Newmont Reports 76% Increase in Net Income to a Record $2.3 Billion and Record $3.2 Billion of Operating Cash Flow in 2010
DENVER, Feb. 24, 2011 /CNW/ --
<<
This release should be read in conjunction with Newmont's 2010 Form 10-K
filed with the Securities and Exchange Commission on February 24, 2011
(available at www.newmont.com).
>>
Newmont Mining Corporation (NYSE: NEM) ('Newmont' or the 'Company') today announced that net income increased 76% to $2.3 billion ($4.63 per share) in 2010, compared to $1.3 billion ($2.66 per share) in the prior year. Operating cash flow was a record $3.2 billion for 2010, compared to $2.9 billion in 2009. Adjusted net income(1) rose 39% to a record $1.9 billion ($3.85 per share) from $1.4 billion ($2.79 per share) in 2009, while the Company's gold operating margin(2) increased by 30% to $737 per ounce in 2010, from $566 per ounce in 2009.
<<
2010 Highlights:
-- Attributable gold and copper production of 5.4 million ounces and 327
million pounds, respectively, with gold production slightly higher and
copper production approximately 44% higher than in 2009;
-- Record revenue of $9.5 billion, an increase of 24% from 2009;
-- Average realized gold and copper price of $1,222 per ounce and $3.43
per pound, respectively;
-- Gold operating margin increase(3) of 30%, compared with an average
realized gold price increase of 25%;
-- Consolidated costs applicable to sales for gold and copper of $485 per
ounce and $0.80 per pound, respectively; and
-- Cash and cash equivalents of more than $4 billion on December 31,
2010.
Q4 2010 Highlights:
-- Attributable gold and copper production of 1.4 million ounces and 74
million pounds, respectively;
-- Average realized gold and copper price of $1,366 per ounce and $4.52
per pound, respectively; and
-- Costs applicable to sales for gold and copper of $512 per ounce and
$0.95 per pound, respectively.
>>
'I am pleased to report that we generated record operating cash flow for the second year in a row, with our gold operating margin growing by 30% to $737 per ounce on an average realized gold price of $1,222 in 2010,' stated Richard O'Brien, President and CEO. 'As a whole, our operations performed according to our plans, producing 5.4 million attributable ounces of gold in 2010. We continue to advance our Conga Project in Peru, which contains over 6 million attributable ounces of gold and 1.6 billion attributable pounds of copper reserves. Similarly, we continued to advance with our Akyem Project in Ghana, which contains over 7 million attributable ounces of gold reserves. Advancing these two world-class mining projects, as well as continuing our drilling programs at Hope Bay in Canada, remain some of our top priorities in 2011.'
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Portfolio Wide Operating Results and Outlook
>>
In 2010, the Company reported attributable gold and copper production of 5.4 million ounces and 327 million pounds, respectively, at costs applicable to sales of $485 per ounce, and $0.80 per pound, respectively, on a co-product basis. Attributable 2010 gold production increased over 2009 levels due to the first full year of production at Boddington and a full year of mining higher grade ore from the bottom of the pit at Batu Hijau. Costs applicable to sales per gold ounce sold increased 18% over the prior year due to lower production from South America, a full year of higher cost production at Boddington and higher diesel, royalty and waste mining costs, partially offset by higher by-product credits. Costs applicable to sales per copper pound sold increased 25% over the prior year due to higher waste mining at Batu Hijau and a full year of higher cost production at Boddington, partially offset by higher production from Batu Hijau.
2011 attributable gold production is expected to be approximately 5.1 million to 5.3 million ounces, with attributable copper production of 190 to 220 million pounds. The volume outlook reflects lower expected production at Batu Hijau as it moves into Phase 6 stripping, partially offset by higher production expected at Nevada and Ahafo. Costs applicable to sales are expected to be between $560 and $590 per ounce due to lower expected production at Batu Hijau, combined with higher expected costs for energy, labor, and contracted services. Costs applicable to sales are expected to be between $1.25 and $1.50 per pound of copper due to lower production at Batu Hijau.
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Regional Operations
North America
>>
Nevada Attributable gold production was 429,000 ounces in the fourth quarter and 1.7 million ounces in 2010. Costs applicable to sales were $520 and $565 per ounce for the fourth quarter and 2010, respectively.
Fourth quarter production decreased from the prior year quarter due to lower leach placement at Twin Creeks and Carlin, lower Gold Quarry ore mined as a result of the slope failure in late 2009 and lower mill ore grade due to the completion of mining at Deep Post in December 2009. Costs applicable to sales per ounce increased from the prior year quarter due to lower production, partially offset by higher by-product credits.
2010 attributable gold ounces decreased 13% due to the completion of underground mining at Deep Post in 2009, lower Gold Quarry ore mined as a result of a slope failure which occurred in December 2009 and lower leach tons placed at Twin Creeks and Carlin, partially offset by increased underground mining at Leeville. Total ore tons mined were 26% lower, primarily due to the Gold Quarry slope failure and the completion of mining at North Lantern in April 2010. Ore placed on leach pads decreased 62% to 4.5 million tons. Costs applicable to sales per ounce increased 11% due to lower production, partially offset by higher by-product credits.
La Herradura Attributable gold production was 49,000 ounces in the fourth quarter and 174,000 ounces in 2010. Costs applicable to sales were $434 and $420 per ounce in the fourth quarter and 2010, respectively.
Fourth quarter production increased from the prior year quarter due to higher leach placement. Costs applicable to sales per ounce increased from the prior year quarter due to higher waste mining costs.
2010 attributable gold ounces produced increased 54% in 2010 from the prior year due to the commencement of commercial production at the Soledad and Dipolos pits in January 2010. Costs applicable to sales per ounce increased 13% due to higher waste tons mined.
2011 attributable gold production in North America is expected to be approximately 2.0 to 2.1 million ounces at costs applicable to sales of approximately $560 to $600 per ounce. Production from Nevada has been impacted by the December 2009 slope failure at Gold Quarry, limiting access to ore originally scheduled to be mined in 2010 and 2011. During 2010, the Company mined through the impacted area and expects to reestablish access to ore in the first half of 2011.
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South America
>>
Yanacocha Attributable gold production was 170,000 ounces in the fourth quarter and 750,000 ounces in 2010. Costs applicable to sales were $559 and $431 per gold ounce in the fourth quarter and 2010, respectively.
Fourth quarter production decreased from the prior year quarter due to lower leach placement, transitional ore stockpiling at La Quinua and lower mill grade. Costs applicable to sales per ounce increased from the prior year quarter due to higher waste material mined and higher royalties and lower by-product credits.
2010 attributable gold production decreased 29% from the prior year due to mine sequencing resulting in increased waste mining, lower leach placement, transitional ore stockpiling at La Quinua and lower grade and recovery resulting in lower mill production. Leach tons placed decreased from 136 million tons in 2009, which was a record amount, to 59 million tons in 2010. Costs applicable to sales per ounce increased 39% from the prior year due to higher waste material mined, lower production, higher labor, diesel and maintenance costs, and higher workers' participation and royalty costs as a result of higher gold prices, partially offset by higher by-product credits.
La Zanja Attributable gold production was 16,000 ounces in the fourth quarter and 21,000 ounces in 2010. La Zanja achieved commercial production in the third quarter 2010.
2011 attributable gold production in South America is expected to be approximately 715,000-775,000 ounces, primarily due to lower leach production at Yanacocha. Costs applicable to sales are expected to increase in 2011 to approximately $500 to $550 per ounce, primarily due to lower gold production and higher contracted services and supplies.
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Asia Pacific
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Boddington Attributable gold production was 206,000 ounces in the fourth quarter and 728,000 ounces in 2010. Attributable copper production was 15 million pounds in the fourth quarter and 58 million pounds in 2010. Costs applicable to sales were $624 ($512 on a by-product basis(4)) and $590 ($487 on a by-product basis(4)) per gold ounce and $2.06 and $1.86 per pound of copper, in the fourth quarter and 2010, respectively.
Fourth quarter 2010 production increased from the prior year quarter due to the commencement of commercial production in November 2009.
2010 production at Boddington was in line with revised guidance. Costs applicable to sales were higher than expected due to lower production and higher mining and mill maintenance costs.
2011 attributable gold production at Boddington is expected to be approximately 750,000-800,000 ounces at costs applicable to sales of approximately $580 to $620 per ounce on a co-product basis. Lower than expected gold production at Boddington is primarily attributable to lower gold ore grade and lower expected mill throughput, while higher operating costs are expected to result from lower than expected production volumes, higher mining costs, as well as higher contracted services and supplies. We continue to review our ore grade and processing models to identify opportunities to optimize and improve our future production and operating costs at Boddington.
Batu Hijau Attributable gold production was 88,000 ounces in the fourth quarter and 364,000 ounces in 2010. Attributable copper production was 59 million pounds in the fourth quarter and 269 million pounds in 2010. Costs applicable to sales were $243 and $237 per gold ounce and $0.81 and $0.69 per pound of copper on a co-product basis in the fourth quarter and 2010, respectively.
Fourth quarter copper production decreased from the prior year quarter due to lower mill throughput. Gold production increased from the prior year quarter due to unseasonably dry weather and continued mining in the bottom of Phase 5, resulting in higher gold grades which offset the lower mill throughput. Costs applicable to sales per ounce and per pound increased from the prior year quarter due to higher waste mining and milling costs, including higher labor costs.
2010 attributable copper and gold production increased 10% and 32%, respectively, in 2010 over the prior year due to higher grade and mill throughput as a result of mining at the bottom of Phase 5 and processing softer ore, partially offset by lower recovery. Unseasonably dry weather permitted additional mining in the bottom of Phase 5 during the fourth quarter. Beginning in 2011, we expect to process stockpiled ore until Phase 6 ore becomes the primary mill feed commencing in late 2013. Costs applicable to sales increased 11% per pound and per ounce due to higher waste mining, labor and diesel costs.
2011 attributable gold production for Batu Hijau is expected to be approximately 110,000-140,000 ounces, at costs applicable to sales of between $400 and $440 per ounce, while attributable copper production is expected to be approximately 120 to 140 million pounds, at costs applicable to sales of between $1.10 and $1.30 per pound. The decrease from 2010 production levels is primarily due to the processing of stockpiles as Phase 6 stripping continues.
<<
>>
Other Australia/New Zealand Attributable gold production was 259,000 ounces in the fourth quarter and 1.1 million ounces in 2010. Costs applicable to sales were $554 and $546 per ounce in the fourth quarter and 2010, respectively.
Fourth quarter production decreased from the prior year quarter due to lower mill grade at Jundee and Kalgoorlie, partially offset by higher throughput at Tanami. Costs applicable to sales per ounce increased from the prior year quarter due to lower production and a stronger Australian dollar.
2010 attributable gold production decreased 7% due to lower mill grade at Jundee and Waihi and lower mill grade and throughput at Tanami, partially offset by higher grade, throughput and recovery at Kalgoorlie. Costs applicable to sales per ounce increased 9% due to lower production and a stronger Australian dollar.
2011 attributable production for the Asia Pacific region is expected to be approximately 1.9 to 2.0 million ounces, primarily as a result of lower production at Batu Hijau. Costs applicable to sales are expected to increase to approximately $600 to $675 per ounce in 2011, primarily driven by lower Batu Hijau production. We expect attributable copper production for the Asia Pacific region of approximately 190 to 220 million pounds at costs applicable to sales of approximately $1.25 to $1.50 per pound in 2011.
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Africa
>>
Attributable gold production was 137,000 and 545,000 ounces, respectively, during the fourth quarter and 2010. Costs applicable to sales were $433 and $450 per ounce for the fourth quarter and 2010, respectively,.
Fourth quarter production increased from the prior year quarter due to higher mill grade. Costs applicable to sales per ounce decreased from the prior year quarter due to higher production, partially offset by higher labor, power and royalty costs.
2010 attributable gold production increased due to higher grade ore mined at Apensu in 2010 and the commencement of production at Amoma in October 2010. Costs applicable to sales per ounce increased slightly due to higher labor, power, diesel and royalty costs, partially offset by higher production.
2011 attributable gold production for the Africa operations is expected to be approximately 550,000 to 590,000 ounces due to mining higher ore grade. Costs applicable to sales of approximately $485 to $535 per ounce are expected for 2011, primarily as a result of higher energy prices and higher labor and royalty costs.
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Capital Update
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Consolidated capital expenditures were $1.4 billion in 2010, down from $1.8 billion in 2009, due to the completion of construction at Boddington. Approximately $319 million was spent on major projects in 2010, with the balance largely attributed to sustaining capital. The Company currently plans to spend $2.1 to $2.5 billion in attributable capital expenditures in 2011, or $2.7 to $3.0 billion on a consolidated basis. Approximately 40% of 2011 consolidated capital expenditures are expected to be related to major project initiatives, including further development of the Akyem project in Ghana, the Conga project in Peru, Hope Bay in Canada, and the Nevada project portfolio, while the remaining 60% is expected to be for growth and sustaining capital.
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>>
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2011 Outlook(5)--Our current outlook for 2011 is as follows:
------------------------------------------------------------
>>
<<
2011 Outlook 2011 Outlook
Attributable Consolidated
Region Production CAS
(Kozs, Mlbs) ($/oz, $/lb)
------------ ------------
Nevada 1,800 - 1,900 $565 - $615
La Herradura 180 - 200 $480 - $510
Hope Bay - -
North America 1,980 - 2,100 $560 - $600
------------- ------------- -----------
Yanacocha 675 - 725 $500 - $550
La Zanja 40 - 50 n/a
Conga - -
South America 715 - 775 $500 - $550
------------- --------- -----------
Boddington -
Gold(a) 750 - 800 $580 - $620
Other Australia/NZ 1,000 - 1,050 $700 - $770
Batu Hijau - Gold
(b) 110 - 140 $400 - $440
Asia Pacific 1,860 - 1,990 $600 - $675
------------ ------------- -----------
Ahafo 550 - 590 $485 - $535
Akyem -
Africa 550 - 590 $485 - $535
------ --------- -----------
Corporate/Other
---------------
Total Gold 5,100 - 5,300 $560 - $590
---------- ------------- -----------
Boddington - Copper
(a) 70 - 80 $1.80 - $2.20
Batu Hijau -
Copper(b) 120 - 140 $1.10 - $1.30
---------------- --------- -------------
Total Copper 190 - 220 $1.25 - $1.50
------------ --------- -------------
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<<
2011 Outlook 2011 Outlook
Consolidated Attributable
Region Capital Capital
Expenditures Expenditures
------------ ------------
Nevada $460 - $520 $460 - $520
La Herradura $70 - $80 $70 - $80
Hope Bay $70 - $100 $70 - $100
North America $600 - $700 $600 - $700
------------- ----------- -----------
Yanacocha $310 - $400 $160 - $200
La Zanja - -
Conga $550 - $700 $300 - $360
South America $900 - $1,100 $460 - $560
------------- ------------- -----------
Boddington -
Gold(a) $210 - $255 $210 - $255
Other Australia/NZ $230 - $265 $230 - $265
Batu Hijau - Gold
(b) $210 - $230 $95 - $110
Asia Pacific $650 - $750 $535 - $595
------------ ----------- -----------
Ahafo $175 - $200 $175 - $200
Akyem $300 - $375 $300 - $375
Africa $450 - $545 $450 - $545
------ ----------- -----------
Corporate/Other $30 - $40 $30 - $40
---------------
Total Gold $2,700 - $3,000 $2,100 - $2,500
---------- --------------- ---------------
Boddington - Copper
(a) - -
Batu Hijau -
Copper(b) - -
---------------- --- ---
Total Copper
------------
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<<
(a) Boddington shown on a co-product basis.
(b) Assumes Batu Hijau economic interest of 48.5% for 2011
>>
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Description 2011 Outlook
Consolidated
Expenses
($M)
----
General & Administrative $190 - $200
Interest Expense $235 - $245
DD&A $1,025 - $1,035
Exploration Expense $335 - $345
Advanced Projects & R&D $405 - $415
Tax Rate 28% - 32%
-------- ---------
Assumptions
-----------
Gold Price ($/ounce) $1,300
Copper Price ($/pound) $4.00
Oil Price ($/barrel) $90
Australian Dollar
Exchange Rate 0.95
----------------- ----
>>
<<
See reconciliation to GAAP net income
(1) on page 12.
Gold operating margin calculated as
average realized gold price per
ounce, less gold cost applicable to
(2) sales per ounce.
Growth in gold operating margin
calculated as the percentage change
in gold operating margin per ounce
(3) year over year
See by-product reconciliation on page
(4) 13.
Outlook referenced in the table above
and elsewhere in this release is
based upon management's good faith
estimates as of February 24, 2011 and
are considered 'forward-looking
statements.' References to outlook
guidance are based on current mine
plans, assumptions noted above and
current geotechnical, metallurgical,
hydrological and other physical
conditions, which are subject to risk
and uncertainty as discussed in the
(5) 'Cautionary Statement' on page 14.
>>
Statements of Consolidated Income
<<
Three Months Ended
December 31,
------------
2010 2009
---- ----
(in millions, except per share)
(unaudited)
Sales $2,548 $2,518
>>
<<
Costs and expenses
Costs applicable to sales (1) 877 836
Amortization 248 240
Reclamation and remediation 21 25
Exploration 55 40
Advanced projects, research and
development 67 35
General and administrative 45 41
Write-down of property, plant and mine
development 1 3
Other expense, net 66 112
--- ---
1,380 1,332
----- -----
Other income (expense)
Other income, net 12 45
Interest expense, net (69) (55)
--- ---
(57) (10)
--- ---
Income from continuing operations before
income tax and
other items 1,111 1,176
Income and mining tax expense (71) (307)
Equity income (loss) of affiliates 10 (2)
--- ---
Income from continuing operations 1,050 867
Income (loss) from discontinued
operations (28) (2)
--- ---
Net income 1,022 865
Net income attributable to
noncontrolling interests (210) (307)
---- ----
Net income attributable to Newmont
stockholders $812 $558
==== ====
>>
<<
Net income attributable to Newmont
stockholders:
Continuing operations 840 560
Discontinued operations (28) (2)
--- ---
812 558
=== ===
Income per common share
Basic:
Continuing operations $1.71 $1.14
Discontinued operations (0.06) -
----- ---
$1.65 $1.14
===== =====
Diluted:
Continuing operations $1.67 $1.13
Discontinued operations (0.06) -
----- ---
$1.61 $1.13
===== =====
>>
<<
Cash dividends declared per common share
>>
<<
Years Ended
December 31,
------------
2010 2009
---- ----
(in millions, except per share)
(audited)
Sales $9,540 $7,705
>>
<<
Costs and expenses
Costs applicable to sales (1) 3,484 3,008
Amortization 945 806
Reclamation and remediation 65 59
Exploration 218 187
Advanced projects, research and
development 216 135
General and administrative 178 159
Write-down of property, plant and mine
development 6 7
Other expense, net 261 358
--- ---
5,373 4,719
----- -----
Other income (expense)
Other income, net 109 88
Interest expense, net (279) (120)
---- ----
(170) (32)
---- ---
Income from continuing operations before
income tax and
other items 3,997 2,954
Income and mining tax expense (856) (829)
Equity income (loss) of affiliates 3 (16)
--- ---
Income from continuing operations 3,144 2,109
Income (loss) from discontinued
operations (28) (16)
--- ---
Net income 3,116 2,093
Net income attributable to
noncontrolling interests (839) (796)
---- ----
Net income attributable to Newmont
stockholders $2,277 $1,297
====== ======
>>
<<
Net income attributable to Newmont
stockholders:
Continuing operations $2,305 $1,308
Discontinued operations (28) (11)
--- ---
$2,277 $1,297
====== ======
Income per common share
Basic:
Continuing operations $4.69 $2.68
Discontinued operations (0.06) (0.02)
----- -----
$4.63 $2.66
===== =====
Diluted:
Continuing operations $4.61 $2.68
Discontinued operations (0.06) (0.02)
----- -----
$4.55 $2.66
===== =====
>>
<<
Cash dividends declared per common share $0.50 $0.40
>>
Statements of Consolidated Cash Flow
<<
Three Months Ended
December 31,
------------------
2010 2009
---- ----
(in millions)
(unaudited)
Operating activities:
Net income $1,022 $865
Adjustments:
Amortization 248 240
Stock based compensation and other
benefits 16 13
Reclamation and remediation 21 25
Revaluation of contingent consideration 2 23
Loss (Income) from discontinued
operations 28 2
Write-down of property, plant and mine
development 1 4
Impairment of marketable securities 1 -
Deferred income taxes (328) (6)
Gain on asset sales, net (10) (21)
Other operating adjustments and write-
downs 12 23
Net change in operating assets and
liabilities (168) (200)
---- ----
Net cash provided from continuing
operations 845 968
Net cash provided from (used in)
discontinued operations - 30
--- ---
Net cash provided from operations 845 998
--- ---
Investing activities:
Additions to property, plant and mine
development (430) (455)
Acquisitions, net (2) (241)
Proceeds from sale of marketable debt
and equity securities 2 7
Purchases of marketable debt and equity
securities (19) (5)
Proceeds from sale of other assets 3 15
Other 29 (14)
--- ---
Net cash used in investing activities (417) (693)
---- ----
Financing activities:
Proceeds from debt, net - (3)
Repayment of debt (156) (127)
Proceeds from stock issuance, net 4 30
Sale of subsidiary shares to
noncontrolling interests - 638
Acquisition of subsidiary shares from
noncontrolling interests (1) (287)
Dividends paid to noncontrolling
interests (102) (279)
Dividends paid to common stockholders (74) (49)
Change in restricted cash and other (2) (40)
--- ---
Net cash provided from (used in)
financing activities of continuing
operations (331) (117)
Net cash used in financing activities of
discontinued operations - -
--- ---
Net cash provided from (used in)
financing activities (331) (117)
Effect of exchange rate changes on cash 8 5
--- ---
Net change in cash and cash equivalents 105 193
Cash and cash equivalents at beginning
of period 3,951 3,022
----- -----
Cash and cash equivalents at end of
period $4,056 $3,215
====== ======
>>
<<
Years Ended December 31,
------------------------
2010 2009
---- ----
(in millions)
(audited)
Operating activities:
Net income $3,116 $2,093
Adjustments:
Amortization 945 806
Stock based compensation and
other benefits 70 57
Reclamation and remediation 65 59
Revaluation of contingent
consideration 2 23
Loss (Income) from discontinued
operations 28 16
Write-down of property, plant
and mine development 6 7
Impairment of marketable
securities 1 6
Deferred income taxes (380) 1
Gain on asset sales, net (64) (24)
Other operating adjustments and
write-downs 145 97
Net change in operating assets
and liabilities (754) (227)
---- ----
Net cash provided from continuing
operations 3,180 2,914
Net cash provided from (used in)
discontinued operations (13) 33
--- ---
>>
<<
Net cash provided from operations 3,167 2,947
----- -----
Investing activities:
Additions to property, plant and
mine development (1,402) (1,769)
Acquisitions, net (4) (1,007)
Proceeds from sale of marketable
debt and equity securities 3 17
Purchases of marketable debt and
equity securities (28) (5)
Proceeds from sale of other
assets 56 18
Other (44) (35)
--- ---
Net cash used in investing
activities (1,419) (2,781)
------ ------
Financing activities:
Proceeds from debt, net - 4,299
Repayment of debt (430) (2,731)
>>
<<
Proceeds from stock issuance, net 60 1,278
Sale of subsidiary shares to
noncontrolling interests 229 638
Acquisition of subsidiary shares
from noncontrolling interests (110) (287)
Dividends paid to noncontrolling
interests (462) (394)
Dividends paid to common
stockholders (246) (196)
Change in restricted cash and
other 44 (35)
--- ---
Net cash provided from (used in)
financing activities of
continuing operations (915) 2,572
Net cash used in financing
activities of discontinued
operations - (2)
--- ---
Net cash provided from (used in)
financing activities (915) 2,570
Effect of exchange rate changes
on cash 8 44
--- ---
Net change in cash and cash
equivalents 841 2,780
Cash and cash equivalents at
beginning of period 3,215 435
----- ---
Cash and cash equivalents at end
of period $4,056 $3,215
====== ======
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Consolidated Balance Sheets
<<
At December At December
31, 31,
2010 2009
---- ----
(in millions)
ASSETS
Cash and cash equivalents $4,056 $3,215
Trade receivables 582 438
Accounts receivable 88 102
Investments 113 56
Inventories 658 493
Stockpiles and ore on leach pads 617 403
Deferred income tax assets 177 215
Other current assets 962 900
--- ---
Current assets 7,253 5,822
Property, plant and mine development,
net 12,907 12,370
Investment 1,568 1,186
Stockpiles and ore on leach pads 1,757 1,502
Deferred income tax assets 1,437 937
Other long-term assets 741 482
Total assets $25,663 $22,299
======= =======
LIABILITIES
Debt $259 $157
Accounts payable 427 396
Employee-related benefits 288 250
Income and mining taxes 355 200
Other current liabilities 1,418 1,317
----- -----
Current liabilities 2,747 2,320
Debt 4,182 4,652
Reclamation and remediation liabilities 984 805
Deferred income tax liabilities 1,488 1,341
Employee-related benefits 325 381
Other long-term liabilities 221 187
Total liabilities 9,947 9,686
----- -----
EQUITY
Common stock 778 770
Additional paid-in capital 8,279 8,158
Accumulated other comprehensive income 1,108 626
Retained earnings 3,180 1,149
----- -----
Newmont stockholders' equity 13,345 10,703
Noncontrolling interests 2,371 1,910
----- -----
Total equity 15,716 12,613
------ ------
Total liabilities and equity $25,663 $22,299
======= =======
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Production Statistics
<<
Three Months
Ended December Years Ended
31, December 31,
--------------- -----------
2010 2009 2010 2009
--- --- -- --
Gold
----
Consolidated ounces produced
(thousands):
North America
Nevada 429 565 1,735 1,986
La Herradura 49 34 174 113
478 599 1,909 2,099
--- --- ----- -----
South America
Yanacocha 331 499 1,462 2,058
>>
<<
Asia Pacific
Boddington 206 118 728 122
Batu Hijau 183 173 737 560
Kalgoorlie 89 96 377 337
Jundee 68 107 335 411
Tanami 67 54 250 289
Waihi 30 32 108 113
643 580 2,535 1,832
--- --- ----- -----
Africa
Ahafo 137 123 545 532
1,589 1,801 6,451 6,521
===== ===== ===== =====
>>
<<
Copper
------
Consolidated pounds produced
(millions):
Asia Pacific
Boddington 15 9 58 10
Batu Hijau 122 158 542 494
137 167 600 504
=== === === ===
>>
<<
Gold
----
Attributable ounces produced
(thousands):
North America
Nevada 429 565 1,735 1,986
La Herradura 49 34 174 113
478 599 1,909 2,099
--- --- ----- -----
South America
Yanacocha 170 256 750 1,057
Other South America
attributable interests 16 - 21 -
186 256 771 1,057
--- --- --- -----
>>
<<
Asia Pacific
Boddington 206 118 728 122
Batu Hijau 88 71 364 245
Kalgoorlie 89 96 377 337
Jundee 68 107 335 411
Tanami 67 54 250 289
Waihi 30 32 108 113
Other Asia Pacific
attributable interests 5 - 5 -
553 478 2,167 1,517
--- --- ----- -----
Africa
Ahafo 137 123 545 532
1,354 1,456 5,392 5,205
----- ----- ----- -----
>>
<<
Discontinued Operations
Kori Kollo - - - 32
1,354 1,456 5,392 5,237
===== ===== ===== =====
>>
<<
Copper
------
Attributable pounds produced
(millions):
Asia Pacific
Boddington 15 9 58 10
Batu Hijau 59 66 269 217
74 75 327 227
=== === === ===
>>
CAS and Capital Expenditures
<<
Three Months Ended December
31,
---------------------------
2010 2009
--- ---
Gold
----
Costs Applicable to Sales
($/ounce) (1)
North America
Nevada $520 $476
La Herradura 434 351
--- ---
511 469
--- ---
South America
Yanacocha 559 303
>>
<<
Asia Pacific
Boddington 624 468
Batu Hijau 243 175
Kalgoorlie 607 609
Jundee 412 306
Tanami 630 792
Waihi 560 540
505 408
--- ---
Africa
Ahafo 433 506
--- ---
Average $512 $406
==== ====
>>
<<
Copper
------
Costs Applicable to Sales
($/pound) (1)
Asia Pacific
Boddington $2.06 $1.77
Batu Hijau 0.81 0.58
Average $0.95 $0.64
===== =====
>>
<<
Three Months Ended December
31,
----------------------------
2010 2009
--- ---
Consolidated Capital
Expenditures ($ million)
North America
Nevada $98 $51
Hope Bay 27 1
La Herradura 8 20
133 72
--- ---
South America
Yanacocha 58 41
Conga 48 11
106 52
--- ---
>>
<<
Asia Pacific
Boddington 40 132
Batu Hijau 19 14
Kalgoorlie 11 5
Jundee 14 8
Tanami 35 32
Waihi 5 2
Other Asia Pacific 6 1
130 194
--- ---
Africa
Ahafo 29 33
Akyem 21 6
50 39
--- ---
Corporate and Other 11 4
--- ---
Total - Accrual Basis 430 361
--- ---
>>
Change in Capital Accrual - 94
<<
Total - Cash Basis $430 $455
==== ====
>>
<<
Years Ended December 31,
------------------------
2010 2009
--- ---
Gold
----
Costs Applicable to Sales
($/ounce) (1)
North America
Nevada $565 $509
La Herradura 420 372
--- ---
551 501
--- ---
South America
Yanacocha 431 310
>>
<<
Asia Pacific
Boddington 590 468
Batu Hijau 237 214
Kalgoorlie 558 624
Jundee 393 331
Tanami 689 599
Waihi 647 481
474 410
--- ---
Africa
Ahafo 450 444
--- ---
Average $485 $411
==== ====
>>
<<
Copper
------
Costs Applicable to Sales
($/pound) (1)
Asia Pacific
Boddington $1.86 $1.77
Batu Hijau 0.69 0.62
Average $0.80 $0.64
===== =====
>>
<<
Years Ended December 31,
------------------------