UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2015
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-31240
NEWMONT MINING CORPORATION
(Exact name of registrant as specified in its charter)
Delaware |
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84-1611629 |
(State or Other Jurisdiction of |
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(I.R.S. Employer |
6363 South Fiddler’s Green Circle |
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Greenwood Village, Colorado |
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80111 |
(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s telephone number, including area code (303) 863-7414
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12-b2 of the Exchange Act.
|
Large accelerated filer |
☒ |
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Accelerated filer |
☐ |
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Non-accelerated filer |
☐ |
(Do not check if a smaller reporting company.) |
Smaller reporting company |
☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b2 of the Exchange Act). ☐ Yes ☒ No
There were 529,117,504 shares of common stock outstanding on October 22, 2015.
TABLE OF CONTENTS
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2 | |
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3 | |
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4 | |
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5 | |
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
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42 | |
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42 | |
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45 | |
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45 | |
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51 | |
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77 | ||
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78 | |||
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79 |
NEWMONT MINING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in millions except per share)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2015 |
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2014 |
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2015 |
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2014 |
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Sales |
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$ |
2,033 |
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$ |
1,746 |
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$ |
5,913 |
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$ |
5,275 |
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Costs and expenses |
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Costs applicable to sales (1) |
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1,133 |
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1,185 |
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3,171 |
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3,328 |
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Depreciation and amortization |
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331 |
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318 |
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896 |
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922 |
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Reclamation and remediation (Note 4) |
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25 |
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20 |
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74 |
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61 |
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Exploration |
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34 |
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44 |
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115 |
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119 |
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Advanced projects, research and development |
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32 |
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36 |
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93 |
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120 |
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General and administrative |
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43 |
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45 |
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138 |
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138 |
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Other expense, net (Note 5) |
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57 |
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63 |
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148 |
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179 |
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1,655 |
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1,711 |
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4,635 |
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4,867 |
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Other income (expense) |
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Other income, net (Note 6) |
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140 |
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79 |
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128 |
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128 |
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Interest expense, net |
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(81) |
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(89) |
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(248) |
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(276) |
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59 |
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(10) |
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(120) |
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(148) |
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Income (loss) before income and mining tax and other items |
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437 |
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25 |
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1,158 |
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260 |
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Income and mining tax benefit (expense) (Note 7) |
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(151) |
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47 |
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(496) |
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22 |
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Equity income (loss) of affiliates |
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(18) |
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— |
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(34) |
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2 |
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Income (loss) from continuing operations |
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268 |
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72 |
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628 |
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284 |
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Income (loss) from discontinued operations (Note 8) |
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17 |
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3 |
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34 |
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(16) |
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Net income (loss) |
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285 |
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75 |
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662 |
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268 |
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Net loss (income) attributable to noncontrolling interests (Note 9) |
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(66) |
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138 |
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(188) |
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225 |
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Net income (loss) attributable to Newmont stockholders |
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$ |
219 |
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$ |
213 |
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$ |
474 |
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$ |
493 |
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Net income (loss) attributable to Newmont stockholders: |
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Continuing operations |
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$ |
202 |
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$ |
210 |
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$ |
440 |
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$ |
509 |
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Discontinued operations |
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17 |
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3 |
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34 |
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(16) |
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$ |
219 |
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$ |
213 |
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$ |
474 |
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$ |
493 |
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Income (loss) per common share (Note 10) |
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Basic: |
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Continuing operations |
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$ |
0.38 |
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$ |
0.42 |
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$ |
0.86 |
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$ |
1.02 |
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Discontinued operations |
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0.04 |
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0.01 |
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0.07 |
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(0.03) |
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$ |
0.42 |
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$ |
0.43 |
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$ |
0.93 |
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$ |
0.99 |
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Diluted: |
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Continuing operations |
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$ |
0.38 |
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$ |
0.42 |
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$ |
0.86 |
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$ |
1.02 |
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Discontinued operations |
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0.04 |
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0.01 |
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0.07 |
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(0.03) |
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$ |
0.42 |
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$ |
0.43 |
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$ |
0.93 |
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$ |
0.99 |
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Cash dividends declared per common share |
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$ |
0.025 |
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$ |
0.025 |
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$ |
0.075 |
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$ |
0.200 |
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(1) |
Excludes Depreciation and amortization and Reclamation and remediation. |
The accompanying notes are an integral part of the condensed consolidated financial statements.
1
NEWMONT MINING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in millions)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2015 |
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2014 |
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2015 |
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2014 |
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Net income (loss) |
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$ |
285 |
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$ |
75 |
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$ |
662 |
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$ |
268 |
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Other comprehensive income (loss): |
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Unrealized gain (loss) on marketable securities, net of $(1), $nil, $(1) and $(1) tax benefit (expense), respectively |
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63 |
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(24) |
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56 |
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(110) |
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Foreign currency translation adjustments |
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(3) |
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(11) |
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(8) |
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(9) |
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Change in pension and other post-retirement benefits, net of $(1), $(1), $(23) and $(3), tax benefit (expense), respectively |
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1 |
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4 |
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45 |
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7 |
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Change in fair value of cash flow hedge instruments, net of $3, $(33), $nil and $(20), tax benefit (expense), respectively |
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Net change from periodic revaluations |
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(26) |
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(38) |
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(43) |
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(4) |
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Net amount reclassified to income |
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16 |
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1 |
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39 |
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(12) |
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Net unrecognized gain (loss) on hedges |
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(10) |
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(37) |
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(4) |
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(16) |
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Other comprehensive income (loss) |
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51 |
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(68) |
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89 |
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(128) |
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Comprehensive income (loss) |
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$ |
336 |
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$ |
7 |
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$ |
751 |
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$ |
140 |
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Comprehensive income (loss) attributable to: |
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Newmont stockholders |
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$ |
270 |
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$ |
145 |
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$ |
563 |
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$ |
365 |
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Noncontrolling interests |
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66 |
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(138) |
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188 |
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(225) |
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$ |
336 |
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$ |
7 |
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$ |
751 |
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$ |
140 |
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The accompanying notes are an integral part of the condensed consolidated financial statements.
2
NEWMONT MINING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
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Nine Months Ended September 30, |
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2015 |
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2014 |
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Operating activities: |
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Net income |
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$ |
662 |
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$ |
268 |
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Adjustments: |
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Depreciation and amortization |
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896 |
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922 |
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Stock based compensation and other non-cash benefits |
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58 |
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42 |
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Reclamation and remediation |
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70 |
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61 |
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Loss (income) from discontinued operations |
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(34) |
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16 |
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Impairment of investments |
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102 |
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4 |
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Deferred income taxes |
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212 |
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(183) |
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Gain on asset and investment sales, net |
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(109) |
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(92) |
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Gain on deconsolidation of TMAC |
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(76) |
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— |
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Other operating adjustments and write-downs |
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254 |
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525 |
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Net change in operating assets and liabilities (Note 24) |
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(153) |
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(674) |
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Net cash provided by continuing operations |
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1,882 |
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889 |
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Net cash used in discontinued operations |
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(9) |
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(10) |
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Net cash provided by operations |
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1,873 |
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|
879 |
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Investing activities: |
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Additions to property, plant and mine development |
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(941) |
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(766) |
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Acquisitions, net (Note 13) |
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(819) |
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(28) |
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Sales of investments |
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29 |
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25 |
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Proceeds from sale of other assets |
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126 |
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191 |
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Other |
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(47) |
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(14) |
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Net cash used in investing activities |
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(1,652) |
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(592) |
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Financing activities: |
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Proceeds from debt, net |
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— |
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|
596 |
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Repayment of debt |
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(332) |
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(581) |
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Proceeds from stock issuance, net |
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|
675 |
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— |
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Sale of noncontrolling interests |
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|
37 |
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|
71 |
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Funding from noncontrolling interests |
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|
89 |
|
|
— |
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Acquisition of noncontrolling interests |
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(8) |
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(6) |
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Dividends paid to noncontrolling interests |
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(3) |
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(4) |
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Dividends paid to common stockholders |
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(38) |
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(102) |
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Restricted cash and other |
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(59) |
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(27) |
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Net cash provided by (used in) financing activities |
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|
361 |
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(53) |
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Effect of exchange rate changes on cash |
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(21) |
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(11) |
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Net change in cash and cash equivalents |
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|
561 |
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|
223 |
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Cash and cash equivalents at beginning of period |
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|
2,403 |
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|
1,555 |
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Cash and cash equivalents at end of period |
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$ |
2,964 |
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$ |
1,778 |
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The accompanying notes are an integral part of the condensed consolidated financial statements.
3
NEWMONT MINING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions)
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At September 30, |
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At December 31, |
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2015 |
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2014 |
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ASSETS |
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Cash and cash equivalents |
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$ |
2,964 |
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$ |
2,403 |
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Trade receivables |
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175 |
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|
186 |
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Other accounts receivables |
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174 |
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|
290 |
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Investments (Note 16) |
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25 |
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|
73 |
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Inventories (Note 17) |
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|
766 |
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|
700 |
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Stockpiles and ore on leach pads (Note 18) |
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|
782 |
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|
666 |
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Deferred income tax assets |
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|
193 |
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|
240 |
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Other current assets (Note 19) |
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|
116 |
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|
881 |
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Current assets |
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|
5,195 |
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|
5,439 |
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Property, plant and mine development, net |
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14,335 |
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|
13,650 |
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Investments (Note 16) |
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|
378 |
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|
334 |
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Stockpiles and ore on leach pads (Note 18) |
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|
3,014 |
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|
2,820 |
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Deferred income tax assets |
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|
1,704 |
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|
1,790 |
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Other long-term assets (Note 19) |
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|
928 |
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|
883 |
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Total assets |
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$ |
25,554 |
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$ |
24,916 |
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LIABILITIES |
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Debt (Note 20) |
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$ |
266 |
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$ |
166 |
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Accounts payable |
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|
435 |
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|
406 |
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Employee-related benefits |
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|
254 |
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|
307 |
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Income and mining taxes |
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|
119 |
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|
74 |
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Other current liabilities (Note 21) |
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|
617 |
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|
1,245 |
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Current liabilities |
|
|
1,691 |
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|
2,198 |
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Debt (Note 20) |
|
|
6,085 |
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|
6,480 |
|
Reclamation and remediation liabilities (Note 4) |
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|
1,712 |
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|
1,606 |
|
Deferred income tax liabilities |
|
|
763 |
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|
656 |
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Employee-related benefits |
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|
419 |
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|
492 |
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Other long-term liabilities (Note 21) |
|
|
315 |
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|
395 |
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Total liabilities |
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|
10,985 |
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|
11,827 |
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Commitments and contingencies (Note 26) |
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|
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EQUITY |
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Common stock |
|
|
846 |
|
|
798 |
|
Additional paid-in capital |
|
|
9,409 |
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|
8,712 |
|
Accumulated other comprehensive income (loss) |
|
|
(389) |
|
|
(478) |
|
Retained earnings |
|
|
1,678 |
|
|
1,242 |
|
Newmont stockholders' equity |
|
|
11,544 |
|
|
10,274 |
|
Noncontrolling interests |
|
|
3,025 |
|
|
2,815 |
|
Total equity |
|
|
14,569 |
|
|
13,089 |
|
Total liabilities and equity |
|
$ |
25,554 |
|
$ |
24,916 |
|
The accompanying notes are an integral part of the condensed consolidated financial statements.
4
The interim Condensed Consolidated Financial Statements (“interim statements”) of Newmont Mining Corporation and its subsidiaries (collectively, “Newmont” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with Newmont’s Consolidated Financial Statements for the year ended December 31, 2014 filed on February 20, 2015 on Form 10-K. The year-end balance sheet data was derived from the audited financial statements and, in accordance with the instructions to Form 10-Q, certain information and footnote disclosures required by United States generally accepted accounting principles (“GAAP”) have been condensed or omitted. References to “A$” refer to Australian currency, “NZ$” to New Zealand currency, and “C$” to Canadian currency.
During the second quarter of 2015, the Company received $675 in net proceeds from a common stock issuance. Newmont used the proceeds, supplemented with cash from the Company’s balance sheet, to fund the acquisition of the Cripple Creek & Victor gold mining business (“CC&V”) in Colorado from AngloGold Ashanti Limited, which was completed on August 3, 2015, for a purchase consideration of $821, plus a 2.5% net smelter return royalty from potential future underground ore which has no fair value at September 30, 2015. Refer to Note 13 for further information.
On March 12, 2013, Newmont completed the sale of the Hope Bay Project to TMAC Resources Inc. (“TMAC”). On July 7, 2015, TMAC completed an initial public offering (“IPO”), issuing 22,500,000 common shares at a price of C$6.00 per common share for aggregate gross proceeds of C$135. Additionally, TMAC entered into a term loan facility for $120. At September 30, 2015, Newmont held a 29.38% ownership interest in TMAC. Prior to the financing events, Newmont identified TMAC as a Variable Interest Entity (“VIE”) under Accounting Standards Codification (“ASC”) guidance for consolidation, determined it was the primary beneficiary, and consolidated TMAC in its Consolidated Financial Statements. Upon further evaluation subsequent to the financing events, Newmont determined that TMAC is no longer considered a VIE, and no longer will be consolidated into Newmont’s financial results. Newmont deconsolidated the assets, liabilities, and non-controlling interest related to TMAC and recognized a gain of $76, recorded within Other income, net. The fair value of the retained investment was valued utilizing the market approach applying the IPO share price. Newmont’s retained investment in TMAC, which was $104 at September 30, 2015, will be accounted for as an equity method investment reflected in Note 16.
On July 24, 2015, Newmont completed the sale of its 60.64% ownership interest in European Gold Refinery Holdings (“EGR”) for total cash proceeds of $119. The gain of $53 was recorded in Other income, net.
Certain amounts in prior years have been reclassified to conform to the 2015 presentation and were not material to the financial statements.
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Risks and Uncertainties
As a global mining company, our revenue, profitability and future rate of growth are substantially dependent on prevailing prices for gold, copper and, to a lesser extent, silver. Historically, the commodity markets have been very volatile, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on our financial position, results of operations, cash flows, access to capital and on the quantities of reserves that we can economically produce. The carrying value of our property, plant and mine development assets, inventories, stockpiles and ore on leach pads, and
5
deferred tax assets are particularly sensitive to the outlook for commodity prices. A decline in our long term price outlook from current levels could result in material impairment charges related to these assets.
In September 2014, PT Newmont Nusa Tenggara (“PTNNT”) and the Government of Indonesia signed a Memorandum of Understanding (“MoU”) that resulted in PTNNT receiving a six-month permit to export copper concentrate from the Batu Hijau mine (“Batu Hijau”) that expired in mid-March 2015. On March 30, 2015, PTNNT received a six-month permit extension to export copper concentrate that expired in late September 2015. A permit renewal application was submitted in August 2015 and renewal remains pending. Supplemental information regarding domestic smelting development progress via MoU with PT Freeport Indonesia was finalized and submitted in September 2015. All required information has been submitted to the Government of Indonesia. Effective with the signing of the MoU, PTNNT agreed to pay certain export duties and royalties. The MoU also outlines terms for the six main elements of the Contract of Work renegotiation, which will be incorporated into an amendment of the Contract of Work. The six areas are: concession area size; royalties, taxes and export duties; domestic processing and refining; ownership divestment; utilization of local manpower, domestic goods and services; and duration of the Contract of Work. Negotiations between PTNNT and the Government of Indonesia to amend the Contract of Work remain on-going. No assurances can be made at this time with respect to the outcome of such negotiations and the renewal of the export permit. The failure to receive a timely renewal may negatively impact future operations and financial results at Batu Hijau. As a result of the on-going Contract of Work renegotiations at Batu Hijau, the need for asset impairments, inventory write-downs, tax valuation allowances and other applicable accounting charges will continue to be evaluated. At this time, the Company expects operations to continue into the future. The total assets at Batu Hijau as of September 30, 2015 and December 31, 2014 were $3,462 and $3,107, respectively.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. The Company must make these estimates and assumptions because certain information used is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. Actual results could differ from these estimates.
Recently Adopted Accounting Pronouncements
Business combinations
In September 2015, the Financial Accounting Services Board issued Accounting Standards Update (“ASU”) guidance related to accounting for measurement-period adjustments in a business combination. This update simplifies the measurement-period adjustments by requiring that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, and not retrospectively. This update also requires the separate presentation on the face of the statement of income, or disclosure in the notes to the financial statements, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The Company early adopted this guidance prospectively as of September 30, 2015. As applicable, adoption of the new guidance will impact the consolidated financial position, results of operations and cash flows.
Stock-based compensation
In June 2014, ASU guidance was issued to resolve the diversity of practice relating to the accounting for stock-based performance awards for which the performance target could be achieved after the employee completes the required service period. Adoption of the new guidance, effective for the fiscal year beginning January 1, 2015, had no impact on the consolidated financial position, results of operations or cash flows.
6
Recently Issued Accounting Pronouncements
Inventory
In July 2015, ASU guidance was issued related to inventory simplifying the subsequent measurement of inventories by replacing the lower of cost or market test with a lower of cost and net realizable value test. The update is effective in fiscal years, including interim periods, beginning after December 15, 2016, and early adoption is permitted. The Company is currently evaluating this guidance and the impact it will have on the consolidated financial position, results of operations or cash flows.
Employee benefit plan accounting
In July 2015, ASU guidance was issued related to defined benefit pension plans, defined contribution pension plans, and health and welfare benefit plans. This update designates contract value as the only required measure for fully benefit-responsive investment contracts, simplifies and makes more effective the investment disclosure requirements for employee benefit plans, and provides a simplified method for determining the measurement date for employee benefit plans. The update is effective in fiscal years, including interim periods, beginning after December 15, 2015, and early adoption is permitted. The Company is currently evaluating this guidance and the impact it will have on the consolidated financial position, results of operations or cash flows.
Debt issuance costs
In April 2015, and further amended in August 2015, ASU guidance was issued related to debt issuance costs. This update simplifies the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding debt liability. The update is effective in fiscal years, including interim periods, beginning after December 15, 2015, and early adoption is permitted. The Company is currently evaluating this guidance and the impact it will have on the consolidated financial position, results of operations or cash flows.
Consolidations
In February 2015, ASU guidance was issued related to consolidations. This update makes some targeted changes to current consolidation guidance and impacts both the voting and the variable interest consolidation models. In particular, the update will change how companies determine whether limited partnerships or similar entities are variable interest entities. The update is effective in fiscal years, including interim periods, beginning after December 15, 2015, and early adoption is permitted. We currently consolidate certain variable interest entities and we do not expect the updated guidance to have an impact on the consolidated financial position, results of operations or cash flows.
Revenue recognition
In May 2014, ASU guidance was issued related to revenue from contracts with customers. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. In August 2015, the effective date was deferred to reporting periods, including interim periods, beginning after December 15, 2017, and will be applied retrospectively. Early adoption is not permitted. The Company is currently evaluating this guidance and the impact it will have on the consolidated financial position, results of operations or cash flows.
7
NOTE 3 SEGMENT INFORMATION
The Company’s reportable segments are based upon the Company’s management structure that is focused on the geographic region for the Company’s operations. In the first quarter of 2015, the Australia/New Zealand and Indonesia geographic regions were combined into one Asia Pacific geographic region. Geographic regions include North America, South America, Asia Pacific, Africa, and Corporate and Other.
On June 5, 2015, the Company entered into an agreement with OceanaGold Corporation to sell its Waihi mine in New Zealand for approximately $101. The Waihi sale has been approved by New Zealand regulators and is expected to close in the fourth quarter of 2015. As of September 30, 2015, total assets and total liabilities were $138 and $52, respectively.
|
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|
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Advanced |
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|
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||
|
|
|
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Costs |
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Depreciation |
|
Projects, Research |
|
Pre‑Tax |
|
|||||
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Applicable |
|
and |
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and Development |
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Income |
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||||
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Sales |
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to Sales |
|
Amortization |
|
and Exploration |
|
(Loss) |
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|||||
Three Months Ended September 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlin |
|
$ |
261 |
|
$ |
208 |
|
$ |
54 |
|
$ |
5 |
|
$ |
(9) |
|
Phoenix: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold |
|
|
63 |
|
|
48 |
|
|
13 |
|
|
|
|
|
|
|
Copper |
|
|
30 |
|
|
27 |
|
|
6 |
|
|
|
|
|
|
|
Total Phoenix |
|
|
93 |
|
|
75 |
|
|
19 |
|
|
1 |
|
|
(4) |
|
Twin Creeks |
|
|
134 |
|
|
66 |
|
|
13 |
|
|
2 |
|
|
52 |
|
CC&V (1) |
|
|
38 |
|
|
10 |
|
|
6 |
|
|
1 |
|
|
20 |
|
Other North America |
|
|
— |
|
|
— |
|
|
1 |
|
|
7 |
|
|
2 |
|
North America |
|
|
526 |
|
|
359 |
|
|
93 |
|
|
16 |
|
|
61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yanacocha |
|
|
288 |
|
|
158 |
|
|
88 |
|
|
9 |
|
|
13 |
|
Other South America |
|
|
— |
|
|
— |
|
|
3 |
|
|
10 |
|
|
(13) |
|
South America |
|
|
288 |
|
|
158 |
|
|
91 |
|
|
19 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boddington: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold |
|
|
224 |
|
|
131 |
|
|
27 |
|
|
|
|
|
|
|
Copper |
|
|
36 |
|
|
33 |
|
|
6 |
|
|
|
|
|
|
|
Total Boddington |
|
|
260 |
|
|
164 |
|
|
33 |
|
|
— |
|
|
68 |
|
Tanami |
|
|
141 |
|
|
54 |
|
|
22 |
|
|
2 |
|
|
66 |
|
Waihi |
|
|
32 |
|
|
12 |
|
|
4 |
|
|
1 |
|
|
14 |
|
Kalgoorlie |
|
|
95 |
|
|
68 |
|
|
5 |
|
|
1 |
|
|
24 |
|
Batu Hijau: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold |
|
|
214 |
|
|
83 |
|
|
15 |
|
|
|
|
|
|
|
Copper |
|
|
259 |
|
|
133 |
|
|
24 |
|
|
|
|
|
|
|
Total Batu Hijau |
|
|
473 |
|
|
216 |
|
|
39 |
|
|
1 |
|
|
199 |
|
Other Asia Pacific |
|
|
— |
|
|
— |
|
|
4 |
|
|
1 |
|
|
(10) |
|
Asia Pacific |
|
|
1,001 |
|
|
514 |
|
|
107 |
|
|
6 |
|
|
361 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ahafo |
|
|
89 |
|
|
50 |
|
|
11 |
|
|
5 |
|
|
22 |
|
Akyem |
|
|
129 |
|
|
52 |
|
|
24 |
|
|
2 |
|
|
51 |
|
Other Africa |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(7) |
|
Africa |
|
|
218 |
|
|
102 |
|
|
35 |
|
|
7 |
|
|
66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other |
|
|
— |
|
|
— |
|
|
5 |
|
|
18 |
|
|
(51) |
|
Consolidated |
|
$ |
2,033 |
|
$ |
1,133 |
|
$ |
331 |
|
$ |
66 |
|
$ |
437 |
|
(1) |
The Company acquired the CC&V gold mining business on August 3, 2015. |
8
|
|
|
|
|
|
|
|
|
|
Advanced |
|
|
|
|
||
|
|
|
|
Costs |
|
Depreciation |
|
Projects, Research |
|
Pre‑Tax |
|
|||||
|
|
|
|
|
Applicable |
|
and |
|
and Development |
|
Income |
|
||||
|
|
Sales |
|
to Sales |
|
Amortization |
|
and Exploration |
|
(Loss) |
|
|||||
Three Months Ended September 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlin |
|
$ |
304 |
|
$ |
206 |
|
$ |
40 |
|
$ |
5 |
|
$ |
49 |
|
Phoenix: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold |
|
|
78 |
|
|
47 |
|
|
9 |
|
|
|
|
|
|
|
Copper |
|
|
34 |
|
|
25 |
|
|
4 |
|
|
|
|
|
|
|
Total Phoenix |
|
|
112 |
|
|
72 |
|
|
13 |
|
|
3 |
|
|
20 |
|
Twin Creeks |
|
|
116 |
|
|
43 |
|
|
7 |
|
|
— |
|
|
65 |
|
La Herradura (1) |
|
|
58 |
|
|
44 |
|
|
10 |
|
|
5 |
|
|
(1) |
|
Other North America |
|
|
— |
|
|
— |
|
|
— |
|
|
8 |
|
|
5 |
|
North America |
|
|
590 |
|
|
365 |
|
|
70 |
|
|
21 |
|
|
138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yanacocha |
|
|
314 |
|
|
125 |
|
|
74 |
|
|
8 |
|
|
93 |
|
Other South America |
|
|
— |
|
|
— |
|
|
— |
|
|
9 |
|
|
(9) |
|
South America |
|
|
314 |
|
|
125 |
|
|
74 |
|
|
17 |
|
|
84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boddington: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold |
|
|
201 |
|
|
150 |
|
|
26 |
|
|
|
|
|
|
|
Copper |
|
|
44 |
|
|
40 |
|
|
6 |
|
|
|
|
|
|
|
Total Boddington |
|
|
245 |
|
|
190 |
|
|
32 |
|
|
— |
|
|
29 |
|
Tanami |
|
|
100 |
|
|
67 |
|
|
17 |
|
|
3 |
|
|
16 |
|
Jundee (2) |
|
|
2 |
|
|
— |
|
|
— |
|
|
— |
|
|
25 |
|
Waihi |
|
|
47 |
|
|
20 |
|
|
7 |
|
|
3 |
|
|
19 |
|
Kalgoorlie |
|
|
102 |
|
|
71 |
|
|
4 |
|
|
1 |
|
|
30 |
|
Batu Hijau: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold |
|
|
9 |
|
|
26 |
|
|
8 |
|
|
|
|
|
|
|
Copper |
|
|
61 |
|
|
227 |
|
|
64 |
|
|
|
|
|
|
|
Total Batu Hijau |
|
|
70 |
|
|
253 |
|
|
72 |
|
|
— |
|
|
(272) |
|
Other Asia Pacific |
|
|
— |
|
|
— |
|
|
4 |
|
|
1 |
|
|
(18) |
|
Asia Pacific |
|
|
566 |
|
|
601 |
|
|
136 |
|
|
8 |
|
|
(171) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ahafo |
|
|
138 |
|
|
56 |
|
|
13 |
|
|
4 |
|
|
66 |
|
Akyem |
|
|
138 |
|
|
38 |
|
|
20 |
|
|
— |
|
|
78 |
|
Other Africa |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
(3) |
|
Africa |
|
|
276 |
|
|
94 |
|
|
33 |
|
|
5 |
|
|
141 |
|