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What changed in Newmont's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of Newmont's 2023 and 2024 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 2024 report.

+999 added−954 removedSource: 10-K (2025-02-21) vs 10-K (2024-02-29)

Top changes in Newmont's 2024 10-K

999 paragraphs added · 954 removed · 716 edited across 9 sections

Item 1. Business

Business — how the company describes what it does

63 edited+18 added−20 removed49 unchanged
Biggest changeForeign 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. • Title to some of our properties may be insufficient, defective, or subject to legal challenge in the future. 13 Table of Contents • The price of our common stock may be volatile, which may make it difficult for you to resell the common stock when you want or at prices you find attractive. • Holders of our common stock may not receive dividends. • Significant demands will be placed on the combined company as a result of the combination. • We may not realize the anticipated benefits of the Newcrest transaction and the integration of Newcrest and Newmont may not occur as planned. • Newcrest’s public filings were subject to Australian disclosure standards, which differ from SEC disclosure requirements.
Biggest changeA breach or violation of these laws could lead to substantial sanctions, civil and criminal prosecution, fines, penalties, litigation, loss of licenses or permits, and other collateral consequences, including reputational harm. • Title to some of our properties may be insufficient, defective, or challenged. 13 Table of Contents • The price of our common stock may be volatile, which may make it difficult for you to sell the common stock at the price you paid or at prices you find attractive. • Holders of our common stock, CDIs and PDIs may not receive dividends. • Compliance with exchange listing rules as a foreign exempt listing may differ from investor expectations. • Assets held for sale may not ultimately be divested and we may not receive all or any deferred compensation. • The Company’s asset divestitures place demands on the Company’s management and resources, the sale of divested assets may not occur as planned or at all, and the Company may not realize the anticipated benefits of such divestitures.
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.
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.
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.
Copper production at Red Chris, Boddington, 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.
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.
Newmont’s sustainability reporting suite also includes our 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.
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.
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.
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.
Such risks include, but are not limited to: • there being no significant change to current geotechnical, metallurgical, hydrogeological 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 and regulatory 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.
These 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.
These 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 or cybersecurity attacks 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. • 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. 12 Table of Contents • We rely on our supply chain operations to procure goods and services to support our operations and projects, and competition with other natural resource companies, and shortage of critical parts, services and equipment may adversely affect our operations and development projects. • We may be unable to obtain or retain necessary permits and land or mining tenure which could adversely affect our operations and projects. • 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 and projects face substantial regulation of health and safety. • Our operations and projects are subject to extensive environmental laws and regulations. • Our operations and projects 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 and projects 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 and projects may be adversely affected by rising energy prices or energy shortages. • Our operations and projects 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, including Indigenous Peoples, and laws for the protection of cultural heritage. • Our operations and projects 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 projects in Peru are subject to political and social unrest risks. • Our Merian operation in Suriname is subject to political, security and economic risks. • Our operations at Ahafo and Akyem in Ghana are subject to political, economic, security and other risks. • Our operations in Argentina are susceptible to risk as a result of economic and political instability in Argentina, regulatory risk and labor unrest. • Our operations at Lihir and project at Wafi-Golpu in Papua New Guinea are subject to political and regulatory risks and other uncertainties. • Our operations and projects in Canada are subject to legal and regulatory risks and other uncertainties in connection with claims and challenges by Indigenous groups. • 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.
As the world’s leading gold company, Newmont remains committed to creating value and improving lives through sustainable and responsible mining. Newmont’s corporate headquarters are in Denver, Colorado, U.S. In this report, “Newmont,” the “Company,” “our” and “we” refer to Newmont Corporation together with our affiliates and subsidiaries, unless the context otherwise requires.
As the world’s leading gold company, Newmont remains committed to creating value and improving lives through sustainable and responsible mining. Newmont’s corporate headquarters are in Denver, Colorado, U.S. In this report, “Newmont,” the “Company,” “our,” and “we” refer to Newmont Corporation together with our affiliates and subsidiaries, unless the context otherwise requires.
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.
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 by creating a direct link between its sustainability performance and funding strategies.
The Board plays a critical role, overseeing the Company’s business strategy and the overall goal of delivering long-term value creation for shareholders and other stakeholders. The members of Newmont’s Board bring a broad range of backgrounds, experiences and talents, along with ethnic, racial and gender diversity, to our governance process.
The Board plays a critical role, overseeing the Company’s business strategy and the overall goal of delivering long-term value creation for stockholders and other stakeholders. The members of Newmont’s Board bring a broad range of backgrounds, experiences and talents, along with ethnic, racial and gender diversity, to our governance process.
Four core Board committees, Audit, Corporate Governance and Nominating, Leadership Development and Compensation, and Safety and Sustainability, provide oversight and guidance in key areas.
Four core Board committees, Audit, Corporate Governance and Nominating, Leadership Development and Compensation, and Safety and Sustainability, provide oversight and guidance in these key areas.
A Tier 1 asset is defined as having, on average over such asset’s mine life: (1) production of over 500,000 GEO’s/year on a consolidated basis, (2) average AISC/oz in the lower half of the industry cost curve, (3) an expected mine life of over 10 years, and (4) operations in countries that are classified in the A and B rating ranges for Moody’s, S&P and Fitch.
A Tier 1 asset is defined as having, on average over such asset’s mine life: (1) production of over 500,000 GEOs per year on a consolidated basis, (2) average AISC per oz in the lower half of the industry cost curve, (3) an expected mine life of over 10 years, and (4) operations in countries that are classified in the A and B rating ranges for Moody’s, S&P and Fitch.
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.
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.
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.
Additionally, at December 31, 2024, approximately 30% 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.
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.
Increasing pressure on water use may occur due to increased populations in and around communities in proximity to our operations. Biodiversity. Our operations span five continents in a range of ecosystems that include tropical, desert and arctic climates.
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.
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 Panel Caves, 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 stockholders, 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 projected benefits, synergies and costs associated with acquisitions and related matters; • expectations regarding potential divestments, including, without limitation, assets held for sale; • 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; • statements regarding local, community, political, economic or governmental conditions and environments; 14 Table of Contents • 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.
Our sustainability report provides an annual review of non-financial performance updates on governance, strategy and management approach, risk management, and performance and targets in key areas that include health, safety and security, workforce, the environment, supply chain, social acceptance, business integrity and compliance, value sharing, and equity, inclusion and diversity domains.
Our sustainability report provides an annual review of non-financial performance on governance, strategy and management approach, risk management, and performance and targets in key areas that include health, safety and security, workforce, the environment, supply chain, social responsibility, business integrity and compliance, value sharing, and equity, inclusion and diversity domains.
These memberships and voluntary commitments reflect our values, support our approach to working collaboratively on best practices across several key matters and allow external stakeholders to hold us accountable.
These memberships and other external commitments reflect our values, support our approach to working collaboratively on best practices across several key matters and allow external stakeholders to hold us accountable.
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.
Conformance with the 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 conduct our operations so as to protect public health and the environment and believe our operations are in compliance with applicable laws and regulations in all material respects. Our mining and exploration activities are subject to various laws and regulations in multiple jurisdictions governing the protection of the environment.
We conduct our operations so as to protect public health and the environment and believe our operations are in compliance with applicable laws and regulations in all material respects. Our mining and exploration activities are subject to various laws and regulations in multiple jurisdictions governing the protection of the environment. These laws and regulations are continually changing.
Through our global people strategy, we align our talent management efforts with the overall business strategy. The strategy’s focus areas include enhancing the employee experience and evolving for future workforce needs; building our bench strength and leadership capabilities; developing effective labor relations that align stakeholders with a shared future; and improving inclusion, including reaching gender parity. Inclusion and Diversity.
Through our global people strategy, we align our talent management efforts with the overall business strategy. The strategy’s focus areas include enhancing the employee experience and evolving for future workforce needs; building our bench strength and leadership capabilities; developing effective labor relations that align stakeholders with a shared future; and improving inclusion. Inclusion, Diversity, and Equity.
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.
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 and the year ended December 31, 2024 are included in this report. For further information, refer to Note 3 to the Consolidated Financial Statements.
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.
Revenues from by-product sales are credited to Costs applicable to sales in the Consolidated Financial Statements. Aside from the co-product sales at Red Chris, Peñasquito, Boddington, Cadia, and Telfer, copper and silver produced at other Newmont sites are by-product metals. Gold and Other Metals Processing Methods Doré.
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.
Based on public information available, for the years ended December 31, 2022 through 2024, mine production has averaged approximately 75% of the annual gold supply with the remainder primarily sourced from recycled gold. Gold Price.
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.
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. Ore containing zinc, silver, lead, and gold is delivered to a crushing and grinding plant which feeds a sulfide processing plant.
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.
All of our copper co-product production came from Boddington for the year ended December 31, 2022. 6 Table of Contents (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.
Additionally, our sustainability report aligns with the ICMM's Mining Principles' Performance Expectations, GISTM and the World Gold Council's Responsible Gold Mining Principles.
Additionally, our sustainability report aligns with the requirements the ICMM's Mining Principles' Performance Expectations and Position Statements, the GISTM and the World Gold Council's Responsible Gold Mining Principles.
In December 2021, Newmont became the first in the mining industry to issue a sustainability-linked bond, with the registered public offering of $1 billion aggregate principal amount of 2.6% Sustainability-Linked Senior Notes due 2032 (the "Notes"), with the coupon linked to Newmont’s performance against key ESG commitments regarding 2030 climate targets and the representation of women in senior leadership roles target.
In December 2021, Newmont became the first in the mining industry to issue a sustainability-linked bond, with the registered public offering of $1 billion aggregate principal amount of 2.6% Sustainability-Linked Senior Notes due 2032 (the "Notes"), with the coupon linked to Newmont’s performance against key ESG goals regarding 2030 climate targets.
These engagements also inform what information is most useful for stakeholders for the purposes of our non-financial reporting. Newmont also engages with a variety of organizations at a global, regional, national and local level to adhere to high standards of governance, social and environmental policies and performance.
These engagements also inform what information is most useful for stakeholders for the purposes of our non-financial reporting. Newmont also engages with and commits to meeting the expectations of a variety of organizations at a global, regional, national and local level - and where applicable - adhering to these organizations' high standards of governance, social and environmental policies and performance.
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.
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, 2024, 2023, and 2022: 2024 2023 2022 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) 338 7 % 145 5 % 84 3 % Silver (ounces/millions) (2) 33 4 % 18 3 % 30 5 % Lead (pounds/millions) (2) 212 1 % 113 1 % 149 1 % Zinc (pounds/millions) (2) 569 3 % 230 2 % 377 4 % ____________________________ (1) For the years December 31, 2024 and 2023, copper co-product production came from Red Chris, Boddington, Cadia, and Telfer.
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 $2,004 per ounce.
The following table presents the annual high, low, and average daily afternoon LBMA Gold Price over the past ten years on the London Bullion Market ($/ounce): Year High Low Average 2025 (through February 13, 2025) $ 2,928 $ 2,636 $ 2,759 2024 $ 2,778 $ 1,985 $ 2,386 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 On February 13, 2025, the afternoon LBMA gold price was $2,928 per ounce.
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.
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 2024, with 20% allocated to health & safety metrics and 10% to sustainability performance based community and environment metrics.
For a discussion of climate-related risks, refer to Item 1A, Risk Factors. Climate Targets and Initiatives to Achieve. As the world’s leading gold mining company, we believe that value-creation industries like mining have a responsibility to drive bold actions and innovation to transition us to a low-carbon economy.
For a discussion of climate-related risks, refer to Item 1A, Risk Factors. Climate Targets and Initiatives to Achieve. We believe that value-creation industries like mining have a responsibility to drive actions to transition us to a low-carbon economy.
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.
That is why we strive to build a workplace culture that fosters leaders where everyone belongs, thrives, and is valued. At December 31, 2024, approximately 22,200 people were employed by Newmont and Newmont subsidiaries and approximately 20,400 people were working as contractors in support of Newmont’s operations and attainment of our objectives.
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.
As of December 31, 2024, the Board was comprised of 13 directors (12 independent non-executive directors and one executive director) with more than 58% of the independent directors with a form of ethnic, racial or gender diversity to the Board, with 42% female representation among independent directors.
In addition, we are dependent upon our employees being able to perform their jobs in a safe and respectful work environment. • We rely on contractors to conduct a significant portion of our operations and construction projects. • Our business is subject to the U.S.
In addition, we are dependent upon our employees being able to perform their jobs in a safe and respectful work environment. • We rely on contractors to conduct a significant portion of our operations and construction projects. • Our business is subject to the U.S. Foreign Corrupt Practices Act, and other related anti-bribery laws and regulations.
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.
The details of our consolidated and attributable gold production from continuing operations are set forth below: Year Ended December 31, 2024 2023 2022 Consolidated gold ounces produced (thousands) 6,545 5,401 5,786 Attributable gold ounces produced (thousands) 6,849 5,545 5,956 Attributable gold ounces produced from equity method investments (thousands): Pueblo Viejo (40.0%) 235 224 285 Fruta del Norte (32.0%) (1) 138 — — 373 224 285 ____________________________ 5 Table of Contents (1) The Fruta del Norte mine is wholly owned and operated by Lundin Gold Inc.
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.
Refer to Note 3 to the Consolidated Financial Statements for further information on divestitures. For information on acquisitions and divestitures impacting the comparability of our results, refer to Note 3 to the Consolidated Financial Statements. Refer to Item 1A, Risk Factors, below, and Note 4 to the Consolidated Financial Statements for further information relating to our reportable segments.
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.
Segment Products (1) Form Brucejack, Canada Gold Doré, Concentrate Red Chris, Canada Gold, Copper Concentrate Peñasquito, Mexico Gold, Silver, Lead, Zinc Doré, Concentrate (2) 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 Lihir, Papua New Guinea Gold Doré Ahafo, Ghana Gold Doré NGM, U.S.
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.
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.
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.
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. Generally, these matters concern developing and implementing remediation plans at the various sites.
Widely recognized for our principled ESG practices, we have been consistently ranked as a leader in the mining and metal sector S&P Global, and we have been listed on the Dow Jones Sustainability World Index (“DJSI World”) since 2007.
Focusing on environmental, social and governance ("ESG") practices are an important part of Newmont’s business. Widely recognized for our principled ESG practices, we have been consistently ranked as a leader in the mining and metal sector S&P Global, and we have been listed on the Dow Jones Sustainability World Index since 2007.
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.
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. The lead concentrate is highly enriched in gold and silver, with a smaller fraction of the precious metal recovered in the zinc concentrate.
Our global Code of Conduct (the “Code”), which was adopted and approved by Newmont’s Board, forms the foundation for our integrity expectations, and six overarching policies, along with our standards on Anti-Corruption, Conflicts of Interest, Gifts and Entertainment and U.S. Export Compliance, state the minimum requirements for conducting business honestly, ethically and in the best interests of Newmont.
Our global Code of Conduct (the “Code”), which was adopted and approved by Newmont’s Board, forms the foundation for our integrity expectations, and six overarching policies, along with our standards on Anti-Corruption, Conflicts of 11 Table of Contents Interest, Gifts and Entertainment and U.S.
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.
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 and disclosure of implementation status for tailings facilities by August 2025.
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.
Additionally, a portion of gold is sold in 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 investors buy gold bullion, official coins, and jewelry.
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.
At December 31, 2024, Newmont had attributable proven and probable gold reserves of 134.1 million ounces, attributable measured and indicated gold resources of 99.4 million ounces, attributable inferred gold resources of 70.6 million ounces, and an aggregate land position of approximately 25,500 square miles (66,000 square kilometers). Newmont is also engaged in the production of copper, silver, lead, and zinc.
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.
Data 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.
("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.
("Lundin Gold"). The Company acquired a 32.0% interest in Lundin Gold through the Newcrest transaction, which is accounted for as an equity method investment on a quarterly lag. As a result, results of operations were not reported until the first quarter of 2024. Refer to Notes 3 and 15 to the Consolidated Financial Statements for additional information.
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.
The resulting concentrate is sold to smelters or traders for further processing. 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.
Our global strategies, notably those related to Sustainability and Health, Safety, and Security, aim to showcase leadership in environmental stewardship, safety, social responsibility and good governance.
Our global strategies, notably those related to Sustainability and Health, Safety, and Security, direct all levels of our business in environmental stewardship, strong workforce safety and health practices, social responsibility and good governance.
We also see sustainable finance as a way to further demonstrate Newmont's commitment to achieving our 2030 climate targets.
We also see sustainable finance as a way to further demonstrate Newmont's focus on climate change.
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.
Such insurance, however, contains exclusions and limitations on coverage, particularly with respect to environmental liability and political risk. 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 Overview.
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.
We currently rank as the top gold producer with approximately five percent of estimated total worldwide mined gold production. 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.
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.
For the years ended December 31, 2024, 2023 and 2022, 85%, 89% and 87%, 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. Doré is an alloy consisting primarily of gold but also containing silver and other metals.
Our evaluations will be in line with GHG Protocol requirements. 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 most significant opportunities to reduce emissions exist in building or deploying cleaner energy solutions at our mine sites, as well as the greening of the electrical grid that supplies energy to our operations. Since announcing our 2030 climate targets, we have taken steps to invest in climate change initiatives in support of our goal.
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.
The ore is initially treated by successive stages of flotation resulting in a gold/copper concentrate containing approximately 10% to 26% copper and is dewatered and transported off-site. The flotation tailings have a residual gold content that is recovered in a carbon-in-leach circuit. 7 Table of Contents A summary of product and form by segment is set forth below.
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.
Doré is sent to refiners to produce bullion that meets the required market standard of 99.95% gold. 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.
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.
Safety is one of Newmont's core values, and our global Health, Safety, and Security strategy aims to advance our journey toward a workplace free from fatalities, injuries and illnesses. 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.
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.
Segment Information The Company's reportable segments consist of each of its 16 mining operations that it manages and its 38.5% proportionate interest in Nevada Gold Mines ("NGM") which it does not directly manage. The reportable segments at December 31, 2024 include certain reportable segments that are designated as held for sale and exclude those which have been divested.
Our Code reflects our belief that as important as what we do is how we do it.
Export Compliance, state the minimum requirements for conducting business honestly, ethically and in the best interests of Newmont. Our Code reflects our belief that as important as what we do is how we do it.
We maintain insurance policies against property loss and business interruption and insure against risks that are typical in the operation of our business, in amounts that we believe to be reasonable. Such insurance, however, contains exclusions and limitations on coverage, particularly with respect to environmental liability and political risk.
Refer to Results of Consolidated Operations and Liquidity and Capital Resources within Part II, Item 7, MD&A, for further information. 8 Table of Contents We maintain insurance policies against property loss and business interruption and insure against risks that are typical in the operation of our business, in amounts that we believe to be reasonable.
Newmont aims to better understand both the positive and negative impacts that our activities have on host communities, and to engage impacted communities and groups to mitigate or optimize these impacts in a manner that is culturally appropriate and with the consent of those impacted.
We seek to include impacted communities and groups in determining mitigation or optimization of these impacts in a manner that is culturally appropriate and with the consent of those impacted. We also recognize our responsibility to respect and promote human rights. Governance Practices Board of Directors Oversight.
Removed
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).
Added
Based on a comprehensive review of the Company’s portfolio of assets following the Newcrest transaction, the Company’s Board of Directors approved a portfolio optimization program to divest six non-core assets and a development project in February 2024. The non-core assets to be divested include Akyem, CC&V, Éléonore, Porcupine, Musselwhite, Telfer, and a development project in Canada.
Removed
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").
Added
In February 2024, the Company concluded that these non-core assets and the development project met the accounting requirements to be presented as held for sale in the first quarter of 2024.
Removed
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.
Added
Subsequently in the second half of 2024, the Company entered into definitive agreements to sell the Telfer, Akyem, Musselwhite, Éléonore, and CC&V reportable segments, of which Telfer closed in 2024. In January 2025, the Company entered into a definitive agreement to sell the Porcupine reportable segment. Refer to Note 3 to the Consolidated Financial Statements for further information on divestitures.
Removed
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.
Added
Gold Doré, Concentrate Held for Sale (3) CC&V, U.S. Gold Doré Musselwhite, Canada Gold Doré Porcupine, Canada Gold Doré Éléonore, Canada Gold Doré Akyem, Ghana Gold Doré Divested (4) Telfer, Australia Gold, Copper Doré, Concentrate ____________________________ (1) Products listed are only for gold and co-product metals. See above for further information on co-product classification.
Removed
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.
Added
(2) In the fourth quarter of 2023, the Company abandoned the pyrite leach plant at Peñasquito resulting in no production of doré for the year ended 2024. Refer to Note 9 to the Consolidated Financial Statements for further information. (3) Refer to Note 3 to the Consolidated Financial Statements for further information on held for sale.
Removed
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.
Added
(4) In the fourth quarter of 2024, the Company completed the sale of the assets of the Telfer reportable segment. Refer to Note 3 to the Consolidated Financial Statements for further information. Competition The top 10 producers of gold comprise approximately twenty-five percent of total worldwide mined gold production.
Removed
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.
Added
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 Sustainability Accounting Standards Board ("SASB") Metals & Mining standards.
Removed
Since announcing our 2030 climate targets, we have taken steps to invest in climate change initiatives in support of our goal. As part of these initiatives, in November 2021, Newmont announced a strategic alliance with Caterpillar Inc.
Added
Newmont's emission calculation methodology framework dictates that any change of 5% resulting from divestitures or acquisitions requires recalculation of baseline data. The acquisition of Newcrest in November 2023 triggered Newmont to recalculate the target baseline years and trailing years of GHG emissions data. We are continuing to review our targets and roadmap which may result in amendments in the future.
Removed
(“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.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

216 edited+103 added−57 removed336 unchanged
Biggest changeThe 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.
Biggest changeThe 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, including as a result of inflation or tariffs; • 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, cost and terms of financing; • Ability to achieve anticipated benefits, synergies, savings and other efficiencies in connection with acquisitions, full potential programs and initiatives, and through portfolio optimization and divestitures; • Delays or inability to obtain 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, customs law and tariffs, the laws and/or regulations around royalties and other taxes due to the regional and national governments and royalty agreements; • Government instability, including in jurisdictions that do not have a long-standing or significant mining industry, such that there may be limited clarity on agreements with such governments, or decreased governmental 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.
Similarly, mineral reserves may be impacted if assumptions relating to mine planning change or are not achieved, for example if planned improvements from our Full Potential programs are not realized. If we determine that certain of our mineral reserves have become uneconomic, this may ultimately lead to a reduction in our aggregate reported reserves and resources.
Similarly, mineral reserves may be impacted if assumptions relating to mine planning change or are not achieved, for example if planned improvements from our Full Potential programs are not realized. If we determine that certain of our mineral reserves have become uneconomic, this may ultimately lead to a reduction in our aggregate reported mineral reserves and resources.
Consequently, if our actual mineral reserves and resources are less than current estimates, our business, prospects, results of operations and financial position may be materially impaired. 17 Table of Contents Reserves and resources disclosed in this Form 10-K have been prepared in accordance with the Regulation S-K 1300.
Consequently, if our actual mineral reserves and resources are less than current estimates, our business, prospects, results of operations and financial position may be materially impaired. 17 Table of Contents Mineral reserves and resources disclosed in this Form 10-K have been prepared in accordance with the Regulation S-K 1300.
Potential policy changes could include introducing a new production sharing regime for minerals and oil/gas, amending or replacing the PNG Mining Act of 1992, introducing domestic processing/refining requirements, changing the level and manner of local equity participation in projects and introducing new taxation regimes, banking and foreign exchange controls and/or controls pertaining to the holding of cash and remittance of profits and capital to parent companies.
Potential policy changes could include introducing a new production sharing regime for minerals and/or oil/gas, amending or replacing the PNG Mining Act of 1992, introducing domestic processing/refining requirements, changing the level and manner of local equity participation in projects and introducing new taxation regimes, banking and foreign exchange controls and/or controls pertaining to the holding of cash and remittance of profits and capital to parent companies.
An ecological tax agreement was ratified in 2021 which provides clarity for 2021 to 2024, after which, the Company, along with other companies in the State of Zacatecas, will need to engage with governmental authorities to understand how the environmental tax would be levied year-over-year.
An ecological tax agreement was ratified in 2021 which provides clarity for 2021 to 2024, after which, the Company, along with other companies in the State of Zacatecas, will need to engage with governmental authorities to understand how the environmental tax would be levied year-over-year.
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.
For additional information, see risk factors under the headings “ Our operations and projects 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.
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.
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; • 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.
These factors include, but are not limited to: • Environmental hazards, including discharge of metals, concentrates, pollutants or hazardous chemicals; • Industrial accidents, including in connection with the operation of heavy mobile equipment, milling equipment and/or conveyor systems and accidents associated with the preparation and ignition of large-scale blasting operations, milling and processing; • Accidents in connection with transportation, including transportation of chemicals, explosives or other materials, transportation of large mining equipment and transportation of employees and business partners to and from sites; • Social, community or labor force disputes resulting in work stoppages or shipping delays, such as at Peñasquito, Cerro Negro, Merian, Akyem and Lihir, or related loss of social acceptance of community support; • Changes and/or increasingly stringent legal and regulatory requirements; • Delays in permitting due to reduced resources and capacity for review and formulation of permits at regulatory agencies; • Security incidents, including activities of illegal or artisanal miners, gold bullion or concentrate theft, including in transport, and corruption and fraud; • Shortages in materials or equipment and energy and electrical power supply interruptions or rationing; • Failure of unproven or evolving technologies or loss of information integrity or data; • Unexpected geological formations or conditions (whether in mineral or gaseous form); • Metallurgical conditions and gold, copper, silver, lead, zinc and other metal recovery, including unexpected decline of ore grade; • Unanticipated changes in inventory levels at heap-leach operations; • Ground and surface water conditions; • Fall-of-ground accidents in underground operations; • Failure of mining pit slopes, tailings embankments, and other tailing depositions, or water storage dams; • Seismic activity; • Surface or underground fires or floods, inundation or inrush of water and other materials; and • Other natural phenomena, such as lightning, cyclonic or tropical storms, drought, avalanches, landslides, wildfires, tsunami, floods, or other inclement weather conditions, including those impacting operations or the ability to access and supply sites.
These factors include, but are not limited to: • Environmental hazards, including discharge of metals, concentrates, pollutants or hazardous chemicals; • Industrial accidents, including in connection with the operation of heavy mobile equipment, milling equipment and/or conveyor systems and accidents associated with the preparation and ignition of large-scale blasting operations, milling and processing; • Accidents in connection with transportation, including transportation of chemicals, explosives or other materials, transportation of large mining equipment and transportation of employees and business partners to and from sites; • Social, community or labor force disputes resulting in work stoppages or shipping delays, such as at Peñasquito, Cerro Negro, Merian, Akyem and Lihir, or related loss of social acceptance of community support; • Changes and/or increasingly stringent legal and regulatory requirements; • Delays in permitting due to reduced resources and capacity for review and formulation of permits at regulatory agencies; • Security incidents, including activities of illegal or artisanal miners, gold bullion or concentrate theft, including in transport, and corruption and fraud; • Shortages in materials or equipment and energy and electrical power supply interruptions or rationing; • Failure of unproven or evolving technologies or loss of information integrity or data; • Unexpected geological formations or conditions (whether in mineral or gaseous form); • Metallurgical conditions and gold, copper, silver, lead, zinc and other metal recovery, including unexpected decline of ore grade; • Unanticipated changes in inventory levels at heap-leach operations; • Ground and surface water conditions; • Fall-of-ground accidents in underground operations; • Failure of mining pit slopes, tailings embankments, and other tailing depositions, or water storage dams; 25 Table of Contents • Seismic activity; • Surface or underground fires or floods, inundation or inrush of water and other materials; and • Other natural phenomena, such as lightning, cyclonic or tropical storms, drought, avalanches, landslides, wildfires, tsunami, floods, or other inclement weather conditions, including those impacting operations or the ability to access and supply sites.
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.
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 and infrastructure, 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.
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.
A failure to meet our climate strategy commitments and goals and/or societal or investor expectations could 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.
This followed prolonged drought conditions across the province of New Ireland in PNG, where Lihir is located, which resulted in limited raw water supply to Lihir. Floods and wildfires have also occurred near Cadia, Telfer, and Red Chris in recent years. There is also the potential for disruption to transport routes associated with the distribution of our products.
This followed prolonged drought conditions across the province of New Ireland in PNG, where Lihir is located, which resulted in limited raw water supply to Lihir. Floods and wildfires have also occurred near Cadia and Red Chris in recent years. There is also the potential for disruption to transport routes associated with the distribution of our products.
The environmental, social, safety and health impacts of artisanal and illegal mining are frequently attributed to formal large scale mining activity, and it is often assumed that artisanally-mined gold is channeled through large-scale mining operators, even though artisanal and large-scale miners normally have separate and distinct supply chains. These misconceptions impact negatively on the reputation of the industry.
The environmental, social, legal, safety and health impacts of artisanal and illegal mining are frequently attributed to formal large scale mining activity, and it is often assumed that artisanally-mined gold is channeled through large-scale mining operators, even though artisanal and large-scale miners normally have separate and distinct supply chains. These misconceptions impact negatively on the reputation of the industry.
See also the risk factor under the heading “ Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made” and refer to Note 1 to the Consolidated Financial Statements regarding the Company’s interest in Yanacocha. Our Merian operation in Suriname is subject to political and economic risks.
See also the risk factor under the heading “ Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made” and refer to Note 1 to the Consolidated Financial Statements regarding the Company’s interest in Yanacocha. Our Merian operation in Suriname is subject to political, security and economic risks.
However, these and other risks and contingencies that are the subject of ongoing studies could result in future material increases to the reclamation obligation at Yanacocha, including, but not limited to, a comprehensive review of our tailings storage facility management, review of Yanacocha’s water balance and storm water management system and review of post-closure management costs.
These and other risks and contingencies that are the subject of ongoing studies could result in future material increases to the reclamation obligation at Yanacocha, including, but not limited to, a comprehensive review of our tailings storage facility management, review of Yanacocha’s water balance and storm water management system and review of post-closure management costs.
Newmont’s current and future operations are subject to a risk that one or more Indigenous communities in the locations in which we may oppose continued operation, further development or new development of its projects or operations. Claims and protests driven by such opposition may disrupt or delay activities, including permitting, at the Newmont’s operations and projects.
Newmont’s current and future operations are subject to a risk that one or more Indigenous communities in the locations in which we operate may oppose continued operation, further development or new development of its projects or operations. Claims and protests driven by such opposition may disrupt or delay activities, including permitting, at the Newmont’s operations and projects.
See also the risk factor under the heading “ 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 ” for a discussion of uncertainties and potential tax increases in connection with climate change considerations.
See also the risk factor under the heading “ Our operations and projects 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 ” for a discussion of uncertainties and potential tax increases in connection with climate change considerations.
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.
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; 37 Table of Contents • 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.
Similarly, at Boddington in Australia severe weather and heavy rainfall at Boddington caused delays and impacted productivity the third quarter of 2021 and 2022. There is also a risk at Boddington that extended below average rainfall or the occurrence of drought in southwest Australia could impact raw water supply for the site.
Similarly, at Boddington in Australia severe weather and heavy rainfall at Boddington caused delays and impacted productivity during the third quarter of 2021 and 2022. There is also a risk at Boddington that extended below average rainfall or the occurrence of drought in southwest Australia could impact raw water supply for the site.
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.
Our operations and projects 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.
A number of changes in the laws, regulations and policies in PNG have recently been proposed or are currently being considered. See the risk factor under the heading “ Our operations at Lihir and Wafi-Golpu in PNG are subject to political and regulatory risks and other uncertainties ”.
A number of changes in the laws, regulations and policies in PNG have recently been proposed or are currently being considered. See the risk factor under the heading “ Our operations at Lihir and project at Wafi-Golpu in PNG are subject to political and regulatory risks and other uncertainties ”.
See the risk factor above under the heading “ 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 dependent on the availability of sufficient water supplies and subject to water-related risks.
See the risk factor above under the heading “ Our operations and projects 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 and projects are dependent on the availability of sufficient water supplies and subject to water-related risks.
While the second half of 2023 experienced an improvement in the macroeconomic situation with inflation reducing to 23.2% in December 2023, the Ghanaian cedi being relatively stable, with support from the International Monetary Fund and World Bank in early 2024, significant economic risks remain.
While the second half of 2023 experienced an improvement in the macroeconomic situation with inflation reducing to 23.2% in December 2023 and 23.8% in December 2024, the Ghanaian cedi being relatively stable, with support from the International Monetary Fund and World Bank in early 2024, significant economic risks remain.
In addition, new projects have no operating history upon which to base estimates of future financial and operating performance, including future cash flow. Thus, it is possible that actual costs may increase significantly and economic returns may differ materially from our estimates.
In addition, new projects have no operating history upon which to base estimates of future financial and operating performance, including future cash flow. Thus, it is possible that actual costs may increase and economic returns may differ materially from our estimates.
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 ”.
See 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 ”.
New projects require, among other things, the successful completion of feasibility studies, attention to various fiscal, tax and royalty matters, obtainment of, and compliance with, required governmental permits and arrangements for necessary surface and other land rights.
New projects require, among other things, the successful completion of feasibility studies, attention to various fiscal, tax and royalty matters, obtainment of, and compliance with, required governmental and regulatory permits and arrangements for necessary surface and other land rights.
Our operations are subject to a range of transitional and physical risks related to climate change. We believe that climate change has the potential to impact the regions and sites in which Newmont operates, as well as the surrounding communities.
Our operations and projects are subject to a range of transitional and physical risks related to climate change. We believe that climate change has the potential to impact the regions and sites in which Newmont operates, as well as the surrounding communities.
In 2020, Newmont also announced plans to significantly invest in climate change initiatives in support of this goal, and additional material investments and capital expenditures will be required in order to meet our climate targets in the future.
In 2020, Newmont also announced plans to invest in climate change initiatives in support of this goal, and additional material investments and capital expenditures will be required in order to meet our climate targets in the future.
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.
Regulatory uncertainty may cause us to 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.
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 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. Refer to “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.
See also the risk factors under the heading “ We may experience increased costs or losses resulting from the hazards and uncertainties associated with mining ” and “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 ” and “ Our operations are subject to extensive environmental laws and regulations. ” 33 Table of Contents Our operations may be adversely affected by rising energy prices or energy shortages.
See also the risk factors under the heading “ We may experience increased costs or losses resulting from the hazards and uncertainties associated with mining ” and “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 ” and “ Our operations and projects are subject to extensive environmental laws and regulations. ” Our operations and projects may be adversely affected by rising energy prices or energy shortages.
Numerous countries have implemented changes to their mining regimes that reflect increased government control over or participation in the mining sector, including, but not limited to, changes of law affecting foreign ownership and takeovers, mandatory government participation in mining enterprises, taxation and royalties, working conditions, rates of exchange, exchange controls, exploration licensing, export duties, requirements to sell to the government, repatriation of income or return of capital, environmental protection, as well as requirements intended to boost the local economy, including usage of local goods and employment of local and community staff or contractors, among other benefits to be provided to local residents.
Numerous countries have implemented changes to their 38 Table of Contents mining regimes that reflect increased government control over or participation in the mining sector, including, but not limited to, changes of law affecting foreign ownership and takeovers, mandatory government participation in mining enterprises, taxation and royalties, working conditions, rates of exchange, exchange controls, exploration licensing, export duties, requirements to sell to the government, repatriation of income or return of capital, environmental protection, as well as requirements intended to boost the local economy, including usage of local goods and employment of local and community staff or contractors, among other benefits to be provided to local residents.
In April 2023, WGJV signed a Framework Memorandum of Understanding with the State of PNG, which confirmed the parties’ intent to proceed with the project at Wafi-Golpu, subject to finalizing the permitting process and approvals of the boards of both Newcrest and Harmony Gold, and progress toward signing a mining development contract, which is a prerequisite to granting a special mining lease.
In April 2023, WGJV signed a Framework Memorandum of Understanding with the State of PNG, which confirmed the parties’ intent to proceed with the project at Wafi-Golpu, subject to finalizing the permitting process and approvals of the boards of both Newcrest (now Newmont) and Harmony Gold, and progress toward signing a mining development contract, which is a prerequisite to granting a special mining lease.
As a result of these uncertainties, our operating results may be significantly impacted from both the impairment and the underlying trends in the business that triggered the im pairment, and actual results may be less favorable than estimated returns and initial financial outlook. For additional information regarding goodwill, refer to Note 19 to our Consolidated Financial Statements.
As a result of these uncertainties, our operating results may be significantly impacted from both the impairment and the underlying trends in the business that triggered the impairment, and actual results may be less favorable than estimated returns and initial financial outlook. For additional information regarding goodwill, refer to Note 19 to our Consolidated Financial Statements.
We have also provided greater transparency on environmental, social and governance performance in response to stakeholder engagement and requests in recent years, and provide supplemental disclosures in our Annual Sustainability Report and other sustainability reports on our website in connection with stakeholder concerns and issues. Such increased transparency may result in greater scrutiny and impact how the Company is perceived.
In recent years we have provided greater transparency on environmental, social and governance performance in response to stakeholder engagement and requests, and provided supplemental disclosures in our Annual Sustainability Report and other sustainability reports on our website in connection with stakeholder concerns and issues. Such increased transparency may result in greater scrutiny and impact how the Company is perceived.
These businesses are increasingly required to meaningfully engage with impacted stakeholders; understand and avoid or mitigate negative impacts while optimizing economic participation and uplift opportunities associated with their operations. The expectation is for companies to create shared value for shareholders, employees, governments, local communities and host countries.
These businesses are increasingly required to meaningfully engage with impacted stakeholders; understand and avoid or mitigate negative impacts while optimizing economic participation and uplift opportunities associated with their operations. The expectation is for companies to create shared value for stockholders, employees, governments, local communities and host countries.
Per the agreement, the Company will pay Peñasquito workers a fixed amount equivalent to approximately 60% of wages for the duration of the strike, and an additional bonus of two months’ wages to be paid out in the second quarter of 2024, given that the Peñasquito mine reported no profit in 2023 as a consequence of the strike.
Per the agreement, the Company paid Peñasquito workers a fixed amount equivalent to approximately 60% of wages for the duration of the strike, and an additional bonus of two months’ wages to be paid out in the second quarter of 2024, given that the Peñasquito mine reported no profit in 2023 as a consequence of the strike.
Our operations may be affected in a number of ways by laws and regulations related, but not limited to: restrictions on production; price controls; export controls; import restrictions, such as restrictions applicable to, among other things, equipment, services and supplies, currency remittance, income taxes, expropriation of property, foreign investment, maintenance of mineral claims, environmental legislation, land use, surface land access, land claims of local communities, water use, and mine safety.
Our operations may be affected in a number of ways by laws and regulations related, but not limited to: restrictions on production; price controls; export controls; import restrictions, such as restrictions applicable to, among other things, equipment, services and supplies, currency remittance, income taxes, expropriation of property, foreign investment, maintenance of mineral, mining, or surface land tenure, environmental legislation, land use, surface land access, land claims of local communities, water use, and mine safety.
Any such change could impact our operating results and financial condition. In 2020, the PNG Government announced that the special mining lease ("SML") for the Porgera mining operation (a major mining operation in PNG which was owned and operated by the Porgera JV and not Newcrest) would not be renewed.
Any such change could impact our operating results and financial condition. In 2020, the PNG Government announced that the special mining lease ("SML") for the Porgera mining operation (a major mining operation in PNG which was owned and operated by the Porgera JV and not Newmont) would not be renewed.
The water supply at Peñasquito is thus subject to a significant degree of regulatory and community scrutiny, and Peñasquito has made long-term commitments to provide safe community water supplies. Seasonality and changes in the levels of rainfall can also impact our operations.
The water supply at Peñasquito is thus subject to a significant degree of regulatory and community scrutiny, and increased costs, and Peñasquito has made long-term commitments to provide safe community water supplies. Seasonality and changes in the levels of rainfall can also impact our operations.
If we lose key personnel, or one or more members of our senior management team, and we fail to develop adequate succession plans, or if we fail to hire, retain and develop qualified and diverse employees, our business, financial condition, results of operations and cash flows could be harmed.
If we lose key personnel, or one or more members of our senior management team and/or executive leadership team and we fail to develop adequate succession plans, or if we fail to hire, retain and develop qualified and diverse employees, our business, financial condition, results of operations and cash flows could be harmed.
See the risk factors under the headings “ We may be unable to obtain or retain necessary permits, leases, or other types of land tenure, which could adversely affect our operations ”, “ Illegal mining and artisanal mining occurs on or adjacent to certain of our properties exposing such sites to security risks ”, and “Civil disturbances and criminal activities can disrupt business and expose the Company to liability” above for further information.
See risk factors under the headings “ We may be unable to obtain or retain necessary permits and land or mining tenure, which could adversely affect our operations ”, “ Illegal mining and artisanal mining occurs on or adjacent to certain of our properties exposing such sites to security risks ”, and “Civil disturbances and criminal activities can disrupt business and expose the Company to liability” above for further information.
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.
Illegal mining and artisanal mining occur 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.
The government of Suriname previously exercised an option to participate in a fully-funded 25 percent equity ownership stake in Merian. Suriname manages its participation through Staatsolie Maatschappij Suriname N.V. (“Staatsolie”), a Surinamese corporation with the Republic of Suriname as sole shareholder.
The government of Suriname previously exercised an option to participate in a fully-funded 25 percent equity ownership stake in Merian. Suriname manages its participation through Staatsolie Maatschappij Suriname N.V. (“Staatsolie”), a Surinamese corporation with the Republic of Suriname as sole stockholder.
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.
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 or cybersecurity attacks and risks associated with implementation, upgrade, operation and integration.
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.
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.
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.
For example, Argentina has been considered a hyperinflationary environment with a cumulative inflation rate of over 100% over the last three years. In recent years, Argentina’s central bank enacted a number of foreign currency controls in an effort to stabilize the local currency.
For more information on the Company’s reclamation and remediation liabilities, refer to Notes 6 and 25 to the Consolidated Financial Statements, and the risk factor under the heading “ Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made.” 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.
For more information on the Company’s reclamation and remediation liabilities, refer to Notes 6 and 25 to the Consolidated Financial Statements, and the risk factor under the heading “ Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made.” Our operations and projects are subject to risks related to our relationships and/or agreements with local communities, including Indigenous Peoples, and laws for the protection of cultural heritage.
In the case that our partners do not make their economic commitments, the Company may be prevented from pursuing certain development opportunities or may assume additional financial obligations, which may require new sources of capital. Our long-lived assets and goodwill could become impaired, which could have a material non-cash adverse effect on our results of operations.
In the case that our partners do not make their 23 Table of Contents economic commitments, the Company may be prevented from pursuing certain development opportunities or may assume additional financial obligations, which may require new sources of capital. Our long-lived assets and goodwill could become impaired, which could have a material non-cash adverse effect on our results of operations.
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.
The ongoing Yanacocha closure studies are expected to be progressed in 2025 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.
Carbon taxes, fuel switching and the transition to cleaner purchased power and/or on-site renewable energy generation will require significant upfront capital expenditures and may also increase operating costs. As another example, the carbon tax in Canada of C$65/tonne of CO 2 set to increase to C$170 by 2030, impacting operating costs at our Canadian operations.
Carbon taxes, fuel switching and the transition to cleaner purchased power and/or on-site renewable energy generation will require significant upfront capital expenditures and may also increase operating costs. As another example, the carbon tax in Canada of C$80/tonne of CO 2 set to increase to C$170 by 2030, is impacting operating costs at our Canadian operations.
Consequently, our future development activities may not result in the expansion or replacement of current production with new production, or one or more of these new production sites or facilities may be less profitable than currently anticipated or may not be profitable at all, any of which could have a material adverse effect on our results of operations and financial position.
Consequently, our future development activities may not result in the expansion or replacement of current production with new production, or one or more of these new production sites or facilities may be less profitable than currently 18 Table of Contents anticipated or may not be profitable at all, any of which could have a material adverse effect on our results of operations and financial position.
Additional financing may not be commercially available when needed or, if available, the terms of such financing may not be favorable to us and, if raised by offering equity securities, any additional financing may involve substantial dilution to existing shareholders.
Additional financing may not be commercially available when needed or, if available, the terms of such financing may not be favorable to us and, if raised by offering equity securities, any additional financing may involve substantial dilution to existing stockholders.
Work is underway to bring all TSFs in our portfolio to substantial conformance with the GISTM by August 2025, and no assurance can be given that conformance will be achieved by such deadline.
Work is underway to bring all TSFs in our portfolio into conformance with the GISTM by August 2025, and no assurance can be given that conformance will be achieved by such deadline.
In addition, law and regulations relating to the use of contractors may vary in the jurisdictions in which we operate, and changes in legal and regulatory restrictions may also impact our ability to utilize contractors and outsourcing services.
In addition, laws and regulations relating to the use of contractors may vary in the jurisdictions in which we operate, and changes in legal and regulatory restrictions may also impact our ability to utilize contractors and outsourcing services.
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 mineral reserves stated in this report represent the amount of gold, copper, silver, lead, zinc and molybdenum that we estimated, at December 31, 2024, 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.
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.
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. 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.
Failure to obtain and/or comply with required permits can have serious consequences, including damage to our reputation; cessation of the development of a project; increased costs of development or production and litigation or regulatory action, any of which could materially adversely affect our business, results of operations or financial condition.
Failure to obtain and/or comply with required permits can have serious consequences, including damage to our reputation; cessation of the 26 Table of Contents development of a project; increased costs of development or production and litigation or regulatory action, any of which could materially adversely affect our business, results of operations or financial condition.
For additional information regarding Newmont’s non-current deferred tax assets, refer to Note 10 to our Consolidated Financial Statements. 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.
For additional information regarding Newmont’s non-current deferred tax assets, refer to Note 10 to our Consolidated Financial Statements. 24 Table of Contents 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.
In Ghana, Peru, and Suriname, our Legal Title may be subject to challenge based on the presence and activities of artisanal miners or other trespassers due to adverse possession and/or the inability of the Company to satisfy its statutory, regulatory, or contractual obligations required to maintain, extend, or renew Legal Title in and to its properties.
In Ghana, Peru, and Suriname, our Legal Title may be subject to challenge based on the presence and activities of artisanal miners or other trespassers due to adverse possession and/or the inability of the Company to satisfy its statutory, regulatory, or contractual obligations required to maintain, extend, or renew Legal Title in and to its land tenure.
Such transitions are likely to require capital expenditures and may result in additional costs. Certain of our operations may also become more dependent upon access to electrical power supply as certain mines advance projects aimed at the electrification of large haulage fleets.
Such transitions are likely to require capital expenditures and may result in additional costs. Certain of our operations may also become more dependent upon access to electrical power supply as certain mines advance projects 34 Table of Contents aimed at the electrification of large haulage fleets.
Any underestimated or unanticipated retirement and rehabilitation costs could materially affect our financial position, results of operations and cash flows. Environmental liabilities are accrued when they become known, or new permit conditions or limits are added, are probable and can be reasonably estimated.
Any underestimated or unanticipated retirement and rehabilitation costs could materially affect our financial position, results of operations and cash flows. Environmental liabilities are accrued when they become known, or new permit conditions or limits are added, are probable and can be 19 Table of Contents reasonably estimated.
A portion of our operating expenses are incurred in local currencies. The appreciation of those local currencies against the U.S. dollar increases our costs of production in U.S. dollar terms at mines located outside the United States. The foreign currencies that primarily affect our results of operations are the Australian Dollar and the Canadian Dollar.
A portion of our operating expenses are incurred in local currencies. The appreciation of those local currencies against the U.S. dollar increases our costs of production in U.S. dollar terms at mines located outside the United States. The foreign currencies that primarily affect our results of operations are the Australian Dollar and the 22 Table of Contents Canadian Dollar.
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.
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.
We accounted for the acquisition of Newcrest using the acquisition method of accounting, which requires that purchase price is allocated to the underlying tangible and intangible assets acquired and liabilities assumed of Newcrest based on their respective fair market values. Any excess 23 Table of Contents purchase price is allocated to goodwill.
We accounted for the acquisition of Newcrest using the acquisition method of accounting, which requires that purchase price is allocated to the underlying tangible and intangible assets acquired and liabilities assumed of Newcrest based on their respective fair market values. Any excess purchase price is allocated to goodwill.
Our mining operations and development projects require significant amounts of energy. Some of our operations are in remote locations requiring long-distance transmission of power, and in some locations we compete with other companies for access to third party power generators or electrical supply networks.
Our mining operations and development projects require significant amounts of energy. Some of our operations are in remote locations requiring long-distance transmission of power or energy sources needed to generate power, and in some locations we compete with other companies for access to third party power generators or electrical supply networks.
A particulate characterization study, which was undertaken by the Australian government’s Australian Nuclear Science Technology Organisation (the “ANSTO”) and commissioned by Cadia Holdings in collaboration with the local community, assessed the PM2.5 dust contribution from Cadia to the regional air shed over a 12-month period and concluded that Cadia contributed only a small percentage of soil particulate matter.
A particulate characterization study, which was undertaken by the Australian government’s Australian Nuclear Science Technology Organisation (the “ANSTO”) and commissioned by Cadia Holdings in collaboration with the local community, assessed the PM2.5 dust contribution from Cadia to the regional air shed over a two-year period and concluded that Cadia contributed only a small percentage of soil particulate matter.
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.
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.
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.
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.
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.
A disruption in the generation or 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, heavy fuel oil and natural gas.
Additionally, the inability to develop Conga or operate or expand at Yanacocha could have an adverse impact on our growth and production in the region.
Additionally, the inability to operate or expand at Yanacocha could have an adverse impact on our growth and production in the region.
The lease renewal, as well as additional leases required in connection with tailings expansion, require cooperation and agreements with third parties. No assurances can be provided that such renewals and additional lease scope for 26 Table of Contents further tailings capacity will be secured at similar cost, commercially reasonable terms, or at all.
The lease renewal, as well as additional leases required in connection with tailings expansion, require cooperation and agreements with third parties. No assurances can be provided that such renewals and additional lease scope for further tailings capacity will be secured at similar cost, commercially reasonable terms, or at all.
For example, the Government of British Columbia, Canada has adopted the Declaration on the Rights of Indigenous Peoples Act (2019) to 35 Table of Contents implement the United Nations Declaration on the Rights of Indigenous Peoples ("UNDRIP") in British Columbia, which may impact Red Chris and Brucejack.
For example, the Government of British Columbia, Canada has adopted the Declaration on the Rights of Indigenous Peoples Act (2019) to implement the United Nations Declaration on the Rights of Indigenous Peoples ("UNDRIP") in British Columbia, which may impact Red Chris and Brucejack.
Production continuity and cost profile can be impacted by risks associated with the management and operation of the Company’s inbound global supply chain (including risks associated with the inventory management of critical equipment, spares and consumables). We rely on our global supply chain to procure goods and services from contractors to conduct aspects of our operations and projects.
Production continuity and cost profile can be impacted by risks associated with the management and operation of the Company’s inbound global supply chain (including risks associated with the inventory management of critical equipment, spares and consumables). We rely on our global supply chain to procure goods and services from suppliers and contractors to support our operations and projects.
Risks related to mining and foreign investment under the new administration include, without limitation, risks to mining concessions, land tenure and permitting, increased taxes and royalties, nationalization of mining assets and increased labor regulations, environmental and other regulatory requirements.
Risks related to mining and foreign investment under the new administration include, without limitation, risks to mineral, mining and surface, land tenure and permitting, increased taxes and royalties, nationalization of mining assets and increased labor regulations, environmental and other regulatory requirements.
However, in 2021, the government made requests for prepayment of taxes and special solidarity payments in light of budgetary concerns, it is possible that the government may request changes to the mineral agreement in the future.
However, in 2021, the government made requests for prepayment of taxes and special solidarity payments in light of budgetary concerns, it is possible that the government may 39 Table of Contents request changes to the mineral agreement in the future.
These developments, including community complaints associated with our activities at Cadia could give rise to reputational harm, operational disruptions, increased regulatory scrutiny of mining activities or delays to project development.
These 30 Table of Contents developments, including community complaints associated with our activities at Cadia could give rise to reputational harm, operational disruptions, increased regulatory scrutiny of mining activities or delays to project development.
Changing climatic conditions may also affect the likelihood of meeting closure success criteria and require adjustments to mine site rehabilitation and closure plans. The higher potential for extreme heat conditions may affect equipment efficiency.
Changing climatic conditions may also affect the likelihood of meeting closure success criteria and require adjustments to mine site rehabilitation and closure plans. The higher potential for extreme heat conditions may affect equipment 32 Table of Contents efficiency.
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.
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 27 Table of Contents provide enhanced and/or alternative livelihood support.
The failure to conduct operations in accordance with Company standards can result in harm to employees, community members or trespassers, increase community tensions, reputational harm to Newmont or result in criminal and/or civil liability and/or financial damages or penalties. Our operations face substantial regulation of health and safety.
The failure to conduct operations in accordance with Company 28 Table of Contents standards can result in harm to employees, community members or trespassers, increase community tensions, reputational harm to Newmont or result in criminal and/or civil liability and/or financial damages or penalties. Our operations and projects face substantial regulation of health and safety.
Operational changes 29 Table of Contents required to achieve or maintain compliance, including reductions in mining rates and other limitations on mining or processing operations, or additional requirements to install costly pollution control equipment, may adversely impact our operating results and financial condition.
Operational changes required to achieve or maintain compliance, including reductions in mining rates and other limitations on mining or processing operations, or additional requirements to install costly pollution control equipment, may adversely impact our operating results and financial condition.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

8 edited+1 added−0 removed14 unchanged
Biggest changeWe continuously invest and develop our cybersecurity controls and processes to address these threats and reduce the risk of future breaches and cyber attacks. Risk associated with a cybersecurity incident, impacting our operations, has been integrated into our overall global risk management system and process.
Biggest changeCybersecurity and the secure adoption of emerging technologies, including artificial intelligence ("AI"), remain strategic priorities for Newmont. We continuously invest and develop our cybersecurity controls and processes to address these threats and reduce the risk of future breaches and cyber attacks.
We also have management level committees, leaders, and a cybersecurity incident team who support our processes to assess and manage cybersecurity risk as follows: 48 Table of Contents • The head of privacy, in conjunction with the cybersecurity leadership assists on identification and mitigation of privacy related risks across the enterprise.
We also have management level committees, leaders, and a cybersecurity incident team who support our processes to assess and manage cybersecurity risk as follows: 50 Table of Contents • The head of privacy, in conjunction with the cybersecurity leadership assists on identification and mitigation of privacy related risks across the enterprise.
The Rapid Response Team performs tabletop exercises on a yearly basis with inclusion across functions. Each of these committees provides summary reports on their activities, which is then communicated as appropriate to the Audit Committee. 49 Table of Contents
The Rapid Response Team performs tabletop exercises on a yearly basis with inclusion across functions. Each of these committees provides summary reports on their activities, which is then communicated as appropriate to the Audit Committee. 51 Table of Contents
Newmont did not identify any cybersecurity incidents during the year ended December 31, 2023 that have materially affected or are reasonably likely to materially affect Newmont's business strategy, results of operations, or financial condition.
Newmont did not identify any cybersecurity incidents during the year ended December 31, 2024 that have materially affected or are reasonably likely to materially affect Newmont's business strategy, results of operations, or financial condition.
Additional information about cybersecurity risks we face is discussed in Item 1A, Risk Factors if this report under the heading " 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 " which should be read in conjunction with the information above.
Additional information about cybersecurity risks we face is discussed in Item 1A, Risk Factors of this report under the heading " We are dependent upon information technology and operational technology systems, which are subject to disruption, damage, failure or cybersecurity attacks and risks associated with implementation, upgrade, operation and integration " which should be read in conjunction with the information above.
Cybersecurity oversees the implementation and compliance of our information security standards, information technology compliance, and mitigation of information security related risks. The Chief Technology Officer (CTO) and Chief Information Officer (CIO) have direct oversight of the cybersecurity function.
Cybersecurity oversees the implementation and compliance of our information security standards, information technology compliance, and mitigation of information security related risks. The Chief Technology Officer and Chief Information Officer have direct oversight of the cybersecurity function.
The sophistication of cybersecurity threats, including through the use of artificial intelligence, continues to increase, and the controls and preventative actions we take to reduce the risk of cybersecurity incidents and protect our systems, including the regular testing of our cybersecurity incident response plan, may become insufficient.
The sophistication of cybersecurity threats, including through the use of AI, continues to increase, and the controls and preventative actions we take to reduce the risk of cybersecurity incidents and protect our systems, including the regular testing of our cybersecurity incident response plan, may become insufficient.
In addition, new technology that could result in greater operational efficiency such as our use of artificial intelligence, fleet electrification, and autonomous vehicles may further expose our operations and computer systems to the risk of cybersecurity incidents.
In addition, new technology that could result in greater operational efficiency such as our use of AI, fleet electrification, and autonomous vehicles may further expose our operations and computer systems to the risk of cybersecurity incidents.
Added
Risk associated with a cybersecurity incident, impacting our operations, has been integrated into our overall global risk management system and process. Our Board of Directors and management team oversee these risks as part of our enterprise risk management framework, ensuring alignment with our business objectives and regulatory obligations.

Item 2. Properties

Properties — owned and leased real estate

181 edited+73 added−49 removed66 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, 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.
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, 2024 and 2023. 78 Table of Contents Gold Resources at December 31, 2024 (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) Brucejack, Canada 100% — — — 4,300 4.68 600 4,300 4.68 600 16,600 5.8 3,100 96% Red Chris, Canada (4) 70% — — — 335,100 0.34 3,700 335,100 0.34 3,700 62,100 0.3 700 55% Galore Creek, Canada (5)(15) 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 100% 48,200 0.30 500 163,100 0.22 1,100 211,300 0.24 1,600 21,100 0.2 100 57% Noche Buena, Mexico (15) 50% — — — 19,900 0.37 200 19,900 0.37 200 1,600 0.2 — 50% Merian, Suriname 75% 5,800 1.03 200 58,600 1.08 2,000 64,500 1.08 2,200 70,000 0.9 2,000 90% Cerro Negro, Argentina 100% 1,300 3.77 200 1,900 5.65 300 3,200 4.88 500 7,600 4.8 1,200 94% Conga, Peru (6)(15) 100% — — — 693,800 0.65 14,600 693,800 0.65 14,600 230,500 0.4 2,900 75% Yanacocha Open Pit 100% 16,600 0.41 200 109,200 0.40 1,400 125,700 0.40 1,600 287,200 0.6 5,100 66% 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 (7) 100% 17,100 0.52 300 115,400 0.63 2,300 132,500 0.62 2,600 290,700 0.6 5,600 72% Pueblo Viejo, Dominican Republic (8)(15) 40% 8,200 1.39 400 38,200 1.44 1,800 46,400 1.43 2,100 5,000 1.6 300 88% NuevaUnión, Chile (9)(15) 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 (10)(15) 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% 90,600 0.55 1,600 154,100 0.53 2,600 244,700 0.54 4,200 3,500 0.6 100 84% Tanami Open Pit 100% 9,700 1.65 500 26,500 1.45 1,200 36,200 1.50 1,700 5,300 1.1 200 90% Tanami Underground 100% 2,800 3.22 300 6,600 3.80 800 9,300 3.63 1,100 17,200 4.4 2,400 97% Total Tanami, Australia 100% 12,500 1.99 800 33,000 1.92 2,000 45,500 1.94 2,800 22,500 3.6 2,600 94% Cadia Underground 100% — — — 1,245,100 0.36 14,200 1,245,100 0.36 14,200 549,400 0.3 4,800 81% Cadia Stockpiles and Open Pit 100% 30,800 0.30 300 — — — 30,800 0.30 300 11,000 0.7 200 65% Total Cadia, Australia 100% 30,800 0.30 300 1,245,100 0.36 14,200 1,275,900 0.35 14,500 560,400 0.3 5,000 81% Namosi, Fiji (11)(15) 73.24% — — — 105,500 0.22 700 105,500 0.22 700 1,346,900 0.1 4,300 72% Lihir Open Pit 100% — — — 43,600 1.97 2,800 43,600 1.97 2,800 227,400 2.4 17,600 75% Lihir Stockpiles 100% — — — 1,000 2.11 100 1,000 2.11 100 — — — 75% Total Lihir, Papua New Guinea 100% — — — 44,600 1.97 2,800 44,600 1.97 2,800 227,400 2.4 17,600 75% Wafi-Golpu Open Pit (12) 50% — — — 53,600 1.66 2,900 53,600 1.66 2,900 15,500 1.3 600 65% Wafi-Golpu Underground (13) 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 (15) 50% — — — 194,500 0.78 4,900 194,500 0.78 4,900 107,300 0.7 2,600 67% Ahafo South Open Pit 100% 3,900 1.13 100 6,500 0.83 200 10,400 0.95 300 3,500 1.2 100 85% Ahafo South Underground 100% 700 3.85 100 27,100 3.96 3,400 27,800 3.95 3,500 11,500 3.1 1,200 91% Total Ahafo South, Ghana 100% 4,700 1.56 200 33,500 3.35 3,600 38,200 3.13 3,800 15,000 2.7 1,300 91% Ahafo North Open Pit, Ghana 100% 6,900 1.41 300 28,300 1.78 1,600 35,200 1.71 1,900 13,700 1.6 700 90% NGM Open Pits and Stockpiles 38.5% 3,700 1.23 100 158,500 0.74 3,800 162,200 0.76 4,000 56,700 0.9 1,600 72% NGM Underground 38.5% 200 23.55 200 21,500 6.34 4,400 21,800 6.52 4,600 25,100 6.4 5,200 87% Total NGM, Nevada (14)(16) 38.5% 3,900 2.51 300 180,000 1.41 8,200 183,900 1.44 8,500 81,800 2.6 6,700 82% 79 Table of Contents Gold Resources at December 31, 2024 (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) Held for sale (17) CC&V, United States 100% 20,300 0.53 300 26,500 0.48 400 46,700 0.50 800 71,400 0.4 900 51% Musselwhite, Canada 100% 1,500 4.21 200 2,300 4.10 300 3,800 4.15 500 1,900 5.0 300 96% Porcupine Underground 100% — — — 1,000 7.70 300 1,100 7.59 300 1,900 7.8 500 92% Porcupine Open Pit 100% — — — 75,600 1.51 3,700 75,600 1.51 3,700 65,900 1.4 2,900 92% Total Porcupine, Canada 100% — — — 76,600 1.59 3,900 76,600 1.59 3,900 67,900 1.5 3,400 92% Éléonore, Canada 100% 400 4.94 100 2,900 4.11 400 3,300 4.21 400 2,400 4.6 400 92% Coffee, Canada (15) 100% 900 2.14 100 49,300 1.26 2,000 50,200 1.28 2,100 6,700 1.0 200 81% Akyem, Ghana (18) 100% 800 0.73 — 9,700 3.83 1,200 10,600 3.58 1,200 5,500 3.0 500 92% Total Gold 548,800 0.53 9,300 4,717,000 0.59 90,100 5,265,900 0.59 99,400 3,967,800 0.6 70,600 78% 80 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 100% 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% Brucejack, Canada (19) 100% — — — 1,800 7.64 500 1,800 7.64 500 12,100 10.3 4,000 96% Red Chris, Canada (19) 70% — — — 334,700 0.34 3,600 334,700 0.34 3,600 62,100 0.3 700 55% Coffee, Canada (15) 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 (5)(15) 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 (16) 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 (15) 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 (15) 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 100% 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 (8)(15) 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 (9)(15) 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 (10)(15) 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 100% 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 (16)(19) 100% 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 (19)(20) 100% — — — 27,600 0.67 600 27,600 0.67 600 — — — 81% Havieron, Australia (19)(20) 70% — — — 33,200 2.65 2,800 33,200 2.65 2,800 11,400 1.7 600 87% Namosi, Fiji (15)(19) 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 (16)(19) 100% — — — 47,100 1.77 2,700 47,100 1.77 2,700 227,400 2.4 17,500 79% 81 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 (15)(19) 50% — — — 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 100% 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 (14) 38.5% 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% ____________________________ (1) Resources are reported exclusive of reserves.
(75% owned) Merian is owned 75% by Newmont Suriname, LLC (“Newmont Suriname”) (formerly known as Suriname Gold Company LLC and 100% indirectly owned by Newmont Corporation) and 25% by Staatsolie Maatschappij Suriname N.V. (“Staatsolie,” a company wholly owned by the Republic of Suriname).
Merian, Suriname. (75% owned) Merian is owned 75% by Newmont Suriname, LLC (“Newmont Suriname”) (formerly known as Suriname Gold Company LLC and 100% indirectly owned by Newmont Corporation) and 25% by Staatsolie Maatschappij Suriname N.V. (“Staatsolie,” a company wholly owned by the Republic of Suriname).
(100% owned) Akyem, located in Birim North District of the Eastern Region of Ghana, approximately 80 miles (125 kilometers) northwest of the national capital city of Accra, is an open pit mining operation comprised of two mining leases issued under the Ghanaian Mining Act, encompassing an area of approximately 16,000 acres (6,000 hectares).
Akyem, Ghana. (100% owned) Akyem, located in Birim North District of the Eastern Region of Ghana, approximately 80 miles (125 kilometers) northwest of the national capital city of Accra, is an open pit mining operation comprised of two mining leases issued under the Ghanaian Mining Act, encompassing an area of approximately 16,000 acres (6,000 hectares).
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.
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) Per GEO measures may not recalculate due to rounding.
Refer to Note 3 to the Consolidated Financial Statements for further information. 61 Table of Contents Mining and Production Detail (1) Year Ended December 31, 2022 Tonnes Mined Tonnes Processed Average Ore Grade (2) Average Mill Recovery Rate Ounces Produced Ounces Sold Open Pit Underground Mill Leach Mill Leach Mill Leach Consolidated Attributable (3) Consolidated CC&V 32,632 — 64 18,814 1.568 0.428 38.2% 4 178 182 182 185 Musselwhite — 1,043 1,042 — 5.404 — 95.7% 173 — 173 173 172 Porcupine 7,866 751 3,410 — 2.794 — 92.7% 280 — 280 280 280 Éléonore — 1,537 1,535 — 4.740 — 91.6% 215 — 215 215 217 Peñasquito 178,890 — 35,928 — 0.702 — 75.2% 566 — 566 566 573 Merian 36,381 — 14,201 — 0.942 — 94.2% 403 — 403 302 403 Cerro Negro — 946 930 — 9.840 — 93.6% 278 — 278 278 281 Yanacocha 60,939 — — 20,600 — 0.453 —% — 244 244 230 250 Boddington 59,270 — 37,240 — 0.801 — 84.7% 798 — 798 798 813 Tanami — 2,643 2,590 — 5.941 — 98.0% 484 — 484 484 486 Ahafo 30,147 1,708 10,789 — 1.765 — 92.5% 574 — 574 574 572 Akyem 29,077 — 8,195 — 1.750 — 89.5% 420 — 420 420 415 NGM 103,158 2,521 13,655 8,178 3.205 0.467 74.9% 1,051 118 1,169 1,169 1,165 Total Gold 538,360 11,149 129,579 47,592 1.487 0.446 85.5% 5,246 540 5,786 5,671 5,812 ____________________________ (1) All amounts are reported in thousands unless otherwise noted.
Refer to Note 3 to the Consolidated Financial Statements for further information. 65 Table of Contents Mining and Production Detail (1) Year Ended December 31, 2022 Tonnes Mined Tonnes Processed Average Ore Grade (2) Average Mill Recovery Rate Ounces Produced Ounces Sold Open Pit Underground Mill Leach Mill Leach Mill Leach Consolidated Attributable (3) Consolidated CC&V 32,632 — 64 18,814 1.568 0.428 38.2% 4 178 182 182 185 Musselwhite — 1,043 1,042 — 5.404 — 95.7% 173 — 173 173 172 Porcupine 7,866 751 3,410 — 2.794 — 92.7% 280 — 280 280 280 Éléonore — 1,537 1,535 — 4.740 — 91.6% 215 — 215 215 217 Peñasquito 178,890 — 35,928 — 0.702 — 75.2% 566 — 566 566 573 Merian 36,381 — 14,201 — 0.942 — 94.2% 403 — 403 302 403 Cerro Negro — 946 930 — 9.840 — 93.6% 278 — 278 278 281 Yanacocha 60,939 — — 20,600 — 0.453 —% — 244 244 230 250 Boddington 59,270 — 37,240 — 0.801 — 84.7% 798 — 798 798 813 Tanami — 2,643 2,590 — 5.941 — 98.0% 484 — 484 484 486 Ahafo 30,147 1,708 10,789 — 1.765 — 92.5% 574 — 574 574 572 Akyem 29,077 — 8,195 — 1.750 — 89.5% 420 — 420 420 415 NGM 103,158 2,521 13,655 8,178 3.205 0.467 74.9% 1,051 118 1,169 1,169 1,165 Total Gold (4) 538,360 11,149 129,579 47,592 1.487 0.446 85.5% 5,246 540 5,786 5,671 5,812 ____________________________ (1) All amounts are reported in thousands unless otherwise noted.
Goldcorp acquired its ownership in the mine in 2006 when it acquired Glamis. In 2019, Newmont acquired Goldcorp, obtaining full ownership interest in Peñasquito. Peñasquito consists of the Peñasco and Chile Colorado open pit mines. Peñasquito is comprised of 20 mining concessions for operations comprising 113,231 acres (45,823 hectares) and 60 mining concessions for exploration of 107,456 acres (43,486 hectares).
(“Goldcorp”) acquired its ownership in the mine in 2006 when it acquired Glamis. In 2019, Newmont acquired Goldcorp, obtaining full ownership interest in Peñasquito. Peñasquito consists of the Peñasco and Chile Colorado open pit mines. Peñasquito is comprised of 20 mining concessions for operations comprising 113,231 acres (45,823 hectares) and 60 mining concessions for exploration of 107,456 acres (43,486 hectares).
Each site has its own process facilities which include: an oxide mill, which consists of a crushing and grinding circuit and carbon-in-leach circuit, and two heap leach pads at Cortez; an autoclave, two roasters, an oxide mill/flotation circuit and four heap leach pads at Carlin; the Sage autoclave, an oxide mill, and three heap leach pads at Turquoise Ridge; a flotation mill, a carbon-in-leach plant, a copper leach pad and a solvent extraction electrowinning (“SX/EW”) plant at Phoenix; and a heap leach pad at Long Canyon.
Each site has its own process facilities which include: an oxide mill, which consists of a crushing and grinding circuit and carbon-in-leach circuit, and two heap leach pads at Cortez; an autoclave, two roasters, an oxide mill/flotation circuit and three heap leach pads at Carlin; the Sage autoclave, an oxide mill, and three heap leach pads at Turquoise Ridge; a flotation mill, a carbon-in-leach plant, a copper leach pad and a solvent extraction electrowinning (“SX/EW”) plant at Phoenix; and a heap leach pad at Long Canyon.
(2) Average ore grade reported in grams/tonne. (3) Attributable ounces produced for Merian reflects our 75% ownership interest. The Company recognized amounts attributable to noncontrolling interest for Yanacocha for attributable ounces produced during the periods prior to acquiring Buenaventura's 43.65% interest and Sumitomo Corporation's 5% interest in the first half of 2022.
(2) Average ore grade reported in grams/tonne. (3) Attributable ounces produced for Merian reflects our 75% ownership interest. The Company recognized amounts attributable to noncontrolling interest for Yanacocha for attributable ounces produced during the periods prior to acquiring Buenaventura's 43.65% interest and Sumitomo Corporation's 5.0% interest in the first half of 2022.
(100% owned) Lihir is an open pit mine located near the town of Londolovit on Lihir Island, approximately 560 miles (900 kilometers) northeast of Port Moresby, the national capital. Access to Lihir Island is through the Kunaye airport located approximately 4 miles (7 kilometers) north of the mine. Newcrest acquired the Lihir mine in 2010.
(100% owned) Lihir is an open pit mine located near the town of Londolovit on Aniolam Island, approximately 560 miles (900 kilometers) northeast of Port Moresby, the national capital. Access to Aniolam Island is through the Kunaye airport located approximately 4 miles (7 kilometers) north of the mine. Newcrest acquired the Lihir mine in 2010.
Newcrest acquired the Cadia mine in 1991. Newmont obtained the 100% ownership of Cadia when Newmont acquired Newcrest in 2023. Cadia consists of the Cadia East, Cadia Extended, and Ridgeway deposits which consist of alkalic porphyry gold-copper style mineralization and the Big Cadia deposit which is a skarn-style occurrence.
Newcrest acquired the Cadia mine in 1991. Newmont obtained the 100% ownership of Cadia when Newmont acquired Newcrest in 2023. Cadia consists of the Cadia East, Cadia Hill, Cadia Extended, and Ridgeway deposits which consist of alkalic porphyry gold-copper style mineralization and the Big Cadia deposit which is a skarn-style occurrence.
(100% owned) Porcupine consists of the Hollinger open pit and Hoyle Pond underground operations, located in the city of Timmins, Ontario, as well as the Borden underground operation, located near the town of Chapleau, Ontario.
(100% owned) Porcupine consists of the Hollinger open pit, Pamour Open Pit, and Hoyle Pond underground operations, located in the city of Timmins, Ontario, as well as the Borden underground operation, located near the town of Chapleau, Ontario.
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) Tonnes 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.
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) Tonnes 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 has a current capacity across all sites to mine approximately 340,000 tonnes of material per day. The milling facilities were commissioned over a range of years beginning in the 1990’s. They undergo routine maintenance each year with process improvements implemented as the projects are identified and approved.
NGM has a current capacity across all sites to mine approximately 267,000 tonnes of material per day. The milling facilities were commissioned over a range of years beginning in the 1990’s. They undergo routine maintenance each year with process improvements implemented as the projects are identified and approved.
(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.
(7) Amounts presented herein have been rounded to the nearest 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.
(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.
(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. Goldcorp, Inc.
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 nearest 100,000. (3) Pounds 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 nearest 100,000. (3) Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses.
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.
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 14 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.
(3) Costs applicable to sales per ounce and All-in sustaining costs per ounce are non-GAAP financial measures. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A. (4) Total production costs is calculated as the sum of Costs applicable to sales , Depreciation and amortization , and Reclamation and remediation .
(4) Costs applicable to sales per ounce and All-in sustaining costs per ounce are non-GAAP financial measures. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A. (5) Total production costs is calculated as the sum of Costs applicable to sales , Depreciation and amortization , and Reclamation and remediation .
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.
We publish measured, indicated, and inferred resources annually, and will recalculate them at December 31, 2025, 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 2025.
The mineral tenure consists of ten mining property titles encompassing 53,246 acres (21,548 hectares), and three exploration licenses, encompassing 13,193 acres (5,339 hectares). We also own lands in the Cerro 52 Table of Contents Negro mine area, totaling approximately 27,429 acres (11,100 hectares), which overlie the Bajo Negro and Vein Zone deposits and adjacent prospects.
The mineral tenure consists of ten mining property titles encompassing 53,246 acres (21,548 hectares), and three exploration licenses, encompassing 13,193 acres (5,339 hectares). We also own lands in the Cerro Negro mine area, totaling approximately 27,429 acres (11,100 hectares), which overlie the Bajo Negro and Vein Zone deposits and adjacent prospects.
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.
We publish reserves annually, and will recalculate reserves at December 31, 2025, 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 2025.
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.
Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding. 72 Table of Contents (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.
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 nearest 100,000. (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 nearest 100,000. 75 Table of Contents (3) Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses.
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.
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 inalienable Aboriginal freehold titled land.
The Company is obligated to sell 25% of silver production from the Peñasquito mine to Wheaton Precious Metals 51 Table of Contents Corporation at the lesser of market price or a fixed contract price, subject to an annual inflation adjustment of up to 1.65%. Refer to Note 5 to the Consolidated Financial Statements for further information.
The Company is obligated to sell 25% of silver production from the Peñasquito mine to Wheaton Precious Metals Corporation at the lesser of market price or a fixed contract price, subject to an annual inflation adjustment of up to 1.65%. Refer to Note 5 to the Consolidated Financial Statements for further information.
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.
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 ten to twenty-five percent premium over reserve prices.
The Pueblo Viejo deposits are located in two major areas, the Monte Negro pit and the Moore pit, and consists of high sulfidation or acid sulfate epithermal gold, silver, copper and zinc mineralization. Process facilities include a conventional mill which consists of a crushing and grinding circuit, autoclaves, and a carbon-in-leach circuit.
The Pueblo Viejo deposits are located in two major areas, the Monte Negro pit and the 54 Table of Contents Moore pit, and consists of high sulfidation or acid sulfate epithermal gold, silver, copper and zinc mineralization. Process facilities include a conventional mill which consists of a crushing and grinding circuit, autoclaves, and a carbon-in-leach circuit.
Newmont has existing agreements with the Traditional Owners of the land utilized by our Tanami and Boddington operations. Any future agreements would depend on a determination of native title, which is likely to take many years. If successful, a native title determination could give rights to compensation claims in the future.
Newmont has existing agreements with the Traditional Owner groups of the land utilized by our Tanami and Boddington operations. Any future agreements would depend on a determination of native title, which is likely to take many years. If successful, a native title determination could give rights to compensation claims in the future.
The term “economically viable,” as used in the definition of reserve, means that the qualified person has analytically determined that extraction of the mineral reserve is economically viable under reasonable investment and market assumptions. The term “proven reserves” means the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource.
The term “economically viable,” as used in the definition of reserve, means that the qualified person has analytically determined that extraction of the mineral reserve is economically viable under reasonable investment and market assumptions. 69 Table of Contents The term “proven reserves” means the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource.
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 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 majority of its current operational area is located on its freehold property. 54 Table of Contents The subleases from the Worsley JV expire immediately prior to the expiry of the relevant mining leases. Newmont holds rights to renew the subleases. The mining leases are renewable upon application to the State of Western Australia by the Worsley JV.
The majority of its current operational area is located on its freehold property. The subleases from the Worsley JV expire immediately prior to the expiry of the relevant mining leases. Newmont holds rights to renew the subleases. The mining leases are renewable upon application to the State of Western Australia by the Worsley JV.
Gold reserves at sites acquired through the Newcrest transaction were estimated at a gold price of $1,300 per ounce, with the exception of Lihir, for which gold reserves were estimated using Newmont's price assumptions, and certain legacy estimates, which have applied older, more conservative price assumptions.
Gold reserves at sites acquired through the Newcrest transaction were estimated at a gold price of $1,300 per ounce at December 31, 2023, with the exception of Lihir, for which gold reserves were estimated using Newmont's price assumptions, and certain legacy estimates, which have applied older, more conservative price assumptions.
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.
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, 2024 was $1,355.
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.
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, 2024 was $2,302.
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.
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 shovels, a diesel powered face shovel and two excavators as its prime ex-pit material movers with a fleet of 41 production autonomous haulage trucks.
Royalties are paid to the state government at 2.5% for gold and 5% for copper based on revenue. Shipping and treatment and refining costs are allowable deductions from revenue for royalty calculations for copper. Newmont owns 74,474 acres (30,139 hectares) of rural freehold property, some of which overlaps existing mining tenure.
Royalties are paid to the state government at 2.5% for gold and 5% for copper based on revenue. Shipping and treatment and refining costs are allowable deductions from revenue for royalty calculations for copper. Newmont owns 74,354 acres (30,090 hectares) of rural freehold property, some of which overlaps existing mining tenure.
The Boddington project area comprises 52,506 acres (21,249 hectares) of mining tenure leased from the State of Western Australia, of which 26,910 acres (10,890 hectares) is subleased from the South 32 Worsley Joint Venturers ("Worsley JV"). The total project area is comprised of multiple leases that expire between 2025 and 2043.
The Boddington project area comprises 52,045 acres (21,062 hectares) of mining tenure leased from the State of Western Australia, of which 26,910 acres (10,890 hectares) is subleased from the South 32 Worsley Joint Venturers ("Worsley JV"). The total project area is comprised of multiple leases that expire between 2025 and 2043.
Brownfield exploration and development for new reserves is ongoing with the main focus being underground ore definition drilling of the Auron, Federation and Liberator ore bodies as well as exploration of the Oberon deposit. 55 Table of Contents Cadia, Australia.
Brownfield exploration and development for new reserves is ongoing with the main focus being underground ore definition drilling of the Auron, Federation and Liberator ore bodies as well as exploration of the Oberon deposit. Cadia, Australia.
The following tables detail operating statistics related to gold production, ounces sold, and production costs per ounce of our continuing operations: Mining and Production Detail (1) Year Ended December 31, 2023 Tonnes Mined Tonnes Processed Average Ore Grade (2) Average Mill Recovery Rate Ounces Produced Ounces Sold Open Pit Underground Mill Leach Mill Leach Mill Leach Consolidated Attributable (3) Consolidated CC&V 38,555 — — 25,566 — 0.452 —% — 172 172 172 171 Musselwhite — 1,027 1,028 — 5.701 — 95.7% 180 — 180 180 181 Porcupine 6,972 859 2,911 — 3.015 — 91.4% 260 — 260 260 258 Éléonore — 1,656 1,661 — 4.785 — 91.0% 232 — 232 232 233 Red Chris (4) 3,769 — 1,139 — 0.276 — 54.2% 5 — 5 5 4 Brucejack (4) — 167 166 — 5.685 — 96.0% 29 — 29 29 36 Peñasquito 96,099 — 20,850 — 0.429 — 57.0% 143 — 143 143 130 Merian 41,031 — 14,403 — 0.758 — 91.3% 322 — 322 242 319 Cerro Negro — 1,076 1,084 — 8.314 — 92.8% 269 — 269 269 261 Yanacocha 62,173 — — 19,682 — 0.494 —% — 276 276 276 275 Boddington 61,543 — 36,467 — 0.754 — 85.4% 745 — 745 745 749 Tanami — 2,314 2,369 — 6.012 — 98.3% 448 — 448 448 444 Cadia (4) — 4,366 5,229 — 0.722 — 81.5% 97 — 97 97 120 Telfer (4) 6,435 206 2,807 — 0.649 — 73.2% 43 — 43 43 67 Lihir (4) 6,395 — 2,061 — 2.567 — 76.5% 134 — 134 134 131 Ahafo 26,851 2,344 7,976 — 2.399 — 93.9% 581 — 581 581 578 Akyem 24,494 — 7,646 — 1.317 — 89.5% 295 — 295 295 296 NGM 100,728 2,490 11,426 10,853 3.487 0.398 82.5% 1,057 113 1,170 1,170 1,167 Total Gold 475,045 16,505 119,223 56,101 1.463 0.456 86.7% 4,840 561 5,401 5,321 5,420 ____________________________ (1) All amounts are reported in thousands unless otherwise noted.
Refer to Note 3 to the Consolidated Financial Statements for further information. 63 Table of Contents Mining and Production Detail (1) Year Ended December 31, 2023 Tonnes Mined Tonnes Processed Average Ore Grade (2) Average Mill Recovery Rate Ounces Produced Ounces Sold Open Pit Underground Mill Leach Mill Leach Mill Leach Consolidated Consolidated CC&V 38,555 — — 25,566 — 0.452 —% — 172 172 171 Musselwhite — 1,027 1,028 — 5.701 — 95.7% 180 — 180 181 Porcupine 6,972 859 2,911 — 3.015 — 91.4% 260 — 260 258 Éléonore — 1,656 1,661 — 4.785 — 91.0% 232 — 232 233 Brucejack (3) — 167 166 — 5.685 — 96.0% 29 — 29 36 Red Chris (3) 3,769 — 1,139 — 0.276 — 54.2% 5 — 5 4 Peñasquito 96,099 — 20,850 — 0.429 — 57.0% 143 — 143 130 Merian (4) 41,031 — 14,403 — 0.758 — 91.3% 322 — 322 319 Cerro Negro — 1,076 1,084 — 8.314 — 92.8% 269 — 269 261 Yanacocha 62,173 — — 19,682 — 0.494 —% — 276 276 275 Boddington 61,543 — 36,467 — 0.754 — 85.4% 745 — 745 749 Tanami — 2,314 2,369 — 6.012 — 98.3% 448 — 448 444 Cadia (3) — 4,366 5,229 — 0.722 — 81.5% 97 — 97 120 Telfer (3) 6,435 206 2,807 — 0.649 — 73.2% 43 — 43 67 Lihir (3) 6,395 — 2,061 — 2.567 — 76.5% 134 — 134 131 Ahafo 26,851 2,344 7,976 — 2.399 — 93.9% 581 — 581 578 Akyem 24,494 — 7,646 — 1.317 — 89.5% 295 — 295 296 NGM 100,728 2,490 11,426 10,853 3.487 0.398 82.5% 1,057 113 1,170 1,167 Total Gold (5) 475,045 16,505 119,223 56,101 1.463 0.456 86.7% 4,840 561 5,401 5,420 ____________________________ (1) All amounts are reported in thousands unless otherwise noted.
(4) Sites acquired through the Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information.
(14) Sites acquired through the Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information.
Refer to Note 3 to the Consolidated Financial Statements for further information. 60 Table of Contents Production Costs per Ounce Sold (1)(5) Year Ended December 31, 2023 Direct Mining and Production Costs By-Product Credits Royalties and Production Taxes Write-Downs and Inventory Change Costs Applicable to Sales (2)(3) Depreciation and Amortization Reclamation and Remediation Total Production Costs (4) All-In Sustaining Costs per Ounce Sold (3) CC&V $ 1,327 $ (7) $ 121 $ (285) $ 1,156 $ 136 $ 59 $ 1,351 $ 1,644 Musselwhite $ 1,152 $ (2) $ 48 $ (12) $ 1,186 $ 444 $ 17 $ 1,647 $ 1,843 Porcupine $ 1,214 $ (4) $ 25 $ (68) $ 1,167 $ 455 $ 33 $ 1,655 $ 1,577 Éléonore $ 1,230 $ (2) $ 44 $ (9) $ 1,263 $ 433 $ 13 $ 1,709 $ 1,838 Red Chris (6) $ 1,825 $ (1) $ 27 $ (946) $ 905 $ 298 $ 15 $ 1,218 $ 1,439 Brucejack (6) $ 1,484 $ (41) $ 30 $ 425 $ 1,898 $ 617 $ — $ 2,515 $ 2,646 Peñasquito $ 1,296 $ (6) $ 33 $ (104) $ 1,219 $ 516 $ 28 $ 1,763 $ 1,590 Merian $ 1,080 $ (1) $ 117 $ 11 $ 1,207 $ 256 $ 9 $ 1,472 $ 1,541 Cerro Negro $ 1,261 $ (102) $ 93 $ 5 $ 1,257 $ 524 $ 14 $ 1,795 $ 1,509 Yanacocha $ 1,122 $ (16) $ 59 $ (96) $ 1,069 $ 310 $ 20 $ 1,399 $ 1,266 Boddington $ 822 $ (17) $ 49 $ (7) $ 847 $ 144 $ 12 $ 1,003 $ 1,067 Tanami $ 704 $ (2) $ 51 $ 6 $ 759 $ 249 $ 4 $ 1,012 $ 1,060 Cadia (6) $ 477 $ (59) $ 51 $ 610 $ 1,079 $ 130 $ 1 $ 1,210 $ 1,271 Telfer (6) $ 1,360 $ (9) $ 60 $ 471 $ 1,882 $ 87 $ — $ 1,969 $ 1,988 Lihir (6) $ 1,235 $ (2) $ 50 $ (166) $ 1,117 $ 153 $ — $ 1,270 $ 1,517 Ahafo $ 820 $ (1) $ 141 $ (13) $ 947 $ 312 $ 11 $ 1,270 $ 1,222 Akyem $ 826 $ (6) $ 115 $ (4) $ 931 $ 413 $ 40 $ 1,384 $ 1,210 NGM $ 1,037 $ (55) $ 68 $ 20 $ 1,070 $ 387 $ 9 $ 1,466 $ 1,397 Total Gold $ 999 $ (23) $ 74 $ — $ 1,050 $ 327 $ 15 $ 1,392 $ 1,444 ____________________________ (1) Production costs and All-in sustaining costs are not comparable due to differences in the items included in each of the measures.
(5) Total gold consolidated ounces produced excludes 224 attributable ounces related to Pueblo Viejo, which is 40% owned by Newmont, managed by Barrick, and accounted for as an equity method investment. 64 Table of Contents Production Costs per Ounce Sold (1)(2) Year Ended December 31, 2023 Direct Mining and Production Costs By-Product Credits Royalties and Production Taxes Write-Downs and Inventory Change Costs Applicable to Sales (3)(4) Depreciation and Amortization Reclamation and Remediation Total Production Costs (5) All-In Sustaining Costs per Ounce Sold (1)(2)(4) CC&V $ 1,327 $ (7) $ 121 $ (285) $ 1,156 $ 136 $ 59 $ 1,351 $ 1,644 Musselwhite $ 1,152 $ (2) $ 48 $ (12) $ 1,186 $ 444 $ 17 $ 1,647 $ 1,843 Porcupine $ 1,214 $ (4) $ 25 $ (68) $ 1,167 $ 455 $ 33 $ 1,655 $ 1,577 Éléonore $ 1,230 $ (2) $ 44 $ (9) $ 1,263 $ 433 $ 13 $ 1,709 $ 1,838 Brucejack (6) $ 1,484 $ (41) $ 30 $ 425 $ 1,898 $ 617 $ — $ 2,515 $ 2,646 Red Chris (6) $ 1,825 $ (1) $ 27 $ (946) $ 905 $ 298 $ 15 $ 1,218 $ 1,439 Peñasquito $ 1,296 $ (6) $ 33 $ (104) $ 1,219 $ 516 $ 28 $ 1,763 $ 1,590 Merian $ 1,080 $ (1) $ 117 $ 11 $ 1,207 $ 256 $ 9 $ 1,472 $ 1,541 Cerro Negro $ 1,261 $ (102) $ 93 $ 5 $ 1,257 $ 524 $ 14 $ 1,795 $ 1,509 Yanacocha $ 1,122 $ (16) $ 59 $ (96) $ 1,069 $ 310 $ 20 $ 1,399 $ 1,266 Boddington $ 822 $ (17) $ 49 $ (7) $ 847 $ 144 $ 12 $ 1,003 $ 1,067 Tanami $ 704 $ (2) $ 51 $ 6 $ 759 $ 249 $ 4 $ 1,012 $ 1,060 Cadia (6) $ 477 $ (59) $ 51 $ 610 $ 1,079 $ 130 $ 1 $ 1,210 $ 1,271 Telfer (6) $ 1,360 $ (9) $ 60 $ 471 $ 1,882 $ 87 $ — $ 1,969 $ 1,988 Lihir (6) $ 1,235 $ (2) $ 50 $ (166) $ 1,117 $ 153 $ — $ 1,270 $ 1,517 Ahafo $ 820 $ (1) $ 141 $ (13) $ 947 $ 312 $ 11 $ 1,270 $ 1,222 Akyem $ 826 $ (6) $ 115 $ (4) $ 931 $ 413 $ 40 $ 1,384 $ 1,210 NGM $ 1,037 $ (55) $ 68 $ 20 $ 1,070 $ 387 $ 9 $ 1,466 $ 1,397 Total Gold $ 999 $ (23) $ 74 $ — $ 1,050 $ 327 $ 15 $ 1,392 $ 1,444 ____________________________ (1) Production Costs and All-in sustaining costs are not comparable due to differences in the items included in each of the measures.
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 ounce is calculated as the sum of Direct mining and production costs, By-product credits, Royalties and production taxes, and Write-downs and inventory change.
All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A. (2) Per ounce measures may not recalculate due to rounding. (3) Costs applicable to sales per ounce is calculated as the sum of Direct mining and production costs, By-product credits, Royalties and production taxes, and Write-downs and inventory change.
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 ounce is calculated as the sum of Direct mining and production costs, By-product credits, Royalties and production taxes, and Write-downs and inventory change.
All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A. (2) Per ounce measures may not recalculate due to rounding. (3) Costs applicable to sales per ounce is calculated as the sum of Direct mining and production costs, By-product credits, Royalties and production taxes, and Write-downs and inventory change.
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 ounce is calculated as the sum of Direct mining and production costs, By-product credits, Royalties and production taxes, and Write-downs and inventory change.
All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A. (2) Per ounce measures may not recalculate due to rounding. (3) Costs applicable to sales per ounce is calculated as the sum of Direct mining and production costs, By-product credits, Royalties and production taxes, and Write-downs and inventory change.
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.
Amounts presented may not recalculate in total due to rounding. (2) At December 31, 2024 and 2023, copper resources at sites in which Newmont is the operator were estimated at a copper price of $4.00 per pound, unless otherwise noted. 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.
Amounts presented may not recalculate in total due to rounding. (2) At December 31, 2024 and 2023, silver resources at sites in which Newmont is the operator were estimated at a silver price of $23.00 per ounce, unless otherwise noted. Resources provided by other operators may use pricing that differs. Tonnage amounts have been rounded to the nearest 100,000.
ITEM 2. PROPERTIES (dollars in millions, except per share, per ounce and per pound amounts) Production and Development Properties Newmont’s properties are described below and unless otherwise noted are in the production stage and are operated by Newmont. All key permits have either been obtained by Newmont or approval is expected to be received in the normal course of business.
ITEM 2. PROPERTIES (dollars in millions, except per share, per ounce and per pound amounts) Newmont’s production, development, and exploration properties are described below. All key permits have either been obtained by Newmont or approval is expected to be received in the normal course of business.
Cerro Negro’s available underground mining fleet consists of 8 underground loaders, 12 underground haul trucks and eight surface haul trucks, each with 30 to 40-tonne payloads and additional auxiliary equipment as required.
Cerro Negro’s available underground mining fleet consists of nine underground loaders, 12 underground haul trucks, and six surface haul trucks, each with 30 to 40-tonne payloads and additional auxiliary equipment as required.
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.
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, 22 haul trucks, each with 60 to 65-tonne payloads, and one ejector truck with a 45 tonne capacity.
Refer to Note 1 to the Consolidated Financial Statement for further information. 62 Table of Contents Production Costs per Ounce Sold (1)(5) Year Ended December 31, 2022 Direct Mining and Production Costs By-Product Credits Royalties and Production Taxes Write-Downs and Inventory Change Costs Applicable to Sales (2)(3) Depreciation and Amortization Reclamation and Remediation Total Production Costs (4) All-In Sustaining Costs per Ounce Sold (3) CC&V $ 1,141 $ (9) $ 80 $ 90 $ 1,302 $ 386 $ 28 $ 1,716 $ 1,697 Musselwhite $ 1,109 $ (3) $ 35 $ (6) $ 1,135 $ 464 $ 13 $ 1,612 $ 1,531 Porcupine $ 1,012 $ (4) $ 31 $ (35) $ 1,004 $ 369 $ 8 $ 1,381 $ 1,248 Éléonore $ 1,183 $ (1) $ 40 $ 6 $ 1,228 $ 531 $ 7 $ 1,766 $ 1,599 Peñasquito $ 728 $ (5) $ 31 $ 17 $ 771 $ 258 $ 8 $ 1,037 $ 968 Merian $ 815 $ (1) $ 108 $ (7) $ 915 $ 199 $ 5 $ 1,119 $ 1,105 Cerro Negro $ 1,031 $ (106) $ 84 $ (2) $ 1,007 $ 525 $ 9 $ 1,541 $ 1,262 Yanacocha $ 1,170 $ (12) $ 56 $ 40 $ 1,254 $ 380 $ 24 $ 1,658 $ 1,477 Boddington $ 757 $ (12) $ 46 $ 11 $ 802 $ 145 $ 10 $ 957 $ 921 Tanami $ 647 $ (2) $ 45 $ (15) $ 675 $ 207 $ 3 $ 885 $ 960 Ahafo $ 809 $ (1) $ 114 $ 68 $ 990 $ 292 $ 7 $ 1,289 $ 1,178 Akyem $ 621 $ (3) $ 136 $ 50 $ 804 $ 340 $ 14 $ 1,158 $ 972 NGM $ 1,002 $ (49) $ 54 $ (18) $ 989 $ 404 $ 8 $ 1,401 $ 1,220 Total Gold $ 875 $ (19) $ 66 $ 11 $ 933 $ 322 $ 10 $ 1,265 $ 1,211 ____________________________ (1) Production Costs and All-in sustaining costs are not comparable due to differences in the items included in each of the measures.
(4) Total gold consolidated ounces produced excludes 285 attributable ounces related to Pueblo Viejo, which is 40% owned by Newmont, managed by Barrick, and accounted for as an equity method investment. 66 Table of Contents Production Costs per Ounce Sold (1)(2) Year Ended December 31, 2022 Direct Mining and Production Costs By-Product Credits Royalties and Production Taxes Write-Downs and Inventory Change Costs Applicable to Sales (3)(4) Depreciation and Amortization Reclamation and Remediation Total Production Costs (5) All-In Sustaining Costs per Ounce Sold (1)(2)(4) CC&V $ 1,141 $ (9) $ 80 $ 90 $ 1,302 $ 386 $ 28 $ 1,716 $ 1,697 Musselwhite $ 1,109 $ (3) $ 35 $ (6) $ 1,135 $ 464 $ 13 $ 1,612 $ 1,531 Porcupine $ 1,012 $ (4) $ 31 $ (35) $ 1,004 $ 369 $ 8 $ 1,381 $ 1,248 Éléonore $ 1,183 $ (1) $ 40 $ 6 $ 1,228 $ 531 $ 7 $ 1,766 $ 1,599 Peñasquito $ 728 $ (5) $ 31 $ 17 $ 771 $ 258 $ 8 $ 1,037 $ 968 Merian $ 815 $ (1) $ 108 $ (7) $ 915 $ 199 $ 5 $ 1,119 $ 1,105 Cerro Negro $ 1,031 $ (106) $ 84 $ (2) $ 1,007 $ 525 $ 9 $ 1,541 $ 1,262 Yanacocha $ 1,170 $ (12) $ 56 $ 40 $ 1,254 $ 380 $ 24 $ 1,658 $ 1,477 Boddington $ 757 $ (12) $ 46 $ 11 $ 802 $ 145 $ 10 $ 957 $ 921 Tanami $ 647 $ (2) $ 45 $ (15) $ 675 $ 207 $ 3 $ 885 $ 960 Ahafo $ 809 $ (1) $ 114 $ 68 $ 990 $ 292 $ 7 $ 1,289 $ 1,178 Akyem $ 621 $ (3) $ 136 $ 50 $ 804 $ 340 $ 14 $ 1,158 $ 972 NGM $ 1,002 $ (49) $ 54 $ (18) $ 989 $ 404 $ 8 $ 1,401 $ 1,220 Total Gold $ 875 $ (19) $ 66 $ 11 $ 933 $ 322 $ 10 $ 1,265 $ 1,211 ____________________________ (1) Production costs and All-in sustaining costs are not comparable due to differences in the items included in each of the measures.
Merian reported 3.9 million attributable ounces of gold reserves at December 31, 2023. Brownfield exploration and development for new reserves is ongoing. Cerro Negro, Argentina. (100% owned) Cerro Negro is located in southern Argentina about 250 miles (400 kilometers) southwest of the coastal city of Comodoro Rivadavia.
Merian reported 4.1 million attributable ounces of gold reserves at December 31, 2024. Brownfield exploration and development for new reserves is ongoing. Cerro Negro, Argentina. (100% owned) Cerro Negro is located in southern Argentina about 250 miles (400 kilometers) southwest of the coastal city of Comodoro Rivadavia.
The processing plant infrastructure includes high pressure grinding rolls, SAG mills, ball mills, flotation, coarse ore flotation, gravity concentrator and a molybdenum plant to produce copper and gold concentrate, gold doré and molybdenum concentrate. The available fleet consists of 33 underground production loaders with an average 18.4 tonne payload.
The processing plant infrastructure includes high pressure grinding rolls, SAG mills, ball mills, flotation, coarse ore flotation, gravity concentrator and a molybdenum plant to produce copper and gold concentrate, gold doré, and molybdenum concentrate. The available primary production fleet consists of 26 underground production loaders with an average 19 tonne payload.
Silver reserves at sites acquired through the Newcrest transaction were estimated at a silver price of $18.00 per ounce.
Silver reserves at sites acquired through the Newcrest transaction were estimated at a silver price of $18.00 per ounce at December 31, 2023.
Boddington has a current capacity to mine approximately 150,000 to 200,000 tonnes of material per day. The milling plant includes a three-stage crushing facility (two primary crushers, six secondary crushers and four high-pressure grinding rolls), four ball mills, a flotation circuit and a carbon-in-leach circuit.
Boddington has a current capacity to mine approximately 175,000 to 225,000 tonnes of material per day. The milling plant includes a three-stage crushing facility 55 Table of Contents (two primary crushers, six secondary crushers and four high-pressure grinding rolls), four ball mills, a flotation circuit and a carbon-in-leach circuit.
(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.
(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. (4) Project is currently undeveloped. Resource estimates provided by Teck Resources.
(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.
(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 162,178 acres (65,631 hectares). The mining leases expire between 2025 and 2033. Musselwhite is an iron formation hosted gold deposit.
A 2% royalty is payable to the State on the realized prices of all gold and silver bullion sold.
A 2% royalty is payable to the State on the realized prices of all gold and silver bullion sold, less transport and refining costs.
(3) Costs applicable to sales per ounce and All-in sustaining costs per ounce are non-GAAP financial measures. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A. (4) Total production costs is calculated as the sum of Costs applicable to sales , Depreciation and amortization , and Reclamation and remediation .
(4) Costs applicable to sales per ounce and All-in sustaining costs per ounce are non-GAAP financial measures. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A. (5) Total production costs is calculated as the sum of Costs applicable to sales , Depreciation and amortization , and Reclamation and remediation . (6) Sites acquired through the Newcrest transaction.
We estimate that our 2023 reserves would increase by 5% (7.1 million ounces), or decline by 6% (8.3 million ounces), if the gold price assumption increased or decreased $100 per ounce, respectively, with all other assumptions remaining constant.
We estimate that our 2024 reserves would increase by 6% (7.4 million ounces), or decline by 6% (7.6 million ounces), if the gold price assumption increased or decreased $100 per ounce, respectively, with all other assumptions remaining constant.
The following tables detail molybdenum proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2023 and 2022: Molybdenum Reserves at December 31, 2023 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (Mo %) Pounds (3) (millions) Tonnage (2) (000 tonnes) Grade (Mo %) Pounds (3) (millions) Tonnage (2) (000 tonnes) Grade (Mo %) Pounds (3) (millions) Metallurgical Recovery (3) NuevaUnión, Chile (4)(5) 50% — —% — 776,900 0.02% 300 776,900 0.02% 300 48% Cadia, Australia (6)(7)(8) 100% — —% — 1,085,100 0.01% 200 1,085,100 0.01% 200 72% Total Molybdenum — —% — 1,862,000 0.01% 500 1,862,000 0.01% 500 55% Molybdenum Reserves at December 31, 2022 Proven Reserves Probable Reserves Proven and Probable Reserves Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (Mo %) Pounds (3) (millions) Tonnage (2) (000 tonnes) Grade (Mo %) Pounds (3) (millions) Tonnage (2) (000 tonnes) Grade (Mo %) Pounds (3) (millions) Metallurgical Recovery (3) NuevaUnión, Chile (4)(5) 50% — —% — 776,900 0.02% 270 776,900 0.02% 270 48% Total Molybdenum — —% — 776,900 0.02% 270 776,900 0.02% 270 48% ____________________________ (1) Molybdenum reserves, at sites in which Newmont is the operator, for 2023 were estimated at a molybdenum price of $8.00 per pound.
The following tables detail molybdenum proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2024 and 2023: Molybdenum Reserves at December 31, 2024 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Metallurgical Recovery (3) Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (Mo %) Tonnes (3) (000) Tonnage (2) (000 tonnes) Grade (Mo %) Tonnes (3) (000) Tonnage (2) (000 tonnes) Grade (Mo %) Tonnes (3) (000) NuevaUnión, Chile (4)(5) 50% — —% — 776,900 0.02% 100 776,900 0.02% 100 48% Cadia, Australia (6) 100% — —% — 1,040,600 0.01% 100 1,040,600 0.01% 100 67% Total Molybdenum — —% — 1,817,500 0.01% 200 1,817,500 0.01% 200 56% Molybdenum Reserves at December 31, 2023 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Metallurgical Recovery (3) Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (Mo %) Tonnes (3) (000) Tonnage (2) (000 tonnes) Grade (Mo %) Tonnes (3) (000) Tonnage (2) (000 tonnes) Grade (Mo %) Tonnes (3) (000) NuevaUnión, Chile (4)(5) 50% — —% — 776,900 0.02% 100 776,900 0.02% 100 48% Cadia, Australia (7)(8) 100% — —% — 1,085,100 0.01% 100 1,085,100 0.01% 100 72% Total Molybdenum — —% — 1,862,000 0.01% 200 1,862,000 0.01% 200 55% ____________________________ (1) At December 31, 2024 and 2023, molybdenum reserves at sites for which Newmont is the operator were estimated at a molybdenum price of $13.00 and $8.00 per pound, respectively, unless otherwise noted.
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.
The Company maintains its corporate headquarters in Denver, Colorado, U.S. and has various regional offices. 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.
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.
Operating Statistics, Proven and Probable Reserves, and Measured, Indicated and Inferred Resources 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 or tonnes.
Molybdenum Resources at December 31, 2023 (1)(2) Measured Resource Indicated Resource Measured and Indicated Resource Inferred Resource Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (Mo%) Pounds (3) (millions) Tonnage (000 tonnes) Grade (Mo%) Pounds (3) (millions) Tonnage (000 tonnes) Grade (Mo%) Pounds (3) (millions) Tonnage (000 tonnes) Grade (Mo%) Pounds (3) (millions) Metallurgical Recovery (3) NuevaUnión, Chile (4) 50% 159,500 0.01% — 231,500 0.01% — 391,000 0.01% 100 362,300 —% 100 52% Cadia, Australia (5)(6) 100% — —% — 1,515,400 0.01% 200 1,515,400 0.01% 200 497,000 —% — 72% Total Molybdenum 159,500 0.01% — 1,746,900 0.01% 200 1,906,400 0.01% 200 859,400 —% 100 60% Molybdenum Resources at December 31, 2022 (1)(2) Measured Resource Indicated Resource Measured and Indicated Resource Inferred Resource Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (Mo%) Pounds (3) (millions) Tonnage (000 tonnes) Grade (Mo%) Pounds (3) (millions) Tonnage (000 tonnes) Grade (Mo%) Pounds (3) (millions) Tonnage (000 tonnes) Grade (Mo%) Pounds (3) (millions) Metallurgical Recovery (3) NuevaUnión, Chile (4) 50% 159,500 0.01% 20 231,500 0.01% 40 391,000 0.01% 70 362,300 —% 100 52% Total Molybdenum 159,500 0.01% 20 231,500 0.01% 40 391,000 0.01% 70 362,300 —% 100 52% ____________________________ (1) Resources are reported exclusive of reserves.
Molybdenum Resources at December 31, 2024 (1)(2) Measured Resource Indicated Resource Measured and Indicated Resource Inferred Resource Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (Mo%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Mo%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Mo%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Mo%) Tonnes (3) (000) Metallurgical Recovery (3) NuevaUnión, Chile (4) 50% 159,500 0.01% — 231,500 0.01% — 391,000 0.01% — 362,300 —% — 52% Cadia, Australia 100% — —% — 1,173,900 0.01% 100 1,173,900 0.01% 100 509,600 —% — 72% Total Molybdenum 159,500 0.01% — 1,405,400 0.01% 100 1,564,900 0.01% 100 872,000 —% 100 62% Molybdenum Resources at December 31, 2023 (1)(2) Measured Resource Indicated Resource Measured and Indicated Resource Inferred Resource Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (Mo%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Mo%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Mo%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Mo%) Tonnes (3) (000) Metallurgical Recovery (3) NuevaUnión, Chile (4) 50% 159,500 0.01% — 231,500 0.01% — 391,000 0.01% — 362,300 —% — 52% Cadia, Australia (5)(6) 100% — —% — 1,515,400 0.01% 100 1,515,400 0.01% 100 497,000 —% — 72% Total Molybdenum 159,500 0.01% — 1,746,900 0.01% 100 1,906,400 0.01% 100 859,400 —% 100 60% ____________________________ (1) Resources are reported exclusive of reserves.
(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.
(3) Tonnes 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. Tonnes may not recalculate as they are rounded to the nearest 100,000.
The Pueblo Viejo mine is situated on the Montenegro Fiscal Reserve, an area specially designated by Presidential Decree for the leasing of minerals and mine development, which covers an area of approximately 19,756 acres (7,995 hectares) in aggregate. The property is accessible year-round by paved road from Santo Domingo.
The Pueblo Viejo mine is situated on the Montenegro Fiscal Reserve, an area specially designated by Presidential Decree for the leasing of minerals and mine development, which covers an area of approximately 19,756 acres (7,995 hectares) in aggregate.
The mining fleet includes a fleet of load-haul-dump vehicles, trucks for material loading and transport to surface, excavators, bolters, shotcrete sprayers, long-hole drills, and cable bolters. Brucejack’s gross property, plant and mine development at December 31, 2023 was $2,910. Brucejack reported 3.1 million ounces of gold reserves at December 31, 2023. Peñasquito, Mexico.
The mining fleet includes a fleet of load-haul-dump vehicles, trucks for material loading and transport to surface, excavators, bolters, shotcrete sprayers, long-hole drills, and cable bolters. Brucejack’s gross property, plant and mine development at December 31, 2024 was $2,105. Brucejack reported 1.9 million ounces of gold reserves at December 31, 2024. Red Chris, Canada.
(11) Currently included in Corporate and Other in Note 4 to the Consolidated Financial Statements. (12) 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.
(12) Currently included in the non-operating segment Corporate and Other in Note 4 to the Consolidated Financial Statements. 84 Table of Contents (13) Amounts presented herein have been rounded to the nearest 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
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.
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, 2024 was $3,401. Tanami reported 5.1 million ounces of gold reserves at December 31, 2024.
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.
In contrast, the discovery of mineralization through greenfield exploration efforts will require capital investment to build a stand-alone operation. Our Exploration expense was $266, $265, and $231 in 2024, 2023, and 2022, respectively. We had attributable measured and indicated gold resources of 99.4 million ounces and attributable inferred gold resources of 70.6 million ounces at December 31, 2024.
The power supply contract with Bluewaters expires in 2026 and includes an option to extend. Boddington’s gross property, plant and mine development at December 31, 2023 was $4,750. As of December 31, 2023 and 2022, Boddington reported 9.6 million and 10.6 million ounces of gold reserves, respectively, and 1,000 million and 1,160 million pounds of copper reserves, respectively.
The power supply contract with Bluewaters expires in 2026 and includes an option to extend. Boddington’s gross property, plant and mine development at December 31, 2024 was $4,879. As of December 31, 2024 and 2023, Boddington reported 10.8 million and 9.6 million ounces of gold reserves, respectively, and 0.5 million and 0.5 million tonnes of copper reserves, respectively.
The Red Chris operation is comprised of five mining leases which cover 12,703 acres (5,141 hectares) and 75 mineral claims, encompassing an area of approximately 47,140 acres (19,077 hectares). The mining leases expire in 2042. Red Chris is a copper-gold open pit mining operation.
The Red Chris operation is comprised of five mining leases which cover 12,703 acres (5,141 hectares) and 199 mineral claims, encompassing an area of approximately 164,903 acres (66,734 hectares). The mining leases expire in 2042. Red Chris is a copper-gold open pit mining operation.
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 following tables detail copper proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2024 and 2023: Copper Reserves at December 31, 2024 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Metallurgical Recovery (3) Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (Cu %) Tonnes (3) (000) Tonnage (2) (000 tonnes) Grade (Cu %) Tonnes (3) (000) Tonnage (2) (000 tonnes) Grade (Cu %) Tonnes (3) (000) Red Chris Open Pit 70% — —% — 14,700 0.45% — 14,700 0.45% — 80% Red Chris Underground (4) 70% — —% — 171,700 0.52% 900 171,700 0.52% 900 84% Total Red Chris, Canada 70% — —% — 186,400 0.52% 1,000 186,400 0.52% 1,000 84% Yanacocha, Peru (5) 100% — —% — 111,100 0.63% 700 111,100 0.63% 700 83% NuevaUnión, Chile (6)(13) 50% — —% — 1,118,000 0.40% 4,400 1,118,000 0.40% 4,400 88% Norte Abierto, Chile (7)(13) 50% — —% — 598,800 0.22% 1,300 598,800 0.22% 1,300 87% Boddington Open Pit 100% 276,500 0.09% 200 219,200 0.10% 200 495,700 0.09% 500 81% Boddington Stockpiles (8) 100% 2,100 0.13% — 61,900 0.09% 100 64,100 0.09% 100 79% Total Boddington, Australia (9) 100% 278,600 0.09% 200 281,200 0.10% 300 559,800 0.09% 500 81% Cadia, Australia (10) 100% — —% — 1,051,800 0.29% 3,100 1,051,800 0.29% 3,100 87% Wafi-Golpu, Papua New Guinea (11)(13) 50% — —% — 194,500 1.20% 2,300 194,500 1.20% 2,300 95% NGM, United States (12)(14) 38.5% 4,300 0.16% — 71,000 0.18% 100 75,400 0.18% 100 66% Total Copper 282,900 0.09% 200 3,612,900 0.37% 13,200 3,895,800 0.35% 13,500 88% 73 Table of Contents Copper Reserves at December 31, 2023 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Metallurgical Recovery (3) Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (Cu %) Tonnes (3) (000) Tonnage (2) (000 tonnes) Grade (Cu %) Tonnes (3) (000) Tonnage (2) (000 tonnes) Grade (Cu %) Tonnes (3) (000) Red Chris Open Pit 70% — —% — 30,200 0.43% 100 30,200 0.43% 100 80% Red Chris Underground 70% — —% — 171,700 0.52% 900 171,700 0.52% 900 84% Total Red Chris, Canada (15) 70% — —% — 201,900 0.51% 1,000 201,900 0.51% 1,000 84% Yanacocha, Peru 100% — —% — 111,100 0.63% 700 111,100 0.63% 700 83% NuevaUnión, Chile (6)(13) 50% — —% — 1,118,000 0.40% 4,400 1,118,000 0.40% 4,400 88% Norte Abierto, Chile (7)(13) 50% — —% — 598,800 0.22% 1,300 598,800 0.22% 1,300 87% Boddington Open Pit 100% 215,300 0.09% 200 192,600 0.11% 200 407,900 0.10% 400 82% Boddington Stockpiles (8) 100% 2,000 0.15% — 70,000 0.09% 100 72,000 0.09% 100 73% Total Boddington, Australia 100% 217,300 0.09% 200 262,600 0.10% 300 479,900 0.10% 500 80% Cadia, Australia (14)(15) 100% — —% — 1,102,300 0.29% 3,200 1,102,300 0.29% 3,200 86% Wafi-Golpu, Papua New Guinea (13)(15) 50% — —% — 194,500 1.20% 2,300 194,500 1.20% 2,300 95% NGM, United States (12) 38.5% 3,700 0.16% — 82,400 0.17% 100 86,100 0.17% 100 65% Total Copper 221,000 0.09% 200 3,671,500 0.37% 13,500 3,892,500 0.35% 13,700 88% ____________________________ (1) At December 31, 2024 and 2023, copper reserves at sites for which Newmont is the operator were estimated at a copper price of $3.50 per pound, unless otherwise noted.
Zinc Resources at December 31, 2023 (1)(2) Measured Resource Indicated Resource Measured and Indicated Resource Inferred Resource Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (Zn%) Pounds (3) (millions) Tonnage (000 tonnes) Grade (Zn%) Pounds (3) (millions) Tonnage (000 tonnes) Grade (Zn%) Pounds (3) (millions) Tonnage (000 tonnes) Grade (Zn%) Pounds (3) (millions) Metallurgical Recovery (3) Peñasquito, Mexico (4) 100% 37,400 0.69% 600 157,300 0.59% 2,000 194,700 0.61% 2,600 22,800 0.6% 300 81% Telfer Projects, Australia (5) 100% — —% — 51,700 0.63% 700 51,700 0.63% 700 1,900 0.5% — 78% Total Zinc 37,400 0.69% 600 209,100 0.60% 2,800 246,500 0.61% 3,300 24,700 0.6% 300 80% 85 Table of Contents Zinc Resources at December 31, 2022 (1)(2) Measured Resource Indicated Resource Measured and Indicated Resource Inferred Resource Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (Zn%) Pounds (3) (millions) Tonnage (000 tonnes) Grade (Zn%) Pounds (3) (millions) Tonnage (000 tonnes) Grade (Zn%) Pounds (3) (millions) Tonnage (000 tonnes) Grade (Zn%) Pounds (3) (millions) Metallurgical Recovery (3) Peñasquito, Mexico 100% 47,400 0.62% 650 263,500 0.53% 3,080 311,000 0.54% 3,740 84,700 0.5% 1,000 81% Total Zinc 47,400 0.62% 650 263,500 0.53% 3,080 311,000 0.54% 3,740 84,700 0.5% 1,000 81% ____________________________ (1) Resources are reported exclusive of reserves.
Zinc Resources at December 31, 2024 (1)(2) Measured Resource Indicated Resource Measured and Indicated Resource Inferred Resource Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (Zn%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Zn%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Zn%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Zn%) Tonnes (3) (000) Metallurgical Recovery (3) Peñasquito, Mexico 100% 48,200 0.69% 300 163,100 0.55% 900 211,300 0.59% 1,200 21,100 0.6% 100 81% Total Zinc 48,200 0.69% 300 163,100 0.55% 900 211,300 0.59% 1,200 21,100 0.6% 100 81% 87 Table of Contents Zinc Resources at December 31, 2023 (1)(2) Measured Resource Indicated Resource Measured and Indicated Resource Inferred Resource Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (Zn%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Zn%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Zn%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Zn%) Tonnes (3) (000) Metallurgical Recovery (3) Peñasquito, Mexico (4) 100% 37,400 0.69% 300 157,300 0.59% 900 194,700 0.61% 1,200 22,800 0.6% 100 81% Telfer Projects, Australia (5)(6) 100% — —% — 51,700 0.63% 300 51,700 0.63% 300 1,900 0.5% — 78% Total Zinc 37,400 0.69% 300 209,100 0.60% 1,300 246,500 0.61% 1,500 24,700 0.6% 100 80% ____________________________ (1) Resources are reported exclusive of reserves.
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.
Amounts presented may not recalculate in total due to rounding. (2) At December 31, 2024 and 2023, gold resources at sites for which Newmont is the operator were estimated at a gold price of $2,000 and $1,600 per ounce, unless otherwise noted. Resources provided by other operators may use pricing that differs.
(14) Currently included in Corporate and Other in Note 4 to the Consolidated Financial Statements. (15) Amounts presented herein have been rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022 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.
(12) Currently included in the non-operating segment Corporate and Other in Note 4 to the Consolidated Financial Statements. 86 Table of Contents (13) Amounts presented herein have been rounded to the nearest 100,000 for ounces and tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
Gold equivalent ounces are calculated as pounds or ounces produced multiplied by the ratio of the other metals’ price to the gold price, using the metal prices in the table below: Gold Copper Silver Lead Zinc (ounce) (pound) (ounce) (pound) (pound) 2023 GEO Price $ 1,400 $ 3.50 $ 20.00 $ 1.00 $ 1.20 2022 GEO Price $ 1,200 $ 3.25 $ 23.00 $ 0.95 $ 1.15 2021 GEO Price $ 1,200 $ 2.75 $ 22.00 $ 0.90 $ 1.05 Year Ended December 31, 2023 Red Chris (4) Peñasquito Boddington Cadia (4) Telfer (4) Total / Weighted-Average Consolidated GEO sold (thousands) 16 507 246 114 13 896 Production costs per GEO sold: (1) Costs applicable to sales (2) $ 1,020 $ 1,283 $ 830 $ 1,017 $ 1,703 $ 1,127 Depreciation and amortization 181 561 144 127 109 378 Reclamation and remediation — 28 12 — 6 19 Total production costs per GEO sold (3) $ 1,201 $ 1,872 $ 986 $ 1,144 $ 1,818 $ 1,524 All-in sustaining costs per GEO sold (2) $ 1,660 $ 1,756 $ 1,067 $ 1,342 $ 2,580 $ 1,579 66 Table of Contents Year Ended December 31, 2022 Peñasquito Boddington Total / Weighted-Average Consolidated GEO sold (thousands) 1,044 231 1,275 Production costs per GEO sold: (1) Costs applicable to sales (2) $ 828 $ 782 $ 819 Depreciation and amortization 267 145 245 Reclamation and remediation 8 9 9 Total production costs per GEO sold (3) $ 1,103 $ 936 $ 1,073 All-in sustaining costs per GEO sold (2) $ 1,112 $ 894 $ 1,114 Year Ended Year ended December 31, 2021 Peñasquito Boddington Total / Weighted-Average Consolidated GEO sold (thousands) 1,100 158 1,258 Production costs per GEO sold: (1) Costs applicable to sales (2) $ 603 $ 902 $ 640 Depreciation and amortization 291 147 273 Reclamation and remediation 5 11 6 Total production costs per GEO sold (3) $ 899 $ 1,060 $ 919 All-in sustaining costs per GEO sold (2) $ 824 $ 1,098 $ 900 ____________________________ (1) Production costs and All-in sustaining costs are not comparable due to differences in the items included in each of the measures.
Gold equivalent ounces are calculated as pounds or ounces produced multiplied by the ratio of the other metals’ price to the gold price, using the metal prices in the table below: Gold Copper Silver Lead Zinc (ounce) (pound) (ounce) (pound) (pound) 2024 GEO Price $ 1,400 $ 3.50 $ 20.00 $ 1.00 $ 1.20 2023 GEO Price $ 1,400 $ 3.50 $ 20.00 $ 1.00 $ 1.20 2022 GEO Price $ 1,200 $ 3.25 $ 23.00 $ 0.95 $ 1.15 68 Table of Contents Year Ended December 31, 2024 Red Chris Peñasquito Boddington Cadia Telfer (4) Total / Weighted-Average Consolidated GEO sold (thousands) 142 1,088 205 465 16 1,916 Production costs per GEO sold: (1)(3) Costs applicable to sales (2) $ 1,209 $ 831 $ 994 $ 603 $ 2,398 $ 834 Depreciation and amortization 366 343 189 263 161 307 Reclamation and remediation 37 15 16 5 106 15 Total production costs per GEO sold $ 1,612 $ 1,189 $ 1,199 $ 871 $ 2,665 $ 1,156 All-in sustaining costs per GEO sold (1)(2)(3) $ 1,640 $ 1,090 $ 1,172 $ 987 $ 2,885 $ 1,161 Year Ended December 31, 2023 Red Chris (5) Peñasquito Boddington Cadia (5) Telfer (5) Total / Weighted-Average Consolidated GEO sold (thousands) 16 507 246 114 13 896 Production costs per GEO sold: (1)(3) Costs applicable to sales (2) $ 1,020 $ 1,283 $ 830 $ 1,017 $ 1,703 $ 1,127 Depreciation and amortization 181 561 144 127 109 378 Reclamation and remediation — 28 12 — 6 19 Total production costs per GEO sold $ 1,201 $ 1,872 $ 986 $ 1,144 $ 1,818 $ 1,524 All-in sustaining costs per GEO sold (1)(2)(3) $ 1,660 $ 1,756 $ 1,067 $ 1,342 $ 2,580 $ 1,579 Year Ended Year ended December 31, 2022 Peñasquito Boddington Total / Weighted-Average Consolidated GEO sold (thousands) 1,044 231 1,275 Production costs per GEO sold: (1)(3) Costs applicable to sales (2) $ 828 $ 782 $ 819 Depreciation and amortization 267 145 245 Reclamation and remediation 8 9 9 Total production costs per GEO sold $ 1,103 $ 936 $ 1,073 All-in sustaining costs per GEO sold (1)(2)(3) $ 1,112 $ 894 $ 1,114 ____________________________ (1) Production costs and All-in sustaining costs are not comparable due to differences in the items included in each of the measures.
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.
Copper reserves at sites acquired through the Newcrest transaction were estimated at a copper price of $3.00 per pound at December 31, 2023, with the exception of certain legacy estimates, which have applied older, more conservative price assumptions. 74 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, 2024 and 2023: Silver Reserves at December 31, 2024 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Metallurgical Recovery (3) 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) Brucejack, Canada 100% — — — 8,600 34.36 9,500 8,600 34.36 9,500 83% Peñasquito Open Pits 100% 93,900 34.68 104,700 130,800 28.52 119,900 224,700 31.09 224,600 83% Peñasquito Stockpiles (4) 100% 4,700 25.38 3,800 27,300 28.32 24,800 32,000 27.89 28,700 73% Total Peñasquito, Mexico (5) 100% 98,600 34.24 108,500 158,100 28.49 144,800 256,600 30.70 253,300 82% Cerro Negro, Argentina 100% 2,200 89.85 6,400 7,100 65.87 15,000 9,300 71.58 21,400 75% Yanacocha Open Pits and Underground 100% — — — 93,400 19.89 59,800 93,400 19.89 59,800 54% Yanacocha Stockpiles and Leach Pads (4)(6) 100% — — — 78,900 9.33 23,600 78,900 9.33 23,600 13% Total Yanacocha, Peru (7) 100% — — — 172,300 15.05 83,400 172,300 15.05 83,400 43% Pueblo Viejo Open Pits 40% 32,200 12.44 12,900 49,500 11.49 18,300 81,700 11.86 31,200 71% Pueblo Viejo Stockpiles (4) 40% — — — 38,800 14.22 17,700 38,800 14.22 17,700 71% Total Pueblo Viejo, Dominican Republic (8)(13) 40% 32,200 12.44 12,900 88,300 12.69 36,000 120,500 12.62 48,900 71% NuevaUnión, Chile (9)(13) 50% — — — 1,118,000 1.31 47,200 1,118,000 1.31 47,200 66% Norte Abierto, Chile (10)(13) 50% — — — 598,800 1.52 29,300 598,800 1.52 29,300 74% Cadia, Australia (11) 100% — — — 1,051,800 0.67 22,800 1,051,800 0.67 22,800 68% NGM Open Pit 38.5% — — — 54,600 7.78 13,700 54,600 7.78 13,700 38% NGM Stockpiles (4) 38.5% 3,200 7.87 800 — — — 3,200 7.87 800 38% Total NGM, United States (12)(14) 38.5% 3,200 7.87 800 54,600 7.78 13,700 57,900 7.78 14,500 38% Total Silver 136,200 29.37 128,600 3,257,700 3.83 401,600 3,393,800 4.86 530,200 71% Silver Reserves at December 31, 2023 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Metallurgical Recovery (3) 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) Brucejack, Canada (15) 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 (4) 100% 2,000 33.97 2,200 24,500 28.79 22,700 26,500 29.18 24,900 80% Total Peñasquito, Mexico (14) 100% 123,700 37.91 150,800 167,300 30.09 161,800 291,000 33.42 312,600 80% Cerro Negro, Argentina 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 100% — — — 93,400 19.89 59,800 93,400 19.89 59,800 54% Yanacocha Stockpiles and Leach Pads (4)(6) 100% — — — 86,000 9.07 25,100 86,000 9.07 25,100 13% Total Yanacocha, Peru 100% — — — 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 (4) 40% — — — 39,700 14.48 18,500 39,700 14.48 18,500 70% Total Pueblo Viejo, Dominican Republic (8) 40% 25,800 13.15 10,900 90,500 13.26 38,600 116,300 13.24 49,500 73% NuevaUnión, Chile (9)(13) 50% — — — 1,118,000 1.31 47,200 1,118,000 1.31 47,200 66% Norte Abierto, Chile (10)(13) 50% — — — 598,800 1.52 29,300 598,800 1.52 29,300 74% Cadia, Australia (14)(15) 100% — — — 1,102,300 0.68 24,000 1,102,300 0.68 24,000 67% NGM Open Pit 38.5% — — — 60,800 6.93 13,600 60,800 6.93 13,600 38% NGM Stockpiles (4) 38.5% 2,400 7.97 600 — — — 2,400 7.97 600 38% Total NGM, United States (12) 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% ____________________________ (1) At December 31, 2024 and 2023, silver reserves at sites for which Newmont is the operator were estimated at a silver price of $20.00 per ounce, unless otherwise noted.
Newmont is conducting a feasibility study on a potential underground block cave mine, and has commenced an exploration decline. Gold and copper porphyry-style mineralization consists of vein, disseminated and breccia sulfides. The main sulfide mineral assemblage is pyrite-chalcopyrite-bornite. Ore from the mine is fed to a primary crusher with crushed ore conveyed to a coarse ore stockpile.
Newmont is conducting a feasibility study on a potential underground block cave mine, and has commenced an exploration decline. Gold and copper porphyry-style mineralization consists of vein, disseminated and breccia sulfides. The main sulfide mineral 52 Table of Contents assemblage is pyrite-chalcopyrite-bornite.
(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. 74 Table of Contents The following tables detail zinc proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2023 and 2022: Zinc Reserves at December 31, 2023 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (Zn %) Pounds (3) (millions) Tonnage (2) (000 tonnes) Grade (Zn %) Pounds (3) (millions) Tonnage (2) (000 tonnes) Grade (Zn %) Pounds (3) (millions) Metallurgical Recovery (3) Peñasquito Open Pits, Mexico (4)(6) 100% 121,700 0.95% 2,500 142,800 0.66% 2,100 264,500 0.79% 4,600 82% Peñasquito Stockpiles, Mexico (4)(5)(6) 100% 2,000 0.66% — 24,500 0.52% 300 26,500 0.53% 300 82% Total Zinc 123,700 0.94% 2,600 167,300 0.63% 2,300 291,000 0.77% 4,900 82% Zinc Reserves at December 31, 2022 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (Zn %) Pounds (3) (millions) Tonnage (2) (000 tonnes) Grade (Zn %) Pounds (3) (millions) Tonnage (2) (000 tonnes) Grade (Zn %) Pounds (3) (millions) Metallurgical Recovery (3) Peñasquito Open Pits, Mexico 100% 103,900 0.94% 2,160 184,500 0.76% 3,080 288,500 0.82% 5,240 81% Peñasquito Stockpiles, Mexico (5) 100% 500 0.95% 10 27,500 0.46% 280 28,000 0.47% 290 81% Total Zinc 104,500 0.94% 2,180 212,000 0.72% 3,360 316,500 0.79% 5,540 81% ____________________________ (1) Zinc reserves for 2023 and 2022 were estimated at a zinc price of $1.20 per pound.
(6) Amounts presented herein have been rounded to the nearest 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96. 76 Table of Contents The following tables detail zinc proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2024 and 2023: Zinc Reserves at December 31, 2024 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Metallurgical Recovery (3) Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (Zn %) Tonnes (3) (000) Tonnage (2) (000 tonnes) Grade (Zn %) Tonnes (3) (000) Tonnage (2) (000 tonnes) Grade (Zn %) Tonnes (3) (000) Peñasquito Open Pits, Mexico (4) 100% 93,900 0.81% 800 130,800 0.60% 800 224,700 0.69% 1,500 83% Peñasquito Stockpiles, Mexico (4)(5) 100% 4,700 0.80% — 27,300 0.54% 100 32,000 0.58% 200 75% Total Zinc 98,600 0.81% 800 158,100 0.59% 900 256,600 0.68% 1,700 82% Zinc Reserves at December 31, 2023 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Metallurgical Recovery (3) Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (Zn %) Tonnes (3) (000) Tonnage (2) (000 tonnes) Grade (Zn %) Tonnes (3) (000) Tonnage (2) (000 tonnes) Grade (Zn %) Tonnes (3) (000) Peñasquito Open Pits, Mexico (6) 100% 121,700 0.95% 1,200 142,800 0.66% 900 264,500 0.79% 2,100 82% Peñasquito Stockpiles, Mexico (5)(6) 100% 2,000 0.66% — 24,500 0.52% 100 26,500 0.53% 100 82% Total Zinc 123,700 0.94% 1,200 167,300 0.63% 1,100 291,000 0.77% 2,200 82% ____________________________ (1) At December 31, 2024 and 2023, zinc reserves were estimated at a zinc price of $1.20 per pound.

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Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeMSHA 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.
Biggest changeFollowing 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 have also increased in recent years.
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
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. 90 Table of Contents PART II
ITEM 4. MINE SAFETY DISCLOSURES At Newmont, safety is a core value, and we strive for superior performance. Our health and safety management system, which includes detailed standards and procedures for safe production, addresses topics such as employee training, risk management, workplace inspection, emergency response, accident investigation and program auditing.
Our health and safety management system, which includes detailed standards and procedures for safe production, addresses topics such as employee training, risk management, workplace inspection, emergency response, accident investigation and program auditing.
The 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”).
The 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 MSHA under 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.
Removed
The dollar penalties assessed for citations issued have also increased in recent years.
Added
ITEM 4. MINE SAFETY DISCLOSURES At Newmont, safety is a core value, and we strive for superior performance. In 2024, we lost four colleagues due to fatal events at sites not 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”).
Added
We are working diligently to strengthen and improve our safety systems, along with the key safety tools that we use in the field.
Added
We are fully committed to understanding the factors that contributed to these tragedies, undertaking decisive action to improve our safety culture with a clear focus on seeking to effectively control all of the risks that could lead to a fatality. Newmont’s Always Safe program reflects learning from these tragic events.
Added
The program focuses on Integrated Systems, Robust Capabilities and Empowered Behaviors, through a leadership commitment to care, clarity, and capability. We will also continue to transparently share the lessons we learned with our employees and our peers in the industry to help improve the safety performance of our sector.

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, 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.
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, 2024 through October 31, 2024 10,300,979 $ 51.32 10,277,445 $ 2,024 November 1, 2024 through November 30, 2024 3,645,079 $ 42.73 3,627,052 $ 1,869 December 1, 2024 through December 31, 2024 2,895,409 $ 39.92 2,891,138 $ 1,754 ____________________________ (1) The total number of shares purchased (and the average price paid per share) reflects: (i) shares purchased pursuant to the repurchase program described in (2) below; and (ii) shares delivered to the Company from stock awards held by employees upon vesting for the purpose of covering the recipients’ tax withholding obligations, totaling 23,534 shares, 18,027 shares, and 4,271 shares for the fiscal months of October, November, December 2024, respectively.
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.
During the period from October 1, 2024 to December 31, 2024, 16,841,467 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.
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.
MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES (in millions, except share and per share data) Our common stock is listed and principally traded on the New York Stock Exchange under the symbol “NEM.” On February 13, 2025, there were 1,126,861,075 shares of Newmont’s common stock outstanding, which were held by approximately 6,500 stockholders of record.
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.
The program will be executed at the Company's discretion. The repurchase programs may be discontinued at any time, and the programs do 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.
(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.
(2) In February 2024, the Board of Directors authorized a $1 billion stock repurchase program to repurchase shares of outstanding common stock to provide returns to stockholders. In connection with the expected completion of such program, in October 2024, the Board authorized an additional $2 billion share repurchase program, which will expire after 24 months (in October 2026).
Removed
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
Consequently, the Board of Directors may revise or terminate such share repurchase authorizations in the future. ITEM 6. RESERVED None. 91 Table of Contents

Item 6. [Reserved]

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

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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.
Biggest changeITEM 6. RESERVED 91 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS 92 Overview 92 Consolidated Financial Results 93 Results of Consolidated Operations 98 Foreign Currency Exchange Rates 102 Liquidity and Capital Resources 103 Environmental 109 Forward Looking Statements 110 Non-GAAP Financial Measures 110 Accounting Developments 121 Critical Accounting Estimates 121 ITEM 7A.
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
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 125 Metal Prices 125 Foreign Currency 125 Commodity Price Exposure 126 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 128

Item 7. Management's Discussion & Analysis

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

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Biggest changeGold equivalent ounces are calculated as pounds or ounces produced or sold multiplied by the ratio of the other metals’ price to the gold price, using the metal prices in the table below: Gold Copper Silver Lead Zinc (ounce) (pound) (ounce) (pound) (pound) 2023 GEO Price $ 1,400 $ 3.50 $ 20.00 $ 1.00 $ 1.20 2022 GEO Price $ 1,200 $ 3.25 $ 23.00 $ 0.95 $ 1.15 2021 GEO Price $ 1,200 $ 2.75 $ 22.00 $ 0.90 $ 1.05 96 Table of Contents Gold or Other Metals Produced Costs Applicable to Sales (1) Depreciation and Amortization All-In Sustaining Costs (2) Year Ended December 31, 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Gold (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold) CC&V 172 182 220 $ 1,156 $ 1,302 $ 1,080 $ 136 $ 386 $ 298 $ 1,644 $ 1,697 $ 1,338 Musselwhite 180 173 152 1,186 1,135 1,018 444 464 520 1,843 1,531 1,335 Porcupine 260 280 287 1,167 1,004 940 455 369 319 1,577 1,248 1,152 Éléonore 232 215 253 1,263 1,228 960 433 531 562 1,838 1,599 1,256 Red Chris (3) 5 — — 905 — — 298 — — 1,439 — — Brucejack (3) 29 — — 1,898 — — 617 — — 2,646 — — Peñasquito 143 566 686 1,219 771 549 516 258 279 1,590 968 702 Merian 322 403 437 1,207 915 751 256 199 225 1,541 1,105 895 Cerro Negro 269 278 270 1,257 1,007 912 524 525 513 1,509 1,262 1,247 Yanacocha 276 244 264 1,069 1,254 885 310 380 421 1,266 1,477 1,355 Boddington 745 798 696 847 802 887 144 145 145 1,067 921 1,083 Tanami 448 484 485 759 675 570 249 207 205 1,060 960 855 Cadia (3) 97 — — 1,079 — — 130 — — 1,271 — — Telfer (3) 43 — — 1,882 — — 87 — — 1,988 — — Lihir (3) 134 — — 1,117 — — 153 — — 1,517 — — Ahafo 581 574 481 947 990 884 312 292 298 1,222 1,178 1,084 Akyem 295 420 381 931 804 691 413 340 318 1,210 972 913 NGM 1,170 1,169 1,272 1,070 989 755 387 404 432 1,397 1,220 918 Total/Weighted Average (4) 5,401 5,786 5,884 $ 1,050 $ 933 $ 785 $ 327 $ 322 $ 336 $ 1,444 $ 1,211 $ 1,062 Merian (25%) (80) (101) (109) Yanacocha (—%, 43.65%, and 43.65%, respectively) (5) — (14) (129) Attributable to Newmont 5,321 5,671 5,646 Gold equivalent ounces - other metals (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold) Red Chris (3)(8) 20 — — $ 1,020 $ — $ — $ 181 $ — $ — $ 1,660 $ — $ — Peñasquito (6) 529 1,048 1,089 1,283 828 603 561 267 291 1,756 1,112 824 Boddington (7) 245 227 163 830 782 902 144 145 147 1,067 894 1,098 Cadia (3)(9) 90 — — 1,017 — — 127 — — 1,342 — — Telfer (3)(10) 7 — — 1,703 — — 109 — — 2,580 — — Total/Weighted-Average (3) 891 1,275 1,252 $ 1,127 $ 819 $ 640 $ 378 $ 245 $ 273 $ 1,579 $ 1,114 $ 900 Attributable gold from equity method investments (11) (ounces in thousands) Pueblo Viejo (40%) 224 285 325 Fruta del Norte (3)(12) — — — Attributable to Newmont 224 285 325 ____________________________ (1) Excludes Depreciation and amortization and Reclamation and remediation .
Biggest changeThis will result in an impact to costs allocated to the respective GEOs, particularly resulting in higher costs allocated to gold. 98 Table of Contents Gold or Other Metals Produced Costs Applicable to Sales (1) Depreciation and Amortization All-In Sustaining Costs (2) Year Ended December 31, 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022 Gold (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold) Brucejack (3) 258 29 — $ 1,254 $ 1,898 $ — $ 691 $ 617 $ — $ 1,603 $ 2,646 $ — Red Chris (3) 40 5 — $ 1,225 $ 905 $ — $ 367 $ 298 $ — $ 1,607 $ 1,439 $ — Peñasquito 299 143 566 $ 776 $ 1,219 $ 771 $ 355 $ 516 $ 258 $ 984 $ 1,590 $ 968 Merian 274 322 403 $ 1,457 $ 1,207 $ 915 $ 305 $ 256 $ 199 $ 1,852 $ 1,541 $ 1,105 Cerro Negro 238 269 278 $ 1,325 $ 1,257 $ 1,007 $ 521 $ 524 $ 525 $ 1,631 $ 1,509 $ 1,262 Yanacocha 354 276 244 $ 1,003 $ 1,069 $ 1,254 $ 279 $ 310 $ 380 $ 1,196 $ 1,266 $ 1,477 Boddington 590 745 798 $ 1,056 $ 847 $ 802 $ 193 $ 144 $ 145 $ 1,288 $ 1,067 $ 921 Tanami 408 448 484 $ 947 $ 759 $ 675 $ 300 $ 249 $ 207 $ 1,281 $ 1,060 $ 960 Cadia (3) 464 97 — $ 653 $ 1,079 $ — $ 263 $ 130 $ — $ 1,048 $ 1,271 $ — Lihir (3) 614 134 — $ 1,270 $ 1,117 $ — $ 270 $ 153 $ — $ 1,512 $ 1,517 $ — Ahafo 798 581 574 $ 904 $ 947 $ 990 $ 270 $ 312 $ 292 $ 1,072 $ 1,222 $ 1,178 NGM 1,039 1,170 1,169 $ 1,219 $ 1,070 $ 989 $ 413 $ 387 $ 404 $ 1,605 $ 1,397 $ 1,220 Held for Sale (4) CC&V 146 172 182 $ 1,390 $ 1,156 $ 1,302 $ 90 $ 136 $ 386 $ 1,691 $ 1,644 $ 1,697 Musselwhite 212 180 173 $ 1,045 $ 1,186 $ 1,135 $ 86 $ 444 $ 464 $ 1,541 $ 1,843 $ 1,531 Porcupine 284 260 280 $ 1,097 $ 1,167 $ 1,004 $ 127 $ 455 $ 369 $ 1,437 $ 1,577 $ 1,248 Éléonore 240 232 215 $ 1,339 $ 1,263 $ 1,228 $ 88 $ 433 $ 531 $ 1,811 $ 1,838 $ 1,599 Akyem 204 295 420 $ 1,596 $ 931 $ 804 $ 271 $ 413 $ 340 $ 1,816 $ 1,210 $ 972 Divested (15) Telfer (3)(5) 83 43 — $ 2,377 $ 1,882 $ — $ 142 $ 87 $ — $ 2,993 $ 1,988 $ — Total/Weighted Average (6) 6,545 5,401 5,786 $ 1,126 $ 1,050 $ 933 $ 304 $ 327 $ 322 $ 1,516 $ 1,444 $ 1,211 Merian (25%) (69) (80) (101) Yanacocha (—%, —%, and 43.65%, respectively) (7) — — (14) Attributable to Newmont 6,476 5,321 5,671 Gold equivalent ounces - other metals (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold) Red Chris (3)(8) 144 20 — $ 1,209 $ 1,020 $ — $ 366 $ 181 $ — $ 1,640 $ 1,660 $ — Peñasquito (9) 1,102 529 1,048 $ 831 $ 1,283 $ 828 $ 343 $ 561 $ 267 $ 1,090 $ 1,756 $ 1,112 Boddington (10) 206 245 227 $ 994 $ 830 $ 782 $ 189 $ 144 $ 145 $ 1,172 $ 1,067 $ 894 Cadia (3)(11) 478 90 — $ 603 $ 1,017 $ — $ 263 $ 127 $ — $ 987 $ 1,342 $ — Divested (15) Telfer (3)(5)(12) 14 7 — $ 2,398 $ 1,703 $ — $ 161 $ 109 $ — $ 2,885 $ 2,580 $ — Total/Weighted-Average (6) 1,944 891 1,275 $ 834 $ 1,127 $ 819 $ 307 $ 378 $ 245 $ 1,161 $ 1,579 $ 1,114 Copper (tonnes in thousands) Red Chris (3)(8) 26 4 — Boddington (10) 37 44 38 Cadia (3)(11) 87 16 — Divested (15) Telfer (3)(5)(12) 3 1 — Total/Weighted-Average 153 65 38 Lead (tonnes in thousands) Peñasquito (9) 96 51 68 Zinc (tonnes in thousands) Peñasquito (9) 258 104 171 Attributable gold from equity method investments (13) (ounces in thousands) Pueblo Viejo (40%) 235 224 285 Fruta del Norte (3)(14) 138 — — Attributable to Newmont 373 224 285 99 Table of Contents ____________________________ (1) Excludes Depreciation and amortization and Reclamation and remediation .
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.
Refer to the Notes to 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.
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.
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 (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.
(2) For additional information regarding our discontinued operations, refer to Note 1 to our Consolidated Financial Statements. (3) Adjusted net income (loss) per diluted share is calculated using diluted common shares, which are calculated in accordance with GAAP.
(2) For additional information regarding our discontinued operations, refer to Note 1 to our Consolidated Financial Statements. (3) Adjusted net income (loss) per diluted share is calculated using diluted common shares, which are calculated in accordance with GAAP.
(12) Primarily represents a $11 reimbursement of certain historical Goldcorp operational expenses related to a legacy project that reached commercial production in the second quarter of 2022 and $7 of penalty income from an energy vendor early terminating a contract in 2022, included Other income (loss), net .
(12) Other, included Other income (loss), net , primarily represents a $11 reimbursement of certain historical Goldcorp operational expenses related to a legacy project that reached commercial production in the second quarter of 2022 and $7 of penalty income from an energy vendor early terminating a contract in 2022.
The World Gold Council is a market development organization for the gold industry comprised of and funded by gold mining companies around the world and a regulatory organization.
The World Gold Council is a market development organization for the gold industry comprised of and funded by gold mining companies around the world and is a regulatory organization.
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.
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 to the Consolidated Financial Statements.
Year Ended December 31, 2023 Costs Applicable to Sales (1)(2)(3) Reclamation Costs (4) Advanced Projects, Research and Development and Exploration (5) General and Administrative Other Expense, Net (6) Treatment and Refining Costs Sustaining Capital and Lease Related Costs (7)(8) All-In Sustaining Costs Ounces (000) Sold All-In Sustaining Costs per Ounce (9) Gold CC&V $ 198 $ 10 $ 10 $ — $ 2 $ — $ 62 $ 282 171 $ 1,644 Musselwhite 214 5 10 — — — 104 333 181 1,843 Porcupine 301 23 12 — — — 71 407 258 1,577 Éléonore 295 9 10 — — — 114 428 233 1,838 Red Chris (10) 4 — — — — — 2 6 4 1,439 Brucejack (10) 69 — 7 — 1 3 16 96 36 2,646 Peñasquito 158 7 1 — 2 9 29 206 130 1,590 Merian 385 7 14 — — 1 85 492 319 1,541 Cerro Negro 328 5 5 — 5 — 51 394 261 1,509 Yanacocha 294 24 7 — — — 24 349 275 1,266 Boddington 634 17 5 — — 18 125 799 749 1,067 Tanami 337 3 1 — — — 130 471 444 1,060 Cadia (10) 129 — 1 — — 6 16 152 120 1,271 Telfer (10) 126 — 2 — — 3 2 133 67 1,988 Lihir (10) 146 — 2 — — — 51 199 131 1,517 Ahafo 547 20 2 — 2 — 135 706 578 1,222 Akyem 275 44 1 — — — 37 357 296 1,210 NGM 1,249 17 13 11 2 6 332 1,630 1,167 1,397 Corporate and Other (11) — — 89 255 6 — 37 387 — — Total Gold $ 5,689 $ 191 $ 192 $ 266 $ 20 $ 46 $ 1,423 $ 7,827 5,420 $ 1,444 Gold equivalent ounces - other metals (12) Red Chris (10) $ 17 $ — $ — $ — $ — $ 3 $ 7 $ 27 16 $ 1,660 Peñasquito 651 30 5 1 1 82 120 890 507 1,756 Boddington 204 3 1 — — 15 39 262 246 1,067 Cadia (10) 116 — 1 — — 19 17 153 114 1,342 Telfer (10) 22 — 2 — — 4 5 33 13 2,580 Corporate and Other (11) — — 11 32 — — 6 49 — — Total Gold Equivalent Ounces $ 1,010 $ 33 $ 20 $ 33 $ 1 $ 123 $ 194 $ 1,414 896 $ 1,579 Consolidated $ 6,699 $ 224 $ 212 $ 299 $ 21 $ 169 $ 1,617 $ 9,241 ____________________________ (1) Excludes Depreciation and amortization and Reclamation and remediation .
Year Ended December 31, 2023 Costs Applicable to Sales (1)(2)(3) Reclamation Costs (4) Advanced Projects, Research and Development and Exploration (5) General and Administrative Other Expense, Net (6) Treatment and Refining Costs Sustaining Capital and Lease Related Costs (7)(8) All-In Sustaining Costs Ounces (000) Sold All-In Sustaining Costs per Ounce (9) Gold CC&V $ 198 $ 10 $ 10 $ — $ 2 $ — $ 62 $ 282 171 $ 1,644 Musselwhite 214 5 10 — — — 104 333 181 $ 1,843 Porcupine 301 23 12 — — — 71 407 258 $ 1,577 Éléonore 295 9 10 — — — 114 428 233 $ 1,838 Brucejack (10) 69 — 7 — 1 3 16 96 36 $ 2,646 Red Chris (10) 4 — — — — — 2 6 4 $ 1,439 Peñasquito 158 7 1 — 2 9 29 206 130 $ 1,590 Merian 385 7 14 — — 1 85 492 319 $ 1,541 Cerro Negro 328 5 5 — 5 — 51 394 261 $ 1,509 Yanacocha 294 24 7 — — — 24 349 275 $ 1,266 Boddington 634 17 5 — — 18 125 799 749 $ 1,067 Tanami 337 3 1 — — — 130 471 444 $ 1,060 Cadia (10) 129 — 1 — — 6 16 152 120 $ 1,271 Telfer (10) 126 — 2 — — 3 2 133 67 $ 1,988 Lihir (10) 146 — 2 — — — 51 199 131 $ 1,517 Ahafo 547 20 2 — 2 — 135 706 578 $ 1,222 Akyem 275 44 1 — — — 37 357 296 $ 1,210 NGM 1,249 17 13 11 2 6 332 1,630 1,167 $ 1,397 Corporate and Other (11) — — 89 255 6 — 37 387 — $ — Total Gold 5,689 191 192 266 20 46 1,423 7,827 5,420 $ 1,444 Gold equivalent ounces - other metals (12)(13) Red Chris (10) 17 — — — — 3 7 27 16 $ 1,660 Peñasquito 651 30 5 1 1 82 120 890 507 $ 1,756 Boddington 204 3 1 — — 15 39 262 246 $ 1,067 Cadia (10) 116 — 1 — — 19 17 153 114 $ 1,342 Telfer (10) 22 — 2 — — 4 5 33 13 $ 2,580 Corporate and Other (11) — — 11 32 — — 6 49 — $ — Total Gold Equivalent Ounces 1,010 33 20 33 1 123 194 1,414 896 $ 1,579 Consolidated $ 6,699 $ 224 $ 212 $ 299 $ 21 $ 169 $ 1,617 $ 9,241 ____________________________ (1) Excludes Depreciation and amortization and Reclamation and remediation .
Year 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 .
Year 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)(15) 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 .
The majority of our cash and cash equivalents are invested in a variety of highly liquid investments with original maturities of three months or less. Our Cash and cash equivalents are highly liquid and low-risk investments that are available to fund our operations as necessary.
The majority of our cash and cash equivalents are invested in a variety of highly liquid and low-risk investments with original maturities of three months or less that are available to fund our operations as necessary.
(5) Reclamation and remediation charges, net, 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. Refer to Note 6 to our Consolidated Financial Statements for further information.
(6) Reclamation and remediation charges, net, 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. Refer to Note 6 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.
(5) Reclamation and remediation charges, 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, 2023, 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, 2024, Newmont USA guaranteed $600 aggregate principal amount of debt of Newmont that did not contain a similar fall-away provision).
(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, 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.
(14) 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.
(14) Valuation allowance and other tax adjustments, 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.
The majority of Ahafo’s activity has historically been denominated in USD; as a result, the devaluation of the Ghanaian cedi has resulted in an immaterial impact on our financial statements. Therefore, future devaluation of the Ghanaian cedi is not expected to have a material impact on our financial statements.
The majority of Ahafo’s activity has historically been denominated in USD; as a result, the devaluation of the Ghanaian cedi has resulted in an immaterial impact on our financial statements. Therefore, future devaluation of the Ghanaian cedi is not expected to have a material impact on our financial statements. Argentina.
Examples of events or circumstances that could reasonably be expected to negatively affect the underlying key assumptions and ultimately impact the estimated fair value of our reporting units include, but are not limited to, such items as: (i) a decrease in forecasted production levels if we are unable to realize the mineable reserves, resources and exploration potential at our mining properties and extend the life of mine (ii) increased production or capital costs (iii) adverse changes in macroeconomic conditions including the market price of metals and changes in the equity and debt markets or country specific factors which could result in higher discount rates, (iv) significant unfavorable changes in tax rates including increased corporate income or mining tax rates, and (v) negative changes in regulation, legislation, and political environments which could impact our ability to operate in the future.
Examples of events or circumstances that could reasonably be 122 Table of Contents expected to negatively affect the underlying key assumptions and ultimately impact the estimated fair value of our reporting units include, but are not limited to, such items as: (i) a decrease in forecasted production levels if we are unable to realize the mineable reserves, resources and exploration potential at our mining properties and extend the life of mine (ii) increased production or capital costs (iii) adverse changes in macroeconomic conditions including the market price of metals and changes in the equity and debt markets or country specific factors which could result in higher discount rates, (iv) significant unfavorable changes in tax rates including increased corporate income or mining tax rates, and (v) negative changes in regulation, legislation, and political environments which could impact our ability to operate in the future.
Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows: Year Ended December 31, 2023 per share data (1) basic diluted Net income (loss) attributable to Newmont stockholders $ (2,494) $ (2.97) $ (2.97) Net loss (income) attributable to Newmont stockholders from discontinued operations (2) (27) (0.03) (0.03) Net income (loss) attributable to Newmont stockholders from continuing operations (3) (2,521) (3.00) (3.00) Impairment charges, net (4) 1,888 2.25 2.25 Reclamation and remediation charges (5) 1,260 1.50 1.50 Newcrest transaction and integration costs (6) 464 0.56 0.56 (Gain) loss on asset and investment sales (7) 197 0.23 0.23 Change in fair value of investments (8) 47 0.05 0.05 Restructuring and severance (9) 24 0.03 0.03 Pension settlements (10) 9 0.01 0.01 Settlement costs (11) 7 0.01 0.01 COVID-19 specific costs (12) 1 — — Other (13) (5) — — Tax effect of adjustments (14) (613) (0.73) (0.73) Valuation allowance and other tax adjustments, net (15) 566 0.66 0.66 Adjusted net income (loss) $ 1,324 $ 1.57 $ 1.57 Weighted average common shares (millions): (3) 841 841 ____________________________ (1) Per share measures may not recalculate due to rounding.
Year Ended December 31, 2023 per share data (1) basic diluted Net income (loss) attributable to Newmont stockholders $ (2,494) $ (2.97) $ (2.97) Net loss (income) attributable to Newmont stockholders from discontinued operations (2) (27) (0.03) (0.03) Net income (loss) attributable to Newmont stockholders from continuing operations (3) (2,521) (3.00) (3.00) Impairment charges, net (4) 1,888 2.25 2.25 Reclamation and remediation charges (5) 1,260 1.50 1.50 Newcrest transaction and integration costs (6) 464 0.56 0.56 (Gain) loss on asset and investment sales (7) 197 0.23 0.23 Change in fair value of investments (8) 47 0.05 0.05 Restructuring and severance (9) 24 0.03 0.03 Pension settlements (10) 9 0.01 0.01 Settlement costs (11) 7 0.01 0.01 COVID-19 specific costs (12) 1 — — Other (13) (5) — — Tax effect of adjustments (14) (613) (0.73) (0.73) Valuation allowance and other tax adjustments (15) 566 0.66 0.66 Adjusted net income (loss) $ 1,324 $ 1.57 $ 1.57 Weighted average common shares (millions): (3) 841 841 ____________________________ (1) Per share measures may not recalculate due to rounding.
Reclamation and remediation adjustments during 2022 primarily related to (i) increased water management costs at portions of our Yanacocha and Porcupine site operations that are non-operating (ii) increased costs due to closure plan design changes at our Porcupine site operations (iii) higher waste disposal costs and project execution delays at the Midnite mine and Dawn mill sites and (iv) higher estimated closure costs due to cost inflation.
Reclamation and remediation adjustments during 2023 primarily related to (i) increased water management costs at portions of our Yanacocha and Porcupine site operations that are non-operating (ii) increased costs due to closure plan design changes at our Porcupine site operations (iii) higher waste disposal costs and project execution delays at the Midnite mine and Dawn mill sites and (iv) higher estimated closure costs due to cost inflation.
(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.
(12) 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.
See Liquidity and Capital Resources within Part II, Item 7, MD&A for sustaining capital by segment. (8) Includes finance lease payments for sustaining projects of $64 and excludes finance lease payments for development projects of $36. (9) Per ounce measures may not recalculate due to rounding. (10) Sites acquired through the Newcrest transaction.
Refer to Liquidity and Capital Resources within Part II, Item 7, MD&A for sustaining capital by segment. (8) Includes finance lease payments for sustaining projects of $64 and excludes finance lease payments for development projects of $36. (9) Per ounce measures may not recalculate due to rounding. (10) Sites acquired through the Newcrest transaction.
(6) Other expense, net includes incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational segments of $1 at Musselwhite, $3 at Éléonore, $7 at Peñasquito, $3 at Merian, $7 at Cerro Negro, $6 at Yanacocha,$2 at Boddington, $6 at Tanami, totaling $35.
(6) Other expense, net includes incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational segments of $1 at Musselwhite, $3 at Éléonore, $7 at Peñasquito, $3 at Merian, $7 at Cerro Negro, $6 at Yanacocha,$2 at Boddington, $6 at Tanami, totaling $35, included in Other expense, net .
(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.
(5) 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.
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.
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, 2024, we have not identified events or changes in circumstances that indicate that the carrying value of the Conga project is not recoverable.
(6) 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 regarding our investments, refer to Note 15 to our Consolidated Financial Statements.
(6) Change in fair value of investments and options, 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.
(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.
(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 $99 and additional payments of $— for operating leases that have not yet commenced.
(5) Advanced projects, research and development and Exploration excludes development expenditures of $1 at CC&V, $3 at Porcupine, $5 at Peñasquito, $10 at Merian, $24 at Cerro Negro, $20 at Yanacocha, $21 at Tanami, $21 at Ahafo, $12 at Akyem, $17 at NGM and $141 at Corporate and Other, totaling $275 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(5) Excludes development expenditures of $1 at CC&V, $3 at Porcupine, $5 at Peñasquito, $10 at Merian, $24 at Cerro Negro, $20 at Yanacocha, $21 at Tanami, $21 at Ahafo, $12 at Akyem, $17 at NGM and $141 at Corporate and Other, totaling $275 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(5) Advanced projects, research and development and Exploration excludes development expenditures of $3 at CC&V, $5 at Porcupine, $5 at Peñasquito, $9 at Merian, $5 at Cerro Negro, $4 at Yanacocha, $29 at Tanami, $38 at Ahafo, $18 at Akyem, $16 at NGM and $121 at Corporate and Other, totaling $253 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(5) Excludes development expenditures of $3 at CC&V, $5 at Porcupine, $5 at Peñasquito, $9 at Merian, $5 at Cerro Negro, $4 at Yanacocha, $29 at Tanami, $38 at Ahafo, $18 at Akyem, $16 at NGM and $121 at Corporate and Other, totaling $253 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(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.
(4) Contractual obligations for Employee-related benefit s include severance, workers’ participation, pension and other benefit plans. Pension plan and other benefit payments beyond 2034 cannot be reasonably estimated given variable market conditions and actuarial assumptions and are not included.
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.
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 herein as the "Obligor Group". These guarantees are full and unconditional, and none of our other subsidiaries guarantee any security issued and outstanding.
We have exposure to the impact of foreign exchange fluctuations on tax positions in certain jurisdictions, such movements are recorded within Income and mining tax benefit (expense) related to deferred income tax assets and liabilities, as well as non-current uncertain tax positions, while foreign exchange fluctuations impacting current tax positions are recorded within Other income (loss), net as foreign currency exchange gains (losses).
We have exposure to the impact of foreign exchange fluctuations on tax positions in certain jurisdictions, such movements are recorded within Income and mining tax benefit (expense) related to deferred income tax assets and liabilities, as well as non-current uncertain tax positions, while foreign exchange fluctuations impacting current tax positions are recorded within Other income (loss), net as foreign currency 123 Table of Contents exchange gains (losses).
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.
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.
For further information on our debt, refer to Note 20 of the Consolidated Financial Statements.
Refer to Note 20 to the Consolidated Financial Statements for further information on our Debt .
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.
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 $1,039 before consideration of other value beyond proven and probable reserves which may significantly decrease the amount of any potential impairment charge.
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 $35 of 114 Table of Contents 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.
In 2021, the Bank of Ghana created a gold purchase program 99 Table of Contents in the effort to stabilize the local currency and build up gold reserves through domestic gold purchases conducted in local currency at prevailing market rates. As the gold purchase program was voluntary, there was no significant impact to Ahafo.
In 2021, the Bank of Ghana created a gold purchase program in the effort to stabilize the local currency and build up gold reserves through domestic gold purchases conducted in local currency at prevailing market rates. As the gold purchase program was voluntary, there was no significant impact to Ahafo.
(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.
(14) Valuation allowance and other tax adjustments, 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.
(7) (Gain) loss on asset and investment sales, included in Gain on asset and investment sales, net , primarily represents the impairment loss on the abandonment of the pyrite leach plant at Peñasquito offset by the net gain recognized on the exchange of Maverix shares and warrants to Triple flag and the subsequent sale of Triple Flag shares.
(7) (Gain) loss on asset and investment sales, included in Other income (loss), net , primarily represents the loss on the abandonment of the pyrite leach plant at Peñasquito offset by the net gain recognized on the exchange of Maverix shares and warrants to Triple flag and the subsequent sale of Triple Flag shares.
Refer to Note 11 to our Consolidated Financial Statements for further information. (11) Settlement costs, included in Other expense, net , primarily represents costs related to additional employee related accruals as a result of the Australian Fair Work legislation.
Refer to Note 11 to our Consolidated Financial Statements for further information. 113 Table of Contents (11) Settlement costs, included in Other expense, net , primarily represents costs related to additional employee related accruals as a result of the Australian Fair Work legislation.
(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.
(2) Finance lease and other financing obligations includes finance lease payments of $658 and additional payments of $3 for finance leases that have not yet commenced. (3) Mining operations are subject to extensive environmental regulations in the jurisdictions in which they operate.
If the Company determines to sell or abandon a project due to uncertainty from changes in circumstances related to technical, economic, social, political or community factors, or other evolving circumstances indicate that the carrying value may not be recoverable, then a recoverability test is performed to determine if an impairment charge should be recorded.
If the Company determines to 121 Table of Contents sell or abandon a project due to uncertainty from changes in circumstances related to technical, economic, social, political or community factors, or other evolving circumstances indicate that the carrying value may not be recoverable, then a recoverability test is performed to determine if an impairment charge should be recorded.
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.
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.
(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.
(10) Restructuring and severance, 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.
Depending on the duration and extent of the impact of these events, commodity prices and the prices for gold and other metals could continue to experience volatility; transportation industry disruptions could continue, including limitations on shipping produced metals; our supply chain could continue to experience disruption; cost inflation rates could further increase; or we could incur credit related losses of certain financial assets, which could materially impact the Company’s results of operations, cash flows and financial condition.
Depending on the duration and extent of the impact of these events, or changes in commodity prices, the prices for gold and other metals, and foreign exchange rates, we could continue to experience volatility; transportation industry disruptions could continue, including limitations on shipping produced metals; our supply chain could continue to experience disruption; cost inflation rates could further increase; or we could incur credit related losses of certain financial assets, which could materially impact our results of operations, cash flows and financial condition.
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.
The following MD&A generally discusses our consolidated financial condition and results of operations for 2024 and 2023 and year-to-year comparisons between 2024 and 2023.
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.
Refer to Note 4 to our Consolidated Financial Statements and Non-GAAP Financial Measures, "All-In Sustaining Costs", 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.
Net assets attributable to noncontrolling interests were $178 at December 31, 2023. All noncontrolling interests relate to non-guarantor subsidiaries. Newmont and Newmont USA are primarily holding companies with no material operations, sources of income or assets other than equity interest in their subsidiaries and intercompany receivables or payables.
Net assets attributable to noncontrolling interests were $181 at December 31, 2024. All noncontrolling interests relate to non-guarantor subsidiaries. Newmont and Newmont USA are primarily holding companies with no material operations, sources of income or assets other than equity interest in their subsidiaries and intercompany receivables or payables.
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.
During the year ended December 31, 2024, 2023, and 2022, capital expenditures were approximately $35, $41, and $29, 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.
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.
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 and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value.
We believe that our liquidity and capital resources are adequate to fund our operations and corporate activities. At December 31, 2023, $1,585 of Cash and cash equivalents was held in foreign subsidiaries and is primarily held in USD denominated accounts with the remainder in foreign currencies readily convertible to USD.
We believe that our liquidity and capital resources are adequate to fund our operations and corporate activities. At December 31, 2024, $1,970 of Cash and cash equivalents was held in foreign subsidiaries and is primarily held in USD denominated accounts with the remainder in foreign currencies readily convertible to USD.
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.
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, 2024, $1,655 in consolidated cash and cash equivalents was held at certain foreign subsidiaries that, if repatriated, may be subject to withholding taxes.
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.
The repurchase programs may be discontinued at any time, and the programs do 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.
In recent years, Argentina’s central bank enacted a number of foreign currency controls in an effort to stabilize the local currency, including requiring the Company to convert USD proceeds from metal sales to local currency within 60 days from shipment date or five business days from receipt of cash, whichever happens first, as well as restricting payments to foreign-related entities denominated in foreign currency, such as dividends or distributions to the parent and related companies and royalties and other payments to foreign beneficiaries.
Beginning in 2020, Argentina’s central bank enacted a number of foreign currency controls in an effort to stabilize the local currency, including requiring the Company to convert USD proceeds from metal sales to local currency within 60 days from shipment date or 20 business days from receipt of cash, whichever happens first, as well as restricting payments to foreign-related entities denominated in foreign currency, such as dividends or distributions to the parent and related companies and royalties and other payments to foreign beneficiaries.
Refer to Note 20 to the Consolidated Financial Statements for more information. 114 Table of Contents Debt Covenants Our senior notes and revolving credit facilities contain various covenants and default provisions including payment defaults, limitation on liens, leases, sales and leaseback agreements and merger restrictions.
Refer to Note 20 to the Consolidated Financial Statements for more information. Debt Covenants Our senior notes and revolving credit facilities contain various covenants and default provisions including payment defaults, limitation on liens, leases, sales and leaseback agreements and merger restrictions.
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.
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.
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 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, 2024 is a long-term gold price of $1,900 per ounce.
(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.
(5) 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. Refer to Note 6 to our Consolidated Financial Statements for further information.
(2) Includes by-product credits of $137 and excludes co-product revenues of $1,219. (3) Includes stockpile and leach pad inventory adjustments of $3 at Porcupine, $5 at Éléonore, $2 at Brucejack, $32 at Peñasquito, $2 at Cerro Negro, $5 at Yanacocha, $4 at Telfer, $1 at Akyem, and $43 at NGM.
(2) Includes by-product credits of $137. (3) Includes stockpile and leach pad inventory adjustments of $3 at Porcupine, $5 at Éléonore, $2 at Brucejack, $32 at Peñasquito, $2 at Cerro Negro, $5 at Yanacocha, $4 at Telfer, $1 at Akyem, and $43 at NGM.
Compliance with GISTM remains on-going and has and may continue to result in further increases to our estimated sustaining costs and closure costs for existing operations and non-operating sites. 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.
Conformance with the GISTM is on-going and has and may continue to result in further increases to our estimated sustaining costs and closure costs for existing operations and non-operating sites. 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.
For additional information regarding our investments, refer to Note 15 to our Consolidated Financial Statements. (7) Restructuring and severance, included in Other expense, net , primarily represents severance and related costs associated with significant organizational and operating model changes implemented by the Company for all periods presented.
For additional information regarding our investments, refer to Note 15 to our Consolidated Financial Statements. (9) Restructuring and severance, included in Other expense, net , primarily represents severance and related costs associated with significant organizational and operating model changes implemented by the Company.
(6) Other expense, net is adjusted for settlement costs of Newcrest transaction-related costs of $464, restructuring and severance costs of $24, settlement costs of $7, and distributions from the Newmont Global Community Support fund of $1. (7) Excludes capitalized interest related to sustaining capital expenditures.
(6) Other expense, net is adjusted for settlement costs of Newcrest transaction-related costs of $464, restructuring and severance costs of $24, settlement costs of $7, and distributions from the Newmont Global Community Support fund of $1, included in Other expense, net . 119 Table of Contents (7) Excludes capitalized interest related to sustaining capital expenditures.
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.
In October 2022, the Company entered into A$574 of AUD-denominated fixed forward contracts, designated as foreign currency cash flow hedges, 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.
Refer to Note 10 to the Consolidated Financial Statements for additional detail on the valuation allowance. For additional risk factors that could impact the Company’s ability to realize the deferred tax assets, refer to Note 2 to the Consolidated Financial Statements.
Refer to Note 10 to the Consolidated Financial Statements for additional detail on the valuation allowance. For additional risk factors that could impact the Company’s ability to realize the deferred tax assets, refer to Note 2 to the Consolidated Financial Statements. 124 Table of Contents
Concurrently, the Company completed a drawdown on the $4,000 revolving credit agreement and used the proceeds thereof to repay the remaining $1,461 owed on the remaining bilateral bank debt facilities.
On February 20, 2024, the Company completed a drawdown on the $4,000 revolving credit agreement and used the proceeds thereof to repay the remaining $1,461 owed on the remaining bilateral bank debt facilities.
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.
The significant assumption in determining the future cash flows for each mine site at December 31, 2024 is a long-term gold price of $1,900 per ounce.
(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.
(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 2024 and 2023, and Gold ($1,200/oz.), Copper ($3.25/lb.), Silver ($23.00/oz.), Lead ($0.95/lb.) and Zinc ($1.15/lb.) pricing for 2022.
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.
(7) Change in fair value of investments and options, 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 regarding our investments, refer to Note 15 to our Consolidated Financial Statements.
(14) 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.
(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 tax rate.
Reclamation and remediation obligations The Company records the estimated asset retirement obligations associated with operating and non-operating mine sites when an obligation is incurred and the fair value can be reasonably estimated.
Reclamation and remediation obligations The Company records the estimated asset retirement obligations associated with operating and non-operating mine sites when an obligation is incurred and the estimated costs can be reasonably measured.
At December 31, 2023 and 2022, $8,385 and $6,731, respectively, were accrued for reclamation costs relating to currently or recently producing or development stage mineral properties, of which $558 and $482, respectively, were classified as current liabilities. In addition, we are involved in several matters concerning environmental obligations associated with former, primarily historical, mining activities.
At December 31, 2024 and 2023, $7,015 and $8,385, respectively, were accrued for reclamation costs relating to currently or recently producing or development stage mineral properties, of which $928 and $558, respectively, were classified as current liabilities. In addition, we are involved in several matters concerning environmental obligations associated with former, primarily historical, 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.
Based upon our best estimate of our liability for these matters, $370 and $401 were accrued for such obligations at December 31, 2024 and 2023, respectively, of which $63 and $61, respectively, were classified as current liabilities. We spent $82, $44, and $56 during 2024, 2023, and 2022, respectively, for environmental obligations related to the former mining activities.
Costs applicable to sales per ounce/gold equivalent ounce Costs applicable to sales per ounce/gold equivalent ounce are non-GAAP financial measures. These measures are calculated by dividing the costs applicable to sales of gold and other metals by gold ounces or gold equivalent ounces sold, respectively. These measures are calculated for the periods presented on a consolidated basis.
These measures are calculated by dividing the costs applicable to sales of gold and other metals by gold ounces or gold equivalent ounces sold, respectively. These measures are calculated for the periods presented on a consolidated basis.
Net Debt Management uses Net Debt to measure the Company’s liquidity and financial position. Net Debt is calculated as Debt and Lease and other financing obligations less Cash and cash equivalents and time deposits included in Time deposits and other investments , as presented on the Consolidated Balance Sheets.
Net Debt Management uses Net Debt to measure the Company’s liquidity and financial position. Net Debt is calculated as Debt and Lease and other financing obligations less Cash and cash equivalents , as presented on the Consolidated Balance Sheets.
(2) Includes by-product credits of $117 and excludes co-product revenues of $1,499. (3) Includes stockpile and leach pad inventory adjustments of $37 at CC&V, $37 at Yanacocha, $3 at Merian, $9 at Ahafo, $19 at Akyem, and $51 at NGM.
(2) Includes by-product credits of $117. (3) Includes stockpile and leach pad inventory adjustments of $37 at CC&V, $3 at Merian, $37 at Yanacocha, $9 at Ahafo, $19 at Akyem, and $51 at NGM.
(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.
Refer to Note 20 to our Consolidated Financial Statements. (11) Pension settlements, included in Other income (loss), net, primarily represents pension settlement charges related to lump sum payments to participants in 2024, lump sum payments to participants in 2023, and the annuitization of certain defined benefit plans and lump sum payments to participants in 2022.
Refer to Note 20 to the Consolidated Financial Statements for additional information.
Refer to Note 5 to the Consolidated Financial Statements for additional information.
Cash and cash equivalents and time deposits are subtracted from Debt and Lease and other financing obligations as these are highly liquid, low-risk investments and could be used to reduce the Company's debt obligations. The Company believes the use of Net Debt allows investors and others to evaluate financial flexibility and strength of the Company's balance sheet.
Cash and cash equivalents are subtracted from Debt and Lease and other financing obligations as these could be used to reduce the Company's debt obligations. The Company believes the use of Net Debt allows investors and others to evaluate financial flexibility and strength of the Company's balance sheet.
We perform a comprehensive review of our reclamation and remediation liabilities annually and review changes in facts and circumstances associated with these obligations at least quarterly. Notably, Newmont is committed to the implementation of GISTM for tailing storage facilities by 2025.
We perform a comprehensive review of our reclamation and remediation liabilities annually and review changes in facts and circumstances associated with these obligations at least quarterly. Newmont is committed to the implementation of the GISTM and the disclosure of implementation status for tailings facilities by August 2025.
(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 .
(2) Includes by-product credits of $61, $13, and $8 in 2024, 2023, and 2022, respectively. (3) Excludes Depreciation and amortization and Reclamation and remediation .
The subsidiary guarantees are effectively junior to any secured indebtedness of Newmont USA to the extent of the value of the assets securing such indebtedness. 115 Table of Contents At December 31, 2023, Newmont USA had approximately $8,867 of consolidated indebtedness (including guaranteed debt), all of which relates to the guarantees of indebtedness of Newmont.
The subsidiary guarantees are effectively junior to any secured indebtedness of Newmont USA to the extent of the value of the assets securing such indebtedness. At December 31, 2024, Newmont USA had approximately $8,470 of consolidated indebtedness (including guaranteed debt), all of which relates to the guarantees of indebtedness of Newmont.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

16 edited+6 added−10 removed11 unchanged
Biggest changeWe 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.
Biggest changeFluctuations 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. 125 Table of Contents 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, 2024 in relation to the U.S. dollar at our foreign mining operations, with no mitigation assumed from our foreign currency cash flow hedges.
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 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, 2024.
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.
Interest Rate Risk We are subject to interest rate risk related to the fair value of our senior notes which is wholly comprised of fixed rates at December 31, 2024. For fixed rate debt, changes in interest rates generally affect the fair value of the debt instrument, but not our earnings or cash flows.
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.
The significant assumptions in determining the stockpile, leach pad and product inventory adjustments for each mine site reporting unit at December 31, 2024 included production cost and capitalized expenditure assumptions unique to each operation, and the following short-term and long-term assumptions: Short-term Long-term Gold price (per ounce) $ 2,663 $ 1,900 Copper price (per pound) $ 4.17 $ 4.00 Silver price (per ounce) $ 31.38 $ 25.00 Lead price (per pound) $ 0.91 $ 0.90 Zinc price (per pound) $ 1.38 $ 1.25 AUD to USD exchange rate $ 0.65 $ 0.70 CAD to USD exchange rate $ 0.71 $ 0.75 MXN to USD exchange rate $ 0.05 $ 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.
Market risk is the risk that the fair value of a derivative might be adversely affected by a change in currency exchange rates, and that this in turn affects our financial condition. We manage market risk by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken.
By using hedges, we are affected by market risk, credit risk, and market liquidity risk. Market Risk Market risk is the risk that the fair value of a derivative might be adversely affected by a change in commodity prices or currency exchange rates, and that this in turn affects our financial condition.
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.
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.
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.
For the foreign currency cash flow hedges, we utilized a modeling technique that measures the change in the fair values arising from a hypothetical 10% adverse movement in the AUD and CAD foreign currency exchange rates relative to the U.S. dollar, with all other variables held constant.
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.
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.
We mitigate this potential risk to our financial condition by establishing trading agreements with counterparties under which we are not required to post any collateral or be subject to any margin calls on our derivatives. Our counterparties cannot require settlement solely because of an adverse change in the fair value of a derivative.
We manage market risk by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. We mitigate this potential risk to our financial condition by establishing trading agreements with counterparties under which we are not required to post any collateral or be subject to any margin calls on our derivatives.
(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
(2) The closing settlement price as of December 31, 2024 is determined utilizing the London Metal Exchange for copper, lead and zinc and the London Bullion Market Association for gold and silver.
Provisionally 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.
Provisionally 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) 265 $ 2,635 $ 46 $ 2,609 Copper (pounds, in millions) 85 $ 3.99 $ 23 $ 3.95 Silver (ounces, in millions) 6 $ 28.99 $ 12 $ 28.91 Lead (pounds, in millions) 52 $ 0.88 $ 3 $ 0.87 Zinc (pounds, in millions) 114 $ 1.34 $ 10 $ 1.35 ____________________________ (1) Includes provisionally priced by-product sales subject to final pricing, which are recognized as a reduction to Costs applicable to sales.
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 sensitivity analyses indicated that a hypothetical 10% adverse movement would result in an approximate $71 increase to Costs applicable to sales per gold ounce at December 31, 2024. Commodity Price Exposure Our provisional concentrate sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes.
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.
Credit Risk Credit risk is the risk that a third party might fail to fulfill its performance obligations under the terms of a financial instrument.
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.
Refer to Note 13 to our Consolidated Financial Statements for further information pertaining to the fair value of our fixed rate debt. Foreign Currency We have significant operations and/or assets in the U.S., Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji and Ghana.
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.
The sensitivity analyses indicated that a hypothetical 10% adverse movement would result in an approximate decrease in the fair value of the Cadia PPA cash flow hedge and the foreign currency cash flow hedges of $32 and $195 at December 31, 2024, respectively.
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.
The Cadia PPA mitigates the variability in future cash flows related to a portion of power purchases at the Cadia mine and the foreign currency cash flow hedges were entered into to mitigate variability in the USD functional cash flows related to the AUD- and CAD-denominated operating expenditures and AUD-denominated capital expenditures.
Removed
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
Hedging The Company's hedging instruments consisted of the Cadia Power Purchase Agreement ("Cadia PPA") and foreign currency cash flow hedges at December 31, 2024, which were transacted for risk management purposes.
Removed
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
Our counterparties cannot require settlement solely because of an adverse change in the fair value of a derivative. We have performed sensitivity analyses as of December 31, 2024 regarding the Cadia PPA and foreign currency cash flow hedges.
Removed
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
For the Cadia PPA, we utilized a modeling technique that measures the change in the fair values arising from a hypothetical 10% adverse movement in the forward electricity rates relative to current rates, with all other variables held constant.
Removed
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 foreign currency exchange rates we used in performing the sensitivity analysis were based on AUD and CAD market rates in effect at December 31, 2024.
Removed
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
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. 126 Table of Contents Market Liquidity Risk Market liquidity risk is the risk that a derivative cannot be eliminated quickly, by either liquidating it or by establishing an offsetting position.
Removed
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.
Added
Refer to Note 14 to the Consolidated Financial Statements for further information on our derivative instruments. 127 Table of Contents
Removed
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.
Removed
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.
Removed
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.
Removed
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.

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