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Newmont Announces Third Quarter 2013 Results

(1) Excludes Amortization and Reclamation and remediation.

 
NEWMONT MINING CORPORATION
           
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
 
Three Months Ended Nine Months Ended
September 30, September 30,
2013 2012 2013 2012
Operating activities:
Net income (loss) $ 406 $ 447 $ (1,468 ) $ 1,421
Adjustments:
Amortization 299 272 981 751
Stock based compensation and other non-cash benefits 17 19 55 55
Reclamation and remediation 20 17 56 49
Loss (income) from discontinued operations 21 33 (53 ) 104
Write-downs 3 - 2,265 -
Impairment of marketable securities 41 7 52 39
Deferred income taxes (51 ) 13 (570 ) 25
Gain on asset and investment sales, net (281 ) (2 ) (282 ) (12 )
Other operating adjustments and write-downs 65 43 697 149
Net change in operating assets and liabilities   (97 )   (271 )   (558 )   (1,039 )
Net cash provided from continuing operations 443 578 1,175 1,542
Net cash used in discontinued operations   (3 )   (4 )   (14 )   (12 )
Net cash provided from operations   440     574     1,161     1,530  
Investing activities:
Additions to property, plant and mine development (408 ) (816 ) (1,528 ) (2,394 )
Acquisitions, net - - (13 ) (22 )
Sale of marketable securities 587 103 588 209
Purchases of marketable securities - (13 ) (1 ) (209 )
Proceeds from sale of other assets 6 - 55 13
Other   (17 )   (11 )   (38 )   (48 )
Net cash used in investing activities   168     (737 )   (937 )   (2,451 )
Financing activities:
Proceeds from debt, net 275 - 1,262 3,343
Repayment of debt (526 ) (15 ) (1,060 ) (1,956 )
Payment of conversion premium on debt - - - (172 )
Proceeds from stock issuance, net - 5 2 20
Sale of noncontrolling interests - - 32 -
Acquisition of noncontrolling interests (3 ) - (13 ) -
Dividends paid to noncontrolling interests - - (2 ) (3 )
Dividends paid to common stockholders (124 ) (174 ) (509 ) (521 )
Other   (1 )   (1 )   (4 )   (2 )
Net cash provided from financing activities   (379 )   (185 )   (292 )   709  
Effect of exchange rate changes on cash   (2 )   -     (18 )   1  
Net change in cash and cash equivalents 227 (348 ) (86 ) (211 )
Cash and cash equivalents at beginning of period   1,248     1,897     1,561     1,760  
Cash and cash equivalents at end of period $ 1,475   $ 1,549   $ 1,475   $ 1,549  
 

NEWMONT MINING CORPORATION
     
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions)
 
At September 30, At December 31,
2013 2012
ASSETS
Cash and cash equivalents $ 1,475 $ 1,561
Trade receivables 215 283
Accounts receivable 257 577
Investments 91 86
Inventories 793 796
Stockpiles and ore on leach pads 794 786
Deferred income tax assets 213 195
Other current assets   1,383     1,661
Current assets 5,221 5,945
Property, plant and mine development, net 16,322 18,010
Investments 540 1,446
Stockpiles and ore on leach pads 2,851 2,896
Deferred income tax assets 1,038 481
Other long-term assets   827     872
Total assets $ 26,799   $ 29,650
LIABILITIES
Debt $ 587 $ 10
Accounts payable 545 657
Employee-related benefits 316 339
Income and mining taxes 98 51
Other current liabilities   1,712     2,084
Current liabilities 3,258 3,141
Debt 5,949 6,288
Reclamation and remediation liabilities 1,479 1,457
Deferred income tax liabilities 758 858
Employee-related benefits 384 586
Other long-term liabilities   429     372
Total liabilities   12,257     12,702
Commitments and contingencies
EQUITY
Common stock 789 787
Additional paid-in capital 8,439 8,330
Accumulated other comprehensive income (loss) (56 ) 490
Retained earnings   2,361     4,166
Newmont stockholders’ equity 11,533 13,773
Noncontrolling interests   3,009     3,175
Total equity   14,542     16,948
Total liabilities and equity $ 26,799   $ 29,650
 

Regional Operating Statistics  
Production Statistics Summary
Three Months Ended September 30,       Nine Months Ended September 30,
2013   2012 2013   2012
Consolidated gold ounces produced (thousands):
North America
Nevada 468 457 1,233 1,270
La Herradura 52 51 161 164
520 508 1,394 1,434
South America
Yanacocha 256 354 833 1,110
 
Australia/New Zealand
Boddington 178 166 525 508
Other Australia/New Zealand 275 222 753 694
453 388 1,278 1,202
 
Indonesia
Batu Hijau 9 16 36 54
 
Africa
Ahafo 144 131 408 438
1,382 1,397 3,949 4,238
 
Consolidated copper pounds produced (millions):
Boddington 15 16 50 48
Batu Hijau 39 39 115 124
54 55 165 172
 
Attributable gold ounces produced (thousands):
North America
Nevada 468 457 1,233 1,270
La Herradura 52 51 161 164
520 508 1,394 1,434
South America
Yanacocha 132 182 428 570
Other South America Equity Interests 17 14 49 40
149 196 477 610
 
Australia/New Zealand
Boddington 178 166 525 508
Other Australia/New Zealand 275 222 753 694
Other Australia/New Zealand Equity Interests 14 7 43 16
467 395 1,321 1,218
 
Indonesia
Batu Hijau 4 7 17 26
 
Africa
Ahafo 144 131 408 438
1,284 1,237 3,617 3,726
 
Attributable copper pounds produced (millions):
Boddington 15 16 50 48
Batu Hijau 19 19 56 60
34 35 106 108
 

CAS and Capital Expenditures        
Gold Costs Applicable to Sales ($/ounce) (1) Three Months Ended September 30, Nine Months Ended September 30,
2013 2012 2013 2012
North America
Nevada $ 527 $ 661 $ 651 $ 661
La Herradura   765   608   755   585
  550   655   663   652
South America
Yanacocha 591 520 608 481
 
Australia/New Zealand
Boddington 1,031 928 1,071 886
Other Australia/New Zealand   756   931   939   850
  854   930   995   866
Indonesia
Batu Hijau 846 1,115 2,487 985
Africa
Ahafo   513   561   554   571
Average $ 649 $ 693 $ 763 $ 664
Attributable to Newmont $ 654 $ 716 $ 773 $ 689
Copper Costs Applicable to Sales ($/pound) (1)
Boddington $ 2.23 $ 2.29 $ 2.65 $ 2.33
Batu Hijau   2.74   2.38   5.60   2.19
Average $ 2.63 $ 2.38 $ 4.61 $ 2.23
Attributable to Newmont $ 2.56 $ 2.35 $ 4.09 $ 2.23
(1)Consolidated Costs applicable to sales excludes Amortization and Reclamation and remediation.
 
 
Consolidated Capital Expenditures ($ million) Three Months Ended September 30, Nine Months Ended September 30,
2013 2012 2013 2012
North America
Nevada $ 117 $ 149 $ 360 $ 489
La Herradura 18 21 82 50
Other North America   1   1   1   31
  136   171   443   570
South America
Yanacocha 47 149 136 392
Conga 23 125 184 467
Other South America   28   34   65   54
  98   308   385   913
Australia/New Zealand
Boddington 27 25 81 77
Other Australia/New Zealand   40   81   123   226
  67   106   204   303
Indonesia
Batu Hijau   26   37   82   98
  26   37   82   98
Africa
Ahafo 23 68 139 176
Akyem   50   116   209   305
  73   184   348   481
Corporate and Other   -   5   7   22
Total - Accrual Basis $ 400 $ 811 $ 1,469 $ 2,387
Change in Capital Accrual   8   5   59   7
Total - Cash Basis $ 408 $ 816 $ 1,528 $ 2,394
Attributable to Newmont (Accrual Basis) $ 353 $ 659 $ 1,271 $ 1,919
 

Supplemental Information

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