Newmont Announces Quarterly Revenue of $2.5 Billion, Cash Flow from Continuing Operations of $578 Million

This release should be read in conjunction with Newmont's Third Quarter 2012 Form 10-Q filed with the Securities and Exchange Commission on November 1, 2012 (available at www.newmont.com).

01 Nov, 2012, 17:14 ET from Newmont Mining Corporation

DENVER, Nov. 1, 2012 /PRNewswire/ -- Newmont Mining Corporation (NYSE: NEM) ("Newmont" or the "Company") today reported attributable net income from continuing operations of $400 million, or $0.81 per share, down 19% from $493 million, or $1.00 per share in the third quarter of 2011. Results for the third quarter of 2012 compared to the third quarter of 2011 were positively influenced by higher production from Nevada and at Yanacocha. Revenue from product sales also benefited from higher copper prices in the quarter. Results were also impacted by lower production and higher costs at Batu Hijau, (due to planned Phase 6 stripping), as well as previously announced lower ore tonnes and grade mined at Tanami and slightly lower grade at Ahafo due to mine sequencing. In addition, the Company incurred previously announced restructuring and other charges of $48 million. Adjusted net income[1] was $426 million, or $0.86 per share, compared with $635 million, or $1.29 per share, for the prior year quarter.

Quarterly Results

  • Consolidated revenue of $2.5 billion, a decrease of 10% from the prior year quarter;
  • Average realized gold and copper price of $1,659 per ounce and $3.55 per pound, down 2% and up 21%, respectively, from the prior year quarter;
  • Attributable gold and copper production of 1.2 million ounces and 35 million pounds, down 5% and 38%, respectively, from the prior year quarter; attributable gold and copper sales of 1.2 million ounces and 37 million pounds, down 4% and 27%, respectively, from the prior year quarter;
  • Gold and copper costs applicable to sales ("CAS") of $693 per ounce and $2.38 per pound, up 11% and 116%, respectively, from the prior year quarter;
  • Cash flow from continuing operations of $578 million, down 54% from the prior year quarter; and
  • Fourth quarter gold price-linked dividend payable of $0.35 per share, consistent with the prior year quarter.

"Balanced performance from our operating portfolio allowed us to deliver results that were on track with our expectations for the quarter with strong performances at both our Nevada complex in North America and Yanacocha in Peru offset by weaker performance in our Asia Pacific region, primarily at Boddington and Tanami in Australia," said Richard O'Brien, Chief Executive Officer.  "We are also seeing clear progress on our commitment to deliver profitable ounces from new projects including our Akyem project in Ghana, which is 65% complete and proceeding on budget and on schedule to begin production in late 2013, and in Nevada where our Emigrant mine commenced production this quarter."

Newmont now expects to be at the low end of its previously announced 2012 outlook for attributable gold and copper production of 5.0 to 5.1 million ounces and 145 to 165 million pounds, and at the high end of its narrower CAS outlook range of between $650 and $675 per ounce (on a co-product basis), due to previously announced issues at Tanami, Boddington and Waihi.  Newmont also increased its 2012 copper CAS outlook range to between $2.20 and $2.35 per pound, primarily due to higher cost production from Boddington and Batu Hijau in Indonesia. 

Newmont is maintaining its 2012 attributable capital expenditure outlook of $2.7 to $3.0 billion, or $3.0 to $3.3 billion on a consolidated basis. 

As previously announced, Newmont's Board of Directors approved a fourth quarter gold price-linked dividend payable of $0.35 per share[2] based upon the average London P.M. Gold Fix for the third quarter. 

Operations

North America

Nevada – Attributable gold production in Nevada was 457,000 ounces at CAS of $661 per ounce during the third quarter. Gold production increased 7% from the prior year quarter due to higher mill grade at the Carlin Roaster, higher recovery at Mill 5 and higher leach placement as Emigrant commenced production, partially offset by lower grade at Phoenix. CAS per ounce increased 3% due to higher fuel prices, higher underground mining costs and lower capitalization of development costs, partially offset by higher by-product credits.

The Company is narrowing its outlook for 2012 attributable gold production of between 1.76 million and 1.78 million ounces at CAS of between $615 and $645 per ounce.

La Herradura – Attributable gold production at La Herradura in Mexico was 51,000 ounces at CAS of $608 per ounce during the third quarter.  Gold production decreased 6% from the prior year quarter due to smelter adjustments, partially offset by additional leach placement. Leach placement was higher due to additional tons mined at Noche Buena. CAS per ounce increased 6% due to higher waste mining and employee profit sharing costs.

The Company is maintaining its outlook for 2012 attributable gold production of between 220,000 and 230,000 ounces at a higher CAS of between $585 and $615 per ounce, due to the expectation of mining lower grade material at Soledad and Dipolos due to mine sequencing.

South America

Yanacocha – Attributable gold production at Yanacocha in Peru was 182,000 ounces at CAS of $520 per ounce during the third quarter. Gold production increased 8% from the prior year quarter due to higher mill and leach pad recovery, partially offset by lower leach placement at Yanacocha, Carachugo and La Quinua. CAS per ounce decreased 15% due to higher production and lower mining costs, partially offset by higher royalties and lower by-product credits.

The Company is narrowing its outlook for 2012 attributable gold production to between 680,000 and 690,000 ounces at CAS of between $485 and $515 per ounce.

La Zanja – Attributable gold production during the third quarter at La Zanja in Peru was approximately 14,000 ounces. 

The Company is maintaining its outlook for 2012 attributable gold production of between 50,000 and 60,000 ounces.

Asia Pacific

Boddington – Attributable gold and copper production during the third quarter at Boddington in Australia was 166,000 ounces and 16 million pounds, respectively, at CAS of $928 per ounce and $2.29 per pound, respectively.  Gold and copper production increased 1% and 7%, respectively, from the prior year quarter due to higher mill grade. Gold CAS per ounce increased 25% from the prior year quarter due to higher mill maintenance costs and the impact of the carbon tax, which took effect in July 2012. Copper CAS increased 2% per pound due to higher mill maintenance costs, partially offset by higher copper production. CAS per ounce and per pound were also impacted by a stronger Australian dollar, net of hedging gains.

The Company is reducing its outlook for 2012 attributable gold production to between 725,000 and 750,000 ounces due to unplanned mill downtime, at a higher CAS of between $865 and $895 per ounce due to higher mill maintenance costs. The Company is maintaining its outlook for attributable copper production of between 70 and 80 million pounds at a slightly higher CAS of between $2.25 and $2.40 per pound, due to higher mill maintenance costs.

Batu Hijau – Attributable gold and copper production during the third quarter at Batu Hijau in Indonesia was 7,000 ounces and 19 million pounds, respectively, at CAS of $1,115 per ounce and $2.38 per pound, respectively. Gold and copper production decreased 89% and 54%, respectively, due to processing lower grade stockpile ore. Waste tons mined increased 57% from the prior year quarter as Phase 6 waste removal continues as planned. CAS increased 134% per ounce and 164% per pound, respectively, due to lower production and higher waste mining costs.

The Company is maintaining its outlook for 2012 attributable gold production of between 30,000 and 40,000 ounces of gold at a higher CAS of between $955 and $985 per ounce, due to higher waste mining costs. The Company is maintaining its outlook for attributable copper production of 75 to 85 million pounds at a slightly higher CAS of between $2.15 and $2.30 per pound, due to higher waste mining costs. 

Other Australia/New Zealand – Attributable gold production during the third quarter was 222,000 ounces at CAS of $931 per ounce. Gold production decreased 14% from the prior year quarter due to lower underground mining rates at Tanami, a delay in open pit ore production at Waihi and lower grade at Jundee and Kalgoorlie, partially offset by higher throughput at Jundee and higher grade at Tanami. CAS per ounce increased 36% from the prior year quarter due to lower production, higher operating costs, a stronger Australian dollar, net of hedging gains and the impact of the carbon tax in Australia.

The Company is reducing its outlook for 2012 attributable gold production to between 935,000 and 960,000 ounces due to continued lower tonnes mined at Tanami and Waihi, at a higher CAS of between $885 and $915 per ounce due to lower production.

Africa

Ahafo – Attributable gold production during the third quarter at Ahafo in Ghana was 131,000 ounces at CAS of $561 per ounce. Gold production decreased 10% from the prior year quarter due to lower ore grade, partially offset by higher throughput and a drawdown of in-process inventory. CAS per ounce increased 12% from the prior year quarter due to lower production and higher labor costs, partially offset by lower power and mill maintenance costs.

The Company is maintaining its outlook for 2012 attributable gold production of between 555,000 to 570,000 ounces and narrowing its expected range of CAS to between $560 and $590 per ounce.

Capital Update

Consolidated capital expenditures were $811 million during the third quarter. Capital expenditures in North America were primarily related to the construction of the Phoenix secondary crusher and development of the Emigrant mine. Capital expenditures in South America were primarily related to the Conga and Merian projects, and the majority of capital expenditures in Asia Pacific were for surface and underground development. Capital expenditures in Africa were primarily related to the Akyem project. For the remainder of the year, 50% of 2012 consolidated capital expenditures are expected to be associated with major projects, while the remaining 50% is expected to be sustaining capital. Newmont is maintaining its 2012 attributable capital expenditure outlook to $2.7 to $3.0 billion, or $3.3 to $3.6 billion on a consolidated basis.

2012 Outlook

Attributable Production

Consolidated CAS

Consolidated Capital

Attributable Capital

Region

(Kozs, Mlbs)

($/oz, $/lb)

Expenditures ($M)

Expenditures ($M)

Nevada

1,760 - 1,780

$615 - $645

$750 - $800

$750 - $800

La Herradura 

220 - 230

$585 - $615

$80 - $130

$80 - $130

  North America

1,980 - 2,010

$615 - $645

$850 - $900

$850 - $900

Yanacocha

680 - 690

$485 - $515

$530 - $580

$270 - $310

La Zanja

50 - 60

n/a

-

-

Conga

-

-

$500 - $600

$250 - $300

  South America

730 - 750

$485 - $515

$1,100 - $1,200

$550 - $600

Boddington

725 - 750

$865 - $895

$150 - $200

$150 - $200

Other Australia/NZ  

935 - 960

$885 - $915

$325 - $375

$325 - $375

Batu Hijaud

30 - 40

$955 - $985

$200 - $225

$100 - $125

  Asia Pacific

1,690 - 1,750

$870 - $900

$700 - $800

$600 - $700

Ahafo

555 - 570

$560 - $590

$240 - $270

$240 - $270

Akyem

-

-

$370 - $420

$370 - $420

  Africa

555 - 570

$560 -$590

$600 - $700

$600 - $700

Corporate/Other

-

-

$55 - $65

$55 - $65

Total Gold

5,000 - 5,100

$650 - $675 a,b

$3,300 - $3,600 c

$2,700 - $3,000

Boddington 

70 - 80

$2.25 - $2.40

-

-

Batu Hijaud

75 - 85

$2.15 - $2.30

-

-

Total Copper

145 - 165

$2.20 - $2.35

a 2012 Attributable CAS Outlook is $640 - $690 per ounce.

b 2012 Net Attributable CAS Outlook (inclusive of by-product credits) is $600 - $650 per ounce.

c Includes capitalized interest of approximately $140 million.

d Assumes Batu Hijau economic interest of 48.5% for 2012, subject to final divestiture obligations.

2012 Outlook and Assumptions

Description

Consolidated Expenses ($M)

Attributable Expenses ($M)

General & Administrative

$200 - $220

$200 - $220

Interest Expense

$240 - $260

$230 - $250

DD&A

$1,050 - $1,080

$890 - $920

Exploration Expense

$370 - $400

$340 - $370

Advanced Projects & R&D

$410 - $440

$350 - $380

Tax Rate

~32%

~32%

Assumptions

Gold Price ($/ounce)

$1,500

$1,500

Copper Price ($/pound)

$3.50

$3.50

Oil Price ($/barrel)

$90

$90

AUD Exchange Rate

$1.00

1.00

 

 

 

NEWMONT MINING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited, in millions except per share)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2012

2011

2012

2011

Sales  

$

2,480

$

2,744

$

7,392

$

7,593

Costs and expenses  

Costs applicable to sales (1)

1,088

1,008

3,107

2,865

Amortization   

272

270

751

776

Reclamation and remediation  

17

6

49

63

Exploration    

115

104

309

255

Advanced projects, research and development   

74

93

258

247

General and administrative    

51

50

162

145

Other expense, net  

131

36

377

196

1,748

1,567

5,013

4,547

Other income (expense)  

Other income, net  

52

(76)

121

3

Interest expense, net    

(67)

(65)

(190)

(193)

(15)

(141)

(69)

(190)

Income before income and mining tax and other items  

717

1,036

2,310

2,856

Income and mining tax expense  

(228)

(371)

(746)

(863)

Equity income (loss) of affiliates    

(9)

10

(39)

12

Income from continuing operations    

480

675

1,525

2,005

Loss from discontinued operations  

(33)

-

(104)

(136)

Net income    

447

675

1,421

1,869

Net income attributable to noncontrolling interests  

(80)

(182)

(285)

(475)

Net income attributable to Newmont stockholders    

$

367

$

493

$

1,136

$

1,394

Net income attributable to Newmont stockholders:  

Continuing operations    

$

400

$

493

$

1,240

$

1,530

Discontinued operations    

(33)

-

(104)

(136)

$

367

$

493

$

1,136

$

1,394

Income per common share   

Basic:  

Continuing operations    

$

0.81

$

1.00

$

2.50

$

3.10

Discontinued operations    

(0.07)

-

(0.21)

(0.28)

$

0.74

$

1.00

$

2.29

$

2.82

Diluted:  

Continuing operations    

$

0.81

$

0.98

$

2.48

$

3.05

Discontinued operations    

(0.07)

-

(0.21)

(0.27)

$

0.74

$

0.98

$

2.27

$

2.78

Cash dividends declared per common share    

$

0.35

$

0.30

$

1.05

$

0.65

(1) Excludes Amortization and Reclamation and remediation.

 

 

NEWMONT MINING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS    

(unaudited, in millions)

Three Months Ended September 30,

Nine Months Ended September 30,

2012

2011

2012

2011

Operating activities:

Net income

$

447

$

675

$

1,421

$

1,869

Adjustments:

Amortization 

272

270

751

776

Loss from discontinued operations

33

-

104

136

Reclamation and remediation

17

6

49

63

Deferred income taxes 

13

(68)

25

(106)

Stock based compensation and other non-cash benefits

19

18

55

62

Impairment of marketable securities

7

174

39

175

Gain on asset sales, net

(2)

(15)

(12)

(68)

Other operating adjustments and write-downs

43

6

149

102

Net change in operating assets and liabilities

(271)

197

(1,039)

(343)

Net cash provided from continuing operations  

578

1,263

1,542

2,666

Net cash used in discontinued operations  

(4)

(2)

(12)

(4)

Net cash provided from operations  

574

1,261

1,530

2,662

Investing activities:

Additions to property, plant and mine development 

(816)

(761)

(2,394)

(1,781)

Proceeds from sale of marketable securities

103

19

209

74

Purchases of marketable securities

(13)

(2)

(209)

(17)

Acquisitions, net

-

(10)

(22)

(2,301)

Proceeds from sale of other assets

-

-

13

6

Other  

(11)

6

(48)

(9)

Net cash used in investing activities

(737)

(748)

(2,451)

(4,028)

Financing activities:

Proceeds from debt, net

-

1,023

3,343

1,798

Repayment of debt  

(15)

(1,113)

(1,956)

(2,086)

Payment of conversion premium on debt

-

(172)

-

Dividends paid to common stockholders  

(174)

(148)

(521)

(321)

Dividends paid to noncontrolling interests

-

-

(3)

(17)

Proceeds from stock issuance, net  

5

27

20

35

Other  

(1)

3

(2)

3

Net cash provided from (used in) financing activities

(185)

(208)

709

(588)

Effect of exchange rate changes on cash  

-

(25)

1

33

Net change in cash and cash equivalents  

(348)

280

(211)

(1,921)

Cash and cash equivalents at beginning of period  

1,897

1,855

1,760

4,056

Cash and cash equivalents at end of period  

$

1,549

$

2,135

$

1,549

$

2,135

 

 

 

NEWMONT MINING CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in millions)

At September 30,

At December 31,

2012

2011

ASSETS

Cash and cash equivalents  

$

1,549

$

1,760

Trade receivables  

314

300

Accounts receivable  

470

320

Investments

89

94

Inventories

842

714

Stockpiles and ore on leach pads

720

671

Deferred income tax assets  

251

396

Other current assets

1,089

1,133

Current assets  

5,324

5,388

Property, plant and mine development, net  

17,472

15,881

Investments

1,397

1,472

Stockpiles and ore on leach pads

2,775

2,271

Deferred income tax assets  

1,659

1,605

Other long-term assets

896

857

Total assets  

$

29,523

$

27,474

LIABILITIES

Debt

$

25

$

689

Accounts payable  

612

561

Employee-related benefits  

320

307

Income and mining taxes  

87

250

Other current liabilities

1,527

2,133

Current liabilities  

2,571

3,940

Debt

6,099

3,624

Reclamation and remediation liabilities

1,276

1,169

Deferred income tax liabilities  

2,186

2,147

Employee-related benefits  

479

459

Other long-term liabilities

396

364

Total liabilities  

13,007

11,703

EQUITY

Common stock  

786

784

Additional paid-in capital  

8,307

8,408

Accumulated other comprehensive income

595

652

Retained earnings  

3,667

3,052

Newmont stockholders' equity  

13,355

12,896

Noncontrolling interests  

3,161

2,875

Total equity 

16,516

15,771

Total liabilities and equity  

$

29,523

$

27,474

 

 

 Regional Operating Statistics 

 Production Statistics Summary 

 Three Months Ended September 30, 

 Nine Months Ended September 30, 

2012

2011

2012

2011

 Gold 

 Consolidated ounces produced (thousands): 

   North America 

Nevada

457

426

1,270

1,216

La Herradura

51

54

164

156

508

480

1,434

1,372

   South America 

Yanacocha

354

328

1,110

958

   Asia Pacific 

Boddington

166

164

508

528

Batu Hijau

16

133

54

276

Other Australia/New Zealand

222

259

694

802

404

556

1,256

1,606

   Africa 

Ahafo

131

146

438

478

1,397

1,510

4,238

4,414

 Copper 

 Consolidated pounds produced (millions): 

   Asia Pacific 

Boddington

16

15

48

43

Batu Hijau

39

82

124

223

55

97

172

266

 Gold 

 Attributable ounces produced (thousands): 

   North America 

Nevada

457

426

1,270

1,216

La Herradura

51

54

164

156

508

480

1,434

1,372

   South America 

Yanacocha

182

169

570

492

Other South America Equity Interests

14

19

40

49

196

188

610

541

   Asia Pacific 

Boddington

166

164

508

528

Batu Hijau

7

65

26

134

Other Australia/New Zealand

222

259

694

802

Other Asia Pacific Equity Interests

7

4

16

12

402

492

1,244

1,476

   Africa 

Ahafo

131

146

438

478

1,237

1,306

3,726

3,867

 Copper 

 Attributable pounds produced (millions): 

   Asia Pacific 

Boddington

16

15

48

43

Batu Hijau

19

41

60

109

35

56

108

152

 

 

 

 CAS and Capital Expenditures 

 Three Months Ended September 30, 

 Nine Months Ended September 30, 

2012

2011

2012

2011

 Gold 

Costs Applicable to Sales ($/ounce)(1)

        North America 

     Nevada

$

661

$

641

$

661

$

640

     La Herradura

608

575

585

498

655

633

652

624

        South America 

     Yanacocha

520

610

481

578

        Asia Pacific 

     Boddington

928

743

886

657

     Batu Hijau

1,115

476

985

423

     Other Australia/New Zealand

931

684

850

623

937

652

870

597

        Africa 

     Ahafo

561

501

571

465

   Average 

$

693

$

622

$

664

$

587

   Attributable to Newmont 

$

716

$

628

$

689

$

593

Copper 

Costs Applicable to Sales ($/pound)(1)

        Asia Pacific 

     Boddington

$

2.29

$

2.25

$

2.33

$

2.12

     Batu Hijau

2.38

0.90

2.19

1.01

   Average 

$

2.38

$

1.10

$

2.23

$

1.17

   Attributable to Newmont 

$

2.35

$

1.25

$

2.23

$

1.30

 

(1) Consolidated Costs applicable to sales excludes Amortization and Reclamation and remediation.

 Three Months Ended September 30, 

 Nine Months Ended September 30, 

2012

2011

2012

2011

Consolidated Capital Expenditures ($ million) 

   North America 

Nevada

$

150

$

152

$

520

$

380

La Herradura

12

28

41

55

Other North America

9

33

9

74

171

213

570

509

   South America 

Yanacocha

149

117

392

244

Conga

125

197

467

448

274

314

859

692

   Asia Pacific 

Boddington

25

47

77

122

Batu Hijau

37

61

98

149

Other Australia/New Zealand

77

78

214

212

Other Asia Pacific

4

4

12

8

143

190

401

491

   Africa 

Ahafo

68

34

176

71

Akyem

116

60

305

127

184

94

481

198

Corporate and Other

39

5

76

23

 Total - Accrual Basis 

$

811

$

816

$

2,387

$

1,913

 Change in Capital Accrual 

5

(55)

7

(132)

 Total - Cash Basis 

$

816

$

761

$

2,394

$

1,781

 Attributable to Newmont (Accrual Basis) 

$

659

$

632

$

1,919

$

1,500

 

Supplemental Information

Non-GAAP Financial Measures Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by Generally Accepted Accounting Principles ("GAAP"). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

Reconciliation of Adjusted Net Income to GAAP Net Income Management uses the non-GAAP financial measure Adjusted net income to evaluate the Company's operating performance, and for planning and forecasting future business operations. The Company believes the use of Adjusted net income allows investors and analysts to compare the results of the continuing operations of the Company and its direct and indirect subsidiaries relating to the production and sale of minerals to similar operating results of other mining companies, by excluding exceptional or unusual items, income or loss from discontinued operations and the permanent impairment of assets, including marketable securities and goodwill. Management's determination of the components of Adjusted net income are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts.

Net income attributable to Newmont stockholders is reconciled to Adjusted net income as follows:

 

Three Months Ended September 30,

Nine Months Ended September 30,

2012 

2011

2012

2011

Net income attributable to Newmont stockholders

$

367

$

493

$

1,136

$

1,394

Loss from discontinued operations   

33

-

104

136

Impairments/asset sales, net

6

142

30

110

Restructuring and other

20

-

20

-

Boddington contingent consideration

-

-

8

-

Fronteer acquisition costs   

-

-

-

18

Income tax benefit from internal restructuring

-

-

-

(65)

 Adjusted net income   

$

426

$

635

$

1,298

$

1,593

 Adjusted net income per share, basic

$

0.86

$

1.29

$

2.62

$

3.23

 Adjusted net income per share, diluted

$

0.85

$

1.26

$

2.60

$

3.17

 

Costs Applicable to Sales per Ounce/Pound Costs applicable to sales per ounce/pound are non-GAAP financial measures. These measures are calculated by dividing the costs applicable to sales of gold and copper by gold ounces or copper pounds sold, respectively. These measures are calculated on a consistent basis for the periods presented on both a consolidated and attributable to Newmont basis. Attributable costs applicable to sales are based on our economic interest in production from our mines. For operations where we hold less than a 100% economic share in the production, we exclude the share of gold or copper production attributable to the non-controlling interest. We include attributable costs applicable to sales per ounce/pound to provide management, investors and analysts with information with which to compare our performance to other gold producers. Costs applicable to sales per ounce/pound statistics are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently.

Net attributable costs applicable to sales per ounce measures the benefit of copper produced in conjunction with gold, as a credit against the cost of producing gold. A number of other gold producers present their costs net of the contribution from copper and other non-gold sales. We believe that including a measure of this basis provides management, investors and analysts with information with which to compare our performance to other gold producers, and to better assess the overall performance of our business. In addition, this measure provides information to enable investors and analysts to understand the importance of non-gold revenues to our cost structure.

 

 Costs applicable to sales per ounce

Three Months Ended September 30,

Nine Months Ended September 30,

2012

2011

2012

2011

 Costs applicable to sales:

Consolidated per financial statements(1)

$

950

$

907

$

2,746

$

2,541

Noncontrolling interests(2)

(99)

(128)

(278)

(333)

Attributable to Newmont

$

851

$

779

$

2,468

$

2,208

 Gold sold (thousand ounces):

Consolidated

1,370

1,458

4,138

4,327

Noncontrolling interests(2)

(181)

(218)

(554)

(601)

Attributable to Newmont

1,189

1,240

3,584

3,726

 Costs applicable to sales per ounce:

Consolidated

$

693

$

622

$

664

$

587

Attributable to Newmont

$

716

$

628

$

689

$

593

(1)Includes by-product credits of $57 and $165 in the third quarter and first nine months of 2012, respectively and $70 and $237 in the third quarter and first nine months of 2011, respectively.

(2)Relates to partners' interests in Batu Hijau and Yanacocha.

 

 

 Costs applicable to sales per pound

Three Months Ended September 30,

Nine Months Ended September 30,

2012

2011

2012

2011

 Costs applicable to sales:

Consolidated per financial statements(1)

$

138

$

101

$

361

$

324

Noncontrolling interests(2)

(51)

(37)

(131)

(124)

Attributable to Newmont

$

87

$

64

$

230

$

200

 Copper sold (million pounds):

Consolidated

58

92

162

276

Noncontrolling interests(2)

(21)

(41)

(59)

(122)

Attributable to Newmont

37

51

103

154

 Costs applicable to sales per pound:

Consolidated

$

2.38

$

1.10

$

2.23

$

1.17

Attributable to Newmont

$

2.35

$

1.25

$

2.23

$

1.30

(1)Includes by-product credits of $3 and $8 in the third quarter and first nine months of 2012, respectively and $7 and $23 in the third quarter and first nine months of 2011, respectively.

(2)Relates to partners' interests in Batu Hijau.

 

 

 Net attributable costs applicable to sales per ounce

Three Months Ended September 30,

Nine Months Ended September 30,

2012

2011

2012

2011

 Attributable costs applicable to sales:

Gold

$

851

$

779

$

2,468

$

2,208

Copper  

87

64

230

200

938

843

2,698

2,408

 Copper revenue:

Consolidated

(206)

(273)

(569)

(991)

Noncontrolling interests(1)