NEWMONT Corp DE
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Commodity Price Exposure
Our provisional concentrate sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the respective metal concentrates at the prevailing indices’ prices at the time of sale. The embedded derivative, which is not designated for hedge accounting, is marked to market through earnings each period prior to final settlement.
We perform an analysis on the provisional concentrate sales to determine the potential impact to Net income (loss) attributable to Newmont stockholdersfor 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.
| 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.
(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.
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