NEWMONT MINING CORP /DE/, 10-Q filed on 4/24/2015
Quarterly Report
Document and Entity Information
3 Months Ended
Mar. 31, 2015
Apr. 15, 2015
Document And Entity Information [Abstract]
 
 
Document Type
10-Q 
 
Amendment Flag
false 
 
Document Period End Date
Mar. 31, 2015 
 
Document Fiscal Year Focus
2015 
 
Document Fiscal Period Focus
Q1 
 
Entity Registrant Name
NEWMONT MINING CORP /DE/ 
 
Entity Central Index Key
0001164727 
 
Current Fiscal Year End Date
--12-31 
 
Entity Filer Category
Large Accelerated Filer 
 
Entity Common Stock, Shares Outstanding
 
499,846,772 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Income Statement [Abstract]
 
 
Sales
$ 1,972 
$ 1,764 
Costs and expenses
 
 
Costs applicable to sales
1,019 1
1,083 1
Depreciation and amortization
289 
298 
Reclamation and remediation
23 
20 
Exploration
33 
34 
Advanced projects, research and development
28 
42 
General and administrative
44 
45 
Other expense, net
39 
52 
Total costs and expenses
1,475 
1,574 
Other income (expense)
 
 
Other income, net
11 
46 
Interest expense, net
(85)
(93)
Total other income (expense)
(74)
(47)
Income (loss) before income and mining tax and other items
423 
143 
Income and mining tax benefit (expense)
(193)
(78)
Equity income (loss) of affiliates
(9)
 
Income (loss) from continuing operations
221 
65 
Income (loss) from discontinued operations
(17)
Net income (loss)
229 
48 
Net loss (income) attributable to noncontrolling interests
(46)
52 
Net income (loss) attributable to Newmont stockholders
183 
100 
Net income (loss) attributable to Newmont stockholders:
 
 
Continuing operations
175 
117 
Discontinued operations
(17)
Net income (loss) attributable to Newmont stockholders
$ 183 
$ 100 
Income (loss) per common share, basic:
 
 
Continuing operations
$ 0.35 
$ 0.23 
Discontinued operations
$ 0.02 
$ (0.03)
Income (loss) per common share, basic
$ 0.37 
$ 0.20 
Income (loss) per common share, diluted:
 
 
Continuing operations
$ 0.35 
$ 0.23 
Discontinued operations
$ 0.02 
$ (0.03)
Income (loss) per common share, diluted
$ 0.37 
$ 0.20 
Cash dividends declared per common share
$ 0.025 
$ 0.150 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Comprehensive income (loss) attributable to:
 
 
Net income (loss)
$ 229 
$ 48 
Other comprehensive income (loss):
 
 
Unrealized gain (loss) on marketable securities, net of $nil and $(1) tax benefit (expense), respectively
(31)
Foreign currency translation adjustments
(10)
(5)
Change in pension and other post-retirement benefits, net of $(2) and $(1) tax benefit (expense), respectively
Change in fair value of cash flow hedge instruments, net of $4 and $4, tax benefit (expense), respectively
 
 
Net change from periodic revaluations
(22)
Net amount reclassified to income
12 
 
Net unrecognized gain (loss) on derivatives
(10)
Other comprehensive income (loss)
(14)
(25)
Comprehensive income (loss)
215 
23 
Comprehensive income (loss) attributable to:
 
 
Newmont stockholders
169 
77 
Noncontrolling interests
46 
(54)
Comprehensive income (loss)
$ 215 
$ 23 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Statement Of Income And Comprehensive Income [Abstract]
 
 
Other comprehensive income unrealized holding gain (loss) on securities arising during period tax
 
$ (1)
Other comprehensive income (loss) pension and other post retirement benefit plans tax
(2)
(1)
Other comprehensive income (loss) derivatives qualifying as hedges tax
$ 4 
$ 4 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Operating activities:
 
 
Net income
$ 229 
$ 48 
Adjustments:
 
 
Depreciation and amortization
289 
298 
Stock based compensation and other non-cash benefits
20 
13 
Reclamation and remediation
23 
20 
Loss (income) from discontinued operations
(8)
17 
Impairment of investments
57 
Deferred income taxes
61 
35 
Gain on asset and investment sales, net
(44)
(50)
Other operating adjustments and write-downs
74 
151 
Net change in operating assets and liabilities
(73)
(350)
Net cash provided from continuing operations
628 
183 
Net cash used in discontinued operations
(3)
(3)
Net cash provided from operations
625 
180 
Investing activities:
 
 
Additions to property, plant and mine development
(284)
(235)
Acquisitions, net
 
(28)
Sales of investments
29 
25 
Purchases of investments
 
(1)
Proceeds from sale of other assets
44 
70 
Other
(3)
(9)
Net cash used in investing activities
(214)
(178)
Financing activities:
 
 
Proceeds from debt, net
 
Repayment of debt
(205)
 
Sale of noncontrolling interests
37 
 
Funding from noncontrolling interests
47 
 
Acquisition of noncontrolling interests
(3)
(2)
Dividends paid to noncontrolling interests
(3)
 
Dividends paid to common stockholders
(12)
(77)
Restricted cash and other
(57)
(4)
Net cash used in financing activities
(196)
(80)
Effect of exchange rate changes on cash
(20)
(2)
Net change in cash and cash equivalents
195 
(80)
Cash and cash equivalents at beginning of period
2,403 
1,555 
Cash and cash equivalents at end of period
$ 2,598 
$ 1,475 
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
ASSETS
 
 
Cash and cash equivalents
$ 2,598 
$ 2,403 
Trade receivables
237 
186 
Other accounts receivables
179 
290 
Investments
39 
73 
Inventories
684 
700 
Stockpiles and ore on leach pads
753 
666 
Deferred income tax assets
223 
240 
Other current assets
1,438 
881 
Current assets
6,151 
5,439 
Property, plant and mine development, net
13,612 
13,650 
Investments
272 
334 
Stockpiles and ore on leach pads
2,805 
2,820 
Deferred income tax assets
1,828 
1,790 
Other long-term assets
934 
883 
Total assets
25,602 
24,916 
LIABILITIES
 
 
Debt
231 
166 
Accounts payable
376 
406 
Employee-related benefits
208 
307 
Income and mining taxes
164 
74 
Other current liabilities
1,855 
1,245 
Current liabilities
2,834 
2,198 
Debt
6,221 
6,480 
Reclamation and remediation liabilities
1,617 
1,606 
Deferred income tax liabilities
707 
656 
Employee-related benefits
498 
492 
Other long-term liabilities
362 
395 
Total liabilities
12,239 
11,827 
Commitments and contingencies
   
   
EQUITY
 
 
Common stock
800 
798 
Additional paid-in capital
8,741 
8,712 
Accumulated other comprehensive income (loss)
(492)
(478)
Retained earnings
1,413 
1,242 
Newmont stockholders' equity
10,462 
10,274 
Noncontrolling interests
2,901 
2,815 
Total equity
13,363 
13,089 
Total liabilities and equity
$ 25,602 
$ 24,916 
BASIS OF PRESENTATION
BASIS OF PRESENTATION

NOTE 1     BASIS OF PRESENTATION

The interim Condensed Consolidated Financial Statements (“interim statements”) of Newmont Mining Corporation and its subsidiaries (collectively, “Newmont” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with Newmont’s Consolidated Financial Statements for the year ended December 31, 2014 filed on February 20, 2015 on Form 10-K. The year-end balance sheet data was derived from the audited financial statements and, in accordance with the instructions to Form 10-Q, certain information and footnote disclosures required by United States generally accepted accounting principles (“GAAP”) have been condensed or omitted. References to “A$” refer to Australian currency and “NZ$” to New Zealand currency.

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Risks and Uncertainties

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

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

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

Recently Adopted Accounting Pronouncements

Stock-based compensation

In June 2014, the Financial Accounting Services Board (“FASB”) issued Accounting Standards Update (“ASU”) guidance to resolve the diversity of practice relating to the accounting for stock-based performance awards that the performance target could be achieved after the employee completes the required service period. The update is effective prospectively or retrospectively beginning January 1, 2015. Adoption of the new guidance, effective for the fiscal year beginning January 1, 2015, had no impact on the consolidated financial position, results of operations or cash flows.

Recently Issued Accounting Pronouncements

Debt issuance costs

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

Consolidations

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

Revenue Recognition

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

SEGMENT INFORMATION
SEGMENT INFORMATION

NOTE 3     SEGMENT INFORMATION

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

 

 

 

Sales

 

 

Costs

Applicable

to Sales

 

 

Depreciation

and Amortization

 

 

Advanced

Projects and

Exploration

 

 

Pre-Tax

Income (Loss)

 

 

Capital

Expenditures (1)

 

Three Months Ended March 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

$

276

 

 

$

178

 

 

$

45

 

 

$

3

 

 

$

47

 

 

$

57

 

Phoenix:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

61

 

 

 

41

 

 

 

10

 

 

 

 

 

 

 

 

 

 

 

 

 

Copper

 

34

 

 

 

25

 

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Phoenix

 

95

 

 

 

66

 

 

 

16

 

 

 

1

 

 

 

8

 

 

 

7

 

Twin Creeks

 

149

 

 

 

59

 

 

 

13

 

 

 

2

 

 

 

74

 

 

 

19

 

Other North America

 

-

 

 

 

-

 

 

 

-

 

 

 

5

 

 

 

(1

)

 

 

6

 

North America

 

520

 

 

 

303

 

 

 

74

 

 

 

11

 

 

 

128

 

 

 

89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

301

 

 

 

114

 

 

 

71

 

 

 

5

 

 

 

94

 

 

 

15

 

Other South America

 

-

 

 

 

-

 

 

 

3

 

 

 

10

 

 

 

(13

)

 

 

-

 

South America

 

301

 

 

 

114

 

 

 

74

 

 

 

15

 

 

 

81

 

 

 

15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

239

 

 

 

157

 

 

 

30

 

 

 

 

 

 

 

 

 

 

 

 

 

Copper

 

47

 

 

 

39

 

 

 

7

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Boddington

 

286

 

 

 

196

 

 

 

37

 

 

 

1

 

 

 

58

 

 

 

11

 

Tanami

 

120

 

 

 

57

 

 

 

19

 

 

 

1

 

 

 

45

 

 

 

16

 

Waihi

 

50

 

 

 

19

 

 

 

5

 

 

 

1

 

 

 

25

 

 

 

6

 

Kalgoorlie

 

74

 

 

 

60

 

 

 

5

 

 

 

-

 

 

 

11

 

 

 

7

 

Batu Hijau:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

114

 

 

 

50

 

 

 

9

 

 

 

 

 

 

 

 

 

 

 

 

 

Copper

 

246

 

 

 

121

 

 

 

21

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Batu Hijau

 

360

 

 

 

171

 

 

 

30

 

 

 

1

 

 

 

135

 

 

 

20

 

Other Asia Pacific

 

-

 

 

 

-

 

 

 

4

 

 

 

1

 

 

 

(9

)

 

 

-

 

Asia Pacific

 

890

 

 

 

503

 

 

 

100

 

 

 

5

 

 

 

265

 

 

 

60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

121

 

 

 

55

 

 

 

15

 

 

 

6

 

 

 

44

 

 

 

21

 

Akyem

 

140

 

 

 

44

 

 

 

22

 

 

 

-

 

 

 

71

 

 

 

11

 

Other Africa

 

-

 

 

 

-

 

 

 

-

 

 

 

1

 

 

 

(3

)

 

 

-

 

Africa

 

261

 

 

 

99

 

 

 

37

 

 

 

7

 

 

 

112

 

 

 

32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other

 

-

 

 

 

-

 

 

 

4

 

 

 

23

 

 

 

(163

)

 

 

92

 

Consolidated

$

1,972

 

 

$

1,019

 

 

$

289

 

 

$

61

 

 

$

423

 

 

$

288

 

 

 

(1) 

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

 

 

 

 

Sales

 

 

Costs

Applicable

to Sales

 

 

Depreciation

and Amortization

 

 

Advanced

Projects and

Exploration

 

 

Pre-Tax

Income (Loss)

 

 

Capital

Expenditures (1)

 

Three Months Ended March 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

$

293

 

 

$

192

 

 

$

35

 

 

$

4

 

 

$

61

 

 

$

42

 

Phoenix:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

70

 

 

 

34

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

Copper

 

32

 

 

 

26

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Phoenix

 

102

 

 

 

60

 

 

 

8

 

 

 

1

 

 

 

29

 

 

 

7

 

Twin Creeks

 

132

 

 

 

55

 

 

 

11

 

 

 

1

 

 

 

111

 

 

 

32

 

La Herradura (2)

 

31

 

 

 

16

 

 

 

8

 

 

 

4

 

 

 

3

 

 

 

6

 

Other North America

 

-

 

 

 

-

 

 

 

-

 

 

 

6

 

 

 

(9

)

 

 

5

 

North America

 

558

 

 

 

323

 

 

 

62

 

 

 

16

 

 

 

195

 

 

 

92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

265

 

 

 

221

 

 

 

101

 

 

 

7

 

 

 

(87

)

 

 

15

 

Other South America

 

-

 

 

 

-

 

 

 

-

 

 

 

8

 

 

 

(8

)

 

 

7

 

South America

 

265

 

 

 

221

 

 

 

101

 

 

 

15

 

 

 

(95

)

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

220

 

 

 

142

 

 

 

25

 

 

 

 

 

 

 

 

 

 

 

 

 

Copper

 

39

 

 

 

40

 

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Boddington

 

259

 

 

 

182

 

 

 

31

 

 

 

-

 

 

 

37

 

 

 

20

 

Tanami

 

105

 

 

 

55

 

 

 

17

 

 

 

1

 

 

 

28

 

 

 

20

 

Jundee (3)

 

82

 

 

 

42

 

 

 

17

 

 

 

1

 

 

 

21

 

 

 

7

 

Waihi

 

33

 

 

 

19

 

 

 

5

 

 

 

-

 

 

 

7

 

 

 

3

 

Kalgoorlie

 

118

 

 

 

77

 

 

 

6

 

 

 

1

 

 

 

33

 

 

 

1

 

Batu Hijau:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

8

 

 

 

8

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

Copper

 

42

 

 

 

57

 

 

 

13

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Batu Hijau

 

50

 

 

 

65

 

 

 

15

 

 

 

1

 

 

 

(51

)

 

 

15

 

Other Asia Pacific

 

-

 

 

 

-

 

 

 

4

 

 

 

1

 

 

 

(12

)

 

 

1

 

Asia Pacific

 

647

 

 

 

440

 

 

 

95

 

 

 

5

 

 

 

63

 

 

 

67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

141

 

 

 

61

 

 

 

16

 

 

 

9

 

 

 

44

 

 

 

22

 

Akyem

 

153

 

 

 

38

 

 

 

21

 

 

 

-

 

 

 

88

 

 

 

-

 

Other Africa

 

-

 

 

 

-

 

 

 

-

 

 

 

2

 

 

 

(3

)

 

 

-

 

Africa

 

294

 

 

 

99

 

 

 

37

 

 

 

11

 

 

 

129

 

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other

 

-

 

 

 

-

 

 

 

3

 

 

 

29

 

 

 

(149

)

 

 

6

 

Consolidated

$

1,764

 

 

$

1,083

 

 

$

298

 

 

$

76

 

 

$

143

 

 

$

209

 

 

 

 

(1)

Includes a decrease in accrued capital expenditures of $26; consolidated capital expenditures on a cash basis were $235.

(2)

On October 6, 2014, the Company sold its 44% interest in La Herradura.

(3)

The Jundee mine was sold July 1, 2014.

 

RECLAMATION AND REMEDIATION
RECLAMATION AND REMEDIATION

NOTE 4     RECLAMATION AND REMEDIATION

The Company’s Reclamation and remediation expense consisted of:

 

 

Three Months Ended March 31,

 

 

2015

 

 

2014

 

Reclamation and remediation

$

1

 

 

$

-

 

Accretion - operating

 

18

 

 

 

18

 

Accretion - non-operating

 

4

 

 

 

2

 

 

$

23

 

 

$

20

 

The following is a reconciliation of Reclamation and remediation liabilities:

 

 

Three Months Ended March 31,

 

 

2015

 

 

2014

 

Balance at beginning of period

$

1,689

 

 

$

1,611

 

Additions, changes in estimates and other

 

(3

)

 

 

(8

)

Liabilities settled

 

(24

)

 

 

(8

)

Accretion expense

 

22

 

 

 

20

 

Balance at end of period

$

1,684

 

 

$

1,615

 

At March 31, 2015 and December 31, 2014, $1,512 and $1,497, 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 (non-operating). Generally, these matters concern developing and implementing remediation plans at the various sites involved. At March 31, 2015 and December 31, 2014, $172 and $192, respectively, were accrued for such obligations. These amounts are also included in Reclamation and remediation liabilities.

The current portion of Reclamation and remediation liabilities of $67 and $83 at March 31, 2015 and December 31, 2014, respectively, are included in Other current liabilities.

OTHER EXPENSE, NET
OTHER EXPENSE, NET

NOTE 5     OTHER EXPENSE, NET

 

 

 

Three Months Ended March 31,

 

 

2015

 

 

2014

 

Regional administration

$

14

 

 

$

15

 

Community development

 

8

 

 

 

11

 

Restructuring and other

 

5

 

 

 

7

 

Western Australia power plant

 

2

 

 

 

6

 

Other

 

10

 

 

 

13

 

 

$

39

 

 

$

52

 

 

OTHER INCOME, NET
OTHER INCOME, NET

NOTE 6     OTHER INCOME, NET

 

 

Three Months Ended March 31,

 

 

2015

 

 

2014

 

Gain (loss) on asset sales, net

$

44

 

 

$

46

 

Foreign currency exchange, net

 

12

 

 

$

(14

)

Refinery Income, net

 

8

 

 

 

4

 

Derivative ineffectiveness, net

 

1

 

 

 

-

 

Gain on sale of investments, net

 

-

 

 

 

4

 

Impairment of marketable securities

 

(57

)

 

 

(1

)

Other

 

3

 

 

 

7

 

 

$

11

 

 

$

46

 

 

INCOME AND MINING TAXES
INCOME AND MINING TAXES

NOTE 7     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 March 31,

 

 

2015

 

 

2014

 

Income (loss) before income and mining

     tax and other items

 

 

 

 

$

423

 

 

 

 

 

 

$

143

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax at statutory rate

 

35

%

 

$

148

 

 

 

35

%

 

$

50

 

Reconciling items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage depletion

 

(3

)%

 

 

(15

)

 

 

(8

)%

 

 

(11

)

Change in valuation allowance on

     deferred tax assets

 

10

%

 

 

44

 

 

 

9

%

 

 

13

 

Mining and other taxes

 

2

%

 

 

8

 

 

 

6

%

 

 

8

 

Disallowed loss on Midas Sale

 

-

 

 

 

-

 

 

 

9

%

 

 

13

 

Effect of foreign earnings, net of credits

 

1

%

 

 

3

 

 

 

2

%

 

 

2

 

Other

 

1

%

 

 

5

 

 

 

2

%

 

 

3

 

Income and mining tax expense (benefit)

 

46

%

 

$

193

 

 

 

55

%

 

$

78

 

 

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.

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 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 March 31, 2015, the Company’s total unrecognized tax benefit was $398 for uncertain income tax positions taken or expected to be taken on income tax returns. Of this, $80 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 $50 to $55 in the next 12 months.

DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS

NOTE 8     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 records adjustments based on short and long-term gold prices, discount rate assumptions and resource estimates published by St. Andrew.

During the first quarter of 2015, the Company recorded a benefit of $8, net of tax expense of $4. During the first quarter of 2014, the Company recorded a charge of $17, net of tax benefit of $8.

Net operating cash used in discontinued operations of $3 and $3 in the first quarter of 2015 and 2014 respectively relates to payments on the Holt property royalty.

NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS

NOTE 9     NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

Three Months Ended March 31,

 

 

2015

 

 

2014

 

Minera Yanacocha

$

5

 

 

$

(29

)

Batu Hijau

 

45

 

 

 

(23

)

TMAC

 

(6

)

 

 

(1

)

Other

 

2

 

 

 

1

 

 

$

46

 

 

$

(52

)

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 consolidates Yanacocha due to a majority voting interest.

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 from 44.69% to 37.79% in January 2015 due to TMAC’s private placement to raise funds. The remaining interests are held by TMAC management and various outside investors.

Newmont consolidates PTNNT and TMAC in its condensed consolidated financial statements as both are primary beneficiaries in variable interest entities (“VIEs”).

The following summarizes the assets and liabilities, inclusive of deferred tax assets and deferred tax liabilities, of our consolidated VIEs (including noncontrolling interests).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At March 31, 2015

 

 

At December 31, 2014

 

 

Total Assets

 

 

Total Liabilities

 

 

Total Assets

 

 

Total Liabilities

 

TMAC

$

59

 

 

$

16

 

 

$

38

 

 

$

17

 

Batu Hijau

$

3,294

 

 

$

1,213

 

 

$

3,150

 

 

$

1,155

 

 

INCOME (LOSS) PER COMMON SHARE
INCOME (LOSS) PER COMMON SHARE

NOTE 10    INCOME (LOSS) 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 March 31,

 

 

2015

 

 

2014

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Newmont stockholders

 

 

 

 

 

 

 

Continuing operations

$

175

 

 

$

117

 

Discontinued operations

 

8

 

 

 

(17

)

 

$

183

 

 

$

100

 

 

 

 

 

 

 

 

 

Weighted average common shares (millions):

 

 

 

 

 

 

 

Basic

 

499

 

 

 

498

 

Effect of employee stock-based awards

 

1

 

 

 

1

 

Diluted

 

500

 

 

 

499

 

 

 

 

 

 

 

 

 

Income (loss) per common share

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

Continuing operations

$

0.35

 

 

$

0.23

 

Discontinued operations

 

0.02

 

 

 

(0.03

)

 

$

0.37

 

 

$

0.20

 

Diluted:

 

 

 

 

 

 

 

Continuing operations

$

0.35

 

 

$

0.23

 

Discontinued operations

 

0.02

 

 

 

(0.03

)

 

$

0.37

 

 

$

0.20

 

 

Options to purchase 3 million shares of common stock at average exercise price of $48 were outstanding at March 31, 2015 and 2014, 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.

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 effect of contingently convertible instruments on diluted earnings per share is calculated under the net share settlement method. 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.

EMPLOYEE PENSION AND OTHER BENEFIT PLANS
EMPLOYEE PENSION AND OTHER BENEFIT PLANS

NOTE 11   EMPLOYEE PENSION AND OTHER BENEFIT PLANS

 

 

Three Months Ended March 31,

 

 

2015

 

 

2014

 

Pension benefit costs, net

 

 

 

 

 

 

 

Service cost

$

8

 

 

$

6

 

Interest cost

 

11

 

 

 

10

 

Expected return on plan assets

 

(15

)

 

 

(13

)

Amortization, net

 

7

 

 

 

3

 

 

$

11

 

 

$

6

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2015

 

 

2014

 

Other benefit costs, net

 

 

 

 

 

 

 

Service cost

$

1

 

 

$

1

 

Interest cost

 

2

 

 

 

2

 

 

$

3

 

 

$

3

 

 

STOCK BASED COMPENSATION
STOCK BASED COMPENSATION

NOTE 12     STOCK-BASED COMPENSATION

 

 

Three Months Ended March 31,

 

 

2015

 

 

2014

 

Stock options

$

-

 

 

$

1

 

Restricted stock units

 

8

 

 

 

7

 

Performance leveraged stock units

 

10

 

 

 

3

 

Strategic performance units

 

2

 

 

 

3

 

 

$

20

 

 

$

14

 

 

FAIR VALUE ACCOUNTING
FAIR VALUE ACCOUNTING

NOTE 13    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 March 31, 2015

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

$

1,314

 

 

$

1,314

 

 

$

-

 

 

$

-

 

Marketable equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Extractive industries

 

140

 

 

 

140

 

 

 

-

 

 

 

-

 

Other

 

17

 

 

 

17

 

 

 

-

 

 

 

-

 

Marketable debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset backed commercial paper

 

21

 

 

 

-

 

 

 

-

 

 

 

21

 

Auction rate securities

 

7

 

 

 

-

 

 

 

-

 

 

 

7

 

Trade receivable from provisional copper and

     gold concentrate sales, net

 

219

 

 

 

219

 

 

 

-

 

 

 

-

 

 

$

1,718

 

 

$

1,690

 

 

$

-

 

 

$

28

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative instruments, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange forward contracts

$

99

 

 

$

-

 

 

$

99

 

 

$

-

 

Diesel forward contracts

 

33

 

 

 

-

 

 

 

33

 

 

 

-

 

Boddington contingent consideration

 

10

 

 

 

-

 

 

 

-

 

 

 

10

 

Holt property royalty

 

164

 

 

 

-

 

 

 

-

 

 

 

164

 

 

$

306

 

 

$

-

 

 

$

132

 

 

$

174

 

 

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. All other fair value disclosures in the above table are presented on a gross basis.

 

In addition to the financial instruments listed in the table above, we hold other financial instruments including receivables, accounts payable and debt. The carrying amounts for receivables and accounts payable approximated their fair value. The estimated fair value of our outstanding debt, exclusive of capital leases, was $6,437 at March 31, 2015 and the outstanding carrying value was $6,452 at March 31, 2015. The estimated fair values of our outstanding debt were determined based on quoted prices for similar instruments in active markets (Level 2).

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 March 31, 2015:

 

Description

At March 31, 2015

 

 

Valuation technique

 

Unobservable input

 

Range/Weighted

average

 

Auction Rate Securities

$

7

 

 

Discounted cash flow

 

Weighted average recoverability rate

 

 

85

%

Asset Backed Commercial Paper

21

 

 

Discounted cash flow

 

Recoverability rate

 

 

90

%

Boddington Contingent Consideration

 

10

 

 

Monte Carlo

 

Discount rate

 

 

4

%

 

 

 

 

 

 

 

Long-term gold price

 

$

1,300

 

 

 

 

 

 

 

 

Long-term copper price

 

$

3.00

 

Holt property royalty

164

 

 

Monte Carlo

 

Weighted average discount rate

 

 

4

%

 

 

 

 

 

 

 

Long-term gold price

 

$

1,300

 

The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial assets and liabilities at March 31, 2015:

 

 

Auction Rate

Securities

 

 

Asset Backed

Commercial

Paper

 

 

Total Assets

 

 

Boddington

Contingent

Royalty

 

 

Holt Property

Royalty

 

 

Total Liabilities

 

Balance at beginning of period

$

6

 

 

$

24

 

 

$

30

 

 

$

10

 

 

$

179

 

 

$

189

 

Settlements

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3

)

 

 

(3

)

Revaluation

 

1

 

 

 

(3

)

 

 

(2

)

 

 

-

 

 

 

(12

)

 

 

(12

)

Balance at end of period

$

7

 

 

$

21

 

 

$

28

 

 

$

10

 

 

$

164

 

 

$

174

 

At March 31, 2015, assets and liabilities classified within Level 3 of the fair value hierarchy represent 2% and 57%, respectively, of total assets and liabilities measured at fair value.

DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS

NOTE 14    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 March 31, 2015:

 

 

Expected Maturity Date

 

 

2015

 

 

2016

 

 

2017

 

 

2018

 

 

Total/Average

 

A$ Operating Fixed Forward Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A$ notional (millions)

 

197

 

 

 

158

 

 

 

105

 

 

 

6

 

 

 

466

 

Average rate ($/A$)

 

0.97

 

 

 

0.95

 

 

 

0.93

 

 

 

0.92

 

 

 

0.96

 

Expected hedge ratio

 

21

%

 

 

12

%

 

 

8

%

 

 

4

%

 

 

 

 

NZ$ Operating Fixed Forward Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NZ$ notional (millions)

 

38

 

 

 

12

 

 

 

-

 

 

 

-

 

 

 

50

 

Average rate ($/NZ$)

 

0.80

 

 

 

0.80

 

 

 

-

 

 

 

-

 

 

 

0.80

 

Expected hedge ratio

 

41

%

 

 

15

%

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diesel Fixed Forward Contracts

Newmont had the following diesel derivative contracts outstanding at March 31, 2015:

 

 

Expected Maturity Date

 

 

2015

 

 

2016

 

 

2017

 

 

Total/Average

 

Diesel Fixed Forward Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diesel gallons (millions)

 

17

 

 

 

15

 

 

 

4

 

 

 

36

 

Average rate ($/gallon)

 

2.71

 

 

 

2.62

 

 

 

2.69

 

 

 

2.67

 

Expected Nevada hedge ratio

 

58

%

 

 

36

%

 

 

12

%

 

 

 

 

Derivative Instrument Fair Values

Newmont had the following derivative instruments designated as hedges at March 31, 2015 and December 31, 2014:

 

 

Fair Values of Derivative Instruments

 

 

At March 31, 2015

 

 

Other Current Assets

 

 

Other Long-Term Assets

 

 

Other Current Liabilities

 

 

Other Long-Term Liabilities

 

Foreign currency exchange contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A$ operating fixed forwards

$

-

 

 

$

-

 

 

$

52

 

 

$

44

 

NZ$ operating fixed forwards

 

-

 

 

 

-

 

 

 

3

 

 

 

-

 

Diesel fixed forwards

 

-

 

 

 

-

 

 

 

23

 

 

 

10

 

Total derivative instruments (Notes 18 and 20)

$

-

 

 

$

-

 

 

$

78

 

 

$

54

 

 

 

Fair Values of Derivative Instruments

 

 

At December 31, 2014

 

 

Other Current Assets

 

 

Other Long-Term Assets

 

 

Other Current Liabilities

 

 

Other Long-Term Liabilities

 

Foreign currency exchange contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A$ operating fixed forwards

$

-

 

 

$

-

 

 

$

45

 

 

$

40

 

NZ$ operating fixed forwards

 

-

 

 

 

-

 

 

 

2

 

 

 

1

 

Diesel fixed forwards

 

1

 

 

 

-

 

 

 

25

 

 

 

12

 

Total derivative instruments (Notes 18 and 20)

$

1

 

 

$

-

 

 

$

72

 

 

$

53

 

 

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.

 

 

 

 

Foreign Currency Exchange Contracts

 

 

Diesel Fixed Forward Contracts

 

 

Forward Starting Swap Contracts

 

For the three months ended March 31,

2015

 

 

2014

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Cash flow hedging relationships:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) recognized in other comprehensive income

$

(27

)

 

$

34

 

 

$

(5

)

 

$

(2

)

 

$

-

 

 

$

-

 

Gain (loss) reclassified from Accumulated other comprehensive income into income (effective portion) (1)

$

(7

)

 

$

5

 

 

$

(7

)

 

$

-

 

 

$

(5

)

 

$

(5

)

Gain (loss) reclassified from Accumulated other comprehensive income into income (ineffective portion) (2)

$

-

 

 

$

-

 

 

$

1

 

 

$

-

 

 

$

-

 

 

$

-

 

 

(1)

The gain (loss) recognized for the effective portion of cash flow hedges is included in Cost applicable to sales, Other Expense, net and Interest expense, net.

(2)

The ineffective portion recognized for cash flow hedges in included in Other Income, net.

 

Based on fair values at March 31, 2015 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 loss of approximately $55.

Provisional Gold and Copper Sales

The Company’s provisional gold and copper 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.

At March 31, 2015, Newmont had gold and copper sales of 161,000 ounces and 157 million pounds priced at an average of $1,187 per ounce and $2.73 per pound, respectively, subject to final pricing over the next several months.

 

INVESTMENTS
INVESTMENTS

NOTE 15     INVESTMENTS

 

 

 

At March 31, 2015

 

 

Cost/Equity

 

 

Unrealized

 

 

Fair/Equity

 

 

Basis

 

 

Gain

 

 

Loss

 

 

Basis

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable Equity Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gabriel Resources Ltd.

$

31

 

 

$

-

 

 

$

(16

)

 

$

15

 

Other

 

24

 

 

 

4

 

 

 

(4

)

 

 

24

 

 

$

55

 

 

$

4

 

 

$

(20

)

 

$

39

 

Long-term:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable Debt Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset backed commercial paper

$

20

 

 

$

1

 

 

$

-

 

 

$

21

 

Auction rate securities

 

8

 

 

 

-

 

 

 

(1

)

 

 

7

 

 

 

28

 

 

 

1

 

 

 

(1

)

 

 

28

 

Marketable Equity Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regis Resources Ltd.

 

97

 

 

 

-

 

 

 

-

 

 

 

97

 

Other

 

18

 

 

 

3

 

 

 

-

 

 

 

21

 

 

 

115

 

 

 

3

 

 

 

-

 

 

 

118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other investments, at cost

 

14

 

 

 

-

 

 

 

-

 

 

 

14

 

Investment in Affiliates:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Euronimba Ltd.

 

3

 

 

 

-

 

 

 

-

 

 

 

3

 

Minera La Zanja S.R.L.

 

94

 

 

 

-

 

 

 

-

 

 

 

94

 

Novo Resources Corp.

 

15

 

 

 

-

 

 

 

-

 

 

 

15

 

 

$

269

 

 

$

4

 

 

$

(1

)

 

$

272

 

 

 

At December 31, 2014

 

 

Cost/Equity

 

 

Unrealized

 

 

Fair/Equity

 

 

Basis

 

 

Gain

 

 

Loss

 

 

Basis

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable Equity Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gabriel Resources Ltd.

$

34

 

 

$

-

 

 

$

(17

)

 

$

17

 

Other

 

30

 

 

 

3

 

 

 

(2

)

 

 

31

 

 

 

64

 

 

 

3

 

 

 

(19

)

 

 

48

 

Certificate of Deposit

 

25

 

 

 

-

 

 

 

-

 

 

 

25

 

 

$

89

 

 

$

3

 

 

$

(19

)

 

$

73

 

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.

 

153

 

 

 

-

 

 

 

-

 

 

 

153

 

Other

 

17

 

 

 

2

 

 

 

-

 

 

 

19

 

 

 

170

 

 

 

2

 

 

 

-

 

 

 

172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other investments, at cost

 

14

 

 

 

-

 

 

 

-

 

 

 

14

 

Investment in Affiliates:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Euronimba Ltd.

 

2

 

 

 

 

 

 

 

 

 

 

 

2

 

Minera La Zanja S.R.L.

 

101

 

 

 

-

 

 

 

-

 

 

 

101

 

Novo Resources Corp.

 

15

 

 

 

-

 

 

 

-

 

 

 

15

 

 

$

332

 

 

$

4

 

 

$

(2

)

 

$

334

 

 

In February 2015, the Company’s $25 Certificate of Deposit matured.

 

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.

 

During the three months ended March 31, 2015, the Company recognized impairments for other-than-temporary declines in value of $57 for marketable securities primarily related to its holdings of Regis Resources Ltd. as a result of the continued decline in stock price.

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 March 31, 2015

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

Marketable equity securities

$

25

 

 

$

20

 

 

$

-

 

 

$

-

 

 

$

25

 

 

$

20

 

Auction rate securities

 

-

 

 

 

-

 

 

 

7

 

 

 

1

 

 

 

7

 

 

 

1

 

 

$

25

 

 

$

20

 

 

$

7

 

 

$

1

 

 

$

32

 

 

$

21

 

 

 

Less than 12 Months

 

 

12 Months or Greater

 

 

Total

 

At December 31, 2014

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

Marketable equity securities

$

33

 

 

$

19

 

 

$

-

 

 

$

-

 

 

$

33

 

 

$

19

 

Auction rate securities

 

-

 

 

 

-

 

 

 

6

 

 

 

2

 

 

 

6

 

 

 

2

 

 

$

33

 

 

$

19

 

 

$

6

 

 

$

2

 

 

$

39

 

 

$

21

 

 

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.

INVENTORIES
INVENTORIES

NOTE 16     INVENTORIES

 

 

At March 31,

 

 

At December 31,

 

 

2015

 

 

2014

 

In-process

$

125

 

 

$

127

 

Concentrate and copper cathode

 

88

 

 

 

110

 

Precious metals

 

16

 

 

 

12

 

Materials, supplies and other

 

455

 

 

 

451

 

 

$

684

 

 

$

700

 

 

STOCKPILES AND ORE ON LEACH PADS
STOCKPILES AND ORE ON LEACH PADS

NOTE 17     STOCKPILES AND ORE ON LEACH PADS

 

 

At March 31,

 

 

At December 31,

 

 

2015

 

 

2014

 

Current:

 

 

 

 

 

 

 

Stockpiles

$

536

 

 

$

445

 

Ore on leach pads

 

217

 

 

 

221

 

 

$

753

 

 

$

666

 

Long-term:

 

 

 

 

 

 

 

Stockpiles

$

2,555

 

 

$

2,599

 

Ore on leach pads

 

250

 

 

 

221

 

 

$

2,805

 

 

$

2,820

 

 

 

At March 31,

 

 

At December 31,

 

 

2015

 

 

2014

 

Stockpiles and ore on leach pads:

 

 

 

 

 

 

 

Carlin

$

408

 

 

$

399

 

Phoenix

 

103

 

 

 

103

 

Twin Creeks

 

283

 

 

 

285

 

Yanacocha

 

482

 

 

 

459

 

Boddington

 

391

 

 

 

390

 

Tanami

 

13

 

 

 

14

 

Waihi

 

3

 

 

 

2

 

Kalgoorlie

 

122

 

 

 

116

 

Batu Hijau

 

1,251

 

 

 

1,242

 

Ahafo

 

396

 

 

 

376

 

Akyem

 

106

 

 

 

100

 

 

$

3,558

 

 

$

3,486

 

The Company recorded write-downs classified as components of Costs applicable to sales of $49 and $110 for the first quarter  of 2015 and 2014 respectively. The Company recorded write-downs classified as components of Depreciation and amortization of $17 and $35 for the first quarter of 2015 and 2014 respectively. 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 quarter 2015, $34 are related to Carlin, $3 to Twin Creeks, $8 to Yanacocha, and $21 to Boddington.

Of the write-downs in the first quarter 2014, $24 are related to Carlin, $2 to Twin Creeks, $54 to Yanacocha, $30 to Boddington, and $35 to Batu Hijau.

OTHER ASSETS
OTHER ASSETS

NOTE 18     OTHER ASSETS

 

 

At March 31,

 

 

At December 31,

 

 

2015

 

 

2014

 

Other current assets:

 

 

 

 

 

 

 

Refinery metal inventory and receivable

$

1,252

 

 

$

606

 

Prepaid assets

 

91

 

 

 

147

 

Other refinery metal receivables

 

90

 

 

 

124

 

Derivative instruments

 

-

 

 

 

1

 

Other

 

5

 

 

 

3

 

 

$

1,438

 

 

$

881

 

 

 

 

 

 

 

 

 

Other long-term assets:

 

 

 

 

 

 

 

Income tax receivable

$

222

 

 

$

215

 

Restricted cash

 

182

 

 

 

127

 

Prepaid royalties

 

125

 

 

 

125

 

Intangible assets

 

107

 

 

 

109

 

Goodwill

 

105

 

 

 

105

 

Taxes other than income and mining

 

62

 

 

 

59

 

Debt issuance costs

 

56

 

 

 

58

 

Prepaid maintenance costs

 

28

 

 

 

30

 

Other

 

47

 

 

 

55

 

 

$

934

 

 

$

883

 

 

DEBT
DEBT

NOTE 19     DEBT

Scheduled minimum debt repayments are $160 for the remainder of 2015, $222 in 2016, $770 in 2017, $nil in 2018, $1,175 in 2019 and $4,200 thereafter. Scheduled minimum capital lease repayments are $1 in 2015, $2 each year from 2016 to 2019 and $6 thereafter.

On March 31, 2015, the Company made a payment of $200 on the Term Loan Facility, leaving the principal balance at $275 due in 2019.

On March 3, 2015 the Company’s $3,000 Corporate Revolving Credit Facility was amended to extend $2,725 of the facility to March 3, 2020. The remaining $275 matures on March 31, 2019. Fees and other debt issuance costs related to the extension of the facility were capitalized and will be amortized over the term of the facility. There are no borrowings outstanding under the facility at March 31, 2015.

 

OTHER LIABILITIES
OTHER LIABILITIES

NOTE 20     OTHER LIABILITIES

 

 

At March 31,

 

 

At December 31,

 

 

2015

 

 

2014

 

Other current liabilities:

 

 

 

 

 

 

 

Refinery metal payable and liabilities

$

1,252

 

 

$

606

 

Deferred income tax

 

132

 

 

 

132

 

Accrued operating costs

 

94

 

 

 

99

 

Interest

 

82

 

 

 

71

 

Derivative instruments

 

78

 

 

 

72

 

Reclamation and remediation liabilities

 

67

 

 

 

83

 

Accrued capital expenditures

 

62

 

 

 

59

 

Royalties

 

46

 

 

 

67

 

Taxes other than income and mining

 

19

 

 

 

21

 

Holt property royalty

 

13

 

 

 

12

 

Other

 

10

 

 

 

23

 

 

$

1,855

 

 

$

1,245

 

 

 

 

 

 

 

 

 

Other long-term liabilities:

 

 

 

 

 

 

 

Holt property royalty

$

151

 

 

$

167

 

Income and mining taxes

 

63

 

 

 

79

 

Derivative instruments

 

54

 

 

 

53

 

Power supply agreements

 

32

 

 

 

35

 

Social development obligations

 

29

 

 

 

29

 

Boddington contingent consideration

 

10

 

 

 

10

 

Other

 

23

 

 

 

22

 

 

$

362

 

 

$

395

 

 

CHANGES IN EQUITY
CHANGES IN EQUITY

NOTE 21     CHANGES IN EQUITY

 

 

Three Months Ended March 31,

 

 

2015

 

 

2014

 

Common stock:

 

 

 

 

 

 

 

At beginning of period

$

798

 

 

$

789

 

Redemptions of Exchangeable Shares

 

-

 

 

 

8

 

Stock-based awards

 

2

 

 

 

1

 

At end of period

 

800

 

 

 

798

 

Additional paid-in capital:

 

 

 

 

 

 

 

At beginning of period

 

8,712

 

 

 

8,441

 

Redemption of Exchangeable Shares

 

-

 

 

 

(8

)

Stock-based awards

 

17

 

 

 

25

 

Sale of noncontrolling interests

 

12

 

 

 

-

 

At end of period

 

8,741

 

 

 

8,458

 

Accumulated other comprehensive income (loss):

 

 

 

 

 

 

 

At beginning of period

 

(478

)

 

 

(182

)

Other comprehensive income (loss)

 

(14

)

 

 

(23

)

At end of period

 

(492

)

 

 

(205

)

Retained earnings:

 

 

 

 

 

 

 

At beginning of period

 

1,242

 

 

 

945

 

Net income (loss) attributable to Newmont stockholders

 

183

 

 

 

100

 

Dividends Paid

 

(12

)

 

 

(77

)

At end of period

 

1,413

 

 

 

968

 

Noncontrolling interests:

 

 

 

 

 

 

 

At beginning of period

 

2,815

 

 

 

2,916

 

Net income (loss) attributable to noncontrolling interests

 

46

 

 

 

(52

)

Dividends paid to noncontrolling interests

 

(3

)

 

 

-

 

Sale of noncontrolling interests, net

 

43

 

 

 

-

 

Other comprehensive income

 

-

 

 

 

(2

)

At end of period

 

2,901

 

 

 

2,862

 

Total equity

$

13,363

 

 

$

12,881

 

 

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

NOTE 22     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, 2014

$

(142

)

 

$

127

 

 

$

(249

)

 

$

(214

)

 

$

(478

)

Change in other comprehensive income (loss)

     before reclassifications

 

(55

)

 

 

(10

)

 

 

-

 

 

 

(22

)

 

 

(87

)

Reclassifications from accumulated other

     comprehensive income (loss)

 

56

 

 

 

-

 

 

 

5

 

 

 

12

 

 

 

73

 

Net current-period other comprehensive

     income (loss)

 

1

 

 

 

(10

)

 

 

5

 

 

 

(10

)

 

 

(14

)

March 31, 2015

$

(141

)

 

$

117

 

 

$

(244

)

 

$

(224

)

 

$

(492

)

 

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 Income

 

 

Three Months Ended March 31, 2015

 

 

Three Months Ended March 31, 2014

 

 

 

Marketable securities adjustments:

 

 

 

 

 

 

 

 

 

 

Sale of marketable securities

 

$

(1

)

 

$

(4

)

 

Other income, net

Impairment of marketable

     securities

 

 

57

 

 

 

1

 

 

Other income, net

Total before tax

 

 

56

 

 

 

(3

)

 

 

Tax benefit (expense)

 

 

-

 

 

 

1

 

 

 

Net of tax

 

$

56

 

 

$

(2

)

 

 

Pension liability adjustments:

 

 

 

 

 

 

 

 

 

 

Amortization, net

 

$

7

 

 

$

3

 

 

(1)

Total before tax

 

 

7

 

 

 

3

 

 

 

Tax benefit (expense)

 

 

(2

)

 

 

(1

)

 

 

Net of tax

 

$

5

 

 

$

2

 

 

 

Hedge instruments adjustments:

 

 

 

 

 

 

 

 

 

 

Operating cash flow hedges

 

$

14

 

 

$

(5

)

 

Costs applicable to sales

Operating cash flow hedges

 

 

(1

)

 

 

-

 

 

Other income, net

Forward starting swap hedges

 

 

5

 

 

 

5

 

 

Interest expense, net

Total before tax

 

 

18

 

 

 

-

 

 

 

Tax benefit (expense)

 

 

(6

)

 

 

-

 

 

 

Net of tax

 

$

12

 

 

$

-

 

 

 

Total reclassifications for the period,

     net of tax

 

$

73

 

 

$

-

 

 

 

 

(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 2 to the Consolidated Financial Statements for the year ended December 31, 2014 filed February 20, 2015 on Form 10-K for information on costs that benefit the inventory/production process.

 

 

NET CHANGE IN OPERATING ASSETS AND LIABILITIES
NET CHANGE IN OPERATING ASSETS AND LIABILITIES

NOTE 23     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:

 

 

Three Months Ended March 31,

 

 

2015

 

 

2014

 

Decrease (increase) in operating assets:

 

 

 

 

 

 

 

Trade and other accounts receivables

$

38

 

 

$

(16

)

Inventories, stockpiles and ore on leach pads

 

(60

)

 

 

(182

)

EGR refinery and other assets

 

(657

)

 

 

(256

)

Other assets

 

85

 

 

 

(50

)

Increase (decrease) in operating liabilities:

 

 

 

 

 

 

 

Accounts payable and other accrued liabilities

 

(112

)

 

 

(94

)

EGR refinery and other liabilities

 

657

 

 

 

256

 

Reclamation liabilities

 

(24

)

 

 

(8

)

 

$

(73

)

 

$

(350

)

 

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

NEWMONT MINING CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

 

NOTE 24     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 March 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mining

 

 

Mining

 

 

Newmont

 

 

Other

 

 

 

 

 

 

Corporation

 

Condensed Consolidating Statement of Operation

Corporation

 

 

USA

 

 

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

$

-

 

 

$

502

 

 

$

1,470

 

 

$

-

 

 

$

1,972

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs applicable to sales (1)

 

-

 

 

 

288

 

 

 

731

 

 

 

-

 

 

 

1,019

 

Depreciation and amortization

 

1

 

 

 

77

 

 

 

211

 

 

 

-

 

 

 

289

 

Reclamation and remediation

 

-

 

 

 

3

 

 

 

20

 

 

 

-

 

 

 

23

 

Exploration

 

-

 

 

 

6

 

 

 

27

 

 

 

-

 

 

 

33

 

Advanced projects, research and development

 

-

 

 

 

3

 

 

 

25

 

 

 

-

 

 

 

28

 

General and administrative

 

-

 

 

 

12

 

 

 

32

 

 

 

-

 

 

 

44

 

Other expense, net

 

-

 

 

 

6

 

 

 

33

 

 

 

-

 

 

 

39

 

 

 

1

 

 

 

395

 

 

 

1,079

 

 

 

-

 

 

 

1,475

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

(28

)

 

 

9

 

 

 

30

 

 

 

-

 

 

 

11

 

Interest income - intercompany

 

33

 

 

 

-

 

 

 

5

 

 

 

(38

)

 

 

-

 

Interest expense - intercompany

 

(3

)

 

 

-

 

 

 

(35

)

 

 

38

 

 

 

-

 

Interest expense, net

 

(77

)

 

 

(1

)

 

 

(7

)

 

 

-

 

 

 

(85

)

 

 

(75

)

 

 

8

 

 

 

(7

)

 

 

-

 

 

 

(74

)

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

 

(76

)

 

 

115

 

 

 

384

 

 

 

-

 

 

 

423

 

Income and mining tax benefit (expense)

 

25

 

 

 

(29

)

 

 

(189

)

 

 

-

 

 

 

(193

)

Equity income (loss) of affiliates

 

234

 

 

 

(11

)

 

 

23

 

 

 

(255

)

 

 

(9

)

Income (loss) from continuing operations

 

183

 

 

 

75

 

 

 

218

 

 

 

(255

)

 

 

221

 

Income (loss) from discontinued operations

 

-

 

 

 

-

 

 

 

8

 

 

 

-

 

 

 

8

 

Net income (loss)

 

183

 

 

 

75

 

 

 

226

 

 

 

(255

)

 

 

229

 

Net loss (income) attributable to noncontrolling interests

 

-

 

 

 

-

 

 

 

(77

)

 

 

31

 

 

 

(46

)

Net income (loss) attributable to Newmont stockholders

$

183

 

 

$

75

 

 

$

149

 

 

$

(224

)

 

$

183

 

Comprehensive income (loss)

 

170

 

 

 

82

 

 

 

200

 

 

 

(237

)

 

 

215

 

Comprehensive loss (income) attributable to noncontrolling interests

 

-

 

 

 

-

 

 

 

(71

)

 

 

25

 

 

 

(46

)

Comprehensive income (loss) attributable to Newmont stockholders

$

170

 

 

$

82

 

 

$

129

 

 

$

(212

)

 

$

169

 

(1)

Excludes Depreciation and amortization and Reclamation and remediation.

 

Three Months Ended March 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mining

 

 

Mining

 

 

Newmont

 

 

Other

 

 

 

 

 

 

Corporation

 

Condensed Consolidating Statement of Operation

Corporation

 

 

USA

 

 

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

$

-

 

 

$

500

 

 

$

1,264

 

 

$

-

 

 

$

1,764

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs applicable to sales (1)

 

-

 

 

 

298

 

 

 

785

 

 

 

-

 

 

 

1,083

 

Depreciation and amortization

 

1

 

 

 

54

 

 

 

243

 

 

 

-

 

 

 

298

 

Reclamation and remediation

 

-

 

 

 

2

 

 

 

18

 

 

 

-

 

 

 

20

 

Exploration

 

-

 

 

 

4

 

 

 

30

 

 

 

-

 

 

 

34

 

Advanced projects, research and development

 

-

 

 

 

11

 

 

 

31

 

 

 

-

 

 

 

42

 

General and administrative

 

-

 

 

 

19

 

 

 

26

 

 

 

-

 

 

 

45

 

Other expense, net

 

-

 

 

 

6

 

 

 

46

 

 

 

-

 

 

 

52

 

 

 

1

 

 

 

394

 

 

 

1,179

 

 

 

-

 

 

 

1,574

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

(1

)

 

 

60

 

 

 

(13

)

 

 

-

 

 

 

46

 

Interest income - intercompany

 

30

 

 

 

-

 

 

 

2

 

 

 

(32

)

 

 

-

 

Interest expense - intercompany

 

(2

)

 

 

-

 

 

 

(30

)

 

 

32

 

 

 

-

 

Interest expense, net

 

(82

)

 

 

(1

)

 

 

(10

)

 

 

-

 

 

 

(93

)

 

 

(55

)

 

 

59

 

 

 

(51

)

 

 

-

 

 

 

(47

)

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

 

(56

)

 

 

165

 

 

 

34

 

 

 

-

 

 

 

143

 

Income and mining tax benefit (expense)

 

29

 

 

 

(38

)

 

 

(69

)

 

 

-

 

 

 

(78

)

Equity income (loss) of affiliates

 

127

 

 

 

(151

)

 

 

(17

)

 

 

41

 

 

 

-

 

Income (loss) from continuing operations

 

100

 

 

 

(24

)

 

 

(52

)

 

 

41

 

 

 

65

 

Income (loss) from discontinued operations

 

-

 

 

 

-

 

 

 

(17

)

 

 

-

 

 

 

(17

)

Net income (loss)

 

100

 

 

 

(24

)

 

 

(69

)

 

 

41

 

 

 

48

 

Net loss (income) attributable to noncontrolling interests

 

-

 

 

 

-

 

 

 

66

 

 

 

(14

)

 

 

52

 

Net income (loss) attributable to Newmont stockholders

$

100

 

 

$

(24

)

 

$

(3

)

 

$

27

 

 

$

100

 

Comprehensive income (loss)

 

77

 

 

 

(22

)

 

 

(84

)

 

 

52

 

 

 

23

 

Comprehensive loss (income) attributable to noncontrolling interests

 

-

 

 

 

-

 

 

 

65

 

 

 

(11

)

 

 

54

 

Comprehensive income (loss) attributable to Newmont stockholders

$

77

 

 

$

(22

)

 

$

(19

)

 

$

41

 

 

$

77

 

(1)

Excludes Depreciation and amortization and Reclamation and remediation.

 

 

 

Three Months Ended March 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mining

 

 

Mining

 

 

Newmont

 

 

Other

 

 

 

 

 

 

Corporation

 

Condensed Consolidating Statement of Cash Flows

Corporation

 

 

USA

 

 

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

183

 

 

$

75

 

 

$

226

 

 

$

(255

)

 

$

229

 

Adjustments

 

(184

)

 

 

133

 

 

 

268

 

 

 

255

 

 

 

472

 

Net change in operating assets and liabilities

 

103

 

 

 

(180

)

 

 

4

 

 

 

-

 

 

 

(73

)

Net cash provided from continuing operations

 

102

 

 

 

28

 

 

 

498

 

 

 

-

 

 

 

628

 

Net cash used in discontinued operations

 

-

 

 

 

-

 

 

 

(3

)

 

 

-

 

 

 

(3

)

Net cash provided from operations

 

102

 

 

 

28

 

 

 

495

 

 

 

-

 

 

 

625

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to property, plant and mine development

 

-

 

 

 

(81

)

 

 

(203

)

 

 

-

 

 

 

(284

)

Sales of investments

 

-

 

 

 

25

 

 

 

4

 

 

 

-

 

 

 

29

 

Proceeds from sale of other assets

 

-

 

 

 

6

 

 

 

38

 

 

 

-

 

 

 

44

 

Other

 

-

 

 

 

-

 

 

 

(3

)

 

 

-

 

 

 

(3

)

Net cash used in investing activities

 

-

 

 

 

(50

)

 

 

(164

)

 

 

-

 

 

 

(214

)

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repayment of debt

 

(200

)

 

 

-

 

 

 

(5

)

 

 

-

 

 

 

(205

)

Net intercompany borrowings (repayments)

 

112

 

 

 

(20

)

 

 

(92

)

 

 

-

 

 

 

-

 

Sale of noncontrolling interests

 

-

 

 

 

3

 

 

 

34

 

 

 

-

 

 

 

37

 

Funding from noncontrolling interests

 

-

 

 

 

-

 

 

 

47

 

 

 

-

 

 

 

47

 

Acquisition of noncontrolling interests

 

-

 

 

 

-

 

 

 

(3

)

 

 

-

 

 

 

(3

)

Dividends paid to noncontrolling interests

 

-

 

 

 

-

 

 

 

(3

)

 

 

-

 

 

 

(3

)

Dividends paid to common stockholders

 

(12

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(12

)

Restricted cash and other

 

(2

)

 

 

1

 

 

 

(56

)

 

 

-

 

 

 

(57

)

Net cash used in financing activities

 

(102

)

 

 

(16

)

 

 

(78

)

 

 

-

 

 

 

(196

)

Effect of exchange rate changes on cash

 

-

 

 

 

-

 

 

 

(20

)

 

 

-

 

 

 

(20

)

Net change in cash and cash equivalents

 

-

 

 

 

(38

)

 

 

233

 

 

 

-

 

 

 

195

 

Cash and cash equivalents at beginning of period

 

-

 

 

 

1,097

 

 

 

1,306

 

 

 

-

 

 

 

2,403

 

Cash and cash equivalents at end of period

$

-

 

 

$

1,059

 

 

$

1,539

 

 

$

-

 

 

$

2,598

 

 

 

Three Months Ended March 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mining

 

 

Mining

 

 

Newmont

 

 

Other

 

 

 

 

 

 

Corporation

 

Condensed Consolidating Statement of Cash Flows

Corporation

 

 

USA

 

 

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

100

 

 

$

(24

)

 

$

(69

)

 

$

41

 

 

$

48

 

Adjustments

 

(120

)

 

 

261

 

 

 

385

 

 

 

(41

)

 

 

485

 

Net change in operating assets and liabilities

 

(29

)

 

 

(45

)

 

 

(276

)

 

 

-

 

 

 

(350

)

Net cash provided from (used in) continuing operations

 

(49

)

 

 

192

 

 

 

40

 

 

 

-

 

 

 

183

 

Net cash used in discontinued operations

 

-

 

 

 

-

 

 

 

(3

)

 

 

-

 

 

 

(3

)

Net cash provided from (used in) operations

 

(49

)

 

 

192

 

 

 

37

 

 

 

-

 

 

 

180

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to property, plant and mine development

 

-

 

 

 

(84

)

 

 

(151

)

 

 

-

 

 

 

(235

)

Acquisitions, net

 

-

 

 

 

-

 

 

 

(28

)

 

 

-

 

 

 

(28

)

Sales of investments

 

25

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

25

 

Purchases of investments

 

-

 

 

 

-

 

 

 

(1

)

 

 

-

 

 

 

(1

)

Proceeds from sale of other assets

 

-

 

 

 

-

 

 

 

70

 

 

 

-

 

 

 

70

 

Other

 

-

 

 

 

3

 

 

 

(12

)

 

 

-

 

 

 

(9

)

Net cash provided from (used in) investing activities

 

25

 

 

 

(81

)

 

 

(122

)

 

 

-

 

 

 

(178

)

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from debt, net

 

(7

)

 

 

-

 

 

 

10

 

 

 

-

 

 

 

3

 

Net intercompany borrowings (repayments)

 

108

 

 

 

(215

)

 

 

107

 

 

 

-

 

 

 

-

 

Acquisition of noncontrolling interests

 

-

 

 

 

-

 

 

 

(2

)

 

 

-

 

 

 

(2

)

Dividends paid to common stockholders

 

(77

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(77

)

Restricted cash and other

 

-

 

 

 

-

 

 

 

(4

)

 

 

-

 

 

 

(4

)

Net cash provided from (used in) financing activities

 

24

 

 

 

(215

)

 

 

111

 

 

 

-

 

 

 

(80

)

Effect of exchange rate changes on cash

 

-

 

 

 

-

 

 

 

(2

)

 

 

-

 

 

 

(2

)

Net change in cash and cash equivalents

 

-

 

 

 

(104

)

 

 

24

 

 

 

-

 

 

 

(80

)

Cash and cash equivalents at beginning of period

 

-

 

 

 

428

 

 

 

1,127

 

 

 

-

 

 

 

1,555

 

Cash and cash equivalents at end of period

$

-

 

 

$

324

 

 

$

1,151

 

 

$

-

 

 

$

1,475

 

 

 

 

At March 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mining

 

 

Mining

 

 

Newmont

 

 

Other

 

 

 

 

 

 

Corporation

 

Condensed Consolidating Balance Sheet

Corporation

 

 

USA

 

 

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

-

 

 

$

1,059

 

 

$

1,539

 

 

$

-

 

 

$

2,598

 

Trade receivables

 

-

 

 

 

28

 

 

 

209

 

 

 

-

 

 

 

237

 

Other accounts receivables

 

-

 

 

 

-

 

 

 

179

 

 

 

-

 

 

 

179

 

Intercompany receivable

 

4,177

 

 

 

6,182

 

 

 

7,097

 

 

 

(17,456

)

 

 

-

 

Investments

 

-

 

 

 

-

 

 

 

39

 

 

 

-

 

 

 

39

 

Inventories

 

-

 

 

 

153

 

 

 

531

 

 

 

-

 

 

 

684

 

Stockpiles and ore on leach pads

 

-

 

 

 

220

 

 

 

533

 

 

 

-

 

 

 

753

 

Deferred income tax assets

 

3

 

 

 

139

 

 

 

81

 

 

 

-

 

 

 

223

 

Other current assets

 

-

 

 

 

56

 

 

 

1,382

 

 

 

-

 

 

 

1,438

 

Current assets

 

4,180

 

 

 

7,837

 

 

 

11,590

 

 

 

(17,456

)

 

 

6,151

 

Property, plant and mine development, net

 

27

 

 

 

3,200

 

 

 

10,424

 

 

 

(39

)

 

 

13,612

 

Investments

 

-

 

 

 

15

 

 

 

257

 

 

 

-

 

 

 

272

 

Investments in subsidiaries

 

14,785

 

 

 

4,109

 

 

 

2,857

 

 

 

(21,751

)

 

 

-

 

Stockpiles and ore on leach pads

 

-

 

 

 

567

 

 

 

2,238

 

 

 

-

 

 

 

2,805

 

Deferred income tax assets

 

182

 

 

 

631

 

 

 

1,506

 

 

 

(491

)

 

 

1,828

 

Long-term intercompany receivable

 

1,864

 

 

 

227

 

 

 

668

 

 

 

(2,759

)

 

 

-

 

Other long-term assets

 

45

 

 

 

232

 

 

 

657

 

 

 

-

 

 

 

934

 

Total assets

$

21,083

 

 

$

16,818

 

 

$

30,197

 

 

$

(42,496

)

 

$

25,602

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt

$

-

 

 

$

1

 

 

$

230

 

 

$

-

 

 

$

231

 

Accounts payable

 

-

 

 

 

64

 

 

 

312

 

 

 

-

 

 

 

376

 

Intercompany payable

 

4,434

 

 

 

5,158

 

 

 

7,864

 

 

 

(17,456

)

 

 

-

 

Employee-related benefits

 

-

 

 

 

79

 

 

 

129

 

 

 

-

 

 

 

208

 

Income and mining taxes

 

-

 

 

 

-

 

 

 

164

 

 

 

-

 

 

 

164

 

Other current liabilities

 

80

 

 

 

143

 

 

 

1,632

 

 

 

-

 

 

 

1,855

 

Current liabilities

 

4,514

 

 

 

5,445

 

 

 

10,331

 

 

 

(17,456

)

 

 

2,834

 

Debt

 

5,862

 

 

 

11

 

 

 

348

 

 

 

-

 

 

 

6,221

 

Reclamation and remediation liabilities

 

-

 

 

 

238

 

 

 

1,379

 

 

 

-

 

 

 

1,617

 

Deferred income tax liabilities

 

-

 

 

 

45

 

 

 

1,153

 

 

 

(491

)

 

 

707

 

Employee-related benefits

 

-

 

 

 

348

 

 

 

150

 

 

 

-

 

 

 

498

 

Long-term intercompany payable

 

245

 

 

 

-

 

 

 

2,553

 

 

 

(2,798

)

 

 

-

 

Other long-term liabilities

 

-

 

 

 

28

 

 

 

334

 

 

 

-

 

 

 

362

 

Total liabilities

 

10,621

 

 

 

6,115

 

 

 

16,248

 

 

 

(20,745

)

 

 

12,239

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont stockholders’ equity

 

10,462

 

 

 

10,703

 

 

 

9,366

 

 

 

(20,069

)

 

 

10,462

 

Noncontrolling interests

 

-

 

 

 

-

 

 

 

4,583

 

 

 

(1,682

)

 

 

2,901

 

Total equity

 

10,462

 

 

 

10,703

 

 

 

13,949

 

 

 

(21,751

)

 

 

13,363

 

Total liabilities and equity

$

21,083

 

 

$

16,818

 

 

$

30,197

 

 

$

(42,496

)

 

$

25,602

 

 

 

At December 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mining

 

 

Mining

 

 

Newmont

 

 

Other

 

 

 

 

 

 

Corporation

 

Condensed Consolidating Balance Sheet

Corporation

 

 

USA

 

 

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

-

 

 

$

1,097

 

 

$

1,306

 

 

$

-

 

 

$

2,403

 

Trade receivables

 

-

 

 

 

23

 

 

 

163

 

 

 

-

 

 

 

186

 

Other accounts receivables

 

-

 

 

 

21

 

 

 

269

 

 

 

-

 

 

 

290

 

Intercompany receivable

 

4,058

 

 

 

6,027

 

 

 

6,698

 

 

 

(16,783

)

 

 

-

 

Investments

 

-

 

 

 

25

 

 

 

48

 

 

 

-

 

 

 

73

 

Inventories

 

-

 

 

 

157

 

 

 

543

 

 

 

-

 

 

 

700

 

Stockpiles and ore on leach pads

 

-

 

 

 

201

 

 

 

465

 

 

 

-

 

 

 

666

 

Deferred income tax assets

 

3

 

 

 

153

 

 

 

84

 

 

 

-

 

 

 

240

 

Other current assets

 

-

 

 

 

95

 

 

 

786

 

 

 

-

 

 

 

881

 

Current assets

 

4,061

 

 

 

7,799

 

 

 

10,362

 

 

 

(16,783

)

 

 

5,439

 

Property, plant and mine development, net

 

28

 

 

 

3,190

 

 

 

10,473

 

 

 

(41

)

 

 

13,650

 

Investments

 

-

 

 

 

13

 

 

 

321

 

 

 

-

 

 

 

334

 

Investments in subsidiaries

 

14,553

 

 

 

4,121

 

 

 

2,822

 

 

 

(21,496

)

 

 

-

 

Stockpiles and ore on leach pads

 

-

 

 

 

580

 

 

 

2,240

 

 

 

-

 

 

 

2,820

 

Deferred income tax assets

 

275

 

 

 

535

 

 

 

1,470

 

 

 

(490

)

 

 

1,790

 

Long-term intercompany receivable

 

1,968

 

 

 

220

 

 

 

700

 

 

 

(2,888

)

 

 

-

 

Other long-term assets

 

48

 

 

 

238

 

 

 

597

 

 

 

-

 

 

 

883

 

Total assets

$

20,933

 

 

$

16,696

 

 

$

28,985

 

 

$

(41,698

)

 

$

24,916

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt

$

-

 

 

$

1

 

 

$

165

 

 

$

-

 

 

$

166

 

Accounts payable

 

-

 

 

 

60

 

 

 

346

 

 

 

-

 

 

 

406

 

Intercompany payable

 

4,299

 

 

 

5,034

 

 

 

7,450

 

 

 

(16,783

)

 

 

-

 

Employee-related benefits

 

-

 

 

 

141

 

 

 

166

 

 

 

-

 

 

 

307

 

Income and mining taxes

 

-

 

 

 

-

 

 

 

74

 

 

 

-

 

 

 

74

 

Other current liabilities

 

67

 

 

 

176

 

 

 

1,002

 

 

 

-

 

 

 

1,245

 

Current liabilities

 

4,366

 

 

 

5,412

 

 

 

9,203

 

 

 

(16,783

)

 

 

2,198

 

Debt

 

6,055

 

 

 

5

 

 

 

420

 

 

 

-

 

 

 

6,480

 

Reclamation and remediation liabilities

 

-

 

 

 

236

 

 

 

1,370

 

 

 

-

 

 

 

1,606

 

Deferred income tax liabilities

 

-

 

 

 

43

 

 

 

1,103

 

 

 

(490

)

 

 

656

 

Employee-related benefits

 

-

 

 

 

343

 

 

 

149

 

 

 

-

 

 

 

492

 

Long-term intercompany payable

 

238

 

 

 

-

 

 

 

2,691

 

 

 

(2,929

)

 

 

-

 

Other long-term liabilities

 

-

 

 

 

37

 

 

 

358

 

 

 

-

 

 

 

395

 

Total liabilities

 

10,659

 

 

 

6,076

 

 

 

15,294

 

 

 

(20,202

)

 

 

11,827

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont stockholders’ equity

 

10,274

 

 

 

10,620

 

 

 

9,225

 

 

 

(19,845

)

 

 

10,274

 

Noncontrolling interests

 

-

 

 

 

-

 

 

 

4,466

 

 

 

(1,651

)

 

 

2,815

 

Total equity

 

10,274

 

 

 

10,620

 

 

 

13,691

 

 

 

(21,496

)

 

 

13,089

 

Total liabilities and equity

$

20,933

 

 

$

16,696

 

 

$

28,985

 

 

$

(41,698

)

 

$

24,916

 

 

COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES

NOTE 25    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.

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 herein 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. The Fronteer matters relate to the Other North America 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 March 31, 2015 and December 31, 2014, $1,512 and $1,497, 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 $42 and $42 at March 31, 2015 and December 31, 2014, 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, $172 and $192 were accrued for such obligations at March 31, 2015 and December 31, 2014, 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 130% greater or 1% lower than the amount accrued at March 31, 2015. 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 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.

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, and the first quarter of 2015, 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. In the first quarter of 2015, the water authority of Cajamarca issued notices of alleged regulatory violations. The alleged OEFA violations currently range from zero to 100,120 units and the water authority alleged violations range from zero to 20,000 units, with each unit having a potential fine equivalent to approximately $.00130 ($0 to $156). Yanacocha and Conga are responding to all notices of alleged violations, but cannot reasonably predict the outcome of the agency allegations.

 

During the first quarter, the Peruvian government agency responsible for certain environmental regulations, Ministry of the Environment ("MINAM"), issued proposed in-stream water quality criteria pursuant to which MINAM may require mining companies, including Yanacocha, to comply. These criteria would modify the in-stream water quality criteria, pursuant to which Yanacocha has been designing water treatment processes and infrastructure, with a compliance deadline of December 2015.  The proposed criteria may require additional and potentially different water treatment infrastructure from that required under the December 2015 compliance deadline.  Yanacocha has appealed for an extension to the December 2015 compliance deadline for these previously announced in-stream water quality criteria, which remains pending.  Yanacocha is currently assessing redesign and treatment options in connection with the recently proposed criteria.  Those redesign and enhanced treatment options may result in increased costs and require additional time for implementation.  If Yanacocha is unsuccessful in appealing or meeting the requirements by the deadlines, it could result in potential fines and penalties relating to intermittent non-compliant exceedances, permitting delays or impacts to operations. See Item1A, Risk Factors in Newmont’s Annual Report on Form 10-K for the year ended December 31, 2014 filed February 20, 2015 for a description of risks relating to hazards and uncertainties associates with mining and compliance with increasing environmental regulations.

Conga Project Constitutional Claim. On October 18, 2012, Marco Antonio Arana Zegarra filed a constitutional claim against the Ministry of Energy and Mines and Yanacocha requesting the Court to order the suspension of Conga Project as well as to declare not applicable the October 27, 2010, directorial resolution approving the Conga Project Environmental Impact Assessment (“EIA”). On October 23, 2012, a Cajamarca judge dismissed the claims based on formal grounds finding that: 1) plaintiffs had not exhausted previous administrative proceedings; 2) the directorial resolution approving the Conga EIA is valid, and was not challenged when issued in the administrative proceedings; 3) there was inadequate evidence to conclude that the Conga Project is a threat to the constitutional right of living in an adequate environment, and; 4) the directorial resolution approving the Conga Project EIA does not guarantee that the Conga Project will proceed, so there was no imminent threat to be addressed by the Court. The plaintiffs appealed the dismissal of the case. The Civil Court of the Superior Court of Cajamarca confirmed the above mentioned resolution and the plaintiff presented an appeal. On March 13, 2015, the Constitutional Court published its ruling stating that the case should be sent back to the first court with an order to formally admit the case and start the judicial process in order to review the claim and the proofs presented by the plaintiff. Yanacocha will answer the claim. Neither the Company nor Yanacocha can reasonably predict the outcome of this litigation.

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 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.

Administrative Claim: On April 8, 2015, PTNNT received a summons for a hearing in Jakarta State Administrative Court in which PTNNT learned that two individual plaintiffs of NTB Province filed a claim with the Jakarta State Administrative Court against the Director General of Mineral and Coal of the Ministry of Energy and Mineral Resources of the Republic of Indonesia (“MEMR”). The claim alleges that the Memorandum of Understanding (“MOU”) between MEMR and PTNNT dated September 3, 2014, and the subsequent granting of an export permit violated Indonesian legal principles of good governance. The administrative claim requests suspension and annulment of the MOU and export permits. PTNNT will request intervention into the case, but cannot reasonably predict the outcome of the litigation.

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 47% 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.

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.

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 2015, $32 in 2016 through 2019 and $190 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 March 31, 2015 and December 31, 2014, there were $1,879 and $1,865, 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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

Risks and Uncertainties

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

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

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

Recently Adopted Accounting Pronouncements

Stock-based compensation

In June 2014, the Financial Accounting Services Board (“FASB”) issued Accounting Standards Update (“ASU”) guidance to resolve the diversity of practice relating to the accounting for stock-based performance awards that the performance target could be achieved after the employee completes the required service period. The update is effective prospectively or retrospectively beginning January 1, 2015. Adoption of the new guidance, effective for the fiscal year beginning January 1, 2015, had no impact on the consolidated financial position, results of operations or cash flows.

Recently Issued Accounting Pronouncements

Debt issuance costs

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

Consolidations

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

Revenue Recognition

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

SEGMENT INFORMATION (Tables)
Financial Information of Company's Segments

 

 

 

Sales

 

 

Costs

Applicable

to Sales

 

 

Depreciation

and Amortization

 

 

Advanced

Projects and

Exploration

 

 

Pre-Tax

Income (Loss)

 

 

Capital

Expenditures (1)

 

Three Months Ended March 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

$

276

 

 

$

178

 

 

$

45

 

 

$

3

 

 

$

47

 

 

$

57

 

Phoenix:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

61

 

 

 

41

 

 

 

10

 

 

 

 

 

 

 

 

 

 

 

 

 

Copper

 

34

 

 

 

25

 

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Phoenix

 

95

 

 

 

66

 

 

 

16

 

 

 

1

 

 

 

8

 

 

 

7

 

Twin Creeks

 

149

 

 

 

59

 

 

 

13

 

 

 

2

 

 

 

74

 

 

 

19

 

Other North America

 

-

 

 

 

-

 

 

 

-

 

 

 

5

 

 

 

(1

)

 

 

6

 

North America

 

520

 

 

 

303

 

 

 

74

 

 

 

11

 

 

 

128

 

 

 

89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

301

 

 

 

114

 

 

 

71

 

 

 

5

 

 

 

94

 

 

 

15

 

Other South America

 

-

 

 

 

-

 

 

 

3

 

 

 

10

 

 

 

(13

)

 

 

-

 

South America

 

301

 

 

 

114

 

 

 

74

 

 

 

15

 

 

 

81

 

 

 

15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

239

 

 

 

157

 

 

 

30

 

 

 

 

 

 

 

 

 

 

 

 

 

Copper

 

47

 

 

 

39

 

 

 

7

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Boddington

 

286

 

 

 

196

 

 

 

37

 

 

 

1

 

 

 

58

 

 

 

11

 

Tanami

 

120

 

 

 

57

 

 

 

19

 

 

 

1

 

 

 

45

 

 

 

16

 

Waihi

 

50

 

 

 

19

 

 

 

5

 

 

 

1

 

 

 

25

 

 

 

6

 

Kalgoorlie

 

74

 

 

 

60

 

 

 

5

 

 

 

-

 

 

 

11

 

 

 

7

 

Batu Hijau:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

114

 

 

 

50

 

 

 

9

 

 

 

 

 

 

 

 

 

 

 

 

 

Copper

 

246

 

 

 

121

 

 

 

21

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Batu Hijau

 

360

 

 

 

171

 

 

 

30

 

 

 

1

 

 

 

135

 

 

 

20

 

Other Asia Pacific

 

-

 

 

 

-

 

 

 

4

 

 

 

1

 

 

 

(9

)

 

 

-

 

Asia Pacific

 

890

 

 

 

503

 

 

 

100

 

 

 

5

 

 

 

265

 

 

 

60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

121

 

 

 

55

 

 

 

15

 

 

 

6

 

 

 

44

 

 

 

21

 

Akyem

 

140

 

 

 

44

 

 

 

22

 

 

 

-

 

 

 

71

 

 

 

11

 

Other Africa

 

-

 

 

 

-

 

 

 

-

 

 

 

1

 

 

 

(3

)

 

 

-

 

Africa

 

261

 

 

 

99

 

 

 

37

 

 

 

7

 

 

 

112

 

 

 

32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other

 

-

 

 

 

-

 

 

 

4

 

 

 

23

 

 

 

(163

)

 

 

92

 

Consolidated

$

1,972

 

 

$

1,019

 

 

$

289

 

 

$

61

 

 

$

423

 

 

$

288

 

 

 

(1) 

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

 

 

 

Sales

 

 

Costs

Applicable

to Sales

 

 

Depreciation

and Amortization

 

 

Advanced

Projects and

Exploration

 

 

Pre-Tax

Income (Loss)

 

 

Capital

Expenditures (1)

 

Three Months Ended March 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlin

$

293

 

 

$

192

 

 

$

35

 

 

$

4

 

 

$

61

 

 

$

42

 

Phoenix:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

70

 

 

 

34

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

Copper

 

32

 

 

 

26

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Phoenix

 

102

 

 

 

60

 

 

 

8

 

 

 

1

 

 

 

29

 

 

 

7

 

Twin Creeks

 

132

 

 

 

55

 

 

 

11

 

 

 

1

 

 

 

111

 

 

 

32

 

La Herradura (2)

 

31

 

 

 

16

 

 

 

8

 

 

 

4

 

 

 

3

 

 

 

6

 

Other North America

 

-

 

 

 

-

 

 

 

-

 

 

 

6

 

 

 

(9

)

 

 

5

 

North America

 

558

 

 

 

323

 

 

 

62

 

 

 

16

 

 

 

195

 

 

 

92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha

 

265

 

 

 

221

 

 

 

101

 

 

 

7

 

 

 

(87

)

 

 

15

 

Other South America

 

-

 

 

 

-

 

 

 

-

 

 

 

8

 

 

 

(8

)

 

 

7

 

South America

 

265

 

 

 

221

 

 

 

101

 

 

 

15

 

 

 

(95

)

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

220

 

 

 

142

 

 

 

25

 

 

 

 

 

 

 

 

 

 

 

 

 

Copper

 

39

 

 

 

40

 

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Boddington

 

259

 

 

 

182

 

 

 

31

 

 

 

-

 

 

 

37

 

 

 

20

 

Tanami

 

105

 

 

 

55

 

 

 

17

 

 

 

1

 

 

 

28

 

 

 

20

 

Jundee (3)

 

82

 

 

 

42

 

 

 

17

 

 

 

1

 

 

 

21

 

 

 

7

 

Waihi

 

33

 

 

 

19

 

 

 

5

 

 

 

-

 

 

 

7

 

 

 

3

 

Kalgoorlie

 

118

 

 

 

77

 

 

 

6

 

 

 

1

 

 

 

33

 

 

 

1

 

Batu Hijau:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

8

 

 

 

8

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

Copper

 

42

 

 

 

57

 

 

 

13

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Batu Hijau

 

50

 

 

 

65

 

 

 

15

 

 

 

1

 

 

 

(51

)

 

 

15

 

Other Asia Pacific

 

-

 

 

 

-

 

 

 

4

 

 

 

1

 

 

 

(12

)

 

 

1

 

Asia Pacific

 

647

 

 

 

440

 

 

 

95

 

 

 

5

 

 

 

63

 

 

 

67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo

 

141

 

 

 

61

 

 

 

16

 

 

 

9

 

 

 

44

 

 

 

22

 

Akyem

 

153

 

 

 

38

 

 

 

21

 

 

 

-

 

 

 

88

 

 

 

-

 

Other Africa

 

-

 

 

 

-

 

 

 

-

 

 

 

2

 

 

 

(3

)

 

 

-

 

Africa

 

294

 

 

 

99

 

 

 

37

 

 

 

11

 

 

 

129

 

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other

 

-

 

 

 

-

 

 

 

3

 

 

 

29

 

 

 

(149

)

 

 

6

 

Consolidated

$

1,764

 

 

$

1,083

 

 

$

298

 

 

$

76

 

 

$

143

 

 

$

209

 

 

 

 

(1)

Includes a decrease in accrued capital expenditures of $26; consolidated capital expenditures on a cash basis were $235.

(2)

On October 6, 2014, the Company sold its 44% interest in La Herradura.

(3)

The Jundee mine was sold July 1, 2014.

 

RECLAMATION AND REMEDIATION (Tables)

The Company’s Reclamation and remediation expense consisted of:

 

 

Three Months Ended March 31,

 

 

2015

 

 

2014

 

Reclamation and remediation

$

1

 

 

$

-

 

Accretion - operating

 

18

 

 

 

18

 

Accretion - non-operating

 

4

 

 

 

2

 

 

$

23

 

 

$

20

 

 

The following is a reconciliation of Reclamation and remediation liabilities:

 

 

Three Months Ended March 31,

 

 

2015

 

 

2014

 

Balance at beginning of period

$

1,689

 

 

$

1,611

 

Additions, changes in estimates and other

 

(3

)

 

 

(8

)

Liabilities settled

 

(24

)

 

 

(8

)

Accretion expense

 

22

 

 

 

20

 

Balance at end of period

$

1,684

 

 

$

1,615

 

 

OTHER EXPENSE, NET (Tables)
Other Expense, Net

 

 

 

Three Months Ended March 31,

 

 

2015

 

 

2014

 

Regional administration

$

14

 

 

$

15

 

Community development

 

8

 

 

 

11

 

Restructuring and other

 

5

 

 

 

7

 

Western Australia power plant

 

2

 

 

 

6

 

Other

 

10

 

 

 

13

 

 

$

39

 

 

$

52

 

 

OTHER INCOME, NET (Tables)
Other Income, Net

 

Three Months Ended March 31,

 

 

2015

 

 

2014

 

Gain (loss) on asset sales, net

$

44

 

 

$

46

 

Foreign currency exchange, net

 

12

 

 

$

(14

)

Refinery Income, net

 

8

 

 

 

4

 

Derivative ineffectiveness, net

 

1

 

 

 

-

 

Gain on sale of investments, net

 

-

 

 

 

4

 

Impairment of marketable securities

 

(57

)

 

 

(1

)

Other

 

3

 

 

 

7

 

 

$

11

 

 

$

46

 

 

INCOME AND MINING TAXES (Tables)
Income and Mining Tax Expense Reconciliation

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 March 31,

 

 

2015

 

 

2014

 

Income (loss) before income and mining

     tax and other items

 

 

 

 

$

423

 

 

 

 

 

 

$

143

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax at statutory rate

 

35

%

 

$

148

 

 

 

35

%

 

$

50

 

Reconciling items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage depletion

 

(3

)%

 

 

(15

)

 

 

(8

)%

 

 

(11

)

Change in valuation allowance on

     deferred tax assets

 

10

%

 

 

44

 

 

 

9

%

 

 

13

 

Mining and other taxes

 

2

%

 

 

8

 

 

 

6

%

 

 

8

 

Disallowed loss on Midas Sale

 

-

 

 

 

-

 

 

 

9

%

 

 

13

 

Effect of foreign earnings, net of credits

 

1

%

 

 

3

 

 

 

2

%

 

 

2

 

Other

 

1

%

 

 

5

 

 

 

2

%

 

 

3

 

Income and mining tax expense (benefit)

 

46

%

 

$

193

 

 

 

55

%

 

$

78

 

 

NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS (Tables)

 

 

Three Months Ended March 31,

 

 

2015

 

 

2014

 

Minera Yanacocha

$

5

 

 

$

(29

)

Batu Hijau

 

45

 

 

 

(23

)

TMAC

 

(6

)

 

 

(1

)

Other

 

2

 

 

 

1

 

 

$

46

 

 

$

(52

)

 

The following summarizes the assets and liabilities, inclusive of deferred tax assets and deferred tax liabilities, of our consolidated VIEs (including noncontrolling interests).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At March 31, 2015

 

 

At December 31, 2014

 

 

Total Assets

 

 

Total Liabilities

 

 

Total Assets

 

 

Total Liabilities

 

TMAC

$

59

 

 

$

16

 

 

$

38

 

 

$

17

 

Batu Hijau

$

3,294

 

 

$

1,213

 

 

$

3,150

 

 

$

1,155

 

 

INCOME (LOSS) PER COMMON SHARE (Tables)
Summary of Income (Loss) per Common Share, Basic and Diluted

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 March 31,

 

 

2015

 

 

2014

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Newmont stockholders

 

 

 

 

 

 

 

Continuing operations

$

175

 

 

$

117

 

Discontinued operations

 

8

 

 

 

(17

)

 

$

183

 

 

$

100

 

 

 

 

 

 

 

 

 

Weighted average common shares (millions):

 

 

 

 

 

 

 

Basic

 

499

 

 

 

498

 

Effect of employee stock-based awards

 

1

 

 

 

1

 

Diluted

 

500

 

 

 

499

 

 

 

 

 

 

 

 

 

Income (loss) per common share

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

Continuing operations

$

0.35

 

 

$

0.23

 

Discontinued operations

 

0.02

 

 

 

(0.03

)

 

$

0.37

 

 

$

0.20

 

Diluted:

 

 

 

 

 

 

 

Continuing operations

$

0.35

 

 

$

0.23

 

Discontinued operations

 

0.02

 

 

 

(0.03

)

 

$

0.37

 

 

$

0.20

 

 

EMPLOYEE PENSION AND OTHER BENEFIT PLANS (Tables)
Employee Pension and Other Benefit Plans

 

 

Three Months Ended March 31,

 

 

2015

 

 

2014

 

Pension benefit costs, net

 

 

 

 

 

 

 

Service cost

$

8

 

 

$

6

 

Interest cost

 

11

 

 

 

10

 

Expected return on plan assets

 

(15

)

 

 

(13

)

Amortization, net

 

7

 

 

 

3

 

 

$

11

 

 

$

6

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2015

 

 

2014

 

Other benefit costs, net

 

 

 

 

 

 

 

Service cost

$

1

 

 

$

1

 

Interest cost

 

2

 

 

 

2

 

 

$

3

 

 

$

3

 

 

STOCK BASED COMPENSATION (Tables)
Stock Option and Other Stock Based Compensation

 

 

Three Months Ended March 31,

 

 

2015

 

 

2014

 

Stock options

$

-

 

 

$

1

 

Restricted stock units

 

8

 

 

 

7

 

Performance leveraged stock units

 

10

 

 

 

3

 

Strategic performance units

 

2

 

 

 

3

 

 

$

20

 

 

$

14

 

 

FAIR VALUE ACCOUNTING (Tables)

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 March 31, 2015

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

$

1,314

 

 

$

1,314

 

 

$

-

 

 

$

-

 

Marketable equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Extractive industries

 

140

 

 

 

140

 

 

 

-

 

 

 

-

 

Other

 

17

 

 

 

17

 

 

 

-

 

 

 

-

 

Marketable debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset backed commercial paper

 

21

 

 

 

-

 

 

 

-

 

 

 

21

 

Auction rate securities

 

7

 

 

 

-

 

 

 

-

 

 

 

7

 

Trade receivable from provisional copper and

     gold concentrate sales, net

 

219

 

 

 

219

 

 

 

-

 

 

 

-

 

 

$

1,718

 

 

$

1,690

 

 

$

-

 

 

$

28

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative instruments, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange forward contracts

$

99

 

 

$

-

 

 

$

99

 

 

$

-

 

Diesel forward contracts

 

33

 

 

 

-

 

 

 

33

 

 

 

-

 

Boddington contingent consideration

 

10

 

 

 

-

 

 

 

-

 

 

 

10

 

Holt property royalty

 

164

 

 

 

-

 

 

 

-

 

 

 

164

 

 

$

306

 

 

$

-

 

 

$

132

 

 

$

174

 

 

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 March 31, 2015:

 

Description

At March 31, 2015

 

 

Valuation technique

 

Unobservable input

 

Range/Weighted

average

 

Auction Rate Securities

$

7

 

 

Discounted cash flow

 

Weighted average recoverability rate

 

 

85

%

Asset Backed Commercial Paper

21

 

 

Discounted cash flow

 

Recoverability rate

 

 

90

%

Boddington Contingent Consideration

 

10

 

 

Monte Carlo

 

Discount rate

 

 

4

%

 

 

 

 

 

 

 

Long-term gold price

 

$

1,300

 

 

 

 

 

 

 

 

Long-term copper price

 

$

3.00

 

Holt property royalty

164

 

 

Monte Carlo

 

Weighted average discount rate

 

 

4

%

 

 

 

 

 

 

 

Long-term gold price

 

$

1,300

 

 

The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial assets and liabilities at March 31, 2015:

 

 

Auction Rate

Securities

 

 

Asset Backed

Commercial

Paper

 

 

Total Assets

 

 

Boddington

Contingent

Royalty

 

 

Holt Property

Royalty

 

 

Total Liabilities

 

Balance at beginning of period

$

6

 

 

$

24

 

 

$

30

 

 

$

10

 

 

$

179

 

 

$

189

 

Settlements

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3

)

 

 

(3

)

Revaluation

 

1

 

 

 

(3

)

 

 

(2

)

 

 

-

 

 

 

(12

)

 

 

(12

)

Balance at end of period

$

7

 

 

$

21

 

 

$

28

 

 

$

10

 

 

$

164

 

 

$

174

 

 

DERIVATIVE INSTRUMENTS (Tables)

Newmont had the following foreign currency derivative contracts outstanding at March 31, 2015:

 

 

Expected Maturity Date

 

 

2015

 

 

2016

 

 

2017

 

 

2018

 

 

Total/Average

 

A$ Operating Fixed Forward Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A$ notional (millions)

 

197

 

 

 

158

 

 

 

105

 

 

 

6

 

 

 

466

 

Average rate ($/A$)

 

0.97

 

 

 

0.95

 

 

 

0.93

 

 

 

0.92

 

 

 

0.96

 

Expected hedge ratio

 

21

%

 

 

12

%

 

 

8

%

 

 

4

%

 

 

 

 

NZ$ Operating Fixed Forward Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NZ$ notional (millions)

 

38

 

 

 

12

 

 

 

-

 

 

 

-

 

 

 

50

 

Average rate ($/NZ$)

 

0.80

 

 

 

0.80

 

 

 

-

 

 

 

-

 

 

 

0.80

 

Expected hedge ratio

 

41

%

 

 

15

%

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont had the following diesel derivative contracts outstanding at March 31, 2015:

 

 

Expected Maturity Date

 

 

2015

 

 

2016

 

 

2017

 

 

Total/Average

 

Diesel Fixed Forward Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diesel gallons (millions)

 

17

 

 

 

15

 

 

 

4

 

 

 

36

 

Average rate ($/gallon)

 

2.71

 

 

 

2.62

 

 

 

2.69

 

 

 

2.67

 

Expected Nevada hedge ratio

 

58

%

 

 

36

%

 

 

12

%

 

 

 

 

 

Newmont had the following derivative instruments designated as hedges at March 31, 2015 and December 31, 2014:

 

 

Fair Values of Derivative Instruments

 

 

At March 31, 2015

 

 

Other Current Assets

 

 

Other Long-Term Assets

 

 

Other Current Liabilities

 

 

Other Long-Term Liabilities

 

Foreign currency exchange contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A$ operating fixed forwards

$

-

 

 

$

-

 

 

$

52

 

 

$

44

 

NZ$ operating fixed forwards

 

-

 

 

 

-

 

 

 

3

 

 

 

-

 

Diesel fixed forwards

 

-

 

 

 

-

 

 

 

23

 

 

 

10

 

Total derivative instruments (Notes 18 and 20)

$

-

 

 

$

-

 

 

$

78

 

 

$

54

 

 

 

Fair Values of Derivative Instruments

 

 

At December 31, 2014

 

 

Other Current Assets

 

 

Other Long-Term Assets

 

 

Other Current Liabilities

 

 

Other Long-Term Liabilities

 

Foreign currency exchange contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A$ operating fixed forwards

$

-

 

 

$

-

 

 

$

45

 

 

$

40

 

NZ$ operating fixed forwards

 

-

 

 

 

-

 

 

 

2

 

 

 

1

 

Diesel fixed forwards

 

1

 

 

 

-

 

 

 

25

 

 

 

12

 

Total derivative instruments (Notes 18 and 20)

$

1

 

 

$

-

 

 

$

72

 

 

$

53

 

 

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.

 

 

 

 

Foreign Currency Exchange Contracts

 

 

Diesel Fixed Forward Contracts

 

 

Forward Starting Swap Contracts

 

For the three months ended March 31,

2015

 

 

2014

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Cash flow hedging relationships:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) recognized in other comprehensive income

$

(27

)

 

$

34

 

 

$

(5

)

 

$

(2

)

 

$

-

 

 

$

-

 

Gain (loss) reclassified from Accumulated other comprehensive income into income (effective portion) (1)

$

(7

)

 

$

5

 

 

$

(7

)

 

$

-

 

 

$

(5

)

 

$

(5

)

Gain (loss) reclassified from Accumulated other comprehensive income into income (ineffective portion) (2)

$

-

 

 

$

-

 

 

$

1

 

 

$

-

 

 

$

-

 

 

$

-

 

 

(1)

The gain (loss) recognized for the effective portion of cash flow hedges is included in Cost applicable to sales, Other Expense, net and Interest expense, net.

(2)

The ineffective portion recognized for cash flow hedges in included in Other Income, net.

INVESTMENTS (Tables)

 

 

At March 31, 2015

 

 

Cost/Equity

 

 

Unrealized

 

 

Fair/Equity

 

 

Basis

 

 

Gain

 

 

Loss

 

 

Basis

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable Equity Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gabriel Resources Ltd.

$

31

 

 

$

-

 

 

$

(16

)

 

$

15

 

Other

 

24

 

 

 

4

 

 

 

(4

)

 

 

24

 

 

$

55

 

 

$

4

 

 

$

(20

)

 

$

39

 

Long-term:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable Debt Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset backed commercial paper

$

20

 

 

$

1

 

 

$

-

 

 

$

21

 

Auction rate securities

 

8

 

 

 

-

 

 

 

(1

)

 

 

7

 

 

 

28

 

 

 

1

 

 

 

(1

)

 

 

28

 

Marketable Equity Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regis Resources Ltd.

 

97

 

 

 

-

 

 

 

-

 

 

 

97

 

Other

 

18

 

 

 

3

 

 

 

-

 

 

 

21

 

 

 

115

 

 

 

3

 

 

 

-

 

 

 

118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other investments, at cost

 

14

 

 

 

-

 

 

 

-

 

 

 

14

 

Investment in Affiliates:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Euronimba Ltd.

 

3

 

 

 

-

 

 

 

-

 

 

 

3

 

Minera La Zanja S.R.L.

 

94

 

 

 

-

 

 

 

-

 

 

 

94

 

Novo Resources Corp.

 

15

 

 

 

-

 

 

 

-

 

 

 

15

 

 

$

269

 

 

$

4

 

 

$

(1

)

 

$

272

 

 

 

At December 31, 2014

 

 

Cost/Equity

 

 

Unrealized

 

 

Fair/Equity

 

 

Basis

 

 

Gain

 

 

Loss

 

 

Basis

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable Equity Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gabriel Resources Ltd.

$

34

 

 

$

-

 

 

$

(17

)

 

$

17

 

Other

 

30

 

 

 

3

 

 

 

(2

)

 

 

31

 

 

 

64

 

 

 

3

 

 

 

(19

)

 

 

48

 

Certificate of Deposit

 

25

 

 

 

-

 

 

 

-

 

 

 

25

 

 

$

89

 

 

$

3

 

 

$

(19

)

 

$

73

 

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.

 

153

 

 

 

-

 

 

 

-

 

 

 

153

 

Other

 

17

 

 

 

2

 

 

 

-

 

 

 

19

 

 

 

170

 

 

 

2

 

 

 

-

 

 

 

172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other investments, at cost

 

14

 

 

 

-

 

 

 

-

 

 

 

14

 

Investment in Affiliates:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Euronimba Ltd.

 

2

 

 

 

 

 

 

 

 

 

 

 

2

 

Minera La Zanja S.R.L.

 

101

 

 

 

-

 

 

 

-

 

 

 

101

 

Novo Resources Corp.

 

15

 

 

 

-

 

 

 

-

 

 

 

15

 

 

$

332

 

 

$

4

 

 

$

(2

)

 

$

334

 

 

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 March 31, 2015

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

Marketable equity securities

$

25

 

 

$

20

 

 

$

-

 

 

$

-

 

 

$

25

 

 

$

20

 

Auction rate securities

 

-

 

 

 

-

 

 

 

7

 

 

 

1

 

 

 

7

 

 

 

1

 

 

$

25

 

 

$

20

 

 

$

7

 

 

$

1

 

 

$

32

 

 

$

21

 

 

 

Less than 12 Months

 

 

12 Months or Greater

 

 

Total

 

At December 31, 2014

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

Marketable equity securities

$

33

 

 

$

19

 

 

$

-

 

 

$

-

 

 

$

33

 

 

$

19

 

Auction rate securities

 

-

 

 

 

-

 

 

 

6

 

 

 

2

 

 

 

6

 

 

 

2

 

 

$

33

 

 

$

19

 

 

$

6

 

 

$

2

 

 

$

39

 

 

$

21

 

 

INVENTORIES (Tables)
Summary of Inventories

 

 

At March 31,

 

 

At December 31,

 

 

2015

 

 

2014

 

In-process

$

125

 

 

$

127

 

Concentrate and copper cathode

 

88

 

 

 

110

 

Precious metals

 

16

 

 

 

12

 

Materials, supplies and other

 

455

 

 

 

451

 

 

$

684

 

 

$

700

 

 

STOCKPILES AND ORE ON LEACH PADS (Tables)

 

 

At March 31,

 

 

At December 31,

 

 

2015

 

 

2014

 

Current:

 

 

 

 

 

 

 

Stockpiles

$

536

 

 

$

445

 

Ore on leach pads

 

217

 

 

 

221

 

 

$

753

 

 

$

666

 

Long-term:

 

 

 

 

 

 

 

Stockpiles

$

2,555

 

 

$

2,599

 

Ore on leach pads

 

250

 

 

 

221

 

 

$

2,805

 

 

$

2,820

 

 

 

 

At March 31,

 

 

At December 31,

 

 

2015

 

 

2014

 

Stockpiles and ore on leach pads:

 

 

 

 

 

 

 

Carlin

$

408

 

 

$

399

 

Phoenix

 

103

 

 

 

103

 

Twin Creeks

 

283

 

 

 

285

 

Yanacocha

 

482

 

 

 

459

 

Boddington

 

391

 

 

 

390

 

Tanami

 

13

 

 

 

14

 

Waihi

 

3

 

 

 

2

 

Kalgoorlie

 

122

 

 

 

116

 

Batu Hijau

 

1,251

 

 

 

1,242

 

Ahafo

 

396

 

 

 

376

 

Akyem

 

106

 

 

 

100

 

 

$

3,558

 

 

$

3,486

 

 

OTHER ASSETS (Tables)
Other Assets

 

 

At March 31,

 

 

At December 31,

 

 

2015

 

 

2014

 

Other current assets:

 

 

 

 

 

 

 

Refinery metal inventory and receivable

$

1,252

 

 

$

606

 

Prepaid assets

 

91

 

 

 

147

 

Other refinery metal receivables

 

90

 

 

 

124

 

Derivative instruments

 

-

 

 

 

1

 

Other

 

5

 

 

 

3

 

 

$

1,438

 

 

$

881

 

 

 

 

 

 

 

 

 

Other long-term assets:

 

 

 

 

 

 

 

Income tax receivable

$

222

 

 

$

215

 

Restricted cash

 

182

 

 

 

127

 

Prepaid royalties

 

125

 

 

 

125

 

Intangible assets

 

107

 

 

 

109

 

Goodwill

 

105

 

 

 

105

 

Taxes other than income and mining

 

62

 

 

 

59

 

Debt issuance costs

 

56

 

 

 

58

 

Prepaid maintenance costs

 

28

 

 

 

30

 

Other

 

47

 

 

 

55

 

 

$

934

 

 

$

883

 

 

OTHER LIABILITIES (Tables)
Other Liabilities

 

 

At March 31,

 

 

At December 31,

 

 

2015

 

 

2014

 

Other current liabilities:

 

 

 

 

 

 

 

Refinery metal payable and liabilities

$

1,252

 

 

$

606

 

Deferred income tax

 

132

 

 

 

132

 

Accrued operating costs

 

94

 

 

 

99

 

Interest

 

82

 

 

 

71

 

Derivative instruments

 

78

 

 

 

72

 

Reclamation and remediation liabilities

 

67

 

 

 

83

 

Accrued capital expenditures

 

62

 

 

 

59

 

Royalties

 

46

 

 

 

67

 

Taxes other than income and mining

 

19

 

 

 

21

 

Holt property royalty

 

13

 

 

 

12

 

Other

 

10

 

 

 

23

 

 

$

1,855

 

 

$

1,245

 

 

 

 

 

 

 

 

 

Other long-term liabilities:

 

 

 

 

 

 

 

Holt property royalty

$

151

 

 

$

167

 

Income and mining taxes

 

63

 

 

 

79

 

Derivative instruments

 

54

 

 

 

53

 

Power supply agreements

 

32

 

 

 

35

 

Social development obligations

 

29

 

 

 

29

 

Boddington contingent consideration

 

10

 

 

 

10

 

Other

 

23

 

 

 

22

 

 

$

362

 

 

$

395

 

 

CHANGES IN EQUITY (Tables)
Changes in Equity

 

Three Months Ended March 31,

 

 

2015

 

 

2014

 

Common stock:

 

 

 

 

 

 

 

At beginning of period

$

798

 

 

$

789

 

Redemptions of Exchangeable Shares

 

-

 

 

 

8

 

Stock-based awards

 

2

 

 

 

1

 

At end of period

 

800

 

 

 

798

 

Additional paid-in capital:

 

 

 

 

 

 

 

At beginning of period

 

8,712

 

 

 

8,441

 

Redemption of Exchangeable Shares

 

-

 

 

 

(8

)

Stock-based awards

 

17

 

 

 

25

 

Sale of noncontrolling interests

 

12

 

 

 

-

 

At end of period

 

8,741

 

 

 

8,458

 

Accumulated other comprehensive income (loss):

 

 

 

 

 

 

 

At beginning of period

 

(478

)

 

 

(182

)

Other comprehensive income (loss)

 

(14

)

 

 

(23

)

At end of period

 

(492

)

 

 

(205

)

Retained earnings:

 

 

 

 

 

 

 

At beginning of period

 

1,242

 

 

 

945

 

Net income (loss) attributable to Newmont stockholders

 

183

 

 

 

100

 

Dividends Paid

 

(12

)

 

 

(77

)

At end of period

 

1,413

 

 

 

968

 

Noncontrolling interests:

 

 

 

 

 

 

 

At beginning of period

 

2,815

 

 

 

2,916

 

Net income (loss) attributable to noncontrolling interests

 

46

 

 

 

(52

)

Dividends paid to noncontrolling interests

 

(3

)

 

 

-

 

Sale of noncontrolling interests, net

 

43

 

 

 

-

 

Other comprehensive income

 

-

 

 

 

(2

)

At end of period

 

2,901

 

 

 

2,862

 

Total equity

$

13,363

 

 

$

12,881

 

 

RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
Schedule of 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, 2014

$

(142

)

 

$

127

 

 

$

(249

)

 

$

(214

)

 

$

(478

)

Change in other comprehensive income (loss)

     before reclassifications

 

(55

)

 

 

(10

)

 

 

-

 

 

 

(22

)

 

 

(87

)

Reclassifications from accumulated other

     comprehensive income (loss)

 

56

 

 

 

-

 

 

 

5

 

 

 

12

 

 

 

73

 

Net current-period other comprehensive

     income (loss)

 

1

 

 

 

(10

)

 

 

5

 

 

 

(10

)

 

 

(14

)

March 31, 2015

$

(141

)

 

$

117

 

 

$

(244

)

 

$

(224

)

 

$

(492

)

 

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 Income

 

 

Three Months Ended March 31, 2015

 

 

Three Months Ended March 31, 2014

 

 

 

Marketable securities adjustments:

 

 

 

 

 

 

 

 

 

 

Sale of marketable securities

 

$

(1

)

 

$

(4

)

 

Other income, net

Impairment of marketable

     securities

 

 

57

 

 

 

1

 

 

Other income, net

Total before tax

 

 

56

 

 

 

(3

)

 

 

Tax benefit (expense)

 

 

-

 

 

 

1

 

 

 

Net of tax

 

$

56

 

 

$

(2

)

 

 

Pension liability adjustments:

 

 

 

 

 

 

 

 

 

 

Amortization, net

 

$

7

 

 

$

3

 

 

(1)

Total before tax

 

 

7

 

 

 

3

 

 

 

Tax benefit (expense)

 

 

(2

)

 

 

(1

)

 

 

Net of tax

 

$

5

 

 

$

2

 

 

 

Hedge instruments adjustments:

 

 

 

 

 

 

 

 

 

 

Operating cash flow hedges

 

$

14

 

 

$

(5

)

 

Costs applicable to sales

Operating cash flow hedges

 

 

(1

)

 

 

-

 

 

Other income, net

Forward starting swap hedges

 

 

5

 

 

 

5

 

 

Interest expense, net

Total before tax

 

 

18

 

 

 

-

 

 

 

Tax benefit (expense)

 

 

(6

)

 

 

-

 

 

 

Net of tax

 

$

12

 

 

$

-

 

 

 

Total reclassifications for the period,

     net of tax

 

$

73

 

 

$

-

 

 

 

 

(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 2 to the Consolidated Financial Statements for the year ended December 31, 2014 filed February 20, 2015 on Form 10-K for information on costs that benefit the inventory/production process.

 

 

NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Tables)
Net Cash Provided from Operations Attributable to the 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:

 

 

Three Months Ended March 31,

 

 

2015

 

 

2014

 

Decrease (increase) in operating assets:

 

 

 

 

 

 

 

Trade and other accounts receivables

$

38

 

 

$

(16

)

Inventories, stockpiles and ore on leach pads

 

(60

)

 

 

(182

)

EGR refinery and other assets

 

(657

)

 

 

(256

)

Other assets

 

85

 

 

 

(50

)

Increase (decrease) in operating liabilities:

 

 

 

 

 

 

 

Accounts payable and other accrued liabilities

 

(112

)

 

 

(94

)

EGR refinery and other liabilities

 

657

 

 

 

256

 

Reclamation liabilities

 

(24

)

 

 

(8

)

 

$

(73

)

 

$

(350

)

 

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)

 

 

Three Months Ended March 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mining

 

 

Mining

 

 

Newmont

 

 

Other

 

 

 

 

 

 

Corporation

 

Condensed Consolidating Statement of Operation

Corporation

 

 

USA

 

 

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

$

-

 

 

$

502

 

 

$

1,470

 

 

$

-

 

 

$

1,972

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs applicable to sales (1)

 

-

 

 

 

288

 

 

 

731

 

 

 

-

 

 

 

1,019

 

Depreciation and amortization

 

1

 

 

 

77

 

 

 

211

 

 

 

-

 

 

 

289

 

Reclamation and remediation

 

-

 

 

 

3

 

 

 

20

 

 

 

-

 

 

 

23

 

Exploration

 

-

 

 

 

6

 

 

 

27

 

 

 

-

 

 

 

33

 

Advanced projects, research and development

 

-

 

 

 

3

 

 

 

25

 

 

 

-

 

 

 

28

 

General and administrative

 

-

 

 

 

12

 

 

 

32

 

 

 

-

 

 

 

44

 

Other expense, net

 

-

 

 

 

6

 

 

 

33

 

 

 

-

 

 

 

39

 

 

 

1

 

 

 

395

 

 

 

1,079

 

 

 

-

 

 

 

1,475

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

(28

)

 

 

9

 

 

 

30

 

 

 

-

 

 

 

11

 

Interest income - intercompany

 

33

 

 

 

-

 

 

 

5

 

 

 

(38

)

 

 

-

 

Interest expense - intercompany

 

(3

)

 

 

-

 

 

 

(35

)

 

 

38

 

 

 

-

 

Interest expense, net

 

(77

)

 

 

(1

)

 

 

(7

)

 

 

-

 

 

 

(85

)

 

 

(75

)

 

 

8

 

 

 

(7

)

 

 

-

 

 

 

(74

)

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

 

(76

)

 

 

115

 

 

 

384

 

 

 

-

 

 

 

423

 

Income and mining tax benefit (expense)

 

25

 

 

 

(29

)

 

 

(189

)

 

 

-

 

 

 

(193

)

Equity income (loss) of affiliates

 

234

 

 

 

(11

)

 

 

23

 

 

 

(255

)

 

 

(9

)

Income (loss) from continuing operations

 

183

 

 

 

75

 

 

 

218

 

 

 

(255

)

 

 

221

 

Income (loss) from discontinued operations

 

-

 

 

 

-

 

 

 

8

 

 

 

-

 

 

 

8

 

Net income (loss)

 

183

 

 

 

75

 

 

 

226

 

 

 

(255

)

 

 

229

 

Net loss (income) attributable to noncontrolling interests

 

-

 

 

 

-

 

 

 

(77

)

 

 

31

 

 

 

(46

)

Net income (loss) attributable to Newmont stockholders

$

183

 

 

$

75

 

 

$

149

 

 

$

(224

)

 

$

183

 

Comprehensive income (loss)

 

170

 

 

 

82

 

 

 

200

 

 

 

(237

)

 

 

215

 

Comprehensive loss (income) attributable to noncontrolling interests

 

-

 

 

 

-

 

 

 

(71

)

 

 

25

 

 

 

(46

)

Comprehensive income (loss) attributable to Newmont stockholders

$

170

 

 

$

82

 

 

$

129

 

 

$

(212

)

 

$

169

 

(1)

Excludes Depreciation and amortization and Reclamation and remediation.

 

Three Months Ended March 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mining

 

 

Mining

 

 

Newmont

 

 

Other

 

 

 

 

 

 

Corporation

 

Condensed Consolidating Statement of Operation

Corporation

 

 

USA

 

 

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

$

-

 

 

$

500

 

 

$

1,264

 

 

$

-

 

 

$

1,764

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs applicable to sales (1)

 

-

 

 

 

298

 

 

 

785

 

 

 

-

 

 

 

1,083

 

Depreciation and amortization

 

1

 

 

 

54

 

 

 

243

 

 

 

-

 

 

 

298

 

Reclamation and remediation

 

-

 

 

 

2

 

 

 

18

 

 

 

-

 

 

 

20

 

Exploration

 

-

 

 

 

4

 

 

 

30

 

 

 

-

 

 

 

34

 

Advanced projects, research and development

 

-

 

 

 

11

 

 

 

31

 

 

 

-

 

 

 

42

 

General and administrative

 

-

 

 

 

19

 

 

 

26

 

 

 

-

 

 

 

45

 

Other expense, net

 

-

 

 

 

6

 

 

 

46

 

 

 

-

 

 

 

52

 

 

 

1

 

 

 

394

 

 

 

1,179

 

 

 

-

 

 

 

1,574

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

(1

)

 

 

60

 

 

 

(13

)

 

 

-

 

 

 

46

 

Interest income - intercompany

 

30

 

 

 

-

 

 

 

2

 

 

 

(32

)

 

 

-

 

Interest expense - intercompany

 

(2

)

 

 

-

 

 

 

(30

)

 

 

32

 

 

 

-

 

Interest expense, net

 

(82

)

 

 

(1

)

 

 

(10

)

 

 

-

 

 

 

(93

)

 

 

(55

)

 

 

59

 

 

 

(51

)

 

 

-

 

 

 

(47

)

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

 

(56

)

 

 

165

 

 

 

34

 

 

 

-

 

 

 

143

 

Income and mining tax benefit (expense)

 

29

 

 

 

(38

)

 

 

(69

)

 

 

-

 

 

 

(78

)

Equity income (loss) of affiliates

 

127

 

 

 

(151

)

 

 

(17

)

 

 

41

 

 

 

-

 

Income (loss) from continuing operations

 

100

 

 

 

(24

)

 

 

(52

)

 

 

41

 

 

 

65

 

Income (loss) from discontinued operations

 

-

 

 

 

-

 

 

 

(17

)

 

 

-

 

 

 

(17

)

Net income (loss)

 

100

 

 

 

(24

)

 

 

(69

)

 

 

41

 

 

 

48

 

Net loss (income) attributable to noncontrolling interests

 

-

 

 

 

-

 

 

 

66

 

 

 

(14

)

 

 

52

 

Net income (loss) attributable to Newmont stockholders

$

100

 

 

$

(24

)

 

$

(3

)

 

$

27

 

 

$

100

 

Comprehensive income (loss)

 

77

 

 

 

(22

)

 

 

(84

)

 

 

52

 

 

 

23

 

Comprehensive loss (income) attributable to noncontrolling interests

 

-

 

 

 

-

 

 

 

65

 

 

 

(11

)

 

 

54

 

Comprehensive income (loss) attributable to Newmont stockholders

$

77

 

 

$

(22

)

 

$

(19

)

 

$

41

 

 

$

77

 

(1)

Excludes Depreciation and amortization and Reclamation and remediation.

 

Three Months Ended March 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mining

 

 

Mining

 

 

Newmont

 

 

Other

 

 

 

 

 

 

Corporation

 

Condensed Consolidating Statement of Cash Flows

Corporation

 

 

USA

 

 

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

183

 

 

$

75

 

 

$

226

 

 

$

(255

)

 

$

229

 

Adjustments

 

(184

)

 

 

133

 

 

 

268

 

 

 

255

 

 

 

472

 

Net change in operating assets and liabilities

 

103

 

 

 

(180

)

 

 

4

 

 

 

-

 

 

 

(73

)

Net cash provided from continuing operations

 

102

 

 

 

28

 

 

 

498

 

 

 

-

 

 

 

628

 

Net cash used in discontinued operations

 

-

 

 

 

-

 

 

 

(3

)

 

 

-

 

 

 

(3

)

Net cash provided from operations

 

102

 

 

 

28

 

 

 

495

 

 

 

-

 

 

 

625

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to property, plant and mine development

 

-

 

 

 

(81

)

 

 

(203

)

 

 

-

 

 

 

(284

)

Sales of investments

 

-

 

 

 

25

 

 

 

4

 

 

 

-

 

 

 

29

 

Proceeds from sale of other assets

 

-

 

 

 

6

 

 

 

38

 

 

 

-

 

 

 

44

 

Other

 

-

 

 

 

-

 

 

 

(3

)

 

 

-

 

 

 

(3

)

Net cash used in investing activities

 

-

 

 

 

(50

)

 

 

(164

)

 

 

-

 

 

 

(214

)

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repayment of debt

 

(200

)

 

 

-

 

 

 

(5

)

 

 

-

 

 

 

(205

)

Net intercompany borrowings (repayments)

 

112

 

 

 

(20

)

 

 

(92

)

 

 

-

 

 

 

-

 

Sale of noncontrolling interests

 

-

 

 

 

3

 

 

 

34

 

 

 

-

 

 

 

37

 

Funding from noncontrolling interests

 

-

 

 

 

-

 

 

 

47

 

 

 

-

 

 

 

47

 

Acquisition of noncontrolling interests

 

-

 

 

 

-

 

 

 

(3

)

 

 

-

 

 

 

(3

)

Dividends paid to noncontrolling interests

 

-

 

 

 

-

 

 

 

(3

)

 

 

-

 

 

 

(3

)

Dividends paid to common stockholders

 

(12

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(12

)

Restricted cash and other

 

(2

)

 

 

1

 

 

 

(56

)

 

 

-

 

 

 

(57

)

Net cash used in financing activities

 

(102

)

 

 

(16

)

 

 

(78

)

 

 

-

 

 

 

(196

)

Effect of exchange rate changes on cash

 

-

 

 

 

-

 

 

 

(20

)

 

 

-

 

 

 

(20

)

Net change in cash and cash equivalents

 

-

 

 

 

(38

)

 

 

233

 

 

 

-

 

 

 

195

 

Cash and cash equivalents at beginning of period

 

-

 

 

 

1,097

 

 

 

1,306

 

 

 

-

 

 

 

2,403

 

Cash and cash equivalents at end of period

$

-

 

 

$

1,059

 

 

$

1,539

 

 

$

-

 

 

$

2,598

 

 

 

Three Months Ended March 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mining

 

 

Mining

 

 

Newmont

 

 

Other

 

 

 

 

 

 

Corporation

 

Condensed Consolidating Statement of Cash Flows

Corporation

 

 

USA

 

 

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

100

 

 

$

(24

)

 

$

(69

)

 

$

41

 

 

$

48

 

Adjustments

 

(120

)

 

 

261

 

 

 

385

 

 

 

(41

)

 

 

485

 

Net change in operating assets and liabilities

 

(29

)

 

 

(45

)

 

 

(276

)

 

 

-

 

 

 

(350

)

Net cash provided from (used in) continuing operations

 

(49

)

 

 

192

 

 

 

40

 

 

 

-

 

 

 

183

 

Net cash used in discontinued operations

 

-

 

 

 

-

 

 

 

(3

)

 

 

-

 

 

 

(3

)

Net cash provided from (used in) operations

 

(49

)

 

 

192

 

 

 

37

 

 

 

-

 

 

 

180

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to property, plant and mine development

 

-

 

 

 

(84

)

 

 

(151

)

 

 

-

 

 

 

(235

)

Acquisitions, net

 

-

 

 

 

-

 

 

 

(28

)

 

 

-

 

 

 

(28

)

Sales of investments

 

25

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

25

 

Purchases of investments

 

-

 

 

 

-

 

 

 

(1

)

 

 

-

 

 

 

(1

)

Proceeds from sale of other assets

 

-

 

 

 

-

 

 

 

70

 

 

 

-

 

 

 

70

 

Other

 

-

 

 

 

3

 

 

 

(12

)

 

 

-

 

 

 

(9

)

Net cash provided from (used in) investing activities

 

25

 

 

 

(81

)

 

 

(122

)

 

 

-

 

 

 

(178

)

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from debt, net

 

(7

)

 

 

-

 

 

 

10

 

 

 

-

 

 

 

3

 

Net intercompany borrowings (repayments)

 

108

 

 

 

(215

)

 

 

107

 

 

 

-

 

 

 

-

 

Acquisition of noncontrolling interests

 

-

 

 

 

-

 

 

 

(2

)

 

 

-

 

 

 

(2

)

Dividends paid to common stockholders

 

(77

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(77

)

Restricted cash and other

 

-

 

 

 

-

 

 

 

(4

)

 

 

-

 

 

 

(4

)

Net cash provided from (used in) financing activities

 

24

 

 

 

(215

)

 

 

111

 

 

 

-

 

 

 

(80

)

Effect of exchange rate changes on cash

 

-

 

 

 

-

 

 

 

(2

)

 

 

-

 

 

 

(2

)

Net change in cash and cash equivalents

 

-

 

 

 

(104

)

 

 

24

 

 

 

-

 

 

 

(80

)

Cash and cash equivalents at beginning of period

 

-

 

 

 

428

 

 

 

1,127

 

 

 

-

 

 

 

1,555

 

Cash and cash equivalents at end of period

$

-

 

 

$

324

 

 

$

1,151

 

 

$

-

 

 

$

1,475

 

 

 

 

At March 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mining

 

 

Mining

 

 

Newmont

 

 

Other

 

 

 

 

 

 

Corporation

 

Condensed Consolidating Balance Sheet

Corporation

 

 

USA

 

 

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

-

 

 

$

1,059

 

 

$

1,539

 

 

$

-

 

 

$

2,598

 

Trade receivables

 

-

 

 

 

28

 

 

 

209

 

 

 

-

 

 

 

237

 

Other accounts receivables

 

-

 

 

 

-

 

 

 

179

 

 

 

-

 

 

 

179

 

Intercompany receivable

 

4,177

 

 

 

6,182

 

 

 

7,097

 

 

 

(17,456

)

 

 

-

 

Investments

 

-

 

 

 

-

 

 

 

39

 

 

 

-

 

 

 

39

 

Inventories

 

-

 

 

 

153

 

 

 

531

 

 

 

-

 

 

 

684

 

Stockpiles and ore on leach pads

 

-

 

 

 

220

 

 

 

533

 

 

 

-

 

 

 

753

 

Deferred income tax assets

 

3

 

 

 

139

 

 

 

81

 

 

 

-

 

 

 

223

 

Other current assets

 

-

 

 

 

56

 

 

 

1,382

 

 

 

-

 

 

 

1,438

 

Current assets

 

4,180

 

 

 

7,837

 

 

 

11,590

 

 

 

(17,456

)

 

 

6,151

 

Property, plant and mine development, net

 

27

 

 

 

3,200

 

 

 

10,424

 

 

 

(39

)

 

 

13,612

 

Investments

 

-

 

 

 

15

 

 

 

257

 

 

 

-

 

 

 

272

 

Investments in subsidiaries

 

14,785

 

 

 

4,109

 

 

 

2,857

 

 

 

(21,751

)

 

 

-

 

Stockpiles and ore on leach pads

 

-

 

 

 

567

 

 

 

2,238

 

 

 

-

 

 

 

2,805

 

Deferred income tax assets

 

182

 

 

 

631

 

 

 

1,506

 

 

 

(491

)

 

 

1,828

 

Long-term intercompany receivable

 

1,864

 

 

 

227

 

 

 

668

 

 

 

(2,759

)

 

 

-

 

Other long-term assets

 

45

 

 

 

232

 

 

 

657

 

 

 

-

 

 

 

934

 

Total assets

$

21,083

 

 

$

16,818

 

 

$

30,197

 

 

$

(42,496

)

 

$

25,602

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt

$

-

 

 

$

1

 

 

$

230

 

 

$

-

 

 

$

231

 

Accounts payable

 

-

 

 

 

64

 

 

 

312

 

 

 

-

 

 

 

376

 

Intercompany payable

 

4,434

 

 

 

5,158

 

 

 

7,864

 

 

 

(17,456

)

 

 

-

 

Employee-related benefits

 

-

 

 

 

79

 

 

 

129

 

 

 

-

 

 

 

208

 

Income and mining taxes

 

-

 

 

 

-

 

 

 

164

 

 

 

-

 

 

 

164

 

Other current liabilities

 

80

 

 

 

143

 

 

 

1,632

 

 

 

-

 

 

 

1,855

 

Current liabilities

 

4,514

 

 

 

5,445

 

 

 

10,331

 

 

 

(17,456

)

 

 

2,834

 

Debt

 

5,862

 

 

 

11

 

 

 

348

 

 

 

-

 

 

 

6,221

 

Reclamation and remediation liabilities

 

-

 

 

 

238

 

 

 

1,379

 

 

 

-

 

 

 

1,617

 

Deferred income tax liabilities

 

-

 

 

 

45

 

 

 

1,153

 

 

 

(491

)

 

 

707

 

Employee-related benefits

 

-

 

 

 

348

 

 

 

150

 

 

 

-

 

 

 

498

 

Long-term intercompany payable

 

245

 

 

 

-

 

 

 

2,553

 

 

 

(2,798

)

 

 

-

 

Other long-term liabilities

 

-

 

 

 

28

 

 

 

334

 

 

 

-

 

 

 

362

 

Total liabilities

 

10,621

 

 

 

6,115

 

 

 

16,248

 

 

 

(20,745

)

 

 

12,239

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont stockholders’ equity

 

10,462

 

 

 

10,703

 

 

 

9,366

 

 

 

(20,069

)

 

 

10,462

 

Noncontrolling interests

 

-

 

 

 

-

 

 

 

4,583

 

 

 

(1,682

)

 

 

2,901

 

Total equity

 

10,462

 

 

 

10,703

 

 

 

13,949

 

 

 

(21,751

)

 

 

13,363

 

Total liabilities and equity

$

21,083

 

 

$

16,818

 

 

$

30,197

 

 

$

(42,496

)

 

$

25,602

 

 

 

At December 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont

 

 

Newmont

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mining

 

 

Mining

 

 

Newmont

 

 

Other

 

 

 

 

 

 

Corporation

 

Condensed Consolidating Balance Sheet

Corporation

 

 

USA

 

 

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

-

 

 

$

1,097

 

 

$

1,306

 

 

$

-

 

 

$

2,403

 

Trade receivables

 

-

 

 

 

23

 

 

 

163

 

 

 

-

 

 

 

186

 

Other accounts receivables

 

-

 

 

 

21

 

 

 

269

 

 

 

-

 

 

 

290

 

Intercompany receivable

 

4,058

 

 

 

6,027

 

 

 

6,698

 

 

 

(16,783

)

 

 

-

 

Investments

 

-

 

 

 

25

 

 

 

48

 

 

 

-

 

 

 

73

 

Inventories

 

-

 

 

 

157

 

 

 

543

 

 

 

-

 

 

 

700

 

Stockpiles and ore on leach pads

 

-

 

 

 

201

 

 

 

465

 

 

 

-

 

 

 

666

 

Deferred income tax assets

 

3

 

 

 

153

 

 

 

84

 

 

 

-

 

 

 

240

 

Other current assets

 

-

 

 

 

95

 

 

 

786

 

 

 

-

 

 

 

881

 

Current assets

 

4,061

 

 

 

7,799

 

 

 

10,362

 

 

 

(16,783

)

 

 

5,439

 

Property, plant and mine development, net

 

28

 

 

 

3,190

 

 

 

10,473

 

 

 

(41

)

 

 

13,650

 

Investments

 

-

 

 

 

13

 

 

 

321

 

 

 

-

 

 

 

334

 

Investments in subsidiaries

 

14,553

 

 

 

4,121

 

 

 

2,822

 

 

 

(21,496

)

 

 

-

 

Stockpiles and ore on leach pads

 

-

 

 

 

580

 

 

 

2,240

 

 

 

-

 

 

 

2,820

 

Deferred income tax assets

 

275

 

 

 

535

 

 

 

1,470

 

 

 

(490

)

 

 

1,790

 

Long-term intercompany receivable

 

1,968

 

 

 

220

 

 

 

700

 

 

 

(2,888

)

 

 

-

 

Other long-term assets

 

48

 

 

 

238

 

 

 

597

 

 

 

-

 

 

 

883

 

Total assets

$

20,933

 

 

$

16,696

 

 

$

28,985

 

 

$

(41,698

)

 

$

24,916

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt

$

-

 

 

$

1

 

 

$

165

 

 

$

-

 

 

$

166

 

Accounts payable

 

-

 

 

 

60

 

 

 

346

 

 

 

-

 

 

 

406

 

Intercompany payable

 

4,299

 

 

 

5,034

 

 

 

7,450

 

 

 

(16,783

)

 

 

-

 

Employee-related benefits

 

-

 

 

 

141

 

 

 

166

 

 

 

-

 

 

 

307

 

Income and mining taxes

 

-

 

 

 

-

 

 

 

74

 

 

 

-

 

 

 

74

 

Other current liabilities

 

67

 

 

 

176

 

 

 

1,002

 

 

 

-

 

 

 

1,245

 

Current liabilities

 

4,366

 

 

 

5,412

 

 

 

9,203

 

 

 

(16,783

)

 

 

2,198

 

Debt

 

6,055

 

 

 

5

 

 

 

420

 

 

 

-

 

 

 

6,480

 

Reclamation and remediation liabilities

 

-

 

 

 

236

 

 

 

1,370

 

 

 

-

 

 

 

1,606

 

Deferred income tax liabilities

 

-

 

 

 

43

 

 

 

1,103

 

 

 

(490

)

 

 

656

 

Employee-related benefits

 

-

 

 

 

343

 

 

 

149

 

 

 

-

 

 

 

492

 

Long-term intercompany payable

 

238

 

 

 

-

 

 

 

2,691

 

 

 

(2,929

)

 

 

-

 

Other long-term liabilities

 

-

 

 

 

37

 

 

 

358

 

 

 

-

 

 

 

395

 

Total liabilities

 

10,659

 

 

 

6,076

 

 

 

15,294

 

 

 

(20,202

)

 

 

11,827

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newmont stockholders’ equity

 

10,274

 

 

 

10,620

 

 

 

9,225

 

 

 

(19,845

)

 

 

10,274

 

Noncontrolling interests

 

-

 

 

 

-

 

 

 

4,466

 

 

 

(1,651

)

 

 

2,815

 

Total equity

 

10,274

 

 

 

10,620

 

 

 

13,691

 

 

 

(21,496

)

 

 

13,089

 

Total liabilities and equity

$

20,933

 

 

$

16,696

 

 

$

28,985

 

 

$

(41,698

)

 

$

24,916

 

 

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
0 Months Ended 3 Months Ended
Mar. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Summary Of Significant Accounting Policies [Line Items]
 
 
 
Contract of work negotiations term
 
6 months 
 
Additional contract of work negotiations term
6 months 
 
 
Total Assets
 
$ 25,602 
$ 24,916 
Batu Hijau [Member]
 
 
 
Summary Of Significant Accounting Policies [Line Items]
 
 
 
Total Assets
 
$ 3,256 
$ 3,107 
Segment Information - Financial Information of Company's Segments (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Segment Reporting Information [Line Items]
 
 
Sales
$ 1,972 
$ 1,764 
Costs applicable to sales
1,019 1
1,083 1
Depreciation and amortization
289 
298 
Advanced Projects and Exploration
61 
76 
Pre-Tax Income (Loss)
423 
143 
Capital Expenditures
288 2
209 3
Carlin [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Sales
276 
293 
Costs applicable to sales
178 
192 
Depreciation and amortization
45 
35 
Advanced Projects and Exploration
Pre-Tax Income (Loss)
47 
61 
Capital Expenditures
57 2
42 3
Phoenix [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Sales
95 
102 
Costs applicable to sales
66 
60 
Depreciation and amortization
16 
Advanced Projects and Exploration
Pre-Tax Income (Loss)
29 
Capital Expenditures
2
3
Phoenix [Member] |
Gold [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Sales
61 
70 
Costs applicable to sales
41 
34 
Depreciation and amortization
10 
Phoenix [Member] |
Copper [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Sales
34 
32 
Costs applicable to sales
25 
26 
Depreciation and amortization
Twin Creeks [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Sales
149 
132 
Costs applicable to sales
59 
55 
Depreciation and amortization
13 
11 
Advanced Projects and Exploration
Pre-Tax Income (Loss)
74 
111 
Capital Expenditures
19 2
32 3
La Herradura [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Sales
 
31 4
Costs applicable to sales
 
16 4
Depreciation and amortization
 
4
Advanced Projects and Exploration
 
4
Pre-Tax Income (Loss)
 
4
Capital Expenditures
 
3 4
Other North America [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Advanced Projects and Exploration
Pre-Tax Income (Loss)
(1)
(9)
Capital Expenditures
2
3
North America [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Sales
520 
558 
Costs applicable to sales
303 
323 
Depreciation and amortization
74 
62 
Advanced Projects and Exploration
11 
16 
Pre-Tax Income (Loss)
128 
195 
Capital Expenditures
89 2
92 3
Yanacocha [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Sales
301 
265 
Costs applicable to sales
114 
221 
Depreciation and amortization
71 
101 
Advanced Projects and Exploration
Pre-Tax Income (Loss)
94 
(87)
Capital Expenditures
15 2
15 3
Other South America [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Depreciation and amortization
 
Advanced Projects and Exploration
10 
Pre-Tax Income (Loss)
(13)
(8)
Capital Expenditures
 
3
South America [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Sales
301 
265 
Costs applicable to sales
114 
221 
Depreciation and amortization
74 
101 
Advanced Projects and Exploration
15 
15 
Pre-Tax Income (Loss)
81 
(95)
Capital Expenditures
15 2
22 3
Boddington [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Sales
286 
259 
Costs applicable to sales
196 
182 
Depreciation and amortization
37 
31 
Advanced Projects and Exploration
 
Pre-Tax Income (Loss)
58 
37 
Capital Expenditures
11 2
20 3
Boddington [Member] |
Gold [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Sales
239 
220 
Costs applicable to sales
157 
142 
Depreciation and amortization
30 
25 
Boddington [Member] |
Copper [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Sales
47 
39 
Costs applicable to sales
39 
40 
Depreciation and amortization
Tanami [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Sales
120 
105 
Costs applicable to sales
57 
55 
Depreciation and amortization
19 
17 
Advanced Projects and Exploration
Pre-Tax Income (Loss)
45 
28 
Capital Expenditures
16 2
20 3
Jundee
 
 
Segment Reporting Information [Line Items]
 
 
Sales
 
82 5
Costs applicable to sales
 
42 5
Depreciation and amortization
 
17 5
Advanced Projects and Exploration
 
5
Pre-Tax Income (Loss)
 
21 5
Capital Expenditures
 
3 5
Waihi [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Sales
50 
33 
Costs applicable to sales
19 
19 
Depreciation and amortization
Advanced Projects and Exploration
 
Pre-Tax Income (Loss)
25 
Capital Expenditures
2
3
Kalgoorlie [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Sales
74 
118 
Costs applicable to sales
60 
77 
Depreciation and amortization
Advanced Projects and Exploration
 
Pre-Tax Income (Loss)
11 
33 
Capital Expenditures
2
3
Batu Hijau [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Sales
360 
50 
Costs applicable to sales
171 
65 
Depreciation and amortization
30 
15 
Advanced Projects and Exploration
Pre-Tax Income (Loss)
135 
(51)
Capital Expenditures
20 2
15 3
Batu Hijau [Member] |
Gold [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Sales
114 
Costs applicable to sales
50 
Depreciation and amortization
Batu Hijau [Member] |
Copper [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Sales
246 
42 
Costs applicable to sales
121 
57 
Depreciation and amortization
21 
13 
Other Asia Pacific [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Depreciation and amortization
Advanced Projects and Exploration
Pre-Tax Income (Loss)
(9)
(12)
Capital Expenditures
 
3
Asia Pacific [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Sales
890 
647 
Costs applicable to sales
503 
440 
Depreciation and amortization
100 
95 
Advanced Projects and Exploration
Pre-Tax Income (Loss)
265 
63 
Capital Expenditures
60 2
67 3
Ahafo [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Sales
121 
141 
Costs applicable to sales
55 
61 
Depreciation and amortization
15 
16 
Advanced Projects and Exploration
Pre-Tax Income (Loss)
44 
44 
Capital Expenditures
21 2
22 3
Akyem [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Sales
140 
153 
Costs applicable to sales
44 
38 
Depreciation and amortization
22 
21 
Pre-Tax Income (Loss)
71 
88 
Capital Expenditures
11 2
 
Other Africa [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Advanced Projects and Exploration
Pre-Tax Income (Loss)
(3)
(3)
Africa [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Sales
261 
294 
Costs applicable to sales
99 
99 
Depreciation and amortization
37 
37 
Advanced Projects and Exploration
11 
Pre-Tax Income (Loss)
112 
129 
Capital Expenditures
32 2
22 3
Corporate and Other [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Depreciation and amortization
Advanced Projects and Exploration
23 
29 
Pre-Tax Income (Loss)
(163)
(149)
Capital Expenditures
$ 92 2
$ 6 3
Segment Information - Financial Information of Company's Segments (Parenthetical) (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Oct. 6, 2014
La Herradura [Member]
Segment Reporting Information [Line Items]
 
 
 
Change in accrued capital expenditures
$ 4 
$ (26)
 
Consolidated capital expenditures on a cash basis
$ 284 
$ 235 
 
Ownership/Economic interest in subsidiaries
 
 
44.00% 
Reclamation and Remediation - Reclamation and Remediation Expense (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Schedule Of Accrual For Asset Retirement Obligations [Line Items]
 
 
Reclamation and remediation
$ 1 
 
Accretion expense
22 
20 
Reclamation and remediation
23 
20 
Operating Expense [Member]
 
 
Schedule Of Accrual For Asset Retirement Obligations [Line Items]
 
 
Accretion expense
18 
18 
Non-Operating [Member]
 
 
Schedule Of Accrual For Asset Retirement Obligations [Line Items]
 
 
Accretion expense
$ 4 
$ 2 
Reclamation and Remediation - Reconciliation of Reclamation and Remediation Liabilities (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Asset Retirement Obligation Disclosure [Abstract]
 
 
Balance at beginning of period
$ 1,689 
$ 1,611 
Additions, changes in estimates and other
(3)
(8)
Liabilities settled
(24)
(8)
Accretion expense
22 
20 
Balance at end of period
$ 1,684 
$ 1,615 
Reclamation and Remediation - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Asset Retirement Obligation Disclosure [Abstract]
 
 
Accrued for reclamation obligations relating to operating properties
$ 1,512 
$ 1,497 
Asset retirement obligation
172 
192 
Current portion of reclamation and remediation liabilities
$ 67 
$ 83 
Other Expense, Net - Other Expense, Net (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Other Expense Net [Abstract]
 
 
Regional administration
$ 14 
$ 15 
Community development
11 
Restructuring and other
Western Australia power plant
Other
10 
13 
Other expense, net
$ 39 
$ 52 
Other Income, Net - Other Income, Net (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Other Income And Expenses [Abstract]
 
 
Gain (loss) on asset sales, net
$ 44 
$ 46 
Foreign currency exchange, net
12 
(14)
Refinery Income, net
Derivative ineffectiveness, net
 
Gain on sale of investments, net
 
Impairment of marketable securities
(57)
(1)
Other
Other Income, net
$ 11 
$ 46 
Income and Mining Taxes - Income and Mining Tax Expense Reconciliation (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Income Tax Disclosure [Abstract]
 
 
Income (loss) before income and mining tax and other items
$ 423 
$ 143 
Tax at statutory rate
35.00% 
35.00% 
Percentage depletion
(3.00%)
(8.00%)
Change in valuation allowance on deferred tax assets
10.00% 
9.00% 
Mining and other taxes
2.00% 
6.00% 
Disallowed loss on Midas Sale
 
9.00% 
Effect of foreign earnings, net of credits
1.00% 
2.00% 
Other
1.00% 
2.00% 
Income and mining tax expense (benefit)
46.00% 
55.00% 
Tax at statutory rate
148 
50 
Percentage depletion
(15)
(11)
Change in valuation allowance on deferred tax assets
44 
13 
Mining and other taxes
Disallowed loss on Midas Sale
 
13 
Effect of foreign earnings, net of credits
Other
Income and mining tax expense (benefit)
$ 193 
$ 78 
Income and Mining Taxes - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Income Tax Disclosure [Abstract]
 
Total unrecognized tax benefit
$ 398 
Unrecognized Tax Benefits that Would Impact Effective Tax Rate
80 
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, lower bound
(50)
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, upper bound
$ (55)
Discontinued Operations - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Discontinued Operations And Disposal Groups [Abstract]
 
 
Income (loss) from discontinued operations
$ 8 
$ (17)
Loss from discontinued operations, income tax expense (benefit)
(8)
Net cash used in discontinued operations
$ (3)
$ (3)
Net Income (Loss) Attributable to Noncontrolling Interests - Disclosure of Net Income (Loss) Attributable to Noncontrolling Interests (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Noncontrolling Interest [Line Items]
 
 
Net income (loss) attributable to noncontrolling interests
$ 46 
$ (52)
Minera Yanacocha [Member]
 
 
Noncontrolling Interest [Line Items]
 
 
Net income (loss) attributable to noncontrolling interests
(29)
Batu Hijau [Member]
 
 
Noncontrolling Interest [Line Items]
 
 
Net income (loss) attributable to noncontrolling interests
45 
(23)
TMAC [Member]
 
 
Noncontrolling Interest [Line Items]
 
 
Net income (loss) attributable to noncontrolling interests
(6)
(1)
Other [Member]
 
 
Noncontrolling Interest [Line Items]
 
 
Net income (loss) attributable to noncontrolling interests
$ 2 
$ 1 
Net Income (Loss) Attributable to Noncontrolling Interests - Additional Information (Detail)
Mar. 31, 2015
Compania de Minas Buenaventura SAA [Member]
Mar. 31, 2015
Reportable Legal Entities [Member]
International Finance Corporation [Member]
Mar. 31, 2015
Minera Yanacocha [Member]
Mar. 31, 2015
Batu Hijau [Member]
Jan. 31, 2015
TMAC [Member]
Maximum [Member]
Jan. 31, 2015
TMAC [Member]
Minimum [Member]
Noncontrolling Interest [Line Items]
 
 
 
 
 
 
Ownership/Economic interest in subsidiaries
 
 
51.35% 
48.50% 
44.69% 
37.79% 
Noncontrolling interest, ownership percentage by noncontrolling owners
43.65% 
5.00% 
 
 
 
 
Net Income (Loss) Attributable to Noncontrolling Interests - Summary of Assets and Liabilities of Consolidated VIEs (Detail) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
TMAC [Member]
 
 
Noncontrolling Interest [Line Items]
 
 
Total Assets
$ 59 
$ 38 
Total Liabilities
16 
17 
Batu Hijau [Member]
 
 
Noncontrolling Interest [Line Items]
 
 
Total Assets
3,294 
3,150 
Total Liabilities
$ 1,213 
$ 1,155 
Income (Loss) Per Common Share - Summary of Income (Loss) per Common Share, Basic and Diluted (Detail) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Net income (loss) attributable to Newmont stockholders:
 
 
Continuing operations
$ 175 
$ 117 
Discontinued operations
(17)
Net income (loss) attributable to Newmont stockholders
$ 183 
$ 100 
Weighted average common shares (millions):
 
 
Basic
499 
498 
Effect of employee stock-based awards
Diluted
500 
499 
Basic:
 
 
Continuing operations
$ 0.35 
$ 0.23 
Discontinued operations
$ 0.02 
$ (0.03)
Income (loss) per common share, basic
$ 0.37 
$ 0.20 
Diluted:
 
 
Continuing operations
$ 0.35 
$ 0.23 
Discontinued operations
$ 0.02 
$ (0.03)
Income (loss) per common share, diluted
$ 0.37 
$ 0.20 
Income (Loss) Per Common Share - Additional Information (Detail) (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
 
 
Anti-dilutive shares
 
Options to purchase common shares average exercise price
$ 48 
$ 48 
Equity Option [Member]
 
 
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
 
 
Anti-dilutive shares
3,000,000 
3,000,000 
Employee Pension and Other Benefit Plans - Employee Pension and Other Benefit Plans (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Pension Benefit Costs [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Service cost
$ 8 
$ 6 
Interest cost
11 
10 
Expected return on plan assets
(15)
(13)
Amortization, net
Benefit costs, net
11 
Other Benefit Costs [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Service cost
Interest cost
Benefit costs, net
$ 3 
$ 3 
Stock Based Compensation - Stock Option and Other Stock Based Compensation (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
 
 
Stock-based compensation
$ 20 
$ 14 
Stock options [Member]
 
 
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
 
 
Stock-based compensation
 
Restricted stock units [Member]
 
 
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
 
 
Stock-based compensation
Performance leveraged stock units [Member]
 
 
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
 
 
Stock-based compensation
10 
Strategic performance units [Member]
 
 
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
 
 
Stock-based compensation
$ 2 
$ 3 
Fair Value Accounting - Fair Value Measurement of Assets and Liabilities (Detail) (Fair Value, Measurements, Recurring [Member], USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Assets:
 
Cash equivalents
$ 1,314 
Trade receivable, net
219 
Assets
1,718 
Liabilities:
 
Contingent consideration
10 
Royalty
164 
Liabilities
306 
Foreign exchange forward contracts [Member]
 
Liabilities:
 
Derivative instruments, net
99 
Diesel Forward Contracts [Member]
 
Liabilities:
 
Derivative instruments, net
33 
Level 1 [Member]
 
Assets:
 
Cash equivalents
1,314 
Trade receivable, net
219 
Assets
1,690 
Level 2 [Member]
 
Liabilities:
 
Liabilities
132 
Level 2 [Member] |
Foreign exchange forward contracts [Member]
 
Liabilities:
 
Derivative instruments, net
99 
Level 2 [Member] |
Diesel Forward Contracts [Member]
 
Liabilities:
 
Derivative instruments, net
33 
Level 3 [Member]
 
Assets:
 
Assets
28 
Liabilities:
 
Contingent consideration
10 
Royalty
164 
Liabilities
174 
Extractive Industries [Member]
 
Assets:
 
Marketable securities
140 
Extractive Industries [Member] |
Level 1 [Member]
 
Assets:
 
Marketable securities
140 
Other Industries [Member]
 
Assets:
 
Marketable securities
17 
Other Industries [Member] |
Level 1 [Member]
 
Assets:
 
Marketable securities
17 
Asset backed commercial paper [Member]
 
Assets:
 
Marketable securities
21 
Asset backed commercial paper [Member] |
Level 3 [Member]
 
Assets:
 
Marketable securities
21 
Auction rate securities [Member]
 
Assets:
 
Marketable securities
Auction rate securities [Member] |
Level 3 [Member]
 
Assets:
 
Marketable securities
$ 7 
Fair Value Accounting - Additional Information (Detail) (USD $)
Mar. 31, 2015
Level 2 [Member]
 
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
 
Estimated fair value of outstanding debt
$ 6,437 
Carrying value of debt
$ 6,452 
Level 3 [Member]
 
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
 
Assets measured at fair value hierarchy, percent
2.00% 
Liabilities measured at fair value hierarchy, percent
57.00% 
Fair Value Accounting - Fair Value Inputs Assets Liabilities Quantitative Information (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
Mar. 31, 2015
Dec. 31, 2014
Mar. 31, 2015
Boddington Contingent Consideration [Member]
Dec. 31, 2014
Boddington Contingent Consideration [Member]
Mar. 31, 2015
Holt Property Royalty [Member]
Dec. 31, 2014
Holt Property Royalty [Member]
Mar. 31, 2015
Auction rate securities [Member]
Dec. 31, 2014
Auction rate securities [Member]
Mar. 31, 2015
Asset backed commercial paper [Member]
Dec. 31, 2014
Asset backed commercial paper [Member]
Mar. 31, 2015
Level 3 [Member]
Boddington Contingent Consideration [Member]
Mar. 31, 2015
Level 3 [Member]
Holt Property Royalty [Member]
Mar. 31, 2015
Level 3 [Member]
Discounted Cash Flow [Member]
Auction rate securities [Member]
Mar. 31, 2015
Level 3 [Member]
Discounted Cash Flow [Member]
Auction rate securities [Member]
Weighted Average [Member]
Mar. 31, 2015
Level 3 [Member]
Discounted Cash Flow [Member]
Asset backed commercial paper [Member]
Mar. 31, 2015
Level 3 [Member]
Discounted Cash Flow [Member]
Asset backed commercial paper [Member]
Weighted Average [Member]
Mar. 31, 2015
Level 3 [Member]
Monte Carlo [Member]
Boddington Contingent Consideration [Member]
Mar. 31, 2015
Level 3 [Member]
Monte Carlo [Member]
Holt Property Royalty [Member]
Mar. 31, 2015
Level 3 [Member]
Monte Carlo [Member]
Holt Property Royalty [Member]
Weighted Average [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at end of period, assets
$ 28 
$ 30 
 
 
 
 
$ 7 
$ 6 
$ 21 
$ 24 
 
 
$ 7 
 
$ 21 
 
 
 
 
Balance at end of period, liabilities
$ 174 
$ 189 
$ 10 
$ 10 
$ 164 
$ 179 
 
 
 
 
 
 
 
 
 
 
$ 10 
$ 164 
 
Fair Value Inputs, Recoverability Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
85.00% 
 
90.00% 
 
 
 
Fair Value Inputs, Discount Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.00% 
 
4.00% 
Fair Value Inputs, Long-term gold price
 
 
 
 
 
 
 
 
 
 
1,300 
1,300 
 
 
 
 
 
 
 
Fair Value Inputs, Long-term copper price
 
 
 
 
 
 
 
 
 
 
3.00 
 
 
 
 
 
 
 
 
Fair Value Accounting - Changes in the Fair Value of the Company's Level 3 Financial Assets and Liabilities (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 3 Months Ended
Mar. 31, 2015
Mar. 31, 2015
Boddington Contingent Consideration [Member]
Dec. 31, 2014
Boddington Contingent Consideration [Member]
Mar. 31, 2015
Holt Property Royalty [Member]
Mar. 31, 2015
Auction rate securities [Member]
Mar. 31, 2015
Asset backed commercial paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
 
 
 
 
 
 
Balance at beginning of period, assets
$ 30 
 
 
 
$ 6 
$ 24 
Revaluation
(2)
 
 
 
(3)
Balance at end of period, assets
28 
 
 
 
21 
Balance at beginning of period, liabilities
189 
10 
10 
179 
 
 
Settlements
(3)
 
 
(3)
 
 
Revaluation
(12)
 
 
(12)
 
 
Balance at end of period, liabilities
$ 174 
$ 10 
$ 10 
$ 164 
 
 
Derivative Instruments - Foreign Currency Derivative Contracts Outstanding (Detail) (Cash Flow Hedging [Member], Foreign Currency Exchange Contracts [Member])
In Millions, unless otherwise specified
Mar. 31, 2015
AUD [Member]
AUD ($)
Mar. 31, 2015
NZD [Member]
NZD ($)
Mar. 31, 2015
Expected Maturity Date Year 2015 [Member]
AUD [Member]
AUD ($)
Mar. 31, 2015
Expected Maturity Date Year 2015 [Member]
NZD [Member]
NZD ($)
Mar. 31, 2015
Expected Maturity Date Year 2016 [Member]
AUD [Member]
AUD ($)
Mar. 31, 2015
Expected Maturity Date Year 2016 [Member]
NZD [Member]
NZD ($)
Mar. 31, 2015
Expected Maturity Date Year 2017 [Member]
AUD [Member]
AUD ($)
Mar. 31, 2015
Expected Maturity Date Year 2018 [Member]
AUD [Member]
AUD ($)
Derivatives, Fair Value [Line Items]
 
 
 
 
 
 
 
 
Derivative notional amount
$ 466 
$ 50 
$ 197 
$ 38 
$ 158 
$ 12 
$ 105 
$ 6 
Average rate
0.96 
0.80 
0.97 
0.80 
0.95 
0.80 
0.93 
0.92 
Expected hedge ratio
 
 
21.00% 
41.00% 
12.00% 
15.00% 
8.00% 
4.00% 
Derivative Instruments - Diesel Derivative Contracts Outstanding (Detail) (Cash Flow Hedging [Member], Forward Contracts [Member])
Mar. 31, 2015
gal
Derivatives, Fair Value [Line Items]
 
Diesel gallons
36,000,000 
Average rate
2.67 
Expected Maturity Date Year 2015 [Member]
 
Derivatives, Fair Value [Line Items]
 
Diesel gallons
17,000,000 
Average rate
2.71 
Expected hedge ratio
58.00% 
Expected Maturity Date Year 2016 [Member]
 
Derivatives, Fair Value [Line Items]
 
Diesel gallons
15,000,000 
Average rate
2.62 
Expected hedge ratio
36.00% 
Expected Maturity Date Year 2017 [Member]
 
Derivatives, Fair Value [Line Items]
 
Diesel gallons
4,000,000 
Average rate
2.69 
Expected hedge ratio
12.00% 
Derivative Instruments - Fair Values of Derivative Instruments Designated as Hedges (Detail) (Cash Flow Hedging [Member], Designated as Hedging Instrument [Member], USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Other Current Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value of Derivative Instruments, Assets
 
$ 1 
Other Current Assets [Member] |
Diesel Fixed Forward Contracts [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value of Derivative Instruments, Assets
 
Other Current Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value of Derivative Instruments, Liabilities
78 
72 
Other Current Liabilities [Member] |
Foreign Currency Exchange Contracts [Member] |
AUD [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value of Derivative Instruments, Liabilities
52 
45 
Other Current Liabilities [Member] |
Foreign Currency Exchange Contracts [Member] |
NZD [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value of Derivative Instruments, Liabilities
Other Current Liabilities [Member] |
Diesel Fixed Forward Contracts [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value of Derivative Instruments, Liabilities
23 
25 
Other Long-Term Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value of Derivative Instruments, Liabilities
54 
53 
Other Long-Term Liabilities [Member] |
Foreign Currency Exchange Contracts [Member] |
AUD [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value of Derivative Instruments, Liabilities
44 
40 
Other Long-Term Liabilities [Member] |
Foreign Currency Exchange Contracts [Member] |
NZD [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value of Derivative Instruments, Liabilities
 
Other Long-Term Liabilities [Member] |
Diesel Fixed Forward Contracts [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair Value of Derivative Instruments, Liabilities
$ 10 
$ 12 
Derivative Instruments - Location and Amount of Gains (Losses) Reported in Condensed Consolidated Financial Statements (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Derivatives, Fair Value [Line Items]
 
 
Gain (loss) reclassified from Accumulated other comprehensive income into income (ineffective portion)
$ 1 
 
Cash Flow Hedging [Member] |
Foreign Currency Exchange Contracts [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Gain (loss) recognized in other comprehensive income
(27)
34 
Gain (loss) reclassified from Accumulated other comprehensive income into income (effective portion)
(7)1
1
Cash Flow Hedging [Member] |
Diesel Forward Contracts [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Gain (loss) recognized in other comprehensive income
(5)
(2)
Gain (loss) reclassified from Accumulated other comprehensive income into income (effective portion)
(7)1
 
Gain (loss) reclassified from Accumulated other comprehensive income into income (ineffective portion)
2
 
Cash Flow Hedging [Member] |
Forward Starting Swap Contracts [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Gain (loss) reclassified from Accumulated other comprehensive income into income (effective portion)
$ (5)1
$ (5)1
Derivative Instruments - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Derivatives, Fair Value [Line Items]
 
Approximate loss amount to be reclassified from accumulated other comprehensive income (loss), net of tax to income
$ (55)
Gold [Member]
 
Derivatives, Fair Value [Line Items]
 
Provisional pricing quantity sales
161,000 
Average price, subject to final pricing
1,187.00 
Copper [Member]
 
Derivatives, Fair Value [Line Items]
 
Provisional pricing quantity sales
157,000,000 
Average price, subject to final pricing
2.73 
Investments - Investment in Marketable Securities (Detail) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
 
 
Investments
$ 272 
$ 334 
Current [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Cost/Equity Basis
 
89 
Unrealized Gain
 
Unrealized Loss
 
(19)
Fair/Equity Basis - Current Marketable Equity Securities
 
73 
Current [Member] |
Certificate of Deposit [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Cost/Equity Basis
 
25 
Fair/Equity Basis - Current Marketable Equity Securities
 
25 
Current [Member] |
Marketable Equity Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Cost/Equity Basis
55 
64 
Unrealized Gain
Unrealized Loss
(20)
(19)
Fair/Equity Basis - Current Marketable Equity Securities
39 
48 
Current [Member] |
Marketable Equity Securities [Member] |
Gabriel Resources Ltd [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Cost/Equity Basis
31 
34 
Unrealized Loss
(16)
(17)
Fair/Equity Basis - Current Marketable Equity Securities
15 
17 
Current [Member] |
Marketable Equity Securities [Member] |
Other Marketable Equity Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Cost/Equity Basis
24 
30 
Unrealized Gain
Unrealized Loss
(4)
(2)
Fair/Equity Basis - Current Marketable Equity Securities
24 
31 
Long-Term [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Cost/Equity Basis
269 
332 
Unrealized Gain
Unrealized Loss
(1)
(2)
Investments
272 
334 
Long-Term [Member] |
Euronimba Ltd [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Cost/Equity Basis
Equity Method Investments
Long-Term [Member] |
Minera La Zanja S.R.L. [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Cost/Equity Basis
94 
101 
Equity Method Investments
94 
101 
Long-Term [Member] |
Novo Resources Corp [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Cost/Equity Basis
15 
15 
Equity Method Investments
15 
15 
Long-Term [Member] |
Marketable Equity Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Cost/Equity Basis
115 
170 
Unrealized Gain
Fair/Equity Basis - Long-Term Marketable Equity Securities
118 
172 
Long-Term [Member] |
Marketable Equity Securities [Member] |
Other Marketable Equity Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Cost/Equity Basis
18 
17 
Unrealized Gain
Fair/Equity Basis - Long-Term Marketable Equity Securities
21 
19 
Long-Term [Member] |
Marketable Equity Securities [Member] |
Regis Resources Ltd. [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Cost/Equity Basis
97 
153 
Fair/Equity Basis - Long-Term Marketable Equity Securities
97 
153 
Long-Term [Member] |
Asset backed commercial paper [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Cost/Equity Basis
20 
22 
Unrealized Gain
Fair/Equity Basis - Long-Term Marketable Debt Securities
21 
24 
Long-Term [Member] |
Auction rate securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Cost/Equity Basis
Unrealized Loss
(1)
(2)
Fair/Equity Basis - Long-Term Marketable Debt Securities
Long-Term [Member] |
Debt Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Cost/Equity Basis
28 
30 
Unrealized Gain
Unrealized Loss
(1)
(2)
Fair/Equity Basis - Long-Term Marketable Debt Securities
28 
30 
Long-Term [Member] |
Other Equity Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Cost/Equity Basis
14 
14 
Equity Method Investments
$ 14 
$ 14 
Investments - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
1 Months Ended 3 Months Ended 1 Months Ended
Feb. 28, 2015
Mar. 31, 2015
Mar. 31, 2014
Mar. 31, 2014
Paladin Energy Ltd [Member]
Schedule of Available-for-sale Securities [Line Items]
 
 
 
 
Maturities of certificates of deposit
$ 25 
 
 
 
Proceeds from sale of available for sale securities equity
 
 
 
25 
Gain on sale of investments, net
 
 
 
Impairment of marketable securities
 
$ 57 
$ 1 
 
Investments - Gross Unrealized Losses and Fair Value of the Company's Investments (Detail) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
 
 
Securities continuous unrealized losses less than 12 months - fair value
$ 25 
$ 33 
Unrealized Loss Less than 12 Months
20 
19 
Securities continuous unrealized losses greater than 12 months - fair value
Unrealized Loss 12 Months or Greater
Securities continuous unrealized losses - fair value
32 
39 
Total Unrealized Loss
21 
21 
Marketable Equity Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Securities continuous unrealized losses less than 12 months - fair value
25 
33 
Unrealized Loss Less than 12 Months
20 
19 
Securities continuous unrealized losses - fair value
25 
33 
Total Unrealized Loss
20 
19 
Auction rate securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Securities continuous unrealized losses greater than 12 months - fair value
Unrealized Loss 12 Months or Greater
Securities continuous unrealized losses - fair value
Total Unrealized Loss
$ 1 
$ 2 
Inventories - Summary of Inventories (Detail) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Inventory Net [Abstract]
 
 
In-process
$ 125 
$ 127 
Concentrate and copper cathode
88 
110 
Precious metals
16 
12 
Materials, supplies and other
455 
451 
Total Inventories
$ 684 
$ 700 
Stockpiles and Ore on Leach Pads - Stockpiles and Ore on Leach Pads (Detail) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Stockpiles And Ore On Leach Pads [Line Items]
 
 
Current stockpiles and ore on leach pads
$ 753 
$ 666 
Long-term stockpiles and ore on leach pads
2,805 
2,820 
Stockpiles [Member]
 
 
Stockpiles And Ore On Leach Pads [Line Items]
 
 
Current stockpiles and ore on leach pads
536 
445 
Long-term stockpiles and ore on leach pads
2,555 
2,599 
Ore on Leach Pads [Member]
 
 
Stockpiles And Ore On Leach Pads [Line Items]
 
 
Current stockpiles and ore on leach pads
217 
221 
Long-term stockpiles and ore on leach pads
$ 250 
$ 221 
Stockpiles and Ore on Leach Pads - Stockpiles and Ore on Leach Pads, by Segment (Detail) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Stockpiles And Ore On Leach Pads [Line Items]
 
 
Total stockpiles and ore on leach pads
$ 3,558 
$ 3,486 
Carlin [Member]
 
 
Stockpiles And Ore On Leach Pads [Line Items]
 
 
Total stockpiles and ore on leach pads
408 
399 
Phoenix [Member]
 
 
Stockpiles And Ore On Leach Pads [Line Items]
 
 
Total stockpiles and ore on leach pads
103 
103 
Twin Creeks [Member]
 
 
Stockpiles And Ore On Leach Pads [Line Items]
 
 
Total stockpiles and ore on leach pads
283 
285 
Yanacocha [Member]
 
 
Stockpiles And Ore On Leach Pads [Line Items]
 
 
Total stockpiles and ore on leach pads
482 
459 
Boddington [Member]
 
 
Stockpiles And Ore On Leach Pads [Line Items]
 
 
Total stockpiles and ore on leach pads
391 
390 
Tanami [Member]
 
 
Stockpiles And Ore On Leach Pads [Line Items]
 
 
Total stockpiles and ore on leach pads
13 
14 
Waihi [Member]
 
 
Stockpiles And Ore On Leach Pads [Line Items]
 
 
Total stockpiles and ore on leach pads
Kalgoorlie [Member]
 
 
Stockpiles And Ore On Leach Pads [Line Items]
 
 
Total stockpiles and ore on leach pads
122 
116 
Batu Hijau [Member]
 
 
Stockpiles And Ore On Leach Pads [Line Items]
 
 
Total stockpiles and ore on leach pads
1,251 
1,242 
Ahafo [Member]
 
 
Stockpiles And Ore On Leach Pads [Line Items]
 
 
Total stockpiles and ore on leach pads
396 
376 
Akyem [Member]
 
 
Stockpiles And Ore On Leach Pads [Line Items]
 
 
Total stockpiles and ore on leach pads
$ 106 
$ 100 
Stockpiles and Ore on Leach Pads - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Carlin [Member]
 
 
Stockpiles And Ore On Leach Pads [Line Items]
 
 
Aggregate write-downs
$ 34 
$ 24 
Twin Creeks [Member]
 
 
Stockpiles And Ore On Leach Pads [Line Items]
 
 
Aggregate write-downs
Yanacocha [Member]
 
 
Stockpiles And Ore On Leach Pads [Line Items]
 
 
Aggregate write-downs
54 
Boddington [Member]
 
 
Stockpiles And Ore On Leach Pads [Line Items]
 
 
Aggregate write-downs
21 
30 
Batu Hijau [Member]
 
 
Stockpiles And Ore On Leach Pads [Line Items]
 
 
Aggregate write-downs
 
35 
Costs Applicable to Sales [Member]
 
 
Stockpiles And Ore On Leach Pads [Line Items]
 
 
Aggregate write-downs
49 
110 
Depreciation and Amortization [Member]
 
 
Stockpiles And Ore On Leach Pads [Line Items]
 
 
Aggregate write-downs
$ 17 
$ 35 
Other Assets - Other Assets (Detail) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Other current assets:
 
 
Refinery metal inventory and receivable
$ 1,252 
$ 606 
Prepaid assets
91 
147 
Other refinery metal receivables
90 
124 
Derivative instruments
 
Other
Other current assets, total
1,438 
881 
Other long-term assets:
 
 
Income tax receivable
222 
215 
Restricted cash
182 
127 
Prepaid royalties
125 
125 
Intangible assets
107 
109 
Goodwill
105 
105 
Taxes other than income and mining
62 
59 
Debt issuance costs
56 
58 
Prepaid maintenance costs
28 
30 
Other
47 
55 
Other long-term assets, total
$ 934 
$ 883 
Debt - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 0 Months Ended
Mar. 31, 2015
Mar. 31, 2015
Uncollateralized Term Loan Facility [Member]
Mar. 31, 2015
Corporate Revolving Credit Facility [Member]
Mar. 3, 2015
Corporate Revolving Credit Facility [Member]
Mar. 3, 2015
Corporate Revolving Credit Facility [Member]
Maturity Period, March 3, 2020 [Member]
Mar. 31, 2015
Corporate Revolving Credit Facility [Member]
Maturity Period, March 31, 2019 [Member]
Mar. 3, 2015
Corporate Revolving Credit Facility [Member]
Maturity Period, March 31, 2019 [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
Long-term debt, Maturities, repayments of principal in remainder of fiscal year
$ 160 
 
 
 
 
 
 
Long-term debt, Maturities, repayments of principal in year two
222 
 
 
 
 
 
 
Long-term debt, Maturities, repayments of principal in year three
770 
 
 
 
 
 
 
Long-term debt, Maturities, repayments of principal in year four
 
 
 
 
 
 
Long-term debt, Maturities, repayments of principal in year five
1,175 
 
 
 
 
 
 
Long-term debt, Maturities, repayments of principal after year five
4,200 
 
 
 
 
 
 
Capital leases, maturities, repayments of principal in remainder of fiscal year
 
 
 
 
 
 
Capital leases, maturities, repayments of principal in year two
 
 
 
 
 
 
Capital leases, maturities, repayments of principal in year three
 
 
 
 
 
 
Capital leases, maturities, repayments of principal in year four
 
 
 
 
 
 
Capital leases, maturities, repayments of principal in year five
 
 
 
 
 
 
Capital leases, maturities, repayments of principal thereafter
 
 
 
 
 
 
Term loan repaid
205 
200 
 
 
 
 
 
Debt instrument principal amount
 
275 
 
 
 
 
 
Line of credit facility maximum borrowing capacity
 
 
 
3,000 
2,725 
 
275 
Debt instrument maturity date
 
 
 
 
Mar. 03, 2020 
Mar. 31, 2019 
 
Revolving credit facility
 
 
$ 0 
 
 
 
 
Other Liabilities - Other Liabilities (Detail) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Other current liabilities:
 
 
Refinery metal payable and liabilities
$ 1,252 
$ 606 
Deferred income tax
132 
132 
Accrued operating costs
94 
99 
Interest
82 
71 
Derivative instruments
78 
72 
Reclamation and remediation liabilities
67 
83 
Accrued capital expenditures
62 
59 
Royalties
46 
67 
Taxes other than income and mining
19 
21 
Holt property royalty
13 
12 
Other
10 
23 
Other current liabilities, total
1,855 
1,245 
Other long-term liabilities:
 
 
Holt property royalty
151 
167 
Income and mining taxes
63 
79 
Derivative instruments
54 
53 
Power supply agreements
32 
35 
Social development obligations
29 
29 
Boddington contingent consideration
10 
10 
Other
23 
22 
Other long-term liabilities, total
$ 362 
$ 395 
Changes in Equity - Changes in Equity (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Changes In Equity [Line Items]
 
 
At beginning of period
$ 13,089 
 
Net income (loss) attributable to Newmont stockholders
183 
100 
Net income (loss) attributable to noncontrolling interests
46 
(52)
Other comprehensive income (loss)
(14)
(25)
At end of period
13,363 
12,881 
Common Stock [Member]
 
 
Changes In Equity [Line Items]
 
 
At beginning of period
798 
789 
Redemptions of Exchangeable Shares
 
Stock-based awards
At end of period
800 
798 
Additional Paid-in Capital [Member]
 
 
Changes In Equity [Line Items]
 
 
At beginning of period
8,712 
8,441 
Redemptions of Exchangeable Shares
 
(8)
Stock-based awards
17 
25 
Sale of noncontrolling interests, net
12 
 
At end of period
8,741 
8,458 
Accumulated Other Comprehensive (Loss) Income [Member]
 
 
Changes In Equity [Line Items]
 
 
At beginning of period
(478)
(182)
Other comprehensive income (loss)
(14)
(23)
At end of period
(492)
(205)
Retained Earnings [Member]
 
 
Changes In Equity [Line Items]
 
 
At beginning of period
1,242 
945 
Net income (loss) attributable to Newmont stockholders
183 
100 
Dividends Paid
(12)
(77)
At end of period
1,413 
968 
Noncontrolling Interests [Member]
 
 
Changes In Equity [Line Items]
 
 
At beginning of period
2,815 
2,916 
Net income (loss) attributable to noncontrolling interests
46 
(52)
Dividends paid to noncontrolling interests
(3)
 
Sale of noncontrolling interests, net
43 
 
Other comprehensive income (loss)
 
(2)
At end of period
$ 2,901 
$ 2,862 
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) - Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance
$ (478)
Change in other comprehensive income (loss) before reclassifications
(87)
Reclassifications from accumulated other comprehensive income (loss)
73 
Net current-period other comprehensive income (loss)
(14)
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance
(492)
Unrealized (Loss) on Marketable Securities, Net [Member]
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance
(142)
Change in other comprehensive income (loss) before reclassifications
(55)
Reclassifications from accumulated other comprehensive income (loss)
56 
Net current-period other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance
(141)
Foreign Currency Translation Adjustments [Member]
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance
127 
Change in other comprehensive income (loss) before reclassifications
(10)
Net current-period other comprehensive income (loss)
(10)
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance
117 
Pension and Other Post-Retirement Benefit Adjustments [Member]
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance
(249)
Reclassifications from accumulated other comprehensive income (loss)
Net current-period other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance
(244)
Changes in Fair Value of Cash Flow Hedge Instruments [Member]
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance
(214)
Change in other comprehensive income (loss) before reclassifications
(22)
Reclassifications from accumulated other comprehensive income (loss)
12 
Net current-period other comprehensive income (loss)
(10)
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance
$ (224)
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
Net amount reclassified to income
$ 12 
 
Reclassifications from accumulated other comprehensive income (loss)
73 
 
Unrealized (Loss) on Marketable Securities, Net [Member]
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
Reclassifications from accumulated other comprehensive income (loss)
56 
 
Pension and Other Post-Retirement Benefit Adjustments [Member]
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
Reclassifications from accumulated other comprehensive income (loss)
 
Changes in Fair Value of Cash Flow Hedge Instruments [Member]
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
Reclassifications from accumulated other comprehensive income (loss)
12 
 
Reclassification Out of Accumulated Other Comprehensive Income [Member]
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
Marketable securities adjustments before tax
56 
(3)
Unrealized gain on marketable securities, Net of tax
56 
(2)
Pension liability adjustments: Amortization, net
Pension liability adjustments, Before tax
Pension liability adjustments, Net of tax
Gain (loss) on hedge instruments adjustments before tax
18 
 
Net amount reclassified to income
12 
 
Reclassifications from accumulated other comprehensive income (loss)
73 
 
Reclassification Out of Accumulated Other Comprehensive Income [Member] |
Unrealized (Loss) on Marketable Securities, Net [Member]
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
Tax benefit (expense)
 
Reclassification Out of Accumulated Other Comprehensive Income [Member] |
Pension and Other Post-Retirement Benefit Adjustments [Member]
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
Tax benefit (expense)
(2)
(1)
Reclassification Out of Accumulated Other Comprehensive Income [Member] |
Changes in Fair Value of Cash Flow Hedge Instruments [Member]
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
Tax benefit (expense)
(6)
 
Reclassification Out of Accumulated Other Comprehensive Income [Member] |
Other Income, Net [Member]
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
Marketable securities adjustments: Sale of marketable securities
(1)
(4)
Marketable securities adjustments: Impairment of marketable securities
57 
Gain (loss) on hedge instruments adjustments before tax
(1)
 
Reclassification Out of Accumulated Other Comprehensive Income [Member] |
Costs Applicable to Sales [Member]
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
Gain (loss) on hedge instruments adjustments before tax
14 
(5)
Reclassification Out of Accumulated Other Comprehensive Income [Member] |
Forward Starting Swap Hedges [Member] |
Interest Expense, Net [Member]
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
Gain (loss) on hedge instruments adjustments before tax
$ 5 
$ 5 
Net Change in Operating Assets and Liabilities - Net Cash Provided from Operations Attributable to Net Change in Operating Assets and Liabilities (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Decrease (increase) in operating assets:
 
 
Trade and other accounts receivables
$ 38 
$ (16)
Inventories, stockpiles and ore on leach pads
(60)
(182)
EGR refinery and other assets
(657)
(256)
Other assets
85 
(50)
Increase (decrease) in operating liabilities:
 
 
Accounts payable and other accrued liabilities
(112)
(94)
EGR refinery and other liabilities
657 
256 
Reclamation liabilities
(24)
(8)
Net change in operating assets and liabilities
$ (73)
$ (350)
Condensed Consolidating Financial Statements - Additional Information (Detail) (NUSA [Member])
Mar. 31, 2015
NUSA [Member]
 
Condensed Financial Statements Captions [Line Items]
 
Percent ownership of Newmont USA by Newmont Mining Corporation
100.00% 
Condensed Consolidating Financial Statements - Condensed Consolidating Statement of Operation (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Condensed Financial Statements Captions [Line Items]
 
 
Sales
$ 1,972 
$ 1,764 
Costs and expenses
 
 
Costs applicable to sales
1,019 1
1,083 1
Depreciation and amortization
289 
298 
Reclamation and remediation
23 
20 
Exploration
33 
34 
Advanced projects, research and development
28 
42 
General and administrative
44 
45 
Other expense, net
39 
52 
Total costs and expenses
1,475 
1,574 
Other income (expense)
 
 
Other income, net
11 
46 
Interest expense, net
(85)
(93)
Total other income (expense)
(74)
(47)
Income (loss) before income and mining tax and other items
423 
143 
Income and mining tax benefit (expense)
(193)
(78)
Equity income (loss) of affiliates
(9)
 
Income (loss) from continuing operations
221 
65 
Income (loss) from discontinued operations
(17)
Net income (loss)
229 
48 
Net loss (income) attributable to noncontrolling interests
(46)
52 
Net income (loss) attributable to Newmont stockholders
183 
100 
Comprehensive income (loss)
215 
23 
Noncontrolling interests
(46)
54 
Comprehensive income (loss) attributable to Newmont stockholders
169 
77 
Reportable Legal Entities [Member] |
Newmont Mining Corporation [Member]
 
 
Costs and expenses
 
 
Depreciation and amortization
Total costs and expenses
Other income (expense)
 
 
Other income, net
(28)
(1)
Interest income - intercompany
33 
30 
Interest expense - intercompany
(3)
(2)
Interest expense, net
(77)
(82)
Total other income (expense)
(75)
(55)
Income (loss) before income and mining tax and other items
(76)
(56)
Income and mining tax benefit (expense)
25 
29 
Equity income (loss) of affiliates
234 
127 
Income (loss) from continuing operations
183 
100 
Net income (loss)
183 
100 
Net income (loss) attributable to Newmont stockholders
183 
100 
Comprehensive income (loss)
170 
77 
Comprehensive income (loss) attributable to Newmont stockholders
170 
77 
Reportable Legal Entities [Member] |
Newmont USA [Member]
 
 
Condensed Financial Statements Captions [Line Items]
 
 
Sales
502 
500 
Costs and expenses
 
 
Costs applicable to sales
288 1
298 1
Depreciation and amortization
77 
54 
Reclamation and remediation
Exploration
Advanced projects, research and development
11 
General and administrative
12 
19 
Other expense, net
Total costs and expenses
395 
394 
Other income (expense)
 
 
Other income, net
60 
Interest expense, net
(1)
(1)
Total other income (expense)
59 
Income (loss) before income and mining tax and other items
115 
165 
Income and mining tax benefit (expense)
(29)
(38)
Equity income (loss) of affiliates
(11)
(151)
Income (loss) from continuing operations
75 
(24)
Net income (loss)
75 
(24)
Net income (loss) attributable to Newmont stockholders
75 
(24)
Comprehensive income (loss)
82 
(22)
Comprehensive income (loss) attributable to Newmont stockholders
82 
(22)
Reportable Legal Entities [Member] |
Other Subsidiaries [Member]
 
 
Condensed Financial Statements Captions [Line Items]
 
 
Sales
1,470 
1,264 
Costs and expenses
 
 
Costs applicable to sales
731 1
785 1
Depreciation and amortization
211 
243 
Reclamation and remediation
20 
18 
Exploration
27 
30 
Advanced projects, research and development
25 
31 
General and administrative
32 
26 
Other expense, net
33 
46 
Total costs and expenses
1,079 
1,179 
Other income (expense)
 
 
Other income, net
30 
(13)
Interest income - intercompany
Interest expense - intercompany
(35)
(30)
Interest expense, net
(7)
(10)
Total other income (expense)
(7)
(51)
Income (loss) before income and mining tax and other items
384 
34 
Income and mining tax benefit (expense)
(189)
(69)
Equity income (loss) of affiliates
23 
(17)
Income (loss) from continuing operations
218 
(52)
Income (loss) from discontinued operations
(17)
Net income (loss)
226 
(69)
Net loss (income) attributable to noncontrolling interests
(77)
66 
Net income (loss) attributable to Newmont stockholders
149 
(3)
Comprehensive income (loss)
200 
(84)
Noncontrolling interests
(71)
65 
Comprehensive income (loss) attributable to Newmont stockholders
129 
(19)
Eliminations [Member]
 
 
Other income (expense)
 
 
Interest income - intercompany
(38)
(32)
Interest expense - intercompany
38 
32 
Equity income (loss) of affiliates
(255)
41 
Income (loss) from continuing operations
(255)
41 
Net income (loss)
(255)
41 
Net loss (income) attributable to noncontrolling interests
31 
(14)
Net income (loss) attributable to Newmont stockholders
(224)
27 
Comprehensive income (loss)
(237)
52 
Noncontrolling interests
25 
(11)
Comprehensive income (loss) attributable to Newmont stockholders
$ (212)
$ 41 
Condensed Consolidating Financial Statements - Condensed Consolidating Statement of Cash Flows (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Operating activities:
 
 
Net income (loss)
$ 229 
$ 48 
Adjustments
472 
485 
Net change in operating assets and liabilities
(73)
(350)
Net cash provided from continuing operations
628 
183 
Net cash used in discontinued operations
(3)
(3)
Net cash provided from operations
625 
180 
Investing activities:
 
 
Additions to property, plant and mine development
(284)
(235)
Acquisitions, net
 
(28)
Sales of investments
29 
25 
Purchases of investments
 
(1)
Proceeds from sale of other assets
44 
70 
Other
(3)
(9)
Net cash used in investing activities
(214)
(178)
Financing activities:
 
 
Proceeds from debt, net
 
Repayment of debt
(205)
 
Sale of noncontrolling interests
37 
 
Funding from noncontrolling interests
47 
 
Acquisition of noncontrolling interests
(3)
(2)
Dividends paid to noncontrolling interests
(3)
 
Dividends paid to common stockholders
(12)
(77)
Restricted cash and other
(57)
(4)
Net cash used in financing activities
(196)
(80)
Effect of exchange rate changes on cash
(20)
(2)
Net change in cash and cash equivalents
195 
(80)
Cash and cash equivalents at beginning of period
2,403 
1,555 
Cash and cash equivalents at end of period
2,598 
1,475 
Reportable Legal Entities [Member] |
Newmont Mining Corporation [Member]
 
 
Operating activities:
 
 
Net income (loss)
183 
100 
Adjustments
(184)
(120)
Net change in operating assets and liabilities
103 
(29)
Net cash provided from continuing operations
102 
(49)
Net cash provided from operations
102 
(49)
Investing activities:
 
 
Sales of investments
 
25 
Net cash used in investing activities
 
25 
Financing activities:
 
 
Proceeds from debt, net
 
(7)
Repayment of debt
(200)
 
Net intercompany borrowings (repayments)
112 
108 
Dividends paid to common stockholders
(12)
(77)
Restricted cash and other
(2)
 
Net cash used in financing activities
(102)
24 
Reportable Legal Entities [Member] |
Newmont USA [Member]
 
 
Operating activities:
 
 
Net income (loss)
75 
(24)
Adjustments
133 
261 
Net change in operating assets and liabilities
(180)
(45)
Net cash provided from continuing operations
28 
192 
Net cash provided from operations
28 
192 
Investing activities:
 
 
Additions to property, plant and mine development
(81)
(84)
Sales of investments
25 
 
Proceeds from sale of other assets
 
Other
 
Net cash used in investing activities
(50)
(81)
Financing activities:
 
 
Net intercompany borrowings (repayments)
(20)
(215)
Sale of noncontrolling interests
 
Restricted cash and other
 
Net cash used in financing activities
(16)
(215)
Net change in cash and cash equivalents
(38)
(104)
Cash and cash equivalents at beginning of period
1,097 
428 
Cash and cash equivalents at end of period
1,059 
324 
Reportable Legal Entities [Member] |
Other Subsidiaries [Member]
 
 
Operating activities:
 
 
Net income (loss)
226 
(69)
Adjustments
268 
385 
Net change in operating assets and liabilities
(276)
Net cash provided from continuing operations
498 
40 
Net cash used in discontinued operations
(3)
(3)
Net cash provided from operations
495 
37 
Investing activities:
 
 
Additions to property, plant and mine development
(203)
(151)
Acquisitions, net
 
(28)
Sales of investments
 
Purchases of investments
 
(1)
Proceeds from sale of other assets
38 
70 
Other
(3)
(12)
Net cash used in investing activities
(164)
(122)
Financing activities:
 
 
Proceeds from debt, net
 
10 
Repayment of debt
(5)
 
Net intercompany borrowings (repayments)
(92)
107 
Sale of noncontrolling interests
34 
 
Funding from noncontrolling interests
47 
 
Acquisition of noncontrolling interests
(3)
(2)
Dividends paid to noncontrolling interests
(3)
 
Restricted cash and other
(56)
(4)
Net cash used in financing activities
(78)
111 
Effect of exchange rate changes on cash
(20)
(2)
Net change in cash and cash equivalents
233 
24 
Cash and cash equivalents at beginning of period
1,306 
1,127 
Cash and cash equivalents at end of period
1,539 
1,151 
Eliminations [Member]
 
 
Operating activities:
 
 
Net income (loss)
(255)
41 
Adjustments
$ 255 
$ (41)
Condensed Consolidating Financial Statements - Condensed Consolidating Balance Sheet (Detail) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Mar. 31, 2014
Dec. 31, 2013
Assets
 
 
 
 
Cash and cash equivalents
$ 2,598 
$ 2,403 
$ 1,475 
$ 1,555 
Trade receivables
237 
186 
 
 
Other accounts receivables
179 
290 
 
 
Investments
39 
73 
 
 
Inventories
684 
700 
 
 
Stockpiles and ore on leach pads
753 
666 
 
 
Deferred income tax assets
223 
240 
 
 
Other current assets
1,438 
881 
 
 
Current assets
6,151 
5,439 
 
 
Property, plant and mine development, net
13,612 
13,650 
 
 
Investments
272 
334 
 
 
Stockpiles and ore on leach pads
2,805 
2,820 
 
 
Deferred income tax assets
1,828 
1,790 
 
 
Other long-term assets
934 
883 
 
 
Total assets
25,602 
24,916 
 
 
Liabilities
 
 
 
 
Debt
231 
166 
 
 
Accounts payable
376 
406 
 
 
Employee-related benefits
208 
307 
 
 
Income and mining taxes
164 
74 
 
 
Other current liabilities
1,855 
1,245 
 
 
Current liabilities
2,834 
2,198 
 
 
Debt
6,221 
6,480 
 
 
Reclamation and remediation liabilities
1,617 
1,606 
 
 
Deferred income tax liabilities
707 
656 
 
 
Employee-related benefits
498 
492 
 
 
Other long-term liabilities
362 
395 
 
 
Total liabilities
12,239 
11,827 
 
 
Equity
 
 
 
 
Newmont stockholders’ equity
10,462 
10,274 
 
 
Noncontrolling interests
2,901 
2,815 
 
 
Total equity
13,363 
13,089 
12,881 
 
Total liabilities and equity
25,602 
24,916 
 
 
Reportable Legal Entities [Member] |
Newmont Mining Corporation [Member]
 
 
 
 
Assets
 
 
 
 
Intercompany receivable
4,177 
4,058 
 
 
Deferred income tax assets
 
 
Current assets
4,180 
4,061 
 
 
Property, plant and mine development, net
27 
28 
 
 
Investments in subsidiaries
14,785 
14,553 
 
 
Deferred income tax assets
182 
275 
 
 
Long-term intercompany receivable
1,864 
1,968 
 
 
Other long-term assets
45 
48 
 
 
Total assets
21,083 
20,933 
 
 
Liabilities
 
 
 
 
Intercompany payable
4,434 
4,299 
 
 
Other current liabilities
80 
67 
 
 
Current liabilities
4,514 
4,366 
 
 
Debt
5,862 
6,055 
 
 
Long-term intercompany payable
245 
238 
 
 
Total liabilities
10,621 
10,659 
 
 
Equity
 
 
 
 
Newmont stockholders’ equity
10,462 
10,274 
 
 
Total equity
10,462 
10,274 
 
 
Total liabilities and equity
21,083 
20,933 
 
 
Reportable Legal Entities [Member] |
Newmont USA [Member]
 
 
 
 
Assets
 
 
 
 
Cash and cash equivalents
1,059 
1,097 
324 
428 
Trade receivables
28 
23 
 
 
Other accounts receivables
 
21 
 
 
Intercompany receivable
6,182 
6,027 
 
 
Investments
 
25 
 
 
Inventories
153 
157 
 
 
Stockpiles and ore on leach pads
220 
201 
 
 
Deferred income tax assets
139 
153 
 
 
Other current assets
56 
95 
 
 
Current assets
7,837 
7,799 
 
 
Property, plant and mine development, net
3,200 
3,190 
 
 
Investments
15 
13 
 
 
Investments in subsidiaries
4,109 
4,121 
 
 
Stockpiles and ore on leach pads
567 
580 
 
 
Deferred income tax assets
631 
535 
 
 
Long-term intercompany receivable
227 
220 
 
 
Other long-term assets
232 
238 
 
 
Total assets
16,818 
16,696 
 
 
Liabilities
 
 
 
 
Debt
 
 
Accounts payable
64 
60 
 
 
Intercompany payable
5,158 
5,034 
 
 
Employee-related benefits
79 
141 
 
 
Other current liabilities
143 
176 
 
 
Current liabilities
5,445 
5,412 
 
 
Debt
11 
 
 
Reclamation and remediation liabilities
238 
236 
 
 
Deferred income tax liabilities
45 
43 
 
 
Employee-related benefits
348 
343 
 
 
Other long-term liabilities
28 
37 
 
 
Total liabilities
6,115 
6,076 
 
 
Equity
 
 
 
 
Newmont stockholders’ equity
10,703 
10,620 
 
 
Total equity
10,703 
10,620 
 
 
Total liabilities and equity
16,818 
16,696 
 
 
Reportable Legal Entities [Member] |
Other Subsidiaries [Member]
 
 
 
 
Assets
 
 
 
 
Cash and cash equivalents
1,539 
1,306 
1,151 
1,127 
Trade receivables
209 
163 
 
 
Other accounts receivables
179 
269 
 
 
Intercompany receivable
7,097 
6,698 
 
 
Investments
39 
48 
 
 
Inventories
531 
543 
 
 
Stockpiles and ore on leach pads
533 
465 
 
 
Deferred income tax assets
81 
84 
 
 
Other current assets
1,382 
786 
 
 
Current assets
11,590 
10,362 
 
 
Property, plant and mine development, net
10,424 
10,473 
 
 
Investments
257 
321 
 
 
Investments in subsidiaries
2,857 
2,822 
 
 
Stockpiles and ore on leach pads
2,238 
2,240 
 
 
Deferred income tax assets
1,506 
1,470 
 
 
Long-term intercompany receivable
668 
700 
 
 
Other long-term assets
657 
597 
 
 
Total assets
30,197 
28,985 
 
 
Liabilities
 
 
 
 
Debt
230 
165 
 
 
Accounts payable
312 
346 
 
 
Intercompany payable
7,864 
7,450 
 
 
Employee-related benefits
129 
166 
 
 
Income and mining taxes
164 
74 
 
 
Other current liabilities
1,632 
1,002 
 
 
Current liabilities
10,331 
9,203 
 
 
Debt
348 
420 
 
 
Reclamation and remediation liabilities
1,379 
1,370 
 
 
Deferred income tax liabilities
1,153 
1,103 
 
 
Employee-related benefits
150 
149 
 
 
Long-term intercompany payable
2,553 
2,691 
 
 
Other long-term liabilities
334 
358 
 
 
Total liabilities
16,248 
15,294 
 
 
Equity
 
 
 
 
Newmont stockholders’ equity
9,366 
9,225 
 
 
Noncontrolling interests
4,583 
4,466 
 
 
Total equity
13,949 
13,691 
 
 
Total liabilities and equity
30,197 
28,985 
 
 
Eliminations [Member]
 
 
 
 
Assets
 
 
 
 
Intercompany receivable
(17,456)
(16,783)
 
 
Current assets
(17,456)
(16,783)
 
 
Property, plant and mine development, net
(39)
(41)
 
 
Investments in subsidiaries
(21,751)
(21,496)
 
 
Deferred income tax assets
(491)
(490)
 
 
Long-term intercompany receivable
(2,759)
(2,888)
 
 
Total assets
(42,496)
(41,698)
 
 
Liabilities
 
 
 
 
Intercompany payable
(17,456)
(16,783)
 
 
Current liabilities
(17,456)
(16,783)
 
 
Deferred income tax liabilities
(491)
(490)
 
 
Long-term intercompany payable
(2,798)
(2,929)
 
 
Total liabilities
(20,745)
(20,202)
 
 
Equity
 
 
 
 
Newmont stockholders’ equity
(20,069)
(19,845)
 
 
Noncontrolling interests
(1,682)
(1,651)
 
 
Total equity
(21,751)
(21,496)
 
 
Total liabilities and equity
$ (42,496)
$ (41,698)
 
 
Commitments and Contingencies - Additional Information (Detail)
3 Months Ended 1 Months Ended 3 Months Ended 3 Months Ended 0 Months Ended 0 Months Ended 3 Months Ended 0 Months Ended
Mar. 31, 2015
USD ($)
Plaintiff
Complaints
Dec. 31, 2014
USD ($)
Mar. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Mar. 31, 2015
Royalty Expense [Member]
USD ($)
May 31, 2002
Yanacocha [Member]
Plaintiff
Aug. 31, 2000
Yanacocha [Member]
USD ($)
Aug. 31, 2000
Yanacocha [Member]
PEN (S/.)
Mar. 31, 2015
Yanacocha [Member]
Mar. 31, 2015
Yanacocha [Member]
Minimum [Member]
Mar. 31, 2015
Yanacocha [Member]
Minimum [Member]
OEFA [Member]
Payments
Mar. 31, 2015
Yanacocha [Member]
Minimum [Member]
Water Authority [Member]
Payments
Mar. 31, 2015
Yanacocha [Member]
Maximum [Member]
Mar. 31, 2015
Yanacocha [Member]
Maximum [Member]
OEFA [Member]
Payments
Mar. 31, 2015
Yanacocha [Member]
Maximum [Member]
Water Authority [Member]
Payments
Mar. 31, 2015
P T Newmont Nusa Tenggara [Member]
Apr. 8, 2015
P T Newmont Nusa Tenggara [Member]
Subsequent Event [Member]
Plaintiff
Mar. 31, 2015
Batu Hijau [Member]
Mar. 31, 2010
Batu Hijau [Member]
Mar. 31, 2009
Batu Hijau [Member]
Mar. 31, 2008
Batu Hijau [Member]
Mar. 31, 2007
Batu Hijau [Member]
Mar. 31, 2006
Batu Hijau [Member]
Jun. 5, 2007
Ross-Adams Mine Site [Member]
USD ($)
Mar. 31, 2015
PTPI [Member]
Mar. 31, 2010
To PTPI from NIL NTMC [Member]
Mar. 31, 2009
To PTPI from NIL NTMC [Member]
Mar. 31, 2008
To PTPI from NIL NTMC [Member]
Mar. 31, 2007
To PTPI from NIL NTMC [Member]
Mar. 31, 2006
To PTPI from NIL NTMC [Member]
Mar. 31, 2015
To PTPI from NIL NTMC [Member]
Batu Hijau [Member]
Mar. 31, 2015
PTMDB [Member]
Batu Hijau [Member]
Mar. 31, 2015
NWG Ownership in NewWest Gold [Member]
Mar. 31, 2015
Jacob Safra Ownership in NWG [Member]
Mar. 31, 2015
Fronteer Ownership in Aurora [Member]
Sep. 24, 2012
NWG Investments Inc [Member]
USD ($)
Mar. 31, 2015
Environmental Restoration Costs [Member]
USD ($)
Dec. 31, 2014
Environmental Restoration Costs [Member]
USD ($)
Loss Contingencies [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accrued for reclamation obligations relating to mineral properties
$ 1,512,000,000 
$ 1,497,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current portion of reclamation and remediation liabilities
67,000,000 
83,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
42,000,000 
42,000,000 
Asset retirement obligation
1,684,000,000 
1,689,000,000 
1,615,000,000 
1,611,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
172,000,000 
192,000,000 
Range of reclamation and remediation liabilities lower limit
1.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Range of reclamation and remediation liabilities upper limit
130.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contribution to environmental damages fund
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ownership/Economic interest in subsidiaries
 
 
 
 
 
 
 
 
51.35% 
 
 
 
 
 
 
31.50% 
 
48.50% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fine paid under protest for spill of elementary mercury
 
 
 
 
 
 
500,000 
1,740,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss contingency number of plaintiffs
 
 
 
 
 
900 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of settlement agreements entered into by Yanacocha
350 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Remaining plaintiffs in the Yanacocha matters
200 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of complaints to nullify settlements
23 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Alleged violations range
 
 
 
 
 
 
 
 
 
 
 
100,120 
20,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Potential fine for each unit alleged violations
 
 
 
 
 
 
 
 
0.00130 
 
 
156 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of ownership shares by the Indonesian government or Indonesian nationals in PTNNT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
51.00% 
44.00% 
37.00% 
30.00% 
23.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other company ownership percentage in affiliate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
20.00% 
 
 
 
 
 
 
 
86.00% 
100.00% 
47.00% 
 
 
 
Sale and transfer of shares of interest percent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7.00% 
7.00% 
7.00% 
7.00% 
3.00% 
 
 
 
 
 
 
 
 
Aggregate interest to be offered
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31.00% 
 
 
 
 
 
 
 
PTMDB's ownership in PTNNT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
24.00% 
 
 
 
 
 
 
Damages sought
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
750,000,000 
 
 
Minimum royalty obligation for remainder of current year
 
 
 
 
30,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum royalty obligation in year two
 
 
 
 
32,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum royalty obligation in year three
 
 
 
 
32,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum royalty obligation in year four
 
 
 
 
32,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum royalty obligation in year five
 
 
 
 
32,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum royalty obligation in total thereafter
 
 
 
 
190,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Letters of credit surety bonds and bank guarantees, outstanding
$ 1,879,000,000 
$ 1,865,000,000