| DEBT
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
NOTE 1 BASIS OF PRESENTATION
The interim Condensed Consolidated Financial Statements (“interim statements”) of Newmont Mining Corporation and its subsidiaries (collectively, “Newmont” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with Newmont’s Consolidated Financial Statements for the year ended December 31, 2014 filed on February 20, 2015 on Form 10-K. The year-end balance sheet data was derived from the audited financial statements and, in accordance with the instructions to Form 10-Q, certain information and footnote disclosures required by United States generally accepted accounting principles (“GAAP”) have been condensed or omitted. References to “A$” refer to Australian currency and “NZ$” to New Zealand currency.
Certain amounts in prior years have been reclassified to conform to the 2015 presentation. Reclassifications are related to a change to our Indonesia and Australia/New Zealand geographic regions (see Note 3). Other reclassified amounts were not material to the financial statements.
|
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Risks and Uncertainties
As a global mining company, our revenue, profitability and future rate of growth are substantially dependent on prevailing prices for gold, copper and, to a lesser extent, silver. Historically, the commodity markets have been very volatile, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on our financial position, results of operations, cash flows, access to capital and on the quantities of reserves that we can economically produce. The carrying value of our property, plant and mine development assets, inventories, stockpiles and ore on leach pads, and deferred tax assets are particularly sensitive to the outlook for commodity prices. A decline in our long term price outlook from current levels could result in material impairment charges related to these assets.
In September 2014, PT Newmont Nusa Tenggara (“PTNNT”) and the Government of Indonesia signed a Memorandum of Understanding (“MoU”) that resulted in PTNNT receiving a six-month permit to export copper concentrate that expired in mid-March 2015. On March 30, 2015, the Company received a six-month permit extension to export copper concentrate that expires in late September 2015. Effective with the signing of the MoU, PTNNT agreed to pay certain export duties and royalties. The MoU also outlines terms for the six main elements of the Contract of Work renegotiation, which will be incorporated into an amendment of the Contract of Work. The six areas are: concession area size; royalties, taxes and export duties; domestic processing and refining; ownership divestment; utilization of local manpower, domestic goods and services; and duration of the Contract of Work. Negotiations between PTNNT and the Government of Indonesia to amend the Contract of Work remain on-going. No assurances can be made at this time with respect to the outcome of such negotiations and expiration of the export permit without its renewal may negatively impact future operations and financial results at Batu Hijau. As a result of the on-going Contract of Work renegotiations at Batu Hijau, we have evaluated, and will continue to evaluate, the need for asset impairments, inventory write-downs, tax valuation allowances and other applicable accounting charges due to the status of the mine. The total assets at Batu Hijau as of March 31, 2015 and December 31, 2014 were $3,256 and $3,107, respectively.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Recently Adopted Accounting Pronouncements
Stock-based compensation
In June 2014, the Financial Accounting Services Board (“FASB”) issued Accounting Standards Update (“ASU”) guidance to resolve the diversity of practice relating to the accounting for stock-based performance awards that the performance target could be achieved after the employee completes the required service period. The update is effective prospectively or retrospectively beginning 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.
|
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. |
|
|
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.
|
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 |
|
|
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 |
|
|
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.
|
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.
|
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 |
|
|
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.
|
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 |
|
|
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 |
|
|
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.
|
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.
|
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.
|
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 |
|
|
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.
|
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 |
|
|
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.
|
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 |
|
|
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 |
|
|
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. |
|
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 |
) |
|
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 |
|
|
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.
|
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.
|
|
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. |
|
|
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 |
|
|
|
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 |
|
|
|
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 |
|
|
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 |
|
|
|
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 |
|
|
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 |
|
|
|
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 |
|
|
|
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 |
|
|
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 |
|
|
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. |
|
|
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 |
|
|
|
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 |
|
|
|
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 |
|
|
|
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 |
|
|
|
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 |
|
|
|
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 |
|
|
|
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 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 |
) |
|
|
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 |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|