NEWMONT Corp DE
For the period ended Mar 31, 2025. Filed Apr 24, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed Apr 24, 2025
NEM$120.91+1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-10-24.
0001164727-24-000061
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSOverviewConsolidated Financial ResultsResults of Consolidated OperationsForeign Currency Exchange RatesLiquidity and Capital ResourcesEnvironmentalNon-GAAP Financial MeasuresAccounting DevelopmentsSafe Harbor StatementCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-04-24.
0001164727-25-000020
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSOverviewConsolidated Financial ResultsResults of Consolidated OperationsForeign Currency Exchange RatesLiquidity and Capital ResourcesEnvironmentalNon-GAAP Financial MeasuresAccounting DevelopmentsSafe Harbor StatementThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 357 previous paragraphs and 280 current paragraphs.
123 unchanged; 84 reworded; 69 added; 134 removed; 16 previous and 4 current paragraphs rearranged.
Tables are not compared: 34 previous and 24 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (69)
Current report
The Company completed the sale of the assets of the Telfer reportable segment in the fourth quarter of 2024 and completed the sale of the CC&V, Musselwhite, and Éléonore reportable segments in the first quarter of 2025. On April 15, 2025, the Company completed the sale of the Akyem and Porcupine reportable segments to Zijin Mining Group Co., Ltd. and Discovery Silver Corp., respectively, for total pre-tax cash proceeds of $1,088, net of working capital adjustments. The Company is currently evaluating the impact of the Akyem and Porcupine completed sales on its consolidated financial statements.
Current report
Assets classified as held for sale are recorded at the lower of the carrying value or fair value, less costs to sell and are periodically valued until sale occurs with any resulting gain or loss recognized in(Gain) loss on sale of assets held for sale. Additionally, gains or losses recognized on the completion of the sale are recognized in(Gain) loss on sale of assets held for sale.
Current report
As a result, for the three months ended March 31, 2025 a gain of $276 was recognized within(Gain) loss on sale of assets held for sale primarily resulting from the completion of the sales of the CC&V, Musselwhite, and Éléonore reportable segments. For the three months ended March 31, 2024, a loss of $485 was recognized within(Gain) loss on sale of assets held for sale consisting of write-downs on assets held for sale of $352 and a resulting tax impact of $133.
Current report
Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on divestitures.
Current report
The increase in Net income (loss) from continuing operations attributable to Newmont stockholders for the three months ended March 31, 2025, compared to the same period in 2024, is primarily due to (i) an increase in Sales resulting from higher average realized gold prices, (ii) a net gain recognized within(Gain) loss on sale of assets held for sale largely resulting from the completion of the sales of the CC&V, Musselwhite, and Éléonore reportable segments compared to a loss in the prior period as a result of write-downs on assets held for sale, and (iii) an increase in unrealized gains on the change in fair value of investments and options. This increase was partially offset by the increase in income tax expense recognized within Income and mining tax benefit (expense).
Current report
(1)Amounts reported in millions except gold ounces, which are reported in thousands.
Current report
(1)Amounts reported in millions except gold ounces, which are reported in thousands.
Current report
(2)For the three months ended March 31, 2024 the Company sold 36 thousand tonnes of copper, 29 thousand tonnes of lead, and 61 thousand tonnes of zinc.
Current report
Costs applicable to salesfor the three months ended March 31, 2025 was in-line with same period in 2024, primarily as a result of an increase in Costs applicable to salesat Ahafo due to higher third-party royalties, offset by a decease in Costs applicable to sales resulting from the sale of the assets of the Telfer reportable segment in the fourth quarter of 2024.
Current report
Interest expense, net of capitalized interestwas $79 and $93 during the three months ended March 31, 2025 and 2024, respectively. Interest expense, net of capitalized interest decreased during the three months ended March 31, 2025, compared to the same period in 2024, primarily due to the reduction in Debt which was driven by the full redemption the outstanding 2026 Senior Notes and the partial redemption of certain senior notes. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information.
Current report
(3)During the first quarter of 2025, mining and processing operations at the site were temporarily suspended due to safety events (the "Cerro Negro shutdowns"). Full operations resumed in April 2025.
Current report
(5)In the first quarter of 2025, the Company completed the sales of the CC&V, Musselwhite, and Éléonore reportable segments. In the fourth quarter of 2024, the Company completed the sale of the assets of the Telfer reportable segment. These sites were classified as held for sale beginning in the first quarter of 2024, and as such, the Company ceased recording depreciation and amortization in March 2024. Additionally, as a result of the sales, the comparative results of operations for the first quarter are not meaningful. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information.
Current report
(7)For the three months ended March 31, 2025 and 2024, Red Chris produced 16 million and 11 million pounds of copper, respectively.
Current report
(10)For the three months ended March 31, 2025 and 2024, Cadia produced 46 million and 47 million pounds of copper, respectively.
Current report
Brucejack, Canada. Gold production increased 11% primarily due to higher mill throughput, partially offset by lower ore grade milled. Costs applicable to sales per gold ounce decreased 17% primarily due to higher gold ounces sold and lower contracted service costs, partially offset by higher underground maintenance costs. Depreciation and amortization per gold ounce was generally in line with the prior year. All-in sustaining costs per gold ounce decreased 14% primarily due to lower Costs applicable to sales per gold.
Current report
Red Chris, Canada. Gold production increased 133% primarily due to higher ore grade milled. Gold equivalent ounces - other metals production increased 14% primarily due to higher other metals produced of 38% as a result of higher ore grade milled, partially offset by a change in GEO pricing, noted above, that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 24%. Costs applicable to sales per gold ounce increased 18% primarily due to higher equipment and mill maintenance costs, partially offset by higher gold ounces sold. Costs applicable to sales per gold equivalent ounce – other metals sold increased 9% primarily due higher equipment and mill maintenance costs. Depreciation and amortization per gold ounce was increased 41% primarily due to higher depreciation rates as a result of higher gold ounces mined, partially offset by higher gold ounces sold. Depreciation and amortization per gold equivalent ounce – other metals increased 35% primarily due to higher depreciation rates as a result of higher gold equivalent ounces - other metals mined. All-in sustaining costs per gold ounce were generally in line to the prior year. All-in sustaining costs per gold equivalent ounce – other metals decreased 5% primarily due to lower treatment and refining costs, partially offset by higher Costs applicable to sales per gold equivalent ounce - other metals.
Current report
Peñasquito, Mexico. Gold production increased 173% primarily due to higher ore grade milled as a result of mine sequencing and higher mill recovery, partially offset by higher buildup of in-circuit inventory. Gold equivalent ounces - other metals production decreased 34% primarily due to lower other metals produced of 18% as a result of lower ore grade milled due to mine sequencing, as well as a change in GEO pricing, noted above, that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 16%. Costs applicable to salesper gold ounce increased 5% primarily due to higher allocation of direct costs to gold, higher workers participation costs, higher mill maintenance costs, and higher royalties, partially offset by higher gold ounces sold. Costs applicable to sales per gold equivalent ounce – other metals increased 8% primarily due to lower gold equivalent ounces - other metals sold, higher worker’s participation costs, and higher royalties, partially offset by a lower allocation to direct cost to gold equivalent ounces - other metals. Depreciation and amortization per gold ounce increased 20% primarily due to higher depreciation rates as a result of higher gold ounces mined, partially offset by higher gold ounces sold. Depreciation and amortization per gold equivalent ounces – other metals increased 25% primarily due to lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce were generally in line with the prior year. All-in sustaining costs per gold equivalent ounce – other metals increased 8% primarily due to higher Costs applicable to sales per gold equivalent ounce - other metals.
Current report
Tanami, Australia. Gold production decreased 13% primarily due to lower ore grade milled. Costs applicable to sales per gold ounce increased 21% primarily due to lower gold ounces sold. Depreciation and amortization per gold ounce increased 19% primarily due to lower gold ounces sold. All-in sustaining costs increased 44% primarily due to higher sustaining capital spend and higher Costs applicable to sales per gold ounce.
Current report
Hyperinflationary economies are defined by the International Monetary Fund ("IMF") as economies in which the projected three-year cumulative inflation exceeds 100%. At March 31, 2025, hyperinflationary economies in which the Company held operations included Ghana, Argentina, and Suriname.
Current report
In April 2025, the Company completed the sale of Akyem reportable segment. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information.
Current report
In April 2025, the IMF Executive Board approved a 48-month, $20 billion extended arrangement under the Extended Fund Facility for Argentina. Within the program objectives, the IMF expressly mentions transitioning toward exchange rate flexibility, while gradually lifting foreign currency restrictions. The new exchange rate regime allows the Argentine peso to float within a moving band of 1,000 to 1,400 pesos per USD, expanding by 1% monthly at both limits. The central bank can intervene if the band is breached and may operate in secondary peso markets within the band. This managed float led to an immediate devaluation of the Argentine Peso. Further, a series of foreign currency restrictions have been lifted, including allowing companies to transfer to their foreign shareholders profits and dividends corresponding to fiscal years that began on or after January 1, 2025, provided applicable requirements are met.
Current report
Net cash provided by (used in) investing activities was $738 during the three months ended March 31, 2025, an increase in cash provided of $1,536 from the three months ended March 31, 2024, primarily due to the sales of the CC&V, Musselwhite, and Éléonore reportable segments in 2025, partially offset by payment of $116 to the Worsley JV in relation to the Bauxite agreement in 2025. Refer to Notes 3 and 16 to the Condensed Consolidated Financial Statements for additional information, respectively.
Current report
(1)Consists of sites remaining designated as held for sale at March 31, 2025. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on held for sale. In April 2025, the Company completed the sales of the Porcupine and Akyem reportable segments. Refer to Note 1 to the Condensed Consolidated Financial Statements for further information.
Current report
(2)In the first quarter of 2025, the Company completed the sales of the CC&V, Musselwhite, and Éléonore reportable segments. 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 Condensed Consolidated Financial Statements for further information.
Current report
The Company will from time to time enter into hedging relationships to mitigate variability in development capital spend denominated in foreign currency. The Company has entered into A$1,365 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 related to the construction and development phase of the Tanami Expansion 2, Cadia Panel Caves, and Cadia Tailings projects expected to be incurred between October 2024 and December 2026. Refer to Note 11 to the Condensed Consolidated Financial Statements for further information.
Current report
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. Additionally, depending upon market conditions and strategic considerations, we may choose to refinance debt in the capital markets.
Current report
In February 2025, the Company fully redeemed all of the outstanding 2026 Senior Notes, resulting in a loss on extinguishment of $13 for the three months ended March 31, 2025, recognized in Other income (loss), net. The 2026 Senior Notes were fully redeemed for a redemption price of $957. The redemption price equaled the principal amount of the outstanding 2026 Senior Notes of $928 plus accrued and unpaid interest of $19 in accordance with the terms of the 2026 Notes, and a make-whole provision of $10.
Current report
In the first quarter of 2025, the Company redeemed an aggregate amount of $53 of certain senior notes, resulting in a gain on extinguishment of $3 for the three months ended March 31, 2025 recognized in Other income (loss), net.
Current report
(1)Primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable and other equity securities; included in Other income (loss), net.
Current report
(2)Primarily consists of the gain on the sales of the CC&V, Musselwhite, and Éléonore reportable segments in 2025 and the write-downs on assets held for sale in 2024; included in(Gain) loss on sale of assets held for sale. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information.
Current report
(3)Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Other expense, net.
Current report
(5)Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net.
Current report
(6)Primarily represents gains and losses related to the sale of certain assets and investments in 2025 and the gain recognized on the purchase and sale of foreign currency bonds in 2024; included in Other income (loss), net.
Current report
(7)Represents costs incurred related to the Newcrest transaction; included in Other expense, net.
Current report
(9)Represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value; included in Reclamation and remediation. Refer to Note 6 to the Condensed Consolidated Financial Statements for further information.
Current report
(10)Represents costs incurred related to transition service agreements for divested reportable segments in 2025; included in Other income (loss), net.
Current report
(2)Primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable and other equity securities; included in Other income (loss), net.
Current report
(3)Primarily consists of the gain on the sales of the CC&V, Musselwhite, and Éléonore reportable segments; included in(Gain) loss on sale of assets held for sale. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information.
Showing the first 40 of 69 passages. Open the source sections for the rest.
Removed paragraphs (134)
Previous report
In September 2024, the Company entered into a binding agreement to sell the assets of the Telfer reportable segment to Greatland Gold plc. In October 2024, the Company entered into a definitive agreement to sell the Akyem reportable segment to Zijin Mining Group Co., Ltd. (“Zijin”). The sales are expected to be completed in the fourth quarter of 2024. The Company is currently evaluating the impacts of the terms of the agreements on its consolidated financial statements. The Telfer and Akyem assets and liabilities remain designated as held for sale as of September 30, 2024.
Previous report
Refer to Note 5 to the Condensed Consolidated Financial Statements for further information on the Company's assets and liabilities held for sale.
Previous report
On November 6, 2023, the Company completed its business combination transaction with Newcrest Mining Limited, a public Australian mining company limited by shares ("Newcrest"), whereby Newmont, through Newmont Overseas Holdings Pty Ltd, an Australian proprietary company limited by shares (“Newmont Sub”), acquired all of the ordinary shares of Newcrest in a fully stock transaction for total non-cash consideration of $13,549. Newcrest became a direct wholly owned subsidiary of Newmont Sub and an indirect wholly owned subsidiary of Newmont (such acquisition, the “Newcrest transaction”). The combined company continues to be traded on the New York Stock Exchange under the ticker NEM. The combined company is also listed on the Toronto Stock Exchange under the ticker NGT, on the Australian Securities Exchange under the ticker NEM, and on the Papua New Guinea Securities Exchange under the ticker NEM. For further information, refer to Note 3 to the Condensed Consolidated Financial Statements.
Previous report
For further information on acquisitions, divestitures, and asset sales impacting the comparability of our results, refer to Notes 1 and 9 to the Condensed Consolidated Financial Statements, respectively.
Previous report
The increase in Net income (loss) from continuing operations attributable to Newmont stockholders for the three and nine months ended September 30, 2024, compared to the same periods in 2023, is primarily due to the impact of sites acquired in the Newcrest transaction.
Previous report
Excluding the impact of sites acquired in the Newcrest transaction, the increase in Net income (loss) from continuing operations attributable to Newmont stockholders for the three months ended September 30, 2024, compared to the same period in 2023, at sites held in the prior period was primarily due to an increase in Sales at Peñasquito as a result of the work stoppage due to a labor strike that began in June 2023 ("Peñasquito labor strike"), resulting in no sales at Peñasquito in the third quarter of 2023. Additionally, Net income (loss) from continuing operations attributable to Newmont stockholders increased due to higher average realized prices primarily for gold. This increase was partially offset by the Loss on assets held for sale of $115 and higher Costs applicable to sales.
Previous report
Excluding the impact of sites acquired in the Newcrest transaction, the increase in Net income (loss) from continuing operations attributable to Newmont stockholders for the nine months ended September 30, 2024, compared to the same period in 2023, at sites held in the prior period was primarily due to an increase in Sales resulting from the Peñasquito labor strike in 2023, higher average realized prices for all metals, partially offset by the Loss on assets held for sale of $846 and higher Costs applicable to sales.
Previous report
Refer below for further information on the change in Costs applicable to sales and Depreciation and amortization.
Previous report
(1)Due to the Peñasquito labor strike, Peñasquito had no production during the third quarter of 2023. Sales activity recognized in the third quarter of 2023 is related to adjustments on provisionally priced concentrate sales subject to final settlement. As such, the percent change is not meaningful ("N.M.").
Previous report
(2)For the three months ended September 30, 2023 the Company sold 11 thousand tonnes of copper, — thousand tonnes of lead, and (1) thousand tonnes of zinc.
Previous report
(3)Due to the Peñasquito labor strike, Peñasquito had no production during the third quarter of 2023. Sales activity recognized in the third quarter of 2023 is related to adjustments on provisionally priced concentrate sales subject to final settlement. As such, the average realized price per ounce/pound metrics are not meaningful ("N.M.").
Previous report
(2)For the nine months ended September 30, 2024 the Company sold 110 thousand tonnes of copper, 66 thousand tonnes of lead, and 174 thousand tonnes of zinc.
Previous report
(2)For the nine months ended September 30, 2023 the Company sold 34 thousand tonnes of copper, 33 thousand tonnes of lead, and 85 thousand tonnes of zinc.
Previous report
(1)Due to the Peñasquito labor strike in 2023, no production occurred in the third quarter of 2023. As a result, the change in consolidated Sales for silver, lead, and zinc for the three months ended September 30, 2024, compared to the same period in 2023, are primarily attributable to the change in consolidated ounces/pounds sold.
Previous report
Sales increased during the three months ended September 30, 2024, compared to the same period in 2023, by $2,112 primarily due to a net increase in gold and copper sales of $1,545 and $239, respectively. Of the gold and copper sales increases, $904 and $256 were attributable to sites acquired in the Newcrest transaction, respectively.
Previous report
Sales increased during the nine months ended September 30, 2024, compared to the same period in 2023, by $5,175 primarily due to a net increase in gold and copper sales of $3,826 and $721, respectively. Of the gold and copper sales increases, $2,525 and $767 were attributable to sites acquired in the Newcrest transaction, respectively.
Previous report
(1)Due to the Peñasquito labor strike, Peñasquito had no production during the third quarter of 2023. Sales activity recognized in the third quarter of 2023 is related to adjustments on provisionally priced concentrate sales subject to final settlement. As such, the percent change is not meaningful ("N.M.").
Previous report
The increase in Costs applicable to sales for the three and nine months ended September 30, 2024, compared to the same periods in 2023, is primarily due to the impact of sites acquired in the Newcrest transaction, which contributed $599 and $1,613, respectively, to Costs applicable to sales.
Previous report
The increase in Costs applicable to salesfor the three and nine months ended September 30, 2024, compared to the same periods in 2023, was further impacted by the Peñasquito labor strike in 2023, a drawdown of inventory and higher royalties at Ahafo and Akyem and higher contracted services and labor costs at Ahafo, partially offset by a decrease in Costs applicable to sales at Boddington due to lower production.
Previous report
(1)Due to the Peñasquito labor strike, Peñasquito had no production during the third quarter of 2023. Sales activity recognized in the third quarter of 2023 is related to adjustments on provisionally priced concentrate sales subject to final settlement. As such, the percent change is not meaningful ("N.M.").
Previous report
The increase in Depreciation and amortizationfor the three and nine months ended September 30, 2024, compared to the same periods in 2023, is primarily due to the impact of sites acquired in the Newcrest transaction, which contributed $198 and $506, respectively, to Depreciation and amortization.
Previous report
Advanced projects, research and development expense was $47 and $53 during the three months ended September 30, 2024 and 2023, respectively, and $149 and $132 during the nine months ended September 30, 2024 and 2023, respectively. The increase during the three and nine months ended September 30, 2024, compared to the same periods in 2023, is primarily due to Full Potential spend at the sites acquired through the Newcrest transaction.
Previous report
General and administrative expense was $113 and $70 during the three months ended September 30, 2024, and 2023, respectively, and $314 and $215 during the nine months ended September 30, 2024 and 2023, respectively. The increase during the three and nine months ended September 30, 2024, compared to the same periods in 2023, is primarily due to higher salaries and benefits and non-integration related consulting and other charges resulting from the Newcrest transaction.
Previous report
Interest expense, net was $86 and $48 during the three months ended September 30, 2024 and 2023, respectively, and $282 and $162 during the nine months ended September 30, 2024 and 2023, respectively. Interest expense, net increased during the three and nine months ended September 30, 2024, compared to the same periods in 2023, primarily as a result of the increase to Debt largely due to the $2,000 unsecured senior notes issued in March 2024 and the senior notes acquired through the Newcrest transaction.
Previous report
Net income (loss) from discontinued operations was $49 and $1 during the three months ended September 30, 2024 and 2023, respectively, and $68 and $15 during the nine months ended September 30, 2024 and 2023, respectively. The increase during the three and nine months ended September 30, 2024, compared to the same periods in 2023, is primarily due to the sale of the Batu and Elang contingent consideration assets, including the income tax benefit associated with a release of a valuation allowance on the capital loss carryforward in the U.S. Refer to Note 12 to our Condensed Consolidated Financial Statements for additional information.
Previous report
(3)Sites acquired through the Newcrest transaction during the fourth quarter of 2023, and as such, the comparative results of operations information is not meaningful. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on the Newcrest transaction.
Previous report
(5)During the second quarter, seepage points were detected on the outer wall and around the tailings storage facility at Telfer and we temporarily ceased placing new tailings on the facility. Production resumed at the end of the third quarter, but as a result of the temporary suspension of production, per ounce metrics are not meaningful ("N.M."). In September 2024, the Company entered into a binding agreement to sell the assets of the Telfer reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 to the Condensed Consolidated Financial Statements for further information.
Previous report
(6)In October 2024, the Company entered into a definitive agreement to sell the Akyem reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 to the Condensed Consolidated Financial Statements for further information.
Previous report
(8)For the three months ended September 30, 2024, Red Chris produced 13 million pounds of copper.
Previous report
(9)For the three months ended September 30, 2024, Peñasquito produced 7 million ounces of silver, 43 million pounds of lead and 127 million pounds of zinc. For the three months ended September 30, 2023, Peñasquito had no production due to the Peñasquito labor strike. As such, the per ounce metrics are not meaningful ("N.M.") for the quarter.
Previous report
(11)For the three months ended September 30, 2024, Cadia produced 48 million pounds of copper.
Previous report
(3)Sites acquired through the Newcrest transaction during the fourth quarter of 2023, and as such, the comparative results of operations information is not meaningful. Additionally, the Company suspended mining operations at Brucejack to conduct a full investigation into the tragic fatality that occurred on December 20, 2023. The site ramped up to full operations by the end of January 2024. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on the Newcrest transaction.
Previous report
(4)In the second quarter of 2024, the Company suspended operations at Cerro Negro to conduct a full investigation into the tragic fatalities of two members of the Newmont workforce on April 9, 2024. The site ramped up to full operations in June 2024.
Previous report
(6)During the second quarter, seepage points were detected on the outer wall and around the tailings storage facility at Telfer and we temporarily ceased placing new tailings on the facility. Production resumed at the end of the third quarter. In September 2024, the Company entered into a binding agreement to sell the assets of the Telfer reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 to the Condensed Consolidated Financial Statements for further information.
Previous report
(7)In October 2024, the Company entered into a definitive agreement to sell the Akyem reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 to the Condensed Consolidated Financial Statements for further information.
Previous report
(9)For the nine months ended September 30, 2024, Red Chris produced 38 million pounds of copper.
Previous report
(11)For the nine months ended September 30, 2024 and 2023, Boddington produced 61 million and 75 million pounds of copper, respectively.
Previous report
(12)For the nine months ended September 30, 2024, Cadia produced 142 million pounds of copper.
Showing the first 40 of 134 passages. Open the source sections for the rest.
Reworded paragraphs (84)
Previous wording
(dollars in millions, except per share, per ounce and per pound amounts)
Current wording
(dollars in millions, except per share, per ounce and per pound amounts, unless otherwise noted)
Previous wording
Refer to the discussion of Risk and Uncertainties within Note 2 of the Condensed Consolidated Financial Statements as well as the Consolidated Financial Results, Results of Consolidated Operations, Liquidity and Capital Resources and Non-GAAP Financial Measures sections presented below, for information about the continued impacts from the geopolitical and macroeconomic pressures including inflation, effects of certain countermeasures taken by central banks, and the potential for further supply chain disruptions relating to the Russian invasion of Ukraine and the COVID-19 pandemic, as well as an uncertain and evolving labor market.
Current wording
Refer to the Consolidated Financial Results, Results of Consolidated Operations, Liquidity and Capital Resources and non-GAAP Financial Measures for information about the continued impacts from inflationary pressures, effects of certain countermeasures taken by central banks, and supply chain disruptions, with particular consideration on the outlook for increased costs specific to labor, materials, consumables and fuel and energy on operations, as well as impacts on the timing and cost of capital expenditures and the risk of potential impairment to certain assets. Refer to discussion of Risk and Uncertainties within Note 2 to the Condensed Consolidated Financial Statements for further information.
Previous wording
In February 2024, based on a comprehensive review of the Company’s portfolio of assets, the Company’s Board of Directors approved a portfolio optimization program to divest six non-core assets and a development project. The non-core assets to be divested include CC&V, Musselwhite, Porcupine, Éléonore, Telfer, Akyem, and the Coffee development project in Canada. 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, based on progress made through our active sales program and management’s expectation that the sale is probable and will be completed within 12 months. While the Company remains committed to a plan to sell these assets for a fair price, there is a possibility that the assets held for sale may exceed one year due to events or circumstances beyond the Company's control. Upon meeting the requirements to be presented as held for sale, the six non-core assets and the development project were recorded at the lower of the carrying value or fair value, less costs to sell, and will be periodically valued until sale occurs. As a result, a loss of $115 and $846 was recognized within Loss on assets held for salefor the three and nine months ended September 30, 2024, respectively. For further information, refer to Note 5 to the Condensed Consolidated Financial Statements.
Current wording
Based on a comprehensive review of the Company’s portfolio of assets following the Newcrest acquisition, 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 included CC&V, Musselwhite, Porcupine, Éléonore, Telfer, Akyem, and the Coffee development project in Canada. 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, based on progress made through our active sales program and management’s expectation that the sale is probable and will be completed within 12 months. While the Company remains committed to a plan to sell these assets for a fair price, there is a possibility that the assets held for sale may exceed one year due to events or circumstances beyond the Company's control.
Previous wording
The details and analyses of our Sales for all periods presented are set forth below. Refer to Note 6 of the Condensed Consolidated Financial Statements for further information.
Current wording
The details and analyses of our Sales for all periods presented are set forth below. Refer to Note 5 to the Condensed Consolidated Financial Statements for further information.
Previous wording
(2)For the three months ended September 30, 2024 the Company sold 35 thousand tonnes of copper, 17 thousand tonnes of lead, and 61 thousand tonnes of zinc.
Current wording
(2)For the three months ended March 31, 2025 the Company sold 35 thousand tonnes of copper, 21 thousand tonnes of lead, and 73 thousand tonnes of zinc.
Previous wording
(4)Per ounce/pound measures may not recalculate due to rounding.
Current wording
(3)Per ounce/pound measures may not recalculate due to rounding.
Previous wording
The details of our Costs applicable to sales are set forth below. Refer to Note 4 of the Condensed Consolidated Financial Statements for further information.
Current wording
The details of our Costs applicable to sales are set forth below. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.
Previous wording
The details of our Depreciation and amortization are set forth below. Refer to Note 4 of the Condensed Consolidated Financial Statements for further information.
Current wording
The details of our Depreciation and amortization are set forth below. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.
Previous wording
The increase in Depreciation and amortizationfor the three and nine months ended September 30, 2024, compared to the same periods in 2023, is further impacted by higher depreciation rates as a result of (i) higher ounces mined at Peñasquito in the current year due to the Peñasquito labor strike in 2023 and (ii) higher ounces mined and asset additions at Ahafo. These increases were partially offset by a decrease in Depreciation and amortization related to the cessation of depreciation beginning in March 2024 for sites classified as held for sale. For the nine months ended September 30, 2024, the increase in Depreciation and amortization was further offset by a decrease at Cerro Negro as a result of suspending mining at the site due to the tragic fatalities during the second quarter. Refer to Note 5 of the Condensed Consolidated Financial Statements for further discussion of held for sale.
Current wording
The decrease in Depreciation and amortizationfor the three months ended March 31, 2025, compared to the same period in 2024, is primarily due to the cessation of depreciation and amortization beginning in March 2024 for sites classified as held for sale, partially offset by higher depreciation rates at Peñasquito as a result of higher gold ounces mined and higher depreciation rates from change in reserves.
Previous wording
Income and mining tax expense (benefit) was $244 and $73 during the three months ended September 30, 2024 and 2023, respectively, and $695 and $449 during the nine months ended September 30, 2024 and 2023, respectively. The effective tax rate is driven by a number of factors and the comparability of our income tax expense for the reported periods will be primarily affected by (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) impacts of the changes in tax law; (iv) valuation allowances on tax assets; (v) percentage depletion; (vi) fluctuation in the value of the USD and foreign currencies; and (vii) the impact of specific transactions and assessments. As a result, the effective tax rate will fluctuate, sometimes significantly, year to year. This trend is expected to continue in future periods. Refer to Note 10 of the Condensed Consolidated Financial Statements for further discussion of income taxes.
Current wording
Income and mining tax expense (benefit) was $647 and $260 during the three months ended March 31, 2025 and 2024, respectively. The effective tax rate is driven by a number of factors and the comparability of our income tax expense for the reported periods will be primarily affected by (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) impacts of the changes in tax law; (iv) valuation allowances on tax assets; (v) percentage depletion; (vi) fluctuation in the value of the USD and foreign currencies; and (vii) the impact of specific transactions and assessments. As a result, the effective tax rate will fluctuate, sometimes significantly, year to year. This trend is expected to continue in future periods. Refer to Note 9 to the Condensed Consolidated Financial Statements for further discussion of income taxes.
Previous wording
(1)Represents income (loss) from continuing operations by geographic location before income taxes and equity income (loss) of affiliates. These amounts will not reconcile to the Segment Information for the reasons stated in Note 4 of the Condensed Consolidated Financial Statements.
Current wording
(1)Represents income (loss) from continuing operations by geographic location before income taxes and equity income (loss) of affiliates. These amounts will not reconcile to the Segment Information for the reasons stated in Note 4 to the Condensed Consolidated Financial Statements.
Previous wording
In 2024, Pillar II is set to take effect. The Pillar II agreement was signed by 138 countries with the intent to equalize corporate tax around the world by implementing a global minimum tax of 15%. As Newmont primarily does business in jurisdictions with a tax rate greater than 15%, the Company does not anticipate a material impact to the consolidated financial statements.
Current wording
The Organisation for Economic Co-operation and Development has issued the Global Anti-Base Erosion Model Rules (“Pillar II”) which generally provides for multinational organizations to have a minimum effective corporate tax rate of 15% in each jurisdiction in which they operate, which went into effect in 2024. As Newmont primarily does business in jurisdictions with a tax rate greater than 15%, the Company does not anticipate a material impact to the consolidated financial statements.
Previous wording
Refer to the Notes of the Condensed Consolidated Financial Statements for explanations of other financial statement line items.
Current wording
Refer to the Notes to the Condensed Consolidated Financial Statements for explanations of other financial statement line items.
Previous wording
(4)Sites were classified as held for sale beginning in the first quarter of 2024, and as such, the Company ceased recording depreciation and amortization at these sites in March 2024. Refer to Note 5 to the Condensed Consolidated Financial Statements for further discussion of our assets and liabilities held for sale.
Current wording
(4)Consists of sites remaining designated as held for sale at March 31, 2025. Sites were classified as held for sale beginning in the first quarter of 2024, and as such, the Company ceased recording depreciation and amortization at these sites in March 2024. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information.
Previous wording
(7)All-in sustaining costs and Depreciation and amortization include expenses for Corporate and Other.
Current wording
(6)All-in sustaining costs and Depreciation and amortization include expenses for Corporate and Other.
Previous wording
(10)For the nine months ended September 30, 2024, Peñasquito produced 24 million ounces of silver, 148 million pounds of lead and 398 million pounds of zinc. For the nine months ended September 30, 2023, Peñasquito produced 14 million ounces of silver, 86 million pounds of lead and 180 million pounds of zinc. Production and cost metrics in 2023 were impacted by operations being shut down for the entirety of the third quarter of 2023 due to the Peñasquito labor strike.
Current wording
(8)For the three months ended March 31, 2025, Peñasquito produced 6 million ounces of silver, 49 million pounds of lead and 131 million pounds of zinc. For the three months ended March 31, 2024, Peñasquito produced 9 million ounces of silver, 61 million pounds of lead and 127 million pounds of zinc.
Previous wording
(10)For the three months ended September 30, 2024 and 2023, Boddington produced 19 million and 23 million pounds of copper, respectively.
Current wording
(9)For the three months ended March 31, 2025 and 2024, Boddington produced 14 million and 20 million pounds of copper, respectively.
Previous wording
(12)For the three months ended September 30, 2024, Telfer produced 1 million pounds of copper.
Current wording
(11)For the three months ended March 31, 2024, Telfer produced 3 million pounds of copper.
Previous wording
(13)Income and expenses of equity method investments are included in Equity income (loss) of affiliates. Refer to Note 13 of the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Current wording
(12)Income and expenses of equity method investments are included in Equity income (loss) of affiliates. Refer to Note 12 to the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Previous wording
(14)The Fruta del Norte mine is wholly owned and operated by Lundin Gold, in which Newmont holds a 31.9% interest as at September 30, 2024, and is accounted for as an equity method investment on a quarter lag.
Current wording
(13)The Fruta del Norte mine is wholly owned and operated by Lundin Gold, in which Newmont holds a 32% interest, and is accounted for as an equity method investment on a quarter lag. Due to the quarter lag, comparative results of operations are not meaningful for the three months ended March 31, 2025.
Previous wording
Porcupine, Canada. Gold production increased 5% primarily due to a drawdown of in-circuit inventory in the current year compared to a buildup in the prior year and higher ore grade milled, partially offset by lower mill throughput. Costs applicable to sales per gold ounce decreased 6% primarily due to higher gold ounces sold. Depreciation and amortization per gold ounce decreased 93% primarily due to cessation of depreciation and amortization as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce decreased 12% primarily due to lower Costs applicable to sales per gold ounce.
Current wording
Ahafo, Ghana. Gold production increased 8% primarily due to higher ore grade milled and a lower buildup of in-circuit inventory, partially offset by lower mill throughput. Costs applicable to sales per gold ounce increased 43% primarily due to higher third-party royalties, partially offset by higher gold ounces sold. Depreciation and amortization per gold ounce decreased 12% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce increased 45% primarily due to higher Costs applicable to sales per gold ounce and higher sustaining capital spend.
Previous wording
Merian, Suriname. Gold production decreased 11% primarily due to lower ore grade milled, partially offset by a drawdown of in-circuit inventory in the current year compared to a buildup in the prior year and higher mill throughput. Costs applicable to sales per gold ounce increased 22% primarily due to lower gold ounces sold, a drawdown of in-circuit inventory, and higher labor costs. Depreciation and amortization per gold ounce increased 22% primarily due to lower gold ounces sold and a drawdown of in-circuit inventory. All-in sustaining costs per gold ounce increased 22% primarily due to higher Costs applicable to sales per gold ounce.
Current wording
Merian, Suriname. Gold production decreased 18% primarily due to lower mill throughput, lower ore grade milled and lower mill recovery. Costs applicable to sales per gold ounce increased 23% primarily due to lower gold ounces sold, partially offset by a higher buildup of finished goods inventory. Depreciation and amortization per gold ounce increased 20% primarily due to lower gold ounces sold, partially offset by a higher buildup of finished goods inventory. All-in sustaining costs per gold ounce increased 22% primarily due to higher Costs applicable to sales per gold ounce.
Previous wording
Cerro Negro, Argentina. Gold production decreased 15% primarily due to lower ore grade milled and lower mill throughput. Costs applicable to sales per gold ounce increased 26% primarily due to higher material cost, higher labor cost, and lower gold ounces sold. Depreciation and amortization per gold ounce was generally in line with the prior year. All-in sustaining costs per gold ounce increased 31% primarily due to higher Costs applicable to sales per gold ounce and higher sustaining capital spend.
Current wording
Cerro Negro, Argentina. Gold production decreased 65% primarily due to lower mill throughput as a result of the Cerro Negro shutdowns. Costs applicable to sales per gold ounce increased 140% primarily due to lower gold ounces sold and a drawdown of inventory as a result of the Cerro Negro shutdowns, and higher labor cost. Depreciation and amortization per gold ounce increased 87% primarily due to lower gold ounces sold as a result of the Cerro Negro shutdowns. All-in sustaining costs per gold ounce increased 155% primarily due to higher Costs applicable to sales per gold ounce and higher sustaining capital spend.
Previous wording
Yanacocha, Peru. Gold production increased 7% primarily due to higher leach pad production as a result of injection leaching. Costs applicable to sales per gold ounce were generally in line with the prior year. Depreciation and amortization per gold ounce decreased 19% primarily due to a higher buildup of inventory in the current year and higher gold ounces sold. All-in sustaining costs per gold ounce increased 8% primarily due to higher Costs applicable to sales per gold ounce.
Current wording
Yanacocha, Peru. Gold production increased 15% primarily due to higher leach pad production as a result of injection leaching. Costs applicable to sales per gold ounce were generally in line with the prior year. Depreciation and amortization per gold ounce decreased 12% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce were generally in line with the prior year.
Previous wording
Boddington, Australia. Gold production decreased 28% primarily due to lower ore grade milled and lower mill throughput. Gold equivalent ounces – other metals production decreased 20% primarily due to lower ore grade milled and lower mill throughput. Costs applicable to sales per gold ounce increased 27% primarily due to lower gold ounces sold and higher equipment maintenance cost. Costs applicable to salesper gold equivalent ounce – other metals sold increased 25% primarily due to lower gold equivalent ounces - other metals sold and higher equipment maintenance cost. Depreciation and amortization per gold ounce increased 35% primarily due to lower gold ounces sold and higher depreciation rates due to changes in mine life. Depreciation and amortization per gold equivalent ounce – other metals increased 35% primarily due to lower gold equivalent ounces - other metals sold and higher depreciation rates due to changes in mine life. All-in sustaining costs per gold ounce increased 24% primarily due to higher Costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend. All-in sustaining costs per gold equivalent ounce – other metals increased 13% primarily due to higher Costs applicable to sales per gold equivalent ounce - other metals, partially offset by lower sustaining capital spend.
Current wording
Boddington, Australia. Gold production decreased 11% primarily due to lower ore grade milled. Gold equivalent ounces – other metals production decreased 39% primarily due to lower other metals produced of 27% as a result of lower ore grade milled, as well as the change in GEO pricing, noted above, that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 12%. Costs applicable to sales per gold ounce increased 22% primarily due to lower gold ounces sold and higher royalties. Costs applicable to salesper gold equivalent ounce – other metals sold increased 27% primarily due to lower gold equivalent ounces - other metals sold and higher royalties. Depreciation and amortization per gold ounce increased 18% primarily due to lower gold ounces sold. Depreciation and amortization per gold equivalent ounce – other metals increased 22% primarily due to lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce increased 24% primarily due to higher Costs applicable to sales per gold ounce and higher sustaining capital spend. All-in sustaining costs per gold equivalent ounce – other metals increased 38% primarily due to higher Costs applicable to sales per gold equivalent ounce - other metals and higher sustaining capital spend.
Previous wording
Boddington, Australia. Gold production decreased 24% primarily due to lower ore grade milled and lower mill throughput. Gold equivalent ounces – other metals production decreased 17% primarily due to lower mill throughput and lower ore grade milled. Costs applicable to sales per gold ounce increased 29% primarily due to lower gold ounces sold, higher equipment maintenance costs, and an unfavorable Australian dollar foreign currency exchange rate. Costs applicable to salesper gold equivalent ounce – other metals sold increased 25% primarily due to lower gold equivalent ounces - other metals sold, higher equipment maintenance costs, and an unfavorable Australian dollar foreign currency exchange rate. Depreciation and amortization per gold ounce increased 38% primarily due to lower gold ounces sold and higher depreciation rates due to changes in mine life. Depreciation and amortization per gold equivalent ounce – other metals increased 37% primarily due to lower gold equivalent ounces - other metals sold and higher depreciation rates due to changes in mine life. All-in sustaining costs per gold ounce increased 24% primarily due to higher Costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend. All-in sustaining costs per gold equivalent ounce – other metals increased 5% primarily due to higher Costs applicable to sales per gold equivalent ounce - other metals partially offset by lower sustaining capital spend.
Current wording
Cadia, Australia. Gold production decreased 16% primarily due to lower ore grade milled, partially offset by higher mill throughput. Gold equivalent ounces – other metals production decreased 19% primarily as a result a change in GEO pricing, noted above, that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced. Costs applicable to sales per gold ounce increased 23% primarily due to lower gold ounces sold, higher energy costs, and higher labor costs, partially offset by lower materials costs. Costs applicable to sales per gold equivalent ounce – other metals sold increased 29% primarily due to lower gold equivalent ounces - other metals sold, higher energy costs, and higher labor costs, partially offset by lower materials costs. Depreciation and amortization per gold ounce increased 36% primarily due to lower gold ounces sold. Depreciation and amortization per gold equivalent ounce – other metals increased 37% primarily due to lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce increased 20% primarily due to higher Costs applicable to sales per gold ounce and higher sustaining capital spend. All-in sustaining costs per gold equivalent ounce – other metals increased 14% primarily due to higher Costs applicable to sales per gold equivalent ounce - other metals and higher sustaining capital spend.
Previous wording
All-in sustaining costs per gold ounce increased 7% primarily due to higher Costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend.
Current wording
Lihir, Papua New Guinea. Gold production decreased 9% primarily due to lower mill throughput and lower mill recovery, partially offset by higher ore grade milled. Costs applicable to sales per gold ounce increased 8% primarily due to lower gold ounces sold and higher materials costs. Depreciation and amortization per gold ounce increased 30% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 7% primarily due to higher Costs applicable to sales per gold ounce.
Previous wording
NGM, U.S. Attributable gold production decreased 19% primarily due to lower mill throughput at all NGM sites, lower ore grade milled at Carlin and Cortez and lower leach pad production at Cortez and Carlin, partially offset by higher ore grade milled at Turquoise Ridge. Costs applicable to sales per gold ounce increased 32% primarily due to lower gold ounces sold at Carlin and Cortez, inventory write-downs at Cortez and higher contracted services and maintenance costs at Carlin, Cortez and Turquoise Ridge. Depreciation and amortization per gold ounce increased 13% primarily due to lower gold ounces sold at Carlin and Cortez. All-in sustaining costs per gold ounce increased 28% primarily due to higher Costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend at Cortez.
Current wording
NGM, U.S. Attributable gold production decreased 18% primarily due to lower mill throughput at Carlin, and lower leach pad production at Cortez, partially offset by higher mill throughput at Turquoise Ridge. Costs applicable to sales per gold ounce increased 21% primarily due to lower gold ounces sold at Carlin, Cortez, and Phoenix, partially offset by higher gold ounces sold at Turquoise Ridge. Depreciation and amortization per gold ounce increased 11% primarily due to lower gold ounces sold at Carlin, Cortez, and Phoenix, partially offset by buildup of stockpile and leach pad inventory at Carlin and Cortez. All-in sustaining costs per gold ounce increased 14% primarily due to higher Costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend at Carlin.
Previous wording
CC&V, U.S. Gold production decreased 25% primarily due to lower leach pad production as a result of lower ore tonnes mined. Costs applicable to sales per gold ounce increased 19% primarily due to lower gold ounces sold. Depreciation and amortization per gold ounce decreased 30% primarily due to cessation of depreciation and amortization as a result of classifying the asset as held for sale.
Current wording
Porcupine, Canada. Gold production decreased 23% primarily due to lower mill throughout, partially offset by higher ore grade milled. Costs applicable to sales per gold ounce increased 19% primarily due to lower gold ounces sold. Depreciation and amortization per gold ounce decreased 95% primarily due to cessation of depreciation and amortization as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce increased 18% primarily due to higher Costs applicable to sales per gold ounce.
Previous wording
Akyem, Ghana. Gold production decreased 37% primarily due to lower ore grade milled, partially offset by higher mill throughput. Costs applicable to sales per gold ounce increased 99% primarily due to lower gold ounces sold, higher third-party royalties and drawdown of stockpile inventory. Depreciation and amortization per gold ounce decreased 51% primarily due to cessation of depreciation and amortization as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce increased 67% primarily due to higher Costs applicable to sales per gold ounce.
Current wording
Akyem, Ghana. Gold production decreased 46% primarily due to lower ore grade milled. Costs applicable to sales per gold ounce increased 128% primarily due to a lower gold ounces sold and a higher drawdown of stockpile inventory. Depreciation and amortization per gold ounce decreased 83% primarily due to cessation of depreciation and amortization as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce increased 107% primarily due to higher Costs applicable to sales per gold ounce.
Previous wording
Pueblo Viejo, Dominican Republic. Attributable gold production increased 6% primarily due to higher mill throughput and higher ore grade milled, partially offset by buildup of in-circuit inventory compared to a drawdown in the prior year and lower mill recovery. Refer to Note 13 of the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Current wording
Pueblo Viejo, Dominican Republic. Attributable gold production decreased 9% primarily due to lower ore grade milled and lower mill throughput, partially offset by a drawdown of in-circuit inventory compared to a buildup in the prior year. Refer to Note 12 to the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Previous wording
Foreign currency exchange rates can increase or decrease profits to the extent costs are paid in foreign currencies. Approximately 55% and 59% of Costs applicable to sales were paid in currencies other than the USD during the three and nine months ended September 30, 2024, as follows:
Current wording
Foreign currency exchange rates can increase or decrease profits to the extent costs are paid in foreign currencies. Approximately 59% of Costs applicable to sales were paid in currencies other than the USD during the three months ended March 31, 2025, as follows:
Previous wording
Variations in the local currency exchange rates in relation to the USD at our foreign mining operations decreased Costs applicable to sales at sites held prior to the Newcrest transaction by $116 and $129 per gold ounce during the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023. The decrease was primarily due to significant currency devaluation in Argentina that occurred starting in the fourth quarter of 2023. Excluding the impact of the Argentine peso devaluation, Costs applicable to salesat sites held prior to the Newcrest transaction increased by $3 and decreased by $2 per gold ounce during the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023, resulting from variations in the local currency exchange rates in relation to the USD at our other foreign mining operations.
Current wording
Variations in the local currency exchange rates in relation to the USD at our foreign mining operations decreased Costs applicable to sales at sites by $35 per gold ounce during the three months ended March 31, 2025, compared to the same period in 2024 primarily due to currency devaluation in Mexico and Argentina.
Previous wording
Variations in the local currency exchange rates in relation to the USD at our foreign mining operations decreased Costs applicable to salesper gold equivalent ounce at sites held prior to the Newcrest transaction by $38 and $1, primarily in Mexico, during the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023.
Current wording
Variations in the local currency exchange rates in relation to the USD at our foreign mining operations decreased Costs applicable to salesper gold equivalent ounce by $48, primarily in Mexico, during the three months ended March 31, 2025, compared to the same period in 2024.
Previous wording
At September 30, 2024, the Company held AUD- and CAD-denominated fixed forward contracts to mitigate variability in the USD functional cash flows related to the AUD- and CAD-denominated operating expenditures to be incurred between October 2024 and December 2025 at certain sites, respectively. The unrealized changes in fair value for the fixed forward contracts are recorded in
Current wording
At March 31, 2025, the Company held AUD- and CAD-denominated fixed forward contracts to mitigate variability in the USD functional cash flows related to the AUD- and CAD-denominated operating expenditures to be incurred between October 2024 and December 2026 at certain sites, respectively. The unrealized changes in fair value for the fixed forward contracts are recorded in Accumulated other comprehensive income (loss) and are reclassified to earnings through Costs applicable to sales. Refer to Note 11 to the Condensed Consolidated Financial Statements for further information on our hedging instruments.
Previous wording
Our Ahafo and Akyem mines, located in Ghana, are USD functional currency entities. Ghana has experienced significant inflation over the last three years and has a highly inflationary economy. 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. 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.
Current wording
Ghana. Our Ahafo and Akyem mines are located in Ghana and are USD functional currency entities. 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 our operations. The majority of Ahafo and Akyem’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.
Previous wording
Our Cerro Negro mine, located in Argentina, is a USD functional currency entity. Argentina has experienced significant inflation over the last three years and has a highly inflationary economy. 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 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. These restrictions directly impact Cerro Negro's ability to repay intercompany debt to the Company. In the third quarter, certain restrictions were lifted or modified, allowing companies to repay intercompany debt in certain circumstances. We continue to monitor the foreign currency exposure risk and the evolution of limitations of repatriating cash to the U.S. Currently, these currency controls are not expected to have a material impact on our financial statements.
Current wording
Argentina. Our Cerro Negro mine is located in Argentina and is a USD functional currency entity. 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. These restrictions directly impact Cerro Negro's ability to repay intercompany debt to the Company. In the third quarter of 2024, certain restrictions were lifted or modified, allowing companies to repay intercompany debt in certain circumstances.
Previous wording
Our Merian mine, located in the country of Suriname, is a USD functional currency entity. Suriname has experienced significant inflation over the last three years and has a highly inflationary economy. In 2021, the Central Bank took steps to stabilize the local currency, while the government introduced new legislation to narrow the gap between government revenues and spending. The measures to increase government revenue mainly consist of tax increases; however, Newmont and the Republic of Suriname have a Mineral Agreement in place that supersedes such measures. The Central Bank of Suriname adopted a controlled floating rate system, which resulted in a concurrent devaluation of the Surinamese dollar. The majority of Merian’s activity has historically been denominated in USD; as a result, historical devaluation of the Surinamese dollar resulted in an immaterial impact on our financial statements. Future appreciation or devaluation of the Surinamese dollar is not expected to have a material impact on our financial statements.
Current wording
Suriname. Our Merian mine is located in Suriname and is a USD functional currency entity. In 2021, the Central Bank took steps to stabilize the local currency, while the government introduced new legislation to narrow the gap between government revenues and spending. The measures to increase government revenue mainly consist of tax increases; however, Newmont and the Republic of Suriname have a Mineral Agreement in place that supersedes such measures. The Central Bank of Suriname adopted a controlled floating rate system, which resulted in a concurrent devaluation of the Surinamese dollar. The majority of Merian’s activity has historically been denominated in USD; as a result, the devaluation of the Surinamese dollar has resulted in an immaterial impact on our financial statements. Therefore, future devaluation of the Surinamese dollar is not expected to have a material impact on our financial statements.
Previous wording
We have a disciplined capital allocation strategy of maintaining financial flexibility to execute our capital priorities and generate long-term value for our shareholders. Consistent with that strategy, we aim to self-fund development projects and make strategic partnerships focused on profitable growth, while reducing our debt and returning cash to stockholders through dividends and share repurchases.
Current wording
We have a disciplined capital allocation strategy of maintaining financial flexibility to execute our capital priorities and generate long-term value for our stockholders. Consistent with that strategy, we aim to self-fund development projects and make strategic partnerships focused on profitable growth, while reducing our debt and returning cash to stockholders through dividends and share repurchases.
Previous wording
The Company continues to experience the impacts from geopolitical and macroeconomic pressures. With the resulting volatile environment, we continue to monitor inflationary conditions, the effects of certain countermeasures taken by central banks, and the potential for further supply chain disruptions, as well as an uncertain and evolving labor market. 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.
Current wording
The Company continues to experience the impacts from geopolitical and macroeconomic pressures. With the resulting volatile environment, we continue to monitor inflationary conditions, the effects of certain countermeasures taken by central banks, and the potential for further supply chain disruptions, as well as an uncertain and evolving labor market and trade environment including tariff and regulatory changes. 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.
Showing the first 40 of 84 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
(3)Per ounce/pound measures may not recalculate due to rounding.
Current report — wording carried from elsewhere
We continue to monitor the foreign currency exposure risk and the evolution of currency controls, which are currently not expected to have a material impact on our financial statements.
Current report — wording carried from elsewhere
In February 2024, the Board of Directors authorized a stock repurchase program to repurchase shares of outstanding common stock to provide returns to stockholders, provided that the aggregate value of shares of common stock repurchased under the new program does not exceed $1 billion. This program has been completed. In October 2024, the Board of Directors authorized an additional $2 billion stock repurchase program to repurchase shares of outstanding common stock. The program will expire after 24 months (in October 2026).
Current report — wording carried from elsewhere
(8)Includes finance lease payments and other costs for sustaining projects of $15.
Rearranged previous paragraphs (16)
Previous report — wording carried elsewhere
(1)Represents income (loss) from continuing operations by geographic location before income taxes and equity income (loss) of affiliates. These amounts will not reconcile to the Segment Information for the reasons stated in Note 4 of the Condensed Consolidated Financial Statements.
Previous report — wording carried elsewhere
(2)In accordance with applicable accounting rules, the interim provision for income taxes is adjusted to equal the consolidated tax rate.
Previous report — wording carried elsewhere
(3)The consolidated effective income tax rate is a function of the combined effective tax rates for the jurisdictions in which we operate. Variations in the relative proportions of jurisdictional income could result in fluctuations to our combined effective income tax rate.
Previous report — wording carried elsewhere
(2)All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures, below.
Previous report — wording carried elsewhere
(5)Sites were classified as held for sale beginning in the first quarter of 2024, and as such, the Company ceased recording depreciation and amortization at these sites in March 2024. Refer to Note 5 of the Condensed Consolidated Financial Statements for further discussion of our assets and liabilities held for sale.
Previous report — wording carried elsewhere
(8)All-in sustaining costs and Depreciation and amortization include expenses for Corporate and Other.
Previous report — wording carried elsewhere
(14)Income and expenses of equity method investments are included in Equity income (loss) of affiliates. Refer to Note 13 of the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Previous report — wording carried elsewhere
(15)The Fruta del Norte mine is wholly owned and operated by Lundin Gold, in which Newmont holds a 31.9% interest as at September 30, 2024, and is accounted for as an equity method investment on a quarter lag.
Previous report — wording carried elsewhere
Nine Months Ended September 30, 2024 compared to 2023
Previous report — wording carried elsewhere
Yanacocha, Peru. Gold production increased 26% primarily due to higher leach pad production as a result of injection leaching. Costs applicable to sales per gold ounce decreased 8% primarily due to higher gold ounces sold. Depreciation and amortization per gold ounce decreased 9% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 6% primarily due to lower Costs applicable to sales per gold ounce.
Previous report — wording carried elsewhere
Accumulated other comprehensive income (loss) and will be reclassified to earnings through Costs applicable to sales beginning October 2024. Refer to Note 12 of the Condensed Consolidated Financial Statements for further information on our hedging instruments.
Previous report — wording carried elsewhere
September 30, 2024, $1,504 in consolidated cash and cash equivalents was held at certain foreign subsidiaries that, if repatriated, may be subject to withholding taxes. We expect that there would be no additional tax burden upon repatriation after considering the cash cost associated with any potential withholding taxes.
Previous report — wording carried elsewhere
(1)Includes payment of $291 for stamp duty tax, related to the Newcrest transaction, in the first quarter of 2024. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on the Newcrest transaction.
Previous report — wording carried elsewhere
(13)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.
Previous report — wording carried elsewhere
(8)Includes finance lease payments and other costs for sustaining projects of $64.
Previous report — wording carried elsewhere
(13)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.