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What changed in Newmont's 10-K — 2022 vs 2023

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Paragraph-level year-over-year comparison of Newmont's 2022 and 2023 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2023 report.

+1039 added−772 removedSource: 10-K (2024-02-29) vs 10-K (2023-02-23)

Top changes in Newmont's 2023 10-K

1039 paragraphs added · 772 removed · 645 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

59 edited+20 added−25 removed53 unchanged
Biggest changeThese risks include, but are not limited to, the following: • A substantial or extended decline in gold, silver, copper, zinc or lead prices would have a material adverse effect on us. • We may be unable to replace gold, silver, copper, zinc or lead reserves as they become depleted. • Estimates of proven and probable reserves and measured, indicated and inferred resources are uncertain and actual recoveries may vary from our estimates. • Estimates relating to projects and mine plans of existing operations are uncertain and we may incur higher costs and lower economic returns than estimated. • Increased operating and capital costs could affect our profitability. • Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made. • Our operations and business have been affected by the COVID-19 pandemic, and may be materially and adversely impacted in the future by pandemics, epidemics, or other health emergencies. • Challenges in maintaining positive community relations and reputation can pose additional obstacles to our ability to develop our projects. • We are dependent upon information technology and operational technology systems, which are subject to disruption, damage, failure and risks associated with implementation, upgrade, operation and integration. • Our interests in joint ventures remains subject to risk. • Increased exposure to foreign exchange fluctuations and capital controls may adversely affect Newmont’s costs, earnings and the value of some of our assets. • Future funding requirements may affect our business, our ability to pay cash dividends or our ability to engage in share repurchase transactions. • Any downgrade in the credit ratings assigned to our debt securities could increase our future borrowing costs and adversely affect the availability of new financing. • Our results could be significantly impacted by impairments. • Returns for investments in pension plans are uncertain. 12 Table of Contents • Our ability to recognize the benefits of deferred tax assets is dependent on future cash flows and taxable income. • Civil disturbances, criminal activities, illegal mining and artisanal mining can disrupt business and expose the Company to liability. • Competition from other natural resource companies may harm our business. • We may experience increased costs or losses resulting from the hazards and uncertainties associated with mining. • We may be unable to obtain or retain necessary permits and leases, which could adversely affect our operations. • Mining companies are increasingly required to consider and provide benefits to the communities and countries in which they operate. • Our operations are subject to extensive health and safety and environmental laws and regulations. • Our operations are subject to a range of risks related to transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy. • Our operations are subject to transitional and physical risks related to climate change. • Our operations are subject to geotechnical challenges. • Our operations may be adversely affected by rising energy prices or energy shortages. • Our operations are dependent on the availability of sufficient water supplies to support our mining operations. • Our operations are subject to risks of doing business in multiple jurisdictions, including political, economic and other risks. • Our business depends on good relations with our employees, and if we are unable to attract and retain additional highly skilled employees, our business and future operations may be adversely affected • We rely on contractors to conduct a significant portion of our operations and construction projects. • New legislation and tax risks in various operating jurisdictions could negatively affect us. • Our business is subject to changing regulations and laws, including, without limitation, extraterritorial and domestic anti-bribery laws and regulations, a breach or violation of which could lead to substantial sanctions and civil and criminal prosecution, as well as fines and penalties, litigation, loss of licenses or permits and other collateral consequences and reputational harm. • Title to some of our properties may be insufficient, defective, or subject to legal challenge in the future. • The price of our common stock may be volatile, and holders of our common stock may not receive dividends in the future.
Biggest changeThese risks include, but are not limited to, the following: • A substantial or extended decline in gold, copper, silver, lead or zinc prices would have a material adverse effect on us. • We may be unable to replace gold, copper, silver, lead or zinc reserves as they become depleted. • Estimates of proven and probable reserves and measured, indicated and inferred resources are uncertain and actual recoveries may vary from our estimates. • Estimates relating to projects and mine plans of existing operations are uncertain and we may incur higher costs and lower economic returns than estimated. • Increased operating and capital costs could affect our profitability. • Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made. • Damage to our reputation may result in decreased investor confidence, challenges in maintaining positive community relations and can pose additional obstacles to our ability to develop our projects, which may result in a material adverse impact on our business, financial position, results of operations and growth prospects. • We are dependent upon information technology and operational technology systems, which are subject to disruption, damage, failure and risks associated with implementation, upgrade, operation and integration. • To the extent we hold or acquire interests in any joint ventures or enter into any joint ventures, our interests in these properties is subject to risks normally associated with the conduct of joint ventures. • Our operations and business have in the past been affected by the COVID-19 pandemic, and may be materially and adversely impacted in the future by pandemics, epidemics and other health emergencies. • Increased exposure to foreign exchange fluctuations and capital controls may adversely affect Newmont’s costs, earnings and the value of some of our assets. • Future funding requirements may affect our business, our ability to pursue new business opportunities, invest in existing and new projects, pay cash dividends or engage in share repurchase transactions. • Our long-lived assets and goodwill could become impaired, which could have a material non-cash adverse effect on our results of operations. • Our ability to recognize the benefits of deferred tax assets is dependent on future cash flows and taxable income. • Any downgrade in the credit ratings assigned to our debt securities could increase our future borrowing costs and adversely affect the availability of new financing. 12 Table of Contents • Returns for investments in pension plans are uncertain. • We may experience increased costs or losses resulting from the hazards and uncertainties associated with mining. • Mining operations involve a high degree of risk, including hazards related to the use of explosives and hazardous chemicals and critical equipment failure. • We rely on our supply chain operations to procure goods and services to conduct aspects of our operations and projects, and competition with other natural resource companies, and shortage of critical parts and equipment may adversely affect our operations and development projects. • We may be unable to obtain or retain necessary permits, leases, or other types of land tenure which could adversely affect our operations. • Mining companies are increasingly required to consider and provide benefits to the communities and countries in which they operate in order to maintain operations. • Illegal mining and artisanal mining occurs on or adjacent to certain of our properties exposing such sites to security risks. • Civil disturbances and criminal activities can disrupt business and expose the Company to liability. • Our operations face substantial regulation of health and safety. • Our operations are subject to extensive environmental laws and regulations. • Our operations are subject to a range of risks related to transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy. • Our operations are subject to a range of transitional and physical risks related to climate change. • Our Company and the mining industry are facing continued geotechnical, geothermal and hydrogeological challenges, which could adversely impact our production and profitability. • Our operations may be adversely affected by rising energy prices or energy shortages. • Our operations are dependent on the availability of sufficient water supplies and subject to water-related risks. • Our operations and projects are subject to risks related to our relationships and/or agreements with local communities and laws for the protection of cultural heritage. • Our operations are subject to risks of doing business in multiple jurisdictions. • New or changing legislation and tax risks in certain operating jurisdictions could negatively affect us. • Changes in mining or investment policies or shifts in political and social attitudes in the jurisdictions in which we operate may adversely affect our operations or profitability. • Our operations at Yanacocha and the development of the Conga project in Peru are subject to political and social unrest risks. • Our Merian operation in Suriname is subject to political and economic risks. • Our operations at Ahafo and Akyem in Ghana are subject to political, economic and other risks. • Our operations in Argentina are susceptible to risk as a result of economic and political instability in Argentina and labor unrest. • Our operations at Lihir and Wafi-Golpu in Papua New Guinea are subject to political and regulatory risks and other uncertainties. • Our operations in Canada are subject to political and regulatory risks and other uncertainties. • Our business depends on good relations with our employees. • Our Peñasquito operation in Mexico is subject to social, political, regulatory, and economic risks. • We may not be able to operate successfully if we are unable to recruit, hire, retain and develop key personnel and a qualified and diverse workforce.
Our participation in industry initiatives, wherein we often take a leadership role, allows us to inform and influence global standards and practices, as well as gain insight into emerging expectations and issues. ESG Reporting . We believe that transparency and accountability are key attributes of governance.
Our participation in industry initiatives, wherein we often take a leadership role, allows us to inform and influence global standards and practices, as well as gain insight into emerging expectations and issues. Reporting . We believe that transparency and accountability are key attributes of governance.
Products References in this report to “attributable” means that portion of gold, copper, silver, lead or zinc produced, sold or included in proven and probable reserves and measured, indicated and inferred resources based on our proportionate ownership, unless otherwise noted. Gold General.
Products References in this report to “attributable” means that portion of gold, copper, silver, lead, zinc or molybdenum produced, sold or included in proven and probable reserves and measured, indicated and inferred resources based on our proportionate ownership, unless otherwise noted. Gold General.
These laws and regulations are continually changing and are generally becoming more restrictive. Our Environmental Reclamation and Remediation Commitments. Each operating mine has a reclamation plan in place that meets, in all material respects, applicable legal and regulatory requirements. We are also involved in several matters concerning environmental obligations associated with former, primarily historic, mining activities.
These laws and regulations are continually changing and are generally becoming more restrictive. Our Environmental Reclamation and Remediation Commitments. Each operating mine has a reclamation plan in place that meets, in all material respects, applicable legal and regulatory requirements. We are also involved in several matters concerning environmental obligations associated with former, primarily historical, mining activities.
Employees eligible for our short-term incentive plan are held accountable for the Company’s health, safety and sustainability performance through Newmont’s performance-based compensation structure. ESG will comprise 30% of the Company’s Short-term Incentive Plan payout for 2022, with 20% allocated to health & safety metrics and 10% to sustainability performance based upon key public indices.
Employees eligible for our short-term incentive plan are held accountable for the Company’s health, safety and sustainability performance through Newmont’s performance-based compensation structure. ESG will comprise 30% of the Company’s Short-term Incentive Plan payout for 2023, with 20% allocated to health & safety metrics and 10% to sustainability performance based upon key public indices.
Each committee assists the Board in carrying out responsibilities such as assessing major risks, ensuring high standards of ethical business conduct, succession planning and talent management, and approving and providing oversight of the sustainability strategy, which includes commitments to adoption of best practices in promotion of a healthy and safe work environment, and environmentally sound and socially responsible mining and resource development.
Each committee assists the Board in carrying out responsibilities such as assessing major risks, ensuring high standards of ethical business conduct, succession planning and talent management, and 11 Table of Contents approving and providing oversight of the sustainability strategy, which includes commitments to adoption of best practices in promotion of a healthy and safe work environment, and environmentally sound and socially responsible mining and resource development.
There can be no assurance that claims would be paid under such insurance policies in connection with a particular event. Refer to Item 1A, Risk Factors, below for further information. Environmental, Social and Governance ESG Overview. Focusing on leading environmental, social and governance ("ESG") practices are a core part of Newmont’s business.
There can be no assurance that claims would be paid under such insurance policies in connection with a particular event. Refer to Item 1A, Risk Factors, below for further information. 8 Table of Contents Environmental, Social and Governance Overview. Focusing on leading environmental, social and governance ("ESG") practices are a core part of Newmont’s business.
The Board of Directors’ Leadership Development and Compensation Committee holds reviews with management every quarter and on an ad hoc basis as needed to ensure appropriate management of human capital and progress against our stated goals. The people who work on our behalf give us a competitive advantage.
The Board of Directors’ Leadership Development and Compensation Committee holds reviews with management every quarter and on an ad hoc basis as needed to ensure appropriate management of human capital and progress against our stated goals. 10 Table of Contents The people who work on our behalf give us a competitive advantage.
Words such as “expect(s),” “feel(s),” “believe(s),” “will,” “may,” “anticipate(s),” “estimate(s),” “should,” “intend(s),” "target(s)" and similar expressions are intended to identify forward-looking statements.
Words such as “expect(s),” “feel(s),” “believe(s),” “will,” “may,” “anticipate(s),” “estimate(s),” “should,” “intend(s),” "target(s)," "plan(s)," "potential," and similar expressions are intended to identify forward-looking statements.
In 2022, Newmont generated strong above target results in our health and safety and our sustainability measures with all sites and regions having performed above target for manager/supervisor critical control verifications and manager coaching to support fatality risk management, and strong recognition by external rating agencies in connection with sustainability, including with S&P Global CSA (DJSI) ranking Newmont as the co-leader in the Mining & Metals sector.
In 2023, Newmont generated strong above target results in our health and safety and our sustainability measures with all sites having performed above target for manager/supervisor critical control verifications and manager coaching to support fatality risk management, and strong recognition by external rating agencies in connection with sustainability, including with S&P Global CSA (DJSI) ranking Newmont as the leader in the Mining & Metals sector.
In both cases, the gold-bearing solution is then collected and pumped to process facilities to remove the gold by collection on carbon or by zinc precipitation. 6 Table of Contents Gold contained in ores that are not naturally-oxidized can be directly milled if the gold is liberated and amenable to cyanidation, generally known as free milling ores.
In both cases, the gold-bearing solution is then collected and pumped to process facilities to remove the gold by collection on carbon or by zinc precipitation. Gold contained in ores that are not naturally-oxidized can be directly milled if the gold is liberated and amenable to cyanidation, generally known as free milling ores.
(“CAT”) with the aim to develop and implement a comprehensive all-electric autonomous mining system to achieve safer and more productive operations while also supporting Newmont in achieving our climate targets. Newmont pledged an investment of $100 to CAT, of which $39 has been paid as of December 31, 2022.
(“CAT”) with the aim to develop and implement a comprehensive all-electric autonomous mining system to achieve safer and more productive operations while also supporting Newmont in achieving our climate targets. Newmont pledged an investment of $100 to CAT, of which $56 has been paid as of December 31, 2023.
Condition of Physical Assets and Insurance Our business is capital intensive and requires ongoing capital investment for the replacement, modernization or expansion of equipment and facilities. Refer to Results of Consolidated Operations and Liquidity and Capital Resources within Part II, Item 7, MD&A, for further information.
Refer to Item 1A, Risk Factors, below for further information. Condition of Physical Assets and Insurance Our business is capital intensive and requires ongoing capital investment for the replacement, modernization or expansion of equipment and facilities. Refer to Results of Consolidated Operations and Liquidity and Capital Resources within Part II, Item 7, MD&A, for further information.
Newmont’s sustainability reporting suite also includes our climate report, sustainability-linked bond framework, ESG data tables, conflict-free gold report, policy influence disclosures, political spending disclosures, economic impact reports, taxes and royalties contributions report, CDP (formerly, “Carbon Disclosure Project”) responses, and other reports and responses, which can be found on our website at www.newmont.com/sustainability.
Newmont’s sustainability reporting suite also includes our climate report, sustainability-linked bond framework, ESG data tables, conflict-free gold report, modern slavery statement, policy influence disclosures, political spending disclosures, taxes and royalties contributions report, CDP (formerly, “Carbon Disclosure Project”) responses, and other reports and responses, which can be found on our website at www.newmont.com/sustainability.
ITEM 1. BUSINESS (dollars in millions, except per share, per ounce and per pound amounts) Introduction Newmont Corporation was incorporated in 1921 and is primarily a gold producer with significant operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia and Ghana.
ITEM 1. BUSINESS (dollars in millions, except per share, per ounce and per pound amounts) Introduction Newmont Corporation was incorporated in 1921 and is primarily a gold producer with significant operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji and Ghana.
At Boddington, ore containing copper and gold is crushed to a coarse size at the mine and then transported via conveyor to a process plant, where it is further crushed and then finely ground as a slurry. The ore is initially treated by successive stages of flotation resulting in a gold/copper concentrate containing approximately 15% to 20% copper.
Ore containing copper and gold is crushed to a coarse size at the mine and then transported via conveyor to a process plant, where it is further crushed and then finely ground as a slurry. The ore is initially treated by successive stages of flotation resulting in a gold/copper concentrate containing approximately 10% to 26% copper.
Copper production at Boddington and silver, lead and zinc production at Peñasquito are considered co-products. Copper, silver, lead and zinc sales are generally in the form of concentrate that is sold to smelters for further treatment and refining.
Copper production at Boddington, Red Chris, Cadia, and Telfer and silver, lead and zinc production at Peñasquito are considered co-products. Copper, silver, lead, and zinc sales are generally in the form of concentrate that is sold to smelters for further treatment and refining.
Chemicals are added to the slurry causing the gold-containing sulfides to attach to air bubbles and float to the top of the tank. The sulfides are removed from the cell and converted into a concentrate that can then be processed in an autoclave or roaster to recover the gold. Concentrate.
Chemicals are added to the slurry causing the gold-containing sulfides to attach to air bubbles and float to the top of the tank. The sulfides are removed from the cell and converted into a concentrate that can then be processed in an autoclave, roaster, or fine grinding circuit to recover the gold through leaching.
Our sustainability report is compiled in accordance with the Global Reporting Initiative ("GRI") 2021 Universal Standards Core option, the GRI Mining and Metals Sector Supplement, and the SASB Metals & Mining standards, is externally assured, and reflects Newmont’s commitment to transparency and reporting obligations as a founding member of the International Council on Mining and Metals ("ICMM") and as an early adopter of the United Nations ("UN") Guiding Principles Reporting Framework.
Our sustainability report is compiled in accordance with the Global Reporting Initiative ("GRI") 2021 Universal Standards Core option, the GRI Mining and Metals Sector Supplement, and the SASB Metals & Mining standards, is subject to an external limited assurance review, and reflects Newmont’s commitment to transparency and reporting obligations as a founding member of the International Council on Mining and Metals ("ICMM") and as an early adopter of the United Nations ("UN") Guiding Principles Reporting Framework.
Additionally, laws, regulations and permit requirements focused on water management and discharge requirements for operations and water treatment in connection with closure are becoming increasingly stringent. Compliance with water management and discharge quality remains dynamic and has and may continue to result in further increases to our estimated closure costs.
Compliance with GISTM remains ongoing and has and may continue to result in further increases to our sustaining costs and estimated closure costs. Additionally, laws, regulations and permit requirements focused on water management and discharge requirements for operations and water treatment in connection with closure are becoming increasingly stringent.
We strive to build meaningful relationships with stakeholders and recognize the need to understand, minimize and mitigate our impacts and to build long-term, positive partnerships. We also recognize our responsibility to respect and promote human rights.
We strive to build meaningful relationships with stakeholders and recognize the need to understand, minimize and mitigate our impacts and to build long-term, positive partnerships. We also recognize our responsibility to respect and promote human rights. Governance Practices Board of Directors Oversight.
Gold investors buy gold bullion, official coins and jewelry. Gold Supply. A combination of mine production, recycling and draw-down of existing gold stocks held by governments, financial institutions, industrial organizations and private individuals make up the annual gold supply.
A combination of mine production, recycling and draw-down of existing gold stocks held by governments, financial institutions, industrial organizations and private individuals make up the annual gold supply.
The following table presents the annual high, low and average daily afternoon LBMA Gold Price over the past ten years on the London Bullion Market ($/ounce): Year High Low Average 2023 (through February 16, 2023) $ 1,955 $ 1,835 $ 1,891 2022 $ 2,039 $ 1,629 $ 1,800 2021 $ 1,943 $ 1,684 $ 1,799 2020 $ 2,067 $ 1,474 $ 1,770 2019 $ 1,546 $ 1,270 $ 1,393 2018 $ 1,355 $ 1,178 $ 1,268 2017 $ 1,346 $ 1,151 $ 1,257 2016 $ 1,366 $ 1,077 $ 1,251 2015 $ 1,296 $ 1,049 $ 1,160 2014 $ 1,385 $ 1,142 $ 1,266 2013 $ 1,694 $ 1,192 $ 1,411 On February 16, 2023, the afternoon LBMA gold price was $1,837 per ounce.
The following table presents the annual high, low and average daily afternoon LBMA Gold Price over the past ten years on the London Bullion Market ($/ounce): Year High Low Average 2024 (through February 15, 2024) $ 2,068 $ 1,985 $ 2,029 2023 $ 2,078 $ 1,811 $ 1,941 2022 $ 2,039 $ 1,629 $ 1,800 2021 $ 1,943 $ 1,684 $ 1,799 2020 $ 2,067 $ 1,474 $ 1,770 2019 $ 1,546 $ 1,270 $ 1,393 2018 $ 1,355 $ 1,178 $ 1,268 2017 $ 1,346 $ 1,151 $ 1,257 2016 $ 1,366 $ 1,077 $ 1,251 2015 $ 1,296 $ 1,049 $ 1,160 2014 $ 1,385 $ 1,142 $ 1,266 On February 15, 2024, the afternoon LBMA gold price was $2,004 per ounce.
Our forward-looking statements may include, without limitation: • estimates regarding future earnings and the sensitivity of earnings to gold, copper, silver, lead, zinc and other metal prices; • estimates of future mineral production and sales; • estimates of future production costs, other expenses and taxes for specific operations and on a consolidated basis; • estimates of future cash flows and the sensitivity of cash flows to gold, copper, silver, lead, zinc and other metal prices; • estimates of future capital expenditures, construction, production or closure activities and other cash needs, for specific operations and on a consolidated basis, and expectations as to the funding or timing thereof; • estimates as to the projected development of certain ore deposits, including the timing of such development, the costs of such development and other capital costs, financing plans for these deposits and expected production commencement dates; • estimates of reserves and resources statements regarding future exploration results and reserve and resource replacement and the sensitivity of reserves to metal price changes; 13 Table of Contents • statements regarding the availability of, and terms and costs related to, future borrowing or financing and expectations regarding future share repurchase transactions, debt repayments or debt tender transactions; • statements regarding future dividends and returns to shareholders; • estimates regarding future exploration expenditures and discoveries; • statements regarding fluctuations in financial and currency markets; • estimates regarding potential cost savings, productivity, operating performance and ownership and cost structures; • expectations regarding statements regarding future transactions, including, without limitation, statements related to future acquisitions and projected benefits, synergies and costs associated with acquisitions and related matters; • expectations of future equity and enterprise value; • expectations regarding the start-up time, design, mine life, production and costs applicable to sales and exploration potential of our projects; • statements regarding future hedge and derivative positions or modifications thereto; • statements regarding local, community, political, economic or governmental conditions and environments; • statements and expectations regarding the impacts of COVID-19 and variants thereof and other health and safety conditions; • statements regarding the impacts of changes in the legal and regulatory environment in which we operate, including, without limitation, relating to regional, national, domestic and foreign laws; • statements regarding climate strategy and expectations regarding greenhouse gas emission targets and related operating costs and capital expenditures; • statements regarding expected changes in the tax regimes in which we operate, including, without limitation, estimates of future tax rates and estimates of the impacts to income tax expense, valuation of deferred tax assets and liabilities, and other financial impacts; • estimates of income taxes and expectations relating to tax contingencies or tax audits; • estimates of future costs, accruals for reclamation costs and other liabilities for certain environmental matters, including without limitation, in connection with water treatment and tailings management; • statements relating to potential impairments, revisions or write-offs, including without limitation, the result of fluctuation in metal prices, unexpected production or capital costs, or unrealized reserve potential; • estimates of pension and other post-retirement costs; • statements regarding estimates of timing of adoption of recent accounting pronouncements and expectations regarding future impacts to the financial statements resulting from accounting pronouncements; • estimates of future cost reductions, synergies, savings and efficiencies in connection with full potential programs and initiatives; and • expectations regarding future exploration and the development, growth and potential of operations, projects and investments.
Our forward-looking statements may include, without limitation: • estimates regarding future earnings and the sensitivity of earnings to gold, copper, silver, lead, zinc and other metal prices; • estimates of future mineral production and sales; • estimates of future production costs, other expenses and taxes for specific operations and on a consolidated basis, including estimates of future costs applicable to sales and all-in sustaining costs; • estimates of future cash flows and the sensitivity of cash flows to gold, copper, silver, lead, zinc and other metal prices; • estimates of future capital expenditures, including development and sustaining capital, as well as construction or closure activities and other cash needs, for specific operations and on a consolidated basis, and expectations as to the funding or timing thereof; • estimates as to the projected development of certain ore deposits or projects, such as the Tanami Expansion 2, Ahafo North, Yanacocha Sulfides, Pamour, Cerro Negro District Expansion 1, Cadia Block Cave, Red Chris Block Cave and Wafi-Golpu, including without limitation expectations for the production, milling, costs applicable to sales, all-in sustaining costs, mine-life extension, the costs of such development and other capital costs, financing plans for these deposits and expected production commencement dates, construction completion dates and other timelines; • estimates of reserves and resources statements regarding future exploration results and reserve and resource replacement and the sensitivity of reserves to metal price changes; • statements regarding the availability of, and terms and costs related to, future borrowing or financing and expectations regarding future share repurchase transactions, debt repayments or debt tender transactions; • statements regarding future cash flows and returns to shareholders, including with respect to future dividends, the dividend framework and expected payout levels; • estimates regarding future exploration expenditures and discoveries; • statements regarding fluctuations in financial and currency markets; • estimates regarding potential cost savings, productivity, operating performance and ownership and cost structures; • expectations regarding statements regarding future or recently completed transactions, including, without limitation, statements related to future acquisitions and projected benefits, synergies and costs associated with acquisitions and related matters, and expectations from the integration of Newcrest, including the combined company’s production capacity, asset quality and geographic spread; • estimates of future cost reductions, synergies, including pre-tax synergies, savings and efficiencies, and future cash flow enhancements through portfolio optimization; • expectations of future equity and enterprise value; • expectations regarding the start-up time, design, mine life, production and costs applicable to sales and exploration potential of our projects; • statements regarding future hedge and derivative positions or modifications thereto; 14 Table of Contents • statements regarding local, community, political, economic or governmental conditions and environments; • statements and expectations regarding the impacts of COVID-19 and variants thereof and other health and safety conditions; • statements regarding the impacts of changes in the legal and regulatory environment in which we operate, including, without limitation, relating to regional, national, domestic and foreign laws; • statements regarding climate strategy and expectations regarding greenhouse gas emission targets and related operating costs and capital expenditures; • statements regarding expected changes in the tax regimes in which we operate, including, without limitation, estimates of future tax rates and estimates of the impacts to income tax expense, valuation of deferred tax assets and liabilities, and other financial impacts; • estimates of income taxes and expectations relating to tax contingencies or tax audits; • estimates of future costs, accruals for reclamation costs and other liabilities for certain environmental matters, including without limitation, in connection with water treatment, such as the Yanacocha water treatment plants, and tailings management; • statements relating to potential impairments, revisions or write-offs, including without limitation, the result of fluctuation in metal prices, unexpected production or capital costs, or unrealized reserve potential; • estimates of pension and other post-retirement costs; • statements regarding estimates of timing of adoption of recent accounting pronouncements and expectations regarding future impacts to the financial statements resulting from accounting pronouncements; and • estimates of future cost reductions, synergies, savings and efficiencies in connection with full potential programs and initiatives.
Licenses and Concessions Other than operating licenses for our mining and processing facilities, there are no third party patents, licenses or franchises material to our business. In many countries, however, we conduct our mining and exploration activities pursuant to concessions granted by, or under contracts with, the host government.
Licenses and Concessions Other than operating licenses for our mining and processing facilities, there are no third-party patents, operating licenses or franchises material to our business. In many countries, however, we conduct our mining and exploration activities pursuant to land-related licenses which include leases, concessions, claims, or prospecting licenses granted by the host government.
Additional information regarding the Company’s compensation programs and performance will be provided in the 2023 Proxy Statement. Health and Safety. We believe that our operations are in compliance with applicable laws and regulations in all material respects.
Additional information regarding the Company’s compensation programs and performance will be provided in the 2023 Proxy Statement. Health and Safety. We believe that our operations are in compliance with applicable laws and regulations in all material respects. We continue to sustain robust controls at our operations and offices around the globe.
These countries include, among others, the United States, Canada, Mexico, Peru, Suriname, Argentina, Australia and Ghana. Refer to Item 2, Properties, below for further information on licenses and concessions by property. The concessions and contracts are subject to the political risks associated with the host country. Refer to Item 1A, Risk Factors, below for further information.
These countries include, among others, the United States, Canada, Mexico, Peru, Suriname, Chile, Argentina, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana. Refer to Item 2, Properties, below for further information on land-related licenses and concessions by property. The concessions and contracts are subject to the political risks associated with the host country.
The lead concentrate is highly enriched in gold and silver, with a smaller fraction of the precious metal recovered in the zinc concentrate. The resulting concentrate is sold to smelters or traders for further processing.
In the lead and zinc flotation, the slurry is conditioned with reagents to activate the desired minerals and produce lead and zinc concentrate. The lead concentrate is highly enriched in gold and silver, with a smaller fraction of the precious metal recovered in the zinc concentrate. The resulting concentrate is sold to smelters or traders for further processing.
Such risks include, but are not limited to: • the price of gold, copper, silver, lead, zinc and other metal prices and commodities; • the cost of operations; • currency fluctuations; • other macroeconomic events impacting inflation, interest rates, supply chain, and capital markets; • geological and metallurgical assumptions; • operating performance of equipment, processes and facilities; • environmental impacts and geotechnical challenges including in connection with climate-related and other catastrophic events; • labor relations; • healthy and safety impacts including in connection with global events, pandemics, and epidemics; 14 Table of Contents • timing of receipt of necessary governmental permits or approvals; • domestic and foreign laws or regulations, particularly relating to the environment, mining and processing; • changes in tax laws; • domestic and international economic and political conditions; • our ability to obtain or maintain necessary financing; and • other risks and hazards associated with mining operations.
Such risks include, but are not limited to: • there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; • the price of gold, copper, silver, lead, zinc and other metal prices and commodities; • the cost of operations and prices for key supplies; • currency fluctuations, including exchange rate assumptions; • other macroeconomic events impacting inflation, interest rates, supply chain, and capital markets; • operating performance of equipment, processes and facilities; • environmental impacts and geotechnical challenges including in connection with climate-related and other catastrophic events; • labor relations; • healthy and safety impacts including in connection with global events, pandemics, and epidemics; • timing of receipt of necessary governmental permits or approvals; • domestic and foreign laws or regulations, particularly relating to the environment, mining and processing; • changes in tax laws; • political developments in any jurisdiction in which Newmont operates being consistent with its current expectations; • our ability to obtain or maintain necessary financing; and • other risks and hazards associated with mining operations.
As of December 31, 2022, the Board was comprised of 12 directors (11 independent non-executive directors and one executive director) with more than 70% of the independent directors with a form of ethnic, racial or gender diversity to the Board, with 45% female representation among independent directors.
As of December 31, 2023, the Board was comprised of 14 directors (13 independent non-executive directors and one executive director) with more than 65% of the independent directors with a form of ethnic, racial or gender diversity to the Board, with 46% female representation among independent directors.
Generally, these matters concern developing and implementing remediation plans at the various sites. The reclamation and remediation stage is a multifaceted process with complex risks. Successfully closing and reclaiming mines is crucial for gaining stakeholder trust and maintaining social acceptance.
Generally, these matters concern developing and implementing remediation plans at the various sites. The reclamation and remediation stage is a multifaceted process with complex risks. Successfully closing and reclaiming mines is crucial for gaining stakeholder trust and maintaining social acceptance. Notably, Newmont is committed to the implementation of the GISTM for tailing storage facilities by 2025.
Based on public information 5 Table of Contents available, for the years 2020 through 2022, mine production has averaged approximately 75% of the annual gold supply with the remainder primarily sourced from recycled gold. Gold Price.
Based on public information available, for the years ended December 31, 2021 through 2023, mine production has averaged approximately 75% of the annual gold supply with the remainder primarily sourced from recycled gold. Gold Price.
The end product at our gold operations, however, is generally doré bars. Doré is an alloy consisting primarily of gold but also containing silver and other metals. Doré is sent to refiners to produce bullion that meets the required market standard of 99.95% gold.
Doré is an alloy consisting primarily of gold but also containing silver and other metals. Doré is sent to refiners to produce bullion that 5 Table of Contents meets the required market standard of 99.95% gold.
These dollars fund collaborative work to develop and deploy electric equipment for surface and underground mining at Newmont’s Cripple Creek & Victor mine in Colorado, U.S. and Tanami mine in Northern Territory, Australia. Other investments supporting our climate change initiatives are expected to include emissions reduction projects and renewable energy opportunities as we seek to achieve these climate targets.
These dollars fund 9 Table of Contents collaborative work to develop and deploy electric equipment for surface and underground mining at Newmont’s operations. Other investments supporting our climate change initiatives are expected to include emissions reduction projects and renewable energy opportunities as we seek to achieve these climate targets.
The following table details consolidated co-product production and the percentage of Sales that was attributable to copper, silver, lead and zinc for the years ended December 31, 2022, 2021, and 2020: 2022 2021 2020 Co-product Production Sales as % of Total Sales Co-product Production Sales as % of Total Sales Co-product Production Sales as % of Total Sales Copper (pounds/millions) (1) 84 3 % 71 2 % 56 1 % Silver (ounces/millions) (2) 29.7 5 % 31.4 5 % 27.8 5 % Lead (pounds/millions) (2) 149 1 % 177 2 % 179 1 % Zinc (pounds/millions) (2) 377 4 % 435 5 % 381 3 % ____________________________ (1) All of our copper co-product production came from Australia.
The following table details consolidated co-product production and the percentage of Sales that was attributable to copper, silver, lead, and zinc for the years ended December 31, 2023, 2022, and 2021: 2023 2022 2021 Co-product Production Sales as % of Total Sales Co-product Production Sales as % of Total Sales Co-product Production Sales as % of Total Sales Copper (pounds/millions) (1) 145 5 % 84 3 % 71 2 % Silver (ounces/millions) (2) 18 3 % 30 5 % 31 5 % Lead (pounds/millions) (2) 113 1 % 149 1 % 177 2 % Zinc (pounds/millions) (2) 230 2 % 377 4 % 435 5 % ____________________________ (1) For the year ended December 31, 2023, copper co-product production came from Red Chris, Boddington, Cadia, and Telfer.
At December 31, 2022, Newmont had attributable proven and probable gold reserves of 96.1 million ounces, attributable measured and indicated gold resources of 75.3 million ounces, attributable inferred gold resources of 36.1 million ounces, and an aggregate land position of approximately 23,700 square miles (61,500 square kilometers). Newmont is also engaged in the production of copper, silver, lead and zinc.
At December 31, 2023, Newmont had attributable proven and probable gold reserves of 135.9 million ounces, attributable measured and indicated gold resources of 104.8 million ounces, attributable inferred gold resources of 69.1 million ounces, and an aggregate land position of approximately 24,900 square miles (64,400 square kilometers). Newmont is also engaged in the production of copper, silver, lead, and zinc.
Refer to Item 1A, Risk Factors, below, and Note 3 to the Consolidated Financial Statements for further information relating to our reportable segments. Refer to Note 4 to the Consolidated Financial Statements for information relating to domestic and export sales and lack of dependence on a limited number of customers.
Refer to Note 5 to the Consolidated Financial Statements for information relating to domestic and export sales and lack of dependence on a limited number of customers.
Under the terms of our refining agreements, the doré bars are refined for a fee, and our share of the refined gold and the separately-recovered silver is credited to our account or delivered to buyers.
Under the terms of our refining agreements, the doré bars are refined for a fee, and our share of the refined gold and the separately-recovered silver is credited to our account or delivered to buyers. Additionally, a portion of gold is sold in concentrate containing other metals such as copper, silver, lead, zinc and/or molybdenum. Gold Uses.
Available Information Newmont maintains a website at www.newmont.com and makes available, through the Investor Relations section of the website, its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Section 16 filings and all amendments to those reports, as soon as reasonably practicable after such material is electronically filed with the SEC.
We disclaim any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. 15 Table of Contents Available Information Newmont maintains a website at www.newmont.com and makes available, through the Investor Relations section of the website, its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Section 16 filings and all amendments to those reports, as soon as reasonably practicable after such material is electronically filed with the SEC.
Our costs are driven by the location, grade and nature of our ore bodies, and the level of input costs, including energy, labor and equipment.
We have a diverse portfolio of mining operations with varying ore grades and cost structures. Our costs are driven by the location, grade and nature of our ore bodies, and the level of input costs, including energy, labor and equipment.
For a discussion of the most significant reclamation and remediation activities, refer to Note 5 and Note 25 to the Consolidated Financial Statements. For discussion of regulatory, tailings storage facilities, water, climate and other environmental risks, refer to Item 1A, Risk Factors, for additional information. Social Practices Our People. At Newmont, one of the strategic pillars is people.
For discussion of regulatory, tailings storage facilities, water, climate and other environmental risks, refer to Item 1A, Risk Factors, for additional information. Social Practices Our People. At Newmont, one of the strategic pillars is people. The success of our business comes from the accomplishments and well-being of our employees and contractors.
We are committed to fostering solid relationships with all members of our workforce based on trust, treating workers fairly and providing them with safe and healthy working conditions. For a discussion of related risks, refer to Item 1A, Risk Factors. 9 Table of Contents In 2022, the full Board reviewed and approved our refreshed global people strategy.
Additionally, at December 31, 2023, approximately 31% of our workforce were members of a union or participated in collective bargaining. We are committed to fostering solid relationships with all members of our workforce based on trust, treating workers fairly and providing them with safe and healthy working conditions. For a discussion of related risks, refer to Item 1A, Risk Factors.
(2) All of our silver, lead and zinc co-product production came from North America. By-product Metals If a metal expected to be mined falls below the co-product sales value percentages, the metal is considered a by-product. Revenues from by-product sales are credited to Costs applicable to sales in the Consolidated Financial Statements.
All of our copper co-product production came from Boddington for the years ended December 31, 2022 and 2021. (2) All of our silver, lead and zinc co-product production came from Peñasquito. By-product Metals If a metal expected to be mined falls below the co-product sales value percentages, the metal is considered a by-product.
Aside from the co-product sales at Boddington and Peñasquito, copper and silver produced at other Newmont sites are by-product metals. Gold and Other Metals Processing Methods Doré.
Revenues from by-product sales are credited to Costs applicable to sales in the Consolidated Financial Statements. 6 Table of Contents Aside from the co-product sales at Red Chris, Peñasquito, Boddington, Cadia, and Telfer, copper, silver, and molybdenum produced at other Newmont sites are by-product metals. Gold and Other Metals Processing Methods Doré.
Female representation in senior leadership roles also increased from 26% to 30% in 2022. Female representation at the Board level in 2022 was 45% of independent directors with 70% of independent directors being either gender or ethnically diverse.
Female representation at the Board level in 2023 was 46% of independent directors with 69% of independent directors being either gender or ethnically diverse.
In 2022, we completed over 620,000 CCVs in the field (a 31% increase compared to 2021). More than 69,000 controls were identified as absent or failed, which means we were able to implement the control in the field and prevent a serious event. SPEs were down 36% compared to 2021. Commitments to Communities.
More than 86,000 controls were identified as absent or failed, which means we were able to implement the control in the field and prevent a serious event. SPEs were up 2% compared to 2022. Newcrest data has been excluded from the 2023 values due to the timing of the acquisition. Commitments to Communities.
Our operations span four continents in a range of ecosystems that include tropical, desert and arctic climates.
Increasing pressure on water use may occur due to increased populations in and around communities in proximity to our operations. Biodiversity. Our operations span four continents in a range of ecosystems that include tropical, desert and arctic climates.
A portion of gold sold from Peñasquito in North America and Boddington in Australia is sold in a concentrate containing other metals such as copper, silver, lead and/or zinc. Gold Uses. Gold generally is used for fabrication or investment. Fabricated gold has a variety of end uses, including jewelry, electronics, dentistry, industrial and decorative uses, medals, medallions and official coins.
Gold generally is used for fabrication or investment. Fabricated gold has a variety of end uses, including jewelry, electronics, dentistry, industrial and decorative uses, medals, medallions and official coins. Gold investors buy gold bullion, official coins and jewelry. Gold Supply.
Depending on the timing and outcome of this assessment, the Company may change its reportable segments in 2023. For information on acquisitions and asset sales impacting the comparability of our results, refer to Notes 1 and 8 to the Consolidated Financial Statements, respectively.
For information on acquisitions and asset sales impacting the comparability of our results, refer to Notes 1 and 9 to the Consolidated Financial Statements, respectively. Refer to Item 1A, Risk Factors, below, and Note 4 to the Consolidated Financial Statements for further information relating to our reportable segments.
All subsequent written and oral forward-looking statements attributable to Newmont or to persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. We disclaim any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
All subsequent written and oral forward-looking statements attributable to Newmont or to persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.
Our competitive position is based on the size and grade of our ore bodies anchored in favorable mining jurisdictions and our ability to manage costs compared with other producers. We have a diverse portfolio of mining operations with varying ore grades and cost structures.
Our competitive position is based on the size and grade of our ore bodies anchored in a large portfolio of Tier 1 assets located in favorable mining jurisdictions.
Our 2030 targets have been approved and validated by the Science-Based Targets initiative, which ensures that our targets support the Paris Agreement’s goal of limiting global warming to well below 2 degrees Celsius compared to pre-industrial levels. 8 Table of Contents Our most significant opportunities to reduce emissions exist in building or deploying cleaner energy solutions at the mine sites, as well as the greening of the electrical grid that supplies energy to our operations.
Our 2030 targets have been approved and validated by the Science-Based Targets initiative, which ensures that our targets support the Paris Agreement’s goal of limiting global warming to well below 2 degrees Celsius compared to pre-industrial levels. As a result of the Newcrest transaction, we are evaluating potential changes to our baseline to reflect our current portfolio.
The Notes and Revolver align Newmont’s business and financing with its commitments and values by creating a direct link between its sustainability performance and funding strategies.
In connection with the issuance of the Notes, Newmont published a Sustainability-Linked Bond Framework and obtained a second party opinion on the framework from Institutional Shareholder Services group of companies ("ISS") ESG. The Notes align Newmont’s business and financing with its commitments and values by creating a direct link between its sustainability performance and funding strategies.
At Peñasquito, sulfide ore is delivered to a crushing and grinding plant which feeds a sulfide processing plant. The sulfide processing plant primarily comprises lead and zinc flotation stages. In the lead and zinc flotation, the slurry is conditioned with reagents to activate the desired minerals and produce lead and zinc concentrate.
Gold-bearing solution is then plated onto cathodes in an electrowinning process or precipitated using zinc powder. In both cases, the precipitate is melted with fluxes in a furnace to produce doré . Concentrate. Sulfide ore is delivered to a crushing and grinding plant which feeds a sulfide processing plant. The sulfide processing plant primarily comprises lead and zinc flotation stages.
The flotation tailings have a residual gold content that is recovered in a carbon-in-leach circuit. Competition The top 10 producers of gold comprise approximately twenty-five percent of total worldwide mined gold production. We currently rank as the top gold producer with approximately five percent of estimated total worldwide mined gold production.
Gold Doré, Concentrate ____________________________ (1) Products listed are only for gold and co-product metals. See above for further information on co-product classification. Competition The top 10 producers of gold comprise approximately twenty-five percent of total worldwide mined gold production. We currently rank as the top gold producer with approximately five percent of estimated total worldwide mined gold production.
Newmont has committed to increasing women in senior leadership roles to 50% by 2030 in line with Paradigm for Parity objectives. In 2022, we did significant work to identify those practices that would most significantly improve diverse representation and advancement in our business.
Newmont has committed to increasing women in senior leadership roles to 50% by 2030 in line with Paradigm for Parity objectives. Enterprise-wide female representation at the end of 2023 increased from 15 percent in 2022 to 16 percent.
At December 31, 2022, approximately 14,600 people were employed by Newmont and Newmont subsidiaries and approximately 17,800 people were working as contractors in support of Newmont’s operations and attainment of our objectives. Additionally, at December 31, 2022, approximately 33% of our workforce were members of a union or participated in collective bargaining.
That is why we strive to build a workplace culture that fosters leaders where everyone belongs, thrives, and is valued. At December 31, 2023, approximately 21,700 people were employed by Newmont and Newmont subsidiaries and approximately 18,500 people were working as contractors in support of Newmont’s operations and attainment of our objectives.
The strategy will track efforts to build (identifying capabilities, frameworks and tools we need to develop), embed (penetrating, engaging and sustaining impacts) and expand (growing and collaborating) work across the health, safety and security programs. The quality and quantity of critical control verifications ("CCVs") in the field are important leading indicators for preventing fatalities and significant potential events ("SPEs").
The quality of our Health & Safety Management System is audited regularly as part of our assurance and governance process. The quality and quantity of critical control verifications ("CCVs") in the field are important leading indicators for preventing fatalities and significant potential events ("SPEs"). In 2023, we completed over 650,000 CCVs in the field (a 5% increase compared to 2022).
Of our 2022 consolidated gold production, approximately 25% came from North America, 16% from South America, 22% from Australia, 17% from Africa and 20% from Nevada. For 2022, 2021 and 2020, 87%, 86% and 90%, respectively, of our Sales were attributable to gold. Most of our Sales come from the sale of refined gold.
Refer to Notes 3 and 15 to the Consolidated Financial Statements for additional information. For the years ended December 31, 2023, 2022 and 2021, 89%, 87% and 86%, respectively, of our Sales were attributable to gold. Most of our Sales come from the sale of refined gold. The end product at our gold operations, however, is generally doré bars.
Removed
Segment Information Our operations are organized in five geographic regions: North America, South America, Australia, Africa and Nevada. Our North America segment consists primarily of Cripple Creek & Victor (“CC&V”) in the U.S., Musselwhite, Porcupine and Éléonore in Canada and Peñasquito in Mexico.
Added
On November 6, 2023, we completed the acquisition of Newcrest Mining Limited ("Newcrest") (“the Newcrest transaction”). Results of Newcrest for the period November 6 to December 31, 2023 are included in this report. For further information, refer to Note 3 to the Consolidated Financial Statements.
Removed
Our South America segment consists primarily of Yanacocha in Peru, Merian in Suriname, Cerro Negro in Argentina and our 40% equity interest in the Pueblo Viejo mine in the Dominican Republic. Our Australia segment consists primarily of Boddington and Tanami in Australia. Our Africa segment consists primarily of Ahafo and Akyem in Ghana.
Added
Segment Information In January 2023, Newmont reassessed and revised its operating strategies and the accountabilities of the senior leadership team in light of the continuing volatile and uncertain market conditions and in November 2023, the Company completed the Newcrest transaction (refer to Note 3 to the Consolidated Financial Statements for further information).
Removed
Our Nevada segment consists of our 38.5% interest in Nevada Gold Mines ("NGM") in the U.S., which is accounted for using the proportionate consolidation method. In January 2023, Newmont launched certain initiatives to reassess accountabilities of the senior leadership team and the Company's operating strategies for its operations.
Added
Following these changes, the Company reevaluated its segments to reflect the mining operations acquired and certain changes in the financial information regularly reviewed by Newmont's Chief Operating Decision Maker ("CODM").
Removed
We had consolidated gold production from continuing operations of 5.8 million ounces (6.0 million attributable gold ounces) in 2022, 5.9 million ounces (6.0 million attributable gold ounces) in 2021 and 5.8 million ounces (5.9 million attributable gold ounces) in 2020.
Added
As a result, the Company determined that its reportable segments were each of its 17 mining operations that it manages, which includes its 70.0% proportionate interest in Red Chris, and its 38.5% proportionate interest in Nevada Gold Mines ("NGM") which it does not directly manage.
Removed
Attributable gold ounces produced includes 0.3, 0.3, and 0.4 million attributable gold ounces for the years ended December 31, 2022, 2021 and 2020, respectively, related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment.
Added
The details of our consolidated and attributable gold production from continuing operations are set forth below: Year Ended December 31, 2023 2022 2021 Consolidated gold ounces produced (thousands) 5,401 5,786 5,884 Attributable gold ounces produced (thousands) 5,545 5,956 5,971 Attributable gold ounces produced from equity method investments (thousands): Pueblo Viejo (40%) 224 285 325 Fruta del Norte (1) — — — 224 285 325 ____________________________ (1) The Fruta del Norte mine is wholly owned and operated by Lundin Gold Inc.
Removed
In 2022, we refreshed our Sustainability and External Relations Strategy with the review and oversight of our Board and Safety & Sustainability Committee to better reflect how ESG practices and expectations have evolved with a vision to generate shared value and serve as a catalyst for sustainable development.
Added
("Lundin Gold"). The Company acquired a 32% interest in Lundin Gold through the Newcrest transaction. The 32% interest is accounted for as an equity method investment with results reported on a quarter lag. As a result, results of operations will not be reported until the first quarter of 2024.
Removed
In support of our vision, our updated strategy is made up of four strategic pillars: 7 Table of Contents • Leadership – Demonstrate consistent and courageous leadership through our words and actions • Integration – Integrate leading sustainability practices into our overall business processes and decision-making • Engagement – Build trust and credibility through respectful and meaningful engagement, communication and transparent reporting • Performance – Deliver leading environmental and social performance to manage risk and achieve beneficial outcomes Driving our sustainability practices and supporting our ability to meet the ambitions of each strategic pillar are the following critical enablers: • Environmental stewardship – Leading practices through the enhancement of shared resources and reduction of long-term liabilities incorporating nature, water and climate • Social responsibility – Leading practices that mitigate impacts, generate value for local communities and governments, and promote transparent and meaningful engagement to build credibility and support our reputation • Governance – Leading practices through an effective standardized framework that includes global policies and standards integrated risk management systems; metrics and targets to measure our performance; and processes to enable transparent reporting and improved collaboration and ensure optimal decision-making and resource allocation ESG Stakeholder Engagement .
Added
The flotation tailings have a residual gold content that is recovered in either a carbon-in-leach circuit or is dewatered and loaded onto trucks for transportation off-site.
Removed
In connection with the issuance of the Notes, Newmont published a Sustainability-Linked Bond Framework and obtained a second party opinion on the framework from Institutional Shareholder Services group of companies ("ISS") ESG. This follows Newmont’s decision earlier in 2021 to amend its revolving credit facility to include an interest rate margin adjustment based on the Company’s ESG external ratings.
Added
Ore containing silver and gold is crushed to a coarse size at the mine and then transported via conveyor to a process plant, where it is further crushed and then finely ground as a slurry. The ore is initially treated by successive stages of flotation resulting in a gold-silver concentrate.
Removed
Increasing pressure on water use may occur due to increased populations in and around communities in proximity to our operations. We have set annual water efficiency targets through 2023 to reduce freshwater consumption and developed water action plans in support of our goal to achieve water stewardship. Biodiversity.
Added
The flotation tailings have a residual gold content that is recovered in either a carbon-in leach circuit or is dewatered and loaded onto trucks for transportation off-site. The gold-silver concentrate is further refined in the gold room to produce gold-silver doré. 7 Table of Contents See table below for summary of product and form by segment.
Removed
Notably, Newmont is committed to the implementation of the GISTM and all tailing storage facilities are expected to be in conformance with the GISTM by 2025. Compliance with GISTM remains on-going and has and may continue to result in further increases to our sustaining costs and estimated closure costs.
Added
Gold Doré Musselwhite, Canada Gold Doré Porcupine, Canada Gold Doré Éléonore, Canada Gold Doré Red Chris, Canada Gold, Copper Concentrate Brucejack, Canada Gold Doré, Concentrate Peñasquito, Mexico Gold, Silver, Lead, Zinc Doré, Concentrate Merian, Suriname Gold Doré Cerro Negro, Argentina Gold Doré Yanacocha, Peru Gold Doré Boddington, Australia Gold, Copper Doré, Concentrate Tanami, Australia Gold Doré Cadia, Australia Gold, Copper Doré, Concentrate Telfer, Australia Gold, Copper Doré, Concentrate Lihir, Papua New Guinea Gold Doré Ahafo, Ghana Gold Doré Akyem, Ghana Gold Doré NGM, U.S.
Removed
The success of our business comes from the accomplishments and well-being of our employees and contractors. That is why we strive to build a workplace culture that fosters leaders where everyone belongs, thrives, and is valued.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

189 edited+206 added−15 removed214 unchanged
Biggest changeFactors tending to influence prices include: • Gold sales, purchases or leasing by governments and central banks; • Speculative short positions taken by significant investors or traders in gold, copper, silver, lead, zinc or other metals; • The relative strength of the U.S. dollar; • The monetary policies employed by the world’s major Central Banks; • The fiscal policies employed by the world’s major industrialized economies; • Expectations of the future rate of inflation; • Interest rates; • Recession or reduced economic activity in the United States, China, India and other industrialized or developing countries; • Decreased industrial, jewelry, base metal or investment demand; • Increased import and export taxes; • Increased supply from production, disinvestment and scrap; • Forward sales by producers in hedging or similar transactions; • Availability of cheaper substitute materials; and • Changing investor or consumer sentiment, including in connection with transition to a low-carbon economy, investor interest in crypto currencies and other investment alternatives and other factors. 15 Table of Contents Average gold prices for 2022 were $1,800 per ounce (2021: $1,799; 2020: $1,770), average copper prices for 2022 were $3.99 per pound (2021: $4.23; 2020: $2.80), average silver prices for 2022 were $21.73 per ounce (2021: $25.12; 2020: $20.55), average lead prices for 2022 were $0.98 per pound (2021: $1.00; 2020: $0.83) and average zinc prices for 2022 were $1.58 per pound (2021: $1.36; 2020: $1.03).
Biggest changeFactors tending to influence prices include: • Gold sales, purchases or leasing by governments and central banks; • Speculative short positions taken by significant investors or traders in gold, copper, silver, lead, zinc or other metals; • The relative strength of the U.S. dollar; • The monetary policies employed by the world’s major Central Banks; • The fiscal policies employed by the world’s major industrialized economies; • Expectations of the future rate of inflation; • Interest rates; • Recession or reduced economic activity in the United States, Australia, China, India and other industrialized or developing countries; • Decreased industrial, jewelry, base metal or investment demand; • Increased import and export taxes; • Increased supply from production, disinvestment and scrap; • Forward sales by producers in hedging or similar transactions; • Availability of cheaper substitute materials; and • Changing investor or consumer sentiment, including in connection with transition to a low-carbon economy, investor interest in crypto currencies and other investment alternatives and other factors.
Our actual results could differ materially from those anticipated in the forward-looking statements as a result of a number of factors, including the risks described below. See “Forward-Looking Statements.” Risks Related to Our Operations and Business A substantial or extended decline in gold, silver, copper, zinc or lead prices would have a material adverse effect on us.
Our actual results could differ materially from those anticipated in the forward-looking statements as a result of a number of factors, including the risks described below. See “Forward-Looking Statements.” Risks Related to Our Operations and Business A substantial or extended decline in gold, copper, silver, lead or zinc prices would have a material adverse effect on us.
Our business is dependent on the prices of gold, silver, copper, zinc and lead, which fluctuate on a daily basis and are affected by numerous factors beyond our control.
Our business is dependent on the prices of gold, copper, silver, lead and zinc, which fluctuate on a daily basis and are affected by numerous factors beyond our control.
Any decline in our realized prices adversely impacts our revenues, net income and operating cash flows, particularly in light of our strategy of not engaging in hedging transactions with respect to sales of gold, silver, copper, lead or zinc.
Any decline in our realized prices adversely impacts our revenues, net income and operating cash flows, particularly in light of our strategy of not engaging in hedging transactions with respect to sales of gold, copper, silver, lead or zinc.
We have recorded impairments in the current year and may experience additional impairments in future years as a result of lower gold, silver, copper, zinc or lead prices.
We have recorded impairments in the current year and may experience additional impairments in future years as a result of lower gold, copper, silver, lead or zinc prices.
Other factors that affect our decision to make any such acquisitions may also include our assumptions for future gold, silver, copper, zinc or lead prices or other mineral prices and the projected economic returns and evaluations of existing or potential liabilities associated with the property and its operations and projections of how these may change in the future.
Other factors that affect our decision to make any such acquisitions may also include our assumptions for future gold, copper, silver, lead or zinc prices or other mineral prices and the projected economic returns and evaluations of existing or potential liabilities associated with the property and its operations and projections of how these may change in the future.
Other than historical operating results, all of these factors are uncertain and may have an impact on our revenue, our cash flow and other operating issues, as well as contributing to the uncertainties related to the process used to estimate reserves and resources. In addition, there may be intense competition for the acquisition of attractive mining properties.
Other than historical operating results, all these factors are uncertain and may have an impact on our revenue, our cash flow and other operating issues, as well as contributing to the uncertainties related to the process used to estimate reserves and resources. In addition, there may be intense competition for the acquisition of attractive mining properties.
It is possible that in the future, high inflation in the countries in which we operate may result in an increase in operational costs in local currencies (without a concurrent devaluation of the local currency of operations against the dollar or an increase in the dollar price of gold, silver, copper, zinc or lead).
It is possible that in the future, high inflation in the countries in which we operate may result in an increase in operational costs in local currencies (without a concurrent devaluation of the local currency of operations against the dollar or an increase in the dollar price of gold, copper, silver, lead or zinc).
Our ability to raise and service significant new sources of capital will be a function of macroeconomic conditions, future gold, silver, copper, zinc and lead prices as well as our operational performance, current cash flow and debt position, among other factors.
Our ability to raise and service significant new sources of capital will be a function of macroeconomic conditions, future gold, copper, silver, lead and zinc prices as well as our operational performance, current cash flow and debt position, among other factors.
In the event of lower gold, silver, copper, zinc or lead prices, unanticipated operating or financial challenges, or new funding limitations, our ability to pursue new business opportunities, invest in existing and new projects, fund our ongoing business activities, retire or service all outstanding debt, fund share repurchase programs and transactions and pay dividends could be significantly constrained.
In the event of lower gold, copper, silver, lead or zinc prices, unanticipated operating or financial challenges, or new funding limitations, our ability to pursue new business opportunities, invest in existing and new projects, fund our ongoing business activities, retire or service all outstanding debt, fund share repurchase programs and transactions and pay dividends could be significantly constrained.
There are numerous uncertainties inherent in estimating production levels of gold, silver, copper, zinc and lead and the costs to mine recoverable reserves, including many factors beyond our control that could cause actual results to differ materially from expected financial and operating results or result in future impairment charges.
There are numerous uncertainties inherent in estimating production levels of gold, copper, silver, lead and zinc and the costs to mine recoverable reserves, including many factors beyond our control that could cause actual results to differ materially from expected financial and operating results or result in future impairment charges.
As a result, our operations are subject to a number of risks, some of which are outside our control, including: • Negotiating agreements with contractors on acceptable terms; • New legislation limiting or altering the ability to utilize contractors or outsourced resources; • The inability to replace a contractor and its operating equipment in the event that either party terminates the agreement; • Reduced control over those aspects of operations which are the responsibility of the contractor; • Failure of a contractor to perform under its agreement; • Interruption of operations or increased costs in the event that a contractor ceases its business due to insolvency or other unforeseen events; • Failure of a contractor to comply with applicable legal and regulatory requirements, to the extent it is responsible for such compliance; and • Problems of a contractor with managing its workforce, labor unrest or other employment issues; • Liability to third parties as a result of the actions of our contractors.
As a result, our operations are subject to a number of risks, some of which are outside our control, including: • Negotiating agreements with contractors on acceptable terms; • New legislation limiting or altering the ability to utilize contractors or outsourced resources; • The inability to replace a contractor and its operating equipment in the event that either party terminates the agreement; • Reduced control over those aspects of operations which are the responsibility of the contractor; • Failure of a contractor to perform under its agreement; • Interruption of operations or increased costs in the event that a contractor ceases its business due to insolvency or other unforeseen events; • Failure of a contractor to comply with applicable legal and regulatory requirements, to the extent it is responsible for such compliance; • Problems of a contractor with managing its workforce, labor unrest or other employment issues; and • Liability to third parties as a result of the actions of our contractors.
Bribery Act, and anti-bribery laws in other jurisdictions in which we operate generally prohibit companies and their intermediaries from making improper payments for the purpose of obtaining or retaining business or other commercial advantage.
Bribery Act, and anti-bribery laws in other jurisdictions in which we operate generally prohibit companies and their intermediaries from making improper payments for the purpose of obtaining or retaining business or other improper commercial advantage.
A failure to meet our climate strategy commitments and/or societal or investor expectations could also result in damage to our reputation, decreased investor confidence and challenges in maintaining positive community relations, which can pose additional obstacles to our ability to conduct our operations and develop our projects, which may result in a material adverse impact on our business, financial position, results of operations and growth prospects.
A failure to meet our climate strategy commitments and goals and/or societal or investor expectations could also result in damage to our reputation, decreased investor confidence and challenges in maintaining positive community relations, which can pose additional obstacles to our ability to conduct our operations and develop our projects, which may result in a material adverse impact on our business, financial position, results of operations, and growth prospects.
If our reserve estimations are required to be revised due to significantly lower gold, silver, zinc, copper and lead prices, increases in operating costs, reductions in metallurgical recovery or other modifying factors, this could result in material write-downs of our investment in mining properties, goodwill and increased amortization, reclamation and closure charges.
If our reserve estimations are required to be revised due to significantly lower gold, copper, silver, lead, zinc, and molybdenum prices, increases in operating costs, reductions in metallurgical recovery or other modifying factors, this could result in material write-downs of our investment in mining properties, goodwill and increased amortization, reclamation and closure charges.
In addition, if the price of gold, silver, copper, zinc or lead declines from recent levels, if production costs increase, grades decline, recovery rates decrease or if applicable laws and regulations are adversely changed, the indicated level of recovery may not be realized or mineral reserves or resources might not be mined or processed profitably.
In addition, if the price of gold, copper, silver, lead, zinc, or molybdenum declines from recent levels, if production costs increase, grades decline, recovery rates decrease or if applicable laws and regulations are adversely changed, the indicated level of recovery may not be realized or mineral reserves or resources might not be mined or processed profitably.
Further, the Company’s financing strategy is tied to its ESG commitments. The interest rate of Newmont’s $1 billion aggregate principal amount of 2.600% Sustainability-Linked Senior Notes due 2032 (the “Notes”) is linked to Newmont’s performance against key ESG commitments regarding 2030 emissions reduction targets and the representation of women in senior leadership roles target.
Further, the Company’s financing strategy is tied to its ESG commitments. The interest rate of Newmont’s $1 billion aggregate principal amount of 2.600% Sustainability-Linked Senior Notes due 2032 is linked to Newmont’s performance against key ESG commitments regarding 2030 emissions reduction targets and the representation of women in senior leadership roles target.
We are fundamentally committed to creating and maintaining a work environment in which employees are treated fairly, with dignity, decency, respect and in accordance with all applicable laws. We recognize that bullying, sexual harassment and harassment based on other protected categories, including race, have been prevalent in every industry, including the mining industry.
We are fundamentally committed to creating and maintaining a work environment in which employees are treated fairly, with dignity, decency, respect and in accordance with all applicable laws. We recognize that bullying, sexual misconduct and sexual harassment, and harassment based on other protected categories, including race, have been prevalent in every industry, including the mining industry.
We have a business integrity and compliance program which includes our Code of Conduct, Business Integrity Policy and other policies and standards, all of which mandate compliance with these anti-bribery laws by the Company and its affiliates and their personnel, and also by third parties when they are engaged on our behalf.
We have a business integrity and compliance program which includes our Code of Conduct, Business Integrity Policy and other policies standards, and procedures, all of which mandate compliance with these anti-bribery laws by the Company and its affiliates and their personnel, and also by third parties when they are engaged on our behalf.
Bribery Act and the Dodd-Frank Act; • Increases in training and other costs and challenges relating to requirements by governmental entities to employ the nationals of the country in which a particular operation is located; • Increased financing costs; • Currency fluctuations, particularly in countries with high inflation; • Foreign exchange controls; • Increases in costs relating to, or restrictions or prohibitions on, the use of ports for concentrate storage and shipping, such as in relation to our Boddington operation where use of alternative ports is not currently economical, or in relation to our ability to procure economically feasible ports for developing projects; 31 Table of Contents • Risk of disruption, damage or failure of information technology systems, and risk of loss and operational delays due to impacts to operational technology systems, such as due to cyber-attacks, malicious software computer viruses, security breaches, design failures and natural disasters; • Risk of loss due to disease, such as malaria or the zika virus, and other potential medical endemic or pandemic issues, such as Ebola or COVID-19, as a result of the potential related impact to employees, disruption to operations, supply chain delays, trade restrictions and impact on economic activity in affected countries or regions; and • Disadvantage and risk of loss due to the limitations of certain local health systems and infrastructure to contain diseases and potential endemic health issues.
Bribery Act and the Dodd-Frank Act; • Increases in training and other costs and challenges relating to requirements by governmental entities to employ the nationals of the country in which a particular operation is located; • Increased financing costs; • Currency fluctuations, particularly in countries with high inflation; • Foreign exchange controls; • Increases in costs relating to, or restrictions or prohibitions on, the use of ports for concentrate storage and shipping, such as in relation to our Boddington operation where use of alternative ports is not currently economical, or in relation to our ability to procure economically feasible ports for developing projects; • Risk of disruption, damage or failure of information technology systems, and risk of loss and operational delays due to impacts to operational technology systems, such as due to cyber-attacks, malicious software computer viruses, security breaches, design failures and natural disasters; • Risk of loss due to disease, such as malaria or the zika virus, and other potential medical endemic or pandemic issues, such as Ebola or COVID-19, as a result of the potential related impact to employees, disruption to operations, supply chain delays, trade restrictions and impact on economic activity in affected countries or regions; and • Disadvantage and risk of loss due to the limitations of certain local health systems and infrastructure to contain diseases and potential endemic health issues.
For additional information, see risk factors under the headings “ Our operations are dependent on the availability of sufficient water supplies and subject to water-related risks ” and “ Our Company and the mining industry are facing continued geotechnical challenges, which could adversely impact our production and profitability.” Such events can temporarily slow or halt operations due to physical damage to assets, reduced worker productivity for safety protocols on site related to extreme temperatures or lightening events, worker aviation and bus transport to or from the site, and local or global supply route disruptions that may limit transport of essential materials, chemicals and supplies, which could have an adverse impact on our results of operations and financial position.
For additional information, see risk factors under the headings “ Our operations are dependent on the availability of sufficient water supplies and subject to water-related risks ” and “ Our Company and the mining industry are facing continued geotechnical, geothermal and hydrogeological challenges, which could adversely impact our production and profitability. ” Such events can temporarily slow or halt operations due to physical damage to assets, reduced worker productivity for safety protocols on site related to extreme temperatures or lightening events, worker aviation and bus transport to or from the site, and local or global supply route disruptions that may limit transport of essential materials, chemicals and supplies, which could have an adverse impact on our results of operations and financial position.
Such estimates are, or will be, to a large extent, based on the prices of gold, silver, copper, zinc and lead and interpretations of geologic data obtained from drill holes and other exploration techniques, which data may not necessarily be indicative of future results.
Such estimates are, or will be, to a large extent, based on the prices of gold, copper, silver, lead, zinc, and molybdenum and interpretations of geologic data obtained from drill holes and other exploration techniques, which data may not necessarily be indicative of future results.
Our exploration, development, mining and processing operations, and closed facilities are subject to extensive laws and regulations governing land use and the protection of the environment, which generally apply to air and water, protection of endangered, protected or other specified species, hazardous and non-hazardous waste management and reclamation.
Our operations are subject to extensive environmental laws and regulations. Our exploration, development, mining and processing operations, and closed facilities are subject to extensive laws and regulations governing land use and the protection of the environment, which generally apply to air and water, protection of endangered, protected or other specified species, hazardous and non-hazardous waste management and reclamation.
Changes in energy laws and regulations in various jurisdictions, restrictions on energy supply and increased energy prices could negatively impact our operating costs and cash flow. As our operations move to reduce our GHG emissions, power sources and technology at our operations will continue to be evaluated and implemented.
Changes in energy laws and regulations in various jurisdictions, restrictions on energy supply and increased energy prices could negatively impact our operating costs and cash flow. As our operations move to reduce our GHG emissions, renewable power sources and technology at our operations will continue to be evaluated and implemented.
Among the factors that could affect the price of our common stock are: (i) changes in gold, and to a lesser extent, silver, copper, zinc or lead prices; (ii) operating and financial performance that vary from the expectations of management, securities analysts and investors or our financial outlook; (iii) developments in our business or in the mining sector generally; (iv) regulatory changes affecting our industry generally or our business and operations; (v) the operating and stock price performance of companies that investors consider to be comparable to us; (vi) announcements of strategic developments, acquisitions and other material events by us or our competitors; (vii) our ability to integrate and operate the companies and the businesses that we acquire; (viii) the perception of the Company’s ESG performance and its ability to deliver on ESG commitments and expectations, including in connection with the Company's climate strategy; (ix) response to activism; and (x) changes in global financial markets and global economies and general market conditions, such as interest or foreign exchange rates, stock, commodity, credit or asset valuations or volatility.
Among the factors that could affect the price of our common stock are: (i) changes in gold, and to a lesser extent, silver, copper, zinc or lead prices; (ii) operating and financial performance that vary from the expectations of management, securities analysts and investors or our financial outlook; (iii) developments in our business or in the mining sector generally; (iv) regulatory changes affecting our industry generally or our business and operations; (v) the operating and stock price performance of companies that investors consider to be comparable to us; (vi) announcements of strategic developments, acquisitions and other material events by us or our competitors; (vii) our ability to integrate and operate the companies and the businesses that we acquire (including, for example, Newcrest); (viii) the perception of the Company’s ESG performance and its ability to deliver on ESG commitments and expectations, including in connection with the Company's climate strategy; (ix) response to activism; and (x) changes in global financial markets and global economies and general market conditions, such as interest or foreign exchange rates, stock, commodity, credit or asset valuations or volatility.
Compliance with these laws and regulations imposes substantial costs and burdens, and can cause delays in obtaining, failure to obtain or renew, or cancellation of, government permits and approvals which may adversely impact our operations and closure processes.
Compliance with these laws and regulations imposes substantial costs and burdens, and can cause delays in obtaining, or a failure to obtain or renew, or cancellation of, government permits and approvals which may adversely impact our operations and closure processes.
Availability of renewable power sources or conflicting government regulations, such as the proposed reform of the energy market in Mexico, may have an impact on our ability to meet our reduction targets with a specific timeline.
Availability of renewable power sources or conflicting government regulations, such as the proposed reform of the energy market in Mexico or Australia, may have an impact on our ability to meet our reduction targets with a specific timeline.
Estimates of the total ultimate closure and rehabilitation costs for gold, silver, copper, zinc and lead mining operations are significant and based principally on current legal and regulatory requirements and mine closure plans that may change materially.
Estimates of the total ultimate closure and rehabilitation costs for gold, silver, copper, zinc and lead mining operations are significant and based principally on current legal, community and regulatory requirements and mine closure plans that may change materially.
The occurrence of one or more of these events in connection with our exploration activities, development and production and closure of mining operations may result in the death of, or personal injury to, our employees, other personnel or third parties, the loss of mining equipment, damage to or destruction of mineral properties or production facilities, monetary losses, deferral or unanticipated fluctuations in production, environmental damage and potential legal liabilities, all of which may adversely affect our reputation, business, prospects, results of operations and financial position.
The occurrence of one or more of these events in connection with our exploration activities, development and production and closure of mining operations may result in the death of, or personal injury to, our employees, other personnel or third parties, the loss of mining equipment, work stoppages, damage to or destruction of mineral properties or production facilities, monetary losses, deferral or unanticipated fluctuations in production, environmental damage and potential legal liabilities, all of which may adversely affect our reputation, business, prospects, results of operations and financial position.
Potential financial impacts may include reduced investment in gold due to shift in investor sentiment, increased production costs due to changing input prices, re-pricing of land valuation and assets, increased global competition for key materials needed for new technologies (lithium, copper, rare earth minerals used in solar technology, etc.), potential cost increases by insurers and lenders, and potential increases in taxation of the mining and metals sector.
Potential financial impacts may include reduced investment in gold due to shifts in investor sentiment, increased production costs due to changing input prices, re-pricing of land valuation and assets, increased global competition for key materials needed for new technologies (lithium, copper, rare earth minerals used in solar technology, etc.), potential cost increases by insurers and lenders, and potential increases in taxation of the mining and metals sector.
The evolving expectations related to human rights, indigenous rights, and environmental protections may result in opposition to our current and future operations, the development of new projects and mines, and exploration activities.
The evolving expectations related to human rights, human rights defenders, Indigenous rights, and environmental protections may result in opposition to our current and future operations, the development of new projects and mines, and exploration activities.
For example, in order to protect nearby communities and align with government travel restrictions or health considerations certain of Newmont’s operations were temporarily put into care and maintenance resulting in a temporary decrease in production at these sites in 2020 and 2021. Additionally, the majority of our sites experienced pandemic-related absenteeism in 2021 and early 2022.
In order to protect nearby communities and align with government travel restrictions or health considerations, certain of Newmont’s operations were temporarily put into care and maintenance resulting in a temporary decrease in production at these sites in 2020 and 2021. Additionally, the majority of our sites experienced pandemic-related absenteeism in 2021 and early 2022.
To the extent that we are not the operator of a joint venture properties, such that we will be unable to control the activities of the operator, the success of such operations will be beyond our control.
To the extent that we are not the operator of joint venture properties, such that we will be unable to control the activities of the operator, the success of such operations will be beyond our control.
Due to union activities or other employee actions, we could experience labor disputes, work stops or other disruptions in production that could adversely affect us. For example, in recent years, there have been work stoppages by miners represented by unions at our Cerro Negro and Merian mines, which have disrupted operations.
Due to union activities or other employee actions, we could experience labor disputes, work stops or other disruptions in production that could adversely affect us. For example, in recent years, there have been work stoppages by miners represented by unions at our Peñasquito, Cerro Negro and Merian mines, which have disrupted operations.
Reductions in our operational activities due to COVID-19, or another pandemic, epidemic or health outbreak, could result in additional sites being placed 19 Table of Contents into care and maintenance for extended periods of time and/or have a material adverse impact on our business, or financial condition, results of operations and cash flows.
Reductions in our operational activities due to COVID-19, or another pandemic, epidemic or health outbreak, could result in additional sites being placed into care and maintenance for extended periods of time and/or have a material adverse impact on our business, or financial condition, results of operations and cash flows.
Damage to our reputation can be the result of the actual or perceived occurrence of a variety of events and circumstances, and could result in negative publicity (for example, with respect to handling of environmental, employee, safety and security matters, dealings with local community organizations or individuals, community commitments, handling of cultural sites or resources, and various other matters).
Damage to our reputation can be the result of the actual or perceived occurrence of a variety of events and circumstances, and could result in negative publicity (for example, with respect to handling of environmental, tailings and tailings failures, employee, safety and security matters, dealings with local community organizations or individuals, community commitments, handling of cultural sites or resources, and various other matters).
Transitioning to a lower-carbon economy will require significant investment and may entail extensive policy, legal, technology, and market changes to address mitigation and adaptation requirements related to climate change. Depending on the nature, speed, focus and jurisdiction of these changes, transition risks may pose varying levels of financial and reputational risk to the business.
Transitioning to a low-carbon economy will require significant investment and may entail extensive policy, legal, technology, and market changes to address mitigation and adaptation requirements related to climate change. Depending on the nature, speed, focus and jurisdiction of these changes, transition risks may pose varying levels of financial and reputational risk to the business.
See also the risk factor under the heading “ Our Company and the mining industry are facing continued geotechnical challenges, which could adversely impact our production and profitability.” Laws and regulations may be introduced in some jurisdictions in which we operate which could limit our access to sufficient water resources in our operations, thus adversely affecting our operations.
See also the risk factor under the heading “ Our Company and the mining industry are facing continued geotechnical, geothermal and hydrogeological challenges, which could adversely impact our production and profitability.” Laws and regulations may be introduced in some jurisdictions in which we operate which could limit our access to sufficient water resources in our operations, thus adversely affecting our operations.
Our Code of Conduct (the “Code”) forms the foundation of our internal governance structure as well as our commitment to responsible mining. We encourage employees and others to promptly report incidents of possible violations of the Code and/or our global policies and standards, including in the areas of business integrity, social and environmental, community relations and human rights.
Our Code of Conduct (the “Code”) forms the foundation of our internal governance structure as well as our commitment to responsible mining. We encourage employees and others to promptly report incidents of possible violations of the Code and/or our global policies and standards, including without limitation in the areas of business integrity, social and environmental, community relations and human rights.
In addition, from time to time, countries in which we operate adopt measures to restrict the availability of the local currency or the repatriation of capital across borders.
From time to time, countries in which we operate adopt measures to restrict the availability of the local currency or the repatriation of capital across borders.
There can be no assurance that any rating currently assigned by Standard & Poor’s Rating Services or Moody’s Investors Service to Newmont will remain unchanged for any given period of time or that a rating will not be lowered if, in that rating agency’s judgment, future circumstances relating to the basis of the rating so warrant.
There can be no assurance that any rating currently assigned by Standard & Poor’s Rating Services, Moody’s Investors Service, or Fitch Ratings to Newmont will remain unchanged for any given period of time or that a rating will not be lowered if, in that rating agency’s judgment, future circumstances relating to the basis of the rating so warrant.
We enter into temporary occupation agreements ranging from five to 30 years with the Ejido communities, which allow us to use the surface of the lands for our mining operations, and at any particular time we may be involved in negotiations to enter into new temporary occupation agreements or other surface access agreements or amend existing agreements.
We enter into temporary occupation agreements ranging from five to thirty years with the Ejido communities, which allow us to use the surface of the lands for our mining operations, and at any particular time we may be involved in negotiations to enter into new temporary occupation agreements or other surface access agreements or amend existing agreements.
We currently maintain a Standard & Poor’s rating of “BBB+” (stable outlook) and a Moody’s Investors Service rating of Baa1 (stable). We cannot make assurances regarding how long these ratings will remain unchanged or regarding the outcome of the rating agencies future reviews (including following any planned or future business combinations).
We currently maintain a Standard & Poor’s rating of “BBB+” (stable outlook). Moody’s Investors Service rating of Baa1 (positive outlook), and a Fitch Ratings rating of A- (stable outlook). We cannot make assurances regarding how long these ratings will remain unchanged or regarding the outcome of the rating agencies future reviews (including following any planned or future business combinations).
In the United States, at the federal and state level, regulatory changes which may be implemented in the area of tax reform remain uncertain and may adversely affect companies in the mining sector. For example, NGM could be impacted by the resolutions before the State of Nevada Legislature to amend the State Constitution to increase mining taxes.
In the United States, at the federal and state level, regulatory changes which may be implemented in the area of tax reform remain uncertain and may adversely affect companies in the mining sector. For example, NGM could be impacted by the resolutions brought to the State of Nevada Legislature to amend the State Constitution to increase mining taxes.
Producers use feasibility studies for undeveloped ore bodies to derive estimates of capital and operating costs based upon anticipated tonnage and grades of ore to be mined and processed, the predicted configuration of the ore body, expected recovery rates of metals from the ore, the costs of comparable facilities, the costs of operating and processing equipment and other factors.
Producers use pre-feasibility or feasibility studies for undeveloped ore bodies to derive estimates of capital and operating costs based upon anticipated tonnage and grades of ore to be mined and processed, the predicted configuration of the ore body, expected recovery rates of metals from the ore, the costs of comparable facilities, the costs of operating and processing equipment and other factors.
Foreign Corrupt Practices Act and other extraterritorial and domestic anti-bribery laws and regulations, a breach or violation of which could lead to substantial sanctions and civil and criminal prosecution, as well as fines and penalties, litigation, loss of licenses or permits and other collateral consequences and reputational harm.
Foreign Corrupt Practices Act and other extraterritorial and national anti-bribery laws and regulations, a breach or violation of which could lead to substantial sanctions and civil and criminal prosecution, as well as fines and penalties, litigation, loss of licenses or permits and other collateral consequences and reputational harm.
See also the risk factors under the headings “ Our Company and the mining industry are facing continued geotechnical challenges, which could adversely impact our production and profitability ,” and “ Title to some of our properties may be insufficient, defective, or challenged ”.
See also the risk factors under the headings “ Our Company and the mining industry are facing continued geotechnical, geothermal and hydrogeological challenges, which could adversely impact our production and profitability ,” and “ Title to some of our properties may be insufficient, defective, or challenged ”.
In Ghana, for instance, in response to resettlement-related complaints, Newmont worked with national and local government authorities, traditional leaders, impacted farmers/landowners and other concerned stakeholders to analyze impacts, extend programs to support vulnerable households and provide enhanced livelihood support.
In Ghana, for instance, in response to resettlement-related complaints, Newmont worked with national and local government authorities, traditional leaders, impacted farmers/landowners and other concerned stakeholders to analyze impacts, extend programs to support vulnerable households and provide enhanced and/or alternative livelihood support.
See also the risk factor under the heading " Damage to our reputation may result in decreased investor confidence, challenges in maintaining positive community relations and can pose additional obstacles to our ability to develop our projects, which may result in a material adverse impact on our business, financial position, results of operations and growth prospects .” We rely on contractors to conduct a significant portion of our operations and construction projects.
See also the risk factor under the heading " Damage to our reputation may result in decreased investor confidence, challenges in maintaining positive community relations and can pose additional obstacles to our ability to develop our projects, which may result in a material adverse impact on our business, financial position, results of operations and growth prospects .” 43 Table of Contents We rely on contractors to conduct a significant portion of our operations and construction projects.
Violations of these laws, or allegations of such violations, could lead to substantial sanctions and civil and criminal prosecution, as well as fines and penalties, litigation, loss of operating licenses or permits and other collateral consequences, and may damage the Company’s reputation, which could have a material adverse effect on our business, financial position and results of operations or cause the market value of our common shares to decline.
Violations of these laws, or allegations of such violations, could lead to substantial investigation and remedial costs, sanctions and civil and criminal prosecution, as well as fines and penalties, litigation, loss of operating licenses or permits and other collateral consequences, and may damage the Company’s reputation, which could have a material adverse effect on our business, financial position and results of operations or cause the market value of our common shares to decline.
Additionally, revisions to the Yanacocha reclamation plan may change in connection with the Company’s ultimate submission and review of the plan with Peruvian regulators. Refer to Notes 5 and 25 of our Consolidated Financial Statements for information regarding reclamation and remediation, and Note 1 of our Consolidated Financial Statements regarding the Company’s interest in Yanacocha.
Additionally, revisions to the Yanacocha reclamation plan may change in connection with the Company’s ultimate submission and review of the plan with Peruvian regulators. Refer to Notes 6 and 25 to our Consolidated Financial Statements for information regarding reclamation and remediation, and Note 1 to our Consolidated Financial Statements regarding the Company’s interest in Yanacocha.
For example, Argentina has been considered a hyperinflationary environment with a cumulative inflation rate of over 100% for the last four years. In recent years, Argentina’s central bank enacted a number of foreign currency controls in an effort to stabilize the local currency.
For example, Argentina has been considered a hyperinflationary environment with a cumulative inflation rate of over 100% for the last five years. In recent years, Argentina’s central bank enacted a number of foreign currency controls in an effort to stabilize the local currency.
This leads to higher pit walls, more complex underground environments and increased exposure to geotechnical instability and hydrogeological impacts.
This leads to higher pit walls, more complex underground environments and increased exposure to geotechnical instability and geothermal and hydrogeological impacts.
The ongoing Yanacocha closure studies are expected to be progressed in 2023 and continue in the future. Future material increases or decreases to the asset retirement obligation could occur as additional analyses are completed and further refinements to water quality and volume modeling are completed.
The ongoing Yanacocha closure studies are expected to be progressed in 2024 and continue in the future. Future material increases or decreases to the asset retirement obligation could occur as additional analyses are completed and further refinements to water quality and volume modeling are completed.
We do not have direct control over how we are perceived by others and any resulting loss of reputation could have a material adverse effect on our business, financial position and results of operations. We are dependent upon information technology and operational technology systems, which are subject to disruption, damage, failure and risks associated with implementation, upgrade, operation and integration.
We do not have direct control over how we are perceived by others and any resulting loss of reputation could have a material adverse effect on our business, financial position and results of operations. 20 Table of Contents We are dependent upon information technology and operational technology systems, which are subject to disruption, damage, failure and risks associated with implementation, upgrade, operation and integration.
In jurisdictions that rely on purchased hydroelectric power, such as in Ghana and Peru, extreme drought and extended dry seasons may impact the electric utility’s 28 Table of Contents water supplies needed to generate hydroelectric power purchased by the mine to run operations, which would result in higher costs and/or limit energy availability for continuity of operations as well as impact our environmental systems and processes.
In jurisdictions that rely on purchased hydroelectric power, such as in Ghana and Peru, extreme drought and extended dry seasons may impact the electric utility’s water supplies needed to generate hydroelectric power purchased by the mine to run operations, which would result in higher costs and/or limit energy availability for continuity of operations as well as impact our environmental systems and processes.
A disruption in the transmission of energy, inadequate energy transmission infrastructure or the termination of any of our energy supply contracts could interrupt our energy supply and adversely affect our operations. Our principal energy sources are purchased electricity, diesel fuel, gasoline, natural gas and coal.
A disruption in the transmission of energy, inadequate energy transmission infrastructure or the termination of any of our energy supply contracts could interrupt our energy supply and adversely affect our operations. Our principal energy sources are purchased electricity, diesel fuel, gasoline, heavy fuel oil, natural gas and coal.
Employees and non-employees, including suppliers and community members, can anonymously report concerns via our third-party helpline. Each mine site has a complaints and grievances register to record matters raised by local stakeholders.
Employees and non-employees, including suppliers and community members, can anonymously report concerns via our third-party-administered helpline. Each mine site also has a complaints and grievances register to record matters raised by local stakeholders.
The actual project profitability or economic feasibility may differ from such estimates as a result of any of the following factors, among others: • Changes in tonnage, grades and metallurgical characteristics of ore to be mined and processed; • Changes in input commodity and labor costs; • The quality of the data on which engineering assumptions were made; • Increases in development capital and investment costs; • Adverse geotechnical conditions; • Availability of adequate and skilled labor force; • Availability, supply and cost including: water, reagents, and power; • Costs related to environmental management and sales including waste management, monitoring and transport and storage of product sales; • Fluctuations in inflation and currency exchange rates; • Availability and terms of financing; • Delays in obtaining environmental or other government permits or approvals or changes in the laws and regulations related to our operations or project development; • Changes in tax laws, the laws and/or regulations around royalties and other taxes due to the regional and national governments and royalty agreements; • Government instability, including but not limited to decreased support for development of mining projects; • Weather or severe climate impacts, including, without limitation, prolonged or unexpected precipitation, drought and/or sub-zero temperatures; • Potential delays and restrictions in connection with health and safety issues, including pandemics (such as COVID-19 and related variants) and other infectious diseases; • Potential delays relating to social and community issues, including, without limitation, issues resulting in protests, road blockages or work stoppages; and • Potential challenges to mining activities or to permits or other approvals or delays in development and construction of projects based on claims of disturbance of cultural resources or the inability to secure consent for such disturbance.
The actual project profitability or economic feasibility may differ from such estimates as a result of any of the following factors, among others: • Changes in tonnage, grades and metallurgical characteristics of ore to be mined and processed; • Changes in input commodity and labor costs; • The quality of the data on which engineering assumptions were made; • Increases in development capital and investment costs; • Adverse geotechnical, geothermal and hydrogeological conditions; • Availability of adequate and skilled labor force; • Availability, supply and cost including: critical assets, water, reagents, and power; • Costs related to environmental management and sales including waste management, monitoring and transport and storage of product sales; • Fluctuations in inflation and currency exchange rates; • Availability and terms of financing; • Delays in obtaining environmental or other government permits or approvals or changes in the laws and regulations related to our operations or project development; • Changes in tax laws, the laws and/or regulations around royalties and other taxes due to the regional and national governments and royalty agreements; • Government instability, including but not limited to decreased support for development of mining projects; • Weather or severe climate impacts, including, without limitation, prolonged or unexpected precipitation, drought and/or sub-zero temperatures; • Potential delays and restrictions in connection with health and safety issues, including pandemics (such as COVID-19 and related variants) and other infectious diseases, such as malaria or the zika virus; • Potential delays relating to social and community issues, including, without limitation, issues resulting in protests, road blockages or work stoppages; and • Potential challenges to mining activities or to permits or other approvals or delays in development and construction of projects based on claims of disturbance of cultural resources or the inability to secure consent generally from Indigenous groups.
Given the unpredictability of the timing, nature and scope of information technology disruptions, we could potentially be subject to production downtimes, operational delays, the compromising of confidential or otherwise protected information, destruction or 20 Table of Contents corruption of data, security breaches, other manipulation or improper use of our systems and networks or financial losses from remedial actions.
Given the unpredictability of the timing, nature and scope of information technology disruptions, we could potentially be subject to production downtimes, operational delays, the compromising of confidential or otherwise protected information, destruction or corruption of data, security breaches, other manipulation or improper use of our systems and networks or financial losses from remedial actions.
Other risks include impacts to supply chain, restrictions and local procurement requirements, increase in key commodity prices, more restrictive local banking requirements including requirements for repatriation of proceeds to banks domiciled in Ghana, limitations on capacity of banks to provide reclamation bonds, requests for further local employment requirements, requests for contract renegotiation and increases in contract rates and other costs.
Other risks include impacts to supply chain, restrictions and local procurement requirements under local content regulations, increase in key commodity prices, more restrictive local banking requirements including requirements for repatriation of proceeds to banks domiciled in Ghana, limitations on capacity of banks to provide reclamation bonds, requests for further local employment requirements, requests for contract renegotiation and increases in contract rates and other costs.
The reserves stated in this report represent the amount of gold, copper, silver, lead and zinc that we estimated, at December 31, 2022, could be economically and legally extracted or produced at the time of the reserve determination. Estimates of proven and probable reserves are subject to considerable uncertainty.
The reserves stated in this report represent the amount of gold, copper, silver, lead, zinc and molybdenum that we estimated, at December 31, 2023, could be economically and legally extracted or produced at the time of the reserve determination. Estimates of proven and probable reserves are subject to considerable uncertainty.
The annual 2022 update included an initial consideration of known risks (including the associated risk that water treatment estimates could change in the future as more work is completed).
The annual 2023 update included an initial consideration of known risks (including the associated risk that water treatment estimates could change in the future as more work is completed).
Security incidents, in the future, may have a material adverse effect on our operations, development projects, exploration and reclamation activities, especially if criminal activity and violence continue to escalate.
Security incidents, in the future, may have a material adverse effect on our operations, development projects, exploration and reclamation activities, especially if criminal activity and violence escalate.
While we do not tolerate discrimination and harassment of any kind (including but not limited to sexual orientation, gender identity, race, religion, ethnicity, age, or disability, among others), our policies and processes may not prevent or detect all potential harmful workplace behaviors.
While we do not tolerate discrimination and harassment of any kind (including but not limited to gender, sexual orientation, gender identity, gender expression, race, religion, national origin, ethnicity, age, or disability, among others), our policies and processes may not prevent or detect all potential harmful workplace behaviors.
Management makes multiple assumptions in estimating future cash 22 Table of Contents flows, which include production levels based on life of mine plans, future costs of production, estimates of future production levels based on value beyond proven and probable reserves at our operations, prices of metals, the historical experience of our operations and other factors.
Management makes multiple assumptions in estimating future cash flows, which include production levels based on life of mine plans, future costs of production, estimates of future production levels based on value beyond proven and probable reserves at our operations, prices of metals, the historical experience of our operations and other factors.
Increased global attention or regulation on consumption of shared resources and use products or development of waste that have the potential to impact human health and the environment could similarly have an adverse impact on our results of operations and financial position due to increased compliance and input costs.
Increased global attention or regulation on consumption of shared resources and use 28 Table of Contents products or development of waste that have the potential to impact human health and the environment could similarly have an adverse impact on our results of operations and financial position due to increased compliance and input costs.
A determination of insufficient or defective Legal Title or risks in connection with a challenge to our Legal Title could result in loss of Legal 36 Table of Contents Title, litigation, insurance claims, the impairment, preclusion, or cessation of exploration, development, or mining operations, and potential losses affecting the Company's business as a whole.
A determination of insufficient or defective Legal Title or risks in connection with a challenge to our Legal Title could result in loss of Legal Title, litigation, insurance claims, the impairment, preclusion, or cessation of exploration, development, or mining operations, and potential losses affecting the Company's business as a whole.
Regulatory uncertainty may incur higher costs and lower economic returns than originally estimated for new development projects and operations, including closure reclamation obligations. For example, operational and capital expenses are expected to increase in order to meet renewable portfolio standard requirements by 50% or greater from current costs over the next 10 years in Australia, Canada, Mexico and the U.S.
Regulatory uncertainty may incur higher costs and lower economic returns than originally estimated for new development projects and operations, including closure reclamation obligations. For example, operational and capital expenses are expected to increase in order to meet renewable portfolio standard requirements from current costs over the next 10 years in Australia, Canada, Mexico and the U.S.
Exploration, development, production and mine closure activities are subject to regional, political, economic, community and other risks of doing business in multiple jurisdictions, including: • Potential instability of foreign governments and changes in government policies, including relating to or in response to changes of U.S. laws or foreign policies; • Expropriation or nationalization of property; • Restrictions on the ability to pay dividends offshore or to otherwise repatriate funds; • Restrictions on the ability of local operating companies to sell gold and other metals offshore for U.S. dollars, or on the ability of such companies to hold U.S. dollars or other foreign currencies in offshore bank accounts; • Import and export regulations, including restrictions on the export of gold, silver, copper, zinc and/or lead; • Disadvantages relating to submission to the jurisdiction of foreign courts or arbitration panels or enforcement or appeals of judgments at foreign courts or arbitration panels against a sovereign nation within its own territory; • Royalty and tax increases or claims, including retroactive increases and claims and requests to renegotiate terms of existing investment agreements, contracts of work, leases, royalties and taxes, by governmental entities, including such increases, claims and/or requests by the governments of Argentina, Australia, Canada, Chile, the Dominican Republic, Ghana, Mexico, Peru, Suriname, the State of Colorado and the State of Nevada in the U.S.; • Changes in laws or regulations in the jurisdictions in which we operate, including in changes resulting from changes in political administrations; • Risk of increased taxation related to impacts to government revenue as a result of challenging socioeconomic conditions, including recessions and/or in connection with heath and community emergencies, such as COVID-19 and other pandemics, epidemics or outbreaks; • Fines, fees, and sanctions imposed for failure to comply with the laws and regulations of the jurisdictions in which we operate; • Risk of loss due to inability to access our properties or operations; • Other risks arising out of foreign sovereignty over the areas in which our operations are conducted, including risks inherent in contracts with government owned entities such as unilateral cancellation or renegotiation of contracts, licenses or other mining rights; • Delays in obtaining or renewing, or the inability to obtain, maintain or renew, necessary governmental permits, mining or operating leases and other agreements and/or approvals; • Risk of loss due to civil strife, acts of war, guerrilla activities, insurrection and terrorism; • Claims for increased mineral royalties or ownership interests by local or indigenous communities; • Risk of loss due to criminal activities such as trespass, blockade, local artisanal or illegal mining, organized crime by drug cartels, theft and vandalism; • Delays in obtaining or renewing collective bargaining or certain labor agreements; • Disadvantages of competing against companies from countries that are not subject to the rigorous laws and regulations of the U.S. or other jurisdictions, including without limitation, the U.S.
Exploration, development, production and mine closure activities are subject to regional, political, economic, community and other risks of doing business in multiple jurisdictions, including: • Potential instability of foreign governments and changes in government policies, including relating to or in response to changes of U.S. laws or foreign policies; • Expropriation or nationalization of property; • Restrictions on the ability to pay dividends offshore or to otherwise repatriate funds; • Restrictions on the ability of local operating companies to sell gold and other metals offshore for U.S. dollars, or on the ability of such companies to hold U.S. dollars or other foreign currencies in offshore bank accounts; • Import and export regulations, including restrictions on the export of gold, copper, silver, lead and/or zinc; • Disadvantages relating to submission to the jurisdiction of foreign courts or arbitration panels or enforcement or appeals of judgments at foreign courts or arbitration panels against a sovereign nation within its own territory; • Royalty and tax increases or claims, including retroactive increases and claims and requests to renegotiate terms of existing investment agreements, contracts of work, leases, royalties and taxes, by governmental entities, including such increases, claims and/or requests by the governments of Argentina, Australia, Canada, Chile, the Dominican Republic, Ecuador, Fiji, Ghana, Mexico, Papua New Guinea, Peru, Suriname, the State of Colorado and the State of Nevada in the U.S.; • Changes in laws or regulations in the jurisdictions in which we operate, including in changes resulting from changes in political administrations; • Risk of increased taxation related to impacts to government revenue as a result of challenging socioeconomic conditions, including recessions and/or in connection with heath and community emergencies, such as pandemics, epidemics or outbreaks (including COVID-19 and related variants), and climate events; • Fines, fees, and sanctions imposed for failure to comply with the laws and regulations of the jurisdictions in which we operate; • Risk of loss due to inability to access our properties or operations; • Other risks arising out of foreign sovereignty over the areas in which our operations are conducted, including risks inherent in contracts with government owned entities such as unilateral cancellation or renegotiation of contracts, licenses or other mining rights; • Delays in obtaining or renewing, or the inability to obtain, maintain or renew, necessary governmental permits, mining or operating leases and other agreements and/or approvals; 36 Table of Contents • Risk of loss due to civil strife, acts of war, guerrilla activities, insurrection and terrorism; • Claims for increased mineral royalties or ownership interests by local or Indigenous communities; • Increased expectations of local Indigenous communities for profit or other benefit sharing; • Risk of loss due to criminal activities such as trespass, blockade, local artisanal or illegal mining, organized crime by drug cartels, theft and vandalism; • Delays in obtaining or renewing collective bargaining or certain labor agreements, workforce unionization, or demand for profit sharing; • Disadvantages of competing against companies from countries that are not subject to the rigorous laws and regulations of the U.S. or other jurisdictions, including without limitation, the U.S.
In addition, sustained lower gold, silver, copper, zinc or lead prices can: • Reduce revenues further through production declines due to cessation of the mining of deposits, or portions of deposits, that become uneconomic at sustained lower metal prices; • Reduce or eliminate the profit that we currently expect from ore stockpiles and ore on leach pads and increase the likelihood and amount that the Company might be required to record write downs related to the carrying value of its stockpiles and ore on leach pads; • Halt or delay the development of new projects; • Reduce funds available for exploration and advanced projects with the result that depleted reserves may not be replaced; and • Reduce existing reserves by removing ores from reserves that can no longer be economically processed at prevailing prices We may be unable to replace gold, silver, copper, zinc or lead reserves as they become depleted.
In addition, sustained lower gold, silver, copper, zinc or lead prices can: • Reduce revenues further through production declines due to cessation of the mining of deposits, or portions of deposits, that become uneconomic at sustained lower metal prices; • Reduce or eliminate the profit that we currently expect from ore stockpiles and ore on leach pads and increase the likelihood and amount that the Company might be required to record write downs related to the carrying value of its stockpiles and ore on leach pads; • Halt or delay the development of new projects; 16 Table of Contents • Reduce funds available for exploration and advanced projects with the result that depleted reserves may not be replaced; and • Reduce existing reserves by removing ores from reserves that can no longer be economically processed at prevailing prices.
We may also have to identify adequate sources of water and power for new projects, ensure that appropriate community 17 Table of Contents infrastructure (for example, reliable rail, ports, roads, and bridges) is developed to support the project and secure appropriate financing to fund a new project.
We may also have to identify adequate sources of water and power for new projects, ensure that appropriate community infrastructure (for example, reliable rail, ports, roads, and bridges) is developed to support the project and secure appropriate financing to fund a new project.
Additionally, the Company is subject to certain funding requirements in connection with its joint ventures. Joint venture funding requirements, as well as the ability of partners to meet their financial and other obligations, may result in increases to our costs and required capital expenditures.
Additionally, the Company is subject to certain funding requirements in connection with its joint ventures. Joint venture funding requirements, as well as the ability of partners to meet their financial and other obligations, may result in increases to our costs and required capital expenditures and possible delays in joint venture activities.
Occurrence of events for which we are not insured may affect our results of operations and financial position. 32 Table of Contents Our operations at Yanacocha and the development of our Conga project in Peru are subject to political and social unrest risks. Minera Yanacocha S.R.L.
Occurrence of events for which we are not insured may affect our results of operations and financial position. Our operations at Yanacocha and the development of our Conga project in Peru are subject to political and social unrest risks. Minera Yanacocha S.R.L.
Under Delaware law, however, we cannot pay dividends out of net profits if, after we pay the dividend, our capital would be less than the capital represented by the outstanding stock of all classes having a preference upon the distribution of assets.
Under Delaware law, however, we 45 Table of Contents cannot pay dividends out of net profits if, after we pay the dividend, our capital would be less than the capital represented by the outstanding stock of all classes having a preference upon the distribution of assets.
Illegal mining and artisanal mining occurs on or adjacent to certain of our properties exposing such sites to security risks. Artisanal and illegal miners have been active on, or adjacent to, some of Newmont’s African and South American properties, including in Suriname and Ghana in recent years.
Illegal mining and artisanal mining occurs on or adjacent to certain of our properties exposing such sites to security risks. Artisanal, small scale and illegal miners have been active on, or adjacent to, some of Newmont’s African and South American properties, including in Peru, Suriname and Ghana in recent years.
Policy and regulatory risk related to actual and proposed changes in climate- and water-related laws, regulations and taxes developed to regulate the transition to a low-carbon economy may result in increased costs for our operations, venture partners and our suppliers, including increased energy, capital equipment, environmental monitoring and reporting and other costs to comply with such regulations.
Policy and regulatory risk related to actual and proposed changes in climate- and water-related laws, regulations and taxes developed to regulate the transition to a low-carbon economy may result in increased costs for our operations, venture partners and our suppliers, including increased energy, capital equipment, environmental monitoring and reporting and other costs to comply with 30 Table of Contents such regulations.
Over time, litigation may also apply to other resource intensive sectors that fail to set and/or meet long-term reduction targets. While 27 Table of Contents the Company is not currently subject to any lawsuits related to climate, no assurances can be provided that similar suits will not be brought in the future.
Over time, litigation may also apply to other resource intensive sectors that fail to set and/or meet long-term reduction targets. While the Company is not currently subject to any lawsuits related to climate, no assurances can be provided that similar suits will not be brought in the future.
Title to some of our properties may be insufficient, defective, or challenged. The sufficiency or validity of the Company's rights, titles, or interests in and to its properties ("Legal Title") may be uncertain or challenged by third parties, including governmental authorities, Indigenous or communal peoples, or private parties.
Title to some of our properties may be insufficient, defective, or challenged. The sufficiency or validity of the Company's Legal Title in and to its properties may be uncertain or challenged by third parties, including governmental authorities, Indigenous or communal peoples, or private parties.
These measures may have a number of negative effects on Newmont, reducing the immediately available capital that we could otherwise deploy for investment opportunities or the payment of expenses. In addition, measures that restrict the availability of the local currency or impose a requirement to operate in the local currency may create other practical difficulties for Newmont.
These measures may have a number of negative effects on Newmont, reducing the immediately available capital 22 Table of Contents that we could otherwise deploy for investment opportunities or the payment of expenses. Measures that restrict the availability of the local currency or impose a requirement to operate in the local currency may create other practical difficulties for Newmont.

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Item 2. Properties

Properties — owned and leased real estate

151 edited+77 added−20 removed68 unchanged
Biggest changeThe following tables detail measured, indicated, and inferred resources reflecting only those that are attributable to Newmont’s ownership or economic interest at December 31, 2022 and 2021. 60 Table of Contents Gold Resources at December 31, 2022 (1)(2) Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (g/tonne) Ounces (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (000) Metallurgical Recovery (3) North America CC&V, Colorado 100% 79,700 0.38 980 42,300 0.32 440 122,000 0.36 1,420 32,200 0.34 350 59% Musselwhite, Canada 100% 1,300 3.92 170 2,600 3.93 330 3,900 3.93 490 3,000 4.15 410 95% Porcupine Underground 100% 300 6.69 70 1,000 8.64 270 1,300 8.15 340 1,800 8.08 480 92% Porcupine Open Pit 100% 200 0.51 — 73,000 1.53 3,600 73,200 1.53 3,600 66,000 1.36 2,890 91% Total Porcupine, Canada 500 4.36 70 73,900 1.63 3,860 74,500 1.64 3,940 67,900 1.54 3,370 91% Éléonore, Canada 100% 400 5.05 70 2,100 5.10 350 2,500 5.09 420 2,600 5.45 460 92% Peñasquito, Mexico 100% 47,400 0.25 390 263,500 0.26 2,190 311,000 0.26 2,570 84,700 0.41 1,110 69% Noche Buena, Mexico 50% — — — 19,900 0.37 240 19,900 0.37 240 1,600 0.21 10 50% Coffee, Canada 100% — — — 53,900 1.23 2,140 53,900 1.23 2,140 7,200 1.01 230 80% Galore Creek, Canada (4) 50% 212,800 0.29 2,010 385,600 0.22 2,710 598,400 0.25 4,720 118,900 0.19 720 75% 342,300 0.34 3,700 843,900 0.45 12,230 1,186,200 0.42 15,930 318,100 0.65 6,650 79% South America Conga, Peru (10) 100% — — — 693,800 0.65 14,590 693,800 0.65 14,590 230,500 0.39 2,880 75% Yanacocha Open Pit 100% 13,500 0.38 170 114,900 0.42 1,570 128,400 0.42 1,730 189,700 0.79 4,830 66% Yanacocha Underground 100% 500 4.07 70 6,200 4.70 940 6,700 4.65 1,010 3,400 4.99 550 97% Total Yanacocha, Peru (10) 14,100 0.52 240 121,100 0.64 2,510 135,100 0.63 2,740 193,100 0.87 5,380 72% Merian, Suriname 75% 5,600 0.99 180 35,300 1.26 1,430 40,900 1.22 1,610 37,000 0.86 1,020 89% Cerro Negro Underground 100% 200 6.11 30 1,500 7.33 360 1,700 7.22 390 5,700 6.19 1,140 95% Cerro Negro Open Pit 100% 1,200 3.28 130 1,200 3.15 120 2,400 3.22 250 300 2.46 20 90% Total Cerro Negro, Argentina 100% 1,400 3.60 160 2,700 5.49 480 4,100 4.86 630 6,000 6.00 1,160 94% Pueblo Viejo, Dominican Republic (5)(11) 40% 7,300 1.43 340 33,200 1.51 1,610 40,600 1.49 1,950 3,000 1.77 170 88% NuevaUnión, Chile (6) 50% 4,800 0.47 70 118,300 0.59 2,260 123,100 0.59 2,330 239,800 0.40 3,050 68% Norte Abierto, Chile (7) 50% 77,200 0.61 1,510 596,900 0.49 9,320 674,200 0.50 10,820 369,600 0.37 4,360 76% 110,400 0.70 2,490 1,601,400 0.63 32,180 1,711,700 0.63 34,670 1,079,200 0.52 18,030 76% Australia Boddington, Western Australia 100% 92,800 0.55 1,630 167,400 0.54 2,900 260,200 0.54 4,530 2,800 0.51 50 83% Tanami Open Pit 100% 9,400 1.67 500 23,800 1.47 1,120 33,200 1.53 1,630 4,200 1.13 150 90% Tanami Underground 100% 1,700 3.26 180 5,400 4.29 750 7,100 4.04 920 8,800 5.19 1,460 97% Total Tanami, Northern Territory 100% 11,000 1.91 680 29,200 1.99 1,870 40,200 1.97 2,550 13,000 3.88 1,620 94% 103,800 0.69 2,310 196,600 0.76 4,770 300,400 0.73 7,080 15,800 3.28 1,660 88% 61 Table of Contents Gold Resources at December 31, 2022 (1)(2) (continued) Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (g/tonne) Ounces (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (000) Metallurgical Recovery (3) Africa Ahafo South 100% 200 0.56 — 20,000 1.09 700 20,200 1.09 710 10,200 1.29 420 86% Ahafo Underground 100% — — — 24,700 3.53 2,810 24,700 3.53 2,810 11,000 3.44 1,220 92% Total Ahafo South, Ghana 200 0.56 — 44,700 2.44 3,510 44,900 2.43 3,510 21,200 2.41 1,640 91% Ahafo North Open Pits, Ghana 100% 2,900 1.28 120 12,700 1.94 790 15,700 1.81 910 10,000 1.50 490 92% Akyem Open Pits 100% 1,000 0.70 20 700 0.67 20 1,700 0.69 40 1,800 1.18 70 92% Akyem Underground 100% — — — 8,300 3.92 1,050 8,300 3.92 1,050 5,300 3.27 560 92% Total Akyem, Ghana 1,000 0.70 20 9,000 3.68 1,060 10,000 3.38 1,090 7,100 2.74 620 92% 4,100 1.10 150 66,400 2.51 5,360 70,500 2.43 5,510 38,300 2.23 2,750 91% Nevada NGM Open Pits and Stockpiles 38.5% 23,200 1.89 1,410 175,200 0.99 5,600 198,400 1.10 7,000 129,900 0.69 2,880 73% NGM Underground 38.5% 9,800 6.48 2,040 16,600 5.84 3,110 26,400 6.08 5,150 19,500 6.63 4,150 86% Total NGM, Nevada (9) 33,000 3.25 3,450 191,700 1.41 8,700 224,800 1.68 12,160 149,300 1.47 7,040 79% 33,000 3.25 3,450 191,700 1.41 8,700 224,800 1.68 12,160 149,300 1.47 7,040 79% Total Gold 593,600 0.63 12,080 2,900,000 0.68 63,250 3,493,600 0.67 75,330 1,600,700 0.70 36,130 79% 62 Table of Contents Gold Resources at December 31, 2021 (1)(2) Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (g/tonne) Ounces (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (000) Metallurgical Recovery (3) North America CC&V, Colorado 100% 54,000 0.41 700 24,100 0.38 300 78,100 0.40 1,000 12,700 0.39 160 62% Musselwhite, Canada 100% 1,400 3.58 160 2,300 3.55 270 3,700 3.56 430 3,200 4.22 440 96% Porcupine Underground 100% 300 5.25 50 900 6.12 180 1,200 5.92 230 1,100 6.43 220 92% Porcupine Open Pit 100% 500 0.49 10 83,200 1.40 3,750 83,700 1.40 3,760 77,000 1.24 3,070 92% Total Porcupine, Canada 800 2.33 60 84,100 1.45 3,930 84,900 1.46 3,990 78,100 1.31 3,290 92% Éléonore, Canada 100% 300 5.72 50 1,700 4.73 260 2,000 4.86 310 3,800 5.28 650 91% Peñasquito, Mexico (11) 100% 31,400 0.27 280 176,600 0.27 1,500 208,000 0.27 1,780 89,800 0.40 1,160 69% Noche Buena, Mexico 50% — — — 21,000 0.37 250 21,000 0.37 250 1,600 0.21 10 50% Coffee, Canada 100% 1,000 2.01 60 54,500 1.19 2,080 55,500 1.20 2,140 6,800 1.07 230 80% Galore Creek, Canada (4) 50% 128,400 0.36 1,500 423,400 0.23 3,130 551,800 0.26 4,630 99,100 0.21 670 73% 217,300 0.40 2,810 787,700 0.46 11,720 1,005,000 0.45 14,530 295,100 0.70 6,610 79% South America Conga, Peru 51.35% — — — 356,300 0.65 7,490 356,300 0.65 7,490 118,400 0.39 1,480 75% Yanacocha Open Pit 51.35% 5,500 0.42 70 52,400 0.46 770 57,900 0.46 840 96,700 0.80 2,470 66% Yanacocha Underground 51.35% — 6.29 10 1,800 6.28 370 1,800 6.28 380 1,900 4.93 300 97% Total Yanacocha, Peru 5,500 0.45 80 54,200 0.65 1,140 59,700 0.64 1,220 98,600 0.87 2,770 70% Merian, Suriname 75% 4,500 0.94 140 32,600 1.14 1,200 37,100 1.12 1,340 28,500 1.01 920 88% Cerro Negro Underground 100% 100 5.48 20 1,300 7.38 300 1,400 7.25 320 7,500 6.85 1,650 93% Cerro Negro Open Pit 100% 900 4.40 120 1,000 4.09 130 1,900 4.24 250 100 3.49 10 90% Total Cerro Negro, Argentina 100% 1,000 4.51 140 2,300 5.96 430 3,300 5.52 570 7,600 6.82 1,660 93% Pueblo Viejo, Dominican Republic (5) 40% 37,300 2.01 2,410 57,100 1.89 3,470 94,400 1.94 5,880 25,400 1.72 1,410 89% NuevaUnión, Chile (6) 50% 4,800 0.47 70 118,300 0.59 2,260 123,100 0.59 2,330 239,800 0.40 3,050 68% Norte Abierto, Chile (7) 50% 77,200 0.61 1,510 596,900 0.49 9,320 674,100 0.50 10,830 369,600 0.37 4,360 76% Agua Rica, Argentina (8) 18.75% 141,900 0.25 1,150 137,400 0.15 650 279,300 0.20 1,800 139,900 0.09 410 35% 272,200 0.63 5,500 1,355,100 0.60 25,960 1,627,300 0.60 31,460 1,027,800 0.49 16,060 73% Australia Boddington, Western Australia (11) 100% 96,200 0.53 1,640 180,500 0.54 3,110 276,700 0.53 4,750 3,300 0.50 50 84% Tanami Open Pit 100% 10,200 1.88 620 16,600 1.69 900 26,800 1.76 1,520 2,900 1.62 150 90% Tanami Underground 100% 1,400 3.11 140 4,900 4.25 660 6,300 4.00 800 9,600 5.39 1,670 97% Total Tanami, Northern Territory 100% 11,600 2.03 760 21,500 2.27 1,560 33,100 2.18 2,320 12,500 4.53 1,820 97% 107,800 0.69 2,400 202,000 0.72 4,670 309,800 0.71 7,070 15,800 3.68 1,870 89% 63 Table of Contents Gold Resources at December 31, 2021 (1)(2) (continued) Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (g/tonne) Ounces (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (000) Metallurgical Recovery (3) Africa Ahafo South 100% 500 0.56 10 30,000 1.16 1,120 30,500 1.15 1,130 13,500 1.33 570 93% Ahafo Underground 100% — — — 16,600 3.99 2,120 16,600 3.99 2,120 10,800 3.34 1,160 90% Total Ahafo South, Ghana (11) 500 0.56 10 46,600 2.16 3,240 47,100 2.15 3,250 24,300 2.21 1,730 91% Ahafo North Open Pits, Ghana 100% 2,800 1.21 100 10,400 1.90 630 13,200 1.76 730 9,800 1.60 500 92% Akyem Open Pits 100% 900 0.57 20 1,100 0.67 20 2,000 0.62 40 1,300 1.43 60 91% Akyem Underground 100% — — — 6,800 3.69 810 6,800 3.69 810 5,400 2.97 520 93% Total Akyem, Ghana 900 0.57 20 7,900 3.27 830 8,800 3.00 850 6,700 2.69 580 92% 4,200 1.01 130 64,900 2.26 4,700 69,100 2.18 4,830 40,800 2.15 2,810 91% Nevada NGM Open Pits and Stockpiles 38.5% 18,300 1.89 1,110 181,100 0.90 5,230 199,400 0.99 6,340 101,100 0.82 2,670 67% NGM Underground 38.5% 8,500 5.89 1,610 11,900 6.35 2,430 20,400 6.16 4,040 15,300 6.48 3,180 86% Total NGM, Nevada (9)(11) 26,800 3.17 2,720 193,000 1.23 7,660 219,800 1.47 10,380 116,400 1.56 5,850 76% 26,800 3.17 2,720 193,000 1.23 7,660 219,800 1.47 10,380 116,400 1.56 5,850 76% Total Gold 628,300 0.67 13,560 2,602,700 0.65 54,710 3,231,000 0.66 68,270 1,495,900 0.69 33,200 76% ____________________________ (1) Resources are reported exclusive of reserves.
Biggest changeThe following tables detail measured, indicated, and inferred resources reflecting only those that are attributable to Newmont’s ownership or economic interest at December 31, 2023 and 2022. 76 Table of Contents Gold Resources at December 31, 2023 (1)(2) Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Metallurgical Recovery (3) CC&V, United States 100% 77,400 0.43 1,100 43,700 0.36 500 121,100 0.40 1,600 22,400 0.4 300 56% Musselwhite, Canada 100% 900 4.36 100 1,300 4.17 200 2,200 4.25 300 1,200 5.0 200 96% Porcupine Underground 100% 200 4.55 — 1,100 6.89 200 1,300 6.49 300 2,400 8.0 600 94% Porcupine Open Pit 100% 100 0.60 — 66,300 1.65 3,500 66,300 1.65 3,500 59,800 1.5 2,800 92% Total Porcupine, Canada 300 3.67 — 67,400 1.73 3,800 67,700 1.74 3,800 62,200 1.7 3,400 92% Éléonore, Canada 100% 700 4.59 100 2,100 4.70 300 2,800 4.68 400 1,800 5.7 300 92% Red Chris, Canada (11) 70% — — — 334,700 0.34 3,600 334,700 0.34 3,600 62,100 0.3 700 55% Brucejack, Canada (11) 100% — — — 1,800 7.64 500 1,800 7.64 500 12,100 10.3 4,000 96% Coffee, Canada 100% 900 2.14 100 49,300 1.27 2,000 50,200 1.28 2,100 6,700 1.0 200 81% Galore Creek, Canada (4) 50% 212,800 0.29 2,000 385,600 0.22 2,700 598,400 0.25 4,700 118,900 0.2 700 75% Peñasquito, Mexico (9) 100% 37,400 0.26 300 157,300 0.22 1,100 194,700 0.23 1,400 22,800 0.2 100 57% Noche Buena, Mexico 50% — — — 19,900 0.37 200 19,900 0.37 200 1,600 0.2 — 50% Merian, Suriname 75% 6,000 1.01 200 38,000 1.10 1,300 44,000 1.09 1,500 30,800 1.0 1,000 88% Cerro Negro, Argentina 100% 1,300 3.71 200 2,100 6.17 400 3,400 5.22 600 6,200 4.7 900 94% Conga, Peru 100% — — — 693,800 0.65 14,600 693,800 0.65 14,600 230,500 0.4 2,900 75% Yanacocha Open Pit 100% 16,800 0.41 200 111,300 0.43 1,500 128,000 0.42 1,700 186,500 0.8 4,800 67% Yanacocha Underground 100% 500 4.07 100 6,200 4.70 900 6,700 4.65 1,000 3,400 5.0 500 97% Total Yanacocha, Peru 17,300 0.52 300 117,500 0.65 2,500 134,800 0.64 2,800 189,900 0.9 5,400 73% Pueblo Viejo, Dominican Republic (5) 40% 7,300 1.47 300 37,300 1.49 1,800 44,600 1.49 2,100 3,200 1.6 200 82% NuevaUnión, Chile (6) 50% 4,800 0.47 100 118,300 0.59 2,300 123,100 0.59 2,300 239,800 0.4 3,100 68% Norte Abierto, Chile (7) 50% 77,200 0.61 1,500 596,900 0.49 9,300 674,200 0.50 10,800 369,600 0.4 4,400 76% Boddington, Australia 100% 98,200 0.55 1,700 169,700 0.54 2,900 267,900 0.54 4,700 2,400 0.5 — 83% Tanami Open Pit 100% 9,400 1.67 500 23,800 1.47 1,100 33,200 1.53 1,600 4,200 1.1 200 90% Tanami Underground 100% 2,500 3.82 300 5,600 4.43 800 8,000 4.24 1,100 15,900 4.5 2,300 96% Total Tanami, Australia 11,900 2.12 800 29,400 2.03 1,900 41,200 2.06 2,700 20,100 3.8 2,400 94% Cadia Underground 100% — — — 1,596,600 0.32 16,200 1,596,600 0.32 16,200 497,000 0.2 3,800 80% Cadia Stockpiles and Open Pit 100% 30,900 0.30 300 — — — 30,900 0.30 300 11,000 0.7 200 65% Total Cadia, Australia (9)(11) 30,900 0.30 300 1,596,600 0.32 16,200 1,627,500 0.32 16,500 508,000 0.2 4,100 80% Telfer Open Pit 100% — — — 25,900 0.56 500 25,900 0.56 500 — — — 78% Telfer Underground 100% — — — 1,700 2.31 100 1,700 2.31 100 — — — 90% Total Telfer, Australia (11) — — — 27,600 0.67 600 27,600 0.67 600 — — — 81% Havieron, Australia (11) 70% — — — 33,200 2.65 2,800 33,200 2.65 2,800 11,400 1.7 600 87% Namosi, Fiji (11) 73.24% — — — 105,500 0.22 700 105,500 0.22 700 1,346,900 0.1 4,300 72% Lihir Open Pit 100% — — — 25,000 2.03 1,600 25,000 2.03 1,600 227,400 2.4 17,500 80% Lihir Stockpiles 100% — — — 22,200 1.47 1,000 22,200 1.47 1,000 — — — 78% Total Lihir, Papua New Guinea (9)(11) — — — 47,100 1.77 2,700 47,100 1.77 2,700 227,400 2.4 17,500 79% 77 Table of Contents Gold Resources at December 31, 2023 (1)(2) (continued) Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Metallurgical Recovery (3) Wafi-Golpu Open Pit 50% — — — 53,600 1.66 2,900 53,600 1.66 2,900 15,500 1.3 600 65% Wafi-Golpu Underground 50% — — — 140,800 0.45 2,000 140,800 0.45 2,000 91,900 0.6 1,900 68% Total Wafi-Golpu, Papua New Guinea (11) — — — 194,500 0.78 4,900 194,500 0.78 4,900 107,300 0.7 2,600 67% Ahafo South Open Pit 100% 3,200 1.21 100 5,600 0.92 200 8,800 1.03 300 6,100 1.4 300 88% Ahafo South Underground 100% — 1.59 — 27,200 3.71 3,200 27,200 3.71 3,200 13,800 3.0 1,300 91% Total Ahafo South, Ghana 3,200 1.21 100 32,800 3.24 3,400 36,000 3.05 3,500 19,900 2.5 1,600 91% Ahafo North, Ghana 100% 5,000 1.46 200 12,700 1.88 800 17,700 1.76 1,000 6,600 1.6 300 91% Akyem, Ghana 100% 900 0.72 — 9,800 3.83 1,200 10,600 3.57 1,200 5,600 2.9 500 92% NGM Open Pit and Stockpiles 38.5% 4,000 0.99 100 175,200 0.99 5,500 179,200 0.99 5,700 101,000 0.8 2,500 75% NGM Underground 38.5% 1,400 7.51 300 20,900 5.95 4,000 22,200 6.04 4,300 23,100 6.5 4,800 84% Total NGM, United States (8) 5,300 2.66 500 196,000 1.52 9,600 201,400 1.55 10,000 124,100 1.8 7,300 80% Total Gold 599,700 0.52 9,900 5,121,900 0.58 94,900 5,721,600 0.57 104,800 3,761,500 0.6 69,100 78% 78 Table of Contents Gold Resources at December 31, 2022 (1)(2) Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Metallurgical Recovery (3) CC&V, United States 100% 79,700 0.38 980 42,300 0.32 440 122,000 0.36 1,420 32,200 0.3 350 59% Musselwhite, Canada 100% 1,300 3.92 170 2,600 3.93 330 3,900 3.93 490 3,000 4.2 410 95% Porcupine Underground 100% 300 6.69 70 1,000 8.64 270 1,300 8.15 340 1,800 8.1 480 92% Porcupine Open Pit 100% 200 0.51 — 73,000 1.53 3,600 73,200 1.53 3,600 66,000 1.4 2,890 91% Total Porcupine, Canada 500 4.36 70 73,900 1.63 3,860 74,500 1.64 3,940 67,900 1.5 3,370 91% Éléonore, Canada 100% 400 5.05 70 2,100 5.10 350 2,500 5.09 420 2,600 5.4 460 92% Coffee, Canada 100% — — — 53,900 1.23 2,140 53,900 1.23 2,140 7,200 1.0 230 80% Galore Creek, Canada (4) 50% 212,800 0.29 2,010 385,600 0.22 2,710 598,400 0.25 4,720 118,900 0.2 720 75% Peñasquito, Mexico 100% 47,400 0.25 390 263,500 0.26 2,190 311,000 0.26 2,570 84,700 0.4 1,110 69% Noche Buena, Mexico 50% — — — 19,900 0.37 240 19,900 0.37 240 1,600 0.2 10 50% Merian, Suriname 75% 5,600 0.99 180 35,300 1.26 1,430 40,900 1.22 1,610 37,000 0.9 1,020 89% Cerro Negro Underground 100% 200 6.11 30 1,500 7.33 360 1,700 7.22 390 5,700 6.2 1,140 95% Cerro Negro Open Pit 100% 1,200 3.28 130 1,200 3.15 120 2,400 3.22 250 300 2.5 20 90% Total Cerro Negro, Argentina 100% 1,400 3.60 160 2,700 5.49 480 4,100 4.86 630 6,000 6.0 1,160 94% Conga, Peru (10) 100% — — — 693,800 0.65 14,590 693,800 0.65 14,590 230,500 0.4 2,880 75% Yanacocha Open Pit 100% 13,500 0.38 170 114,900 0.42 1,570 128,400 0.42 1,730 189,700 0.8 4,830 66% Yanacocha Underground 100% 500 4.07 70 6,200 4.70 940 6,700 4.65 1,010 3,400 5.0 550 97% Total Yanacocha, Peru (10) 14,100 0.52 240 121,100 0.64 2,510 135,100 0.63 2,740 193,100 0.9 5,380 72% Pueblo Viejo, Dominican Republic (5)(9) 40% 7,300 1.43 340 33,200 1.51 1,610 40,600 1.49 1,950 3,000 1.8 170 88% NuevaUnión, Chile (6) 50% 4,800 0.47 70 118,300 0.59 2,260 123,100 0.59 2,330 239,800 0.4 3,050 68% Norte Abierto, Chile (7) 50% 77,200 0.61 1,510 596,900 0.49 9,320 674,200 0.50 10,820 369,600 0.4 4,360 76% Boddington, Australia 100% 92,800 0.55 1,630 167,400 0.54 2,900 260,200 0.54 4,530 2,800 0.5 50 83% Tanami Open Pit 100% 9,400 1.67 500 23,800 1.47 1,120 33,200 1.53 1,630 4,200 1.1 150 90% Tanami Underground 100% 1,700 3.26 180 5,400 4.29 750 7,100 4.04 920 8,800 5.2 1,460 97% Total Tanami, Australia 100% 11,000 1.91 680 29,200 1.99 1,870 40,200 1.97 2,550 13,000 3.9 1,620 94% Ahafo South Open Pit 100% 200 0.56 — 20,000 1.09 700 20,200 1.09 710 10,200 1.3 420 86% Ahafo South Underground 100% — — — 24,700 3.53 2,810 24,700 3.53 2,810 11,000 3.4 1,220 92% Total Ahafo South, Ghana 200 0.56 — 44,700 2.44 3,510 44,900 2.43 3,510 21,200 2.4 1,640 91% Ahafo North, Ghana 100% 2,900 1.28 120 12,700 1.94 790 15,700 1.81 910 10,000 1.5 490 92% Akyem, Ghana 100% 1,000 0.70 20 9,000 3.68 1,060 10,000 3.38 1,090 7,100 2.7 620 92% NGM Open Pit and Stockpiles 38.5% 23,200 1.89 1,410 175,200 0.99 5,600 198,400 1.10 7,000 129,900 0.7 2,880 73% NGM Underground 38.5% 9,800 6.48 2,040 16,600 5.84 3,110 26,400 6.08 5,150 19,500 6.6 4,150 86% Total NGM, United States (8) 33,000 3.25 3,450 191,700 1.41 8,700 224,800 1.68 12,160 149,300 1.5 7,040 79% Total Gold 593,600 0.63 12,080 2,900,000 0.68 63,250 3,493,600 0.67 75,330 1,600,700 0.7 36,130 79% ____________________________ (1) Resources are reported exclusive of reserves.
Amounts presented may not recalculate in total due to rounding. (2) Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000. (3) Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes.
Amounts presented may not recalculate in total due to rounding. (2) Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000. (3) Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes.
NGM operations are primarily accessible by paved road and is comprised of 180,921 acres (73,217 hectares) in aggregate including Cortez 53,999 acres (21,853 hectares), Carlin 58,255 acres (23,575 hectares), Turquoise Ridge 26,679 acres (10,797 hectares), Phoenix 17,900 acres (7,244 hectares), and Long Canyon 24,088 acres (9,748 hectares).
NGM operations are primarily accessible by paved road and are comprised of 180,921 acres (73,217 hectares) in aggregate including Cortez 53,999 acres (21,853 hectares), Carlin 58,255 acres (23,575 hectares), Turquoise Ridge 26,679 acres (10,797 hectares), Phoenix 17,900 acres (7,244 hectares), and Long Canyon 24,088 acres (9,748 hectares).
Market fluctuations in the price of gold, silver, copper, zinc, lead and molybdenum, as well as increased production costs or reduced metallurgical recovery rates, could change future estimates of resources. Metal price assumptions are based on approximately a fifteen to twenty-five percent premium over reserve prices.
Market fluctuations in the price of gold, silver, copper, zinc, lead, molybdenum and tungsten, as well as increased production costs or reduced metallurgical recovery rates, could change future estimates of resources. Metal price assumptions are based on approximately a fifteen to twenty-five percent premium over reserve prices.
(100% owned) Peñasquito is an open pit operation located in the northeast corner of Zacatecas State, Mexico, approximately 125 miles (200 kilometers) northeast of the city of Zacatecas and is accessible by paved roads with a private airport close to the site. The property began production in 2009, with commercial production being achieved in 2010.
(100% owned) Peñasquito is an open pit operation located in the northeast corner of Zacatecas State, approximately 125 miles (200 kilometers) northeast of the city of Zacatecas and is accessible by paved roads with a private airport close to the site. The property began production in 2009, with commercial production being achieved in 2010.
(16) Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.
(5) Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.
Information that is utilized to compile mineral reserves and resources is prepared and certified by appropriately qualified persons at the mine site level and is subject to our internal review process which includes review by the Newmont-designated region and the Qualified Person (“QP”) based in our corporate office in Denver, Colorado.
Information that is utilized to compile mineral reserves and resources is prepared and certified by appropriately qualified persons at the mine site level and is subject to our internal review process which includes review by the Newmont-designated site and the Qualified Person (“QP”) based in our corporate office in Denver, Colorado.
All-In Sustaining Costs is a non-GAAP financial measures. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A. (2) Costs applicable to sales per GEO and All-In Sustaining Costs per GEO are non-GAAP financial measures. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A. (3) May not recalculate due to rounding.
All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A. (2) Costs applicable to sales per GEO and All-in sustaining costs per GEO are non-GAAP financial measures. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A. (3) May not recalculate due to rounding.
Ounces of gold and silver or pounds of copper, zinc, lead, and molybdenum included in the measured, indicated and inferred resources are those contained prior to losses during metallurgical treatment.
Ounces of gold and silver or pounds of copper, zinc, lead, molybdenum, and tungsten included in the measured, indicated and inferred resources are those contained prior to losses during metallurgical treatment.
Boddington consists of greenstone diorite hosted mineralization and exploration activities continue to develop the known reserve. The mine operates two pits (North and South Pits), utilizing two electric rope shovels, a diesel powered face shovel and an electric hydraulic shovel as its prime ex-pit material movers with a fleet of 36 production autonomous haulage trucks.
Boddington consists of greenstone diorite hosted mineralization and exploration activities continue to develop the known reserve. The mine operates two pits (North and South Pits), utilizing two electric rope shovels, a diesel powered face shovel and an electric hydraulic shovel as its prime ex-pit material movers with a fleet of 41 production autonomous haulage trucks.
Merian is located in Suriname, approximately 40 miles (66 kilometers) south of the town of Moengo and 19 miles (30 kilometers) north of the Nassau Mountains, close to the French Guiana border. The Merian operation is comprised of one Right of Exploitation and four Rights of Exploration encompassing an area of 41,484 acres (16,788 hectares).
Merian is located in Suriname, approximately 40 miles (66 kilometers) south of the town of Moengo and 19 miles (30 kilometers) north of the Nassau Mountains, close to the French Guiana border. The Merian operation is comprised of one Right of Exploitation and five Rights of Exploration encompassing an area of 41,484 acres (16,788 hectares).
Our exploration efforts are directed to the discovery of new resources and converting it into proven and probable reserves. We conduct brownfield exploration around our existing mines and greenfield exploration in other regions globally. Brownfield exploration can result in the discovery of additional deposits, which may receive the economic benefit of existing operating, processing and administrative infrastructures.
Our exploration efforts are directed to the discovery of new resources and converting it into proven and probable reserves. We conduct brownfield exploration around our existing mines and greenfield exploration in other locations globally. Brownfield exploration can result in the discovery of additional deposits, which may receive the economic benefit of existing operating, processing and administrative infrastructures.
We publish measured, indicated, and inferred resources annually, and will recalculate them at December 31, 2023, taking into account metal prices, changes, if any, in future production and capital costs, divestments and conversion to reserves, as well as any acquisitions and additions during 2023.
We publish measured, indicated, and inferred resources annually, and will recalculate them at December 31, 2024, taking into account metal prices, changes, if any, in future production and capital costs, divestments and conversion to reserves, as well as any acquisitions and additions during 2024.
Deposits currently mined within the Peñasquito operations are considered to be examples of breccia pipes developed as a result of intrusion-related hydrothermal activity. Process facilities include a sulfide processing plant, comprising four stages of flotation: carbon, lead, zinc and pyrite. The carbon pre-flotation circuit was added in 2018 ahead of lead flotation to remove organic carbon associated with sedimentary ores.
Deposits currently mined within the Peñasquito operations are considered to be examples of breccia pipes developed as a result of intrusion-related hydrothermal activity. Process facilities include a sulfide processing plant, comprising three stages of flotation: carbon, lead, and zinc. The carbon pre-flotation circuit was added in 2018 ahead of lead flotation to remove organic carbon associated with sedimentary ores.
The Akyem mine is an orogenic gold deposit that has oxide and primary mineralization. Process facilities include a crushing plant, a SAG and ball milling circuit, carbon-in-leach circuit, elution circuit and bullion smelting facilities. The available mining fleet consists of four excavators made up of two front end shovels and two backhoe excavators and twenty one 136-tonne haul trucks.
The Akyem mine is an orogenic gold deposit that has oxide and primary mineralization. Process facilities include a crushing plant, a SAG and ball milling circuit, carbon-in-leach circuit, elution circuit and bullion smelting facilities. The available mining fleet consists of four excavators made up of two front end shovels and two backhoe excavators and twenty-one 145-tonne payload haul trucks.
We publish reserves annually, and will recalculate reserves at December 31, 2023, taking into account metal prices, changes, if any, to future production and capital costs, divestments and depletion as well as any acquisitions and additions during 2023.
We publish reserves annually, and will recalculate reserves at December 31, 2024, taking into account metal prices, changes, if any, to future production and capital costs, divestments and depletion as well as any acquisitions and additions during 2024.
Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding. (2) Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to the nearest 100,000. 53 Table of Contents (3) Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses.
Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding. (2) Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to the nearest 100,000. (3) Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses.
Additionally, all material sites are audited every other year and the non-material sites on a three-year cycle by subject matter experts for compliance to internal standards and guidelines as well as regulatory requirements. The QP presents the mineral reserve and mineral resource information to the Audit Committee and the Disclosure Committee on an annual basis for further review.
Additionally, all material sites are audited every three years and the non-material sites on a four-year cycle by subject matter experts for compliance to internal standards and guidelines as well as regulatory requirements. The QP presents the mineral reserve and mineral resource information to the Audit Committee and the Disclosure Committee on an annual basis for further review.
The location, quantity, grade or quality, continuity and other geological characteristics of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. The reference point for mineral 59 Table of Contents resources is in situ. Mineral resources are sub-divided, in order of increasing geological confidence, into inferred, indicated and measured categories.
The location, quantity, grade or quality, continuity and other geological characteristics of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. The reference point for mineral resources is in situ. Mineral resources are sub-divided, in order of increasing geological confidence, into inferred, indicated and measured categories.
(4) Project is currently undeveloped. Resource estimates provided by Teck Resources, the Galore Creek joint venture partner. (5) Resource estimates provided by Barrick, the operator of Pueblo Viejo. (6) Project is currently undeveloped. Resource estimates provided by the NuevaUnión joint venture. (7) Project is currently undeveloped. Resource estimates provided by the Norte Abierto joint venture. (8) Project is currently undeveloped.
Resource estimates provided by Teck Resources, the Galore Creek joint venture partner. (5) Resource estimates provided by Barrick, the operator of Pueblo Viejo. (6) Project is currently undeveloped. Resource estimates provided by the NuevaUnión joint venture. (7) Project is currently undeveloped. Resource estimates provided by the Norte Abierto joint venture.
In the Northern Territory, where the Tanami operation is located, the Aboriginal Land Rights Act (“ALRA”) was introduced in 1976, which established an Aboriginal Land rights regime. Under the ALRA, approximately 50% of the land in the Northern Territory is Aboriginal freehold land.
In the Northern Territory, where the Tanami operation is located, the Aboriginal Land Rights Act (“ALRA”) was introduced in 1976, which established an Aboriginal Land rights regime. Under the ALRA, approximately 50% of the land in the Northern Territory was granted as Aboriginal freehold land.
The cut-off grade, or lowest grade of mineralization considered economic to process, varies between deposits depending upon prevailing economic conditions, mineability of the deposit, by-products, amenability of the ore to gold, copper, silver, lead, zinc or molybdenum extraction and type of milling or leaching facilities available.
The cut-off grade, or lowest grade of mineralization considered economic to 67 Table of Contents process, varies between deposits depending upon prevailing economic conditions, mineability of the deposit, by-products, amenability of the ore to gold, copper, silver, lead, zinc or molybdenum extraction and type of milling or leaching facilities available.
The Ahafo and Akyem mines operate using electrical power generated by the Volta River Authority along with supplemental power generation capacity built by Newmont. 43 Table of Contents Ahafo, Ghana.
The Ahafo and Akyem mines operate using electrical power generated by the Volta River Authority along with supplemental power generation capacity built by Newmont. 57 Table of Contents Ahafo, Ghana.
Merian includes processing facilities that utilize a conventional gold mill, primary crusher and processing plant, consisting of a comminution plant, including gravity and cyanide leach processes, with recovery by carbon-in-leach, elution, electrowinning and induction furnace smelting to produce a gold doré product. Merian’s gross property, plant and mine development at December 31, 2022 was $1,222.
Merian includes processing facilities that utilize a conventional gold mill, primary crusher and processing plant, consisting of a comminution plant, including gravity and cyanide leach processes, with recovery by carbon-in-leach, elution, electrowinning and induction furnace smelting to produce a gold doré product. Merian’s gross property, plant and mine development at December 31, 2023 was $1,290.
(12) Amounts presented herein have been rounded to the nearest 10 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
(6) Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
Additionally, Newmont operates through agreements with the Central Land Council who represent the Warlpiri people. Tanami consists of sediment hosted sheeted quartz vein mineralization. Tanami, as an underground mining operation, has a fleet of ten underground loaders and 22 haul trucks, each with 60 to 65-tonne payloads.
Additionally, Newmont operates through exploration and mining agreements with the Central Land Council who represent Traditional Owners, the Warlpiri people. Tanami consists of sediment hosted sheeted quartz vein mineralization. Tanami, as an underground mining operation, has a fleet of ten underground loaders and 23 haul trucks, each with 60 to 65-tonne payloads.
Amounts presented may not recalculate in total due to rounding. (2) Resources, at sites in which Newmont is the operator, are estimated at a silver price of $23 per ounce for 2022 and 2021. Resources provided by other operators may use pricing that differs. Tonnage amounts have been rounded to the nearest 100,000.
Amounts presented may not recalculate in total due to rounding. (2) Resources, at sites in which Newmont is the operator, are estimated at a silver price of $23.00 per ounce for 2023 and 2022, unless otherwise noted. Resources provided by other operators may use pricing that differs. Tonnage amounts have been rounded to the nearest 100,000.
The processing plant facilities consist of a crushing plant, a grinding circuit, agitated leaching, counter-current decantation, solution clarification, Merril Crowe zinc precipitation and smelting to produce gold and silver doré bars that are shipped to a refinery for further processing. Cerro Negro’s gross property, plant and mine development at December 31, 2022 was $1,974.
The processing plant facilities consist of a crushing plant, a grinding circuit, agitated leaching, counter-current decantation, solution clarification, Merril Crowe zinc precipitation and smelting to produce gold and silver doré bars that are shipped to a refinery for further processing. Cerro Negro’s gross property, plant and mine development at December 31, 2023 was $2,110.
It will be repurposed for use as part of the Yanacocha Sulfides project. The Carachugo leach pad processes oxide material from Quecher Main. Yanacocha’s available mining fleet consists of two shovels, four excavators, one loader and 31 haul trucks, each with 233-tonne payload. Yanacocha’s gross property, plant and mine development at December 31, 2022 was $5,892.
It will be repurposed for use as part of the Yanacocha Sulfides project. The Carachugo leach pad processes oxide material from Quecher Main. Yanacocha’s available mining fleet consists of two shovels, four excavators, and 25 haul trucks, each with 233-tonne payload. Yanacocha’s gross property, plant and mine development at December 31, 2023 was $5,876.
The available mining fleet for surface mining consists of three shovels and 36 haul trucks, each with 141-tonne payload. The available mining fleet for underground mining consists of eight underground loaders and 12 haul trucks, with payload ranging from 50 to 55-tonnes. The daily production rate is approximately 95,000 tonnes. The original processing plant was commissioned in 2006.
The available mining fleet for surface mining consists of three shovels and 36 haul trucks, each with 141-tonne payload. The available mining fleet for underground mining consists of eight underground loaders and 13 haul trucks, with payload ranging from 55 to 57-tonnes. The daily production rate is approximately 88,000 tonnes. The original processing plant was commissioned in 2006.
Operating Statistics Operating Statistics, Proven and Probable Reserves and Measured, Indicated and Inferred Resources presented below contain tabular information that is presented in both metric and imperial as follows: (i) metric tonnage is utilized for all metals; (ii) gold and silver grades are presented in grams per tonne; (iii) copper, lead, zinc and molybdenum grades are presented in percentages; and (iv) 45 Table of Contents metal content for gold and silver is presented in ounces while metal content for copper, lead, zinc and molybdenum is presented in pounds.
Brownfield exploration and development for new reserves is ongoing. 59 Table of Contents Operating Statistics Operating Statistics, Proven and Probable Reserves and Measured, Indicated and Inferred Resources presented below contain tabular information that is presented in both metric and imperial as follows: (i) metric tonnage is utilized for all metals; (ii) gold and silver grades are presented in grams per tonne; (iii) copper, lead, zinc, molybdenum, and tungsten grades are presented in percentages; and (iv) metal content for gold and silver is presented in ounces while metal content for copper, lead, zinc, molybdenum, and tungsten is presented in pounds.
Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 10 million. (4) Reserve estimates relate to the undeveloped Yanacocha Sulfides project. Copper cut-off grade varies with level of gold and silver credits. (5) Project is currently undeveloped.
Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million for 2023 and nearest 10 million for 2022. (4) Copper cut-off grade varies with level of gold credits. (5) Reserve estimates relate to the undeveloped Yanacocha Sulfides project.
Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 10,000. (4) Silver cut-off grade varies with gold, lead and zinc credits.
Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 100,000 for 2023 and nearest 10,000 for 2022. (4) Silver cut-off grade varies with gold credits.
Amounts presented may not recalculate in total due to rounding. (2) Resources, at sites in which Newmont is the operator, are estimated at a copper price of $4.00 and $3.25 per pound for 2022 and 2021, respectively. Resources provided by other operators may use pricing that differs. Tonnage amounts have been rounded to the nearest 100,000.
Amounts presented may not recalculate in total due to rounding. (2) Resources, at sites in which Newmont is the operator, are estimated at a copper price of $4.00 per pound for 2023 and 2022, unless otherwise noted. Resources provided by other operators may use pricing that differs. Tonnage amounts have been rounded to the nearest 100,000.
(3) Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 10 million. (4) Project is currently undeveloped. Resource estimates provided by Teck Resources.
(3) Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 and nearest 10 million in 2022. (4) Project is currently undeveloped.
(3) Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 10,000. (4) Project is currently undeveloped. Resource estimates provided by Teck Resources.
(3) Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022. (4) Project is currently undeveloped.
Yanacocha has four leach pads (La Quinua, Yanacocha, Carachugo and Maqui Maqui), three gold processing plants (Pampa Larga, Yanacocha Norte and La Quinua), one limestone processing facility (China Linda) and one mill (Yanacocha Gold Mill). The La Quinua Complex mined material from the La Quinua Sur and the Tapado Oeste Layback and finished mining operations in 2021.
Yanacocha also has three gold processing plants (Pampa Larga, Yanacocha Norte and La Quinua), one limestone processing facility (China Linda) and one mill (Yanacocha Gold Mill). The La Quinua Complex mined material from the La Quinua Sur and the Tapado Oeste Layback and finished mining operations in 2021.
Refer to Note 4 to the Consolidated Financial Statements for further information. A 2% net smelter return royalty is owed to Royal Gold Inc. from both the Chile Colorado and Peñasco open pits of the Peñasquito mine. Since January 1, 2014, the Mexican Government levies a 7.5% mining royalty that is imposed on earnings before interest, taxes, depreciation, and amortization.
A 2% net smelter return royalty is owed to Royal Gold Inc. from both the Chile Colorado and Peñasco open pits of the Peñasquito mine. Since January 1, 2014, the Mexican Government levies a 7.5% mining royalty that is imposed on earnings before interest, taxes, depreciation, and amortization.
Amounts presented may not recalculate in total due to rounding. (2) Resources, at sites in which Newmont is the operator, are estimated at a gold price of $1,600 and $1,400 per ounce for 2022 and 2021, respectively. Resources provided by other operators may use pricing that differs. Tonnage amounts have been rounded to the nearest 100,000.
Amounts presented may not recalculate in total due to rounding. 79 Table of Contents (2) Resources, at sites in which Newmont is the operator, are estimated at a gold price of $1,600 per ounce for 2023 and 2022, unless otherwise noted. Resources provided by other operators may use pricing that differs. Tonnage amounts have been rounded to the nearest 100,000.
In contrast, the discovery of mineralization through greenfield exploration efforts will require capital investment to build a stand-alone operation. Our Exploration expense was $231, $209 and $187 in 2022, 2021 and 2020, respectively. We had attributable measured and indicated gold resources of 75.3 million ounces and attributable inferred gold resources of 36.1 million ounces at December 31, 2022.
In contrast, the discovery of mineralization through greenfield exploration efforts will require capital investment to build a stand-alone operation. Our Exploration expense was $265, $231 and $209 in 2023, 2022 and 2021, respectively. We had attributable measured and indicated gold resources of 104.8 million ounces and attributable inferred gold resources of 69.1 million ounces at December 31, 2023.
On July 1, 2019, Newmont and Barrick consummated the Nevada JV Agreement, which combined the Company’s Nevada mining operations with Barrick’s Nevada mining operations resulting in the establishment of NGM; a joint venture with Barrick who is the operator.
On July 1, 2019, Newmont and Barrick consummated the Nevada JV Agreement, which combined the Company’s Nevada mining operations with Barrick’s Nevada mining operations resulting in the establishment of NGM, a joint venture with Barrick, who is the operator, and which is accounted for by the Company under proportionate consolidation.
(5) Resource estimates provided by Barrick, the operator of the Pueblo Viejo. (6) Project is currently undeveloped. Resource estimates provided by the NuevaUnión joint venture. (7) Project is currently undeveloped. Resource estimates provided by the Norte Abierto joint venture. (8) Project is currently undeveloped. Resource estimates provided by Yamana, the operator of the Agua Rica joint venture.
Resource estimates provided by Teck Resources. (5) Resource estimates provided by Barrick, the operator of the Pueblo Viejo. (6) Project is currently undeveloped. Resource estimates provided by the NuevaUnión joint venture. (7) Project is currently undeveloped. Resource estimates provided by the Norte Abierto joint venture. (8) Resource estimates provided by Barrick, the operator of the NGM joint venture.
Ounces may not recalculate as they have been rounded to the nearest 10,000. (3) Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 10,000.
(3) Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022. (4) Project is currently undeveloped.
Pounds may not recalculate as they are rounded to the nearest 10 million. (4) Lead cut-off grade varies with level of gold, silver and zinc credits. (5) Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans.
Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 and nearest 10 million in 2022. (4) Lead cut-off grade varies with level of gold, silver, and zinc credits. (5) Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills.
Pounds may not recalculate as they are rounded to the nearest 10 million. (4) Zinc cut-off grade varies with level of gold, silver and lead credits. (5) Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans.
Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 and nearest 10 million in 2022. (4) Zinc cut-off grade varies with level of gold, silver, and lead credits. (5) Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills.
GAAP and as a result our attributable portion of Pueblo Viejo's gross property, plant and mine development is included in the carrying value of our equity method investment at December 31, 2022. Pueblo Viejo produced 285,000 attributable ounces of gold in 2022.
GAAP and as a result our attributable portion of Pueblo Viejo's gross property, plant and mine development is included in the carrying value of our equity method investment at December 31, 2023.
Processing plant facilities currently consist of a crushing plant, a grinding circuit, gravity carbon in pulp tanks and a conventional tailings disposal facility. Tanami’s gross property, plant and mine development at December 31, 2022 was $2,608. Tanami produced 484,000 ounces of gold in 2022 and reported 5.7 million ounces of gold reserves at December 31, 2022.
Processing plant facilities currently consist of a crushing plant, a grinding circuit, a gravity circuit, carbon in pulp tanks and a conventional tailings disposal facility. Tanami’s gross property, plant and mine development at December 31, 2023 was $2,995. Tanami reported 4.8 million ounces of gold reserves at December 31, 2023.
Akyem’s gross property, plant and mine development at December 31, 2022 was $1,697. Akyem produced 420,000 ounces of gold in 2022 and reported 1.5 million ounces of gold reserves at December 31, 2022. 44 Table of Contents Nevada NGM, Nevada, U.S. (38.5% owned) Nevada Gold Mines ("NGM") is located in Elko, Nevada.
Akyem’s gross property, plant and mine development at December 31, 2023 was $1,748. Akyem reported 1.1 million ounces of gold reserves at December 31, 2023. 58 Table of Contents NGM, Nevada, U.S. (38.5% owned) NGM is located in Elko, Nevada.
(11) Gold cut-off grades utilized in 2022 reserves were as follows: oxide leach material not less than 0.12 gram per tonne and refractory mill material not less than 1.26 gram per tonne.
(15) Gold cut-off grades utilized in 2023 reserves were as follows: oxide leach material not less than 0.14 gram per tonne and refractory mill material not less than 1.23 gram per tonne.
(4) Amounts presented herein have been rounded to the nearest 10 million for pounds and 100,000 for tonnes and therefore may not agree to the Technical Report Summary provided under exhibit 96.
(8) Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
(2) Resources are estimated at a lead price of $1.20 and $1.10 per pound for 2022 and 2021, respectively. Tonnage amounts have been rounded to the nearest 100,000. (3) Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses.
(2) Resources are estimated at a lead price of $1.20 per pound for 2023 and 2022. Tonnage amounts have been rounded to the nearest 100,000. (3) Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes.
(2) Resources are estimated at a zinc price of $1.45 and $1.40 per pound for 2022 and 2021, respectively. Tonnage amounts have been rounded to the nearest 100,000. (3) Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses.
(2) Resources are estimated at a zinc price of $1.45 per pound for 2023 and 2022. Tonnage amounts have been rounded to the nearest 100,000. (3) Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes.
Cerro Negro produced 278,000 ounces of gold in 2022 and reported 3.0 million ounces of gold reserves at December 31, 2022. Brownfield exploration and development for new reserves is ongoing, including the development of the Eastern district. Pueblo Viejo, Dominican Republic. (40% owned) Pueblo Viejo is a joint venture with Barrick, where Barrick is the operator.
Cerro Negro reported 3.2 million ounces of gold reserves at December 31, 2023. Brownfield exploration and development for new reserves is ongoing, including the development of the Eastern district. Pueblo Viejo, Dominican Republic. (40% owned) Pueblo Viejo is a joint venture with Barrick, where Barrick is the operator who holds the remaining 60% interest.
The following tables detail gold proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2022 and 2021: 51 Table of Contents Gold Reserves at December 31, 2022 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Metallurgical Recovery (3) North America CC&V Open Pits 100% 49,300 0.39 620 12,000 0.31 120 61,400 0.37 740 57% CC&V Leach Pads (4)(5) 100% — — — 32,600 0.78 820 32,600 0.78 820 56% Total CC&V, Colorado 49,300 0.39 620 44,600 0.66 940 94,000 0.52 1,560 56% Musselwhite, Canada (6) 100% 3,400 5.48 590 7,000 5.89 1,320 10,400 5.76 1,920 96% Porcupine Underground (7) 100% 1,800 8.50 500 700 8.47 190 2,500 8.49 690 92% Porcupine Open Pit (8) 100% 2,600 1.60 130 31,900 1.44 1,480 34,500 1.46 1,610 93% Total Porcupine, Canada 4,400 4.44 630 32,600 1.59 1,670 37,000 1.93 2,300 93% Éléonore, Canada (9) 100% 1,900 5.11 310 7,400 5.25 1,260 9,400 5.22 1,570 92% Peñasquito, Mexico (10) 100% 104,500 0.58 1,960 212,000 0.51 3,450 316,500 0.53 5,410 69% 163,500 0.78 4,110 303,700 0.89 8,640 467,200 0.85 12,750 79% South America Yanacocha Open Pits (11) 100% 27,500 0.71 630 119,000 0.72 2,750 146,500 0.72 3,380 57% Yanacocha Underground (12) 100% — — — 12,300 6.06 2,400 12,300 6.06 2,400 97% Total Yanacocha, Peru (13) 27,500 0.71 630 131,300 1.22 5,140 158,800 1.13 5,780 73% Merian, Suriname (14) 75% 31,000 1.16 1,150 73,800 1.16 2,750 104,800 1.16 3,900 93% Cerro Negro, Argentina (15) 100% 1,600 9.46 500 7,800 10.13 2,530 9,400 10.02 3,030 95% Pueblo Viejo Open Pits 40% 23,500 2.29 1,730 55,000 2.15 3,800 78,500 2.19 5,530 90% Pueblo Viejo Stockpiles (16) 40% — — — 38,200 2.17 2,670 38,200 2.17 2,670 90% Total Pueblo Viejo, Dominican Republic (17)(18) 23,500 2.29 1,730 93,100 2.16 6,470 116,600 2.19 8,200 90% NuevaUnión, Chile (19)(28) 50% — — — 341,100 0.47 5,110 341,100 0.47 5,110 66% Norte Abierto, Chile (20)(28) 50% — — — 598,800 0.60 11,620 598,800 0.60 11,620 74% 83,700 1.49 4,010 1,245,800 0.84 33,630 1,329,500 0.88 37,640 80% Australia Boddington Open Pit 100% 237,400 0.68 5,190 209,300 0.64 4,300 446,700 0.66 9,490 85% Boddington Stockpiles (16) 100% 2,000 0.71 50 76,200 0.43 1,040 78,300 0.43 1,090 80% Total Boddington, Western Australia (21) 239,400 0.68 5,240 285,500 0.58 5,350 524,900 0.63 10,580 84% Tanami, Northern Territory (22) 100% 11,300 5.05 1,840 21,600 5.49 3,820 33,000 5.34 5,660 98% 250,800 0.88 7,080 307,100 0.93 9,160 557,900 0.91 16,240 89% Africa Ahafo South Open Pits (23) 100% 9,000 2.42 700 38,600 1.67 2,070 47,600 1.81 2,770 90% Ahafo South Underground (24) 100% 9,300 3.68 1,100 13,300 2.62 1,130 22,600 3.06 2,230 94% Ahafo South Stockpiles (16) 100% 22,100 0.91 640 — — — 22,100 0.91 640 90% Total Ahafo South, Ghana 40,400 1.89 2,450 51,900 1.92 3,200 92,300 1.90 5,650 92% Ahafo North, Ghana (25) 100% — — — 50,100 2.37 3,820 50,100 2.37 3,820 91% Akyem Open Pit (26) 100% 14,300 1.56 720 8,000 1.82 470 22,300 1.66 1,190 91% Akyem Stockpiles (16) 100% 11,900 0.71 270 — — — 11,900 0.71 270 92% Total Akyem, Ghana 26,200 1.18 990 8,000 1.82 470 34,200 1.33 1,460 91% 66,600 1.61 3,440 110,100 2.12 7,490 176,700 1.92 10,920 91% Nevada NGM Open Pits 38.5% 8,300 1.73 460 151,100 0.96 4,650 159,400 1.00 5,110 76% NGM Stockpiles (16) 38.5% 10,100 2.05 670 15,000 2.51 1,210 25,100 2.32 1,880 79% NGM Underground 38.5% 13,700 9.72 4,290 27,500 8.26 7,320 41,300 8.75 11,610 88% Total NGM, Nevada (27) 32,100 5.24 5,410 193,700 2.12 13,180 225,800 2.56 18,590 84% 32,100 5.24 5,410 193,700 2.12 13,180 225,800 2.56 18,590 84% Total Gold 596,700 1.25 24,050 2,160,400 1.04 72,100 2,757,100 1.09 96,140 83% 52 Table of Contents Gold Reserves at December 31, 2021 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Metallurgical Recovery (3) North America CC&V Open Pits 100% 70,700 0.44 1,000 15,400 0.37 180 86,100 0.43 1,180 60% CC&V Leach Pads (5) 100% — — — 31,200 0.81 810 31,200 0.81 810 57% Total CC&V, Colorado 70,700 0.44 1,000 46,600 0.66 990 117,300 0.53 1,990 59% Musselwhite, Canada 100% 2,800 5.07 460 6,700 6.07 1,310 9,500 5.77 1,770 96% Porcupine Underground 100% 2,300 7.24 530 900 7.97 240 3,200 7.46 770 92% Porcupine Open Pit 100% 5,900 1.60 310 33,700 1.41 1,520 39,600 1.44 1,830 94% Total Porcupine, Canada 8,200 3.19 840 34,600 1.58 1,760 42,800 1.89 2,600 93% Éléonore, Canada 100% 2,200 5.03 350 9,000 5.06 1,470 11,200 5.05 1,820 91% Peñasquito, Mexico (17) 100% 115,000 0.61 2,250 247,000 0.51 4,080 362,000 0.54 6,330 69% 198,900 0.77 4,900 343,900 0.87 9,610 542,800 0.83 14,510 78% South America Yanacocha Open Pits 51.35% 16,500 0.66 350 68,200 0.68 1,490 84,700 0.68 1,840 57% Yanacocha Underground 51.35% — — — 7,000 6.20 1,390 7,000 6.20 1,390 97% Total Yanacocha, Peru 16,500 0.66 350 75,200 1.19 2,880 91,700 1.10 3,230 74% Merian, Suriname 75% 47,100 1.36 2,050 54,500 1.11 1,950 101,600 1.22 4,000 93% Cerro Negro, Argentina 100% 1,800 8.93 500 7,200 8.88 2,060 9,000 8.89 2,560 94% Pueblo Viejo Open Pits 40% 5,000 2.20 350 8,200 2.33 620 13,200 2.28 970 89% Pueblo Viejo Stockpiles (16) 40% — — — 37,400 2.20 2,640 37,400 2.20 2,640 89% Total Pueblo Viejo, Dominican Republic (18) 5,000 2.20 350 45,600 2.22 3,260 50,600 2.22 3,610 89% NuevaUnión, Chile (19)(28) 50% — — — 341,100 0.47 5,110 341,100 0.47 5,110 66% Norte Abierto, Chile (20)(28) 50% — — — 598,800 0.60 11,620 598,800 0.60 11,620 74% 70,400 1.44 3,250 1,122,400 0.75 26,880 1,192,800 0.79 30,130 78% Australia Boddington Open Pit 100% 237,400 0.70 5,360 239,100 0.66 5,080 476,500 0.68 10,440 86% Boddington Stockpiles (16) 100% 2,700 0.68 60 79,100 0.43 1,090 81,800 0.44 1,150 79% Total Boddington, Western Australia (17) 240,100 0.70 5,420 318,200 0.60 6,170 558,300 0.65 11,590 85% Tanami, Northern Territory 100% 12,700 4.97 2,040 22,100 5.25 3,740 34,800 5.15 5,780 98% 252,800 0.92 7,460 340,300 0.91 9,910 593,100 0.91 17,370 89% Africa Ahafo South Open Pits 100% 11,800 2.35 890 39,700 1.67 2,140 51,500 1.83 3,030 95% Ahafo South Underground 100% 9,400 3.76 1,140 12,700 2.68 1,100 22,100 3.14 2,240 94% Ahafo South Stockpiles (16) 100% 28,300 0.92 830 — — — 28,300 0.92 830 89% Total Ahafo South, Ghana (17) 49,500 1.80 2,860 52,400 1.92 3,240 101,900 1.86 6,100 94% Ahafo North, Ghana 100% — — — 46,300 2.40 3,570 46,300 2.40 3,570 91% Akyem Open Pit 100% 15,800 1.61 810 10,900 1.89 660 26,700 1.72 1,470 92% Akyem Stockpiles (16) 100% 13,900 0.78 350 — — — 13,900 0.78 350 91% Total Akyem, Ghana 29,700 1.22 1,160 10,900 1.89 660 40,600 1.40 1,820 91% 79,200 1.58 4,020 109,600 2.12 7,470 188,800 1.89 11,490 92% Nevada NGM Open Pits 38.5% 10,000 1.86 600 119,500 1.21 4,650 129,500 1.26 5,250 70% NGM Stockpiles (16) 38.5% 14,300 2.03 940 14,900 2.62 1,250 29,200 2.33 2,190 68% NGM Underground 38.5% 13,600 9.95 4,340 28,000 8.39 7,560 41,600 8.90 11,900 88% Total NGM, Nevada (17)(27) 37,900 4.82 5,880 162,400 2.58 13,460 200,300 3.00 19,340 81% 37,900 4.82 5,880 162,400 2.58 13,460 200,300 3.00 19,340 81% Total Gold 639,200 1.24 25,510 2,078,600 1.01 67,330 2,717,800 1.06 92,840 81% ____________________________ (1) Gold reserves, at sites in which Newmont is the operator for 2022 and 2021 were estimated at a gold price of $1,400 and $1,200 per ounce, respectively, unless otherwise noted.
The following tables detail gold proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2023 and 2022: 68 Table of Contents Gold Reserves at December 31, 2023 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Metallurgical Recovery (3) CC&V Open Pit 100% 38,800 0.42 500 7,800 0.35 100 46,600 0.40 600 58% CC&V Leach Pads (4) 100% — — — 28,300 0.74 700 28,300 0.74 700 56% Total CC&V, United States (5) 38,800 0.42 500 36,100 0.66 800 75,000 0.53 1,300 57% Musselwhite, Canada (6) 100% 3,200 6.78 700 3,800 6.30 800 7,000 6.52 1,500 96% Porcupine Underground (7) 100% 1,400 7.06 300 1,600 8.34 400 3,000 7.75 700 94% Porcupine Open Pit (8) 100% 3,200 1.43 100 26,600 1.54 1,300 29,700 1.53 1,500 93% Total Porcupine, Canada 4,500 3.14 500 28,200 1.93 1,700 32,700 2.10 2,200 93% Éléonore, Canada (9) 100% 2,100 5.08 300 6,800 5.47 1,200 8,900 5.38 1,500 92% Red Chris Open Pit 70% — — — 30,200 0.37 300 30,200 0.37 300 53% Red Chris Underground 70% — — — 171,700 0.64 3,500 171,700 0.64 3,500 70% Total Red Chris, Canada (10)(33) — — — 201,900 0.60 3,900 201,900 0.60 3,900 68% Brucejack, Canada (11)(33) 100% — — — 11,500 8.44 3,100 11,500 8.44 3,100 96% Peñasquito, Mexico (12)(31) 100% 123,700 0.57 2,200 167,300 0.44 2,400 291,000 0.50 4,600 59% Merian, Suriname (13) 75% 29,600 1.19 1,100 74,400 1.15 2,800 104,000 1.16 3,900 93% Cerro Negro, Argentina (14) 100% 1,900 11.81 700 7,300 10.75 2,500 9,200 10.97 3,200 94% Yanacocha Open Pit (15) 100% 21,700 0.80 600 107,000 0.75 2,600 128,600 0.76 3,200 56% Yanacocha Underground (16) 100% — — — 12,300 6.06 2,400 12,300 6.06 2,400 97% Total Yanacocha, Peru 21,700 0.80 600 119,200 1.30 5,000 140,900 1.22 5,500 73% Pueblo Viejo Open Pit 40% 25,800 2.28 1,900 50,800 2.08 3,400 76,600 2.15 5,300 82% Pueblo Viejo Stockpiles (17) 40% — — — 39,700 2.12 2,700 39,700 2.12 2,700 83% Total Pueblo Viejo, Dominican Republic (18) 25,800 2.28 1,900 90,500 2.10 6,100 116,300 2.14 8,000 82% NuevaUnión, Chile (19)(30) 50% — — — 341,100 0.47 5,100 341,100 0.47 5,100 66% Norte Abierto, Chile (20)(30) 50% — — — 598,800 0.60 11,600 598,800 0.60 11,600 74% Boddington Open Pit 100% 215,300 0.67 4,600 192,600 0.64 3,900 407,900 0.66 8,600 85% Boddington Stockpiles (17) 100% 2,000 0.72 — 70,000 0.43 1,000 72,000 0.44 1,000 80% Total Boddington, Australia (10) 217,300 0.67 4,700 262,600 0.58 4,900 479,900 0.62 9,600 84% Tanami, Australia (21) 100% 9,900 5.58 1,800 16,600 5.71 3,100 26,600 5.66 4,800 98% Cadia, Australia (22)(31)(33) 100% — — — 1,102,300 0.42 14,700 1,102,300 0.42 14,700 81% Lihir Open Pits 100% — — — 159,900 2.76 14,200 159,900 2.76 14,200 78% Lihir Stockpiles (17) 100% — — — 57,200 1.83 3,400 57,200 1.83 3,400 78% Total Lihir, Papua New Guinea (23)(31)(33) — — — 217,100 2.51 17,500 217,100 2.51 17,500 78% Wafi-Golpu, Papua New Guinea (10)(30)(33) 50% — — — 194,500 0.82 5,100 194,500 0.82 5,100 68% Ahafo South Open Pit (24) 100% 5,200 2.76 500 35,500 1.68 1,900 40,700 1.82 2,400 90% Ahafo South Underground (25) 100% 8,300 3.13 800 14,300 2.35 1,100 22,600 2.64 1,900 94% Ahafo South Stockpiles (17)(26) 100% 23,400 1.01 800 — — — 23,400 1.01 800 91% Total Ahafo South, Ghana 36,900 1.73 2,100 49,800 1.88 3,000 86,700 1.82 5,100 92% Ahafo North, Ghana (27) 100% 26,000 2.38 2,000 27,100 2.43 2,100 53,100 2.41 4,100 91% Akyem Open Pit 100% 13,000 1.52 600 5,900 1.61 300 19,000 1.55 900 90% Akyem Stockpiles (17) 100% 6,700 0.78 200 — — — 6,700 0.78 200 90% Total Akyem, Ghana (28) 19,700 1.27 800 5,900 1.61 300 25,600 1.35 1,100 90% NGM Open Pit 38.5% — — — 154,700 1.01 5,000 154,700 1.01 5,000 77% NGM Stockpiles (17) 38.5% 15,100 2.01 1,000 14,000 2.44 1,100 29,100 2.22 2,100 69% NGM Underground 38.5% 5,100 11.58 1,900 35,100 8.19 9,300 40,200 8.62 11,100 87% Total NGM, United States (29) 20,200 4.42 2,900 203,900 2.35 15,400 224,100 2.54 18,300 82% Total Gold 581,400 1.22 22,800 3,766,800 0.94 113,200 4,348,100 0.97 135,900 80% 69 Table of Contents Gold Reserves at December 31, 2022 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Metallurgical Recovery (3) CC&V Open Pit 100% 49,300 0.39 620 12,000 0.31 120 61,400 0.37 740 57% CC&V Leach Pads (4) 100% — — — 32,600 0.78 820 32,600 0.78 820 56% Total CC&V, United States 49,300 0.39 620 44,600 0.66 940 94,000 0.52 1,560 56% Musselwhite, Canada 100% 3,400 5.48 590 7,000 5.89 1,320 10,400 5.76 1,920 96% Porcupine Underground 100% 1,800 8.50 500 700 8.47 190 2,500 8.49 690 92% Porcupine Open Pit 100% 2,600 1.60 130 31,900 1.44 1,480 34,500 1.46 1,610 93% Total Porcupine, Canada 4,400 4.44 630 32,600 1.59 1,670 37,000 1.93 2,300 93% Éléonore, Canada 100% 1,900 5.11 310 7,400 5.25 1,260 9,400 5.22 1,570 92% Peñasquito, Mexico 100% 104,500 0.58 1,960 212,000 0.51 3,450 316,500 0.53 5,410 69% Merian, Suriname 75% 31,000 1.16 1,150 73,800 1.16 2,750 104,800 1.16 3,900 93% Cerro Negro, Argentina 100% 1,600 9.46 500 7,800 10.13 2,530 9,400 10.02 3,030 95% Yanacocha Open Pits 100% 27,500 0.71 630 119,000 0.72 2,750 146,500 0.72 3,380 57% Yanacocha Underground 100% — — — 12,300 6.06 2,400 12,300 6.06 2,400 97% Total Yanacocha, Peru (31) 27,500 0.71 630 131,300 1.22 5,140 158,800 1.13 5,780 73% Pueblo Viejo Open Pit 40% 23,500 2.29 1,730 55,000 2.15 3,800 78,500 2.19 5,530 90% Pueblo Viejo Stockpiles (17) 40% — — — 38,200 2.17 2,670 38,200 2.17 2,670 90% Total Pueblo Viejo, Dominican Republic (18)(31) 23,500 2.29 1,730 93,100 2.16 6,470 116,600 2.19 8,200 90% NuevaUnión, Chile (19)(30) 50% — — — 341,100 0.47 5,110 341,100 0.47 5,110 66% Norte Abierto, Chile (20)(30) 50% — — — 598,800 0.60 11,620 598,800 0.60 11,620 74% Boddington Open Pit 100% 237,400 0.68 5,190 209,300 0.64 4,300 446,700 0.66 9,490 85% Boddington Stockpiles (17) 100% 2,000 0.71 50 76,200 0.43 1,040 78,300 0.43 1,090 80% Total Boddington, Australia 239,400 0.68 5,240 285,500 0.58 5,350 524,900 0.63 10,580 84% Tanami, Australia 100% 11,300 5.05 1,840 21,600 5.49 3,820 33,000 5.34 5,660 98% Ahafo South Open Pit 100% 9,000 2.42 700 38,600 1.67 2,070 47,600 1.81 2,770 90% Ahafo South Underground 100% 9,300 3.68 1,100 13,300 2.62 1,130 22,600 3.06 2,230 94% Ahafo South Stockpiles (17) 100% 22,100 0.91 640 — — — 22,100 0.91 640 90% Total Ahafo South, Ghana 40,400 1.89 2,450 51,900 1.92 3,200 92,300 1.90 5,650 92% Ahafo North, Ghana 100% — — — 50,100 2.37 3,820 50,100 2.37 3,820 91% Akyem Open Pit 100% 14,300 1.56 720 8,000 1.82 470 22,300 1.66 1,190 91% Akyem Stockpiles (17) 100% 11,900 0.71 270 — — — 11,900 0.71 270 92% Total Akyem, Ghana 26,200 1.18 990 8,000 1.82 470 34,200 1.33 1,460 91% NGM Open Pit 38.5% 8,300 1.73 460 151,100 0.96 4,650 159,400 1.00 5,110 76% NGM Stockpiles (17) 38.5% 10,100 2.05 670 15,000 2.51 1,210 25,100 2.32 1,880 79% NGM Underground 38.5% 13,700 9.72 4,290 27,500 8.26 7,320 41,300 8.75 11,610 88% Total NGM, United States (29) 32,100 5.24 5,410 193,700 2.12 13,180 225,800 2.56 18,590 84% Total Gold 596,700 1.25 24,050 2,160,400 1.04 72,100 2,757,100 1.09 96,140 83% ____________________________ (1) Gold reserves, at sites in which Newmont is the operator for 2023 and 2022, were estimated at a gold price of $1,400 per ounce, unless otherwise noted.
As of December 31, 2022 and 2021, Boddington reported 4.6 million and 4.8 million ounces of gold resources, respectively, and 660 million and 680 million pounds of copper resources, respectively. The gold resources remained consistent. Brownfield exploration and development for new reserves is ongoing. Tanami, Australia.
As of December 31, 2023 and 2022, Boddington reported 4.7 million and 4.6 million ounces of gold resources, respectively, and 700 million and 660 million pounds of copper resources, respectively. The gold resources remained consistent and the copper resources increased approximately 6% in 2023 compared to 2022. Brownfield exploration and development for new reserves is ongoing. Tanami, Australia.
The Newmont Tanami Operations are comprised of exploration licenses encompassing a total area of 1,620,332 acres (655,725 hectares) including 677,736 acres (274,270 hectares) relating to the Tobruk and Monza Joint Ventures entered into with Prodigy Gold, for which Newmont is the operator, and 11,025 acres (4,462 hectares) of mineral leases granted pursuant to the Northern Territory Mineral Titles Act.
The Newmont Tanami Operations are comprised of exploration licenses encompassing a total area of 1,510,806 acres (611,402 hectares) including 648,157 acres (262,300 hectares) relating to the Tobruk and Monza Joint Ventures entered into with Prodigy Gold, for which Newmont is the operator, and 11,025 acres (4,462 hectares) of mineral leases granted pursuant to the Northern Territory Mineral Titles Act.
As of December 31, 2022 and 2021, Peñasquito reported 3.7 million and 2.9 million ounces of gold resources, respectively, 314 million ounces and 256 million of silver resources, respectively, 2,070 million and 1,710 million pounds of lead resources, respectively, and 4,740 million and 3,760 million pounds of zinc resources, respectively.
As of December 31, 2023 and 2022, Peñasquito reported 1.5 million and 3.7 million ounces of gold resources, respectively, 175 million ounces and 314 million of silver resources, respectively, 1,100 million and 2,070 million pounds of lead resources, respectively, and 2,900 million and 4,740 million pounds of zinc resources, respectively.
Brownfield exploration and development for new reserves is ongoing. 39 Table of Contents In January 2011, Peñasquito entered into a 20-year power delivery agreement with a subsidiary of InterGen Servicios Mexico (now Saavi Energia) where Peñasquito agreed to purchase electrical power from a gas-fired electricity generating facility located near San Luis de la Paz, Guanajuato, Mexico.
In January 2011, Peñasquito entered into a 20-year power delivery agreement with a subsidiary of InterGen Servicios Mexico (now Saavi Energia) where Peñasquito agreed to purchase electrical power from a gas-fired electricity generating facility located near San Luis de la Paz, Guanajuato, Mexico. The agreement commenced in August 2015.
The project is currently undeveloped. (2) Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000. (3) Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes.
(3) Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 nearest 10 million in 2022. (4) Project is currently undeveloped.
Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 10 million. (4) Project is currently undeveloped. Resource estimates provided by NuevaUnión joint venture. (5) Project is currently undeveloped. Resource estimates provided by Yamana, the operator of the Agua Rica joint venture.
Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 and nearest 10 million in 2022. 75 Table of Contents (4) Project is currently undeveloped. Reserve estimates provided by the NuevaUnión joint venture.
The NGM operations include, in aggregate, an open pit mining fleet consisting of 28 shovels and 155 haul trucks with an average payload of 261 tonnes, and an underground mining fleet consisting of 51 underground loaders and 76 haul trucks, with an average payload of 30 tonnes.
The NGM operations include, in aggregate, an open pit mining fleet consisting of 28 shovels and 162 haul trucks with an average payload of 263 tonnes, and an underground mining fleet consisting of 59 underground loaders and 88 haul trucks, with an average payload of 35 tonnes.
(22) Cut-off grade utilized in 2022 reserves not less than 2.30 gram per tonne. (23) Cut-off grade utilized in 2022 reserves not less than 0.60 gram per tonne. (24) Cut-off grade utilized in 2022 reserves not less than 1.60 gram per tonne. (25) Cut-off grade utilized in 2022 reserves not less than 0.56 gram per tonne.
(23) Cut-off grade utilized in 2023 reserves not less than 1.20 gram per tonne. (24) Cut-off grade utilized in 2023 reserves not less than 0.63 gram per tonne. (25) Cut-off grade utilized in 2023 reserves not less than 2.20 gram per tonne. (26) Cut-off grade utilized in 2023 reserves not less than 0.56 gram per tonne.
The Musselwhite operation comprises 929 mining claims and 338 mining leases, issued under the Ontario Mining Act, encompassing an area of 13,366 acres (5,409 hectares). The mining leases expire between 2025 and 2033. Musselwhite is an iron formation hosted gold deposit.
(100% owned) Musselwhite, located approximately 265 miles (430 kilometers) north of Thunder Bay, Ontario, is an underground operation. The Musselwhite operation comprises 940 mining claims and 338 mining leases, issued under the Ontario Mining Act, encompassing an area of 13,366 acres (5,409 hectares). The mining leases expire between 2025 and 2033. Musselwhite is an iron formation hosted gold deposit.
In December 2003, Ghana’s Parliament unanimously ratified an Investment Agreement (“IA”) between Newmont and the government of Ghana. The IA established a fixed fiscal and legal regime, including fixed royalty and tax rates, for the life of any Newmont project in Ghana. In December 2015, Ghana’s Parliament ratified the Revised Investment Agreements (“Ghana Investment Agreements” or “Revised IAs”).
All of Newmont’s operations in Africa are located in Ghana. In December 2003, Ghana’s Parliament unanimously ratified an Investment Agreement (“IA”) between Newmont and the government of Ghana. The IA established a fixed fiscal and legal regime, including fixed royalty and tax rates, for the life of any Newmont project in Ghana.
(4) Amounts presented herein have been rounded to the nearest 10 million for pounds and 100,000 for tonnes and therefore may not agree to the Technical Report Summary provided under exhibit 96.
Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 and nearest 10 million in 2022. (4) Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
The mining leases are renewable upon application to the State of Western Australia by the Worsley JV. As these mining leases are in their third term, renewal of these mining leases is at the discretion of the State. The subleases do not confer an express right to require the Worsley JV to seek application to renew the mining leases.
As these mining leases are in their third term, renewal of these mining leases is at the discretion of the State. The subleases do not confer an express right to require the Worsley JV to seek application to renew the mining leases. Newmont is entitled to all gold and other non-bauxite mineralization conferred by the mining leases.
Operating statistics are presented below in the Operating Statistics section for each region. In addition, Newmont holds investment interests in Canada, Mexico, Chile, Argentina and various other locations. Refer to Item 1A, Risk Factors, for risks related to our properties.
Production and other operating statistics are presented below in the Operating Statistics section for each site. In addition, Newmont holds investment interests in Canada, Mexico, Chile, Argentina and various other locations. The Company maintains its corporate headquarters in Denver, Colorado U.S. and has various regional offices. Refer to Item 1A, Risk Factors, for risks related to our properties.
Musselwhite’s gross property, plant and mine development at December 31, 2022 was $1,194. Musselwhite produced 173,000 ounces of gold in 2022 and reported 1.9 million ounces of gold reserves at December 31, 2022. Porcupine, Canada .
Musselwhite’s gross property, plant and mine development at December 31, 2023 was $1,276. Musselwhite reported 1.5 million ounces of gold reserves at December 31, 2023. Porcupine, Canada.
Newmont is entitled to all gold and other non-bauxite mineralization conferred by the mining leases. The Worsley JV retains the rights to bauxite mineralization. The relationship between the Worsley JV bauxite operations and the Boddington gold operations are regulated through a cross-operation agreement.
The Worsley JV retains the rights to bauxite mineralization. The relationship between the Worsley JV bauxite operations and the Boddington gold operations are regulated through a cross-operation agreement.
(9) Resource estimates provided by Barrick, the operator of the NGM joint venture (10) In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. Refer to Note 1 to the Consolidated Financial Statements for further information.
(9) In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. Refer to Note 1 to the Consolidated Financial Statements for further information. (10) Sites acquired through the Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information.
Reserve estimates provided by Barrick, the operator of Pueblo Viejo. (19) Project is currently undeveloped. Reserve estimates provided by the NuevaUnión joint venture. (20) Project is currently undeveloped. Reserve estimates provided by the Norte Abierto joint venture. (21) Gold cut-off grade varies with level of copper credits.
Reserve estimates provided by the NuevaUnión joint venture. (11) Project is currently undeveloped. Reserve estimates provided by the Norte Abierto joint venture. (12) Silver cut-off grade varies with gold, copper, and molybdenum credits. (13) Reserve estimates provided by Barrick, the operator of the NGM joint venture.
Refer to Note 1 to the Consolidated Financial Statements for further information. 68 Table of Contents (11) Amounts presented herein have been rounded to the nearest 10,000 for ounces and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
(7) Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96. (8) Site acquired through the Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information.
The government of Ghana is also entitled to receive 10% of a project’s net cash flow after reaching specific production milestones by receiving 1/9th of the total amount paid as dividends to Newmont parent.
The rates range from 3% to 5% of revenues (plus an additional 0.6% for any production from forest reserve areas). The government of Ghana is also entitled to receive 10% of a project’s net cash flow after reaching specific production milestones by receiving 1/9th of the total amount paid as dividends to Newmont parent.
The following tables detail silver proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2022 and 2021: Silver Reserves at December 31, 2022 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Metallurgical Recovery (3) North America Peñasquito Open Pits, Mexico (4) 100% 103,900 38.00 126,990 184,500 33.04 196,020 288,500 34.82 323,000 86% Peñasquito Stockpiles, Mexico (5) 100% 500 37.88 660 27,500 25.33 22,390 28,000 25.57 23,050 86% 104,500 38.00 127,640 212,000 32.04 218,410 316,500 34.00 346,050 86% South America Yanacocha Open Pits and Underground, Peru (6) 100% — — — 93,400 19.90 59,760 93,400 19.90 59,760 54% Yanacocha Stockpiles and Leach Pads, Peru (5)(7) 100% 2,800 31.48 2,820 93,600 8.04 24,190 96,400 8.71 27,010 13% Total Yanacocha, Peru (14) 2,800 31.48 2,820 187,000 13.96 83,950 189,800 14.22 86,770 41% Cerro Negro, Argentina (8) 100% 1,600 74.72 3,940 7,800 62.31 15,550 9,400 64.47 19,490 75% Pueblo Viejo, Dominican Republic, Open Pits (9) 40% 23,500 12.94 9,780 55,000 12.84 22,680 78,500 12.87 32,460 65% Pueblo Viejo, Dominican Republic, Stockpiles (5)(9) 40% — — — 38,200 15.10 18,520 38,200 15.10 18,520 65% Total Pueblo Viejo, Dominican Republic (15) 23,500 12.94 9,780 93,100 13.76 41,200 116,600 13.60 50,980 65% NuevaUnión, Chile (10)(11) 50% — — — 1,118,000 1.31 47,170 1,118,000 1.31 47,170 66% Norte Abierto, Chile (11)(12) 50% — — — 598,800 1.52 29,340 598,800 1.52 29,340 74% 27,900 18.41 16,540 2,004,700 3.37 217,210 2,032,600 3.58 233,750 58% Nevada NGM, Nevada (13) 38.5% 5,300 7.46 1,280 60,100 6.24 12,060 65,500 6.34 13,340 38% 5,300 7.46 1,280 60,100 6.24 12,060 65,500 6.34 13,340 38% Total Silver 137,800 32.84 145,460 2,276,900 6.12 447,680 2,414,600 7.64 593,140 74% 56 Table of Contents Silver Reserves at December 31, 2021 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Metallurgical Recovery (3) North America Peñasquito Open Pits, Mexico (15) 100% 107,200 38.79 133,650 219,100 32.75 230,760 326,300 34.73 364,410 87% Peñasquito Stockpiles, Mexico (5)(15) 100% 7,800 31.10 7,810 27,900 24.15 21,670 35,700 25.67 29,480 87% 115,000 38.26 141,460 247,000 31.78 252,430 362,000 33.84 393,890 87% South America Yanacocha Open Pits and Underground, Peru 51.35% 1,200 7.57 280 48,900 19.08 30,000 50,100 18.80 30,280 55% Yanacocha Stockpiles and Leach Pads, Peru (5)(7) 51.35% 1,400 31.48 1,450 47,300 8.16 12,400 48,700 8.85 13,850 12% Total Yanacocha, Peru 2,600 20.81 1,730 96,200 13.85 42,400 98,800 13.85 44,130 42% Cerro Negro, Argentina 100% 1,700 71.26 4,010 7,200 54.16 12,540 8,900 57.51 16,550 76% Pueblo Viejo, Dominican Republic, Open Pits (9) 40% 5,000 11.18 1,790 8,200 11.94 3,160 13,200 11.65 4,950 75% Pueblo Viejo, Dominican Republic, Stockpiles (5)(9) 40% — — — 37,400 15.49 18,630 37,400 15.49 18,630 78% Total Pueblo Viejo, Dominican Republic (9) 5,000 11.18 1,790 45,600 14.85 21,790 50,600 14.49 23,580 77% NuevaUnión, Chile (10)(11) 50% — — — 1,118,000 1.31 47,170 1,118,000 1.31 47,170 66% Norte Abierto, Chile (11)(12) 50% — — — 598,800 1.52 29,340 598,800 1.52 29,340 74% 9,300 25.14 7,530 1,865,800 2.56 153,240 1,875,100 2.67 160,770 63% Nevada NGM, Nevada (13)(15) 38.5% 5,200 7.40 1,230 60,000 6.35 12,250 65,200 6.43 13,480 38% 5,200 7.40 1,230 60,000 6.35 12,250 65,200 6.43 13,480 38% Total Silver 129,500 36.08 150,220 2,172,800 5.98 417,920 2,302,300 7.68 568,140 74% ____________________________ (1) Silver reserves, at sites in which Newmont is the operator, for 2022 and 2021 were estimated at a silver price of $20 per ounce.
Copper reserves at sites acquired through the Newcrest transaction were estimated at a copper price of $3.00 per pound, with the exception of certain legacy estimates, which have applied older, more conservative price assumptions. 72 Table of Contents The following tables detail silver proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2023 and 2022: Silver Reserves at December 31, 2023 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Metallurgical Recovery (3) Brucejack, Canada (4)(17) 100% — — — 11,500 34.71 12,800 11,500 34.71 12,800 85% Peñasquito Open Pits 100% 121,700 37.98 148,600 142,800 30.31 139,200 264,500 33.84 287,800 80% Peñasquito Stockpiles (5) 100% 2,000 33.97 2,200 24,500 28.79 22,700 26,500 29.18 24,900 80% Total Peñasquito, Mexico (6)(15) 123,700 37.91 150,800 167,300 30.09 161,800 291,000 33.42 312,600 80% Cerro Negro, Argentina (4) 100% 1,900 85.48 5,200 7,300 69.23 16,300 9,200 72.58 21,500 75% Yanacocha Open Pits and Underground (7) 100% — — — 93,400 19.89 59,800 93,400 19.89 59,800 54% Yanacocha Stockpiles and Leach Pads (5)(8) 100% — — — 86,000 9.07 25,100 86,000 9.07 25,100 13% Total Yanacocha, Peru — — — 179,500 14.70 84,800 179,500 14.70 84,800 42% Pueblo Viejo Open Pits 40% 25,800 13.15 10,900 50,800 12.31 20,100 76,600 12.59 31,000 74% Pueblo Viejo Stockpiles (5) 40% — — — 39,700 14.48 18,500 39,700 14.48 18,500 70% Total Pueblo Viejo, Dominican Republic (9) 25,800 13.15 10,900 90,500 13.26 38,600 116,300 13.24 49,500 73% NuevaUnión, Chile (10)(14) 50% — — — 1,118,000 1.31 47,200 1,118,000 1.31 47,200 66% Norte Abierto, Chile (11)(14) 50% — — — 598,800 1.52 29,300 598,800 1.52 29,300 74% Cadia, Australia (12)(15)(17) 100% — — — 1,102,300 0.68 24,000 1,102,300 0.68 24,000 67% NGM, United States (13) 38.5% 2,400 7.97 600 60,800 6.93 13,600 63,200 6.97 14,200 38% Total Silver 153,900 33.87 167,600 3,335,900 4.00 428,400 3,489,800 5.31 596,000 70% Silver Reserves at December 31, 2022 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Metallurgical Recovery (3) Peñasquito Open Pits 100% 103,900 38.00 126,990 184,500 33.04 196,020 288,500 34.82 323,000 86% Peñasquito Stockpiles (5) 100% 500 37.88 660 27,500 25.33 22,390 28,000 25.57 23,050 86% Total Peñasquito, Mexico 104,500 38.00 127,640 212,000 32.04 218,410 316,500 34.00 346,050 86% Cerro Negro, Argentina 100% 1,600 74.72 3,940 7,800 62.31 15,550 9,400 64.47 19,490 75% Yanacocha Open Pits and Underground 100% — — — 93,400 19.90 59,760 93,400 19.90 59,760 54% Yanacocha Stockpiles and Leach Pads (5)(8) 100% 2,800 31.48 2,820 93,600 8.04 24,190 96,400 8.71 27,010 13% Total Yanacocha, Peru (16) 2,800 31.48 2,820 187,000 13.96 83,950 189,800 14.22 86,770 41% Pueblo Viejo Open Pits 40% 23,500 12.94 9,780 55,000 12.84 22,680 78,500 12.87 32,460 65% Pueblo Viejo Stockpiles (5) 40% — — — 38,200 15.10 18,520 38,200 15.10 18,520 65% Total Pueblo Viejo, Dominican Republic (9)(15) 23,500 12.94 9,780 93,100 13.76 41,200 116,600 13.60 50,980 65% NuevaUnión, Chile (10)(14) 50% — — — 1,118,000 1.31 47,170 1,118,000 1.31 47,170 66% Norte Abierto, Chile (11)(14) 50% — — — 598,800 1.52 29,340 598,800 1.52 29,340 74% NGM, United States (13) 38.5% 5,300 7.46 1,280 60,100 6.24 12,060 65,500 6.34 13,340 38% Total Silver 137,800 32.84 145,460 2,276,900 6.12 447,680 2,414,600 7.64 593,140 74% ____________________________ (1) Silver reserves, at sites in which Newmont is the operator, for 2023 and 2022 were estimated at a silver price of $20.00 per ounce, unless otherwise noted.
(7) Cut-off grade utilized in 2022 reserves not less than 5.00 gram per tonne. (8) Cut-off grade utilized in 2022 reserves not less than 0.51 gram per tonne. (9) Cut-off grade utilized in 2022 reserves not less than 4.00 gram per tonne. (10) Gold cut-off grade varies with level of silver, lead and zinc credits.
(7) Cut-off grade utilized in 2023 reserves not less than 4.89 gram per tonne. (8) Cut-off grade utilized in 2023 reserves not less than 0.64 gram per tonne. (9) Cut-off grade utilized in 2023 reserves not less than 4.11 gram per tonne. (10) Gold cut-off grade varies with level of copper credits.
(28) Currently included in Corporate and Other in Note 3 of the Consolidated Financial Statements. 54 Table of Contents The following tables detail copper proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2022 and 2021: Copper Reserves at December 31, 2022 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (Cu %) Pounds (3) (millions) Tonnage (2) (000 tonnes) Grade (Cu %) Pounds (3) (millions) Tonnage (2) (000 tonnes) Grade (Cu %) Pounds (3) (millions) Metallurgical Recovery (3) South America Yanacocha Open Pits and Underground, Peru (4)(11) 100% — —% — 111,100 0.63% 1,530 111,100 0.63% 1,530 83% NuevaUnión, Chile (5)(6) 50% — —% — 1,118,000 0.40% 9,800 1,118,000 0.40% 9,800 88% Norte Abierto, Chile (6)(7) 50% — —% — 598,800 0.22% 2,890 598,800 0.22% 2,890 87% — —% — 1,827,900 0.35% 14,220 1,827,900 0.35% 14,220 87% Australia Boddington Open Pit, Western Australia (8) 100% 237,400 0.10% 510 209,300 0.11% 500 446,700 0.10% 1,010 82% Boddington Stockpiles, Western Australia (9) 100% 2,000 0.13% 10 76,200 0.09% 150 78,300 0.09% 150 74% 239,400 0.10% 520 285,500 0.10% 640 524,900 0.10% 1,160 81% Nevada NGM, Nevada (10) 38.5% 7,000 0.16% 30 81,700 0.16% 300 88,700 0.16% 320 65% 7,000 0.16% 30 81,700 0.16% 300 88,700 0.16% 320 65% Total Copper 246,400 0.10% 540 2,195,200 0.31% 15,160 2,441,500 0.29% 15,710 86% Copper Reserves at December 31, 2021 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (Cu %) Pounds (3) (millions) Tonnage (2) (000 tonnes) Grade (Cu %) Pounds (3) (millions) Tonnage (2) (000 tonnes) Grade (Cu %) Pounds (3) (millions) Metallurgical Recovery (3) South America Yanacocha Open Pits and Underground, Peru 51.35% — —% — 57,700 0.61% 780 57,700 0.61% 780 84% NuevaUnión, Chile (5)(6) 50% — —% — 1,118,000 0.40% 9,800 1,118,000 0.40% 9,800 88% Norte Abierto, Chile (6)(7) 50% — —% — 598,800 0.22% 2,890 598,800 0.22% 2,890 87% — —% — 1,774,500 0.34% 13,470 1,774,500 0.34% 13,470 87% Australia Boddington Open Pit, Western Australia (12) 100% 237,400 0.10% 540 239,100 0.11% 590 476,500 0.11% 1,130 82% Boddington Stockpiles, Western Australia (9)(12) 100% 2,600 0.09% 10 79,100 0.09% 150 81,700 0.09% 160 77% 240,000 0.10% 550 318,200 0.11% 740 558,200 0.11% 1,290 82% Nevada NGM, Nevada (10)(12) 38.5% 6,900 0.17% 30 80,200 0.17% 300 87,100 0.17% 330 65% 6,900 0.17% 30 80,200 0.17% 300 87,100 0.17% 330 65% Total Copper 246,900 0.11% 580 2,172,900 0.30% 14,510 2,419,800 0.28% 15,090 87% ____________________________ (1) Copper reserves, at sites in which Newmont is the operator, for 2022 and 2021 were estimated at a copper price of $3.50 and $2.75 per pound, respectively.
The following tables detail copper proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2023 and 2022: Copper Reserves at December 31, 2023 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (Cu %) Pounds (3) (millions) Tonnage (2) (000 tonnes) Grade (Cu %) Pounds (3) (millions) Tonnage (2) (000 tonnes) Grade (Cu %) Pounds (3) (millions) Metallurgical Recovery (3) Red Chris Open Pit 70% — —% — 30,200 0.43% 300 30,200 0.43% 300 80% Red Chris Underground 70% — —% — 171,700 0.52% 2,000 171,700 0.52% 2,000 84% Total Red Chris, Canada (4)(14) — —% — 201,900 0.51% 2,300 201,900 0.51% 2,300 84% Yanacocha, Peru (5) 100% — —% — 111,100 0.63% 1,500 111,100 0.63% 1,500 83% NuevaUnión, Chile (6)(11) 50% — —% — 1,118,000 0.40% 9,800 1,118,000 0.40% 9,800 88% Norte Abierto, Chile (7)(11) 50% — —% — 598,800 0.22% 2,900 598,800 0.22% 2,900 87% Boddington Open Pit 100% 215,300 0.09% 400 192,600 0.11% 400 407,900 0.10% 900 82% Boddington Stockpiles (8) 100% 2,000 0.15% — 70,000 0.09% 100 72,000 0.09% 100 73% Total Boddington, Australia (4) 217,300 0.09% 400 262,600 0.10% 600 479,900 0.10% 1,000 80% Cadia, Australia (9)(12)(14) 100% — —% — 1,102,300 0.29% 7,100 1,102,300 0.29% 7,100 86% Wafi-Golpu, Papua New Guinea (4)(11)(14) 50% — —% — 194,500 1.20% 5,100 194,500 1.20% 5,100 95% NGM, United States (10) 38.5% 3,700 0.16% — 82,400 0.17% 300 86,100 0.17% 300 65% Total Copper 221,000 0.09% 500 3,671,500 0.37% 29,700 3,892,500 0.35% 30,100 88% 71 Table of Contents Copper Reserves at December 31, 2022 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (Cu %) Pounds (3) (millions) Tonnage (2) (000 tonnes) Grade (Cu %) Pounds (3) (millions) Tonnage (2) (000 tonnes) Grade (Cu %) Pounds (3) (millions) Metallurgical Recovery (3) Yanacocha Open Pits and Underground, Peru (13) 100% — —% — 111,100 0.63% 1,530 111,100 0.63% 1,530 83% NuevaUnión, Chile (6)(11) 50% — —% — 1,118,000 0.40% 9,800 1,118,000 0.40% 9,800 88% Norte Abierto, Chile (7)(11) 50% — —% — 598,800 0.22% 2,890 598,800 0.22% 2,890 87% Boddington Open Pit 100% 237,400 0.10% 510 209,300 0.11% 500 446,700 0.10% 1,010 82% Boddington Stockpiles (8) 100% 2,000 0.13% 10 76,200 0.09% 150 78,300 0.09% 150 74% Total Boddington, Australia 239,400 0.10% 520 285,500 0.10% 640 524,900 0.10% 1,160 81% NGM, United States (10) 38.5% 7,000 0.16% 30 81,700 0.16% 300 88,700 0.16% 320 65% Total Copper 246,400 0.10% 540 2,195,200 0.31% 15,160 2,441,500 0.29% 15,710 86% ____________________________ (1) Copper reserves, at sites in which Newmont is the operator, for 2023 and 2022 were estimated at a copper price of $3.50 per pound, unless otherwise noted.
The Éléonore operation is comprised of 368 mining claims and one mining lease, issued under the Quebec Mining Act, encompassing 48,210 acres (19,511 hectares). Éléonore is a clastic sediment-hosted stockwork-disseminated gold deposit.
(100% owned) Éléonore, located approximately 510 miles (825 kilometers) north of Montreal in Eeyou Istchee/James Bay in Northern Quebec, is an underground operation. The Éléonore operation is comprised of 368 mining claims and one mining lease, issued under the Quebec Mining Act, encompassing 48,210 acres (19,511 hectares). Éléonore is a clastic sediment-hosted stockwork-disseminated gold deposit.
(2) Resources for NuevaUnión are estimated based on a molybdenum price set by NuevaUnión joint venture. In 2021, resources for Agua Rica were estimated based on a molybdenum price set by Yamana. Tonnage amounts have been rounded to the nearest 100,000. (3) Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses.
Reserves for NuevaUnión are estimated based on a molybdenum price set by NuevaUnión joint venture. Amounts presented may not recalculate in total due to rounding. (2) Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000. (3) Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses.
The available fleet consists of 14 underground loaders and 10 haul trucks, each with 45 to 60-tonne payloads. Éléonore’s gross property, plant and mine development at December 31, 2022 was $1,104. Éléonore produced 215,000 ounces of gold in 2022 and reported 1.6 million ounces of gold reserves at December 31, 2022. Peñasquito, Mexico .
The available fleet consists of 15 underground loaders, and 11 haul trucks, each with 45 to 60-tonne payloads. Éléonore’s gross property, plant and mine development at December 31, 2023 was $1,208. Éléonore reported 1.5 million ounces of gold reserves at December 31, 2023. Red Chris, Canada.
The overall reduction in gold reserves is primarily due to depletion. As of December 31, 2022 and 2021, Ahafo South reported 5.2 million and 5.0 million ounces of gold resources respectively. The overall increase in gold resources is primarily due to exploration additions and positive net revisions partially offset by conversion to reserves. Akyem, Ghana .
The overall reduction in gold reserves is primarily due to depletion. As of December 31, 2023 and 2022, Ahafo South reported 5.1 million and 5.2 million ounces of gold resources, respectively. The gold resources remained consistent. Akyem, Ghana .

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Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeThe operation of our U.S. based mine is subject to regulation by the Federal Mine Safety and Health Administration (“MSHA”) under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”). MSHA inspects our mine on a regular basis and issues various citations and orders when it believes a violation has occurred under the Mine Act.
Biggest changeThe health and safety of our people and our host communities is paramount. The operation of our U.S. based mine is subject to regulation by the Federal Mine Safety and Health Administration (“MSHA”) under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”).
It is noted that the Nevada mines owned by NGM, in which the Company holds a 38.5% interest, are not included in the Company’s Exhibit 95 mine safety disclosure reporting as such sites are operated by our joint venture partner, Barrick. 71 Table of Contents PART II
It is noted that the Nevada mines owned by NGM, in which the Company holds a 38.5% interest, are not included in the Company’s Exhibit 95 mine safety disclosure reporting as such sites are operated by our joint venture partner, Barrick. 88 Table of Contents PART II
Following passage of The Mine Improvement and New Emergency Response Act of 2006, MSHA significantly increased the numbers of citations and orders charged against mining operations. The dollar penalties assessed for citations issued has also increased in recent years.
MSHA inspects our mine on a regular basis and issues various citations and orders when it believes a violation has occurred under the Mine Act. Following passage of The Mine Improvement and New Emergency Response Act of 2006, MSHA significantly increased the numbers of citations and orders charged against mining operations.
Removed
The health and safety of our people and our host communities is paramount. This is why Newmont engaged its Rapid Response process early in connection with the on-going COVID-19 pandemic and continues to sustain robust controls at our operations and offices globally. For steps taken by the Company, refer to "COVID-19 Pandemic" in Item 1, Business.
Added
The dollar penalties assessed for citations issued have also increased in recent years.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest change(a) (b) (c) (d) Period Total Number of Shares Purchased (1) Average Price Paid Per Share (1) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) Maximum Dollar Value of Shares that may yet be Purchased under the Plans or Programs (2) October 1, 2022 through October 31, 2022 10,269 $ 68.76 — $ 475,022,834 November 1, 2022 through November 30, 2022 8,457 $ 41.82 — $ 475,022,834 December 1, 2022 through December 31, 2022 1,881 $ 49.24 — $ — ____________________________ (1) The total number of shares purchased (and the average price paid per share) reflects shares delivered to the Company from stock awards held by employees upon vesting for the purpose of covering the recipients’ tax withholding obligations.
Biggest change(a) (b) (c) (d) Period Total Number of Shares Purchased (1) Average Price Paid Per Share (1) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) Maximum Dollar Value of Shares that may yet be Purchased under the Plans or Programs (2) October 1, 2023 through October 31, 2023 798 $ 41.13 — $ — November 1, 2023 through November 30, 2023 14,957 $ 37.79 — $ — December 1, 2023 through December 31, 2023 420 $ 38.70 — $ — ____________________________ (1) The total number of shares purchased (and the average price paid per share) reflects shares delivered to the Company from stock awards held by employees upon vesting for the purpose of covering the recipients’ tax withholding obligations.
During the period from October 1, 2022 to December 31, 2022, 20,607 shares of Newmont's equity securities registered pursuant to Section 12 of the Exchange Act of 1934, as amended, were purchased by the Company, or an affiliated purchaser.
During the period from October 1, 2023 to December 31, 2023, 16,175 shares of Newmont's equity securities registered pursuant to Section 12 of the Exchange Act of 1934, as amended, were purchased by the Company, or an affiliated purchaser.
(2) In January 2021, the Company announced that the Board of Directors authorized a stock repurchase program to repurchase shares of outstanding common stock to offset the dilutive impact of employee stock award vesting and to provide returns to shareholders, provided that the aggregate value of shares of common stock repurchased under the new program does not exceed $1 billion.
(2) On February 21, 2024, the Board of Directors authorized a stock repurchase program to repurchase shares of outstanding common stock to offset the dilutive impact of employee stock award vesting and to provide returns to shareholders, provided that the aggregate value of shares of common stock repurchased does not exceed $1 billion.
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES Our common stock is listed and principally traded on the New York Stock Exchange under the symbol “NEM.” On February 16, 2023, there were 793,794,062 shares of Newmont’s common stock outstanding, which were held by approximately 7,100 stockholders of record.
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES Our common stock is listed and principally traded on the New York Stock Exchange under the symbol “NEM.” On February 15, 2024, there were 1,152,551,607 shares of Newmont’s common stock outstanding, which were held by approximately 6,900 stockholders of record.
Removed
The program expired on December 31, 2022. ITEM 6. RESERVED None. 72 Table of Contents
Added
The program will expire after 24 months (in February 2026). The program will be executed at the Company's discretion, utilizing open market repurchases to occur from time to time throughout the authorization period.
Added
The repurchase program may be discontinued at any time, and the program does not obligate the Company to acquire any specific number of shares of its common stock or to repurchase the full authorized amount during the authorization period. Consequently, the Board of Directors may revise or terminate such share repurchase authorization in the future. ITEM 6.

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

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Biggest changeITEM 6. RESERVED 72 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS 73 Overview 73 Consolidated Financial Results 74 Results of Consolidated Operations 79 Foreign Currency Exchange Rates 83 Liquidity and Capital Resources 84 Environmental 89 Forward Looking Statements 90 Non-GAAP Financial Measures 90 Accounting Developments 104 Critical Accounting Estimates 104 ITEM 7A.
Biggest changeITEM 6. RESERVED 89 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS 90 Overview 90 Consolidated Financial Results 91 Results of Consolidated Operations 96 Foreign Currency Exchange Rates 99 Liquidity and Capital Resources 111 Environmental 117 Forward Looking Statements 117 Non-GAAP Financial Measures 100 Accounting Developments 117 Critical Accounting Estimates 117 ITEM 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 109 Metal Prices 109 Foreign Currency 110 Commodity Price Exposure 111 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 112
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 123 Metal Prices 123 Foreign Currency 124 Commodity Price Exposure 125 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 126

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

220 edited+80 added−64 removed167 unchanged
Biggest change(11) Gold CC&V $ 241 $ 16 $ 10 $ — $ 3 $ — $ 45 $ 315 185 $ 1,697 Musselwhite 195 5 8 — 1 — 53 262 172 1,531 Porcupine 281 6 11 — — — 52 350 280 1,248 Éléonore 266 9 5 — 3 — 63 346 217 1,599 Peñasquito (10) 442 10 4 1 3 23 72 555 573 968 Other North America — — 1 6 1 — — 8 — — North America 1,425 46 39 7 11 23 285 1,836 1,427 1,287 Yanacocha 313 19 2 1 11 — 23 369 250 1,477 Merian 369 6 11 — 2 — 57 445 403 1,105 Cerro Negro 283 5 1 2 10 — 54 355 281 1,262 Other South America — — — 9 — — — 9 — — South America 965 30 14 12 23 — 134 1,178 934 1,262 Boddington 652 17 5 — 2 16 56 748 813 921 Tanami 328 2 7 — 6 — 124 467 486 960 Other Australia — — 2 8 — — 9 19 — — Australia 980 19 14 8 8 16 189 1,234 1,299 950 Ahafo 566 11 5 — 2 — 90 674 572 1,178 Akyem 334 35 2 — 1 — 32 404 415 972 Other Africa — — 3 9 1 — 3 16 — — Africa 900 46 10 9 4 — 125 1,094 987 1,108 NGM 1,153 9 15 10 — 4 230 1,421 1,165 1,220 Nevada 1,153 9 15 10 — 4 230 1,421 1,165 1,220 Corporate and Other — — 70 192 1 — 12 275 — — Total Gold $ 5,423 $ 150 $ 162 $ 238 $ 47 $ 43 $ 975 $ 7,038 5,812 $ 1,211 Gold equivalent ounces - other metals (12) Peñasquito (10) $ 864 $ 19 $ 10 $ 1 $ 5 $ 130 $ 132 $ 1,161 1,044 $ 1,112 Other North America — — — 2 — — — 2 — — North America 864 19 10 3 5 130 132 1,163 1,044 1,115 Boddington 181 2 2 — — 10 12 207 231 894 Other Australia — — — 2 — — 1 3 — — Australia 181 2 2 2 — 10 13 210 231 909 Corporate and Other — — 11 33 1 — 3 48 — — Total Gold Equivalent Ounces $ 1,045 $ 21 $ 23 $ 38 $ 6 $ 140 $ 148 $ 1,421 1,275 $ 1,114 Consolidated $ 6,468 $ 171 $ 185 $ 276 $ 53 $ 183 $ 1,123 $ 8,459 ____________________________ (1) Excludes Depreciation and amortization and Reclamation and remediation .
Biggest changeYear Ended December 31, 2022 Costs Applicable to Sales (1)(2)(3) Reclamation Costs (4) Advanced Projects, Research and Development and Exploration (5) General and Administrative Other Expense, Net (6)(7) Treatment and Refining Costs Sustaining Capital and Lease Related Costs (8)(9)(10) All-In Sustaining Costs Ounces (000) Sold All-In Sustaining Costs per Ounce (11) Gold CC&V $ 241 $ 16 $ 10 $ — $ 3 $ — $ 45 $ 315 185 $ 1,697 Musselwhite 195 5 8 — 1 — 53 262 172 1,531 Porcupine 281 6 11 — — — 52 350 280 1,248 Éléonore 266 9 5 — 3 — 63 346 217 1,599 Peñasquito (12) 442 10 4 1 3 23 72 555 573 968 Merian 369 6 11 — 2 — 57 445 403 1,105 Cerro Negro 283 5 1 2 10 — 54 355 281 1,262 Yanacocha 313 19 2 1 11 — 23 369 250 1,477 Boddington 652 17 5 — 2 16 56 748 813 921 Tanami 328 2 7 — 6 — 124 467 486 960 Ahafo 566 11 5 — 2 — 90 674 572 1,178 Akyem 334 35 2 — 1 — 32 404 415 972 NGM 1,153 9 15 10 — 4 230 1,421 1,165 1,220 Corporate and Other (13) — — 76 224 3 — 24 327 — — Total Gold $ 5,423 $ 150 $ 162 $ 238 $ 47 $ 43 $ 975 $ 7,038 5,812 $ 1,211 Gold equivalent ounces - other metals (14) Peñasquito (12) $ 864 $ 19 $ 10 $ 1 $ 5 $ 130 $ 132 $ 1,161 1,044 $ 1,112 Boddington 181 2 2 — — 10 12 207 231 894 Corporate and Other (13) — — 11 37 1 — 4 53 — — Total Gold Equivalent Ounces $ 1,045 $ 21 $ 23 $ 38 $ 6 $ 140 $ 148 $ 1,421 1,275 $ 1,114 Consolidated $ 6,468 $ 171 $ 185 $ 276 $ 53 $ 183 $ 1,123 $ 8,459 ____________________________ (1) Excludes Depreciation and amortization and Reclamation and remediation .
Refer to Note 2 of the Consolidated Financial Statements for further discussion In the first quarter of 2022, the Company completed the acquisition of Buenaventura's 43.65% noncontrolling interest in Minera Yanacocha S.R.L. ("Yanacocha") (the "Yanacocha Transaction") and sold its 46.94% ownership interest in Minera La Zanja S.R.L. ("La Zanja").
Refer to Note 2 to the Consolidated Financial Statements for further discussion. In the first quarter of 2022, the Company completed the acquisition of Buenaventura's 43.65% noncontrolling interest in Minera Yanacocha S.R.L. ("Yanacocha") (the "Yanacocha Transaction") and sold its 46.94% ownership interest in Minera La Zanja S.R.L. ("La Zanja").
Refer to Note 20 of the Consolidated Financial Statements for further information on our Debt .
For further information on our debt, refer to Note 20 of the Consolidated Financial Statements.
Refer to Note 2 of the Consolidated Financial Statements for further information. In 2020, we announced climate targets to reduce GHG emissions and plans to invest in climate change initiatives in support of this goal, which may be capital in nature.
Refer to Note 2 to the Consolidated Financial Statements for further information. In 2020, we announced climate targets to reduce GHG emissions and plans to invest in climate change initiatives in support of this goal, which may be capital in nature.
Year Ended December 31, 2021 per share data (1) basic diluted Net income (loss) attributable to Newmont stockholders $ 1,166 $ 1.46 $ 1.46 Net loss (income) attributable to Newmont stockholders from discontinued operations (2) (57) (0.07) (0.07) Net income (loss) attributable to Newmont stockholders from continuing operations 1,109 1.39 1.39 Reclamation and remediation charges, net (3) 983 1.23 1.23 Loss on assets held for sale, net (4) 372 0.47 0.46 Gain on asset and investment sales (5) (212) (0.27) (0.27) Change in fair value of investments (6) 135 0.17 0.17 Impairment charges (7) 25 0.03 0.03 Loss on debt extinguishment (8) 11 0.01 0.01 Settlement costs (9) 11 0.01 0.01 Restructuring and severance, net (10) 9 0.01 0.01 COVID-19 specific costs (11) 5 — — Pension settlement (12) 4 — — Impairment of investments (13) 1 — — Tax effect of adjustments (14) (413) (0.51) (0.51) Valuation allowance and other tax adjustments, net (15) 331 0.43 0.43 Adjusted net income (loss) (16) $ 2,371 $ 2.97 $ 2.96 Weighted average common shares (millions): (17) 799 801 ____________________________ (1) Per share measures may not recalculate due to rounding.
Year Ended December 31, 2021 per share data (1) basic diluted Net income (loss) attributable to Newmont stockholders $ 1,166 $ 1.46 $ 1.46 Net loss (income) attributable to Newmont stockholders from discontinued operations (2) (57) (0.07) (0.07) Net income (loss) attributable to Newmont stockholders from continuing operations 1,109 1.39 1.39 Reclamation and remediation charges, net (3) 983 1.23 1.23 Loss on assets held for sale (4) 372 0.47 0.46 Gain on asset and investment sales (5) (212) (0.27) (0.27) Change in fair value of investments (6) 135 0.17 0.17 Impairment charges (7) 25 0.03 0.03 Loss on debt extinguishment (8) 11 0.01 0.01 Settlement costs, net (9) 11 0.01 0.01 Restructuring and severance, net (10) 9 0.01 0.01 COVID-19 specific costs, net (11) 5 — — Pension settlement (12) 4 — — Impairment of investments (13) 1 — — Tax effect of adjustments (14) (413) (0.51) (0.51) Valuation allowance and other tax adjustments, net (15) 331 0.43 0.43 Adjusted net income (loss) $ 2,371 $ 2.97 $ 2.96 Weighted average common shares (millions): (16) 799 801 ____________________________ (1) Per share measures may not recalculate due to rounding.
Amounts are presented net of income (loss) attributable to noncontrolling interests of $(2). (11) COVID-19 specific costs, included in Other expense, net , primarily includes amounts distributed from the Newmont Global Community Fund to help host communities, governments and employees combat the COVID-19 pandemic.
Amounts are presented net of income (loss) attributable to noncontrolling interests of $(2). (11) COVID-19 specific costs, net, included in Other expense, net , primarily includes amounts distributed from the Newmont Global Community Fund to help host communities, governments and employees combat the COVID-19 pandemic.
(15) Valuation allowance and other tax adjustments, net, included in Income and mining tax benefit (expense) , is recorded for items such as foreign tax credits, alternative minimum tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities.
(15) Valuation allowance and other tax adjustments, net, included in Income and mining tax benefit (expense) , is recorded for items such as foreign tax credits, alternative minimum tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities.
Refer to Note 17 of the Consolidated Financial Statements for further information regarding stockpiles. Carrying value of ore on leach pads Ore on leach pads represent ore that has been mined and placed on leach pads where a solution is applied to the surface of the heap to dissolve the gold, copper or silver.
Refer to Note 17 to the Consolidated Financial Statements for further information regarding stockpiles. Carrying value of ore on leach pads Ore on leach pads represent ore that has been mined and placed on leach pads where a solution is applied to the surface of the heap to dissolve the gold, copper or silver.
In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserves estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable reserve estimates; estimated future closure costs; the use of appropriate discount rates; and applicable U.S. dollar long-term exchange rates.
In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserves estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable mineral reserve estimates; estimated future closure costs; the use of appropriate discount rates; and applicable U.S. dollar long-term exchange rates.
To the extent that management determines that the forecasted transactions are no longer probable of occurring, gains and losses deferred in Accumulated other comprehensive income (loss) would be reclassified to the Consolidated Statements of Operations immediately. Refer to Note 14 of the Consolidated Financial Statements for further information regarding derivative instruments.
To the extent that management determines that the forecasted transactions are no longer probable of occurring, gains and losses deferred in Accumulated other comprehensive income (loss) would be reclassified to the Consolidated Statements of Operations immediately. Refer to Note 14 to the Consolidated Financial Statements for further information regarding derivative instruments.
(5) Reclamation and remediation charges, net, included in Reclamation and remediation , represent revisions to the reclamation and remediation plans and cost estimates at the Company’s former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. Refer to Note 5 to our Consolidated Financial Statements for further information.
(5) Reclamation and remediation charges, net, included in Reclamation and remediation , represent revisions to reclamation and remediation plans and cost estimates at the Company’s former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. Refer to Note 6 to our Consolidated Financial Statements for further information.
Newmont USA will be released and relieved from all its obligations under the subsidiary guarantees in certain specified circumstances, including, but not limited to, the following: • upon the sale or other disposition (including by way of consolidation or merger), in one transaction or a series of related transactions, of a majority of the total voting power of the capital stock or other interests of Newmont USA (other than to Newmont or any of Newmont’s affiliates); • upon the sale or disposition of all or substantially all the assets of Newmont USA (other than to Newmont or any of Newmont’s affiliates); or • upon such time as Newmont USA ceases to guarantee more than $75 aggregate principal amount of Newmont’s debt (at December 31, 2022, Newmont USA guaranteed $600 aggregate principal amount of debt of Newmont that did not contain a similar fall-away provision).
Newmont USA will be released and relieved from all its obligations under the subsidiary guarantees in certain specified circumstances, including, but not limited to, the following: • upon the sale or other disposition (including by way of consolidation or merger), in one transaction or a series of related transactions, of a majority of the total voting power of the capital stock or other interests of Newmont USA (other than to Newmont or any of Newmont’s affiliates); • upon the sale or disposition of all or substantially all the assets of Newmont USA (other than to Newmont or any of Newmont’s affiliates); or • upon such time as Newmont USA ceases to guarantee more than $75 aggregate principal amount of Newmont’s debt (at December 31, 2023, Newmont USA guaranteed $600 aggregate principal amount of debt of Newmont that did not contain a similar fall-away provision).
The Company acquired the remaining 5% interest previously held by Sumitomo in the second quarter of 2022. At December 31, 2022, the Company holds 100% ownership interest in Yanacocha. Refer to Note 1 of the Consolidated Financial Statements for further details regarding these transactions.
The Company acquired the remaining 5% interest previously held by Sumitomo in the second quarter of 2022. At December 31, 2023, the Company holds 100% ownership interest in Yanacocha. Refer to Note 1 to the Consolidated Financial Statements for further details regarding these transactions.
Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows: Year Ended December 31, 2022 per share data (1) basic diluted Net income (loss) attributable to Newmont stockholders $ (429) $ (0.54) $ (0.54) Net loss (income) attributable to Newmont stockholders from discontinued operations (2) (30) (0.04) (0.04) Net income (loss) attributable to Newmont stockholders from continuing operations (3) (459) (0.58) (0.58) Impairment charges (4) 1,320 1.66 1.66 Reclamation and remediation charges (5) 713 0.90 0.90 Pension settlements (6) 137 0.17 0.17 Change in fair value of investments (7) 46 0.06 0.06 Gain on asset and investment sales (8) (35) (0.04) (0.04) Settlement costs (9) 22 0.03 0.03 Restructuring and severance (10) 4 0.01 0.01 COVID-19 specific costs (11) 3 — — Other (12) (21) (0.03) (0.03) Tax effect of adjustments (13) (344) (0.44) (0.44) Valuation allowance and other tax adjustments, net (14) 82 0.11 0.11 Adjusted net income (loss) $ 1,468 $ 1.85 $ 1.85 Weighted average common shares (millions): (3) 794 795 ____________________________ (1) Per share measures may not recalculate due to rounding.
Year Ended December 31, 2022 per share data (1) basic diluted Net income (loss) attributable to Newmont stockholders $ (429) $ (0.54) $ (0.54) Net loss (income) attributable to Newmont stockholders from discontinued operations (2) (30) (0.04) (0.04) Net income (loss) attributable to Newmont stockholders from continuing operations (3) (459) (0.58) (0.58) Impairment charges (4) 1,320 1.66 1.66 Reclamation and remediation charges, net (5) 713 0.90 0.90 Pension settlements (6) 137 0.17 0.17 Change in fair value of investments (7) 46 0.06 0.06 (Gain) loss on asset and investment sales (8) (35) (0.04) (0.04) Settlement costs (9) 22 0.03 0.03 Restructuring and severance, net (10) 4 0.01 0.01 COVID-19 specific costs (11) 3 — — Other (12) (21) (0.03) (0.03) Tax effect of adjustments (13) (344) (0.44) (0.44) Valuation allowance and other tax adjustments, net (14) 82 0.11 0.11 Adjusted net income (loss) $ 1,468 $ 1.85 $ 1.85 Weighted average common shares (millions): (3) 794 795 ____________________________ (1) Per share measures may not recalculate due to rounding.
Liquidity and Capital Resources Liquidity Overview We have a disciplined cash allocation strategy of maintaining financial flexibility to execute our capital priorities and generate long-term value for our shareholders.
Liquidity and Capital Resources Liquidity Overview We have a disciplined capital allocation strategy of maintaining financial flexibility to execute our capital priorities and generate long-term value for our shareholders.
Adjustments to continuing operations are presented before tax and net of our partners’ noncontrolling interests, when applicable. The tax effect of adjustments is presented in the Tax effect of adjustments line and is calculated using the applicable regional tax rate.
Adjustments to continuing operations are presented before tax and net of our partners’ noncontrolling interests, when applicable. The tax effect of adjustments is presented in the Tax effect of adjustments line and is calculated using the applicable tax rate.
(3) Reclamation and remediation charges, net, included in Reclamation and remediation , represent revisions to reclamation and remediation plans and cost estimates at the Company’s former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. Refer to Note 5 to our Consolidated Financial Statements for further information.
(3) Reclamation and remediation charges, net, included in Reclamation and remediation , represent revisions to reclamation and remediation plans and cost estimates at the Company’s former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. Refer to Note 6 to our Consolidated Financial Statements for further information.
Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition. Goodwill is allocated to reporting units and tested for impairment annually as of December 31, 2022 and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value.
Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition. Goodwill is allocated to reporting units and tested for impairment annually as of December 31, 2023 and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value.
The effective tax rate is driven by a number of factors and the comparability of our income tax expense for the reported periods will be primarily affected by (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) impacts of the changes in tax law; (iv) valuation allowances on tax assets; (v) percentage depletion; (vi) fluctuation in the value of the United States dollar and foreign currencies; and (vii) the impact of specific transactions and assessments including a significant impairment of goodwill during 2022.
The effective tax rate is driven by a number of factors and the comparability of our income tax expense for the reported periods will be primarily affected by (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) impacts of the changes in tax law; (iv) valuation allowances on tax assets; (v) percentage depletion; (vi) fluctuation in the value of the United States dollar and foreign currencies; and (vii) the impact of specific transactions and assessments including significant impairments of goodwill during 2023 and 2022.
The Company also periodically updates the economic model for its Conga project to understand changes to the estimated capital costs, cash flows, and economic returns from the project. As of December 31, 2022, we have not identified events or changes in circumstances that indicate that the carrying value of the Conga project is not recoverable.
The Company also periodically updates the economic model for its Conga project to understand changes to the estimated capital costs, cash flows, and economic returns from the project. As of December 31, 2023, we have not identified events or changes in circumstances that indicate that the carrying value of the Conga project is not recoverable.
Pursuant to environmental regulations, we are required to close our operations and reclaim and remediate the lands that operations have disturbed. The estimated undiscounted cash outflows of these Reclamation and remediation liabilities are reflected here. For more information regarding reclamation and remediation liabilities, refer to Note 5 to the Consolidated Financial Statements.
Pursuant to environmental regulations, we are required to close our operations and reclaim and remediate the lands that operations have disturbed. The estimated undiscounted cash outflows of these Reclamation and remediation liabilities are reflected here. For more information regarding reclamation and remediation liabilities, refer to Note 6 to the Consolidated Financial Statements.
Adjusted net income (loss) has not been adjusted for $35 of incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational sites. Refer to Note 7 to our Consolidated Financial Statements for further information.
Adjusted net income (loss) has not been adjusted for $35 of incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational sites. Refer to Note 8 to our Consolidated Financial Statements for further information.
Adjusted net income (loss) has not been adjusted for $82 of incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational sites. Refer to Note 7 to our Consolidated Financial Statements for further information.
Adjusted net income (loss) has not been adjusted for $82 of incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational sites. Refer to Note 8 to our Consolidated Financial Statements for further information.
For additional information, refer to Note 8 to our Consolidated Financial Statements. (4) Change in fair value of investments, included in Other income (loss), net , primarily represents unrealized gains and losses related to the Company's investment in current and non-current marketable and other equity securities.
For additional information, refer to Note 9 to our Consolidated Financial Statements. (8) Change in fair value of investments, included in Other income (loss), net , primarily represents unrealized gains and losses related to the Company's investment in current and non-current marketable and other equity securities.
Refer to Note 5 of the Consolidated Financial Statements for further information regarding reclamation and remediation obligations. Income and mining taxes We account for income taxes using the liability method, recognizing certain temporary differences between the financial reporting basis of our liabilities and assets and the related income tax basis for such liabilities and assets.
Refer to Note 6 to the Consolidated Financial Statements for further information regarding reclamation and remediation obligations. Income and mining taxes We account for income taxes using the liability method, recognizing certain temporary differences between the financial reporting basis of our liabilities and assets and the related income tax basis for such liabilities and assets.
Sustainability and safety are integrated into the business at all levels of the organization through our global policies, standards, strategies, business plans and remuneration plans. For more information on the Company’s reclamation and remediation liabilities, refer to Notes 5 and 25 to the Consolidated Financial Statements.
Sustainability and safety are integrated into the business at all levels of the organization through our global policies, standards, strategies, business plans and remuneration plans. For more information on the Company’s reclamation and remediation liabilities, refer to Notes 6 and 25 to the Consolidated Financial Statements.
For discussion regarding other significant drivers impacting Costs applicable to sales by site, refer to Results of Consolidated Operations below. The details of our Depreciation and amortization are set forth below. Refer to Note 3 of the Consolidated Financial Statements for additional information.
For discussion regarding other significant drivers impacting Costs applicable to sales by site, refer to Results of Consolidated Operations below. The details of our Depreciation and amortization are set forth below. Refer to Note 4 of the Consolidated Financial Statements for additional information.
(8) Gain on asset and investment sales, included in Gain on asset and investment sales, net , primarily represents gains recognized on the sale of the investment in MARA, disposal of trucks at Boddington, and the sale of royalty interests at NGM, partially offset by the loss recognized on the sale of the La Zanja equity method investment.
(8) (Gain) loss on asset and investment sales, included in Other income (loss), net , primarily represents gains recognized on the sale of the investment in MARA, disposal of trucks at Boddington, and the sale of royalty interests at NGM, partially offset by the loss recognized on the sale of the La Zanja equity method investment.
(4) Contractual obligations for Employee-related benefit s include severance, workers’ participation, pension and other benefit plans. Pension plan and other benefit payments beyond 2032 cannot be reasonably estimated given variable market conditions and actuarial assumptions and are not included.
(4) Contractual obligations for Employee-related benefit s include severance, workers’ participation, pension and other benefit plans. Pension plan and other benefit payments beyond 2033 cannot be reasonably estimated given variable market conditions and actuarial assumptions and are not included.
Therefore, the amount of gold CAS included in AISC is derived from the CAS presented in the Company’s Consolidated Statements of Operations less the amount of CAS attributable to the production of other metals. The other metals' CAS at those mine sites is disclosed in Note 3 of the Consolidated Financial Statements.
Therefore, the amount of gold CAS included in AISC is derived from the CAS presented in the Company’s Consolidated Statements of Operations less the amount of CAS attributable to the production of other metals. The other metals' CAS at those mine sites is disclosed in Note 4 of the Consolidated Financial Statements.
If short-term and long-term commodity prices decrease, estimated future processing costs increase, or other negative factors occur, it may be necessary to record a write-down of ore on leach pads to net realizable value. Refer to Note 17 of the Consolidated Financial Statements for further information regarding ore on leach pads.
If short-term and long-term commodity prices decrease, estimated future processing costs increase, or other negative factors occur, it may be necessary to record a write-down of ore on leach pads to net realizable value. 119 Table of Contents Refer to Note 17 to the Consolidated Financial Statements for further information regarding ore on leach pads.
(9) COVID-19 specific costs, included in Other expense, net , primarily includes amounts distributed from Newmont Global Community Support Fund to help host communities, governments and employees combat the COVID-19 pandemic for all periods presented and includes incremental direct costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic in 2020.
(10) COVID-19 specific costs, included in Other expense, net , primarily includes amounts distributed from Newmont Global Community Support Fund to help host communities, governments and employees combat the COVID-19 pandemic for all periods presented and includes incremental direct costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic.
Net Debt is intended to provide additional information only and does not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of liquidity prepared in accordance with GAAP. Other companies may calculate this measure differently.
Net Debt is intended to provide additional information only and does not have any standardized meaning 105 Table of Contents prescribed by GAAP and should not be considered in isolation or as a substitute for measures of liquidity prepared in accordance with GAAP. Other companies may calculate this measure differently.
A decrease of $100 per ounce in the long-term gold price assumption could result in an impairment of our long-lived assets, including goodwill, of up to approximately $2,800 before consideration of other value beyond proven and probable reserves which may significantly decrease the amount of any potential impairment charge.
A decrease of $100 per ounce in the long-term gold price assumption could result in an impairment of our long-lived assets, including goodwill, of up to approximately $4,100 before consideration of other value beyond proven and probable reserves which may significantly decrease the amount of any potential impairment charge.
These changes could include: (i) an expansion of proven and probable reserves through exploration activities; (ii) differences between estimated and actual costs of production, due to differences in grade, metal recovery rates and foreign currency exchange rates; and (iii) differences between actual commodity prices and commodity price assumptions 104 Table of Contents used in the estimation of reserves.
These changes could include: (i) an expansion of proven and probable reserves through exploration activities; (ii) differences between estimated and actual costs of production, due to differences in grade, metal recovery rates and foreign currency exchange rates; and (iii) differences between actual commodity prices and commodity price assumptions used in the estimation of reserves.
Reclamation obligations are based on our best estimate of when the expected spending for an existing environmental disturbance will occur. Our cost estimates are reflected on a third-party cost basis and comply with our legal obligation 107 Table of Contents to retire long-lived assets in the period incurred.
Reclamation obligations are based on our best estimate of when the expected spending for an existing environmental disturbance will occur. Our cost estimates are reflected on a third-party cost basis and comply with our legal obligation to retire long-lived assets in the period incurred.
We may have investments in prime money market funds that are classified as cash and cash equivalents; however, we continually monitor the need for reclassification under the SEC requirements for money market funds, and the potential that the shares of such funds could 84 Table of Contents have a net asset value less than their par value.
We may have investments in prime money market funds that are classified as cash and cash equivalents; however, we continually monitor the need for reclassification under the SEC requirements for money market funds, and the potential that the shares of such funds could have a net asset value of less than their par value.
(2) Impairment charges, included in Impairment charges represents non-cash write-downs of long-lived assets and goodwill. Refer to Note 6 to our Consolidated Financial Statements for further information.
(2) Impairment charges, included in Impairment charges, represents non-cash write-downs of long-lived assets and goodwill. Refer to Note 7 to our Consolidated Financial Statements for further information.
(4) Impairment charges, included in Impairment charges represents non-cash write-downs of long-lived assets and goodwill. Refer to Note 6 to our Consolidated Financial Statements for further information.
(4) Impairment charges, included in Impairment charges represents non-cash write-downs of long-lived assets and goodwill. Refer to Note 7 to our Consolidated Financial Statements for further information.
Refer to the Notes of the Consolidated Financial Statements for explanations of other financial statement line items. 78 Table of Contents Results of Consolidated Operations Newmont has developed gold equivalent ounces (“GEO”) metrics to provide a comparable basis for analysis and understanding of our operations and performance related to copper, silver, lead and zinc.
Refer to the Notes of the Consolidated Financial Statements for explanations of other financial statement line items. Results of Consolidated Operations Newmont has developed gold equivalent ounces (“GEO”) metrics to provide a comparable basis for analysis and understanding of our operations and performance related to copper, silver, lead and zinc.
(5) We are unable to reasonably estimate the timing of our uncertain income tax liabilities and interest payments due to uncertainties in the timing of the effective settlement of tax positions. (6) Operating lease and other obligations includes operating lease payments of $133 and additional payments of $4 for operating leases that have not yet commenced.
(5) We are unable to reasonably estimate the timing of our uncertain income tax liabilities and interest payments due to uncertainties in the timing of the effective settlement of tax positions. (6) Operating lease and other obligations includes operating lease payments of $120 and additional payments of $— for operating leases that have not yet commenced.
(9) Settlement costs, included in Other expense, net , primarily are comprised of a voluntary contribution made to the Republic of Suriname. (10) Restructuring and severance, net, included in Other expense, net , primarily represents severance and related costs associated with significant organizational and operating model changes implemented by the Company.
(9) Settlement costs, net, included in Other expense, net , primarily are comprised of a voluntary contribution made to the Republic of Suriname. 104 Table of Contents (10) Restructuring and severance, net, included in Other expense, net , primarily represents severance and related costs associated with significant organizational and operating model changes implemented by the Company.
Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. The significant assumption in determining the net realizable value for each mine site at December 31, 2022 is a long-term gold price of $1,600 per ounce.
Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. The significant assumption in determining the net realizable value for each mine site at December 31, 2023 is a long-term gold price of $1,700 per ounce.
Other assumptions include future operating and capital costs, metal recoveries, production levels, proven and probable reserve quantities, engineering data and other factors unique to each operation based on the life of mine plans, as well as a long-term metal 105 Table of Contents prices.
Other assumptions include future operating and capital costs, metal recoveries, production levels, proven and probable reserve quantities, engineering data and other factors unique to each operation based on the life of mine plans, as well as a long-term metal prices.
With the delay of the Yanacocha Sulfides project, management will focus its efforts on optimizing its allocation of funds to current operations and other capital commitments, while also assessing execution options and project plans options, up to and including transitioning Yanacocha operations into full closure.
With the delay of the Yanacocha Sulfides project, 90 Table of Contents management will focus its efforts on optimizing its allocation of funds to current operations and other capital commitments, while also assessing execution options and project plans options, up to and including transitioning Yanacocha operations into full closure.
These costs are derived from the Advanced projects, research and development and Exploration amounts presented in the Consolidated Statements of Operations less incurred expenses related to the 97 Table of Contents development of new operations, or related to major projects at existing operations where these projects will materially benefit the operation in the future.
These costs are derived from the Advanced projects, research and development and Exploration amounts presented in the Consolidated Statements of Operations less incurred expenses related to the development of new operations, or related to major projects at existing operations where these projects will materially benefit the operation in the future.
A decrease of $100 per ounce in the long-term gold price assumption would not result in a material write-down of the carrying value of the leach pads.
A decrease of $100 per ounce in the long-term gold price assumption will not result in a material write-down of the carrying value of the leach pads.
Changes in reclamation estimates at non-operating mines where the mine or portion of the mine site has entered the closure phase and has no substantive future economic value are reflected in earnings in the period an estimate is revised.
Changes in reclamation estimates at non-operating mines where the mine or portion of the mine site has entered the closure phase and has no substantive future economic value are reflected in earnings in the period an 121 Table of Contents estimate is revised.
Under the Shelf Registration Statement, our debt securities may be guaranteed by Newmont USA Limited (“Newmont USA”), one of our consolidated subsidiaries (Newmont, as issuer, and Newmont USA, as guarantor, are collectively referred to here-within as the "Obligor Group"). These guarantees are full and unconditional, and none of our other subsidiaries guarantee any security issued and outstanding.
Under the Shelf Registration Statement, our debt securities may be guaranteed by Newmont USA Limited (“Newmont USA”), one of our consolidated subsidiaries. Newmont and Newcrest Finance, as issuers, and Newmont USA, as guarantor, are collectively referred to here-within as the "Obligor Group". These guarantees are full and unconditional, and none of our other subsidiaries guarantee any security issued and outstanding.
(10) Restructuring and severance, net, included in Other expense, net , primarily represents severance and related costs associated with significant organizational and operating model changes implemented by the Company. (11) COVID-19 specific costs, included in Other expense, net , represents amounts distributed from the Newmont Global Community Fund to help host communities, governments and employees combat the COVID-19 pandemic.
(10) Restructuring and severance, net, included in Other expense, net , primarily represents severance and related costs associated with significant organizational and operating model changes implemented by the Company. 103 Table of Contents (11) COVID-19 specific costs, included in Other expense, net , represents amounts distributed from the Newmont Global Community Fund to help host communities, governments and employees combat the COVID-19 pandemic.
If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Any impairment loss recognized in the 106 Table of Contents current period is not reversed in future periods.
If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Any impairment loss recognized in the current period is not reversed in future periods.
Management applies judgment in estimating the fair value of instruments that are highly sensitive to assumptions such as commodity prices, market volatilities, foreign currency exchange rates and interest rates. Variations in these factors could materially affect amounts credited or charged to earnings to reflect the changes in fair value of derivatives.
Management applies judgment in estimating the fair value of instruments that are highly sensitive to assumptions such as life of mine production profiles, commodity prices, market volatilities, foreign currency exchange rates and interest rates. Variations in these factors could materially affect amounts credited or charged to earnings to reflect the changes in fair value of derivatives.
Such changes in reserves could similarly impact the useful lives of assets depreciated on a straight-line basis, where those lives are limited to the life of the mine, which in turn is limited to the life of the proven and probable reserves.
Such changes in reserves could similarly impact 118 Table of Contents the useful lives of assets depreciated on a straight-line basis, where those lives are limited to the life of the mine, which in turn is limited to the life of the proven and probable reserves.
The following MD&A generally discusses our consolidated financial condition and results of operations for 2022 and 2021 and year-to-year comparisons between 2022 and 2021.
The following MD&A generally discusses our consolidated financial condition and results of operations for 2023 and 2022 and year-to-year comparisons between 2023 and 2022.
(3) Reclamation and remediation charges, included in Reclamation and remediation , represent revisions to the reclamation and remediation plans and cost estimates at the Company’s former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. For additional information, refer to Note 5 in the Consolidated Financial Statements.
(3) Reclamation and remediation charges, included in Reclamation and remediation , represents revisions to the reclamation and remediation plans and cost estimates at the Company’s former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. For additional information, refer to Note 6 in the Consolidated Financial Statements.
These restrictions directly impact Cerro Negro's ability to pay principal portions of intercompany debt to the Company. We continue to monitor the foreign currency exposure risk and the limitations of repatriating cash to the U.S. Currently, these currency controls are not expected to have a material impact on our financial statements.
These restrictions directly impact Cerro Negro's ability to repay intercompany debt to the Company. We continue to monitor the foreign currency exposure risk and the limitations of repatriating cash to the U.S. Currently, these currency controls are not expected to have a material impact on our financial statements.
Refer to Note 3 to our Consolidated Financial Statement and Non-GAAP Financial Measures below for further information. Debt Debt and Corporate Revolving Credit Facilities. The Company from time to time will redeem its outstanding senior notes ahead of their scheduled maturity dates utilizing Cash and cash equivalents.
Refer to Note 4 to our Consolidated Financial Statements and Non-GAAP Financial Measures, below, for further information. Debt Debt and Corporate Revolving Credit Facilities. The Company from time to time will redeem its outstanding senior notes ahead of their scheduled maturity dates utilizing Cash and cash equivalents.
(4) Pension settlements, included in Other income (loss), net, primarily represents pension settlement charges related to the annuitization of certain defined benefit plans and lump sum payments to participants in 2022 and related to lump sum payments to participants in 2021 and 2020. Refer to Note 11 to our Consolidated Financial Statements for further information.
(8) Pension settlements, included in Other income (loss), net, primarily represents pension settlement charges related to lump sum payments to participants in 2023, the annuitization of certain defined benefit plans and lump sum payments to participants in 2022, and lump sum payments to participants in 2021. Refer to Note 11 to our Consolidated Financial Statements for further information.
For Other expense, net we include care and maintenance costs relating to direct operating costs incurred at the mine sites during the period that these sites were temporarily placed into care and maintenance in response to the COVID-19 pandemic and exclude certain exceptional or unusual expenses, such as restructuring, as these are not indicative to sustaining our current operations.
For Other expense, net we include care and maintenance costs relating to direct operating costs incurred at the mine sites during the period that these sites were temporarily placed into care and maintenance in response to pandemics such as COVID-19 or unexpected significant events and exclude certain exceptional or unusual expenses, such as restructuring, as these are not indicative to sustaining our current operations.
(4) Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,200/oz.), Copper ($3.25/lb.), Silver ($23.00/oz.), Lead ($0.95/lb.) and Zinc ($1.15/lb.) pricing for 2022, Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($22.00/oz.), Lead ($0.90/lb.) and Zinc ($1.05/lb.) pricing for 2021 and Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($16.00/oz.), Lead ($0.95/lb.) and Zinc ($1.20/lb.) pricing for 2020.
(4) Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2023, Gold ($1,200/oz.), Copper ($3.25/lb.), Silver ($23.00/oz.), Lead ($0.95/lb.) and Zinc ($1.15/lb.) pricing for 2022 and Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($22.00/oz.), Lead ($0.90/lb.) and Zinc ($1.05/lb.) pricing for 2021.
(5) Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable and other equity securities. For additional information regarding our investments, refer to Note 15 to our Consolidated Financial Statements.
For additional information, refer to Note 9 and 15 to our Consolidated Financial Statements. (6) Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable and other equity securities.
We base our assumptions and estimates on historical experience and various other sources that we believe to be reasonable under the circumstances. We review the underlying factors used in our estimates regularly, including reviewing the significant accounting policies impacting the estimates, to ensure compliance with GAAP.
We base our assumptions and estimates on historical experience and various other sources that we believe to be reasonable under the circumstances. We review the underlying factors used in our estimates regularly, including reviewing the significant accounting policies 117 Table of Contents impacting the estimates, to ensure compliance with GAAP.
Refer to Item 7A, Quantitative and Qualitative Disclosures About Market Risk. The significant assumption in determining the future cash flows for each mine site at December 31, 2022 is a long-term gold price of $1,600 per ounce.
Refer to Item 7A, Quantitative and Qualitative Disclosures About Market Risk. The significant assumption in determining the future cash flows for each mine site at December 31, 2023 is a long-term gold price of $1,700 per ounce.
Refer to Note 7 to our Consolidated Financial Statements for further information. (10) Loss on assets held for sale , included in Loss on assets held for sale , represents the loss recognized due to the reclassification of the Conga mill assets as held for sale during 2021. The assets were remeasured to fair value less costs to sell.
Refer to Note 8 to our Consolidated Financial Statements for further information. (11) Loss on assets held for sale , included in Loss on assets held for sale , represents the loss recognized due to the reclassification of the Conga mill assets as held for sale during 2021. The assets were remeasured to fair value less costs to sell.
As of December 31, 2022, we believe our available liquidity allows us to manage the short- and, possibly, long-term material adverse impacts of these events on our business. Refer to Note 2 of the Consolidated Financial Statements for further discussion on risks and uncertainties. At December 31, 2022, the Company had $2,877 in Cash and cash equivalents.
As of December 31, 2023, we believe our available liquidity allows us to manage the short- and, possibly, long-term material adverse impacts of these events on our business. Refer to Note 2 of the Consolidated Financial Statements for further discussion on risks and uncertainties. At December 31, 2023, the Company had $3,002 in Cash and cash equivalents.
(13) The tax effect of adjustments, included in Income and mining tax benefit (expense) , represents the tax effect of adjustments in footnotes (4) through (12), as described above, and are calculated using the applicable regional tax rate.
(14) The tax effect of adjustments, included in Income and mining tax benefit (expense) , represents the tax effect of adjustments in footnotes (4) through (13), as described above, and are calculated using the applicable tax rate.
(14) The tax effect of adjustments, included in Income and mining tax benefit (expense) , represents the tax effect of adjustments in footnotes (3) through (13), as described above, and are calculated using the applicable regional tax rate.
(13) The tax effect of adjustments, included in Income and mining tax benefit (expense) , represents the tax effect of adjustments in footnotes (3) through (12), as described above, and are calculated using the applicable tax rate.
(2) Finance lease and other financing obligations includes finance lease payments of $744 and additional payments of $5 for finance leases that have not yet commenced. (3) Mining operations are subject to extensive environmental regulations in the jurisdictions in which they operate.
(2) Finance lease and other financing obligations includes finance lease payments of $733 and additional payments of $11 for finance leases that have not yet commenced. (3) Mining operations are subject to extensive environmental regulations in the jurisdictions in which they operate.
Cash and cash equivalents denominated in Argentine Peso are subject to regulatory restrictions. Refer to Foreign Currency Exchange Rates above for further information. At December 31, 2022, $658 in consolidated cash and cash equivalents was held at certain foreign subsidiaries that, if repatriated, may be subject to withholding taxes.
Cash and cash equivalents denominated in Argentine peso are subject to regulatory restrictions. Refer to Foreign Currency Exchange Rates above for further information. At December 31, 2023, $1,212 in consolidated cash and cash equivalents was held at certain foreign subsidiaries that, if repatriated, may be subject to withholding taxes.
(5) Gain on asset and investment sales, included in Gain on asset and investment sales, net , primarily represents the gain on the sale of the Kalgoorlie Power business, gain on the NGM Lone Tree and South Arturo exchange, and gain on the sale of TMAC. For additional information, refer to Note 8 to our Consolidated Financial Statements.
(5) (Gain) loss on asset and investment sales, included in Other income (loss), net , primarily represents the gain on the sale of the Kalgoorlie Power business, gain on the NGM Lone Tree and South Arturo exchange, and gain on the sale of TMAC. For additional information, refer to Note 9 to our Consolidated Financial Statements.
On the basis of this evaluation, a valuation allowance has been recorded in Peru.
On the basis of this evaluation, a valuation allowance has been recorded in Peru and Argentina.
The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals. We also allocate these costs incurred at the Other North America, Other Australia and Corporate and Other locations using the proportion of CAS between gold and other metals. General and administrative .
The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals. We also allocate these costs incurred at Corporate and Other using the proportion of CAS between gold and other metals. General and administrative .
Capital Resources In February 2023, the Board declared a dividend of $0.40 per share, determined under the dividend framework. This framework is non-binding and is periodically reviewed and reassessed by the Board of Directors.
Capital Resources In February 2024, the Board declared a dividend of $0.25 per share, determined under the dividend framework. This framework is non-binding and is periodically reviewed and reassessed by the Board of Directors.
(2) Includes by-product credits of $8, $7 and $2 in 2022, 2021, and 2020, respectively. (3) Excludes Depreciation and amortization and Reclamation and remediation .
(2) Includes by-product credits of $13, $8, and $7 in 2023, 2022, and 2021, respectively. (3) Excludes Depreciation and amortization and Reclamation and remediation .
The significant assumption in determining the future cash flows for each mine site at December 31, 2022 is a long-term gold price of $1,600 per ounce.
The significant assumption in determining the future cash flows for each mine site at December 31, 2023 is a long-term gold price of $1,700 per ounce.
During the year ended 2022, 2021, and 2020, capital expenditures were approximately $29, $13, and $23, respectively, to comply with environmental regulations. Our sustainability strategy is a foundational element in achieving our purpose to create value and improve lives through sustainable and responsible mining.
During the year ended December 31, 2023, 2022, and 2021, capital expenditures were approximately $41, $29, and $13, respectively, to comply with environmental regulations. Our sustainability strategy is a foundational element in achieving our purpose to create value and improve lives through sustainable and responsible mining.
For additional information, refer to Note 8 to our Consolidated Financial Statements. 92 Table of Contents (9) Settlement costs, included in Other expense, net , primarily represents a legal settlement and a voluntary contribution made to support humanitarian efforts in Ukraine.
For additional information, refer to Note 9 to our Consolidated Financial Statements. (9) Settlement costs, included in Other expense, net , primarily represents a legal settlement and a voluntary contribution made to support humanitarian efforts in Ukraine.
Based upon our best estimate of our liability for these matters, $373 and $344 were accrued for such obligations at December 31, 2022 and 2021, respectively, of which $44 and $60, respectively, were classified as current liabilities. We spent $56, $43 and $25 during 2022, 2021, and 2020, respectively, for environmental obligations related to the former mining activities.
Based upon our best estimate of our liability for these matters, $401 and $373 were accrued for such obligations at December 31, 2023 and 2022, respectively, of which $61 and $44, respectively, were classified as current liabilities. We spent $44, $56 and $43 during 2023, 2022, and 2021, respectively, for environmental obligations related to the former mining activities.
We allocate these costs to gold and other metals at the Other North America, Other Australia and Corporate and Other locations using the proportion of CAS between gold and other metals. Other expense, net .
We allocate these costs to gold and other metals at Corporate and Other using the proportion of CAS between gold and other metals. Other expense, net .
(4) Reclamation costs include operating accretion and amortization of asset retirement costs of $88 and $60, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value of $52 and $226, respectively.
(4) Reclamation costs include operating accretion and amortization of asset retirement costs of $79 and $91, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value of $52 and $1,715, respectively.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeProvisionally Priced Sales Subject to Final Pricing Average Provisional Price (per ounce/pound) Effect of 10% change in Average Price (millions) Market Closing Settlement Price (1) (per ounce/pound) Gold (ounces, in thousands) 159 $ 1,817 $ 19 $ 1,814 Copper (pounds, in millions) 37 $ 3.80 $ 10 $ 3.80 Silver (ounces, in millions) 4 $ 23.86 $ 6 $ 23.95 Lead (pounds, in millions) 26 $ 1.05 $ 2 $ 1.06 Zinc (pounds, in millions) 74 $ 1.35 $ 7 $ 1.37 ____________________________ (1) The closing settlement price as of December 31, 2022 is determined utilizing the London Metal Exchange for copper, lead and zinc and the London Bullion Market Association for gold and silver. 111 Table of Contents
Biggest changeProvisionally Priced Sales Subject to Final Pricing (1) Average Provisional Price (per ounce/pound) Effect of 10% change in Average Price (millions) Market Closing Settlement Price (2) (per ounce/pound) Gold (ounces, in thousands) 257 $ 2,071 $ 37 $ 2,078 Copper (pounds, in millions) 104 $ 3.88 $ 28 $ 3.84 Silver (ounces, in millions) 3 $ 23.89 $ 5 $ 23.79 Lead (pounds, in millions) 25 $ 0.93 $ 1 $ 0.92 Zinc (pounds, in millions) 31 $ 1.20 $ 2 $ 1.20 Molybdenum (pounds, in millions) (3) 1 $ 19.62 $ 1 $ 18.53 ____________________________ (1) Includes provisionally priced by-product sales subject to final pricing, which are recognized in Costs applicable to sales.
Interest Rate Risk We are subject to interest rate risk related to the fair value of our senior notes which consist of fixed rates. For fixed rate debt, changes in interest rates generally affect the fair value of the debt instrument, but not our earnings or cash flows.
We are subject to interest rate risk related to the fair value of our senior notes which consist of fixed rates. For fixed rate debt, changes in interest rates generally affect the fair value of the debt instrument, but not our earnings or cash flows.
For information concerning the sensitivity of our impairment analysis over long-lived assets and goodwill to changes in metal price, refer to Critical Accounting Estimates within Item 7, MD&A, and Notes 2, 6 and 19 to the Consolidated Financial Statements.
For information concerning the sensitivity of our impairment analysis over long-lived assets and goodwill to changes in metal price, refer to Critical Accounting Estimates within Item 7, MD&A, and Notes 2, 7 and 19 to the Consolidated Financial Statements.
Fluctuations in the local currency exchange rates in relation to the U.S. dollar can increase or decrease profit margins, cash flow and Costs applicable to sales per ounce/pound to the extent costs are paid in local currency at foreign operations.
Fluctuations in the local currency exchange rates in relation to the U.S. dollar can increase or decrease profit margins, cash flow and Costs applicable to sales per ounce to the extent costs are paid in local currency at foreign operations.
We have performed a sensitivity analysis as of December 31, 2022, using a modeling technique that measures the change in the fair values arising from a hypothetical 10% adverse movement in the AUD foreign currency exchange rates relative to the U.S. dollar, with all other variables held constant. The analysis covered all of our AUD-denominated fixed forward contracts.
We have performed a sensitivity analysis as of December 31, 2023, using a modeling technique that measures the change in the fair values arising from a hypothetical 10% adverse movement in the AUD foreign currency exchange rates relative to the U.S. dollar, with all other variables held constant. The analysis covered all of our AUD-denominated fixed forward contracts.
Hedging In October 2022, the Company entered into A$574 of AUD-denominated fixed forward contracts to mitigate variability in the USD functional cash flows related to the AUD-denominated capital expenditures expected to be incurred in 2023 and 2024 during the construction and development phase of the Tanami Expansion 2 project included in the Company's Australia segment.
In October 2022, the Company entered into A$574 of AUD-denominated fixed forward contracts to mitigate variability in the USD functional cash flows related to the AUD-denominated capital expenditures expected to be incurred in 2023 and 2024 during the construction and development phase of the Tanami Expansion 2 project included in the Company's Tanami segment.
We perform an analysis on the provisional concentrate sales to determine the potential impact to Net income (loss) attributable to Newmont stockholders for each 10% change to the average price on the provisional concentrate sales subject to final pricing over the next several months. Refer below for our analysis as of December 31, 2022.
We perform an analysis on the provisional concentrate sales to determine the potential impact to Net income (loss) attributable to Newmont stockholders for each 10% change to the average price on the provisional concentrate sales subject to final pricing over the next several months. Refer below for our analysis as of December 31, 2023.
We performed a sensitivity analysis to estimate the impact to Costs applicable to sales per ounce arising from a hypothetical 10% adverse movement to local currency exchange rates at December 31, 2022 in relation to the U.S. dollar at our foreign mining operations.
We performed a sensitivity analysis to estimate the impact to Costs applicable to sales per ounce arising from a hypothetical 10% adverse movement to local currency exchange rates at December 31, 2023 in relation to the U.S. dollar at our foreign mining operations.
The Company has designated the forward contracts as foreign currency cash flow hedges against the forecasted AUD-denominated Tanami Expansion 2 capital expenditures. By using hedges, we are affected by market risk, credit risk, and market liquidity risk.
The Company has 124 Table of Contents designated the forward contracts as foreign currency cash flow hedges against the forecasted AUD-denominated Tanami Expansion 2 capital expenditures. By using hedges, we are affected by market risk, credit risk, and market liquidity risk.
The sensitivity analyses indicated that a hypothetical 10% adverse movement would result in an approximate $33 increase to Costs applicable to sales per ounce at December 31, 2022.
The sensitivity analyses indicated that a hypothetical 10% adverse movement would result in an approximate $58 increase to Costs applicable to sales per gold ounce at December 31, 2023.
The significant assumptions in determining the stockpile, leach pad and product inventory adjustments for each mine site reporting unit at December 31, 2022 included production cost and capitalized expenditure assumptions unique to each operation, and the following short-term and long-term assumptions: 109 Table of Contents Short-term Long-term Gold price (per ounce) $ 1,726 $ 1,600 Copper price (per pound) $ 3.63 $ 3.50 Silver price (per ounce) $ 21.17 $ 20.00 Lead price (per pound) $ 0.95 $ 1.05 Zinc price (per pound) $ 1.36 $ 1.30 AUD to USD exchange rate $ 0.66 $ 0.75 CAD to USD exchange rate $ 0.74 $ 0.80 MXN to USD exchange rate $ 0.05 $ 0.04 The net realizable value measurement involves the use of estimates and assumptions unique to each mining operation regarding current and future operating and capital costs, metal recoveries, production levels, commodity prices, proven and probable reserve quantities, engineering data and other factors.
The significant assumptions in determining the stockpile, leach pad and product inventory adjustments for each mine site reporting unit at December 31, 2023 included production cost and capitalized expenditure assumptions unique to each operation, and the following short-term and long-term assumptions: 123 Table of Contents Short-term Long-term Gold price (per ounce) $ 1,971 $ 1,700 Copper price (per pound) $ 3.70 $ 3.75 Silver price (per ounce) $ 23.20 $ 22.00 Lead price (per pound) $ 0.96 $ 0.90 Zinc price (per pound) $ 1.13 $ 1.25 AUD to USD exchange rate $ 0.65 $ 0.70 CAD to USD exchange rate $ 0.73 $ 0.75 MXN to USD exchange rate $ 0.06 $ 0.05 The net realizable value measurement involves the use of estimates and assumptions unique to each mining operation regarding current and future operating and capital costs, metal recoveries, production levels, commodity prices, proven and probable reserve quantities, engineering data and other factors.
Refer to Note 14 to the Consolidated Financial Statements for further information on our derivative instruments. Commodity Price Exposure Our provisional concentrate sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes.
We further mitigate market liquidity risk by spreading out the maturity of our derivatives over time. Refer to Note 14 to the Consolidated Financial Statements for further information on our derivative instruments. Commodity Price Exposure Our provisional concentrate sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes.
Under the terms of our trading agreements, counterparties cannot require us to immediately settle outstanding derivatives, except upon the occurrence of customary events of default such as covenant breaches, including financial covenants, insolvency or bankruptcy. We further mitigate market liquidity risk by spreading out the maturity of our derivatives over time.
Market liquidity risk is the risk that a derivative cannot be eliminated quickly, by either liquidating it or by establishing an offsetting position. Under the terms of our trading agreements, counterparties cannot require us to immediately settle outstanding derivatives, except upon the occurrence of customary events of default such as covenant breaches, including financial covenants, insolvency or bankruptcy.
All of our operations sell their gold, copper, silver, lead and zinc production based on USD metal prices. Foreign currency exchange rates can fluctuate widely due to numerous factors, such as supply and demand for foreign and U.S. currencies and U.S. and foreign country economic conditions.
Foreign currency exchange rates can fluctuate widely due to numerous factors, such as supply and demand for foreign and U.S. currencies and U.S. and foreign country economic conditions.
We mitigate credit risk by entering into derivatives with high credit quality counterparties, limiting the amount of exposure to each counterparty and monitoring the financial condition of the counterparties. Market liquidity risk is the risk that a derivative cannot be eliminated quickly, by either liquidating it or by establishing an offsetting position.
Credit risk is the risk that a third party might fail to fulfill its performance obligations under the terms of a financial instrument. We mitigate credit risk by entering into derivatives with high credit quality counterparties, limiting the amount of exposure to each counterparty and monitoring the financial condition of the counterparties.
The foreign currency exchange rates we used in performing the sensitivity analysis were based on AUD market rates in effect at December 31, 2022.
The foreign currency exchange rates we used in performing the sensitivity analysis were based on AUD market rates in effect at December 31, 2023. The sensitivity analyses indicated that a hypothetical 10% adverse movement in foreign currency exchange rates would result in an approximate decrease in the fair value of the hedging derivative instruments of $15 at December 31, 2023.
Refer to Note 13 to our Consolidated Financial Statements for further information pertaining to the fair value of our fixed rate debt. Foreign Currency In addition to our operations in the U.S., we have significant operations and/or assets in Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia and Ghana.
Foreign Currency In addition to our operations in the U.S., we have significant operations and/or assets in Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji and Ghana. All of our operations sell their gold, copper, silver, lead, and zinc production based on USD metal prices.
Removed
The sensitivity analyses indicated that a hypothetical 10% adverse movement in foreign currency exchange rates would result in an approximate decrease in the fair value of the hedging derivative instruments of $40 at December 31, 2022. 110 Table of Contents Credit risk is the risk that a third party might fail to fulfill its performance obligations under the terms of a financial instrument.
Added
Interest Rate Risk We have both fixed-rate and variable-rate debt. Changes in interest rates impact the cash flows of variable-rate debt but generally do not impact their fair value. Conversely, changes in interest rates impact the fair value of fixed-rate debt but do not impact their cash flows. Fixed-rate debt.
Added
Refer to Note 20 to our Consolidated Financial Statements for further information pertaining to the fair value of our fixed rate debt. Variable-rate debt. Our variable-rate debt at December 31, 2023 consists of the bilateral bank debt facilities acquired in connection with the Newcrest transaction.
Added
The bilateral bank debt facilities have a total borrowing capacity of $2,000 with $77 available at December 31, 2023. Interest is based on Term SOFR plus a credit spread and margin.
Added
We performed a sensitivity analysis to estimate the impact to Interest expense, net of capitalized interest arising from a hypothetical 10% adverse movement to the year-end SOFR rate as at December 31, 2023.
Added
The sensitivity analysis, which included the high-end of the margin, indicated that a hypothetical 10% adverse movement would result in an approximate $2 increase to Interest expense, net of capitalized interest for the period from acquisition on November 6, 2023 to December 31, 2023.
Added
Hedging In May 2023, the Company entered into C$348 of CAD-denominated and A$648 of AUD-denominated fixed forward contracts to mitigate variability in the USD functional cash flows related to the CAD-denominated and AUD-denominated operating expenditures expected to be incurred in 2023 included in the Company's operations located in Canada and Australia, respectively.
Added
The Company designated the fixed forward contracts as foreign currency cash flow hedges against the forecasted CAD-denominated and AUD denominated operating expenditures. The hedge programs matured as of December 31, 2023.
Added
(2) The closing settlement price as of December 31, 2023 is determined utilizing the London Metal Exchange for copper, lead and zinc and the London Bullion Market Association for gold and silver. (3) Molybdenum is a by-product at the Cadia site and is recognized in Costs applicable to sales . 125 Table of Contents

Other NEM 10-K year-over-year comparisons