Filed by Newmont Mining Corporation
                           Pursuant to Rule 425 under the Securities Act of 1933
                                        and deemed filed pursuant to Rule 14a-12
                                          of the Securities Exchange Act of 1934

                                        Subject Company: Normandy Mining Limited
                                                   Commission File No. 132-00965

Although the Normandy Board, subject to its fiduciary duties, has recommended
Newmont's offer to Normandy shareholders, Normandy has not provided unqualified
assistance to Newmont in making its offer. Among other things, Normandy has
refused to provide Newmont with certain financial information, and it has not
permitted its auditors to issue a consent in respect of financial information
relating to Normandy.

The following contains forward-looking information and statements about Newmont
Mining Corporation, Franco-Nevada Mining Corporation Limited, Normandy Mining
Limited and the combined company after completion of the transactions.
Forward-looking statements are statements that are not historical facts. These
statements include financial projections and estimates and their underlying
assumptions; statements regarding plans, objectives and expectations with
respect to future operations, products and services; and statements regarding
future performance. Forward-looking statements are generally identified by the
words "expects," "anticipates," "believes," "intends," "estimates" and similar
expressions. The forward-looking information and statements in the following are
subject to various risks and uncertainties, many of which are difficult to
predict and generally beyond the control of Newmont, Franco-Nevada and Normandy
Mining, that could cause actual results to differ materially from those
expressed in, or implied or projected by, the forward-looking information and
statements. These risks and uncertainties include those discussed or identified
in the public filings with the U.S. Securities and Exchange Commission made by
Newmont and Normandy, and Franco-Nevada's filings with the Ontario Securities
Commission; risks and uncertainties with respect to the parties' expectations
regarding the timing, completion and accounting and tax treatment of the
transactions, the value of the transaction consideration, production and
development opportunities, conducting worldwide operations, earnings accretion,
cost savings, revenue enhancements, synergies and other benefits anticipated
from the transactions; and the effect of gold price and foreign exchange rate
fluctuations, and general economic conditions such as changes in interest rates
and the performance of the financial markets, changes in domestic and foreign
laws, regulations and taxes, changes in competition and pricing environments,
the occurrence of significant natural disasters, civil unrest and general market
and industry conditions.

In connection with the proposed transactions, Newmont Mining Corporation has
filed with the U.S. Securities and Exchange Commission a Registration Statement
on Form S-4 (which includes an Offer Document) and a Proxy Statement/Prospectus
on Schedule 14A. Investors and security holders are advised to read the Offer
Document and the Proxy Statement/Prospectus, which were mailed beginning on
January 11, 2002, because they contain important information. Investors and
security holders may obtain free copies of the Offer Document and the Proxy
Statement/Prospectus and other documents filed by Newmont with the Commission at
the Commission's web site at Free copies of the Offer
Document and the Proxy Statement/Prospectus and other filings made by Newmont or
Normandy with the Commission, may also be obtained from Newmont. Free copies of
Newmont's and Normandy's filings may be obtained by directing a request to
Newmont Mining Corporation, Attn: Investor Relations, 1700 Lincoln Street,
Denver, Colorado 80203, Telephone: (303) 863-7414. Copies of Franco-Nevada's
filings may be obtained at

                                                      NEWMONT MINING CORPORATION
                                                           MODERATOR: WENDY YANG
                                                     FEBRUARY 6, 2002/12:00 P.M.
                                                                          PAGE 1

                          NEWMONT MINING CORPORATION

                                FEBRUARY 6, 2002
                                 12:00 P.M. CST

Coordinator       Good afternoon and thank you all for holding. I would like to
                  remind parties your lines have been placed on a listen only
                  mode until the question and answer session of today's
                  conference, and also that today's call is being recorded at
                  the request of Newmont Mining Corporation. If you have any
                  objections you may disconnect at this time.

                  I would now like to turn the call over to Ms. Wendy Yang,
                  Director of Investor Relations.  Thank you ma'am you may

W. Yang           Thank you.  Thanks for joining us today for our conference
                  call to review Newmont's fourth quarter and year-end
                  financial and operating performance.  This call is being
                  simulcast on our Web site and will be available for
                  playback for a limited time.

                                                      NEWMONT MINING CORPORATION
                                                           MODERATOR: WENDY YANG
                                                     FEBRUARY 6, 2002/12:00 P.M.
                                                                          PAGE 2

                  As we shall be discussing some forward-looking information,
                  you should be aware that there are risks unique to our
                  industry and these risk factors are described in detail in our
                  filings with the SEC. The information we are discussing today,
                  February 6, 2002, is relevant for the current period. For the
                  most up to date material disclosure please refer to our latest
                  SEC filing and news releases.

                  Giving remarks today are Wayne Murdy, Chairman, President and
                  CEO and Bruce Hansen, Senior Vice President and CFO. We also
                  have with us Jeff Huspeni, Vice President of Exploration and
                  John Dow, Executive Vice president and Group Executive for
                  Latin America. Wayne, please go ahead.

W. Murdy          Thank you, Wendy, and good day everybody.  I'm trying to
                  work on my Australian accent, but I've got to get some help
                  from some of my friends.  Obviously, we've seen a great
                  short period of spot gold price movement with the spot
                  price yesterday closing at just over $297 an ounce, so a
                  lot of volatility today.  I'm sure we'll continue to see
                  this volatility in the gold price, but it's good to see the
                  price range moving upward over the past year.  As I've said
                  we're optimistic of an improved gold price going forward,
                  based on improved economic fundamentals.  Primarily we'll

                                                      NEWMONT MINING CORPORATION
                                                           MODERATOR: WENDY YANG
                                                     FEBRUARY 6, 2002/12:00 P.M.
                                                                          PAGE 3

                  at the supply/demand picture and we think that is very
                  optimistic for gold price as production is falling off

                  Today I am pleased to announce the results of our best
                  financial quarter of the year. I'm proud of our employees for
                  remaining focused on our 2001 goals through the fourth
                  quarter, while as the same time we initiated the exciting but
                  intense acquisition efforts of Normandy Mining and
                  Franco-Nevada. Newmont for the quarter earned $20.2 million or
                  $0.10 per share. Excluding merger and certain non-cash items,
                  we earned $31.7 million or $0.16 per share.

                  It was a good year overall in 2001. We produced 5.4 million
                  ounces at a cash cost of $184 per ounce in line with our
                  targets. We reported $13.7 million or $0.07 per share for the
                  full year, excluding merger costs and non-cash items; a 73%
                  improvement from the year 2000 despite a $10 per ounce lower
                  realized goal price at $271, generated cash flow from
                  operations of $381 million or $1.95 per share.

                  We accomplished some important refinancing goals that we had
                  established going into the year, which Bruce will talk about
                  later. Clearly though at these gold prices, we're not
                  achieving the kind of rate of return

                                                      NEWMONT MINING CORPORATION
                                                           MODERATOR: WENDY YANG
                                                     FEBRUARY 6, 2002/12:00 P.M.
                                                                          PAGE 4

                  that we feel our shareholders deserve over the long run. With
                  an improving gold price and with the new Newmont and the
                  quality assets that are being put together in this
                  combination, we think those kinds of returns are clearly on
                  the horizon.

                  This was a terrific year also for our copper-gold project at
                  Batu Hijau Mine in Indonesia, which continued to exceed our
                  operating targets. For the year, Batu Hijau sold 640 million
                  pounds of copper, 22% more than the year 2000. Gold sales for
                  the year were 525,000 ounces, 65% improvement over the prior
                  year; total cash costs of $0.36 per pound, net of the gold
                  credit, was a 37% improvement.

                  The operating results were due to higher-grade reconciliation
                  in the mine plant, a 17% increase in tons mined and a 15%
                  higher mill throughput. In fact, in the fourth quarter, the
                  enhanced mill throughput rate of 129,000 metric tons per day
                  is 8% above the design rate of 120,000 metric tons per day.

                  Batu Hijau's overall operating efficiency offset a weak
                  average realized copper price of $0.70 per pound, $0.12 less
                  than in 2000. With this performance Batu Hijau was able to
                  contribute $33 million to our equity

                                                      NEWMONT MINING CORPORATION
                                                           MODERATOR: WENDY YANG
                                                     FEBRUARY 6, 2002/12:00 P.M.
                                                                          PAGE 5

                  income for 2001. This compared with a loss of $10 million in
                  2000 as the project was starting up.

                  We have also reported our equity proven and probable reserves
                  for year-end 2001 of approximately 60 million ounces of gold
                  after production depletion. North American reserves accounted
                  for slightly more than half. Total company wide copper
                  reserves were six billion equity pounds with Batu Hijau
                  accounting for 5.5 billion equity pounds.

                  Our exploration and research expenses were cut by 28% to $55
                  million in 2001 as a result of the depressed gold market.
                  Yanacocha, where reserved total 34 million ounces, the
                  two-pronged exploration program concentrated on the complex
                  and deep sulfide zones containing copper-gold mineralization
                  and near surface oxide zones for gold. These efforts will
                  continue in 2002 with a focus to locate higher-grade
                  copper-gold targets and new covered oxide targets. As I've
                  said before, this is a world-class district and we'll be
                  mining here for years to come. In Nevada our 2002 exploration
                  efforts will focus on new underground mining opportunities
                  near Deep Post, Deep Star, Carlin, Gold Quarry and Twin

                                                      NEWMONT MINING CORPORATION
                                                           MODERATOR: WENDY YANG
                                                     FEBRUARY 6, 2002/12:00 P.M.
                                                                          PAGE 6

                  Finally, over the past three months I've spoken many times
                  about our pending acquisition of Normandy and Franco-Nevada.
                  In the strengthening of shareholder value, in the new Newmont,
                  is the premier gold investment vehicle. There's a lot of
                  positive support and interest in Newmont and as we travel to
                  over 25 cities in a three week period, let me give you a two
                  minute version. As we traveled over that period we saw a lot
                  of support from our shareholders.

                  Let me give you a little short version of where we are and
                  where we're going. We expect to close both transactions this
                  month. We're hopeful of surpassing the 50.1% mark for our open
                  bid for Normandy's shares by the end of next week. In any
                  case, we announced in another press release today that we're
                  extending the Normandy period of acceptance to 7:00 p.m.
                  Sydney time on February 26th. This is to enable people
                  adequate time after our shareholder vote on the 13th of
                  February. Bruce will speak a little bit more to the timing in
                  his remarks.

                  Franco-Nevada shareholders overwhelmingly approved Newmont's
                  acquisition at a special meeting in Toronto on January 30th.
                  The meeting was well attended and it was an historic event
                  that marked the closing of a phenomenal 18-year record and the
                  opening of a new chapter for these

                                                      NEWMONT MINING CORPORATION
                                                           MODERATOR: WENDY YANG
                                                     FEBRUARY 6, 2002/12:00 P.M.
                                                                          PAGE 7

                  new shareholders of Newmont. As I said, the Newmont special
                  meeting will be in Denver on February 13th. At the current
                  point, votes are running in favor in the high 90% level.

                  The new Newmont will be the gold standard for investors
                  seeking portfolio diversification and making a gold play. As
                  we have seen in recent days the gold price rally, Newmont
                  continues to offer the most leverage to a rising gold price.
                  We're working intently on integration to begin immediately
                  capturing synergies of $70 to $80 million in the first full
                  year. We have also indicated that we have raised between $250
                  and $300 million in cash in 2002 due to the sale of non-core
                  assets of the compliant portfolio. This effort was kicked off
                  well with just over $100 million raised by Franco-Nevada sale
                  of its Aber Diamond equity stake. In addition the recent sale
                  of Franco-Nevada's ... warrants raised another $11 million.

                  As we go forward, we will maintain our no hedging philosophy,
                  and as stated that we intend to opportunistically deliver into
                  or unwind Normandy's hedge book. Some of this program has
                  already been started and been announce by Normandy's
                  management. An important financial goal of the new company
                  will be to continue to lower total debt. We

                                                      NEWMONT MINING CORPORATION
                                                           MODERATOR: WENDY YANG
                                                     FEBRUARY 6, 2002/12:00 P.M.
                                                                          PAGE 8

                  intend to improve our net debt to total capitalization of 24%
                  and less than 20% in the first year. On a long-term basis we
                  want to run net debt at under 10% of total capitalization.

                  Another fiscal goal is to increase the royalty business of
                  Franco-Nevada to generate further stable cash flows to protect
                  against logo prices. We have a joint task force that's in
                  place running the transformation with representatives from
                  Normandy, Franco-Nevada and Newmont. All three organizations
                  will contribute to this effort and we intend to draw on the
                  strengths of each one of these organizations as we put
                  together the new Newmont.

                  Let me now turn this over to Bruce Hansen for some additional
                  remarks on the financial and operating report performance for
                  the quarter.

B. Hansen         Thank you, Wayne.  As Wayne mentioned, we also announced
                  today the extension of our Normandy bid to February 26th
                  from February 15th in order to give Normandy shareholders
                  the opportunity to tender into our bid following our
                  shareholder meeting, which will be held on February 13th.
                  We intend to declare our bid unconditional on February 15th
                  if we

                                                      NEWMONT MINING CORPORATION
                                                           MODERATOR: WENDY YANG
                                                     FEBRUARY 6, 2002/12:00 P.M.
                                                                          PAGE 9

                  obtain a relevant interest in 50.1% of Normandy shares on a
                  fully diluted bases taking into account the approximately
                  19.8% of Normandy shares currently owned by Franco-Nevada.
                  This also assumes that we receive final clearance from the ASX
                  on our Australian listing and Newmont stockholder approval
                  transactions. We intend to complete the Franco-Nevada
                  acquisition as soon as the relevant interest in the 50.1% of
                  Normandy shares is obtained. We are very excited about the
                  prospect of completing both the Franco-Nevada and Normandy
                  Mining transactions this month, which will obviously lead to
                  the creation of the new Newmont.

                  As Wayne also indicated, it was a very good quarter for
                  Newmont and a very good year. In the fourth quarter of 2001,
                  Newmont reported net income of $20.2 million or $0.10 per
                  share. Excluding merger and restructuring costs associated
                  with the Battle Mountain acquisition and non-cash items,
                  Newmont earned $31.7 million or $0.16 per share. Contributing
                  to this performance were, of course, on target production, as
                  well as cash costs and a $5 an ounce higher realized gold
                  price over the fourth quarter of 2000 as compared to fourth
                  quarter of 2001.

                  After accounting for pre-tax charges of $60.5 million for
                  corporate restructuring and Battle Mountain merger costs and
                  $41 million for

                                                      NEWMONT MINING CORPORATION
                                                           MODERATOR: WENDY YANG
                                                     FEBRUARY 6, 2002/12:00 P.M.
                                                                         PAGE 10

                  miscellaneous write downs, Newmont had a net loss of $30.8
                  million or $0.16 per share for the full year 2001.

                  Cash flow from operations in the fourth quarter was $147
                  million and $381 million or $1.95 per share for the full year.
                  Asset write-downs in 2001 included an $18 million write down
                  at Minahasa due to a shorter mine life and various inventory
                  and valuation adjustments. Full year results also reflected a
                  4% lower expense rate for G&A totaling $61 million as a result
                  of combining with Battle Mountain, and a 17% lower
                  depreciation and inflation charge of $300 million
                  corresponding with lower production.

                  I would also like to point out that during the fourth quarter
                  there was also an income tax benefit of $16.6 billion,
                  excluding the impact of merger and non-cash items. As a result
                  of favorable tax return reconciliation, as compared to our
                  book provision, and from reduced income tax provision at
                  Minera Yanacocha benefiting from the Peruvian reinvestment

                  In regard to our continuing current merger transformation
                  efforts, I would like to take the opportunity here to point
                  out that we did in 2001

                                                      NEWMONT MINING CORPORATION
                                                           MODERATOR: WENDY YANG
                                                     FEBRUARY 6, 2002/12:00 P.M.
                                                                         PAGE 11

                  successfully integrate Battle Mountain and achieve more than
                  $25 million in synergies for the full year. These savings were
                  derived mainly from Exploration, G&A, and operations.

                  Integration, we believe, is the core competency of Newmont,
                  and also is a skill set that Normandy Mining brings to the
                  table as well. I think this will be key to extracting the full
                  value of synergies and capturing the complimentary strengths
                  of all three companies. In our past experiences with Santa Fe
                  Gold and with Battle Mountain, we have done better than our
                  projected savings. With our Normandy and Franco acquisition we
                  remain on target and continue to forecast synergies of $70 to
                  $80 million in the first full year rising to $80 to $90
                  million beyond that.

                  During 2001 we completed three important financial goals. We
                  raised $275 million in May of 2001 from the issuance of eight
                  and five-eighth percent notes maturing in 2011 enabling the
                  company to repay its outstanding balance on its bank facility.
                  We also completed a new $600 million revolving credit facility
                  with $400 million maturing in 2006 and the balance renewable
                  annually. We also restructured our small book of coal options
                  for 2.35 million ounces into sales contracts requiring

                                                      NEWMONT MINING CORPORATION
                                                           MODERATOR: WENDY YANG
                                                     FEBRUARY 6, 2002/12:00 P.M.
                                                                         PAGE 12

                  delivery at future dates, thus removing any further mark to
                  market volatility to net income.

                  Most recently, and further into our no hedging policy, in
                  December of 2001 Newmont effectively closed out Battle
                  Mountain's small hedge book covering approximately 275,000
                  ounces, which provided Newmont with a cash gain of
                  approximately $5 million.

                  Entering 2002 Newmont is in very good financial shape. We have
                  total debt of $1.3 billion offset by cash balances of nearly
                  $150 million, and a net debt to total cap ratio of 40%. We
                  will use our un-drawn $600 million revolving credit facility
                  for the payment of cash consideration for Normandy
                  shareholders. We'll then look to the cash balance of the
                  combined company to subsequently repay that debt and look
                  selectively to reduce debt across the board from excess cash
                  balances and free cash flow.

                  As a standalone ... Newmont, we remain focused on continuallY
                  increasing our financial flexibility and delivering our
                  balance sheet over time. As Wayne mentioned, in regard to the
                  combined new company, with Normandy Mining and Franco-Nevada,
                  we'll continue to drive our

                                                      NEWMONT MINING CORPORATION
                                                           MODERATOR: WENDY YANG
                                                     FEBRUARY 6, 2002/12:00 P.M.
                                                                         PAGE 13

                  net debt to total capitalization down over time starting at
                  24%, looking out a year to below 20%, and then focusing on a
                  target of 10% over the long term.

                  Obviously, this is an exciting time for Newmont employees and
                  shareholders as we're well positioned to become the new gold
                  standard within the industry. We're expected to generate very
                  strong cash flow and free cash flow derived from the world's
                  largest production base. We will offer the size and liquidity
                  needed by our large generalist investors for portfolio

                  Most importantly with the rising gold market, as we've
                  currently seen, we have the largest degree of upside
                  participation in the industry. Finally, we have the balance
                  sheet strength, the pipeline of development projects, and a
                  strong management team to accomplish all of this. Now we're
                  happy to take your questions. Thank you.

Coordinator       Michael Dudas, you may ask your question and please state your
                  company name.

                                                      NEWMONT MINING CORPORATION
                                                           MODERATOR: WENDY YANG
                                                     FEBRUARY 6, 2002/12:00 P.M.
                                                                         PAGE 14

M. Dudas          Good morning or good evening, wherever you guys are.  Bear
                  Stearns.  I have two questions.  Wayne, could you share
                  with us, you mentioned your mentioned your 23 city tour,
                  could you share with us two to three major concerns or
                  focus points that investors have portrayed to you?  I'll
                  follow up with Bruce in a second.

W. Murdy          Thank you, Michael.  We are spread out a little bit,
                  Michael.  We are in a few different cities because the
                  effort is just clearly underway.  As I said, we got really
                  tremendous support from the institutional investors we met
                  with throughout the period.  I would say that initially
                  there was some sense of concern with respect from some of
                  our real die-hard bulls that we were giving up some of the
                  upside in this transaction.  Newmont has always been very
                  leveraged to the gold price, and in putting together this
                  combination, it's like any combination there's pluses and
                  minuses for each one of the investor groups.  There was
                  some dilution to our upside but the ability to add the
                  balance sheet strength, the pipeline of projects, I think
                  as people looked at this in its entirety that that issue
                  dissipated pretty quickly.

                  The other issue that has come up is something that the three
                  companies all recognize, and will have to work on very hard is
                  the different cultures. We are three very different cultures.
                  I personally think that that's a

                                                      NEWMONT MINING CORPORATION
                                                           MODERATOR: WENDY YANG
                                                     FEBRUARY 6, 2002/12:00 P.M.
                                                                         PAGE 15

                  strength of the new company. Each one of the companies has
                  grown in a different way, but we are in a world that changes
                  rapidly, and so having very good people in all three
                  organizations and being able to put together the best of the
                  best I think serves us very well. I think as we have gone
                  through this process and been able to work together, in what
                  is clearly a very unique transaction, where you have three
                  different companies, three different jurisdictions involved,
                  where one is actually a contested situation with the fourth
                  jurisdiction, I think the ability to work smoothly through
                  that process and meet all our time deadlines that we have set
                  forth going forward shows the ability of this group to work
                  together very well.

M. Dudas          Thank you, Wayne.  Bruce, just to follow up with you.  Do
                  you think that the reduced liquidity in the gold markets,
                  some bullion banks have pulled out of the business, would
                  it have made it more difficult for Newmont to affect some
                  of its hedger off balance sheet transactions and do you
                  think that will have an impact on some of the volatility in
                  the marketplace?

B. Hansen         I think there is somewhat of reduced liquidity in the
                  market. I think there is sufficient liquidity available for us
                  as we look at opportunities to unwind the Normandy hedge book.
                  That being said, at current prices,

                                                      NEWMONT MINING CORPORATION
                                                           MODERATOR: WENDY YANG
                                                     FEBRUARY 6, 2002/12:00 P.M.
                                                                         PAGE 16

                  we'll be focused on essentially delivering into that hedge
                  book and that is easily absorbed.

M. Dudas          Terrific.  Thank you, gentlemen.

Coordinator       Thank you.  Brian Christie, you may ask your question and
                  please state your company name.

B. Christie       It's Brian Christie with Canaccord Capital.  Good
                  afternoon, gentlemen.  Just one question on the sale of the
                  assets, Wayne, I think you gave a value there.  Could you
                  just repeat that for me?  Then, have you come up with a
                  ballpark on the cost of the merger transactions here?

W. Murdy          What we've disclosed is that we intend to raise between
                  $250 and $300 million in the first year. We're, as we said,
                  about $111 million into that already, really, to individual

B. Christie       What about the cost of the mergers?

W. Murdy          Bruce, what are we using in the pro formas?

                                                      NEWMONT MINING CORPORATION
                                                           MODERATOR: WENDY YANG
                                                     FEBRUARY 6, 2002/12:00 P.M.
                                                                         PAGE 17

B. Hansen         It's roughly $90 million.

B. Christie       Okay thanks, gentlemen.

Coordinator       Thank you.  Adrian Day, you may ask your question and
                  please state your company name.

A. Day            Adrian Day, Global Strategic.  First of all I really
                  appreciate, Wayne, the fact that you lead off with a
                  discussion of gold unlike many gold companies that seem
                  embarrassed of their product.  Two questions if I may.
                  First of all, do you have an expiration budget for the year
                  ahead?  Secondly, in terms of personnel from both Normandy
                  and Franco, I don't know if you've had time to sort of
                  think about how many people you're going to have to let go,
                  and then are the people you really want are they
                  enthusiastic about coming over and those sorts of issues?

W. Murdy          First of all, with respect to Exploration, what we have
                  laid out in our pro forma, which were put together on a
                  basis of $275 gold, was about an $80 million combined
                  budget.  We're really going through a two-phased program,
                  if you will, this year for all of us.  Normandy is on a
                  different fiscal year-end, so they're well into their year
                  in conducting their program.

                                                      NEWMONT MINING CORPORATION
                                                           MODERATOR: WENDY YANG
                                                     FEBRUARY 6, 2002/12:00 P.M.
                                                                         PAGE 18

                  We have just initiated our program for 2002. All of this is
                  getting relooked at in the March time frame, and we would
                  expect by April/May to lay out the new program. The focus
                  clearly is on near project or projects that are close to
                  current infrastructure or current discoveries.

                  With respect to people, we don't have big numbers involved in
                  this. This is not an acquisition that's driven by huge people
                  reductions as some have been in the past and that's because
                  primarily we're adding a new fourth very important leg to the
                  operation with respect to the Normandy operations in
                  Australia. We'll develop those as we go through, but that's
                  not a significant driver of synergies in this particular
                  transaction. We're very excited about the...

A. Day            I'm sorry.  The people you want to come over are they all

B. Murdy          ... through the due diligence process, and I think what
                  you'll see coming out of this transaction is really a mix
                  of individuals in key positions from all three companies.

A. Day            Okay, thank you.

                                                      NEWMONT MINING CORPORATION
                                                           MODERATOR: WENDY YANG
                                                     FEBRUARY 6, 2002/12:00 P.M.
                                                                         PAGE 19

Coordinator       Thank you.  John Tumazos you may ask your question and
                  please state your company name.

J. Tumazos        John Tumazos Prudential Securities.  Congratulations on all
                  of the progress.  With regard to the hedging question asked
                  earlier, I would appreciate if you could explain the
                  response and perhaps elaborate to my follow up question?
                  You said you were going to deliver into the hedge book of
                  Normandy.  Should we interpret that to mean that two
                  million plus Normandy and five million plus Newmont ounces
                  could get delivered 600,000 ounces a month until it's all
                  closed out quickly?

B. Hansen         No, John, I think our view is to predominately deliver it
                  into the existing schedule of maturities that Normandy
                  has.  As you're aware, as you move maturities around in
                  terms of gold hedge books, you change the valuation or
                  strike price for amateurs of those instruments, so we'd
                  have to look carefully in terms of actually moving
                  maturities.  I think we've been very consistent in saying
                  that, "Look, if components of the hedge book are in the
                  money we'll accelerate the closure of those components,"
                  but if they're out of the money, as they are now with the
                  rise in the gold price and the Australian dollar weakness
                  we've seen over the last couple of years, we'll tend to
                  deliver into that book pretty much in accordance with

                                                      NEWMONT MINING CORPORATION
                                                           MODERATOR: WENDY YANG
                                                     FEBRUARY 6, 2002/12:00 P.M.
                                                                         PAGE 20

                  its maturity. We'll, on an ongoing basis, evaluate exactly how
                  we do that and we may accelerate a little bit more or just
                  deliver as I indicated.

J. Tumazos        Could you refresh us as to how many Australian dollars are

B. Hansen         Well, Normandy's got their gold hedge book essentially
                  denominated in Australian dollars. They're hedging ounces in
                  an Australian gold price. They do a small amount of Australian
                  currency hedging related to the revenue protection associated
                  with the golden growth in copper operations as well.

J. Tumazos        So it might be a 110% of their bullion hedging dollar

B. Hansen         I guess I don't understand.

J. Tumazos        It's more than the bullion by how many dollars, $50
                  million, $100 million, something like that?

B. Hansen         We'll have to get back to you on that.

                                                      NEWMONT MINING CORPORATION
                                                           MODERATOR: WENDY YANG
                                                     FEBRUARY 6, 2002/12:00 P.M.
                                                                         PAGE 21

J. Tumazos        If I could ask a conceptual question.  In the last several
                  weeks, the A dollar has moved against the hedge book about
                  2%, about $0.01 per dollar, and the gold price, of course,
                  has risen more than 5% so as to create a disconnect where
                  it's been adverse on both sides.  As the gold market has
                  done better than other resources in the Australian economic
                  outlook, it would seem difficult to predict that
                  interaction.  Are you simply going to sit with that and
                  deliver against the A dollar as the gold comes through or
                  cover the currency?

B. Hansen         John, we're going to deliver ounces, and that will satisfy
                  the obligation related to the bullion hedges.  Depending
                  upon where the Australian dollar is at that point in time,
                  and where the US dollar gold price is at that point in
                  time, as we deliver we'll either have an opportunity gain
                  or an opportunity loss.  I will point out that as you look
                  at this book on a combined basis it's clearly something on
                  the order of 7% or 8% of the combined company's reserves,
                  and if we have a higher US dollar gold price that
                  translates to the kind of leverage and upside that we're
                  giving to investors beyond any opportunity gains and losses
                  associated with the delivering into the hedge book.

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J. Tumazos        As of the present, are you prepared to tell us what the
                  mark to market of the Normandy or the total Newmont
                  enterprise, anyway you want, currency and bullion hedges?

B. Hansen         Normandy has released a number, as of their last release, on
                  financial and production statistics. That's the most up to
                  date information that we currently have in regards to the mark
                  to market of that hedge book. On an ongoing basis, as we have
                  consistently with regards to our small amount of hedges, we've
                  provided that information to market and we'll do so in the

J. Tumazos        Thank you.

Coordinator       Thank you.  Jeff Stanley, you may ask you ask your question
                  and please state your company name.

J. Stanley        Thank you.  I'm with BMO Nesbitt Burns.  Perhaps a couple
                  of questions on an operating nature.  John, Yanacocha, the
                  ramp up of La Quinua going a little slower than
                  anticipated.  Can you elaborate on perhaps why and how that
                  looks like it's going to pan out over the next little
                  while, and just how far down the track you are with respect
                  to looking at the sulfide and

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                  the copper-gold mineralization; you know likely recoveries,
                  the nature of the mineralization and give some thoughts on
                  perhaps the initial scoping studies? What do you think might
                  be potential there in terms of development in the timetable?

J. Dow            La Quinua has a slower than expected start in the fourth
                  quarter last year, but we've really got our act together in
                  the last month and rapidly approaching design capacity.  We
                  did 3.7 million tons in the quarter, which was a bit less
                  than we though during the early stages of commissioning,
                  but through January of this year, we've averaged over
                  100,000 tons a day.  We've had several days over design
                  capacity and a record day during January of 138,000 tons.
                  The La Quinua conglomerate is going just great, and we're
                  looking to have it running at design capacity by the middle
                  of the year.  Obviously, we are going to try to do that a
                  little bit quicker.  After a slow start, and it was mostly
                  because we had a few commissioning problems with the
                  conglomerate itself, that we didn't shift as much dirt
                  while we waited for the conglomerate to be ready, but we
                  overcame most of those things and it's going fine now.

                  With regard to the sulfide program, there's a steady progress
                  being made on understanding the particular challenges of the
                  sulfides. I think it's

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                  probably premature, Jeff, to give you a time frame for that.
                  Obviously the sooner we understand it the better. There are
                  some of these ore types that are easier than others; the
                  Carachugo's Cerro mineralization is a little bit less
                  complicated. It looks like a considerable amount of the gold
                  there will actually be recoverable by gravity because it's
                  physical metal and visible. I wouldn't like to speculate at
                  this stage in the year just exactly what our time frame to be
                  more specific about development would be. We are working hard
                  on it obviously. The sulfides represent the long-term future
                  at Yanacocha. We continue to be encouraged by the drilling
                  that's being done there, but it's a bit early to say anything
                  too specific in answer to your question.

W. Murdy          If I just might add to that.  We said a year ago we had
                  more than 20 years of oxide material proven and probable
                  and from an MPV standpoint it just didn't make sense to
                  continue to drill out some of the other oxides just for the
                  sake of adding to a reserve that was 20 years out.  Our
                  production profile is such that we continue to clearly
                  expect that by 2004 we'll be producing about 2.5 million
                  ounces.  The nice thing at Yanacocha now is we've started
                  to level out.  We've got our fleet size and our mining
                  rates set, and the increase in production over the next
                  several years will come from, first of all, having a full
                  year in 2002 at these higher mining rates,

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                  and then some better grade and better strip ratios for the
                  next couple of years after that.

                  The sulfide program is a great long-term asset, but it's five
                  to seven years away from becoming a significant income
                  producer for us. You need to put that in context when you talk
                  about it.

J. Stanley        Perhaps one additional question on Nevada.  I'd like to
                  gain some sort of understanding of the flexibility.
                  Obviously, you've got an enormous number of processing
                  facilities and reserves and resources of all sorts of
                  different natures throughout Nevada.  I'm just wondering if
                  you can give us some sort of idea of the flexibility from
                  an operating perspective to adjust your programs under
                  different gold price environments?  Just how efficient is
                  the optimizer program in terms of rescheduling, the
                  movement of ore and waste into the various facilities?  Do
                  you have Midas programmed into the optimizer yet?

W. Murdy          No, we haven't closed yet so we weren't able to do that.
                  That will come very quickly.  Dave, did you want to talk a
                  little bit about Nevada?

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Dave              Jeff, to answer your question, Wayne is right, Midas is not
                  in the optimizer yet, but we do have a significant amount
                  of material in Nevada, both on the underground side and in
                  the pit areas and stock piles that are sensitive to the
                  gold price.  If the gold price should continue to rise,
                  we'll take another good look at this.  Nevada has always
                  supported us in the past, it has not disappointed us.  If
                  you look at Nevada in light of rising gold prices, there's
                  good news there.

J. Stanley        Okay, good.  Thanks very much.  Thank you, gentlemen.

Coordinator       Thank you.  Our next question comes from Michael Fowler.
                  Sir you may ask your question and please state your company

M. Fowler         Harris Partners Limited.  Tumazos asked the question about
                  hedging, but I have a question about in terms of, as I
                  understand from your document, that you weren't allowed or
                  weren't given the financial statements or lease in order to
                  divert the financials from Normandy, and Normandy is an
                  Australian GAAP and also it formed as a whole series of
                  acquisitions and so forth.  Is there anything there on an
                  off-balance sheet theme that you would expect?

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W. Murdy          No.  Let me just put that in context.  Obviously, we are
                  involved in a very competitive situation and Normandy's
                  statements we had full access to their financial
                  information and their audited statements.  The issue was
                  really one of converting from Australian GAAP to US.  We
                  understand the differences on a macro-basis and as we were
                  going through the books and records and doing our due
                  diligence, that was not a big issue.  In fact, to go back
                  and convert that and make the historical conversions takes
                  a significant effort, and that's why we were able to get
                  the exemption from the SEC in that regard.

                  Going forward, we will have to put, this will be purchase
                  accounting, we will have to put our own valuations based on
                  the current market on all of those assets and that will take
                  some time also. That's the effort that will be underway. We're
                  not concerned about any off-balance sheet financing
                  arrangements there.

M. Fowler         Wayne, perhaps you could just remind us what kind of
                  off-balance sheet guarantees or items that you have in

B. Hansen         The only significant off-balance sheet item that we have
                  relates to our interest in Batu Hijau where it's a
                  non-recourse one billion dollar facility.

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                  The sponsors have a $125 million support facility associated
                  with that project. In regard to cash shortfalls, the sponsors
                  will support it up to $125 million and we own 56.25% of it.

M. Fowler         Thank you very much, Bruce.

Coordinator       Thank you.  Danielle McConvey, you may ask your question
                  and please state your company name.

D. McConvey       Goldman Sachs.  Good day everyone.  A few questions.
                  First, John, on Yanacocha, can you give a little color?
                  This past year you indicated very early that it would not
                  be a year that you would be increasing reserves based on
                  your concentration of deep sulfide.  Looking forward
                  throughout 2002, is it going to be the same case?  Is the
                  concentration going to be in deep sulfide or will we expect
                  a net depletion of reserves there this year?

J. Dow            Dan, the focus on reserves replacement at Yanacocha this
                  year is going to be on Kori Minera.  You will have seen in
                  the reserve statement we put out that Kori Minera has been
                  added to the NRN category and we'll be working to convert
                  Kori Minera to reserves through this year.  The story for
                  2002 will be similar to 2001.  The effort at Yanacocha is
                  longer term.

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                  Its aim is to find out the economic value of the sulfides and
                  that's a longer-term exercise because of their metallurgy than
                  it is with the simple oxide ores.

D. McConvey       Second question with respect to the sensitivity of reserves, I
                  guess in your annual report you will disclose the
                  sensitivities for a $25 per ounce move in the gold price. You
                  can't by chance give those out now can you?

B. Hansen         Actually Dan, it's in the full press release on the last

D. McConvey       Okay, sorry.

B. Hansen         It's in terms of a $25 reduction in price of about 6.9% and
                  a $25 increase above the 3.5 as opposed to the 5%.  I would
                  point out that as we look at higher prices we don't take
                  into ... a lot of rigor there and simply adjust the kind of
                  mining columns and the pit parameters associated with
                  that.  We don't look at other projects or look at it in a
                  very extensive manner.  I would think as we see our prices,
                  you would see better sensitivity as prices increase.

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D. McConvey       Thank you.  Last question, Batu Hijau is going very well.
                  Wayne, in the past you've told us about how you're going
                  through a high-grade portion of the pit and that was going
                  to change.  You're moving more tons than you had planned as
                  well.  Looking forward into 2002, would you expect some
                  positive reconciliation's to continue just in terms of
                  tonnage and is the actual grade still fairly close to plan
                  or is it becoming better than expected?

W. Murdy          Well, we continue to come in better than expected this last
                  year. We've been conservative in trying to project that out in
                  the future because we are still in the very early life. I
                  guess I would say that we're very encouraged by what we see.
                  Dave, do you want to comment further on that?

Dave              The pattern of the past continues.  We always seem to find
                  a little bit better grades than we had anticipated.  The
                  positive reconciliation had held up as we actually get
                  deeper in the ore body.  The affect of this reconciliation
                  is slightly more favorable to us, but certainly no
                  surprises there.  The plant continues to do well.  Our
                  progress board increasing production is very pleasing to

D. McConvey       Thank you.

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Coordinator       Thank you.  Marc Cohen, you may ask your question and
                  please state your company name.

M. Cohen          Marc Cohen, Inc.  It's nice to have your own company.  A
                  couple of questions, Wayne.  First of all, a very fine
                  quarter, ... for an excellent merger.  If you look at where
                  we were in terms of production in the year 2000 then you
                  came down some more in 2001, you're telling us in your
                  outlook for 2002 that you're going to go down another
                  couple of 100,000 ounces to 5.2 million ounces.  Are you
                  trying to tell us that if there were no merger, that one
                  could anticipate that it, say $300 an ounce, which is what
                  you're using for your calculations I believe, that 2003
                  might even be lesser production than 2002?

W. Murdy          Basically, Marc, we've been saying for some time that we
                  expect it to be on a standalone basis about a five million
                  ounce producer. I think our original year 2000 the production
                  on a pooling basis with that amount would have been 5.7 and we
                  produced about 4.9, so we produced 5.4 this year, which we
                  hit. We are in an industry where production is starting to
                  fall off. That's part of the story. I think it's true of all
                  of the major producers, absent acquisitions or reinstating
                  dispositions. I know it's true

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                  of the five largest producers in this industry and as you look
                  at the studies it's true the industry as a whole. If we had
                  not done this transaction, next year we would still be above
                  five million ounces, but basically a pretty flat period. I
                  should say that all of that planning was done at a $275 flat
                  price. So at $300 we can do better, but it's not going to be
                  markedly different.

M. Cohen          The usage of $300 in your reserve calculation, that is, a
                  couple of years ago, if I remember correctly, that may have
                  been as high as $350?

B. Hansen         It was as high as $400 back in 1996, Marc.

M. Cohen          But, during that same period many of your competitors have
                  also reduced that number, so you all are acknowledging that
                  the numbers the industry is capable of really getting has come

W. Murdy          We're just acknowledging what the market was showing over a
                  period of time.  Again, it's very difficult in mining to
                  start whipping around those numbers.  In 1996 we were at
                  $400.  The industry basically came down to $350 in 1997,
                  1998 then down to $325 and then down to $300.  As the
                  market improves I think you'll see some of those numbers
                  begin to move up.  The good thing that the industry has
                  started to do through this period

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                  is at least within some band show some sensitivity. Again,
                  that is limited because it takes so much work to put together
                  a mine plan for a number of bits at different prices, but we
                  try to give a realistic sensitivity within about a $50 band.

M. Cohen          Now the number, which you give for your proven and probable
                  reserves is always in a contained basis. Is there anyway you
                  feasibly could give a recover number? I realize you have a
                  multitude of different mines. Is there a number you feel
                  comfortable with?

W. Murdy          What we disclose is, in the supplementary information, we
                  always disclose what our current recoveries are for each
                  one of the operations.  I will tell you that I think this
                  is a weakness of this industry because it discloses gross
                  as opposed to recovered, but it's a very difficult thing to
                  come up with over a full line way.

M. Cohen          Again, congratulations on what looks like a super merger
                  and acquisition.

W. Murdy          Thank you very much Marc.  Good to hear your voice.

M. Cohen          Thank you very much.

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Coordinator       Thank you.  Paul Rankine you may ask your question and
                  please state your company name.

P. Rankine        Paul Rankine from Citigroup Asset Management.  Two
                  questions, first on the fixed rate debt, are you keeping
                  all of that in fixed rate at the 8.5%?  Secondly, on
                  looking at Batu Hijau, your costs have come down quite
                  dramatically last year.  What are you looking at for cost
                  wise in 2002?

B. Hansen         Let me address at least the first part of the question.
                  The vast majority of our consolidated debt is fixed rate
                  debt.  We swapped $200 million into floating rate debt;
                  $100 million associated with the 2005 maturity bonds and
                  $100 million associated with the recent eight and
                  five-eighths bonds that mature in 2011.  We recognize, from
                  just a risk management perspective, that we were a bit
                  overloaded on fixed rate debt and have managed what I think
                  is to a more appropriate blend.

                  In regard to your second question, could you repeat that?

P. Rankine        Yes.  With Batu Hijau you've managed to go and pull down
                  your cash operating costs quite considerably in 2001.  What
                  are the prospects for

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                  maintaining at that sort of level in 2002 given that you had
                  given guidance previously at sort of long term of around about
                  $0.55 for that operation?

B. Hansen         I think that's a high number now. You have to take into
                  consideration that 2002 we are going through a new stripping
                  phase and with that we'll have slightly lower grades in the
                  first half of the year. We're projecting a number that's
                  pretty much in alignment with what we saw in 2001, maybe
                  slightly higher.

P. Rankine        Thank you.

Coordinator       Thank you.  Our last question comes from Mark Smith.  Sir,
                  you may ask your question and please state your company

M. Smith          First Associates.  Just a very quick question.  With a net
                  debt to total capitalization in 40%, could you just give us
                  some feeling of where you feel that debt should come down
                  to and what your target is in the new merged entity?

W. Murdy          ... of a box, we expect to be at 24%.  We have said that we
                  would intend by the end of the year to be under 20% with an
                  intermediate goal of

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                  ultimately being about 10% net debt to book cap. We'll
                  continue to use project financing in some of the overseas
                  operations, but on a net debt basis that's the goal.

M. Smith          Okay, thank you very much.

Coordinator       Thank you.  I would now like to turn the call back over to
                  Ms. Wendy Yang.

W. Yang           Thank you very much.  That concludes our call today.  Thank