Newmont Reports 8% Increase in Equity Gold Reserves to 91.8 Million Ounces; Details 2010 Exploration Funding and Opportunities
DENVER, Feb. 25 /PRNewswire-FirstCall/ -- Newmont Mining Corporation (NYSE: NEM) ("Newmont" or "the Company") today reported 2009 equity gold reserves of 91.8 million ounces, an 8% increase over 2008, and equity copper reserves of 9.1 billion pounds, a 17% increase over 2008.
Equity gold measured and indicated resources (NRM) for 2009 were 1.1 billion tons at an average grade of 0.020 ounces per ton, up from 0.8 billion tons at a grade of 0.026 ounces per ton for 2008. Equity copper NRM for 2009 were 796 million tons at an average grade of 0.17%, up from 431 million tons at a grade of 0.13% from 2008.
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(1) For detailed information on the Company's year-end equity proven and probable reserves and NRM, please refer to the Supplemental Information in this release. |
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Reserve additions came from all regions, with notable additions from Gold Quarry in Nevada, Boddington in Australia, underground operations across Australia and New Zealand and at Ahafo in Ghana.
"A combination of strong 2009 exploration results and the Boddington acquisition resulted in equity gold reserves at our highest level since 2006 and equity gold NRM at the highest level since 2003," said Guy Lansdown, Executive Vice President of Discovery and Development. "These increases, combined with our generative exploration opportunities, will support future sustainability in each of our operating regions."
Exploration, Advanced Projects, Research & Development
The recent success of the Company's exploration program, combined with a demonstrated ability to advance exploration programs through development and into production, has established a platform for future growth. To provide increasing value for shareholders, Newmont plans to continue aggressively advancing its most prospective near mine and generative exploration development opportunities into production.
The 2010 exploration budget is between $190 and $220 million, an increase of approximately 10% from 2009. In addition, funding for Advanced Project development has increased to between $185 and $210 million, a 40% increase from 2009. These exploration and advanced project development programs are designed to generate and develop the projects that will help drive production in the decades to come.
Approximately 75% of the exploration budget is focused on programs within Newmont's existing operating districts and major land packages, including the prospective gold belts at Hope Bay in Canada and in Suriname. These exploration programs are designed to support production, replace reserves, optimize existing assets, explore and advance copper opportunities and to develop new brown field projects that leverage existing facilities and infrastructure.
The additional Advanced Project development programs are coordinated with our exploration efforts, with exploration delivering new resources that are effectively advanced through the development pipeline in each of the operating regions. The Company's more notable exploration and advanced project development opportunities include Hope Bay in Canada, the Greater Leeville-Turf project in Nevada, the Subika underground project in Ghana, expansion drilling at Boddington in Australia, and multiple programs targeting underground resource expansions across Australia and New Zealand and sulfide exploration and development programs in Peru.
Hope Bay, Canada
At Hope Bay in Canada, positive 2009 drilling and regional exploration results have reinforced the positive view of exploration potential across the 80 kilometer greenstone belt. The Company is advancing development with an underground focus, to be initiated with a decline at the Doris North deposit. The Company has deployed an experienced project development team and key contractors are in place to aggressively advance this underground opportunity. With near-term development plans and district exploration for years to come, Hope Bay remains a significant asset within the Company's portfolio. The Company expects to spend approximately $60 to $70 million on advanced project development and near mine exploration in 2010 at Hope Bay, excluding capital.
Greater Leeville-Turf, Nevada
In Nevada, the Company has a portfolio of multiple open pit and underground projects. One of these opportunities is the Greater Leeville-Turf program, where the Company has a surface exploration program extending well beyond known mineralization. Early results from both surface and underground exploration programs suggest significant potential for resource expansion, with recent surface gold intercepts including CGX-24 with 32 feet at 0.7 ounces per ton and CGX-12 with 151 feet at 0.6 ounces per ton, all accessible by extensions of current underground infrastructure. The Company expects to spend approximately $75 to $85 million on advanced project development and near mine exploration in 2010 in Nevada, excluding capital.
Subika Expansion, Ghana
The Subika Expansion project at our Ahafo operation in Ghana is focused on developing reserves by expanding the existing open pit and through underground development. The Company is concurrently advancing exploration and development with surface drilling to define the exploration potential and underground drifting and future drilling for resource and project development. An exploration decline was successfully initiated in February 2010 and underground development is advancing rapidly. The Company expects to spend approximately $10 to $15 million on advanced project development and near mine exploration in 2010 in Ghana, excluding capital.
Australia / New Zealand
As Boddington ramps-up to full production, the Company continues to step out with exploration to the north and east, where preliminary results suggest significant opportunity for higher grade, shallow resource additions. Across Australia and in New Zealand, the Company is expanding underground resources with surface and underground exploration and development programs. One such opportunity is the Gateway project at Jundee, where drilling continues to identify a new vein system to the south of current resources with potential exploration drifting scheduled for late 2010 to early 2011. The Company expects to spend approximately $20 to $30 million on advanced project development and near mine exploration in 2010 in Australia/New Zealand, excluding capital.
Yanacocha District, Peru
In South America, the Company's exploration focus is on unlocking the sulfide opportunities within the Yanacocha district and around the Conga project. Advanced exploration and development of the large gold-copper sulfide resources underlying current Yanacocha oxide pits is ongoing. As a result, research and development of metallurgical process options for potentially minable resources is advancing. In addition, the Chaquicocha Sur sulfide project has advanced into Stage 2, with a program focused on an underground mining option to develop this high grade resource. In addition, while basic engineering and permitting advances on the Conga project, multiple gold-copper porphyry targets across the prospective land package are being explored to maximize the value of this world class project. The Company expects to spend approximately $25 to $30 million on advanced project development and near mine exploration in 2010 in Peru.
Supplemental Information:
Equity Proven, Probable, and Combined Gold Reserves(1)
------------------------------------------------------
December 31, 2009
-------------------------------------------------------------------------
Deposits/Districts by
Reporting Unit Proven Reserves
--------------------------------
Newmont Tonnage Grade Gold
Share (000 tons) (oz/ton) (000 ozs)
------------- -----------------------------------------
NORTH AMERICA
Carlin Open Pits, Nevada(2) 100% 24,400 0.067 1,640
Carlin Underground, Nevada 100% 4,600 0.307 1,400
Midas, Nevada(3) 100% 400 0.480 200
Phoenix, Nevada 100% 0 0
Twin Creeks, Nevada 100% 9,300 0.097 900
Turquoise Ridge, Nevada(4) 25% 1,100 0.480 550
Nevada In-Process(5) 100% 33,800 0.021 730
Nevada Stockpiles(6) 100% 27,000 0.079 2,140
Total Nevada 100,600 0.075 7,560
La Herradura, Mexico 44% 46,100 0.019 900
---------------------- --- ------ ----- ---
TOTAL NORTH AMERICA 146,700 0.058 8,460
------------------- ------- ----- -----
SOUTH AMERICA
Conga, Peru(7) 51.35% 0 0
Yanacocha Open Pits(8) 51.35% 7,800 0.035 270
Yanacocha In-Process(5) 51.35% 26,400 0.025 660
Total Yanacocha, Peru 34,200 0.027 930
Kori Kollo, Bolivia(9) 88% 0 0
La Zanja, Peru(10) 46.94% 0 0
-------------------- ----- --- ----- ---
TOTAL SOUTH AMERICA 34,200 0.027 930
------------------- ------ ----- ---
ASIA PACIFIC
Batu Hijau Open Pit(11) 52.44% 201,100 0.015 2,970
Batu Hijau Stockpiles(6)(11) 52.44% 0 0
Total Batu Hijau,
Indonesia 52.44% 201,100 0.015 2,970
Boddington, Western
Australia(12) 100.00% 184,600 0.025 4,640
Jundee, Western Australia 100% 4,100 0.065 260
Kalgoorlie Open Pit and
Underground 50% 21,200 0.061 1,280
Kalgoorlie Stockpiles(6) 50% 14,300 0.031 440
Total Kalgoorlie,
Western Australia 50% 35,500 0.049 1,720
Tanami, Northern Territories 100% 5,200 0.160 830
Waihi, New Zealand 100% 0 0
--------------------- --- --- ----- ---
TOTAL ASIA PACIFIC 430,500 0.024 10,420
------------------ ------- ----- ------
AFRICA
Ahafo Open Pits(13) 100% 0 0
Ahafo Stockpiles(6) 100% 9,300 0.034 320
Total Ahafo, Ghana 100% 9,300 0.034 320
Akyem, Ghana(14) 100% 0 0
------------------ --- --- ----- ---
TOTAL AFRICA 9,300 0.034 320
------------ ----- ----- ---
TOTAL NEWMONT WORLDWIDE 620,700 0.032 20,130
----------------------- ------- ----- ------
December 31, 2009
-------------------------------------------------------------------------
Deposits/Districts by
Reporting Unit Probable Reserves
--------------------------------
Tonnage Grade Gold
(000 tons) (oz/ton) (000 ozs)
------------- ---------- -------- ---------
NORTH AMERICA
Carlin Open Pits, Nevada(2) 234,900 0.042 9,760
Carlin Underground, Nevada 5,100 0.315 1,590
Midas, Nevada(3) 300 0.347 100
Phoenix, Nevada 285,000 0.020 5,670
Twin Creeks, Nevada 40,900 0.072 2,950
Turquoise Ridge, Nevada(4) 1,500 0.527 810
Nevada In-Process(5) 0 0
Nevada Stockpiles(6) 2,500 0.028 70
Total Nevada 570,200 0.037 20,950
La Herradura, Mexico 47,100 0.019 880
---------------------- ------ ----- ---
TOTAL NORTH AMERICA 617,300 0.035 21,830
------------------- ------- ----- ------
SOUTH AMERICA
Conga, Peru(7) 317,200 0.019 6,080
Yanacocha Open Pits(8) 123,700 0.036 4,480
Yanacocha In-Process(5) 0 0
Total Yanacocha, Peru 123,700 0.036 4,480
Kori Kollo, Bolivia(9) 0 0
La Zanja, Peru(10) 18,800 0.018 340
-------------------- ------ ----- ---
TOTAL SOUTH AMERICA 459,700 0.024 10,900
------------------- ------- ----- ------
ASIA PACIFIC
Batu Hijau Open Pit(11) 167,700 0.005 810
Batu Hijau Stockpiles(6)(11) 193,800 0.004 720
Total Batu Hijau,
Indonesia 361,500 0.004 1,530
Boddington, Western
Australia(12) 781,800 0.021 16,320
Jundee, Western Australia 3,300 0.273 910
Kalgoorlie Open Pit and
Underground 39,600 0.062 2,470
Kalgoorlie Stockpiles(6) 0 0
Total Kalgoorlie,
Western Australia 39,600 0.062 2,470
Tanami, Northern Territories 7,900 0.102 810
Waihi, New Zealand 4,000 0.101 410
--------------------- ----- ----- ---
TOTAL ASIA PACIFIC 1,198,100 0.019 22,450
------------------ --------- ----- ------
AFRICA
Ahafo Open Pits(13) 128,700 0.068 8,810
Ahafo Stockpiles(6) 0 0
Total Ahafo, Ghana 128,700 0.068 8,810
Akyem, Ghana(14) 147,200 0.052 7,660
------------------ ------- ----- -----
TOTAL AFRICA 275,900 0.060 16,470
------------ ------- ----- ------
TOTAL NEWMONT WORLDWIDE 2,551,000 0.028 71,650
----------------------- --------- ----- ------
December 31, 2009
--------------------------------------------------------------------------
Deposits/Districts by Proven and Probable Metallurgical
Reporting Unit Reserves Recovery
--------------------------------------------
Tonnage Grade Gold
(000 tons) (oz/ton) (000 ozs)
------------- ---------- -------- ---------
NORTH AMERICA
Carlin Open Pits, Nevada(2) 259,300 0.044 11,400 74%
Carlin Underground, Nevada 9,700 0.311 2,990 88%
Midas, Nevada(3) 700 0.425 300 95%
Phoenix, Nevada 285,000 0.020 5,670 73%
Twin Creeks, Nevada 50,200 0.077 3,850 80%
Turquoise Ridge, Nevada(4) 2,600 0.507 1,360 92%
Nevada In-Process(5) 33,800 0.021 730 65%
Nevada Stockpiles(6) 29,500 0.075 2,210 79%
Total Nevada 670,800 0.042 28,510 77%
La Herradura, Mexico 93,200 0.019 1,780 66%
---------------------- ------ ----- ----- ---
TOTAL NORTH AMERICA 764,000 0.040 30,290 77%
------------------- ------- ----- ------ ---
SOUTH AMERICA
Conga, Peru(7) 317,200 0.019 6,080 79%
Yanacocha Open Pits(8) 131,500 0.036 4,750 69%
Yanacocha In-Process(5) 26,400 0.025 660 74%
Total Yanacocha, Peru 157,900 0.034 5,410 69%
Kori Kollo, Bolivia(9) 0 0
La Zanja, Peru(10) 18,800 0.018 340 67%
-------------------- ------ ----- --- ---
TOTAL SOUTH AMERICA 493,900 0.024 11,830 74%
------------------- ------- ----- ------ ---
ASIA PACIFIC
Batu Hijau Open Pit(11) 368,800 0.010 3,780 76%
Batu Hijau Stockpiles(6)(11) 193,800 0.004 720 70%
Total Batu Hijau,
Indonesia 562,600 0.008 4,500 75%
Boddington, Western
Australia(12) 966,400 0.022 20,960 82%
Jundee, Western Australia 7,400 0.159 1,170 90%
Kalgoorlie Open Pit and
Underground 60,800 0.062 3,750 85%
Kalgoorlie Stockpiles(6) 14,300 0.031 440 78%
Total Kalgoorlie,
Western Australia 75,100 0.056 4,190 84%
Tanami, Northern Territories 13,100 0.125 1,640 96%
Waihi, New Zealand 4,000 0.101 410 90%
--------------------- ----- ----- --- ---
TOTAL ASIA PACIFIC 1,628,600 0.020 32,870 82%
------------------ --------- ----- ------ ---
AFRICA
Ahafo Open Pits(13) 128,700 0.068 8,810 87%
Ahafo Stockpiles(6) 9,300 0.034 320 87%
Total Ahafo, Ghana 138,000 0.066 9,130 87%
Akyem, Ghana(14) 147,200 0.052 7,660 89%
------------------ ------- ----- ----- ---
TOTAL AFRICA 285,200 0.059 16,790 88%
------------ ------- ----- ------ ---
TOTAL NEWMONT WORLDWIDE 3,171,700 0.029 91,780 80%
----------------------- --------- ----- ------ ---
December 31, 2008
----------------------------------------------------------------------
Deposits/Districts by
Reporting Unit Proven + Probable Reserves
--------------------------------
Tonnage Grade Gold
(000 tons) (oz/ton) (000 ozs)
------------- ---------- -------- ---------
NORTH AMERICA
Carlin Open Pits, Nevada(2) 202,400 0.045 9,050
Carlin Underground, Nevada 11,700 0.313 3,650
Midas, Nevada(3) 900 0.436 390
Phoenix, Nevada 299,800 0.021 6,310
Twin Creeks, Nevada 51,700 0.077 3,960
Turquoise Ridge, Nevada(4) 2,600 0.500 1,330
Nevada In-Process(5) 36,000 0.026 940
Nevada Stockpiles(6) 34,200 0.072 2,460
Total Nevada 639,300 0.044 28,090
La Herradura, Mexico 76,100 0.025 1,890
---------------------- ------ ----- -----
TOTAL NORTH AMERICA 715,400 0.044 29,980
------------------- ------- ----- ------
SOUTH AMERICA
Conga, Peru(7) 317,200 0.019 6,080
Yanacocha Open Pits(8) 207,500 0.030 6,150
Yanacocha In-Process(5) 20,800 0.026 530
Total Yanacocha, Peru 228,300 0.029 6,680
Kori Kollo, Bolivia(9) 11,500 0.017 190
La Zanja, Peru(10) 0 0
-------------------- --- ----- ---
TOTAL SOUTH AMERICA 557,000 0.023 12,950
------------------- ------- ----- ------
ASIA PACIFIC
Batu Hijau Open Pit(11) 348,800 0.011 3,680
Batu Hijau Stockpiles(6)(11) 131,400 0.003 410
Total Batu Hijau,
Indonesia 480,200 0.009 4,090
Boddington, Western
Australia(12) 583,200 0.023 13,370
Jundee, Western Australia 6,300 0.202 1,270
Kalgoorlie Open Pit and
Underground 63,700 0.062 3,970
Kalgoorlie Stockpiles(6) 14,400 0.031 450
Total Kalgoorlie,
Western Australia 78,100 0.056 4,420
Tanami, Northern Territories 11,500 0.129 1,480
Waihi, New Zealand 2,900 0.124 360
--------------------- ----- ----- ---
TOTAL ASIA PACIFIC 1,162,200 0.022 24,990
------------------ --------- ----- ------
AFRICA
Ahafo Open Pits(13)
Ahafo Stockpiles(6)
Total Ahafo, Ghana 125,100 0.075 9,380
Akyem, Ghana(14) 147,200 0.052 7,660
------------------ ------- ----- -----
TOTAL AFRICA 272,300 0.063 17,040
------------ ------- ----- ------
TOTAL NEWMONT WORLDWIDE 2,706,900 0.031 84,960
----------------------- --------- ----- ------
(1) Reserves are calculated at a gold price of US$800, A$1000, or
NZ$1,200 per ounce unless otherwise noted. 2008 reserves were
calculated at a gold price of US$725, A$850, or NZ$1,000 per ounce
unless otherwise noted. Tonnage amounts have been rounded to the
nearest 100,000 unless they are less than 50,000, and gold ounces
have been rounded to the nearest 10,000.
(2) Includes undeveloped reserves at the Emigrant deposits for combined
total undeveloped reserves of 1.2 million ounces.
(3) Also contains reserves of 4.6 million ounces of silver with a
metallurgical recovery of 88%.
(4) Reserve estimates provided by Barrick, the operator of the Turquoise
Ridge Joint Venture.
(5) In-process material is the material on leach pads at the end of each
year from which gold remains to be recovered. In-process material
reserves are reported separately where tonnage or contained ounces
are greater than 5% of the total site-reported reserves and
contained ounces are greater than 100,000.
(6) Stockpiles are comprised primarily of material that has been set
aside to allow processing of higher grade material in the mills.
Stockpiles increase or decrease depending on current mine plans.
Stockpile reserves are reported separately where tonnage or
contained ounces are greater than 5% of the total site-reported
reserves and contained ounces are greater than 100,000.
(7) Deposit is currently undeveloped.
(8) Reserves include the currently undeveloped deposit at Tapado Oeste
(formerly called Corimayo), which contains undeveloped reserves of
1.2 million equity ounces.
(9) Newmont divested its interest in Kori Kollo in July 2009.
(10) Reserves estimates were provided by Buenaventura, the operator of
the La Zanja project.
(11) Percentage reflects Newmont's economic interest at December 31,
2009. In November and December 2009 our economic interest increased
from 45% to 52.44% as a result of transactions with a noncontrolling
partner, partially offset by divestiture required under the Contract
of Work.
(12) Newmont acquired the remaining 33.33% of Boddington from AngloGold
in June 2009.
(13) Includes undeveloped reserves at Amoma, Yamfo South, Yamfo Central,
Techire West, Subenso South, Subenso North, Yamfo Northeast, and
Susuan totaling 3.7 million ounces.
(14) Deposit is undeveloped.
Equity Gold Mineralized Material Not in Reserves(1)(2)
------------------------------------------------------
December 31, 2009
---------------------------------------------------
Deposits/Districts Measured Material Indicated Material
--------------------- ------------------
Newmont Tonnage Grade Tonnage Grade
Share (000 tons) (oz/ton) (000 tons) (oz/ton)
------------- ------- ----------- -------- ---------- --------
NORTH AMERICA
Carlin Trend Open Pit,
Nevada 100% 2,600 0.027 26,200 0.020
Carlin Trend
Underground, Nevada 100% 700 0.189 110 0.153
Lone Tree Complex,
Nevada 100% 0 4,200 0.022
Midas, Nevada 100% 0 0.205 100 0.188
Phoenix, Nevada 100% 0 0.000 158,400 0.013
Twin Creeks, Nevada 100% 3,400 0.097 31,600 0.045
Turquoise Ridge (3),
Nevada 25% 300 0.412 300 0.452
Nevada Stockpiles (4),
Nevada 100% 10,700 0.060
Total Nevada 17,700 0.074 220,910 0.020
La Herradura, Mexico 44% 6,500 0.017 7,800 0.016
---------------------- --- ----- ----- ----- -----
TOTAL NORTH AMERICA 24,200 0.058 228,710 0.019
------------------- ------ ----- ------- -----
SOUTH AMERICA
Conga, Peru 51.35% 0 58,000 0.013
Yanacocha, Peru 51.35% 1,300 0.017 157,800 0.020
La Zanja(5), Peru 46.94% 0 0 0.000
------------------- ----- --- ----- --- -----
TOTAL SOUTH AMERICA 1,300 0.017 215,800 0.018
------------------- ----- ----- ------- -----
ASIA PACIFIC
Batu Hijau (6),
Indonesia 52.44% 25,400 0.017 148,400 0.007
Boddington, Western
Australia(7) 100% 20,600 0.010 344,200 0.015
Jundee, Western
Australia 100% 0 200 0.045
Kalgoorlie, Western
Australia 50% 2,300 0.059 4,100 0.054
Tanami, Northern
Territory 100% 300 0.099 1,100 0.082
Waihi, New Zealand 100% 0 1,200 0.206
TOTAL ASIA PACIFIC 48,600 0.016 499,200 0.013
------------------ ------ ----- ------- -----
AFRICA
Ahafo, Ghana 100% 0 97,800 0.050
Akyem, Ghana 100% 0 11,600 0.048
TOTAL AFRICA 0 109,400 0.050
------------ --- ----- ------- -----
TOTAL NEWMONT WORLDWIDE 74,100 0.030 1,053,110 0.019
----------------------- ------ ----- --------- -----
December 31, 2009
---------------------------------------------
Measured +
Deposits/Districts Indicated Material Inferred Material
----------------------- -------------------
Tonnage Grade Tonnage Grade
(000 tons) (oz/ton) (000 tons) (oz/ton)
------------- ------------ --------- ---------- -------
NORTH AMERICA
Carlin Trend Open Pit,
Nevada 28,800 0.021 10,400 0.034
Carlin Trend
Underground, Nevada 810 0.18 7,400 0.289
Lone Tree Complex,
Nevada 4,200 0.022 0
Midas, Nevada 100 0.193 100 0.248
Phoenix, Nevada 158,400 0.013 35,400 0.015
Twin Creeks, Nevada 35,000 0.050 11,300 0.018
Turquoise Ridge (3),
Nevada 600 0.431 1,300 0.456
Nevada Stockpiles (4),
Nevada 10,700 0.060 2,300 0.043
Total Nevada 238,610 0.024 68,200 0.058
La Herradura, Mexico 14,300 0.016 20,500 0.019
---------------------- ------ ----- ------ -----
TOTAL NORTH AMERICA 252,910 0.023 88,700 0.049
------------------- ------- ----- ------ -----
SOUTH AMERICA
Conga, Peru 58,000 0.013 79,000 0.011
Yanacocha, Peru 159,100 0.020 25,800 0.019
La Zanja(5), Peru 0 0.000 4,000 0.016
------------------- --- ----- ----- -----
TOTAL SOUTH AMERICA 217,100 0.018 108,800 0.013
------------------- ------- ----- ------- -----
ASIA PACIFIC
Batu Hijau (6),
Indonesia 173,800 0.008 81,300 0.002
Boddington, Western
Australia(7) 364,800 0.014 292,900 0.016
Jundee, Western
Australia 200 0.045 3,800 0.068
Kalgoorlie, Western
Australia 6,400 0.056 1,600 0.136
Tanami, Northern
Territory 1,400 0.086 8,100 0.152
Waihi, New Zealand 1,200 0.206 300 0.146
TOTAL ASIA PACIFIC 547,800 0.013 388,000 0.017
------------------ ------- ----- ------- -----
AFRICA
Ahafo, Ghana 97,800 0.050 26,200 0.104
Akyem, Ghana 11,600 0.048 4,600 0.047
TOTAL AFRICA 109,400 0.050 30,800 0.095
------------ ------- ----- ------ -----
TOTAL NEWMONT WORLDWIDE 1,127,210 0.020 616,300 0.025
----------------------- --------- ----- ------- -----
(1) Mineralized material is reported exclusive of reserves.
(2) Mineralized Material calculated at a gold price of US$950, A$1,200,
or NZ$1,400 per ounce unless otherwise noted. 2008 Mineralized
material was calculated at a gold price of US$850, A$1,000, or
NZ$1,175 per ounce. Tonnage amounts have been rounded to the nearest
100,000.
(3) Mineralized material estimates were provided by Barrick, the
operator of the Turquoise Ridge Joint Venture.
(4) Stockpiles are comprised primarily of material that has been set
aside to allow processing of higher grade material in the mills.
Stockpiles increase or decrease depending on current mine plans.
(5) Mineralized material estimates were provided by Buenaventura, the
operator of the La Zanja Project.
(6) Percentage reflects Newmont's economic interest at December 31,
2009. In November and December 2009 our economic interest increased
from 45% to 52.44% as a result of transactions with a noncontrolling
partner, partially offset by divestiture required under the Contract
of Work.
(7) Newmont acquired the remaining 33.33% of Boddington from AngloGold
in June 2009.
Equity Copper Reserves(1)
December 31, 2009
-------------------------------------------------
Proven Reserves
Deposits/Districts
Copper
Newmont Tonnage Grade (million
Share (000 tons) (Cu%) pounds)
------------- -------- ---------- ------ ---------
NORTH AMERICA
Phoenix, Nevada 100% 0 0
------------------ --- --- ---
TOTAL NORTH AMERICA 0 0
------------------- --- ---
SOUTH AMERICA
Conga, Peru(2) 51.35% 0 0
----------------- ----- --- ---
TOTAL SOUTH AMERICA 0 0
------------------- --- ---
ASIA PACIFIC
Batu Hijau(3) 52.44% 201,100 0.51% 2,070
Batu Hijau,
Stockpiles(3)(4) 52.44% 0 0
Batu Hijau,
Indonesia 52.44% 201,100 0.51% 2,070
Boddington, Western
Australia (5) 100.00% 184,600 0.11% 400
--------------------- ------ ------- ---- ---
TOTAL ASIA PACIFIC 385,700 0.32% 2,470
------------------ ------- ---- -----
TOTAL NEWMONT WORLDWIDE 385,700 0.32% 2,470
----------------------- ------- ---- -----
December 31, 2009
----------------------------------
Probable Reserves
----------------------------------
Deposits/Districts
Copper
Tonnage Grade (million
(000 tons) (Cu%) pounds)
------------- ---------- ------ ---------
NORTH AMERICA
Phoenix, Nevada 287,500 0.16% 900
------------------ ------- ---- ---
TOTAL NORTH AMERICA 287,500 0.16% 900
------------------- ------- ---- ---
SOUTH AMERICA
Conga, Peru(2) 317,200 0.26% 1,660
----------------- ------- ---- -----
TOTAL SOUTH AMERICA 317,200 0.26% 1,660
------------------- ------- ---- -----
ASIA PACIFIC
Batu Hijau(3) 167,700 0.32% 1,060
Batu Hijau,
Stockpiles(3)(4) 193,800 0.36% 1,390
Batu Hijau,
Indonesia 361,500 0.34% 2,450
Boddington, Western
Australia (5) 781,800 0.10% 1,640
--------------------- ------- ---- -----
TOTAL ASIA PACIFIC 1,143,300 0.18% 4,090
------------------ --------- ---- -----
TOTAL NEWMONT WORLDWIDE 1,748,000 0.19% 6,650
----------------------- --------- ---- -----
December 31, 2009
-------------------------------------------------
Proven + Probable Reserves
----------------------------------
Deposits/Districts
Copper
Tonnage Grade (million Metallurgical
(000 tons) (Cu%) pounds) Recovery
------------- ---------- ------ --------- --------------
NORTH AMERICA
Phoenix, Nevada 287,500 0.16% 900 61%
------------------ ------- ---- --- ---
TOTAL NORTH AMERICA 287,500 0.16% 900 61%
------------------- ------- ---- --- ---
SOUTH AMERICA
Conga, Peru(2) 317,200 0.26% 1,660 85%
----------------- ------- ---- ----- ---
TOTAL SOUTH AMERICA 317,200 0.26% 1,660 85%
------------------- ------- ---- ----- ---
ASIA PACIFIC
Batu Hijau(3) 368,800 0.42% 3,130 77%
Batu Hijau,
Stockpiles(3)(4) 193,800 0.36% 1,390 66%
Batu Hijau,
Indonesia 562,600 0.40% 4,520 74%
Boddington, Western
Australia (5) 966,400 0.11% 2,040 84%
--------------------- ------- ---- ----- ---
TOTAL ASIA PACIFIC 1,529,000 0.21% 6,560 77%
------------------ --------- ---- ----- ---
TOTAL NEWMONT WORLDWIDE 2,133,700 0.21% 9,120 77%
----------------------- --------- ---- ----- ---
December 31, 2008
----------------------------------
Proven + Probable Reserve
----------------------------------
Deposits/Districts
Copper
Tonnage Grade (million
(000 tons) (Cu%) pounds)
------------- ---------- ------ ---------
NORTH AMERICA
Phoenix, Nevada 302,000 0.15% 890
------------------ ------- ---- ---
TOTAL NORTH AMERICA 302,000 0.15% 890
------------------- ------- ---- ---
SOUTH AMERICA
Conga, Peru(2) 317,200 0.26% 1,660
----------------- ------- ---- -----
TOTAL SOUTH AMERICA 317,200 0.26% 1,660
------------------- ------- ---- -----
ASIA PACIFIC
Batu Hijau(3) 348,800 0.44% 3,060
Batu Hijau,
Stockpiles(3)(4) 131,400 0.34% 890
Batu Hijau,
Indonesia 480,200 0.41% 3,950
Boddington, Western
Australia (5) 583,200 0.11% 1,280
--------------------- ------- ---- -----
TOTAL ASIA PACIFIC 1,063,400 0.25% 5,230
------------------ --------- ---- -----
TOTAL NEWMONT WORLDWIDE 1,682,600 0.23% 7,780
----------------------- --------- ---- -----
(1) Reserves are calculated at US$2.00 or A$2.40 per pound copper price
unless otherwise noted. 2008 reserves were also calculated at
US$2.00 or A$2.40 per pound copper price unless otherwise noted.
Tonnage amounts have been rounded to the nearest 100,000 and pounds
have been rounded to the nearest 10 million.
(2) Deposit is undeveloped.
(3) Percentage reflects Newmont's economic interest at December 31,
2009. In November and December 2009 our economic interest increased
from 45% to 52.44% as a result of transactions with a noncontrolling
partner, partially offset by divestiture required under the Contract
of Work.
(4) Stockpiles are comprised primarily of material that has been set
aside to allow processing of higher grade material. Stockpiles
increase or decrease depending on current mine plans. Stockpiles
are reported separately where tonnage or contained metal are greater
than 5% of the total site reported reserves.
(5) Newmont acquired the remaining 33.33% of Boddington from AngloGold
in June 2009.
Equity Copper Mineralized Material Not in Reserves(1)(2)
--------------------------------------------------------
December 31, 2009
----------------------------------------------------
Deposits/Districts Measured Material Indicated Material
------------------ ------------------
Newmont Tonnage Grade Tonnage Grade
Share (000 tons) (Cu%) (000 tons) (Cu%)
------------- -------- ---------- ------ ---------- ------
NORTH AMERICA
Phoenix, Nevada 100% 0 0.00% 199,687 0.18%
----------------- --- --- ---- ------- ----
TOTAL NORTH AMERICA 199,687 0.18%
------------------- ------- ----
SOUTH AMERICA
Conga, Peru 51.35% 0 0.00% 58,000 0.18%
------------- ----- --- ---- ------ ----
TOTAL SOUTH AMERICA 58,000 0.18%
------------------- ------ ----
ASIA PACIFIC
Batu Hijau,
Indonesia (3) 52.44% 25,400 0.42% 148,400 0.31%
Boddington,
Western
Australia (4) 100.00% 20,600 0.08% 344,200 0.10%
---------------- ------ ------ ---- ------- ----
TOTAL ASIA PACIFIC 46,000 0.27% 492,600 0.16%
------------------ ------ ---- ------- ----
TOTAL NEWMONT WORLDWIDE 46,000 0.27% 750,287 0.17%
----------------------- ------ ---- ------- ----
December 31, 2009
---------------------------------------------
Measured + Indicated
Deposits/Districts Material Inferred Material
-------------------- --------------------
Tonnage Grade Tonnage Grade
(000 tons) (Cu%) (000 tons) (Cu%)
------------- ---------- ------ ---------- ------
NORTH AMERICA
Phoenix, Nevada 199,687 0.18% 91,815 0.23%
----------------- ------- ---- ------ ----
TOTAL NORTH AMERICA 199,687 0.18% 91,815 0.23%
------------------- ------- ---- ------ ----
SOUTH AMERICA
Conga, Peru 58,000 0.18% 79,000 0.17%
------------- ------ ---- ------ ----
TOTAL SOUTH AMERICA 58,000 0.18% 79,000 0.17%
------------------- ------ ---- ------ ----
ASIA PACIFIC
Batu Hijau,
Indonesia (3) 173,800 0.32% 81,300 0.22%
Boddington,
Western
Australia (4) 364,800 0.09% 292,900 0.10%
---------------- ------- ---- ------- ----
TOTAL ASIA PACIFIC 538,600 0.17% 374,200 0.13%
------------------ ------- ---- ------- ----
TOTAL NEWMONT
WORLDWIDE 796,287 0.17% 545,015 0.15%
------------- ------- ---- ------- ----
(1) Mineralized material is reported exclusive of reserves.
(2) Mineralized material calculated at a copper price of US$2.50 or
A$3.00 per pound unless otherwise noted. 2008 mineralized material
was also calculated at a copper price of US$2.50 or A$3.00 per
pound. Tonnage amounts have been rounded to the nearest 100,000.
(3) Percentage reflects Newmont's economic interest at December 31,
2009. In November and December 2009 our economic interest increased
from 45% to 52.44% as a result of transactions with a noncontrolling
partner, partially offset by divestiture required under the Contract
of Work.
(4) Newmont acquired the remaining 33.33% of Boddington from AngloGold
in June 2009.
To view more detailed financial disclosure, including regional mine statistics, Results of Consolidated Operations, Liquidity and Capital Resources, Management's Discussion & Analysis, relevant Risk Factors, and a complete outline of the 2009 Operating and Financial guidance by region, please see the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 25, 2010, available at www.newmont.com.
The Company's fourth quarter and year-end earnings conference call and web cast presentation will be held on Thursday, February 25, 2010 beginning at 10:00 a.m. Eastern Time (8:00 a.m. Mountain Time). To participate:
Dial-In Number |
800.779.3178 |
|
Intl Dial-In Number |
415.228.4957 |
|
Leader |
John Seaberg |
|
Passcode |
Newmont |
|
Replay Number |
866.451.8896 |
|
Intl Replay Number |
203.369.1202 |
|
Replay Passcode |
2010 |
|
The conference call also will be simultaneously carried on our web site at www.newmont.com under Investor Relations/Presentations and will be archived there for a limited time.
Cautionary Statement:
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Such forward-looking statements include, without limitation: (i) estimates of future mineral production and sales; (ii) estimates of future costs applicable to sales, other expenses and taxes, for specific operations and on a consolidated basis; (iii) estimates of future capital expenditures, construction, production or closure activities; (iv) statements regarding future exploration expenditures, results and reserves; (v) statements regarding fluctuations in capital and currency markets; (vi) statements regarding potential cost savings, productivity, operating performance, and cost structure; (vii) expectations regarding the ramp-up, mine life, production and costs applicable to sales and exploration potential of Boddington and the Company's other projects; and (viii) expectations regarding the impacts of operating, technical or geotechnical issues in connection with the Company's projects or operations. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, political and operational risks in the countries in which we operate, and governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company's 2009 Annual Report on Form 10-K, filed on February 25, 2010, with the Securities and Exchange Commission, as well as the Company's other SEC filings. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
SOURCE Newmont Mining Corporation
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