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Newmont Achieves 2013 Production Target; Provides 2014 Outlook

Newmont Mining Corporation (NYSE: NEM) (“Newmont” or the “Company”) today announced preliminary 2013 operating results, which came in at the high end of production forecasts for the year. The Company also announced its 2014 outlook, and is projecting stable gold production, increased copper production, and continued capital and overhead reductions this year. Fourth quarter and 2013 highlights include:
  • Achieved fourth quarter attributable gold production of 1.5 million ounces resulting in full year attributable production of 5.1 million ounces, on the top end of the guidance range of 4.8 to 5.1 million ounces;
  • Delivered fourth quarter attributable copper production of 38 million pounds resulting in full year attributable copper production of 144 million pounds, meeting the updated guidance range of 135 to 145 million pounds;
  • Commissioned Akyem and Phoenix Copper Leach projects on time and on budget; and
  • Realized average gold and copper price of approximately $1,267 per ounce and $2.99 per pound, and $1,393 per ounce and $2.96 per pound for the fourth quarter and full year, respectively.

“We significantly improved costs and efficiency while achieving exceptional safety performance in 2013,” said Gary Goldberg, President and Chief Executive Officer. “We also strengthened our portfolio by delivering the Akyem and Phoenix Copper Leach projects on time and on budget, and divesting more than $600 million of non-core assets.”

___________________________
1 Overhead spending includes G&A, Other Expenses, Advanced Projects and R&D, and Exploration.
 

2013 Preliminary Operating Results

The Company delivered strong performance across all its operations in 2013, achieving a step-change in productivity at Tanami and Waihi; recovering early year production shortfalls in Nevada; and commissioning the Akyem and Phoenix Copper Leach operations on time and on budget. Akyem began commercial production in the fourth quarter of 2013 and exceeded guidance by producing 129,000 ounces of gold. Strong performance at Tanami, Waihi and Kalgoorlie (included in “Other Australia/New Zealand”) continued in the fourth quarter with full year production exceeding guidance.
                 
  Q4 2012   Q4 2013   2012 FY   2013 FY
Attributable Attributable Attributable Attributable
Production Production Production Production
Region (Kozs, Mlbs) (Kozs, Mlbs) (Kozs, Mlbs) (Kozs, Mlbs)
                 
Nevada a 478 535 1,748 1,768
La Herradura   48   22   212   183
North America   526   557   1,960   1,951
Yanacocha 121 95 691 523
La Zanja   13   16   53   65
South America   134   111   744   588
Boddington 216 179 724 704
Other Australia/NZ   245   304   955   1,100
Australia/NZ   461   483   1,679   1,804
Batu Hijau, Indonesia   7   6   33   23
Ahafo 123 162 561 570
Akyem   -   129   -   129
Africa   123   291   561   699
Total Gold   1,251   1,448   4,977   5,065
Boddington 19 16 67 66
Batu Hijau   16   22   76   78
Total Copper   35   38   143   144
 
                 
Q4 2012 Q4 2013 2012 FY 2013 FY
Attributable Attributable Attributable Attributable

Sales b

Sales b

Sales b

Sales b
Region (Kozs, Mlbs) (Kozs, Mlbs) (Kozs, Mlbs) (Kozs, Mlbs)
                 
Nevada a 483 527 1,719

1,756
La Herradura   48   22   212   183
North America   531   549   1,931   1,939
Yanacocha

123

96
681 525
La Zanja   13   16   53   65
South America  

136
 

112
  734   590
Boddington 204 203 711 743
Other Australia/NZ   246  

317
  936   1,103
Australia/NZ   450  

520
  1,647   1,846
Batu Hijau, Indonesia   9   6   32   22
Ahafo 105 159 527 566
Akyem   -   129   -   129
Africa   105   288   527   695
Total Gold  

1,231
  1,475   4,871   5,092
Boddington

19

19
66 71
Batu Hijau   23   26   79   77
Total Copper  

42
 

45
  145   148

a Production and sales volumes do not include copper production from the Phoenix mine, which was approximately 30 million pounds in 2012 and 32 million pounds in 2013. Phoenix copper production is accounted for as a by-product and its revenues, net of treatment and refining charges, are credited to Nevada costs applicable to sales as a by-product credit.

b Included in attributable sales are ounces from Newmont’s non-consolidated equity interests in La Zanja of 16Koz and 65Koz for Q4 and 2013, respectively, and Duketon of 15Koz and 59Koz, for Q4 and 2013, respectively.

Newmont’s fourth quarter costs applicable to sales are expected to include non-cash stockpile revaluations of approximately $350 to $400 million resulting primarily from an adjustment of the Company’s long-term gold price assumption from $1,400 to $1,300 per ounce and revised metallurgical recovery rates.

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