to sales for the first nine months decreased compared to the same period in 2013 due to stockpile inventory adjustments due to decreased metal prices during the second quarter of 2013 and
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the reduction of direct operating costs discussed abov e. For a complete discussion regarding variations in operations, see Results of Consolidated Operations below.
Depreciation and amortization in the third quarter of 2014 increased compared to the same period in 2013 due to stockpile inventory adjustments triggered by increased future costs as a result of the MoU with the Government of Indonesia at Batu Hijau, partially offset from the sale of Jundee. Depreciation and amortization in the first nine months of 2014 decreased compared to the same period in 2013 due to inventory adjustments due to decreased metal prices during the second quarter of 2013 and from the sale of Jundee in the third quarter of 2014.
 
The following is a summary of Costs applicable to sales and Depreciation and amortization :
 
 	Costs Applicable	 	 	Depreciation and	 	 	Costs Applicable	 	 	Depreciation and	 	
 	to Sales	 	 	Amortization	 	 	to Sales	 	 	Amortization	 	
 	Three Months Ended	 	 	Three Months Ended	 	 	Nine Months Ended	 	 	Nine Months Ended	 	
 	September 30,	 	 	September 30,	 	 	September 30,	 	 	September 30,	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Gold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
North America:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Carlin	$	206	 	 	$	165	 	 	$	40	 	 	$	30	 	 	$	607	 	 	$	513	 	 	$	118	 	 	$	89	 	
Phoenix	 	47	 	 	 	47	 	 	 	9	 	 	 	8	 	 	 	116	 	 	 	125	 	 	 	23	 	 	 	23	 	
Twin Creeks	 	43	 	 	 	61	 	 	 	7	 	 	 	18	 	 	 	147	 	 	 	193	 	 	 	27	 	 	 	58	 	
La Herradura	 	44	 	 	 	40	 	 	 	10	 	 	 	9	 	 	 	86	 	 	 	122	 	 	 	28	 	 	 	22	 	
 	 	340	 	 	 	313	 	 	 	66	 	 	 	65	 	 	 	956	 	 	 	953	 	 	 	196	 	 	 	192	 	
South America:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Yanacocha	 	125	 	 	 	159	 	 	 	74	 	 	 	87	 	 	 	530	 	 	 	520	 	 	 	259	 	 	 	254	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Australia/New Zealand:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boddington	 	150	 	 	 	152	 	 	 	26	 	 	 	28	 	 	 	425	 	 	 	578	 	 	 	75	 	 	 	129	 	
Tanami	 	67	 	 	 	64	 	 	 	17	 	 	 	22	 	 	 	185	 	 	 	203	 	 	 	52	 	 	 	55	 	
Jundee	 	-	 	 	 	49	 	 	 	-	 	 	 	23	 	 	 	85	 	 	 	154	 	 	 	34	 	 	 	60	 	
Waihi	 	20	 	 	 	21	 	 	 	7	 	 	 	6	 	 	 	58	 	 	 	74	 	 	 	19	 	 	 	22	 	
Kalgoorlie	 	71	 	 	 	68	 	 	 	4	 	 	 	5	 	 	 	213	 	 	 	266	 	 	 	14	 	 	 	18	 	
 	 	308	 	 	 	354	 	 	 	54	 	 	 	84	 	 	 	966	 	 	 	1,275	 	 	 	194	 	 	 	284	 	
Indonesia:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Batu Hijau	 	26	 	 	 	11	 	 	 	8	 	 	 	3	 	 	 	43	 	 	 	81	 	 	 	13	 	 	 	18	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Africa:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Ahafo	 	56	 	 	 	75	 	 	 	13	 	 	 	19	 	 	 	182	 	 	 	226	 	 	 	46	 	 	 	56	 	
Akyem	 	38	 	 	 	-	 	 	 	20	 	 	 	-	 	 	 	120	 	 	 	-	 	 	 	62	 	 	 	-	 	
 	 	94	 	 	 	75	 	 	 	33	 	 	 	19	 	 	 	302	 	 	 	226	 	 	 	108	 	 	 	56	 	
 	 	893	 	 	 	912	 	 	 	235	 	 	 	258	 	 	 	2,797	 	 	 	3,055	 	 	 	770	 	 	 	804	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Copper	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
North America:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Phoenix	 	25	 	 	 	15	 	 	 	4	 	 	 	3	 	 	 	81	 	 	 	41	 	 	 	12	 	 	 	8	 	
Australia/New Zealand:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boddington	 	40	 	 	 	29	 	 	 	6	 	 	 	5	 	 	 	112	 	 	 	139	 	 	 	18	 	 	 	29	 	
Indonesia:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Batu Hijau	 	227	 	 	 	122	 	 	 	64	 	 	 	24	 	 	 	338	 	 	 	582	 	 	 	94	 	 	 	114	 	
 	 	292	 	 	 	166	 	 	 	74	 	 	 	32	 	 	 	531	 	 	 	762	 	 	 	124	 	 	 	151	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate and other	 	-	 	 	 	-	 	 	 	9	 	 	 	9	 	 	 	-	 	 	 	-	 	 	 	28	 	 	 	26	 	
 	 	-	 	 	 	-	 	 	 	9	 	 	 	9	 	 	 	-	 	 	 	-	 	 	 	28	 	 	 	26	 	
 	$	1,185	 	 	$	1,078	 	 	$	318	 	 	$	299	 	 	$	3,328	 	 	$	3,817	 	 	$	922	 	 	$	981	 	

Exploration expense decreased $16 and $76 in the third quarter and first nine months of 2014, respectively, compared to the same periods of 2013 due to decreases in both brownfields and greenfields expenditures in all our regions.
 
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Advanced projects, research and development expense decreased $31 and $45 in the third quarter and first nine months of 2014, respectively, compared to the same periods of 2013 due to deferment of various studies, to reductions in project and technical services costs, and the decision to advance the Merian project to execution.
General and administrative expense decreased by $3 and $20 for the third quarter and first nine months of 2014, respectively, compared to the same periods of 2013 due primarily to lower labor costs.
Write-downs totaled $5 and $18 for the three and nine months ended September 30, 2014, and $3 and $2,265 for the three and nine months ended September 30, 2013, respectively. The 2014 year-to-date write-downs are primarily related to non-essential equipment in Carlin, Phoenix and Other South America. The 2013 write-downs were primarily related to Boddington and Tanami and caused by an interim impairment assessment necessitated by a decrease in the Company’s long-term gold and copper price assumptions during the second quarter to $1,400 per ounce and $3.00 per pound, respectively, and rising operating costs.
Other expense, net decreased by $26 in the third quarter of 2014 compared to the third quarter of 2013 mainly due to lower community development. Other expense, net decreased by $99 in the first nine months of 2014 compared to the first nine months of 2013 mainly due to lower community development, restructuring expenses, and transaction costs related to TMAC that occurred in the first quarter of 2013.
Other income, net decreased by $211 in the third quarter of 2014 compared to the third quarter of 2013 and decreased by $238 in the first nine months of 2014 compared to the first nine months of 2013 due to a gain on the sale of the Canadian Oil Sands investment in the third quarter of 2013 and lower dividends as a result of that sale and lower foreign exchange gains in the current year, partially offset by a gain on asset sales.  Gains were recorded on the sale of Midas in the first quarter of 2014 and the sale of Jundee and McCoy Cove, a non-operating property in Nevada, in the third quarter of 2014.
Interest expense, net increased by $13 and $65 for the third quarter and first nine months of 2014, respectively, compared to the same periods in 2013 due to decreased capitalized interest. Capitalized interest decreased by $14 and $66 in the third quarter and first nine months of 2014, respectively, compared to the same periods in 2013 from capital projects being completed at Akyem and Phoenix copper leach.
Income and mining tax expenses during the third quarter of 2014 resulted in an estimated benefit of $47, for an effective tax rate of (188)% The negative tax rate is the result of recording a tax benefit on net earnings for the period. Estimated income and mining tax expense during the third quarter of 2013 was $161 for an effective tax rate of 28%. The Company’s effective tax rate is driven by a number of factors as illustrated in the table below. The percentage impact of these items is exaggerated during the current quarter due to the lower pretax income. The rate for the third quarter 2014 compared to 2013 is also shown below and differs primarily due to a net reduction in the Company’s valuation allowance in 2014 from an overall decrease in the Company’s tax credits (due to tax refunds, reduction in estimated foreign taxes for the current year, settlements of income tax audits, and impact of Jundee sale) partially offset by an increase from stockpile inventory adjustments at Batu Hijau. In addition to the changes in valuation allowance, the Company’s effective tax rate for the current quarter is favorably influenced by a larger impact from percentage depletion due to the jurisdictional mix of the Company’s income.
 
 	Three Months Ended September 30,	 	 	 	 	 	
 	2014	 	 	2013	 	 	Variance	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income and mining tax and other items	 	 	 	 	$	25	 	 	 	 	 	 	$	575	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tax at statutory rate	 	35	%	 	$	9	 	 	 	35	%	 	$	201	 	 	 	 	 	
Reconciling items:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Percentage depletion	 	(152	)%	 	 	(38	)	 	 	(1	)%	 	 	(6	)	 	 	(151	)%	
Change in valuation allowance on deferred tax assets	 	(124	)%	 	 	(31	)	 	 	1	%	 	 	7	 	 	 	(125	)%	
Tax planning on sale of Canadian Oil Sands and Canadian capital
     gains	 	-	 	 	 	-	 	 	 	(11	)%	 	 	(61	)	 	 	11	%	
Mining and other taxes	 	24	%	 	 	6	 	 	 	2	%	 	 	11	 	 	 	22	%	
Tax impact on Jundee Sale	 	32	%	 	 	8	 	 	 	-	 	 	 	-	 	 	 	32	%	
Effect of foreign earnings, net of credits	 	-	 	 	 	-	 	 	 	2	%	 	 	9	 	 	 	(2	)%	
Other	 	(3	)%	 	 	(1	)	 	 	-	 	 	 	-	 	 	 	(3	)%	
Income and mining tax expense (benefit)	 	(188	)%	 	$	(47	)	 	 	28	%	 	$	161	 	 	 	(216	)%	
During the first nine months of 2014, the estimated income and mining tax benefit was $22, resulting in an effective tax rate of (9)%. The negative rate is the result of recording a tax benefit on net earnings for the period. Estimated income and mining tax
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expense during the first nine months of 2013 was $54 for an effective tax rate of (3)%. The negative rate is the result of recording tax expense on the net loss for the period. The Company’s effective tax rate is driven by a number of factors as illustrated in the table below. The rate for the first nine months 2014 compared to 2013 is also shown below and differs largely due to changes in valuation allowances (releases in the current year due to tax refunds, settlement of audits, etc. versus increases in the prior year due to asset impairments) and the overall impact of percentage depletion due to the jurisdictional mix of the Company’s income.
 
 	Nine Months Ended September 30,	 	 	 	 	 	
 	2014	 	 	2013	 	 	Variance	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income and mining tax and other items	 	 	 	 	$	260	 	 	 	 	 	 	$	(1,516	)	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tax at statutory rate	 	35	%	 	$	91	 	 	 	35	%	 	$	(531	)	 	 	 	 	
Reconciling items:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Percentage depletion	 	(25	)%	 	 	(66	)	 	 	7	%	 	 	(99	)	 	 	(32	)%	
Change in valuation allowance on deferred tax assets	 	(36	)%	 	 	(93	)	 	 	(46	)%	 	 	698	 	 	 	10	%	
Tax planning on sale of Canadian Oil Sands and Canadian capital
     gains	 	-	 	 	 	-	 	 	 	4	%	 	 	(61	)	 	 	(4	)%	
Mining and other Taxes	 	5	%	 	 	14	 	 	 	(3	)%	 	 	47	 	 	 	8	%	
Disallowed loss on Midas Sale	 	5	%	 	 	13	 	 	 	-	 	 	 	-	 	 	 	5	%	
Tax impact on Jundee Sale	 	3	%	 	 	8	 	 	 	-	 	 	 	-	 	 	 	3	%	
Effect of foreign earnings, net of credits	 	3	%	 	 	8	 	 	 	(3	)%	 	 	48	 	 	 	6	%	
Other	 	1	%	 	 	3	 	 	 	3	%	 	 	(48	)	 	 	(2	)%	
Income and mining tax expense (benefit)	 	(9	)%	 	$	(22	)	 	 	(3	)%	 	$	54	 	 	 	(6	)%	
A valuation allowance is provided for those deferred tax assets for which it is more likely than not that the related benefits will not be realized. In determining the amount of the valuation allowance, each quarter the Company considers future reversals of existing taxable temporary differences, estimated future taxable income, taxable income in prior carryback year(s), as well as feasible tax planning strategies in each jurisdiction to determine if the deferred tax assets are realizable. If it is determined we will not realize all or a portion of its deferred tax assets, we will place or increase a valuation allowance. Conversely, if we determine that we will ultimately be able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of risk factors that could impact the Company’s ability to realize the deferred tax assets. See Note 2, Summary of Significant Accounting Policies, Risks and Uncertainties.
There are a number of factors that can potentially impact the Company’s effective tax, including the geographic distribution of income, the non-recognition of tax assets, percentage depletion, changes in tax laws, and the impact of specific transactions and assessments. For a complete discussion of the factors that influence our effective tax rate, see Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations for the year ended December 31, 2013 filed June 13, 2014 on Form 8-K.
Due to the factors discussed above and the sensitivity of the Company’s income tax expense and effective tax rate to these factors, it is expected that the effective tax rate will fluctuate, sometimes significantly, in future periods.
Net income (loss) attributable to noncontrolling interests in the third quarter and first nine months of 2014 was a loss of $138 and $225, respectively, compared to a loss of $4 and $176 in the same periods of 2013, respectively.  The increased loss is a result of decreased earnings at Batu Hijau and Minera Yanacocha as well as an increase in noncontrolling interests related to the TMAC share sale in April 2014.
Income (loss) from discontinued operations includes a decrease in the Holt property royalty liability as of September 30, 2014. During the third quarter and first nine months of 2014, the Company recorded a benefit of $3 and charge of $16, net of tax expense of $2 and benefit of $7, respectively. During the third quarter of 2013, the Company recorded a charge of $21 and a benefit of $53, net of tax benefit of $10 and expense of $24, respectively. Due to the nature of the sliding scale royalty calculation, changes in expected production, discount rates and gold price have a significant impact on the fair value of the liability.
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 Results of Consolidated Operations
 
 	Gold or Copper Produced	 	 	Costs Applicable to Sales (1)	 	 	Depreciation and Amortization	 	 	All-In Sustaining Costs (3)	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Three Months Ended September 30,	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold	(ounces in thousands)	 	 	($ per ounce)	 	 	($ per ounce)	 	 	($ per ounce)	 	
North America	 	428	 	 	 	520	 	 	$	773	 	 	$	590	 	 	$	151	 	 	$	123	 	 	$	1,030	 	 	$	842	 	
South America	 	250	 	 	 	256	 	 	 	507	 	 	 	610	 	 	 	301	 	 	 	333	 	 	 	778	 	 	 	1,088	 	
Australia / New Zealand	 	358	 	 	 	453	 	 	 	862	 	 	 	854	 	 	 	149	 	 	 	202	 	 	 	1,070	 	 	 	1,058	 	
Indonesia	 	2	 	 	 	9	 	 	 	2,869	 	 	 	846	 	 	 	819	 	 	 	189	 	 	 	3,556	 	 	 	1,286	 	
Africa	 	213	 	 	 	144	 	 	 	436	 	 	 	513	 	 	 	152	 	 	 	129	 	 	 	549	 	 	 	781	 	
Total/Weighted-Average	 	1,251	 	 	 	1,382	 	 	$	705	 	 	$	668	 	 	$	185	 	 	$	188	 	 	$	995	 	 	$	1,018	 	
Attributable to Newmont (2)(3)	 	1,154	 	 	 	1,284	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Copper	(pounds in millions)	 	 	($ per pound)	 	 	($ per pound)	 	 	($ per pound)	 	
North America	 	11	 	 	 	8	 	 	$	2.13	 	 	$	1.35	 	 	$	0.35	 	 	$	0.23	 	 	$	2.73	 	 	$	1.75	 	
Australia/New Zealand	 	16	 	 	 	15	 	 	 	2.47	 	 	 	2.23	 	 	 	0.38	 	 	 	0.38	 	 	 	2.94	 	 	 	2.71	 	
Indonesia	 	7	 	 	 	39	 	 	 	9.81	 	 	 	2.74	 	 	 	2.76	 	 	 	0.55	 	 	 	11.17	 	 	 	3.82	 	
Total/Weighted-Average	 	34	 	 	 	62	 	 	$	5.73	 	 	$	2.41	 	 	$	1.46	 	 	$	0.47	 	 	$	6.61	 	 	$	3.24	 	
Attributable to Newmont	 	30	 	 	 	42	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Copper	(tonnes in thousands)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
North America	 	5	 	 	 	4	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Australia/New Zealand	 	7	 	 	 	7	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Indonesia	 	3	 	 	 	18	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total/Weighted-Average	 	15	 	 	 	29	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Attributable to Newmont	 	13	 	 	 	20	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

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 	Gold or Copper Produced	 	 	Costs Applicable to Sales (1)	 	 	Depreciation and Amortization	 	 	All-In Sustaining Costs (3)	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Nine Months Ended September 30,	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold	(ounces in thousands)	 	 	($ per ounce)	 	 	($ per ounce)	 	 	($ per ounce)	 	
North America	 	1,235	 	 	 	1,394	 	 	$	760	 	 	$	684	 	 	$	157	 	 	$	138	 	 	$	1,007	 	 	$	980	 	
South America	 	648	 	 	 	833	 	 	 	830	 	 	 	621	 	 	 	406	 	 	 	304	 	 	 	1,159	 	 	 	970	 	
Australia/New Zealand	 	1,251	 	 	 	1,278	 	 	 	794	 	 	 	995	 	 	 	159	 	 	 	221	 	 	 	974	 	 	 	1,207	 	
Indonesia	 	33	 	 	 	36	 	 	 	1,827	 	 	 	2,487	 	 	 	532	 	 	 	541	 	 	 	2,458	 	 	 	3,121	 	
Africa	 	675	 	 	 	408	 	 	 	444	 	 	 	554	 	 	 	159	 	 	 	137	 	 	 	619	 	 	 	971	 	
Total/Weighted-Average	 	3,842	 	 	 	3,949	 	 	$	733	 	 	$	774	 	 	$	202	 	 	$	203	 	 	$	1,031	 	 	$	1,140	 	
Attributable to Newmont (3)(4)	 	3,584	 	 	 	3,617	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Copper	(pounds in millions)	 	 	($ per pound)	 	 	($ per pound)	 	 	($ per pound)	 	
North America	 	35	 	 	 	25	 	 	$	2.28	 	 	$	1.74	 	 	$	0.35	 	 	$	0.33	 	 	$	2.83	 	 	$	2.25	 	
Australia/New Zealand	 	50	 	 	 	50	 	 	 	2.51	 	 	 	2.65	 	 	 	0.40	 	 	 	0.55	 	 	 	3.18	 	 	 	3.21	 	
Indonesia	 	88	 	 	 	115	 	 	 	5.50	 	 	 	5.60	 	 	 	1.52	 	 	 	1.10	 	 	 	7.00	 	 	 	6.91	 	
Total/Weighted-Average	 	173	 	 	 	190	 	 	$	3.75	 	 	$	4.23	 	 	$	0.88	 	 	$	0.84	 	 	$	4.74	 	 	$	5.21	 	
Attributable to Newmont	 	128	 	 	 	131	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Copper	(tonnes in thousands)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
North America	 	16	 	 	 	11	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Australia/New Zealand	 	23	 	 	 	23	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Indonesia	 	40	 	 	 	52	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total/Weighted-Average	 	79	 	 	 	86	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Attributable to Newmont	 	58	 	 	 	59	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 
(1)	Excludes Depreciation and amortization and Reclamation and remediation.	
(2)	Includes 8 and 17 attributable ounces in 2014 and 2013, respectively, from our interest in La Zanja and 18 and 14 attributable ounces in 2014 and 2013, respectively, from our interest in Duketon.	
(3)	All-In Sustaining Costs is a non-GAAP financial measure. See page 60 for a reconciliation.	
(4)	Includes 31 and 49 attributable ounces in 2014 and 2013, respectively, from our interest in La Zanja and 43 and 43 attributable ounces in 2014 and 2013, respectively, from our interest in Duketon.	
Third quarter 2014 compared to 2013
Consolidated gold production decreased 9% due to planned lower production across our regions partially offset by higher production from Africa. Consolidated copper production decreased 45% due to lower production from Batu Hijau related to the export issue partially offset by production from the Phoenix copper leach facility that reached commercial production in the fourth quarter of 2013.
Costs applicable to sales per consolidated gold ounce sold increased 6% due to planned North America stripping campaigns at Gold Quarry and stockpile inventory adjustment triggered by increased future costs as a result of the MoU with the Government of Indonesia at Batu Hijau, partially offset by lower direct operating costs. Costs applicable to sales per consolidated copper pound increased 138% due to stockpile inventory adjustments triggered by increased future costs as a result of the MoU with the Government of Indonesia at Batu Hijau and lower production volume due to the export issue at Batu Hijau.  
Depreciation and amortization decreased 2% per consolidated gold ounce sold due to lower stockpile and leach pad inventory adjustments partially offset by higher asset retirement costs at Yanacocha. Depreciation and amortization increased 211% per copper pound due to increased future costs as a result of the stockpile inventory adjustment triggered by increased future costs as a result of the MoU with the Government of Indonesia at Batu Hijau and lower production volume due to the export issue at Batu Hijau.
First nine months 2014 compared to 2013
Consolidated gold production decreased 3% from lower production at North America and South America partially offset by higher production from Africa related to Akyem. Consolidated copper production decreased 9% due primarily to the export issue at Batu Hijau.
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Costs applicable to sales per consolidated gold ounce sold decreased 5% due to reduced direct operating costs as a result of Full Potential projects and low cost production from Akyem. Costs applicable to sales per consolidated copper pound sold decreased 11% due to the inventory adjustments due to a decrease in metal prices during the second quarter of 2013.
Depreciation and amortization per consolidated gold ounce sold was essentially in line with prior year. Depreciation and amortization increased 5% per consolidated copper pound sold due to increased future costs as a result of the MoU with the Government of Indonesia at Batu Hijau.
North America Operations
 
 	Gold or Copper
Produced	 	 	Costs Applicable to Sales (1)	 	 	Depreciation and Amortization	 	 	All-In Sustaining Costs (4)	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Three Months Ended September 30,	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold	(ounces in thousands)	 	 	($ per ounce)	 	 	($ per ounce)	 	 	($ per ounce)	 	
Carlin	 	236	 	 	 	280	 	 	$	865	 	 	$	603	 	 	$	170	 	 	$	112	 	 	$	1,081	 	 	$	832	 	
Phoenix	 	56	 	 	 	62	 	 	 	734	 	 	 	568	 	 	 	136	 	 	 	94	 	 	 	892	 	 	 	735	 	
Twin Creeks	 	89	 	 	 	126	 	 	 	478	 	 	 	502	 	 	 	76	 	 	 	147	 	 	 	778	 	 	 	618	 	
La Herradura (2)	 	47	 	 	 	52	 	 	 	932	 	 	 	765	 	 	 	218	 	 	 	166	 	 	 	1,170	 	 	 	1,192	 	
Total/Weighted-Average	 	428	 	 	 	520	 	 	$	773	 	 	$	590	 	 	$	151	 	 	$	123	 	 	$	1,030	 	 	$	842	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Copper	(pounds in millions)	 	 	($ per pound)	 	 	($ per pound)	 	 	($ per pound)	 	
Phoenix	11	 	 	8	 	 	$	2.13	 	 	$	1.35	 	 	$	0.35	 	 	$	0.23	 	 	$	2.73	 	 	$	1.75	 	
 	(tonnes in thousands)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Phoenix	5	 	 	4	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 
 	Gold or Copper
Produced	 	 	Costs Applicable to Sales (1)	 	 	Depreciation and Amortization	 	 	All-In Sustaining Costs (4)	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Nine Months Ended September 30,	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold	(ounces in thousands)	 	 	($ per ounce)	 	 	($ per ounce)	 	 	($ per ounce)	 	
Carlin	 	674	 	 	 	714	 	 	$	900	 	 	$	727	 	 	$	176	 	 	$	126	 	 	$	1,082	 	 	$	970	 	
Phoenix	 	161	 	 	 	178	 	 	 	657	 	 	 	691	 	 	 	131	 	 	 	127	 	 	 	808	 	 	 	873	 	
Twin Creeks	 	279	 	 	 	341	 	 	 	508	 	 	 	560	 	 	 	93	 	 	 	170	 	 	 	834	 	 	 	724	 	
La Herradura (2)(3)	 	121	 	 	 	161	 	 	 	736	 	 	 	755	 	 	 	243	 	 	 	134	 	 	 	1,009	 	 	 	1,335	 	
Total/Weighted-Average	 	1,235	 	 	 	1,394	 	 	$	760	 	 	$	684	 	 	$	157	 	 	$	138	 	 	$	1,007	 	 	$	980	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Copper	(pounds in millions)	 	 	($ per pound)	 	 	($ per pound)	 	 	($ per pound)	 	
Phoenix	35	 	 	25	 	 	$	2.28	 	 	$	1.74	 	 	$	0.35	 	 	$	0.33	 	 	$	2.83	 	 	$	2.25	 	
 	(tonnes in thousands)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Phoenix	16	 	 	11	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)	Excludes Depreciation and amortization and Reclamation and remediation.	
(2)	Our proportionate 44% share.	
(3)	Includes 4 development ounces from the newly constructed mill at La Herradura in 2014.	
(4)	All-In Sustaining Costs is a non-GAAP financial measure. See page 60 for a reconciliation.  	
Third quarter 2014 compared to 2013
Carlin, USA.  Gold ounces produced decreased 16% due primarily to planned stripping campaigns and lower developments rates at Leeville. Mill 6 throughput and Mill 5 recovery were positively impacted by the Full Potential projects. Costs applicable to sales per ounce increased 43% due to planned stripping at Gold Quarry and the Carlin North Area partially offset by lower direct operating costs. Lower direct operating costs were positively impacted by Full Potential projects that lowered contract haulage costs, which optimized the haul road distances and reduced leach pad consumables. Depreciation and amortization per ounce increased 52% due to costs related to the ongoing stripping campaign.
Phoenix, USA. Gold ounces produced decreased 10% due to lower mill throughput as a result of harder ore and planned lower grades mined partially offset by higher recoveries. Copper pounds produced increased 38% due to production from the Phoenix Copper Leach facility which was completed in the fourth quarter of 2013. Costs applicable to sales per ounce increased 29% due to
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lower ounces sold, lower by-product credits and slightly higher operating costs. Costs applicable to sales per pound increased 58% due to lower copper mill grades mined, lower by-product credits as well as a higher allocation of costs to copper. Depreciation and amortization increased 45% per ounce and increased 52% per pound due to lower gold production and the amortization of the copper leach facility.
Twin Creeks, USA. Gold ounces produced decreased 29% due to lower production following the sale of Midas as well as a planned stripping campaign. Costs applicable to sales per ounce decreased 5% due to the sale of Midas. Depreciation and amortization per ounce decreased 48% due to the Midas sale.
La Herradura, Mexico.  Gold production decreased 10% due to the timing of leach recoveries as the mine ramps back up to full production following the receipt of the explosives permit. Costs applicable to sales per ounce increased 22% due to lower leach production. Depreciation and amortization per ounce increased 31% due to the new mill and additional mining equipment as well as lower production. On October 6, 2014, we completed the sale of our 44% interest in La Herradura.
First nine months 2014 compared to 2013
Carlin, USA.  Gold ounces produced decreased 6% due primarily to planned stripping campaigns and lower development rates at Leeville, partially offset by higher Mill 6 throughput and higher Mill 5 recovery as a result of Full Potential projects. Costs applicable to sales per ounce increased 24% due to planned stripping at Gold Quarry and the Carlin North Area partially offset by lower direct operating costs. Lower direct operating costs were positively impacted by Full Potential projects that lowered contract haulage costs, which optimized the haul road distances and reduced leach pad consumables. Depreciation and amortization per ounce increased 40% due to costs related to the ongoing stripping campaign.
Phoenix, USA. Gold ounces produced decreased 10% due to lower mill throughput as a result of harder ore and planned lower grades mined, partially offset by higher recoveries. Copper pounds produced increased 40% due to production from the Phoenix Copper Leach facility which was completed in the fourth quarter of 2013. Costs applicable to sales per ounce decreased 5% due to higher allocation of costs to copper. Costs applicable to sales per pound increased 31% due to lower copper mill grades mined, lower by-product credits as well as a higher allocation of costs. Depreciation and amortization increased 3% per ounce and increased 6% per pound due to lower gold production and the amortization of the copper leach facility.
Twin Creeks, USA. Gold ounces produced decreased 18% due to lower production following the sale of Midas as well as a planned stripping campaign. Costs applicable to sales per ounce decreased 9% due to the sale of Midas. Depreciation and amortization per ounce decreased 45% due to the Midas sale.
La Herradura, Mexico. Gold production decreased 25% due to the timing of leach recoveries as the mine ramps back up to full production following the receipt of the explosives permit. Costs applicable to sales per ounce decreased 3% due to lower leach production. Depreciation and amortization per ounce increased 81% due to the new mill and additional mining equipment as well as lower production. On October 6, 2014, we completed the sale of our 44% interest in La Herradura.
 
South America Operations
 
 	Gold Ounces Produced	 	 	Costs Applicable to Sales (1)	 	 	Depreciation and Amortization	 	 	All-In Sustaining Costs (2)	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Three Months Ended September 30,	(in thousands)	 	 	($ per ounce)	 	 	($ per ounce)	 	 	($ per ounce)	 	
Yanacocha	 	250	 	 	 	256	 	 	$	507	 	 	$	610	 	 	$	301	 	 	$	333	 	 	$	738	 	 	$	1,015	 	
Attributable to Newmont:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Yanacocha (51.35%)	 	128	 	 	 	131	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
La Zanja (46.94%)	 	8	 	 	 	17	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	136	 	 	 	148	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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 	Gold Ounces Produced	 	 	Costs Applicable to Sales (1)	 	 	Depreciation and Amortization	 	 	All-In Sustaining Costs (2)	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Nine Months Ended September 30,	(in thousands)	 	 	($ per ounce)	 	 	($ per ounce)	 	 	($ per ounce)	 	
Yanacocha	 	648	 	 	 	833	 	 	$	830	 	 	$	621	 	 	$	406	 	 	$	304	 	 	$	1,116	 	 	$	941	 	
Attributable to Newmont:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Yanacocha (51.35%)	 	333	 	 	 	428	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
La Zanja (46.94%)	 	31	 	 	 	49	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	364	 	 	 	477	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)	Excludes Depreciation and amortization and Reclamation and remediation.	
(2)	All-In Sustaining Costs is a non-GAAP financial measure. See page 60 for a reconciliation.	
Third quarter 2014 compared to 2013
Yanacocha, Peru.  Gold production decreased 2% due primarily to lower leach production as a result of prior year stripping, mainly offset by higher mill production from higher grade ore at Tapado Oeste. Costs applicable to sales per ounce decreased 17% due to lower direct operating costs and higher ore tons allocated to stockpiles.   Depreciation and amortization per ounce decreased 10% due to higher ore tons allocated to stockpiles.  
First nine months 2014 compared to 2013
Yanacocha, Peru. Gold production decreased 22% due primarily to lower leach production from lower beginning ore on leach pads and lower grade ore milled through the first half of 2014. Yanacocha completed a stripping campaign at the end of the second quarter which will result in higher production in the second half of 2014. Costs applicable to sales per ounce increased 34% due to lower production partially offset by lower direct operating costs as a result of Full Potential projects that increased haul efficiency including fuel and tire savings. Depreciation and amortization per ounce increased 34% due to higher asset retirement costs, and lower ounces sold.
Australia/New Zealand Operations
 
 	Gold or Copper Produced	 	 	Costs Applicable to Sales (1)	 	 	Depreciation and Amortization	 	 	All-In Sustaining Costs (3)	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Three Months Ended September 30,	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold	(ounces in thousands)	 	 	($ per ounce)	 	 	($ per ounce)	 	 	($ per ounce)	 	
Boddington	 	165	 	 	 	178	 	 	$	935	 	 	$	1,031	 	 	$	158	 	 	$	190	 	 	$	1,050	 	 	$	1,204	 	
Tanami	 	72	 	 	 	100	 	 	 	855	 	 	 	658	 	 	 	216	 	 	 	223	 	 	 	1,179	 	 	 	948	 	
Jundee	 	-	 	 	 	67	 	 	 	154	 	 	 	718	 	 	 	202	 	 	 	340	 	 	 	-	 	 	 	910	 	
Waihi	 	39	 	 	 	26	 	 	 	548	 	 	 	995	 	 	 	180	 	 	 	310	 	 	 	667	 	 	 	1,045	 	
KCGM	 	82	 	 	 	82	 	 	 	874	 	 	 	846	 	 	 	53	 	 	 	54	 	 	 	1,062	 	 	 	950	 	
Total/Weighted-Average	 	358	 	 	 	453	 	 	$	862	 	 	$	854	 	 	$	149	 	 	$	202	 	 	$	1,070	 	 	$	1,058	 	
Attributable to Newmont (2)	 	376	 	 	 	468	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Copper	(pounds in millions)	 	 	($ per pound)	 	 	($ per pound)	 	 	($ per pound)	 	
Boddington	 	16	 	 	 	15	 	 	$	2.47	 	 	$	2.23	 	 	$	0.38	 	 	$	0.38	 	 	$	2.94	 	 	$	2.71	 	
 	(tonnes in thousands)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boddington	 	7	 	 	 	7	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 
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 	Gold or Copper Produced	 	 	Costs Applicable to Sales (1)	 	 	Depreciation and Amortization	 	 	All-In Sustaining Costs (3)	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Nine Months Ended September 30,	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold	(ounces in thousands)	 	 	($ per ounce)	 	 	($ per ounce)	 	 	($ per ounce)	 	
Boddington	 	507	 	 	 	525	 	 	$	894	 	 	$	1,071	 	 	$	157	 	 	$	240	 	 	$	1,025	 	 	$	1,213	 	
Tanami	 	251	 	 	 	222	 	 	 	734	 	 	 	931	 	 	 	206	 	 	 	250	 	 	 	1,016	 	 	 	1,284	 	
Jundee	 	138	 	 	 	217	 	 	 	610	 	 	 	714	 	 	 	243	 	 	 	275	 	 	 	771	 	 	 	949	 	
Waihi	 	106	 	 	 	81	 	 	 	567	 	 	 	965	 	 	 	181	 	 	 	290	 	 	 	647	 	 	 	1,130	 	
KCGM	 	249	 	 	 	233	 	 	 	860	 	 	 	1,149	 	 	 	57	 	 	 	77	 	 	 	964	 	 	 	1,229	 	
Total/Weighted-Average	 	1,251	 	 	 	1,278	 	 	$	794	 	 	$	995	 	 	$	159	 	 	$	221	 	 	$	974	 	 	$	1,207	 	
Attributable to Newmont (2)	 	1,294	 	 	 	1,321	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Copper	(pounds in millions)	 	 	($ per pound)	 	 	($ per pound)	 	 	($ per pound)	 	
Boddington	 	50	 	 	 	50	 	 	$	2.51	 	 	$	2.65	 	 	$	0.40	 	 	$	0.55	 	 	$	3.18	 	 	$	3.21	 	
 	(tonnes in thousands)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boddington	 	23	 	 	 	23	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)	Excludes Depreciation and amortization and Reclamation and remediation.	
(2)	Includes 18 and 14 attributable ounces in the third quarter 2014 and 2013, respectively, and 43 and 43 attributable ounces in the first nine months of 2014 and 2013, respectively, from our interest in Duketon.	
(3)	All-In Sustaining Costs is a non-GAAP financial measure. See page 60 for a reconciliation.	
Third quarter 2014 compared to 2013
Boddington, Australia. Gold production decreased 7% due to planned lower ore grade milled as a result of lower ore grade mined and lower recoveries. This was mostly offset by higher throughput as the result of an increase in mill utilization due to the sustainable process improvements implemented with the Full Potential project. Copper production was in line with prior year. Costs applicable to sales decreased 9% per ounce due to lower mill maintenance costs, repeal of the carbon tax, lower costs allocated to gold, partially offset by lower gold production, higher mining costs and higher stockpile inventory adjustments compared to prior year. Costs applicable to sales increased 11% per pound due to higher costs allocated to copper. Depreciation and amortization decreased 17% per ounce due to lower costs allocated to gold. Depreciation and amortization per pound was in line with prior year.
Tanami, Australia. Gold ounces produced decreased 28% due to lower ore grades milled as a result of planned lower ore grade stopes mined compared to higher grade stopes mined in prior period. This was partially offset by improved mining rates which were primarily due to higher truck utilization and stope availability leading to higher tons mined and higher mill throughput. Costs applicable to sales increased 30% per ounce mainly due to lower production. Depreciation and amortization per ounce was in line with prior year.
Jundee, Australia. The Jundee mine was sold on July 1, 2014.
Waihi, New Zealand. Gold ounces produced increased 50% due to higher throughput as a result of higher ore tons mined as compared to the stripping campaign in the prior year. Costs applicable to sales decreased 45% per ounce due to higher production. Depreciation and amortization decreased 42% per ounce due to higher production.
Kalgoorlie, Australia. Gold ounces produced was in line with prior year. Costs applicable to sales increased 3% per ounce mainly due to lower production and higher mill maintenance costs. Depreciation and amortization per ounce was in line with prior year.
First nine months 2014 compared to 2013
Boddington, Australia. Gold production decreased 3% due to planned lower ore grade milled as a result of lower ore grade mined. This was mostly offset by higher throughput as the result of an increase in mill utilization due to the sustainable process improvements implemented with the Full Potential project. Copper production was in line with prior year. Costs applicable to sales decreased 17% per ounce and 5% per pound due to inventory adjustments from decreases in metal prices in the second quarter of 2013, lower mill maintenance costs, and lower costs allocated to gold. Depreciation and amortization decreased 35% per ounce and 27% per pound due to the impact of the prior year asset impairment and inventory adjustments from decreases in metal prices in the prior year.
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Tanami, Australia. Gold ounces produced increased 13% mainly as a result of improved mining rates. These were primarily due to higher truck utilization and stope availability leading to higher tons mined and higher mill throughput. Costs applicable to sales decreased 21% per ounce due to higher production coupled with lower underground mining costs. Depreciation and amortization decreased 18% per ounce due to higher reserves.
Jundee, Australia. Gold ounces produced decreased 36% as a result of the sale of the Jundee mine on July 1, 2014.
Waihi, New Zealand. Gold ounces produced increased 31% due to higher mill throughput as a result of higher ore tons mined partially offset by lower ore grade milled. Costs applicable to sales decreased 41% per ounce due to higher production and lower mining costs. Depreciation and amortization decreased 38% per ounce due to higher production.
Kalgoorlie, Australia. Gold ounces produced increased 7% primarily due to a combination of higher ore grade milled, recovery and higher concentrate production, partially offset by lower throughput. Costs applicable to sales decreased 25% per ounce and Depreciation and amortization decreased 26% per ounce due to higher production, and the impact of the inventory adjustments from the decrease in gold price in the prior year.
Indonesia Operations
 
 	Gold or Copper
Produced	 	 	Costs Applicable to
Sales (1)	 	 	Depreciation and
Amortization	 	 	All-In Sustaining
Costs (3)	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Three Months Ended September 30,	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold	(ounces in thousands)	 	 	($ per ounce)	 	 	($ per ounce)	 	 	($ per ounce)	 	
Batu Hijau	 	2	 	 	 	9	 	 	$	2,869	 	 	$	846	 	 	$	819	 	 	$	189	 	 	$	3,556	 	 	$	1,286	 	
Attributable to Newmont (2)	 	1	 	 	 	4	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Copper	(pounds in millions)	 	 	($ per pound)	 	 	($ per pound)	 	 	($ per pound)	 	
Batu Hijau	 	7	 	 	 	39	 	 	$	9.81	 	 	$	2.74	 	 	$	2.76	 	 	$	0.55	 	 	$	11.17	 	 	$	3.82	 	
Attributable to Newmont	 	3	 	 	 	19	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	(tonnes in thousands)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Batu Hijau	 	3	 	 	 	18	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Attributable to Newmont	 	1	 	 	 	9	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 
 	Gold or Copper
Produced	 	 	Costs Applicable to
Sales (1)	 	 	Depreciation and
Amortization	 	 	All-In Sustaining
Costs (3)	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Nine Months Ended September 30,	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold	(ounces in thousands)	 	 	($ per ounce)	 	 	($ per ounce)	 	 	($ per ounce)	 	
Batu Hijau	 	33	 	 	 	36	 	 	$	1,827	 	 	$	2,487	 	 	$	532	 	 	$	541	 	 	$	2,417	 	 	$	3,121	 	
Attributable to Newmont (2)	 	16	 	 	 	17	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Copper	(pounds in millions)	 	 	($ per pound)	 	 	($ per pound)	 	 	($ per pound)	 	
Batu Hijau	 	88	 	 	 	115	 	 	$	5.50	 	 	$	5.60	 	 	$	1.52	 	 	$	1.10	 	 	$	7.00	 	 	$	6.91	 	
Attributable to Newmont	 	43	 	 	 	56	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	(tonnes in thousands)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Batu Hijau	 	40	 	 	 	52	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Attributable to Newmont	 	19	 	 	 	25	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  	Excludes Depreciation and amortization and Reclamation and remediation.	
(2)  	Our 48.5% economic interest.	
(3)  	All-In Sustaining Costs is a non-GAAP financial measure. See page 60 for a reconciliation.	

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Third quarter 2014 compared to 2013
Batu Hijau, Indonesia. Gold and copper production decreased 78% per ounce and 82% per pound, respectively, due to the export issue. Costs applicable to sales and Depreciation and amortization include $37 and $27, respectively, of abnormal costs related to the suspended operation. Costs applicable to sales increased 239% per ounce and increased 258% per pound due to the lower gold and copper sales as a result of the export issue in addition to stockpile inventory adjustments triggered by increased future costs as a result of the MoU with the Government of Indonesia. Depreciation and amortization increased 334% per ounce and increased 402% per pound due to lower sales as a result of the export issue and stockpile inventory adjustments triggered by increased future costs as a result of the MoU with the Government of Indonesia.
First nine months 2014 compared to 2013
Batu Hijau, Indonesia. Gold production decreased 8% per ounce and copper production decreased 23% per pound due to the export issue. Costs applicable to sales and Depreciation and amortization include $53 and $37, respectively, of abnormal costs related to the suspended operation. Costs applicable to sales decreased 27% per ounce and 2% per pound due to inventory adjustments as a result of decreases in metal price in the second quarter of 2013. Depreciation and amortization decreased 2% per ounce due to inventory adjustments as a result of decreases in metal prices in the second quarter of 2013, partially offset by lower gold production. Depreciation and amortization increased 38% per pound due to lower copper production.
On September 19, 2014, PTNNT received its six-month export permit and concentrate shipments have resumed.  Operations resumed in September, following signing of the MoU with the Government of Indonesia, and planned milling and mining levels were achieved during October. The negotiation of the amendment to the Contract of Work contemplated by the MoU with the Government of Indonesia remains on-going. Continued future operations at Batu Hijau are subject to various factors,  including, without limitation, the successful renegotiation of the Contract of Work, issuance of future export permits and approvals, negotiations with the labor union, future in-country smelting availability and regulations relating to export quotas, and certain other factors. For a discussion of other factors which could impact future financial performance and operating results at Batu Hijau, see Item 1A, under the heading “Risk Factors,” of the Company’s Form 10-K, filed on February 20, 2014.
Africa Operations
 
 	Gold Ounces Produced	 	 	Costs Applicable to
Sales  (1)	 	 	Depreciation and Amortization	 	 	All-In Sustaining
Costs  (2)	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Three Months Ended September 30,	(in thousands)	 	 	($ per ounce)	 	 	($ per ounce)	 	 	($ per ounce)	 	
Ahafo	 	107	 	 	 	144	 	 	$	510	 	 	$	513	 	 	$	127	 	 	$	129	 	 	$	676	 	 	$	719	 	
Akyem	 	106	 	 	 	-	 	 	 	361	 	 	 	-	 	 	 	178	 	 	 	-	 	 	 	402	 	 	 	-	 	
Total / Weighted Average	 	213	 	 	 	144	 	 	$	436	 	 	$	513	 	 	$	152	 	 	$	129	 	 	$	549	 	 	$	781	 	

 	Gold Ounces Produced	 	 	Costs Applicable to
Sales  (1)	 	 	Depreciation and Amortization	 	 	All-In Sustaining
Costs  (2)	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Nine Months Ended September 30,	(in thousands)	 	 	($ per ounce)	 	 	($ per ounce)	 	 	($ per ounce)	 	
Ahafo	 	337	 	 	 	408	 	 	$	533	 	 	$	554	 	 	$	136	 	 	$	137	 	 	$	814	 	 	$	894	 	
Akyem	 	338	 	 	 	-	 	 	 	355	 	 	 	-	 	 	 	181	 	 	 	-	 	 	 	392	 	 	 	-	 	
Total / Weighted Average	 	675	 	 	 	408	 	 	$	444	 	 	$	554	 	 	$	159	 	 	$	137	 	 	$	619	 	 	$	971	 	
(1)  	Excludes Depreciation and amortization and Reclamation and remediation.	
(2)  	All-In Sustaining Costs is a non-GAAP financial measure. See page 60 for a reconciliation.	
Third quarter 2014 compared to 2013
Ahafo, Ghana. Gold production decreased 26% due to planned lower mill throughput from depletion of softer ore and lower ore grade processed. Costs applicable to sales per ounce decreased 1% due to lower labor costs, decreased mining rates to synchronize with mill throughput, and operating efficiencies from the Full Potential project including lower mill consumables and improved tire life. Depreciation and amortization per ounce decreased 2%.
Akyem, Ghana. Gold ounces produced of 106,000, Costs applicable to sales per ounce of $361, and Depreciation and amortization per ounce of $178 are due to the commencement of commercial production in the fourth quarter of 2013.
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First nine months 2014 compared to 2013
Ahafo, Ghana. Gold production decreased 17% due to planned lower mill grade, depletion of softer ore and lower mill availability from unplanned downtime creating lower mill throughput. Costs applicable to sales per ounce decreased 4% due to lower labor costs, a decrease in mining rates to synchronize with mill throughput and operating efficiencies from the Full Potential project, partially offset by lower ounces sold. Depreciation and amortization was in line with prior year.
Akyem, Ghana. Gold ounces produced of 338,000, Costs applicable to sales per ounce of $355, and Depreciation and amortization per ounce of $181 are due to the commencement of commercial production in the fourth quarter of 2013.
Foreign Currency Exchange Rates
Our foreign operations sell their gold and copper production based on U.S. dollar metal prices. Approximately 50% and 45% of Costs applicable to sales for our foreign operations were paid in currencies other than the U.S. dollar during the third quarter of 2014 and 2013, respectively. Approximately 46% and 49% of Costs applicable to sales for our foreign operations were paid in currencies other than the U.S. dollar during the first nine months of 2014 and 2013, respectively. Variations in the local currency exchange rates in relation to the U.S. dollar at our foreign mining operations Costs applicable to sales decreased $31 per ounce and $22 per ounce, net of hedging gains, during the third quarter and first nine months of 2014, respectively, compared to the same periods in 2013.
 Liquidity and Capital Resources
Cash Provided from Operating Activities
Net cash provided from continuing operations was $889 in the first nine months of 2014, a decrease of $286 from the first nine months of 2013, primarily due to lower average realized gold price and sales volume partially offset by a decrease in direct operating costs.
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Investing Activities
Net cash used in investing activities decreased to $592 during first nine months of 2014 compared to $937 during the same period of 2013, respectively. Additions to property, plant and mine development were as follows:
 
 	Nine Months Ended September 30,	 	
 	2014	 	 	2013	 	
North America:	 	 	 	 	 	 	 	
Carlin	$	169	 	 	$	182	 	
Phoenix	 	22	 	 	 	105	 	
Twin Creeks	 	86	 	 	 	56	 	
La Herradura	 	20	 	 	 	82	 	
Other North America	 	11	 	 	 	18	 	
 	 	308	 	 	 	443	 	
South America:	 	 	 	 	 	 	 	
Yanacocha	 	59	 	 	 	136	 	
Other South America	 	30	 	 	 	184	 	
 	 	89	 	 	 	320	 	
Australia/New Zealand:	 	 	 	 	 	 	 	
Boddington	 	63	 	 	 	81	 	
Tanami	 	58	 	 	 	67	 	
Jundee	 	15	 	 	 	33	 	
Waihi	 	10	 	 	 	9	 	
Kalgoorlie	 	16	 	 	 	10	 	
Other Australia/New Zealand	 	4	 	 	 	4	 	
 	 	166	 	 	 	204	 	
Indonesia:	 	 	 	 	 	 	 	
Batu Hijau	 	44	 	 	 	82	 	
 	 	44	 	 	 	82	 	
Africa:	 	 	 	 	 	 	 	
Ahafo	 	72	 	 	 	139	 	
Akyem	 	14	 	 	 	201	 	
 	 	86	 	 	 	340	 	
Corporate and Other	 	42	 	 	 	80	 	
Accrual basis	 	735	 	 	 	1,469	 	
Decrease in accrued capital expenditures	 	31	 	 	 	59	 	
Cash basis	$	766	 	 	$	1,528	 	
Capital expenditures in North America during the first nine months of 2014 primarily related to the development of the Turf Vent Shaft project, capitalized drilling and engineering at Long Canyon, surface and underground mine development, capitalized exploration drilling, infrastructure improvements and tailings facility upgrades. Capital expenditures in South America were primarily related to the Conga project, the Yanacocha Water Treatment Project, leach pad expansions and upgrades and capitalized equipment component purchases. The majority of capital expenditures in Australia and New Zealand were for the Correnso project in Waihi, underground mine development, processing equipment, tailings facility construction, mining equipment and equipment component purchases and infrastructure improvements. Capital expenditures in Indonesia were primarily for equipment and equipment component purchases. Capital expenditures in Africa were related to Subika Expansion studies as well as tailings facility construction and equipment and equipment component purchases. Capital expenditures in Corporate were primarily related to the Merian project and Corporate software improvements.
Capital expenditures in North America during the first nine months of 2013 primarily related to the construction of the Phoenix Copper Leach project, the development of the Turf Vent Shaft project, surface and underground mine development and infrastructure improvements in Nevada, as well as mill expansion capital in Mexico. Capital expenditures in South America were primarily related to the Conga project, surface mine development, leach pad and other infrastructure improvements and equipment purchases. The majority of capital expenditures in Australia and New Zealand were for underground mine development, tailings facility construction, mining equipment purchases and infrastructure improvements. Capital expenditures in Indonesia were primarily for equipment and equipment component purchases. Capital expenditures in Africa were primarily related to Akyem development, the Subika expansion project and the Ahafo Mill expansion project, as well as equipment purchases and surface mine development at Ahafo. Capital expenditures in Corporate were primarily related to the Merian project.
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Acquisitions, net . During the first nine months of 2014 we purchased the remaining 20% noncontrolling interest in the Merian project. During the first nine months of 2013 we paid $13 in contingent payments in accordance with the 2009 Boddington acquisition agreement.
Sale of marketable securities. During the first nine months of 2014 we received $25 primarily from the sale of Paladin Energy Ltd. securities.  During the first nine months of 2013 we received $588 primarily from the sale of Canadian Oil Sands securities.
Proceeds from sale of other assets. During the first nine months of 2014, we received $191, of which, $94 was from the sale of Jundee, $57 from the sale of Midas, $19 from the sale of equipment at Conga and $15 from the sale of McCoy Cove. During the first nine months of 2013 we received $55 primarily from the sale of equipment at Conga.
Financing Activities
Net cash used in financing activities was $53 and $292 during the first nine months of 2014 and 2013, respectively.
Proceeds from and repayment of debt. During the first nine months of 2014, we received net proceeds from debt of $596, of which $575 was from the 2019 term loan facility, and we paid $581 in debt, of which $575 was for 2014 Convertible Senior Notes. During the first nine months of 2013, we received net proceeds from debt of $1,262 from our revolving credit facilities and other short-term debt. Proceeds from the issuance of debt were partially offset by payments of $1,060 on our revolving credit facility. At September 30, 2014, $162 of the $3,000 Corporate revolving credit facility was used to secure the issuance of letters of credit, primarily supporting reclamation obligations (see “Off-Balance Sheet Arrangements” below).
Scheduled minimum debt repayments are $5 for the remainder of 2014, $168 in 2015, $221 in 2016, $771 in 2017, $1 in 2018 and $5,680 thereafter. We expect to be able to fund debt maturities and capital expenditures from Net cash provided by operating activities , short-term investments, existing cash balances and available credit facilities.
At September 30, 2014 and 2013, Newmont Mining Corporation was in compliance with all required debt covenants and other restrictions related to material debt agreements.
Proceeds from stock issuance, net.  We received proceeds of $2 during the first nine months of 2013, from the issuance of common stock, primarily related to employee stock sales and option exercises.
Sale of noncontrolling interests. We received $71 and $32 in proceeds, net of transaction costs, during the first nine months of 2014 and 2013, respectively, related to TMAC’s private placements to raise funds.
Acquisition of noncontrolling interests . In the first nine months of 2014 and 2013, we advanced certain funds to PTPI, an unrelated noncontrolling shareholder of PTNNT, in accordance with a loan agreement. Our economic interest in PTNNT did not change as a result of these transactions.
Dividends paid to noncontrolling interests . We paid dividends of $4 and $2 to noncontrolling interests in the first nine months of 2014 and 2013, respectively.
Dividends paid to common stockholders.  We declared regular quarterly dividends totaling $0.200 and $1.025 per common share for the nine months ended September 30, 2014 and 2013 , respectively. Additionally, Newmont Mining Corporation of Canada Limited, a subsidiary of the Company, declared regular quarterly dividends on its exchangeable shares totaling C$1.0485 through September 30, 2013. We paid dividends of $102 and $509 to common stockholders in the first nine months of 2014 and 2013 , respectively.
Discontinued Operations
Net operating cash used in discontinued operations was $10 and $14 in the first nine months of 2014 and 2013, respectively, related to payments on the Holt property royalty.
Off-Balance Sheet Arrangements
We have the following off-balance sheet arrangements: operating leases (as discussed in Note 29 to the Consolidated Financial Statements for the year ended December 31, 2013, filed on June 13, 2014 on Form 8-K) and $1,737 of outstanding letters of credit, surety bonds and bank guarantees (see Note 26 to the Condensed Consolidated Financial Statements).
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We also have sales agreements to sell copper and gold concentrates at market prices as follows (in thousands of tons):
 
 	2014	 	 	2015	 	 	2016	 	 	2017	 	 	2018	 	 	Thereafter	 	
Batu Hijau	 	313	 	 	 	270	 	 	-	 	 	-	 	 	-	 	 	-	 	
Boddington	 	61	 	 	 	220	 	 	 	215	 	 	 	209	 	 	 	165	 	 	 	66	 	
Phoenix	 	48	 	 	 	41	 	 	 	71	 	 	-	 	 	-	 	 	-	 	
 	 	422	 	 	 	531	 	 	 	286	 	 	 	209	 	 	 	165	 	 	 	66	 	
Other Liquidity Matters
At September 30, 2014, the Company had $1,778 in cash and cash equivalents, of which $1,071 was held in foreign subsidiaries and is primarily held in U.S. dollar denominated accounts with the remainder in foreign currencies readily convertible to U.S. dollars. At September 30, 2014, $377 of the consolidated cash and cash equivalents was attributable to noncontrolling interests primarily related to our Indonesian and Peruvian operations which is being held to fund those operations and development projects. At September 30, 2014, $973 in consolidated cash and cash equivalents ($616 attributable to Newmont) was held at certain foreign subsidiaries that, if repatriated, may be subject to withholding taxes. The repatriation of this cash and the applicable withholding taxes would generate foreign tax credits in the U.S. As a result, we expect that there would be no additional tax burden upon repatriation after considering the cash cost associated with the withholding taxes.
We believe that our liquidity and capital resources from U.S. operations and flow-through foreign subsidiaries are adequate to fund our U.S. operations and corporate activities.
 Environmental
Our mining and exploration activities are subject to various federal and state laws and regulations governing the protection of the environment. We have made, and expect to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. At September 30, 2014 and December 31, 2013, $1,427 and $1,432, respectively, were accrued for reclamation costs relating to currently or recently producing mineral properties.
In addition, we are involved in several matters concerning environmental obligations associated with former mining activities. Based upon our best estimate of our liability for these matters, $152 and $179 were accrued for such obligations at September 30, 2014 and December 31, 2013, respectively. We spent $29 and $23 during the first nine months of 2014 and 2013, respectively, for environmental obligations related to the former, primarily historic, mining activities and have classified $26 as a current liability at September 30, 2014.
During the first nine months of 2014 and 2013, capital expenditures were approximately $90 and $69, respectively, to comply with environmental regulations. Ongoing costs to comply with environmental regulations have not been a significant component of operating costs.
For more information on the Company’s reclamation and remediation liabilities, see Notes 4 and 26 to the Condensed Consolidated Financial Statements.
 Accounting Developments
For a discussion of Recently Adopted and Recently Issued Accounting Pronouncements, see Note 2 to the Condensed Consolidated Financial Statements.
 Non-GAAP Financial Measures
Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by generally accepted accounting principles (“GAAP”). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.
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Adjusted net income (loss)
Management of the Company uses Adjusted net income (loss) to evaluate the Company’s operating performance, and for planning and forecasting future business operations. The Company believes the use of Adjusted net income (loss) allows investors and analysts to compare results of the continuing operations of the Company and its direct and indirect subsidiaries relating to the production and sale of minerals to similar operating results of other mining companies, by excluding exceptional or unusual items. Management’s determination of the components of Adjusted net income (loss) are 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 net income (loss) as follows:
 
 	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Net income (loss) attributable to Newmont stockholders	$	213	 	 	$	398	 	 	$	493	 	 	$	(1,347	)	
Loss (income) from discontinued operations	 	(3	)	 	 	21	 	 	 	16	 	 	 	(53	)	
Impairments and loss provisions	 	5	 	 	 	29	 	 	 	12	 	 	 	1,530	 	
Tax valuation allowance	 	21	 	 	 	-	 	 	 	(77	)	 	 	535	 	
Restructuring and other	 	11	 	 	 	12	 	 	 	18	 	 	 	28	 	
Asset sales	 	(17	)	 	 	(243	)	 	 	(31	)	 	 	(243	)	
Abnormal production costs at Batu Hijau	 	19	 	 	 	-	 	 	 	28	 	 	 	-	 	
TMAC transaction costs	 	-	 	 	 	-	 	 	 	-	 	 	 	30	 	
Adjusted net income (loss)	$	249	 	 	$	217	 	 	$	459	 	 	$	480	 	
Adjusted net income (loss) per share, basic	$	0.50	 	 	$	0.44	 	 	$	0.92	 	 	$	0.97	 	
Adjusted net income (loss) per share, diluted	$	0.50	 	 	$	0.44	 	 	$	0.92	 	 	$	0.97	 	
 
Costs applicable to sales per ounce/pound
Costs applicable to sales per ounce/pound are non-GAAP financial measures. These measures are calculated by dividing the costs applicable to sales of gold and copper by gold ounces or copper pounds sold, respectively. These measures are calculated on a consistent basis for the periods presented on a consolidated basis. Costs applicable to sales per ounce/pound statistics are intended to provide additional information only and 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 measures.
Costs applicable to sales per ounce
 
 	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Costs applicable to sales (1)	$	893	 	 	$	912	 	 	$	2,797	 	 	$	3,055	 	
Gold sold (thousand ounces)	 	1,267	 	 	 	1,365	 	 	 	3,814	 	 	 	3,948	 	
Costs applicable to sales per ounce	$	705	 	 	$	668	 	 	$	733	 	 	$	774	 	
(1)	Includes by-product credits of $13 and $54 in the third quarter and first nine months of 2014, respectively and $26 and $75 in the third quarter and first nine months of 2013, respectively.	

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Costs applicable to sales per pound
 
 	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Costs applicable to sales (1)	$	292	 	 	$	166	 	 	$	531	 	 	$	762	 	
Copper sold (million pounds)	 	51	 	 	 	70	 	 	 	141	 	 	 	181	 	
Costs applicable to sales per pound	$	5.73	 	 	$	2.41	 	 	$	3.75	 	 	$	4.23	 	
(1)	Includes by-product credits of $6 and $12 in the third quarter and first nine months of 2014, respectively and $4 and $9 in the third quarter and first nine months of 2013, respectively.	
All-In Sustaining Costs
Newmont has worked to develop a metric that expands on GAAP measures such as cost of goods sold and non-GAAP measures to provide visibility into the economics of our mining operations related to expenditures, operating performance and the ability to generate cash flow from operations.
Current GAAP-measures used in the mining industry, such as cost of goods sold, do not capture all of the expenditures incurred to discover, develop, and sustain gold production. Therefore, we believe that All-in sustaining costs is a non-GAAP measure that provides additional information to management, investors, and analysts that aid in the understanding of the economics of our operations and performance compared to other producers and in the investor’s visibility by better defining the total costs associated with production.
All-in sustaining cost (“AISC”) amounts are intended to provide additional information only and 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 as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks such as in International Financial Reporting Standards (“IFRS”), or by reflecting the benefit from selling non-gold metals as a reduction to AISC. Differences may also arise related to definitional differences of sustaining versus development capital activities based upon each company’s internal policies.
The following disclosure provides information regarding the adjustments made in determining the All-in sustaining costs measure:
Cost Applicable to Sales - Includes all direct and indirect costs related to current production incurred to execute the current mine plan. Costs Applicable to Sales (“CAS”) includes by-product credits from certain metals obtained during the process of extracting and processing the primary ore-body. CAS is accounted for on an accrual basis and excludes Depreciation and amortization and Reclamation and remediation , which is consistent with our presentation of CAS on the Condensed Consolidated Statements of Operations. In determining All-in sustaining costs, only the CAS associated with producing and selling an ounce of gold or a pound of copper is included in the measure. Therefore, the amount of CAS included in AISC is derived from the CAS presented in the Company’s Condensed Consolidated Statements of Operations. The allocation of CAS between gold and copper at the Phoenix, Boddington, and Batu Hijau mines is based upon the relative production percentage of copper and gold sold during the period.
Remediation Costs - Includes accretion expense related to asset retirement obligations (“ARO”) and the amortization of the related Asset Retirement Cost (“ARC”) for the Company’s operating properties recorded as an ARC asset. Accretion related to ARO and the amortization of the ARC assets for reclamation and remediation do not reflect annual cash outflows but are calculated in accordance with GAAP. The accretion and amortization reflect the periodic costs of reclamation and remediation associated with current gold production and are therefore included in the measure. The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Phoenix, Boddington, and Batu Hijau mines.
Advanced Projects and Exploration - Includes incurred expenses related to projects that are designed to increase or enhance current gold production and gold exploration. We note that as current reserves are depleted, exploration and advance projects are necessary for us to replace the depleting reserves or enhance the recovery and processing of the current reserves. As this relates to sustaining our gold production, and is considered a continuing cost of a mining company, these costs are included in the AISC measure. These costs are derived from the Advanced projects, research and development and Exploration amounts presented in the Company’s Condensed Consolidated Statements of Operations. The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Phoenix, Boddington, and Batu Hijau mines.
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General and Administrative - Includes cost related to administrative tasks not directly related to current gold production, but rather related to support our corporate structure and fulfilling our obligations to operate as a public company. Including these expenses in the AISC metric provides visibility of the impact that general and administrative activities have on current operations and profitability on a per ounce basis.
Other Expense, net - Includes costs related to regional administration and community development to support current production. We exclude certain exceptional or unusual expenses from Other expense, net , such as restructuring, as these are not indicative to sustaining our current operations. Furthermore, this adjustment to Other expense, net is also consistent with the nature of the adjustments made to Net income (loss) as disclosed in the Company’s non-GAAP financial measure Adjusted net income (loss) . The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Phoenix, Boddington, and Batu Hijau mines.
Treatment and Refining Costs - Includes costs paid to smelters for treatment and refining of our concentrates to produce the salable precious metal. These costs are presented net as a reduction of Sales .
Sustaining Capital - We determined sustaining capital as those capital expenditures that are necessary to maintain current gold production and execute the current mine plan. Capital expenditures to develop new operations, or related to projects at existing operations where these projects will enhance gold production or reserves, are considered development. We determined the breakout of sustaining and development capital costs based on a systematic review of our project portfolio in light of the nature of each project. Sustaining capital costs are relevant to the AISC metric as these are needed to maintain the Company’s current gold operations and provide improved transparency related to our ability to finance these expenditures from current operations. The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Phoenix, Boddington, and Batu Hijau mines.

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Table of Contents
 
Three Months Ended September 30, 2014	Costs
Applicable
to Sales (1)
(2)(3)	 	 	Remediation
Costs (4)	 	 	Advanced
Projects and
Exploration	 	 	General and
Administrative	 	 	Other Expense,
Net (5)	 	 	Treatment and
Refining Costs	 	 	Sustaining
Capital (6)	 	 	All-In
Sustaining
Costs	 	 	Ounces (000)/
Pounds
(millions)
Sold	 	 	All-In
Sustaining
Costs per
oz/lb	 	
GOLD	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Carlin	$	206	 	 	$	1	 	 	$	5	 	 	$	-	 	 	$	2	 	 	$	-	 	 	$	41	 	 	$	255	 	 	 	236	 	 	$	1,081	 	
Phoenix	 	47	 	 	 	1	 	 	 	2	 	 	 	-	 	 	 	1	 	 	 	3	 	 	 	4	 	 	 	58	 	 	 	65	 	 	 	892	 	
Twin Creeks	 	43	 	 	 	1	 	 	 	-	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	25	 	 	 	70	 	 	 	90	 	 	 	778	 	
La Herradura	 	44	 	 	 	1	 	 	 	4	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	6	 	 	 	55	 	 	 	47	 	 	 	1,170	 	
Other North America	 	-	 	 	 	-	 	 	 	8	 	 	 	-	 	 	 	5	 	 	 	-	 	 	 	-	 	 	 	13	 	 	 	-	 	 	 	-	 	
North America	 	340	 	 	 	4	 	 	 	19	 	 	 	-	 	 	 	9	 	 	 	3	 	 	 	76	 	 	 	451	 	 	 	438	 	 	 	1,030	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Yanacocha	 	125	 	 	 	21	 	 	 	8	 	 	 	-	 	 	 	7	 	 	 	-	 	 	 	22	 	 	 	183	 	 	 	248	 	 	 	738	 	
Other South America	 	-	 	 	 	-	 	 	 	9	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	-	 	 	 	10	 	 	 	-	 	 	 	-	 	
South America	 	125	 	 	 	21	 	 	 	17	 	 	 	-	 	 	 	8	 	 	 	-	 	 	 	22	 	 	 	193	 	 	 	248	 	 	 	778	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boddington	 	150	 	 	 	3	 	 	 	-	 	 	 	-	 	 	 	1	 	 	 	1	 	 	 	14	 	 	 	169	 	 	 	161	 	 	 	1,050	 	
Tanami	 	67	 	 	 	2	 	 	 	4	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	19	 	 	 	92	 	 	 	78	 	 	 	1,179	 	
Jundee	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	1	 	 	 	-	 	
Waihi	 	20	 	 	 	1	 	 	 	2	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	-	 	 	 	24	 	 	 	36	 	 	 	667	 	
Kalgoorlie	 	71	 	 	 	2	 	 	 	1	 	 	 	-	 	 	 	1	 	 	 	1	 	 	 	10	 	 	 	86	 	 	 	81	 	 	 	1,062	 	
Other Australia/New Zealand	 	-	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	9	 	 	 	-	 	 	 	1	 	 	 	11	 	 	 	-	 	 	 	-	 	
Australia/New Zealand	 	308	 	 	 	8	 	 	 	8	 	 	 	-	 	 	 	12	 	 	 	2	 	 	 	44	 	 	 	382	 	 	 	357	 	 	 	1,070	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Batu Hijau	 	26	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	1	 	 	 	3	 	 	 	2	 	 	 	32	 	 	 	9	 	 	 	3,556	 	
Other Indonesia	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
Indonesia	 	26	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	1	 	 	 	3	 	 	 	2	 	 	 	32	 	 	 	9	 	 	 	3,556	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Ahafo	 	56	 	 	 	4	 	 	 	4	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	8	 	 	 	73	 	 	 	108	 	 	 	676	 	
Akyem	 	38	 	 	 	1	 	 	 	-	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	3	 	 	 	43	 	 	 	107	 	 	 	402	 	
Other Africa	 	-	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	-	 	 	 	2	 	 	 	-	 	 	 	-	 	
Africa	 	94	 	 	 	5	 	 	 	5	 	 	 	-	 	 	 	3	 	 	 	-	 	 	 	11	 	 	 	118	 	 	 	215	 	 	 	549	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate and Other	 	-	 	 	 	-	 	 	 	29	 	 	 	45	 	 	 	2	 	 	 	-	 	 	 	9	 	 	 	85	 	 	 	-	 	 	 	-	 	
Total Gold	$	893	 	 	$	38	 	 	$	78	 	 	$	45	 	 	$	35	 	 	$	8	 	 	$	164	 	 	$	1,261	 	 	 	1,267	 	 	$	995	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
COPPER	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Phoenix	$	25	 	 	$	-	 	 	$	2	 	 	$	-	 	 	$	-	 	 	$	1	 	 	$	2	 	 	$	30	 	 	 	11	 	 	$	2.73	 	
Boddington	 	40	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	6	 	 	 	4	 	 	 	50	 	 	 	17	 	 	 	2.94	 	
Batu Hijau	 	227	 	 	 	2	 	 	 	-	 	 	 	-	 	 	 	4	 	 	 	10	 	 	 	14	 	 	 	257	 	 	 	23	 	 	 	11.17	 	
Total Copper	$	292	 	 	$	2	 	 	$	2	 	 	$	-	 	 	$	4	 	 	$	17	 	 	$	20	 	 	$	337	 	 	 	51	 	 	$	6.61	 	
Consolidated	$	1,185	 	 	$	40	 	 	$	80	 	 	$	45	 	 	$	39	 	 	$	25	 	 	$	184	 	 	$	1,598	 	 	 	 	 	 	 	 	 	
(1)	Excludes Depreciation and amortization and Reclamation and remediation.	
(2)	Includes by-product credits of $19.	
(3)	Includes stockpile and leach pad inventory adjustments of $43 at Carlin, $4 at Phoenix, $3 at Twin Creeks, $9 at Yanacocha, $29 at Boddington, and $160 at Batu Hijau.	
(4)	Remediation costs include operating accretion of $18 and amortization of asset retirement costs of $22.	
(5)	Other expense, net is adjusted for restructuring costs of $19.	
(6)	Excludes development capital expenditures, capitalized interest, and the increase in accrued capital of $93. The following are major development projects: Turf Vent Shaft, Merian, Corresno and Conga for 2014.	
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Table of Contents

Three Months Ended September 30, 2013	Costs
Applicable
to Sales (1)
(2)(3)	 	 	Remediation
Costs (4)	 	 	Advanced
Projects and
Exploration	 	 	General and
Administrative	 	 	Other Expense,
Net (5)	 	 	Treatment and
Refining Costs	 	 	Sustaining
Capital (6)	 	 	All-In
Sustaining
Costs	 	 	Ounces (000)/
Pounds
(millions)
Sold	 	 	All-In
Sustaining
Costs per
oz/lb	 	
GOLD	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Carlin	$	165	 	 	$	1	 	 	$	12	 	 	$	-	 	 	$	1	 	 	$	12	 	 	$	37	 	 	$	228	 	 	 	274	 	 	$	832	 	
Phoenix	 	47	 	 	 	1	 	 	 	1	 	 	 	-	 	 	 	-	 	 	 	4	 	 	 	8	 	 	 	61	 	 	 	83	 	 	 	735	 	
Twin Creeks	 	61	 	 	 	2	 	 	 	1	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	11	 	 	 	76	 	 	 	123	 	 	 	618	 	
La Herradura	 	40	 	 	 	-	 	 	 	10	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	12	 	 	 	62	 	 	 	52	 	 	 	1,192	 	
Other North America	 	-	 	 	 	-	 	 	 	11	 	 	 	-	 	 	 	5	 	 	 	-	 	 	 	5	 	 	 	21	 	 	 	-	 	 	 	-	 	
North America	 	313	 	 	 	4	 	 	 	35	 	 	 	-	 	 	 	7	 	 	 	16	 	 	 	73	 	 	 	448	 	 	 	532	 	 	 	842	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Yanacocha	 	159	 	 	 	23	 	 	 	9	 	 	 	-	 	 	 	35	 	 	 	-	 	 	 	39	 	 	 	265	 	 	 	261	 	 	 	1,015	 	
Other South America	 	-	 	 	 	-	 	 	 	18	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	-	 	 	 	19	 	 	 	-	 	 	 	-	 	
South America	 	159	 	 	 	23	 	 	 	27	 	 	 	-	 	 	 	36	 	 	 	-	 	 	 	39	 	 	 	284	 	 	 	261	 	 	 	1,088	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boddington	 	152	 	 	 	1	 	 	 	1	 	 	 	-	 	 	 	-	 	 	 	1	 	 	 	22	 	 	 	177	 	 	 	147	 	 	 	1,204	 	
Tanami	 	64	 	 	 	1	 	 	 	2	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	23	 	 	 	91	 	 	 	96	 	 	 	948	 	
Jundee	 	49	 	 	 	3	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	9	 	 	 	61	 	 	 	67	 	 	 	910	 	
Waihi	 	21	 	 	 	-	 	 	 	2	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	23	 	 	 	22	 	 	 	1,045	 	
Kalgoorlie	 	68	 	 	 	2	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	6	 	 	 	76	 	 	 	80	 	 	 	950	 	
Other Australia/New Zealand	 	-	 	 	 	-	 	 	 	3	 	 	 	-	 	 	 	5	 	 	 	-	 	 	 	-	 	 	 	8	 	 	 	-	 	 	 	-	 	
Australia/New Zealand	 	354	 	 	 	7	 	 	 	8	 	 	 	-	 	 	 	6	 	 	 	1	 	 	 	60	 	 	 	436	 	 	 	412	 	 	 	1,058	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Batu Hijau	 	11	 	 	 	2	 	 	 	-	 	 	 	-	 	 	 	1	 	 	 	2	 	 	 	2	 	 	 	18	 	 	 	14	 	 	 	1,286	 	
Other Indonesia	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
Indonesia	 	11	 	 	 	2	 	 	 	-	 	 	 	-	 	 	 	1	 	 	 	2	 	 	 	2	 	 	 	18	 	 	 	14	 	 	 	1,286	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Ahafo	 	75	 	 	 	-	 	 	 	12	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	17	 	 	 	105	 	 	 	146	 	 	 	719	 	
Akyem	 	-	 	 	 	-	 	 	 	2	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	2	 	 	 	-	 	 	 	-	 	
Other Africa	 	-	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	6	 	 	 	-	 	 	 	-	 	 	 	7	 	 	 	-	 	 	 	-	 	
Africa	 	75	 	 	 	-	 	 	 	15	 	 	 	-	 	 	 	7	 	 	 	-	 	 	 	17	 	 	 	114	 	 	 	146	 	 	 	781	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate and Other	 	-	 	 	 	-	 	 	 	40	 	 	 	48	 	 	 	2	 	 	 	-	 	 	 	-	 	 	 	90	 	 	 	-	 	 	 	-	 	
Total Gold	$	912	 	 	$	36	 	 	$	125	 	 	$	48	 	 	$	59	 	 	$	19	 	 	$	191	 	 	$	1,390	 	 	 	1,365	 	 	$	1,018	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
COPPER	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Phoenix	$	15	 	 	$	1	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	2	 	 	$	3	 	 	$	21	 	 	 	12	 	 	$	1.75	 	
Boddington	 	29	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	4	 	 	 	5	 	 	 	38	 	 	 	14	 	 	 	2.71	 	
Batu Hijau	 	122	 	 	 	3	 	 	 	2	 	 	 	-	 	 	 	5	 	 	 	14	 	 	 	22	 	 	 	168	 	 	 	44	 	 	 	3.82	 	
Total Copper	$	166	 	 	$	4	 	 	$	2	 	 	$	-	 	 	$	5	 	 	$	20	 	 	$	30	 	 	$	227	 	 	 	70	 	 	$	3.24	 	
Consolidated	$	1,078	 	 	$	40	 	 	$	127	 	 	$	48	 	 	$	64	 	 	$	39	 	 	$	221	 	 	$	1,617	 	 	 	 	 	 	 	 	 	
(1)	Excludes Depreciation and amortization and Reclamation and remediation.	
(2)	Includes by-product credits of $30.	
(3)	Includes stockpile and leach pad inventory adjustments of at $3 Carlin, $10 at Yanacocha, $24 at Boddington and $19 at Batu Hijau.	
(4)	Remediation costs include operating accretion of $15 and amortization of asset retirement costs of $25.	
(5)	Other expense, net is adjusted for restructuring costs of $20.	
(6)	Excludes development capital expenditures, capitalized interest, and the decrease in accrued capital of $213. The following are major development projects: Phoenix Copper Leach, Turf Vent Shaft, Vista Vein, La Herradura Mill, Yanacocha Bio Leach, Conga, Merian, Ahafo North, Ahafo Mill Expansion, Subika Underground, and Akyem for 2013.	
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Table of Contents

Nine Months Ended September 30, 2014	Costs
Applicable
to Sales (1)
(2)(3)	 	 	Remediation
Costs (4)	 	 	Advanced
Projects and
Exploration	 	 	General and
Administrative	 	 	Other Expense,
Net (5)	 	 	Treatment and
Refining Costs	 	 	Sustaining
Capital (6)	 	 	All-In
Sustaining
Costs	 	 	Ounces (000)/
Pounds
(millions)
Sold	 	 	All-In
Sustaining
Costs per
oz/lb	 	
GOLD	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Carlin	$	607	 	 	$	3	 	 	$	16	 	 	$	-	 	 	$	6	 	 	$	-	 	 	$	96	 	 	$	728	 	 	 	673	 	 	$	1,082	 	
Phoenix	 	116	 	 	 	2	 	 	 	3	 	 	 	-	 	 	 	2	 	 	 	8	 	 	 	12	 	 	 	143	 	 	 	177	 	 	 	808	 	
Twin Creeks	 	147	 	 	 	2	 	 	 	4	 	 	 	-	 	 	 	2	 	 	 	-	 	 	 	86	 	 	 	241	 	 	 	289	 	 	 	834	 	
La Herradura	 	86	 	 	 	2	 	 	 	10	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	19	 	 	 	117	 	 	 	116	 	 	 	1,009	 	
Other North America	 	-	 	 	 	-	 	 	 	20	 	 	 	-	 	 	 	9	 	 	 	-	 	 	 	6	 	 	 	35	 	 	 	-	 	 	 	-	 	
North America	 	956	 	 	 	9	 	 	 	53	 	 	 	-	 	 	 	19	 	 	 	8	 	 	 	219	 	 	 	1,264	 	 	 	1,255	 	 	 	1,007	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Yanacocha	 	530	 	 	 	80	 	 	 	24	 	 	 	-	 	 	 	24	 	 	 	-	 	 	 	56	 	 	 	714	 	 	 	640	 	 	 	1,116	 	
Other South America	 	-	 	 	 	-	 	 	 	26	 	 	 	-	 	 	 	2	 	 	 	-	 	 	 	-	 	 	 	28	 	 	 	-	 	 	 	-	 	
South America	 	530	 	 	 	80	 	 	 	50	 	 	 	-	 	 	 	26	 	 	 	-	 	 	 	56	 	 	 	742	 	 	 	640	 	 	 	1,159	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boddington	 	425	 	 	 	8	 	 	 	-	 	 	 	-	 	 	 	2	 	 	 	3	 	 	 	50	 	 	 	488	 	 	 	476	 	 	 	1,025	 	
Tanami	 	185	 	 	 	4	 	 	 	9	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	56	 	 	 	255	 	 	 	251	 	 	 	1,016	 	
Jundee	 	85	 	 	 	5	 	 	 	1	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	16	 	 	 	108	 	 	 	140	 	 	 	771	 	
Waihi	 	58	 	 	 	1	 	 	 	3	 	 	 	-	 	 	 	2	 	 	 	-	 	 	 	2	 	 	 	66	 	 	 	102	 	 	 	647	 	
Kalgoorlie	 	213	 	 	 	3	 	 	 	4	 	 	 	-	 	 	 	1	 	 	 	2	 	 	 	16	 	 	 	239	 	 	 	248	 	 	 	964	 	
Other Australia/New Zealand	 	-	 	 	 	-	 	 	 	3	 	 	 	-	 	 	 	20	 	 	 	-	 	 	 	6	 	 	 	29	 	 	 	-	 	 	 	-	 	
Australia/New Zealand	 	966	 	 	 	21	 	 	 	20	 	 	 	-	 	 	 	27	 	 	 	5	 	 	 	146	 	 	 	1,185	 	 	 	1,217	 	 	 	974	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Batu Hijau	 	43	 	 	 	1	 	 	 	-	 	 	 	-	 	 	 	3	 	 	 	4	 	 	 	7	 	 	 	58	 	 	 	24	 	 	 	2,417	 	
Other Indonesia	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	-	 	
Indonesia	 	43	 	 	 	1	 	 	 	-	 	 	 	-	 	 	 	4	 	 	 	4	 	 	 	7	 	 	 	59	 	 	 	24	 	 	 	2,458	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Ahafo	 	182	 	 	 	6	 	 	 	18	 	 	 	-	 	 	 	5	 	 	 	-	 	 	 	65	 	 	 	276	 	 	 	339	 	 	 	814	 	
Akyem	 	120	 	 	 	2	 	 	 	-	 	 	 	-	 	 	 	6	 	 	 	-	 	 	 	5	 	 	 	133	 	 	 	339	 	 	 	392	 	
Other Africa	 	-	 	 	 	-	 	 	 	6	 	 	 	-	 	 	 	5	 	 	 	-	 	 	 	-	 	 	 	11	 	 	 	-	 	 	 	-	 	
Africa	 	302	 	 	 	8	 	 	 	24	 	 	 	-	 	 	 	16	 	 	 	-	 	 	 	70	 	 	 	420	 	 	 	678	 	 	 	619	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate and Other	 	-	 	 	 	-	 	 	 	88	 	 	 	138	 	 	 	19	 	 	 	-	 	 	 	16	 	 	 	261	 	 	 	-	 	 	 	-	 	
Total Gold	$	2,797	 	 	$	119	 	 	$	235	 	 	$	138	 	 	$	111	 	 	$	17	 	 	$	514	 	 	$	3,931	 	 	 	3,814	 	 	$	1,031	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
COPPER	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Phoenix	$	81	 	 	$	1	 	 	$	2	 	 	$	-	 	 	$	1	 	 	$	4	 	 	$	10	 	 	$	99	 	 	 	35	 	 	$	2.83	 	
Boddington	 	112	 	 	 	2	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	17	 	 	 	12	 	 	 	143	 	 	 	45	 	 	 	3.18	 	
Batu Hijau	 	338	 	 	 	10	 	 	 	2	 	 	 	-	 	 	 	17	 	 	 	19	 	 	 	41	 	 	 	427	 	 	 	61	 	 	 	7.00	 	
Total Copper	$	531	 	 	$	13	 	 	$	4	 	 	$	-	 	 	$	18	 	 	$	40	 	 	$	63	 	 	$	669	 	 	 	141	 	 	$	4.74	 	
Consolidated	$	3,328	 	 	$	132	 	 	$	239	 	 	$	138	 	 	$	129	 	 	$	57	 	 	$	577	 	 	$	4,600	 	 	 	 	 	 	 	 	 	
(1)	Excludes Depreciation and amortization and Reclamation and remediation.	
(2)	Includes by-product credits of $66.	
(3)	Includes planned stockpile and leach pad inventory adjustments of $95 at Carlin, $4 at Phoenix, $7 at Twin Creeks, $64 at Yanacocha, $69 at Boddington, and $191 at Batu Hijau.	
(4)	Remediation costs include operating accretion of $54 and amortization of asset retirement costs of $78.	
(5)	Other expense, net is adjusted for restructuring costs of $32.	
(6)	Excludes development capital expenditures, capitalized interest, and the decrease in accrued capital of $188. The following are major development projects: Turf Vent Shaft, Merian, Corresno and Conga for 2014.	
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Nine Months Ended September 30, 2013	Costs
Applicable
to Sales (1)
(2)(3)	 	 	Remediation
Costs (4)	 	 	Advanced
Projects and
Exploration	 	 	General and
Administrative	 	 	Other Expense,
Net (5)	 	 	Treatment and
Refining Costs	 	 	Sustaining
Capital (6)	 	 	All-In
Sustaining
Costs	 	 	Ounces (000)/
Pounds
(millions)
Sold	 	 	All-In
Sustaining
Costs per
oz/lb	 	
GOLD	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Carlin	$	513	 	 	$	4	 	 	$	31	 	 	$	-	 	 	$	4	 	 	$	12	 	 	$	120	 	 	$	684	 	 	 	705	 	 	$	970	 	
Phoenix	 	125	 	 	 	2	 	 	 	6	 	 	 	-	 	 	 	2	 	 	 	8	 	 	 	15	 	 	 	158	 	 	 	181	 	 	 	873	 	
Twin Creeks	 	193	 	 	 	4	 	 	 	7	 	 	 	-	 	 	 	3	 	 	 	-	 	 	 	42	 	 	 	249	 	 	 	344	 	 	 	724	 	
La Herradura	 	122	 	 	 	-	 	 	 	31	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	62	 	 	 	215	 	 	 	161	 	 	 	1,335	 	
Other North America	 	-	 	 	 	-	 	 	 	32	 	 	 	-	 	 	 	8	 	 	 	-	 	 	 	17	 	 	 	57	 	 	 	-	 	 	 	-	 	
North America	 	953	 	 	 	10	 	 	 	107	 	 	 	-	 	 	 	17	 	 	 	20	 	 	 	256	 	 	 	1,363	 	 	 	1,391	 	 	 	980	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Yanacocha	 	520	 	 	 	68	 	 	 	32	 	 	 	-	 	 	 	60	 	 	 	-	 	 	 	107	 	 	 	787	 	 	 	836	 	 	 	941	 	
Other South America	 	-	 	 	 	-	 	 	 	23	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	-	 	 	 	24	 	 	 	-	 	 	 	-	 	
South America	 	520	 	 	 	68	 	 	 	55	 	 	 	-	 	 	 	61	 	 	 	-	 	 	 	107	 	 	 	811	 	 	 	836	 	 	 	970	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boddington	 	578	 	 	 	5	 	 	 	1	 	 	 	-	 	 	 	1	 	 	 	4	 	 	 	65	 	 	 	654	 	 	 	539	 	 	 	1,213	 	
Tanami	 	203	 	 	 	2	 	 	 	7	 	 	 	-	 	 	 	2	 	 	 	-	 	 	 	66	 	 	 	280	 	 	 	218	 	 	 	1,284	 	
Jundee	 	154	 	 	 	10	 	 	 	7	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	33	 	 	 	205	 	 	 	216	 	 	 	949	 	
Waihi	 	74	 	 	 	2	 	 	 	4	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	7	 	 	 	87	 	 	 	77	 	 	 	1,130	 	
Kalgoorlie	 	266	 	 	 	5	 	 	 	2	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	10	 	 	 	284	 	 	 	231	 	 	 	1,229	 	
Other Australia/New Zealand	 	-	 	 	 	-	 	 	 	11	 	 	 	-	 	 	 	25	 	 	 	-	 	 	 	-	 	 	 	36	 	 	 	-	 	 	 	-	 	
Australia/New Zealand	 	1,275	 	 	 	24	 	 	 	32	 	 	 	-	 	 	 	30	 	 	 	4	 	 	 	181	 	 	 	1,546	 	 	 	1,281	 	 	 	1,207	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Batu Hijau	 	81	 	 	 	2	 	 	 	2	 	 	 	-	 	 	 	4	 	 	 	4	 	 	 	10	 	 	 	103	 	 	 	33	 	 	 	3,121	 	
Other Indonesia	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
Indonesia	 	81	 	 	 	2	 	 	 	2	 	 	 	-	 	 	 	4	 	 	 	4	 	 	 	10	 	 	 	103	 	 	 	33	 	 	 	3,121	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Ahafo	 	226	 	 	 	2	 	 	 	36	 	 	 	-	 	 	 	3	 	 	 	-	 	 	 	97	 	 	 	364	 	 	 	407	 	 	 	894	 	
Akyem	 	-	 	 	 	-	 	 	 	7	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	7	 	 	 	-	 	 	 	-	 	
Other Africa	 	-	 	 	 	-	 	 	 	7	 	 	 	-	 	 	 	17	 	 	 	-	 	 	 	-	 	 	 	24	 	 	 	-	 	 	 	-	 	
Africa	 	226	 	 	 	2	 	 	 	50	 	 	 	-	 	 	 	20	 	 	 	-	 	 	 	97	 	 	 	395	 	 	 	407	 	 	 	971	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate and Other	 	-	 	 	 	-	 	 	 	101	 	 	 	158	 	 	 	17	 	 	 	-	 	 	 	8	 	 	 	284	 	 	 	-	 	 	 	-	 	
Total Gold	$	3,055	 	 	$	106	 	 	$	347	 	 	$	158	 	 	$	149	 	 	$	28	 	 	$	659	 	 	$	4,502	 	 	 	3,948	 	 	$	1,140	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
COPPER	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Phoenix	$	41	 	 	$	1	 	 	$	2	 	 	$	-	 	 	$	-	 	 	$	4	 	 	$	6	 	 	$	54	 	 	 	24	 	 	$	2.25	 	
Boddington	 	139	 	 	 	1	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	14	 	 	 	16	 	 	 	170	 	 	 	53	 	 	 	3.21	 	
Batu Hijau	 	582	 	 	 	7	 	 	 	11	 	 	 	-	 	 	 	16	 	 	 	31	 	 	 	72	 	 	 	719	 	 	 	104	 	 	 	6.91	 	
Total Copper	$	762	 	 	$	9	 	 	$	13	 	 	$	-	 	 	$	16	 	 	$	49	 	 	$	94	 	 	$	943	 	 	 	181	 	 	$	5.21	 	
Consolidated	$	3,817	 	 	$	115	 	 	$	360	 	 	$	158	 	 	$	165	 	 	$	77	 	 	$	753	 	 	$	5,445	 	 	 	 	 	 	 	 	 	
(1)	Excludes Depreciation and amortization and Reclamation and remediation.	
(2)	Includes by-product credits of $84.	
(3)	Includes stockpile and leach pad inventory adjustments of at $3 Carlin, $63 at Yanacocha, $110 at Boddington, $1 at Tanami, $3 at Waihi, $45 at Kalgoorlie, and $385 at Batu Hijau.	
(4)	Remediation costs include operating accretion of $45 and amortization of asset retirement costs of $70.	
(5)	Other expense, net is adjusted for restructuring costs of $50 and TMAC transaction costs of $45.	
(6)	Excludes development capital expenditures, capitalized interest, and the increase in accrued capital of $775. The following are major development projects: Phoenix Copper Leach, Turf Vent Shaft, Vista Vein, La Herradura Mill, Yanacocha Bio Leach, Conga, Merian, Ahafo North, Ahafo Mill Expansion, Subika Underground, and Akyem for 2013.	
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Operating margin per ounce/pound
Operating margin per ounce/pound are non-GAAP financial measures. These measures are calculated by subtracting the costs applicable to sales per ounce of gold and per pound of copper from the average realized gold price per ounce and copper price per pound, respectively. These measures are calculated on a consistent basis for the periods presented on a consolidated basis. Operating margin per ounce/pound statistics are intended to provide additional information only and 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. Operating margin per ounce/pound is calculated as follows:

 	Gold	 	
 	Three Months Ended September 30,	 	 	Nine Months Ended September 30,	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average realized price per ounce	$	1,270	 	 	$	1,322	 	 	$	1,282	 	 	$	1,442	 	
Costs applicable to sales per ounce	 	(705	)	 	 	(668	)	 	 	(733	)	 	 	(774	)	
 	$	565	 	 	$	654	 	 	$	549	 	 	$	668	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Copper	 	
 	Three Months Ended September 30,	 	 	Nine Months Ended September 30,	 	
 	2014	 	 	2013	 	 	2014	 	 	2013	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average realized price per pound	$	2.71	 	 	$	3.10	 	 	$	2.75	 	 	$	2.95	 	
Costs applicable to sales per pound	 	(5.73	)	 	 	(2.41	)	 	 	(3.75	)	 	 	(4.23	)	
 	$	(3.02	)	 	$	0.69	 	 	$	(1.00	)	 	$	(1.28	)	
 
 Safe Harbor Statement
Certain statements contained in this report (including information incorporated by reference) are “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, and are intended to be covered by the safe harbor provided for under these sections. Our forward-looking statements include, without limitation: (a) statements regarding future earnings, and the sensitivity of earnings to gold and other metal prices; (b) estimates of future mineral production and sales for specific operations and on a consolidated basis; (c) estimates of future production costs and other expenses, for specific operations and on a consolidated basis; (d) estimates of future cash flows and the sensitivity of cash flows to gold and other metal prices; (e) estimates of future capital expenditures and other cash needs for specific operations and on a consolidated basis and expectations as to the funding thereof; (f) statements as to the projected development of certain ore deposits, including estimates of development and other capital costs, financing plans for these deposits, and expected production commencement dates; (g) estimates of future costs and other liabilities for certain environmental matters; (h) estimates of reserves, and statements regarding future exploration results and reserve replacement; (i) statements regarding modifications to Newmont’s hedge positions; (j) statements regarding future transactions relating to portfolio management or rationalization efforts; and (k) projected synergies and costs associated with acquisitions and related matters.
Where we express 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, our forward-looking 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 those forward-looking statements. Important factors that could cause actual results to differ materially from such forward-looking statements (“cautionary statements”) are disclosed under “Risk Factors” in the Newmont Annual Report on Form 10-K for the year ended December 31, 2013, as well as in other filings with the Securities and Exchange Commission. Many of these factors are beyond Newmont’s ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements.
All subsequent written and oral forward-looking statements attributable to Newmont or to persons acting on its behalf are expressly qualified in their entirety by the cautionary statements. Newmont disclaims any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
 
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 ITEM  3.	 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
(dollars in millions, except per ounce and per pound amounts).	
Metal Prices
Changes in the market price of gold significantly affect our profitability and cash flow. Gold prices can fluctuate widely due to numerous factors, such as demand; forward selling by producers; central bank sales, purchases and lending; investor sentiment; the strength of the U.S. dollar; inflation, deflation, or other general price instability; and global mine production levels. Changes in the market price of copper also affect our profitability and cash flow. Copper is traded on established international exchanges and copper prices generally reflect market supply and demand, but can also be influenced by speculative trading in the commodity or by currency exchange rates.
Decreases in the market price of gold and copper can also significantly affect the value of our product inventory and stockpiles and it may be necessary to record a write-down to the net realizable value (“NRV”). NRV represents the estimated future sales price based on short-term and long-term metals prices, less estimated costs to complete production and bring the product to sale. The primary factors that influence the need to record write-downs of stockpiles and product inventory include short-term and long-term metals prices and costs for production inputs such as labor, fuel and energy, materials and supplies, as well as realized ore grades and recovery rates. The significant assumptions in determining the stockpile NRV for each mine site reporting unit at September 30, 2014 included production cost and capitalized expenditure assumptions unique to each operation, a long-term gold price of $1,300 per ounce, a long-term copper price of $3.00 per pound and an Australian to U.S. dollar exchange rate of $ 0.920.
The NRV measurement involves the use of estimates and assumptions unique to each mining operation regarding current and future operating and capital costs, metal recoveries, production levels, commodity prices, proven and probable reserve quantities, engineering data and other factors. A high degree of judgment is involved in determining such assumptions and estimates and no assurance can be given that actual results will not differ significantly from those estimates and assumptions.
Hedging
Our strategy is to provide shareholders with leverage to changes in gold and copper prices by selling our production at spot market prices. Consequently, we do not hedge our gold and copper sales. We have and will continue to manage certain risks associated with commodity input costs, interest rates and foreign currencies using the derivative market.
By using derivatives, we are affected by credit risk, market risk and market liquidity risk. Credit risk is the risk that a third party might fail to fulfill its performance obligations under the terms of a financial instrument. We mitigate credit risk by entering into derivatives with high credit quality counterparties, limiting the amount of exposure to each counterparty, and monitoring the financial condition of the counterparties. Market risk is the risk that the fair value of a derivative might be adversely affected by a change in underlying commodity prices, interest rates, or currency exchange rates, and that this in turn affects our financial condition. We manage market risk by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. We mitigate this potential risk to our financial condition by establishing trading agreements with counterparties under which we are not required to post any collateral or make any margin calls on our derivatives. Our counterparties cannot require settlement solely because of an adverse change in the fair value of a derivative. Market liquidity risk is the risk that a derivative cannot be eliminated quickly, by either liquidating it or by establishing an offsetting position. Under the terms of our trading agreements, counterparties cannot require us to immediately settle outstanding derivatives, except upon the occurrence of customary events of default such as covenant breaches, including financial covenants, insolvency or bankruptcy. We further mitigate market liquidity risk by spreading out the maturity of our derivatives over time.
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Cash Flow Hedges
Foreign Currency Exchange Risk
We had the following foreign currency derivative contracts outstanding at September 30, 2014:
 
 	Expected Maturity Date	 	
 	2014	 	 	2015	 	 	2016	 	 	2017	 	 	2018	 	 	Total/Average	 	
A$ Operating Fixed Forward Contracts:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
A$ notional (millions)	 	75	 	 	 	270	 	 	 	158	 	 	 	105	 	 	 	6	 	 	 	614	 	
Average rate ($/A$)	 	0.99	 	 	 	0.98	 	 	 	0.95	 	 	 	0.93	 	 	 	0.92	 	 	 	0.96	 	
Expected hedge ratio	 	19	%	 	 	18	%	 	 	11	%	 	 	7	%	 	 	4	%	 	 	 	 	
NZ$ Operating Fixed Forward Contracts:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NZ$ notional (millions)	 	18	 	 	 	56	 	 	 	11	 	 	 	-	 	 	 	-	 	 	 	85	 	
Average rate ($/NZ$)	 	0.81	 	 	 	0.80	 	 	 	0.80	 	 	 	-	 	 	 	-	 	 	 	0.80	 	
Expected hedge ratio	 	68	%	 	 	45	%	 	 	16	%	 	 	-	 	 	 	-	 	 	 	 	 	
The fair value of the A$ foreign currency operating derivative contracts was a net liability position of $67 at September 30, 2014 and $96 at December 31, 2013. The fair value of the NZ$ foreign currency derivative contracts was a net liability position of $3 at September 30, 2014 and a net asset position of $1 at December 31, 2013.
Diesel Price Risk
We had the following diesel derivative contracts outstanding at September 30, 2014:
 
 	Expected Maturity Date	 	
 	2014	 	 	2015	 	 	2016	 	 	2017	 	 	Total/Average	 	
Diesel Fixed Forward Contracts:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diesel gallons (millions)	 	7	 	 	 	22	 	 	 	13	 	 	 	4	 	 	 	46	 	
Average rate ($/gallon)	 	2.82	 	 	 	2.78	 	 	 	2.70	 	 	 	2.69	 	 	 	2.75	 	
Expected Nevada hedge ratio	 	73	%	 	 	58	%	 	 	33	%	 	 	12	%	 	 	 	 	
Commodity Price Risk
Our provisional copper and gold sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the gold and copper concentrates at the prevailing indices’ prices at the time of sale. The embedded derivative, which does not qualify for hedge accounting, is marked to market through earnings each period prior to final settlement.
The Company recorded an average price of $3.13 per pound before mark-to-market adjustments and treatment and refining charges during the three and nine months ended September 30, 2014.  During these same periods, changes in copper prices resulted in a provisional pricing mark-to-market loss of $4 ($0.08 per pound) and loss of $15 ($0.11 per pound), respectively. At September 30, 2014, Newmont had copper sales of 59 million pounds priced at an average of $3.04 per pound, subject to final pricing over the next several months. Each $0.10 change in the price for provisionally priced copper sales would have an approximate $3 effect on our net income (loss) attributable to Newmont stockholders. The LME closing settlement price at September 30, 2014 for copper was $3.06 per pound.
The Company recorded an average price of $1,280 and $1,286 per ounce before mark-to-market adjustments and treatment and refining charges during the three and nine months ended September 30, 2014.  During these same periods, changes in gold prices resulted in a provisional pricing mark-to-market loss of $6 ($5 per ounce) and loss of $2 (nil per ounce), respectively. At September 30, 2014, Newmont had gold sales of 112,000 ounces priced at an average of $1,234 per ounce, subject to final pricing over the next several months. Each $25 change in the price for provisionally priced gold sales would have an approximate $2 effect on our net income (loss) attributable to Newmont stockholders. The London P.M. closing settlement price at September 30, 2014 for gold was $1,217 per ounce.
 
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 ITEM  4.	 CONTROLS AND PROCEDURES.	
During the fiscal period covered by this report, the Company’s management, with the participation of the Chief Executive Officer and Chief Financial Officer of the Company, carried out an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the required time periods and are designed to ensure that information required to be disclosed in its reports is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

 
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 PART II—OTHER INFORMATION
 
 ITEM  1.	 LEGAL PROCEEDINGS.	
Information regarding legal proceedings is contained in Note 26 to the Condensed Consolidated Financial Statements contained in this Report and is incorporated herein by reference.
 
 ITEM  1A.	  RISK FACTORS.	
There were no material changes to the risk factors disclosed in Item 1A of Part 1 in our Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the SEC on February 20, 2014.
 
 ITEM   2.	 ISSUER PURCHASES OF EQUITY SECURITIES.	
 
 	(a)	 	 	(b)	 	 	(c)	 	 	(d)	
Period	Total Number of Shares Purchased	 	 	Average Price Paid Per Share	 	 	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	 	 	Maximum Number (or Approximate Dollar Value) of Shares that may yet be Purchased under the Plans or Programs	
July 1, 2014 through July 31, 2014	 	-	 	 	 	-	 	 	 	-	 	 	N/A	
August 1, 2014 through August 31, 2014	 	-	 	 	 	-	 	 	 	-	 	 	N/A	
September 1, 2014 through September 30, 2014	 	4,334	 	(1)	 	25.41	 	 	 	-	 	 	N/A	
 
(1)	Represents shares delivered to the Company from restricted stock units held by a Company employee upon vesting for the purpose of covering the recipient’s tax withholding obligations.	

 ITEM  3.	 DEFAULTS UPON SENIOR SECURITIES.	
None.
 
 ITEM  4.	 MINE SAFETY DISCLOSURES.	
At Newmont, safety is a core value and we strive for superior performance. Our health and safety management system, which includes detailed standards and procedures for safe production, addresses topics such as employee training, risk management, workplace inspection, emergency response, accident investigation and program auditing. In addition to strong leadership and involvement from all levels of the organization, these programs and procedures form the cornerstone of safety at Newmont, ensuring that employees are provided a safe and healthy environment and are intended to reduce workplace accidents, incidents and losses, comply with all mining-related regulations and provide support for both regulators and the industry to improve mine safety.
In addition, we have established our “Rapid Response” process to mitigate and prevent the escalation of adverse consequences if existing risk management controls fail, particularly if an incident may have the potential to seriously impact the safety of employees, the community or the environment. This process provides appropriate support to an affected site to complement their technical response to an incident, so as to reduce the impact by considering the environmental, strategic, legal, financial and public image aspects of the incident, to ensure communications are being carried out in accordance with legal and ethical requirements and to identify actions in addition to those addressing the immediate hazards.
The operation of our U.S. based mines is subject to regulation by the Federal Mine Safety and Health Administration (“MSHA”) under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”). MSHA inspects our mines on a regular basis and issues various citations and orders when it believes a violation has occurred under the Mine Act. Following passage of The Mine Improvement and New Emergency Response Act of 2006, MSHA significantly increased the numbers of citations and orders charged against mining operations. The dollar penalties assessed for citations issued has also increased in recent years.
Newmont is required to report certain mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K, and that required information is included in Exhibit 95 and is incorporated by reference into this Quarterly Report.
 
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 ITEM  5.	  OTHER INFORMATION.	
None.
 
 ITEM  6.	  EXHIBITS.	
(a)	The exhibits to this report are listed in the Exhibit Index.	

 
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 SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 	 	N EWMONT M INING C ORPORATION
(Registrant)	
Date: October 30, 2014	 	 
/s/ LAURIE BRLAS	
 	 	Laurie Brlas
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
Date: October 30, 2014	 	 
/s/ CHRISTOPHER S. HOWSON	
 	 	Christopher S. Howson
Vice President and Controller
(Principal Accounting Officer)	

 
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 EXHIBIT INDEX
 
Exhibit
Number	 	Description	
 
10.1	 
-	 
Memorandum of Understanding dated as of September 3, 2014, between the Directorate General of Mineral and Coal, the Ministry of Energy and Mineral Resources and PTNNT on Adjustment of the Contract of Work. Incorporated by reference as Exhibit 10.1 to Registrant’s Form 8-K filed with the Securities and Exchange Commission on September 4, 2014.	
 
12.1	 
-	 
Computation of Ratio of Earnings to Fixed Charges, filed herewith.	
 
31.1	 
-	 
Certification Pursuant to Rule 13A-14 or 15-D-14 of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 signed by the Principal Executive Officer, filed herewith.	
 
31.2	 
-	 
Certification Pursuant to Rule 13A-14 or 15-D-14 of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 signed by the Principal Financial Officer, filed herewith.	
 
32.1	 
-	 
Statement Required by 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 signed by the Principal Executive Officer, filed herewith. (1)	
 
32.2	 
-	 
Statement Required by 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 signed by the Principal Financial Officer, filed herewith. (1)	
 
95	 
-	 
Information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, filed herewith.	
 
101	 
-	 
101.INS
101.SCH
101.CAL
101.DEF
101.LAB
101.PRE	 	 
XBRL Instance
XBRL Taxonomy Extension Schema
XBRL Taxonomy Extension Calculation
XBRL Taxonomy Extension Definition
XBRL Taxonomy Extension Labels
XBRL Taxonomy Extension Presentation	
(1)	This document is being furnished in accordance with SEC Release Nos. 33-8212 and 34-47551.	
75

Exhibit 12.1
NEWMONT MINING CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in millions, except ratio)
 
 	Nine Months Ended	 	
 	September 30, 2014	 	
Earnings:	 	 	 	
Income before income and mining tax and other items (1)	$	260	 	
Adjustments:	 	 	 	
Fixed charges added to earnings	 	290	 	
Amortization of capitalized interest	 	14	 	
 	$	564	 	
Fixed Charges:	 	 	 	
Net interest expense (2)	$	276	 	
Portion of rental expense representative of interest	 	14	 	
Fixed charges added to earnings	 	290	 	
Capitalized interest	 	14	 	
 	$	304	 	
Ratio of earnings to fixed charges	 	1.9	 	
 
(1)	Excludes interest on income tax liabilities. Interest and penalties related to income taxes are included in Income and mining tax expense .	
(2)	Includes interest expense of majority-owned subsidiaries and amortization of debt issuance costs.	

Exhibit 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
(Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002)
I, Gary J. Goldberg, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Newmont Mining Corporation;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
/s/ GARY J. GOLDBERG		
Gary J. Goldberg
Chief Executive Officer
(Principal Executive Officer)		
		
October 30, 2014

Exhibit 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
(Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002)
I, Laurie Brlas, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Newmont Mining Corporation;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
/s/ LAURIE BRLAS		
Laurie Brlas
Chief Financial Officer
(Principal Financial Officer)		
		
October 30, 2014

Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
(Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)
In connection with the Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 of Newmont Mining Corporation (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”) and pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Gary J. Goldberg, Chief Executive Officer of the Company, certify, that to my knowledge:
1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
/s/ GARY J. GOLDBERG	
Gary J. Goldberg
Chief Executive Officer
(Principal Executive Officer)	
October 30, 2014
Note: A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 32.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
(Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)
In connection with the Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 of Newmont Mining Corporation (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”) and pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Laurie Brlas, Chief Financial Officer of the Company, certify, that to my knowledge:
1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
/s/ LAURIE BRLAS	
Laurie Brlas
Chief Financial Officer
(Principal Financial Officer)	
October 30, 2014
Note: A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 95
Mine Safety Disclosure
The following disclosures are provided pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”) and Item 104 of Regulation S-K, which requires certain disclosures by companies required to file periodic reports under the Securities Exchange Act of 1934, as amended, that operate mines regulated under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”). The disclosures reflect our U.S. mining operations only as the requirements of the Act and Item 104 of Regulation S-K do not apply to our mines operated outside the United States.
Mine Safety Information. Whenever the Federal Mine Safety and Health Administration (“MSHA”) believes a violation of the Mine Act, any health or safety standard or any regulation has occurred, it may issue a citation which describes the alleged violation and fixes a time within which the U.S. mining operator (e.g. our subsidiary, Newmont USA Limited) must abate the alleged violation. In some situations, such as when MSHA believes that conditions pose a hazard to miners, MSHA may issue an order removing miners from the area of the mine affected by the condition until the alleged hazards are corrected. When MSHA issues a citation or order, it generally proposes a civil penalty, or fine, as a result of the alleged violation, that the operator is ordered to pay. Citations and orders can be contested and appealed, and as part of that process, are often reduced in severity and amount, and are sometimes dismissed. The number of citations, orders and proposed assessments vary depending on the size and type (underground or surface) of the mine as well as by the MSHA inspector(s) assigned.
The below table reflects citations and orders issued to us by MSHA during the quarter ended September 30, 2014. The proposed assessments for the quarter ended September 30, 2014 were taken from the MSHA data retrieval system as of October 6, 2014.
Additional information about the Act and MSHA references used in the table follows.
·	Section 104(a) S&S Citations : Citations received from MSHA under section 104(a) of the Mine Act for violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a mine safety or health hazard.	
·	Section 104(b) Orders : Orders issued by MSHA under section 104(b) of the Mine Act, which represents a failure to abate a citation under section 104(a) within the period of time prescribed by MSHA. This results in an order of immediate withdrawal from the area of the mine affected by the condition until MSHA determines that the violation has been abated.	
·	Section 104(d) S&S Citations and Orders : Citations and orders issued by MSHA under section 104(d) of the Mine Act for unwarrantable failure to comply with mandatory, significant and substantial health or safety standards.	
·	Section 110(b)(2) Violations : Flagrant violations issued by MSHA under section 110(b)(2) of the Mine Act.	
·	Section 107(a) Orders : Orders issued by MSHA under section 107(a) of the Mine Act for situations in which MSHA determined an “imminent danger” (as defined by MSHA) existed.	
 
Mine (1)	Section
104(a) S&S
Citations (2)	 	 	Section
104(b)
Orders	 	 	Section
104(d) S&S
Citations
and
Orders (2)	 	 	Section
110(b) (2)
Violations	 	 	Section
107(a)
Orders	 	 	($ in millions)
Proposed
MSHA
Assessments (3)	 	 	Fatalities	 	
Chukar	 	1	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	$	-	 	 	 	-	 	
Emigrant	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	$	-	 	 	 	-	 	
Exodus	 	2	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	$	-	 	 	 	-	 	
Genesis	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	$	-	 	 	 	-	 	
Leeville	 	14	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	-	 	 	$	-	 	 	 	-	 	
Lone Tree	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	$	-	 	 	 	-	 	
Midas	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	$	-	 	 	 	-	 	
Mill 6	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	$	-	 	 	 	-	 	
Pete Bajo	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	$	-	 	 	 	-	 	
Phoenix	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	$	-	 	 	 	-	 	
South Area	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	$	-	 	 	 	-	 	
Twin Creeks	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	$	-	 	 	 	-	 	
Vista	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	$	-	 	 	 	-	 	
TOTAL	 	17	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	-	 	 	$	-	 	 	 	-	 	

 	
(1)	The definition of a mine under section 3 of the Mine Act includes the mine, as well as other items used in, or to be used in, or resulting from, the work of extracting minerals, such as land, structures, facilities, equipment, machines, tools, and minerals preparation facilities. Unless otherwise indicated, any of these other items associated with a single mine have been aggregated in the totals for that mine. MSHA assigns an identification number to each mine and may or may not assign separate identification	

	numbers to related facilities such as preparation facilities. We are providing the information in the table by mine rather than MSHA identification number because that is how we manage and operate our mining business and we believe this presentation will be more useful to investors than providing information based on MSHA identification numbers.	
(2)	17 Section 104(a) S&S Citations and 1 Section 104(d) S&S Citations and Orders were subject to contest as of September 30, 2014.	
(3)	Represents the total dollar value of the proposed assessment from MSHA under the Mine Act pursuant to the citations and or orders preceding such dollar value in the corresponding row. No proposed assessments of the orders or citations listed above had yet been posted to the MSHA data retrieval system or made available to the Company by MSHA as of October 6, 2014.	
Pattern or Potential Pattern of Violations . During the quarter ended September 30, 2014, none of the mines operated by us received written notice from MSHA of (a) a pattern of violations of mandatory health or safety standards that are of such nature as could have significantly and substantially contributed to the cause and effect of mine health or safety hazards under section 104(e) of the Mine Act or (b) the potential to have such a pattern.
Pending Legal Actions . The following table reflects pending legal actions before the Federal Mine Safety and Health Review Commission (the “Commission”), an independent adjudicative agency that provides administrative trial and appellate review of legal disputes arising under the Mine Act, as of September 30, 2014, together with the number of legal actions instituted and the number of legal actions resolved as of September 30, 2014.
 
Mine (1)	Pending Legal
Actions as of
September 30, 2014 (2)	 	 	Legal Actions
Instituted as of
September 30, 2014	 	 	Legal Actions
Resolved as of
September 30, 2014	 	
Chukar	 	1	 	 	 	1	 	 	 	-	 	
Emigrant	-	 	 	 	-	 	 	 	-	 	
Exodus	 	2	 	 	 	2	 	 	 	-	 	
Genesis	 	3	 	 	 	1	 	 	 	-	 	
Leeville	 	-	 	 	 	-	 	 	 	-	 	
Lone Tree	 	-	 	 	 	-	 	 	 	-	 	
Midas	 	-	 	 	 	-	 	 	 	-	 	
Mill 6	 	-	 	 	 	-	 	 	 	-	 	
Pete Bajo	 	-	 	 	 	-	 	 	 	-	 	
Phoenix	 	-	 	 	 	-	 	 	 	-	 	
South Area	 	3	 	 	 	-	 	 	 	-	 	
Twin Creeks	 	-	 	 	 	-	 	 	 	-	 	
Vista	 	-	 	 	 	-	 	 	 	-	 	
TOTAL	 	9	 	 	 	4	 	 	 	-	 	

 
 	
(1)	The definition of a mine under section 3 of the Mine Act includes the mine, as well as other items used in, or to be used in, or resulting from, the work of extracting minerals, such as land, structures, facilities, equipment, machines, tools and minerals preparation facilities. Unless otherwise indicated, any of these other items associated with a single mine have been aggregated in the totals for that mine. MSHA assigns an identification number to each mine and may or may not assign separate identification numbers to related facilities such as preparation facilities. We are providing the information in the table by mine rather than MSHA identification number because that is how we manage and operate our mining business and we believe this presentation will be more useful to investors than providing information based on MSHA identification numbers.	
(2)	The foregoing list includes legal actions which were initiated prior to the current reporting period and which do not necessarily relate to citations, orders or proposed assessments issued by MSHA during the quarter ended September 30, 2014. The number of legal actions noted above are reported on a per docket basis.	
Legal actions pending before the Commission may involve, among other questions, challenges by operators to citations, orders and penalties they have received from MSHA or complaints of discrimination by miners under section 105 of the Mine Act. The following is a brief description of the types of legal actions that may be brought before the Commission.
·	Contests of Citations and Orders: A contest proceeding may be filed with the Commission by operators, miners or miners’ representatives to challenge the issuance of a citation or order issued by MSHA.	
·	Contests of Proposed Penalties (Petitions for Assessment of Penalties) : A contest of a proposed penalty is an administrative proceeding before the Commission challenging a civil penalty that MSHA has proposed for the alleged violation contained in a citation or order. The validity of the citation may also be challenged in this proceeding as well.	
·	Complaints for Compensation: A complaint for compensation may be filed with the Commission by miners entitled to compensation when a mine is closed by certain withdrawal orders issued by MSHA. The purpose of the proceeding is to determine the amount of compensation, if any, due miners idled by the orders.	

·	Complaints of Discharge, Discrimination or Interference : A discrimination proceeding is a case that involves a miner’s allegation that he or she has suffered a wrong by the operator because he or she engaged in some type of activity protected under the Mine Act, such as making a safety complaint.	
·	Applications for Temporary Relief : An application for temporary relief from any modification or termination of any order or from any order issued under section 104 of the Mine Act.	
·	Appeals of Judges’ Decisions or Orders to the Commission : A filing with the Commission of a petition for discretionary review of a Judge’s decision or order by a person who has been adversely affected or aggrieved by such decision or order.	
The following table reflects the types of legal actions pending before the Commission as of September 30, 2014.
 
Mine (1)	Contests of
Citations and
Orders	 	 	Contests of
Proposed
Penalties	 	 	Complaints for
Compensation	 	 	Complaints of
Discharge,
Discrimination or
Interference	 	 	Applications
for Temporary
Relief	 	 	Appeals of
Judges'
Decisions or
Orders to the
Commission	 	
Chukar	 	-	 	 	 	1	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
Emigrant	 	-	 	 	 	1	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
Exodus	 	-	 	 	 	4	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
Genesis	 	-	 	 	 	2	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
Leeville	 	1	 	 	 	3	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
Lone Tree	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
Midas	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	1	 	
Mill 6	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
Pete Bajo	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
Phoenix	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
South Area	 	-	 	 	 	5	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
Twin Creeks	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
Vista	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
TOTAL	 	1	 	 	 	16	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	1	 	

 	
(1)	The definition of a mine under section 3 of the Mine Act includes the mine, as well as other items used in, or to be used in, or resulting from, the work of extracting minerals, such as land, structures, facilities, equipment, machines, tools and minerals preparation facilities. Unless otherwise indicated, any of these other items associated with a single mine have been aggregated in the totals for that mine. MSHA assigns an identification number to each mine and may or may not assign separate identification numbers to related facilities such as preparation facilities. We are providing the information in the table by mine rather than MSHA identification number because that is how we manage and operate our mining business and we believe this presentation will be more useful to investors than providing information based on MSHA identification numbers.