-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, E2PpAViQLNPWDGWiYu0yWWQA2oy9qvU8bcqX/zlVsqWd3YCmtb1wsW3xs/p5WkXV driF05WxMsVyf4m/0Xqcow== 0001144204-07-039821.txt : 20070802 0001144204-07-039821.hdr.sgml : 20070802 20070802130505 ACCESSION NUMBER: 0001144204-07-039821 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070802 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070802 DATE AS OF CHANGE: 20070802 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEWMONT MINING CORP /DE/ CENTRAL INDEX KEY: 0001164727 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 841611629 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31240 FILM NUMBER: 071019460 BUSINESS ADDRESS: STREET 1: 1700 LINCOLN STREET CITY: DENVER STATE: CO ZIP: 80203 BUSINESS PHONE: 303-863-7414 MAIL ADDRESS: STREET 1: 1700 LINCOLN STREET CITY: DENVER STATE: CO ZIP: 80203 FORMER COMPANY: FORMER CONFORMED NAME: DELTA HOLDCO CORP DATE OF NAME CHANGE: 20020109 8-K 1 v082740_8k.htm Unassociated Document
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________
 
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported):
 
August 2, 2007
 
Newmont Mining Corporation
(Exact name of registrant as specified in its charter)
 
Delaware
(State or Other Jurisdiction of Incorporation)
 
001-31240
(Commission File Number)
 
84-1611629
(I.R.S. Employer Identification No.
 
1700 Lincoln Street, Denver, Colorado 80203
(Address of principal executive offices) (zip code)
 
(303) 863-7414
(Registrant's telephone number, including area code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
 
 

 
 
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
 
On August 2, 2007, Newmont Mining Corporation, a Delaware corporation, issued a news release reporting its financial results for the second quarter ended June 30, 2007. A copy of the news release is furnished as Exhibit 99.1 to this report.
 
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
 
(d) Exhibits
 
Exhibit Number   Description of Exhibit
     
99.1   News Release dated August 2, 2007
 
 
2

 
 
SIGNATURE
 
Pursuant to the requirements of the Securities and Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
     
By:   /s/ Sharon E. Thomas
  Name: 
Sharon E. Thomas
  Title: Vice President and Secretary
 
Dated: August 2, 2007 
 
 
3

 
 
EXHIBIT INDEX
 
Exhibit Number   Description of Exhibit
     
99.1   News Release dated August 2, 2007
 
 
4

 
 
EX-99.1 2 v082740_ex99-1.htm Unassociated Document  
   NEWMONT REPORTS SECOND QUARTER RESULTS AND IMPACT OF STRATEGIC INITIATIVES
 
DENVER, August 2, 2007 - Newmont Mining Corporation (NYSE: NEM) today announced second quarter financial and operating results, which include a negative $2.125 billion impact of strategic initiatives completed during the second quarter. For the quarter, the Company reported a net loss of $2.06 billion (-$4.57 per share), compared with net income of $161 million ($0.36 per share) for the second quarter of 2006.

Description ($ million)
 
Q2 2007
 
Q2 2006
 
Write-down of Merchant Banking Goodwill
 
$
(1,665
)
$
-
 
Settlement of price-capped forward sales contracts
 
$
(460
)
$
-
 
Batu Hijau minority loan repayment
 
$
(25
)
$
-
 
Reclamation obligations at non-operating properties
 
$
(11
)
$
-
 
Settlement of senior management retirement obligations
 
$
(8
)
$
-
 
Prepaid forward deliveries
 
$
-
 
$
(23
)

Richard T. O’Brien, President and Chief Executive Officer, said, “As we refocus our efforts on cost control and operational efficiency, we continue to expect gold sales of between 5.2 and 5.6 million equity ounces at costs applicable to sales of between $375 and $400 an ounce for the year. For the quarter, our financial results were impacted by several strategic initiatives, including the write-down associated with the discontinuation of our Merchant Banking segment and the elimination of our remaining gold hedge positions. With the elimination of our gold hedges, Newmont is now the world’s largest unhedged gold producer. In July, we also completed a $1.15 billion Convertible Senior Notes issue, providing further financial flexibility to complete the Boddington project in Australia, the gold mill at Yanacocha in Peru and the power plant in Nevada. As we turn our attention to our core gold business, we continue to optimize plans for our prospective gold opportunities, including the potential development of our Conga project in Peru and the Akyem project in Ghana.”

Financial ($ million, except per share)
 
Q2 2007
 
Q2 2006
 
YTD 2007
 
YTD 2006
 
Revenues
 
$
1,302
 
$
1,293
 
$
2,558
 
$
2,425
 
(Loss) income from continuing operations
 
$
(406
)
$
128
 
$
(370
)
$
322
 
(Loss) income from continuing operations per share
 
$
(0.90
)
$
0.29
 
$
(0.82
)
$
0.71
 
Net (loss) income
 
$
(2,062
)
$
161
 
$
(1,994
)
$
370
 
Net (loss) income per share
 
$
(4.57
)
$
0.36
 
$
(4.42
)
$
0.82
 
Operating
 
 
Q2 2007
 
 
Q2 2006
 
 
YTD 2007
 
 
YTD 2006
 
Consolidated gold sales (000 ounces) (1)
   
1,448
   
1,843
   
3,053
   
3,652
 
Equity gold sales (000 ounces) (1), (2)
   
1,248
   
1,384
   
2,590
   
2,776
 
Average realized gold price ($/ounce) (3)
 
$
667
 
$
605
 
$
660
 
$
580
 
Costs applicable to sales ($/ounce)
 
$
433
 
$
299
 
$
427
 
$
287
 
Cash operating margin ($/ounce) (4)
 
$
234
 
$
306
 
$
233
 
$
293
 
Capital expenditures ($ million)
 
$
351
 
$
334
 
$
713
 
$
700
 

(1)  
Includes sales from Phoenix and Leeville start-up activities which are not included in Revenue, Costs applicable to sales and Depreciation, depletion and amortization per ounce calculations prior to commencing operations on October 1, 2006 and October 14, 2006, respectively.
(2)  
Includes sales from Holloway and Zarafshan discontinued operations for the three and six months ended June 30, 2006.
(3)  
Before treatment and refining charges but after hedge losses (excluding settlement of price-capped forward sales contracts) and provisional pricing mark-to-market adjustments.
(4)  
Cash operating margin is defined as the Average realized gold price less Costs applicable to sales (excluding DD&A and loss on price-capped forward sales contracts).
 
 
NEWMONT - Q2 2007 RESULTS (August 2, 2007)
Page 1 of 22
 

 
REGIONAL HIGHLIGHTS AND 2007 OUTLOOK
 
NEVADA
 
Q2 2007
 
Q2 2006
 
YTD 2007
 
YTD 2006
 
Consolidated gold sales (000 ounces) (1)
   
531
   
543
   
1,091
   
1,078
 
Equity gold sales (000 ounces) (1)
   
531
   
496
   
1,091
   
985
 
Costs applicable to sales ($/ounce)
 
$
485
 
$
450
 
$
489
 
$
423
 
Capital expenditures ($ million)
 
$
119
 
$
136
 
$
277
 
$
290
 
 
(1)  
Includes sales from Phoenix and Leeville start-up activities which are not included in Revenue, Costs applicable to sales and Depreciation, depletion and amortization per ounce calculations prior to commencing operations on October 1, 2006 and October 14, 2006, respectively. Revenues and costs during start-up activities are included in Other income, net.

Nevada Operating Performance and Outlook

Equity gold sales in Nevada increased in the second quarter of 2007 to 531,000 ounces from 496,000 ounces in the prior year quarter. Gold sales increased over the prior twelve months as Leeville and Phoenix both entered their first full year of commercial production. Open pit ore mined increased 37% to 10.7 million tons in the second quarter of 2007, up from 7.8 million tons in the prior year quarter. Underground ore mined increased 79% in the second quarter of 2007 due to commencement of commercial production at Leeville and steady ramp-up toward full capacity. Ore milled increased 54% to 5.9 million tons from 3.8 million tons in the prior year quarter. Milled ore grade decreased 22% with the processing of lower grade ore from Phoenix. Ore placed on leach pads decreased by 53% from the prior year quarter due to the completion of mining at Lone Tree in 2006. Additionally, fewer leach ore tons were processed at Carlin, as the ore mined during the quarter contained a higher proportion of mill material.

In June, a ground subsidence occurred in an area of the Midas underground mine, resulting in an employee fatality. The state and federal mine safety regulators have suspended operations at the mine pending further review and investigation. At this time, it cannot be reasonably predicted when the mine will be reopened, however, the Company does not expect a material impact on Nevada’s production. The Company continues to expect equity gold sales in Nevada of between 2.3 to 2.6 million ounces for 2007.

Costs applicable to sales increased in the second quarter of 2007 to $485 per ounce from $450 per ounce in the year ago quarter due to higher operating costs at Phoenix, as well as continued deployment of higher cost underground and maintenance contracted services. Waste removal costs increased as a result of accelerated mining at Pete, Gold Quarry and Twin Creeks. Labor and input commodity cost escalation also continues to impact operating costs.

Costs applicable to sales for the full year in Nevada, excluding the impact of Phoenix, are projected to be within the expected range of between $375 and $400 per ounce. However, ongoing challenges at Phoenix will likely result in costs applicable to sales for Nevada of between $400 and $440 per ounce for the year. Potentially higher grades, improved throughput and increased recoveries at Leeville and Twin Creeks could provide cost reduction opportunities for the remainder of 2007.
 
Phoenix Update

Phoenix remains the primary risk factor impacting Nevada’s gold sales and costs applicable to sales outlook for the year. During the second quarter of 2007, Phoenix continued to experience lower than expected recoveries and throughput due to hard ore and reduced crusher availability. The Company made improvements to the flotation circuit and installed a cyanide detoxification system to improve recoveries during the second quarter. Additionally, blasting improvements were made during the second quarter which enhanced fragmentation of the harder ore and increased throughput. The Company continues to evaluate solutions to address ongoing metallurgical issues, mill throughput and crusher availability, with a final optimization plan expected by mid-2008.
 
 
NEWMONT - Q2 2007 RESULTS (August 2, 2007)
Page 2 of 22
 

 
Nevada Capital Projects

Capital expenditures in Nevada were $119 million in the second quarter of 2007. Capital expenditures for the year are expected to remain between $560 and $630 million, with spending primarily related to the construction of the power plant, mine equipment replacement and sustaining development. Construction of the 200 megawatt coal-fired power plant was approximately 77% complete at the end of the second quarter and remains on schedule for completion in mid-2008. Capital costs for the project are expected to remain between $620 and $640 million. The lower cost of self-generated electricity, when compared with projected future market prices in the region, is expected to reduce Nevada’s costs applicable to sales by approximately $25 per ounce.

YANACOCHA
 
Q2 2007
 
Q2 2006
 
YTD 2007
 
YTD 2006
 
Consolidated gold sales (000 ounces)
   
312
   
785
   
767
   
1,555
 
Equity gold sales (000 ounces)
   
160
   
403
   
394
   
798
 
Costs applicable to sales ($/ounce)
 
$
426
 
$
185
 
$
357
 
$
173
 
Capital expenditures ($ million)
 
$
58
 
$
57
 
$
114
 
$
113
 

Yanacocha Operating Performance and Outlook

Equity gold sales at Yanacocha decreased in the second quarter of 2007 to 160,000 ounces from 403,000 ounces in the prior year quarter due to a higher waste-to-ore ratio and the mining of lower ore grades. Ore mined decreased to 20.7 million tons in the second quarter of 2007 from 29.8 million tons in the prior year quarter. During the same periods, the amount of waste mined increased to 32 million tons from 25.5 million tons. Leached ore grade decreased by 47% from 0.032 to 0.017 ounces per ton for the second quarter of 2007, primarily due to a different mine sequence at the La Quinua pit compared to the prior year quarter.

The Company continues to expect equity gold sales of between 775,000 and 825,000 ounces for 2007. Second half production at Yanacocha is weighted to the fourth quarter due to the timing of ore to be placed on leach pads. Yanacocha’s gold sales for the remainder of the year could be adversely impacted by higher waste removal rates. Additional sales opportunities exist from inventory and higher ore grades during the second half of 2007.

Costs applicable to sales increased in the second quarter of 2007 to $426 per ounce from $185 per ounce in the year ago quarter, primarily due to lower production, a higher proportion of waste tons mined, and a valuation charge related to the La Quinua leach pad inventory. However, potential additional sales from higher grades and inventory reductions in the second half of 2007 could result in costs applicable to sales for the year toward the lower end or below the expected range of $340 to $360 per ounce.

Yanacocha Capital Projects

Consolidated capital expenditures at Yanacocha were $58 million in the second quarter of 2007. Yanacocha’s consolidated capital expenditures for the year are expected to remain between $310 and $340 million. Progress on the gold mill continues as expected, with construction approximately 68% complete at the end of the second quarter, with commercial production by mid-2008. Capital costs on the project remain between $250 and $270 million. Once complete, the gold mill is expected to enhance recovery of complex ores, improve financial returns and extend the operating life at Yanacocha.

The Company continues to optimize the Conga project with a development decision expected in 2008, pending the completion of further design review and community initiatives.
 
 
NEWMONT - Q2 2007 RESULTS (August 2, 2007)
Page 3 of 22
 


AUSTRALIAN/NEW ZEALAND
 
Q2 2007
 
Q2 2006
 
YTD 2007
 
YTD 2006
 
Consolidated gold sales (000 ounces)
   
338
   
316
   
670
   
649
 
Equity gold sales (000 ounces)
   
338
   
316
   
670
   
649
 
Costs applicable to sales ($/ounce)
 
$
456
 
$
388
 
$
487
 
$
386
 
Capital expenditures ($ million)
 
$
129
 
$
39
 
$
227
 
$
62
 

Australia/New Zealand Operating Performance and Outlook

Australia/New Zealand sales increased in the second quarter of 2007 to 338,000 ounces from 316,000 ounces in the prior year quarter due to increased production at Tanami and Pajingo, partially offset by lower production at Kalgoorlie, Jundee and Waihi (Martha). Gold sales at Tanami increased 43% in the second quarter of 2007 from 2006, due to a 44% increase in mill ore grade. Gold sales at Pajingo increased 11% in the second quarter of 2007 from 2006 due to a 14% increase in ore tons mined, a 10% increase in tons milled and a 2% increase in mill ore grade as mining and ground conditions improved during the second quarter of 2007. Gold sales at Kalgoorlie decreased 13% in the second quarter of 2007 compared to the prior year quarter, primarily due to a 11% decrease in mill ore grade due to the planned mining sequence. Gold sales at Jundee decreased 9% in the second quarter of 2007 compared to 2006, primarily due to a 25% decrease in mill throughput, partially offset by a 28% increase in mill ore grade. Lower mill throughput was caused by the relocation of the Nimary ball mill to the Jundee mill. Gold sales at Waihi (Martha) decreased 10% in the second quarter of 2007 from 2006, due to the planned transition to underground operations and the ramp-up to steady state milling of underground material. Mill ore grade at Waihi (Martha) increased to 0.378 ounces per ton, up from 0.112 ounces per ton in the prior year quarter due to the transition from open pit to underground mining. Mill throughput decreased 73% and average recoveries decreased 6% as the mill began processing underground material. The Company continues to expect equity gold sales in Australia/New Zealand of between 1.275 and 1.325 million ounces for 2007.

Costs applicable to sales increased in the second quarter of 2007 to $456 per ounce from $388 per ounce in the year ago quarter, primarily as a function of adverse movements in the Australian dollar exchange rate, increased royalties due to the higher gold prices, as well as increased diesel, electricity and labor costs. The strengthening Australian dollar increased costs applicable to sales in Australia/New Zealand by approximately $43 per ounce from the prior year quarter. Costs applicable to sales increased 51% at Jundee, primarily attributable to higher labor, maintenance and electricity costs, as well as increased waste removal costs. Electricity prices more than doubled due to higher natural gas prices. At Waihi (Martha), costs applicable to sales were 215% higher, primarily due to the decreased gold production, lower mill throughput and lower average recoveries from the planned transition to underground operations. Costs applicable to sales increased 7% at Kalgoorlie, primarily due to lower gold production caused by lower ore grade compared with the prior year quarter. Costs applicable to sales at Pajingo were steady year over year, primarily due to increased production offsetting the impact of higher maintenance and overhead costs. At Tanami, cost applicable to sales decreased 3%, primarily due to increased production, partially offset by higher hauling charges due to longer hauling distances and increased royalties due to higher gold prices.

The Company has revised its costs applicable to sales outlook for Australia/New Zealand for the year to between $490 and $515 per ounce, reflecting the adverse impact of the Australian dollar exchange rate appreciating above 0.75, as well as higher than expected operating costs at Jundee. For every 0.01 move in the Australian exchange rate, costs applicable to sales in the second half of 2007 are expected to change by approximately $5-$6 per ounce above an assumed average exchange rate of 0.80.

Australia/New Zealand Capital Projects

Capital expenditures in Australia/New Zealand were $129 million in the second quarter of 2007. Including the impact of the strengthening Australian dollar, capital spending for the year is expected to be between $675 and $730 million. Capital expenditures in Australia for the second half of 2007 are expected to change by roughly $5 million for every 0.01 move in the Australian dollar exchange rate above an assumed average exchange rate of 0.80. Capital expenditures increased during the second quarter, primarily related to Boddington. Development of the Boddington project remains on schedule and was approximately 44% complete at the end of June 2007, with start-up expected in late 2008 or early 2009. Newmont’s share of Boddington’s expected capital costs remains between $0.9 and $1.1 billion.
 
 
NEWMONT - Q2 2007 RESULTS (August 2, 2007)
Page 4 of 22
 

 
BATU HIJAU
 
Q2 2007
 
Q2 2006
 
YTD 2007
 
YTD 2006
 
Consolidated gold sales (000 ounces)
   
90
   
134
   
174
   
207
 
Equity gold sales (000 ounces)
   
44
   
71
   
89
   
110
 
Costs applicable to sales ($/ounce)
 
$
224
 
$
196
 
$
276
 
$
200
 
Consolidated copper sales (million pounds)
   
97
   
117
   
188
   
198
 
Equity copper sales (million pounds)
   
48
   
62
   
96
   
105
 
Costs applicable to sales ($/pound)
 
$
1.40
 
$
0.71
 
$
1.40
 
$
0.75
 
Capital expenditures ($ million)
 
$
17
 
$
21
 
$
24
 
$
84
 
Average realized copper price (1) 
 
$
3.92
 
$
2.25
 
$
3.34
 
$
2.18
 
(1)  
Before treatment and refining charges but after hedge losses and provisional pricing mark-to-market adjustments.

Batu Hijau Operating Performance and Outlook

On May 25, 2007, a minority partner at Batu Hijau fully repaid their loan and accrued interest, and as a result, the Company’s economic interest was reduced to 45% from 52.875%. The Company incurred an after-tax charge of $25 million in minority interest expense in the second quarter of 2007 to reflect the lower economic interest. The reduction of Newmont’s economic interest to 45% would have effectively decreased the Company’s December 31, 2006 equity gold and copper proven and probable reserves by roughly 750,000 ounces and 700 million pounds, respectively.

Equity gold and copper sales at Batu Hijau decreased in the second quarter of 2007 to 44,000 ounces and 48 million pounds, respectively, from 71,000 ounces and 62 million pounds, respectively, in the prior year quarter. Equity sales decreased primarily due to timing of concentrate shipments at the end of the second quarter of 2007, as concentrate inventories were significantly higher compared to the prior year quarter. Copper production remained steady quarter over quarter, while gold production decreased 23% due to lower gold grade compared to the prior year quarter. Total tons mined decreased by 24% from the prior year quarter, primarily due to longer hauling distances. The waste-to-ore ratio increased to 5.9 in the second quarter of 2007, up from 0.95 in the prior year quarter, in preparation for the next phase of high-grade ore mining.
 
As a result of Newmont’s reduced 45% equity interest in Batu Hijau, the Company now expects equity gold and copper sales of between 210,000 and 230,000 ounces and between 190 and 210 million pounds, respectively, in 2007, compared with the previous equity guidance of between 230,000 and 250,000 ounces of gold and between 210 and 230 million pounds of copper. On a consolidated basis, the Company continues to expect gold and copper sales to meet or exceed original expectations for 2007. Fewer waste tons were mined in the second quarter as compared to the first quarter and will continue to be lower during the second half of the year as mining progresses through waste material.

Total costs applicable to sales increased 38% from the prior year quarter, primarily due to increased waste stripping and more ore processed from stockpiles during the second quarter of 2007 compared to the prior year quarter. Costs applicable to sales increased 14% per ounce of gold and nearly doubled per pound of copper in the second quarter of 2007 from 2006, as a higher proportion of total operating costs were allocated to costs applicable to sales of copper during the second quarter of 2007 compared to the prior year quarter.

The Company continues to expect costs applicable to sales to remain between $225 and $240 per ounce of gold and between $1.10 and $1.20 per pound of copper for the year as more ore tons are expected to be mined during the remainder of 2007. Additionally, a higher proportion of total operating costs could be allocated to costs applicable to sales of gold if gold prices and gold sales volumes continue to increase at a higher rate than copper prices and volumes.

The average realized copper price increased 74% to $3.92 per pound from $2.25 per pound in the prior year quarter, as copper sales were completely unhedged in the second quarter of 2007. Copper sales in the prior year quarter were fully hedged, which reduced the average realized copper price.
 
 
NEWMONT - Q2 2007 RESULTS (August 2, 2007)
Page 5 of 22
 

 
Batu Hijau Capital Projects

Consolidated capital expenditures at Batu Hijau were $17 million during the second quarter of 2007. Batu Hijau’s consolidated capital expenditures for the year are expected to be at the lower end or below the current range of $140 to $150 million, with spending focused primarily on sustaining mine development for the remainder of the year.
AHAFO
 
Q2 2007
 
Q2 2006
 
YTD 2007
 
YTD 2006
 
Consolidated gold sales (000 ounces)
   
123
   
-
   
248
   
-
 
Equity gold sales (000 ounces)
   
123
   
-
   
248
   
-
 
Costs applicable to sales ($/ounce)
 
$
384
 
$
-
 
$
362
 
$
-
 
Capital expenditures ($ million)
 
$
19
 
$
70
 
$
56
 
$
135
 

Ahafo Operating Performance and Outlook

Ahafo sold 123,000 ounces in the second quarter of 2007, as ore tons mined and mill throughput were both in line with expectations. During the second quarter, mill ore grades continued to be higher than expected. The Company continues to expect gold sales of between 410,000 and 450,000 ounces in 2007. Potential production opportunities may exist from continued higher ore grades; however, the risk of increased power rationing during the second half of the year could offset these benefits.

Ahafo’s costs applicable to sales were $384 per ounce for the second quarter of 2007, primarily due to lower than anticipated self-generated power requirements. Additionally, higher production helped to reduce unit costs applicable to sales. Continuing lower than anticipated power costs and higher than expected ore grades could reduce costs applicable to sales for the year to be at the lower end or below the expected range of $460 to $500 per ounce.

Construction of an 80 mega-watt power plant was substantially complete at the end of the second quarter of 2007, with completion testing progressing well.  Power production is expected to be available within a month.  As a result of the mining industry’s initiative to install the power plant, the Ghanaian government has agreed, if required, to ration power proportionately between participating mines and other industrial and commercial customers.

Ghana Capital Projects

Capital expenditures in Ghana were $19 million in the second quarter. Capital expenditures for the year are expected to be at the lower end or below the current range of $180 to $200 million. For the rest of 2007, capital projects in Ghana are targeted for surface mining equipment, cyanide recovery, permitting and resettlement.

OTHER OPERATIONS
 
Q2 2007
 
Q2 2006
 
YTD 2007
 
YTD 2006
 
Consolidated gold sales (000 ounces)
   
54
   
65
   
103
   
163
 
Equity gold sales (000 ounces)
   
52
   
60
   
98
   
154
 
Costs applicable to sales ($/ounce)
 
$
295
 
$
251
 
$
312
 
$
226
 
Capital expenditures ($ million)
 
$
5
 
$
5
 
$
8
 
$
7
 

Other Operations Performance and Outlook

Equity gold sales for the Kori Kollo mine in Bolivia, the La Herradura mine in Mexico, and the Golden Giant mine in Canada decreased to 52,000 ounces in the second quarter of 2007 from 60,000 ounces in the year ago quarter. Gold sales decreased due to the completion of mining at Golden Giant, with remnant sales of 9,000 ounces in the second quarter of 2007, down from 14,000 in the year ago quarter. Gold sales at Kori Kollo decreased 23% in the second quarter of 2007 from 2006. La Herradura gold sales increased 15% in the second quarter of 2007 from the prior year quarter, primarily as a result of a 20% increase in ore tons mined and placed on the leach pad. The Company expects equity gold sales of between 155,000 and 190,000 ounces in 2007 from its other operations.
 
 
NEWMONT - Q2 2007 RESULTS (August 2, 2007)
Page 6 of 22
 

 
Costs applicable to sales increased in the second quarter of 2007 to $295 per ounce from $251 per ounce in the prior year quarter. Costs applicable to sales increased 19% at Kori Kollo in the second quarter of 2007, primarily due to lower production and higher waste removal costs. Costs applicable to sales increased 16% at La Herradura also due to higher waste removal costs. The Company continues to expect costs applicable to sales of between $305 and $325 per ounce for the year from Kori Kollo, La Herradura and Golden Giant.
 
CASH FLOW, CAPITAL AND OTHER
 
The Company used net cash from continuing operations of $654 million in the second quarter of 2007, after a $469 million decrease in working capital, compared to net cash provided from continuing operations of $310 million in the prior year quarter. Cash flow used in operations during the second quarter of 2007 was primarily impacted by the pre-tax settlement of the price-capped forward sales contracts for $578 million, settlement of pre-acquisition Australia income taxes of Normandy for $276 million, fewer gold ounces and copper pounds sold and higher operating costs, partially offset by higher realized gold and copper prices. 

Capital expenditures for the second quarter of 2007 were $351 million, primarily for the construction of the power plant and sustaining development in Nevada ($119 million), construction of the gold mill and leach pad expansions at Yanacocha in Peru ($58 million), construction of the Boddington project and other sustaining development in Australia/New Zealand ($129 million), as well as sustaining development in Ghana ($19 million). The Company continues to expect consolidated capital expenditures of between $1.8 and $2.0 billion for 2007. The Company expensed $193 million of depreciation, depletion and amortization for the second quarter of 2007, and has revised its depreciation, depletion and amortization outlook for the year to approximately $750 to $800 million.

The 2007 tax rate (assuming $650 per ounce gold) was revised upward to between 42% and 47%. The tax rate range was revised due to certain second quarter, one-time transactions that had the impact of creating U.S. net operating losses, which caused the Company to realize fewer foreign tax credits for the year, resulting in a higher effective tax rate.

The Company incurred $36 million of general and administrative expenses during the second quarter of 2007, with anticipated expenses of between $155 and $165 million for the year. Including $25 million of net interest expense during the second quarter of 2007, the Company continues to expect net interest expense of approximately $95 to $105 million for the year. Including $13 million of advanced projects, research and development expenditures during the second quarter of 2007, the Company continues to expect spending to be between $85 and $100 million for the year.
 
EXPLORATION REVIEW
 
Exploration expenditures for the second quarter of 2007 were $45 million, compared with $46 million in the prior year quarter. Near mine expenditures in the second quarter were $24 million, compared with $28 million in the prior year quarter. Greenfield expenditures in the second quarter of 2007 were $15 million, compared with $13 million in the second quarter of 2006. For 2007, the Company continues to expect exploration expenditures between $170 and $175 million, with roughly 55% focused on near mine activity, approximately 20% focused on greenfields initiatives, and the remaining 25% split between follow-up opportunity funds and technical support.

Exploration spending in North America is primarily focused on near mine programs in Nevada on the Carlin Trend, Battle Mountain-Eureka Trend and the Northern Nevada Rift. Expenditures for the year are expected to be approximately $37 million, including $12 million of exploration spending that occurred during the second quarter.

Exploration spending in South America is primarily targeted on near mine programs at Yanacocha in Peru, as well as greenfield projects in the Guiana Shield in South America and the Andes in Peru. Including $14 million of exploration spending during the second quarter, exploration expenditures for 2007 are expected to be approximately $34 million in the region, or approximately 20% of the Company’s total exploration budget. Oxide target drilling continued at Maqui Maqui and La Quinua. In-fill drilling began at the Company’s Merian II and Maraba discoveries at our Nassau Joint Venture in Suriname.
 
 
NEWMONT - Q2 2007 RESULTS (August 2, 2007)
Page 7 of 22
 

 
Including second quarter expenditures of $6 million in Australia/New Zealand, exploration spending for 2007 is expected to be approximately $24 million, or approximately 14% of the Company’s total exploration budget. Development drilling at Boddington intensified with up to nine core drill rigs targeting non-reserve material and reserve expansion. Deep drilling for extensions of the Callie deposit in the Tanami will employ three surface core rigs. Development drilling from underground platforms at the Jundee mine is progressing according to schedule.

Including exploration spending during the second quarter in Indonesia and other Asia districts, exploration spending for the year is expected to total approximately 2% of the Company’s exploration budget. Exploration programs in the region are primarily focused on greenfield initiatives in China and Indonesia.

Exploration spending in Africa totaled approximately $4 million during the second quarter. Exploration expenditures for the year are anticipated to be approximately $18 million, or roughly 10% of the Company’s total exploration budget for the year. Regional exploration programs throughout 2007 will focus on near mine programs in the Sefwi Belt in Ghana, as well as other greenfield projects in the Greenstone Belts of West Africa. Drill programs at Ahafo are exploring possible reserve and non-reserve mineralization expansions at depth, as well as potential underground targets.
 
 
NEWMONT - Q2 2007 RESULTS (August 2, 2007)
Page 8 of 22
 

 
STATEMENTS OF CONSOLIDATED INCOME
 
               
   
Q2 2007
 
Q2 2006
 
YTD 2007
 
YTD 2006
 
   
(unaudited, in millions except per share)
 
Revenues
                     
Sales - gold, net 
 
$
962
 
$
1,091
 
$
2,005
 
$
2,086
 
Sales - copper, net 
   
340
   
202
   
553
   
339
 
 
   
1,302
   
1,293
   
2,558
   
2,425
 
Costs and expenses
                         
Costs applicable to sales (exclusive of loss on settlement of price-capped forward sales contracts and depreciation, depletion and amortization, shown separately below)
                         
`Gold 
   
628
   
544
   
1,304
   
1,038
 
Copper 
   
134
   
84
   
262
   
149
 
Loss on settlement of price-capped forward sales contracts 
   
531
   
--
   
531
   
--
 
Depreciation, depletion and amortization 
   
193
   
146
   
381
   
281
 
Exploration 
   
45
   
46
   
85
   
79
 
Advanced projects, research and development 
   
13
   
24
   
29
   
39
 
General and administrative 
   
36
   
37
   
73
   
74
 
Other expense, net
   
53
   
13
   
74
   
27
 
 
   
1,633
   
894
   
2,739
   
1,687
 
Other income (expense)
                         
Other income, net 
   
25
   
1
   
35
   
7
 
Interest expense, net 
   
(25
)
 
(23
)
 
(49
)
 
(43
)
 
       
(22
)
 
(14
)
 
(36
)
(Loss) income from continuing operations before income tax, minority interest and equity income of affiliates 
   
(331
)
 
377
   
(195
)
 
702
 
Income tax benefit (expense)
   
23
   
(121
)
 
(21
)
 
(153
)
Minority interest in income of consolidated subsidiaries
   
(98
)
 
(128
)
 
(154
)
 
(227
)
(Loss) income from continuing operations 
   
(406
)
 
128
   
(370
)
 
322
 
(Loss) income from discontinued operations
   
(1,656
)
 
33
   
(1,624
)
 
48
 
Net (loss) income 
 
$
(2,062
)
$
161
 
$
(1,994
)
$
370
 
                           
Income per common share
                         
Basic:
                         
(Loss) income from continuing operations 
 
$
(0.90
)
$
0.29
 
$
(0.82
)
$
0.71
 
(Loss) income from discontinued operations 
   
(3.67
)
 
0.07
   
(3.60
)
 
0.11
 
Net (loss) income 
 
$
(4.57
)
$
0.36
 
$
(4.42
)
$
0.82
 
Diluted:
                         
(Loss) income from continuing operations 
 
$
(0.90
)
$
0.29
 
$
(0.82
)
$
0.71
 
(Loss) income from discontinued operations 
   
(3.67
)
 
0.07
   
(3.60
)
 
0.11
 
Net (loss) income 
 
$
(4.57
)
$
0.36
 
$
(4.42
)
$
0.82
 
Basic weighted-average common shares outstanding 
   
451
   
449
   
451
   
449
 
Diluted weighted-average common shares outstanding 
   
454
   
452
   
453
   
451
 
Cash dividends declared per common share 
 
$
0.10
 
$
0.10
 
$
0.20
 
$
0.20
 
 
 
NEWMONT - Q2 2007 RESULTS (August 2, 2007)
Page 9 of 22
 

 
CONSOLIDATED BALANCE SHEETS
 
   
At June 30,
2007
 
At December 31,
2006
 
   
(unaudited, in millions)
 
ASSETS
           
Cash and cash equivalents 
 
$
668
 
$
1,166
 
Marketable securities and other short-term investments
   
1,028
   
109
 
Trade receivables 
   
228
   
142
 
Accounts receivable 
   
138
   
206
 
Inventories
   
406
   
382
 
Stockpiles and ore on leach pads
   
337
   
378
 
Deferred income tax assets 
   
138
   
156
 
Other current assets 
   
128
   
93
 
Current assets 
   
3,071
   
2,632
 
Property, plant and mine development, net 
   
7,024
   
6,594
 
Investments
   
472
   
1,319
 
Long-term stockpiles and ore on leach pads
   
795
   
812
 
Deferred income tax assets 
   
675
   
799
 
Other long-term assets 
   
177
   
178
 
Goodwill 
   
1,320
   
1,343
 
Assets of operations held for sale
   
327
   
1,924
 
Total assets 
 
$
13,861
 
$
15,601
 
LIABILITIES
           
Current portion of long-term debt
 
$
161
 
$
159
 
Accounts payable 
   
274
   
340
 
Employee-related benefits 
   
143
   
182
 
Derivative instruments
   
   
174
 
Income and mining taxes
   
91
   
357
 
Other current liabilities
   
605
   
515
 
Current liabilities 
   
1,274
   
1,727
 
Long-term debt
   
2,493
   
1,752
 
Reclamation and remediation liabilities
   
546
   
528
 
Deferred income tax liabilities 
   
383
   
626
 
Employee-related benefits 
   
286
   
309
 
Other long-term liabilities 
   
161
   
135
 
Liabilities of operations held for sale
   
108
   
89
 
Total liabilities 
   
5,251
   
5,166
 
               
Minority interest in subsidiaries 
   
1,308
   
1,098
 
STOCKHOLDERS’ EQUITY
           
Common stock 
   
683
   
677
 
Additional paid-in capital 
   
6,738
   
6,703
 
Accumulated other comprehensive income 
   
789
   
673
 
Retained (deficit) earnings 
   
(908
)
 
1,284
 
Total stockholders’ equity 
   
7,302
   
9,337
 
Total liabilities and stockholders’ equity 
 
$
13,861
 
$
15,601
 
 
 
NEWMONT - Q2 2007 RESULTS (August 2, 2007)
Page 10 of 22
 

 
STATEMENTS OF CONSOLIDATED CASH FLOW
 
   
Q2 2007
 
Q2 2006
 
YTD 2007
 
YTD 2006
 
   
(unaudited, in millions)
 
                       
Operating activities:
                     
Net (loss) income 
 
$
(2,062
)
$
161
 
$
(1,994
)
$
370
 
Adjustments to reconcile net (loss)income to net cash from continuing operations:
                         
Depreciation, depletion and amortization 
   
193
   
146
   
381
   
281
 
Revenue from prepaid forward sales obligation 
   
--
   
(48
)
 
--
   
(48
)
Loss (income) from discontinued operations 
   
1,674
   
(33
)
 
1,624
   
(48
)
Accretion of accumulated reclamation obligations 
   
9
   
7
   
19
   
14
 
Deferred income taxes 
   
(144
)
 
(5
)
 
(143
)
 
(77
)
Minority interest expense 
   
98
   
128
   
154
   
227
 
Gain on asset sales, net 
   
(2
)
 
(9
)
 
(4
)
 
(10
)
Hedge (gain) loss, net 
   
(4
)
 
83
   
(7
)
 
74
 
Other operating adjustments and write-downs 
   
53
   
53
   
79
   
90
 
Net cash (used in) provided from continuing operations before net change in operating assets and liabilities 
   
(185
)
 
483
   
109
   
873
 
Net change in operating assets and liabilities
   
(469
)
 
(173
)
 
(733
)
 
(351
)
Net cash (used in) provided from continuing operations 
   
(654
)
 
310
   
(624
)
 
522
 
Net cash provided from discontinued operations 
   
33
   
26
   
61
   
49
 
Net cash (used in) provided from operations 
   
(621
)
 
336
   
(563
)
 
571
 
Investing activities:
                         
Additions to property, plant and mine development 
   
(351
)
 
(334
)
 
(713
)
 
(700
)
Investments in marketable debt securities 
   
--
   
(386
)
 
(124
)
 
(1,057
)
Proceeds from sale of marketable debt securities 
   
10
   
561
   
134
   
1,530
 
Acquisitions 
   
--
   
--
   
--
   
(187
)
Cash received on repayment of Batu Hijau carried interest 
   
161
   
--
   
161
   
--
 
Other 
   
4
   
4
   
5
   
6
 
Net cash used in investing activities of continuing operations 
   
(176
)
 
(155
)
 
(537
)
 
(408
)
Net cash provided from (used in) investing activities of discontinued operations 
   
72
   
(21
)
 
43
   
(25
)
Net cash used in investing activities 
   
(104
)
 
(176
)
 
(494
)
 
(433
)
Financing activities:
                         
Proceeds from debt, net 
   
1,161
   
99
   
1,161
   
99
 
Repayment of debt 
   
(397
)
 
(43
)
 
(418
)
 
(63
)
Dividends paid to common stockholders 
   
(45
)
 
(45
)
 
(90
)
 
(90
)
Dividends paid to minority interests 
   
(114
)
 
(44
)
 
(115
)
 
(89
)
Proceeds from stock issuance 
   
5
   
19
   
14
   
57
 
Change in restricted cash and other 
   
(6
)
 
6
   
2
   
(2
)
Net cash provided from (used in) financing activities 
   
604
   
(8
)
 
554
   
(88
)
Effect of exchange rate changes on cash 
   
3
   
4
   
5
   
3
 
Net change in cash and cash equivalents 
   
(118
)
 
156
   
(498
)
 
53
 
Cash and cash equivalents at beginning of period 
   
786
   
979
   
1,166
   
1,082
 
Cash and cash equivalents at end of period 
 
$
668
 
$
1,135
 
$
668
 
$
1,135
 
 
 
NEWMONT - Q2 2007 RESULTS (August 2, 2007)
Page 11 of 22
 

 
OPERATING STATISTICS SUMMARY
 
   
Q2 2007
 
Q2 2006
 
YTD 2007
 
YTD 2006
 
Gold
                 
Consolidated ounces sold (000):
                 
Nevada (1)
   
531
   
543
   
1,091
   
1,078
 
Yanacocha
   
312
   
785
   
767
   
1,555
 
Batu Hijau
   
90
   
134
   
174
   
207
 
Australia/New Zealand
                         
Tanami
   
130
   
91
   
243
   
199
 
Kalgoorlie
   
71
   
82
   
166
   
176
 
Jundee
   
71
   
78
   
133
   
140
 
Pajingo
   
39
   
35
   
87
   
67
 
Waihi
   
27
   
30
   
41
   
67
 
 
   
338
   
316
   
670
   
649
 
 
                         
Ahafo
   
123
   
-
   
248
   
-
 
 
                         
Other
                         
Kori Kollo
   
22
   
31
   
46
   
75
 
La Herradura
   
23
   
20
   
45
   
40
 
Golden Giant
   
9
   
14
   
12
   
48
 
 
   
54
   
65
   
103
   
163
 
 
   
1,448
   
1,843
   
3,053
   
3,652
 
 
                         
Equity ounces sold (000):
                         
Nevada (1)
   
531
   
496
   
1,091
   
985
 
Yanacocha
   
160
   
403
   
394
   
798
 
Batu Hijau
   
44
   
71
   
89
   
110
 
Australia/New Zealand
                         
Tanami
   
130
   
91
   
243
   
199
 
Kalgoorlie
   
71
   
82
   
166
   
176
 
Jundee
   
71
   
78
   
133
   
140
 
Pajingo
   
39
   
35
   
87
   
67
 
Waihi
   
27
   
30
   
41
   
67
 
 
   
338
   
316
   
670
   
649
 
 
                         
Ahafo
   
123
   
-
   
248
   
-
 
 
                         
Other
                         
Kori Kollo
   
20
   
26
   
41
   
66
 
La Herradura
   
23
   
20
   
45
   
40
 
Golden Giant
   
9
   
14
   
12
   
48
 
 
   
52
   
60
   
98
   
154
 
 
   
1,248
   
1,346
   
2,590
   
2,696
 
 
                         
Discontinued Operations
                         
Zarafshan
   
-
   
27
   
-
   
56
 
Holloway
   
-
   
11
   
-
   
24
 
 
   
1,248
   
1,384
   
2,590
   
2,776
 
 
                         
Copper
                         
Batu Hijau (pounds sold in millions):
                         
Consolidated
   
97
   
117
   
188
   
198
 
Equity
   
48
   
62
   
96
   
105
 
 
(1)  
Includes sales from Phoenix and Leeville start-up activities which are not included in Revenue, Costs applicable to sales and Depreciation, depletion and amortization per ounces calculations prior to commencing operations on October 1, 2006 and October 14, 2006, respectively. Revenues and costs during start-up activities are included in Other income, net.
 
 
NEWMONT - Q2 2007 RESULTS (August 2, 2007)
Page 12 of 22
 

 
OPERATING STATISTICS - NEVADA
 
   
Q2 2007
 
Q2 2006
 
YTD 2007
 
YTD 2006
 
Tons mined (000 dry short tons):
                 
Open pit
                 
Ore
   
10,655
   
7,759
   
21,229
   
16,510
 
Waste
   
52,155
   
37,266
   
100,349
   
76,569
 
Total
   
62,810
   
45,025
   
121,578
   
93,079
 
Undergound
   
508
   
284
   
992
   
652
 
Tons milled/processed (000 dry short tons):
                         
Mill
   
5,870
   
3,821
   
12,083
   
7,417
 
Leach
   
2,509
   
5,353
   
5,864
   
11,956
 
Average ore grade (oz/ton):
                         
Mill
   
0.100
   
0.128
   
0.099
   
0.134
 
Leach
   
0.037
   
0.025
   
0.035
   
0.024
 
Average mill recovery rate
   
83.0
%
 
83.9
%
 
82.2
%
 
82.9
%
Gold ounces produced (thousands):
                         
Mill
   
450
   
434
   
936
   
882
 
Leach
   
80
   
82
   
156
   
159
 
Incremental start-up
   
-
   
23
   
-
   
37
 
Consolidated
   
530
   
539
   
1,092
   
1,078
 
Equity
   
530
   
491
   
1,092
   
983
 
Gold ounces sold (thousands):
                         
Consolidated (1)
   
531
   
543
   
1,091
   
1,078
 
Equity (1)
   
531
   
496
   
1,091
   
985
 
 
                         
Gold production costs (millions):
                         
Costs applicable to sales
 
$
258
 
$
234
 
$
534
 
$
440
 
Depreciation, depletion and amortization
 
$
66
 
$
35
 
$
121
 
$
71
 
Gold production costs (per ounce sold):
                         
Direct mining and production costs
 
$
495
 
$
450
 
$
503
 
$
419
 
By-product credits
   
(29
)
 
(12
)
 
(29
)
 
(11
)
Royalties and production taxes
   
17
   
9
   
13
   
12
 
Reclamation/accretion expense
   
2
   
3
   
2
   
3
 
Costs applicable to sales
 
$
485
 
$
450
 
$
489
 
$
423
 
Depreciation, depletion, and amortization
 
$
124
 
$
68
 
$
111
 
$
68
 
 
(1)  
Includes sales from Phoenix and Leeville start-up activities which are not included in Revenue, Costs applicable to sales and Depreciation, depletion and amortization per ounce calculations prior to commencing operations on October 1, 2006 and October 14, 2006, respectively. Revenues and costs during start-up activities are included in Other income, net.
 
 
NEWMONT - Q2 2007 RESULTS (August 2, 2007)
Page 13 of 22
 

 
OPERATING STATISTICS - NEVADA BY LOCATION
 
   
Q2 2007
 
Q2 2006
 
YTD 2007
 
YTD 2006
 
                   
Mine production:
                 
Open pit ore mined (000 dry short tons):
                 
Carlin
   
4,822
   
4,950
   
10,045
   
10,270
 
Phoenix 
   
3,198
   
-
   
6,121
   
-
 
Twin Creeks 
   
2,635
   
1,986
   
5,063
   
4,458
 
Lone Tree 
   
-
   
823
   
-
   
1,782
 
     
10,655
   
7,759
   
21,229
   
16,510
 
Average ore grade (oz/ton) 
   
0.062
   
0.045
   
0.059
   
0.044
 
                           
Open pit waste mined (000 dry short tons):
                         
Carlin 
   
28,263
   
18,277
   
52,347
   
36,638
 
Phoenix 
   
11,370
   
-
   
23,576
   
-
 
Twin Creeks 
   
12,522
   
15,210
   
24,426
   
32,212
 
Lone Tree 
   
-
   
3,779
   
-
   
7,719
 
     
52,155
   
37,266
   
100,349
   
76,569
 
                           
Underground ore mined (000 dry short tons):
                         
Carlin - Carlin East 
   
74
   
17
   
142
   
81
 
Carlin - Deep Post 
   
70
   
92
   
155
   
207
 
Carlin - Chukar 
   
114
   
63
   
193
   
136
 
Carlin - Leeville 
   
133
   
-
   
255
   
-
 
Midas 
   
82
   
75
   
179
   
151
 
Turquoise Ridge 
   
35
   
37
   
68
   
77
 
Total tons mined
   
508
   
284
   
992
   
652
 
Average Grade (ounce per ton)
   
0.387
   
0.468
   
0.398
   
0.475
 
                           
Mill throughput (000 dry short tons):
                         
Carlin - Mill 5 
   
1,358
   
1,205
   
2,587
   
2,284
 
Carlin - Mill 6 
   
600
   
526
   
1,415
   
1,194
 
Twin Creeks - Juniper 
   
245
   
234
   
485
   
470
 
Twin Creeks - Sage 
   
810
   
838
   
1,575
   
1,628
 
Lone Tree 
   
284
   
711
   
886
   
1,400
 
Phoenix 
   
2,425
   
-
   
4,855
   
-
 
Midas 
   
80
   
75
   
179
   
152
 
Other 
   
68
   
232
   
101
   
289
 
     
5,870
   
3,821
   
12,083
   
7,417
 
Average ore grade (oz/ton) 
   
0.100
   
0.128
   
0.099
   
0.134
 
Average mill recovery rate 
   
83.0
%
 
83.9
%
 
82.2
%
 
82.9
%
 
 
NEWMONT - Q2 2007 RESULTS (August 2, 2007)
Page 14 of 22
 

 
OPERATING STATISTICS - YANACOCHA
 
   
Q2 2007
 
Q2 2006
 
YTD 2007
 
YTD 2006
 
Tons mined (000 dry short tons):
                 
Ore
   
20,650
   
29,817
   
37,198
   
60,899
 
Waste
   
32,123
   
25,542
   
61,783
   
44,835
 
Total
   
52,773
   
55,359
   
98,981
   
105,734
 
Tons processed (000 dry short tons)
   
20,650
   
29,817
   
37,198
   
60,907
 
Average ore grade (oz/ton)
   
0.017
   
0.032
   
0.015
   
0.034
 
Gold ounces produced (thousands):
                         
Consolidated
   
303
   
751
   
721
   
1,551
 
Equity
   
155
   
385
   
370
   
796
 
Gold ounces sold (thousands):
                         
Consolidated
   
312
   
785
   
767
   
1,555
 
Equity
   
160
   
403
   
394
   
798
 
 
                         
Gold production costs (millions):
                         
Costs applicable to sales
 
$
133
 
$
145
 
$
274
 
$
269
 
Depreciation, depletion and amortization
 
$
40
 
$
49
 
$
82
 
$
92
 
Gold production costs (per ounce sold):
                         
Direct mining and production costs
 
$
430
 
$
194
 
$
364
 
$
180
 
By-product credits
   
(23
)
 
(16
)
 
(25
)
 
(14
)
Royalties and production taxes
   
12
   
4
   
12
   
4
 
Reclamation/accretion expense
   
7
   
3
   
6
   
3
 
Costs applicable to sales
 
$
426
 
$
185
 
$
357
 
$
173
 
Depreciation, depletion, and amortization
 
$
128
 
$
61
 
$
107
 
$
59
 
 
 
NEWMONT - Q2 2007 RESULTS (August 2, 2007)
Page 15 of 22
 

 
OPERATING STATISTICS - BATU HIJAU
 
   
Q2 2007
 
Q2 2006
 
YTD 2007
 
YTD 2006
 
Tons mined (000 dry short tons):
                 
Ore
   
8,108
   
37,361
   
9,640
   
68,552
 
Waste
   
47,609
   
35,489
   
109,792
   
64,487
 
Total
   
55,717
   
72,850
   
119,432
   
133,039
 
Tons milled (000 dry short tons)
   
11,641
   
12,080
   
23,621
   
22,909
 
Average ore grade:
                         
Gold (oz/ton)
   
0.010
   
0.013
   
0.010
   
0.011
 
Copper
   
0.56
%
 
0.52
%
 
0.53
%
 
0.51
%
Average mill recovery rate:
                         
Gold
   
80.7
%
 
81.7
%
 
80.3
%
 
79.4
%
Copper
   
83.4
%
 
86.2
%
 
82.0
%
 
85.8
%
Gold ounces produced (thousands):
                         
Consolidated
   
98
   
126
   
186
   
209
 
Equity
   
49
   
67
   
95
   
111
 
Gold ounces sold (thousands):
                         
Consolidated
   
90
   
134
   
174
   
207
 
Equity
   
44
   
71
   
89
   
110
 
Copper pounds produced (millions):
                         
Consolidated
   
109
   
109
   
205
   
203
 
Equity
   
54
   
58
   
105
   
108
 
Copper pounds sold (millions):
                         
Consolidated
   
97
   
117
   
188
   
198
 
Equity
   
48
   
62
   
96
   
105
 
 
                         
Gold production costs (millions):
                         
Costs applicable to sales
 
$
20
 
$
27
 
$
48
 
$
42
 
Depreciation, depletion and amortization
 
$
5
 
$
6
 
$
11
 
$
10
 
Gold production costs (per ounce sold):
                         
Direct mining and production costs
 
$
214
 
$
189
 
$
266
 
$
194
 
By-product credits
   
(6
)
 
(8
)
 
(7
)
 
(8
)
Royalties and production taxes
   
14
   
13
   
14
   
12
 
Reclamation/accretion expense
   
2
   
2
   
3
   
2
 
Costs applicable to sales
 
$
224
 
$
196
 
$
276
 
$
200
 
Depreciation, depletion, and amortization
 
$
52
 
$
46
 
$
63
 
$
48
 
 
                         
Copper production costs (millions):
                         
Costs applicable to sales
 
$
134
 
$
84
 
$
262
 
$
149
 
Depreciation, depletion and amortization
 
$
26
 
$
18
 
$
54
 
$
34
 
Copper production costs (per pound sold):
                         
Direct mining and production costs
 
$
1.41
 
$
0.71
 
$
1.41
 
$
0.75
 
By-product credits
   
(0.04
)
 
(0.03
)
 
(0.04
)
 
(0.03
)
Royalties and production taxes
   
0.02
   
0.02
   
0.02
   
0.02
 
Reclamation/accretion expense
   
0.01
   
0.01
   
0.01
   
0.01
 
Costs applicable to sales
 
$
1.40
 
$
0.71
 
$
1.40
 
$
0.75
 
Depreciation, depletion, and amortization
 
$
0.28
 
$
0.16
 
$
0.29
 
$
0.17
 
 
NEWMONT - Q2 2007 RESULTS (August 2, 2007)
Page 16 of 22
 

 
OPERATING STATISTICS - AHAFO
 
   
Q2 2007
 
Q2 2006
 
YTD 2007
 
YTD 2006
 
Tons mined (000 dry short tons):
                 
Ore
   
2,205
   
-
   
4,750
   
-
 
Waste
   
11,390
   
-
   
19,628
   
-
 
Total
   
13,595
   
-
   
24,378
   
-
 
Tons milled (000 dry short tons):
   
2,076
   
-
   
4,258
   
-
 
Average ore grade (oz/ton)
   
0.063
   
-
   
0.062
   
-
 
Average mill recovery rate
   
92.7
%
 
-
   
92.8
%
 
-
 
Gold ounces produced (thousands):
                         
Consolidated
   
122
   
-
   
250
   
-
 
Equity
   
122
   
-
   
250
   
-
 
Gold ounces sold (thousands):
                         
Consolidated
   
123
   
-
   
248
   
-
 
Equity
   
123
   
-
   
248
   
-
 
 
                         
Gold production costs (millions):
                         
Costs applicable to sales
 
$
47
 
$
-
 
$
90
 
$
-
 
Depreciation, depletion and amortization
 
$
13
 
$
-
 
$
23
 
$
-
 
Gold production costs (per ounce sold):
                         
Direct mining and production costs
 
$
364
 
$
-
 
$
342
 
$
-
 
By-product credits
   
(1
)
 
-
   
(1
)
 
-
 
Royalties and production taxes
   
20
   
-
   
20
   
-
 
Reclamation/accretion expense
   
1
   
-
   
1
   
-
 
Costs applicable to sales
 
$
384
 
$
-
 
$
362
 
$
-
 
Depreciation, depletion, and amortization
 
$
108
 
$
-
 
$
93
 
$
-
 
 
 
NEWMONT - Q2 2007 RESULTS (August 2, 2007)
Page 17 of 22
 

 
OPERATING STATISTICS - PAJINGO AND JUNDEE
 
   
Q2 2007
 
Q2 2006
 
YTD 2007
 
YTD 2006
 
PAJINGO
                 
Tons mined (000 dry short tons)
   
157
   
138
   
304
   
252
 
Tons milled (000 dry short tons)
   
154
   
140
   
291
   
255
 
Average ore grade (oz/ton)
   
0.258
   
0.252
   
0.285
   
0.261
 
Average mill recovery rate
   
96.7
%
 
96.8
%
 
96.6
%
 
96.9
%
Gold ounces produced (thousands):
                         
Consolidated
   
39
   
34
   
84
   
66
 
Equity
   
39
   
34
   
84
   
66
 
Gold ounces sold (thousands):
                         
Consolidated
   
39
   
35
   
87
   
67
 
Equity
   
39
   
35
   
87
   
67
 
 
                         
Gold production costs (millions):
                         
Costs applicable to sales
 
$
17
 
$
16
 
$
36
 
$
30
 
Depreciation, depletion and amortization
 
$
7
 
$
6
 
$
16
 
$
11
 
Gold production costs (per ounce sold):
                         
Direct mining and production costs
 
$
432
 
$
435
 
$
404
 
$
434
 
By-product credits
   
(11
)
 
(16
)
 
(12
)
 
(14
)
Royalties and production taxes
   
19
   
17
   
19
   
16
 
Reclamation/accretion expense
   
3
   
3
   
3
   
3
 
Costs applicable to sales
 
$
443
 
$
439
 
$
414
 
$
439
 
Depreciation, depletion, and amortization
 
$
180
 
$
167
 
$
179
 
$
158
 
                           
JUNDEE
                         
Tons mined (000 dry short tons):
                         
Open pit
                         
Ore
   
306
   
383
   
491
   
541
 
Waste
   
1,929
   
1,202
   
3,028
   
2,104
 
Total
   
2,235
   
1,585
   
3,519
   
2,645
 
Underground
   
259
   
316
   
525
   
589
 
Tons milled (000 dry short tons)
   
477
   
636
   
925
   
1,193
 
Average ore grade (oz/ton)
   
0.166
   
0.130
   
0.149
   
0.126
 
Average mill recovery rate
   
91.8
%
 
91.8
%
 
90.3
%
 
91.8
%
Gold ounces produced (thousands):
                         
Consolidated
   
72
   
77
   
126
   
140
 
Equity
   
72
   
77
   
126
   
140
 
Gold ounces sold (thousands):
                         
Consolidated
   
71
   
78
   
133
   
140
 
Equity
   
71
   
78
   
133
   
140
 
 
                         
Gold production costs (millions):
                         
Costs applicable to sales
 
$
37
 
$
27
 
$
73
 
$
53
 
Depreciation, depletion and amortization
 
$
6
 
$
6
 
$
12
 
$
11
 
Gold production costs (per ounce sold):
                         
Direct mining and production costs
 
$
498
 
$
326
 
$
530
 
$
359
 
By-product credits
   
(2
)
 
(2
)
 
(2
)
 
(1
)
Royalties and production taxes
   
18
   
15
   
16
   
16
 
Reclamation/accretion expense
   
7
   
5
   
7
   
6
 
Costs applicable to sales
 
$
521
 
$
344
 
$
551
 
$
380
 
Depreciation, depletion, and amortization
 
$
84
 
$
78
 
$
89
 
$
78
 
 
 
NEWMONT - Q2 2007 RESULTS (August 2, 2007)
Page 18 of 22
 

 
OPERATING STATISTICS - TANAMI AND KALGOORLIE
 
   
Q2 2007
 
Q2 2006
 
YTD 2007
 
YTD 2006
 
TANAMI
                 
Tons mined (000 dry short tons)
   
505
   
523
   
1,008
   
1,046
 
Tons milled (000 dry short tons)
   
798
   
811
   
1,511
   
1,603
 
Average ore grade (oz/ton)
   
0.169
   
0.117
   
0.159
   
0.130
 
Average mill recovery rate
   
95.4
%
 
94.6
%
 
95.5
%
 
95.1
%
Gold ounces produced (thousands):
                         
Consolidated
   
128
   
90
   
230
   
198
 
Equity
   
128
   
90
   
230
   
198
 
Gold ounces sold (thousands):
                         
Consolidated
   
130
   
91
   
243
   
199
 
Equity
   
130
   
91
   
243
   
199
 
 
                         
Gold production costs (millions):
                         
Costs applicable to sales
 
$
51
 
$
36
 
$
101
 
$
74
 
Depreciation, depletion and amortization
 
$
10
 
$
6
 
$
19
 
$
13
 
Gold production costs (per ounce sold):
                         
Direct mining and production costs
 
$
315
 
$
353
 
$
345
 
$
324
 
By-product credits
   
(1
)
 
(1
)
 
(1
)
 
(1
)
Royalties and production taxes
   
75
   
48
   
68
   
46
 
Reclamation/accretion expense
   
2
   
3
   
2
   
3
 
Costs applicable to sales
 
$
391
 
$
403
 
$
414
 
$
372
 
Depreciation, depletion, and amortization
 
$
75
 
$
76
 
$
78
 
$
69
 
                           
KALGOORLIE
                         
Tons mined (000 dry short tons):
                         
Open pit
                         
Ore
   
2,095
   
1,777
   
3,299
   
3,594
 
Waste
   
8,620
   
10,031
   
17,068
   
19,476
 
Total
   
10,715
   
11,808
   
20,367
   
23,070
 
Underground
   
47
   
51
   
100
   
104
 
Tons milled (000 dry short tons)
   
1,645
   
1,477
   
3,245
   
3,175
 
Average ore grade (oz/ton)
   
0.058
   
0.065
   
0.056
   
0.064
 
Average mill recovery rate
   
85.9
%
 
85.8
%
 
85.1
%
 
84.1
%
Gold ounces produced (thousands):
                         
Consolidated
   
72
   
84
   
157
   
176
 
Equity
   
72
   
84
   
157
   
176
 
Gold ounces sold (thousands):
                         
Consolidated
   
71
   
82
   
166
   
176
 
Equity
   
71
   
82
   
166
   
176
 
                           
Gold production costs (millions):
                         
Costs applicable to sales
 
$
37
 
$
39
 
$
95
 
$
83
 
Depreciation, depletion and amortization
 
$
5
 
$
7
 
$
13
 
$
13
 
Gold production costs (per ounce sold):
                         
Direct mining and production costs
 
$
488
 
$
464
 
$
549
 
$
455
 
By-product credits
   
(3
)
 
(3
)
 
(3
)
 
(3
)
Royalties and production taxes
   
19
   
16
   
16
   
15
 
Reclamation/accretion expense
   
13
   
6
   
11
   
6
 
Costs applicable to sales
 
$
517
 
$
483
 
$
573
 
$
473
 
Depreciation, depletion, and amortization
 
$
68
 
$
76
 
$
80
 
$
73
 
 
 
NEWMONT - Q2 2007 RESULTS (August 2, 2007)
Page 19 of 22
 

 
OPERATING STATISTICS - WAIHI (MARTHA) AND GOLDEN GIANT
 
   
Q2 2007
 
Q2 2006
 
YTD 2007
 
YTD 2006
 
WAIHI (MARTHA)
                 
Tons mined (000 dry short tons):
                 
Open pit
                 
Ore
   
28
   
143
   
28
   
717
 
Waste
   
1,113
   
-
   
2,368
   
75
 
Total
   
1,141
   
143
   
2,396
   
792
 
Underground
   
55
   
28
   
111
   
47
 
Tons milled (000 dry short tons)
   
84
   
313
   
101
   
615
 
Average ore grade (oz/ton)
   
0.378
   
0.112
   
0.365
   
0.116
 
Average mill recovery rate
   
88.1
%
 
93.8
%
 
88.4
%
 
94.1
%
Gold ounces produced (thousands):
                         
Consolidated
   
29
   
31
   
33
   
69
 
Equity
   
29
   
31
   
33
   
69
 
Gold ounces sold (thousands):
                         
Consolidated
   
27
   
30
   
41
   
67
 
Equity
   
27
   
30
   
41
   
67
 
 
                         
Gold production costs (millions):
                         
Costs applicable to sales
 
$
13
 
$
5
 
$
22
 
$
11
 
Depreciation, depletion and amortization
 
$
6
 
$
3
 
$
9
 
$
6
 
Gold production costs (per ounce sold):
                         
Direct mining and production costs
 
$
472
 
$
237
 
$
541
 
$
241
 
By-product credits
   
(27
)
 
(98
)
 
(28
)
 
(85
)
Royalties and production taxes
   
7
   
-
   
7
   
-
 
Reclamation/accretion expense
   
8
   
7
   
10
   
6
 
Costs applicable to sales
 
$
460
 
$
146
 
$
530
 
$
162
 
Depreciation, depletion, and amortization
 
$
221
 
$
91
 
$
228
 
$
88
 
 
                         
GOLDEN GIANT
                         
Tons mined (000 dry short tons)
   
-
   
-
   
-
   
13
 
Tons milled (000 dry short tons)
   
-
   
-
   
-
   
17
 
Average ore grade (oz/ton)
   
-
   
-
   
-
   
0.627
 
Average mill recovery rate
   
-
   
0.0
%
 
-
   
96.9
%
Gold ounces produced (thousands):
                         
Consolidated
   
9
   
14
   
12
   
48
 
Equity
   
9
   
14
   
12
   
48
 
Gold ounces sold (thousands):
                         
Consolidated
   
9
   
14
   
12
   
48
 
Equity
   
9
   
14
   
12
   
48
 
 
                         
Gold production costs (millions):
                         
Costs applicable to sales
 
$
1
 
$
2
 
$
2
 
$
10
 
Depreciation, depletion and amortization
 
$
-
 
$
-
 
$
-
 
$
1
 
Gold production costs (per ounce sold):
                         
Direct mining and production costs
 
$
185
 
$
142
 
$
188
 
$
195
 
By-product credits
   
(2
)
 
(1
)
 
(3
)
 
(1
)
Royalties and production taxes
   
(12
)
 
-
   
(9
)
 
-
 
Reclamation/accretion expense
   
16
   
16
   
29
   
9
 
Costs applicable to sales
 
$
187
 
$
157
 
$
205
 
$
203
 
Depreciation, depletion, and amortization
 
$
-
 
$
-
 
$
-
 
$
12
 
 
NEWMONT - Q2 2007 RESULTS (August 2, 2007)
Page 20 of 22
 

 
OPERATING STATISTICS - KORI KOLLO AND LA HERRADURA

   
Q2 2007
 
Q2 2006
 
YTD 2007
 
YTD 2006
 
KORI KOLLO
                 
Tons mined (000 dry short tons):
                 
Ore
   
2,239
   
2,059
   
4,177
   
5,419
 
Waste
   
3,672
   
3,560
   
7,222
   
5,906
 
Total
   
5,911
   
5,619
   
11,399
   
11,325
 
Tons processed (000 dry short tons)
   
2,239
   
2,059
   
4,177
   
5,419
 
Average ore grade (oz/ton)
   
0.019
   
0.020
   
0.020
   
0.022
 
Gold ounces produced (thousands):
                         
Consolidated
   
22
   
34
   
47
   
78
 
Equity
   
19
   
30
   
41
   
69
 
Gold ounces sold (thousands):
                         
Consolidated
   
22
   
31
   
46
   
75
 
Equity
   
20
   
26
   
41
   
66
 
 
                         
Gold production costs (millions):
                         
Costs applicable to sales
 
$
9
 
$
10
 
$
17
 
$
17
 
Depreciation, depletion and amortization
 
$
2
 
$
2
 
$
5
 
$
4
 
Gold production costs (per ounce sold):
                         
Direct mining and production costs
 
$
377
 
$
185
 
$
365
 
$
159
 
By-product credits
   
(23
)
 
(14
)
 
(22
)
 
(11
)
Royalties and production taxes
   
-
   
128
   
-
   
71
 
Reclamation/accretion expense
   
15
   
10
   
15
   
8
 
Costs applicable to sales
 
$
369
 
$
309
 
$
358
 
$
227
 
Depreciation, depletion, and amortization
 
$
113
 
$
67
 
$
110
 
$
56
 
 
                         
LA HERRADURA
                         
Tons mined (000 dry short tons):
                         
Ore
   
1,292
   
1,079
   
2,609
   
2,016
 
Waste
   
4,376
   
3,418
   
8,521
   
6,211
 
Total
   
5,668
   
4,497
   
11,130
   
8,227
 
Tons processed (000 dry short tons)
   
1,292
   
1,079
   
2,609
   
2,016
 
Average ore grade (oz/ton)
   
0.022
   
0.023
   
0.022
   
0.023
 
Gold ounces produced (thousands):
                         
Consolidated
   
23
   
20
   
45
   
40
 
Equity
   
23
   
20
   
45
   
40
 
Gold ounces sold (thousands):
                         
Consolidated
   
23
   
20
   
45
   
40
 
Equity
   
23
   
20
   
45
   
40
 
 
                         
Gold production costs (millions):
                         
Costs applicable to sales
 
$
6
 
$
4
 
$
13
 
$
10
 
Depreciation, depletion and amortization
 
$
1
 
$
2
 
$
3
 
$
4
 
Gold production costs (per ounce sold):
                         
Direct mining and production costs
 
$
279
 
$
229
 
$
314
 
$
252
 
By-product credits
   
(15
)
 
(2
)
 
(21
)
 
(3
)
Royalties and production taxes
   
-
   
-
   
-
   
-
 
Reclamation/accretion expense
   
1
   
2
   
1
   
2
 
Costs applicable to sales
 
$
265
 
$
229
 
$
294
 
$
251
 
Depreciation, depletion, and amortization
 
$
43
 
$
98
 
$
76
 
$
98
 
 
 
NEWMONT - Q2 2007 RESULTS (August 2, 2007)
Page 21 of 22
 

 
The Company’s second quarter earnings conference call and web cast presentation will be held on August 2, 2007 beginning at 4:00 p.m. Eastern Time (2:00 p.m. Mountain Time). To participate:
 
Dial-In Number:   210.839.8500
Leader:   Randy Engel
Password:   Newmont
 
The conference call will also be simultaneously carried on our web site at www.newmont.com under Investor Information/Presentations and will be archived there for a limited time.
 
Investor Contacts    
  Randy Engel   303.837.6033 randy.engel@newmont.com
John Seaberg   303.837.5743 john.seaberg@newmont.com
           
  Media Contacts        
  Omar Jabara   303.837.5114   omar.jabara@newmont.com
 
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 that are intended to be covered by the safe harbor created by such sections.  Such forward-looking statements include, without limitation, (i) estimates of future gold and copper production and sales; (ii) estimates of future costs applicable to sales; (iii) estimates of future capital expenditures, royalty and dividend income, tax rates and expenses; (iv) estimates regarding timing of future development, construction, production or closure activities; and (v) statements regarding future exploration results and the replacement of reserves. 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 2006 Annual Report on Form 10-K, filed February 26, 2007, which is on file 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.
 
 
NEWMONT - Q2 2007 RESULTS (August 2, 2007)
Page 22 of 22
 

GRAPHIC 3 v082740_header.jpg GRAPHIC begin 644 v082740_header.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_X0`617AI9@``24DJ``@```````````#_ MVP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+#!D2$P\4'1H?'AT:'!P@)"XG("(L M(QP<*#7J#A(6&AXB)BI*3E)66EYB9 MFJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?H MZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!`0$!`0````````$"`P0%!@<("0H+ M_\0`M1$``@$"!`0#!`<%!`0``0)W``$"`Q$$!2$Q!A)!40=A<1,B,H$(%$*1 MH;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF)R@I*C4V-S@Y.D-$149'2$E*4U15 M5E=865IC9&5F9VAI:G-T=79W>'EZ@H.$A8:'B(F*DI.4E9:7F)F:HJ.DI::G MJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:XN/DY>;GZ.GJ\O/T]?;W M^/GZ_]H`#`,!``(1`Q$`/P#T:]O+M+^Y5;J=5$K@`2D`#)J#[=>?\_ES_P!_ MF_QI;[_D(W?_`%VD_P#0C5?O78DK&18^W7G_`#^7'_?YO\:=]NO/^?NX_P"_ MK?XU6I0:=D!8^W7G_/W?\_<_P#W];_&JXI:+("<7MW_`,_= MQ_W];_&G?;KO_G[N/^_IJN.]+19`3_;KO_G[N/\`OZ:7[==_\_=Q_P!_35>@ M=Z+("P+V[S_Q]W'_`']-.^V7?_/W/_W]-5AUIWI19`3B\N_^?J?_`+^FE^VW M7_/U/_W]-5^]*.M%D%RQ]LNO^?J?_OZ:/MEU_P`_5Q_W]-0T460DR87EU_S] M3_\`?TTOVNZ_Y^I_^_AJ`=:6BR&6/M=U_P`_,W_?PTGVRY_Y^9O^_AJ#/-.H MY4!-]LN?^?F;_OX:/MES_P`_,W_?PU!2BCE1-R;[7<_\_,W_`'\-.%U7/_`#\S?]_#4-%%D%R7[9<_\_,W_?PT MAN[K/_'U/_W\-1TT]:+(JY-]KNO^?J?_`+^&D-Y=?\_4_P#W]-14E%D!-]LN MO^?JX_[^FD^V7?\`S]7'_?TU%2&BR`E^V7?_`#]3_P#?TTGVR[_Y^I_^_IJ+ MO2460$_VR[_Y^Y_^_IIIO;O/_'WFGK19`3_;KO\`Y^[C_OZ:3[== M_P#/W?\`/Y<_ M]_F_QJ`T=J+(";[=>?\`/Y<_]_F_QH^W7G_/Y<_]_F_QJ"BBR`G-]>8_X_+G M_O\`-_C3?M][_P`_ES_W^;_&HC]VFT60$_V^]_Y_+G_O\W^-(;^]Q_Q^7/\` MW^;_`!JN>M!Z4HY_P"0A=_]_P!_ M\:K4UOZ4**"XZYU35'`ABU&[$LI"*1._!/&>M7[F_NK.W5#J%RQ51EFN&R?? MK6+'-##>-=7$@2*W3J?[Q_\`K5RM]?ZCXNOI+'38_+L]W[RX'3\Z^:S"K*I7 M:B[*)ZV%IJ-.[6IGZMXG\1ZQXA>#2=7U6%$&S$5](%./XCAL5U>E?VS:0#S] M=U:XE(RQEOI6`/H,M4^D>'[30[011_/)_'(W5C_A5J615%>9B,;*2Y(/3\SL MIT([M:@=0U,+_P`A.]'_`&]/_C52?5M44_+JE]^%U(/ZU%+.3TJNP!Y)_.N6 M-6HG\3^\W5*'8D_M_6E/RZQ?CZW+G^9IZ>)]>4\ZE0#$5Y+M_NOAU'YTRR\27O]LIIUY!"4DY$L65X]Q7HT,PP]9V6C M.2I@JE-7.S_M74O^@C>?^!#_`.-=7X(N[FZFOA<7,TP58]OF2,V/O=,FN)[D M>AKK_`'^OU'_`'8_YM7;42Y6KCL2+0.M%`ZTP'#J:6D[TM`"CJ:6FCBG"@`I1WI*4=Z``=:=Z4VESF@! M:6DI:0A12T@I:`%'6BD'6EI@`IU-I0\0_%>_OHS;Z-"UA$00TSD- M*1Z#LOX'O7"2:G?2.6DO;DL3]YI"<_F:;I2:T%SH]\OO$%S/\EJ&A3^]C+'_ M``K';S'8O(&9CU)ZFO(X%UJZQY`OI<_W=QK2!3WEF.?R&:XZF M#E+64S:-9):1/5=,UF>T(BFWR1=O5?I746UQ'=0B6)MRGOC%>.0?#K7)!^\U MF1?9`[?S(K=T/P7K>B7\=U;Z_.=I^>*2$NCCT(+5I3I.&E[DSDI.]CTNEIB$ ME%+?>(&?K_3Z4[-:D"T4F:,T`+129HS0`N:2BB@`I&I:0G-`#>]*:*0T`%%% M%,`IIZTIZ4E!04E&:*`"D/2E--)S2`!UI*7I24`'>FGK2DX-(?6F`'I2444` M':D/-+VIG-`"GI2&E/2FF@`/6D[4$YH[4`)1110`'[M-I2>,4AXH`0]:0]*4 M]:0]*`$I#2TE`!2'K2GBFGK0`G>BCO10`4VG4V@!#UHH/6B@!#29H)S2'K0` M4UJ=36H`*2EI*`"D/2EIN$DJO>OA<3B'4E MIL?0TZ5E8EN;D`DP%(VG#;21D8QN/`J(I,KC#X1!Z=:TRN*:\`8"JYQ%#;2;:GV^HII7%%Q,@ M*BHR*G8M=GX`_U^H?[L?\`-JXJV&(0*[7P#_K] M0_W8_P";5]C5^%GSRW*]]_R$;K_KM)_Z$:KU8OO^0C=?]=I/_0C5>JCL(4=* M!UH'2@=:8#N]**2E%`!3J;2CI0`M%%%`"THZTE*.M`"TN)-*\.VXEU&Z$;,/DB49=S[+_CBF@-;..M96K^)='\/J3J5\D3# MI$/FD;Z**\VU+XD:[KTPMO#EE);1D;3(0&?_`+ZZ+5.S^'>IZI=?:M5O5Y#EII3MR?4DU[!I/P\TK3V5_LR/(!]]SN.?QKJ8=-MX5`"=.GM3Y[;"Y M+[GDND_"Z>90]_<,<_PP+@?]]&NPTKX*2BBD`&DI333 MTI@(>:#THH/2@!****`$_AI*7/&*2@!#2'I2GK2'I2`049H%(>M,`HHHH`:: M#0:#0`E(>E+3:``=:2E'6DH`0]*2E/2DH`3O11WHH`0\4E*>M)VH`2BBB@!M M(>M+2'K0`A.*0\TII*`$S1110`4SO3Z9WH`4TE*:2@0A[_G5&/RYM2,Y(/V9 M#L![,PP3]0/YU;DD"(7/1>3_`)_.LV/,5N%S\[GS'/J>U/"TPN-"],4 M8-3;,BEV4Q7(=N>U&VIME(5YIV%`?]?J'^['_`#:N/7I78>`?]?J'^['_`#:O MJJGP,\-;D%]_R$;K_KM)_P"A&J]3WQ_XF5U_UVD_]"-05<=A!2TE'U-,!PI: M\ID^*5\FNO"L%M]@6YV;L'=Y><$UZG%(LL2R(VY",@^HIM..Y*DF249Q7`:K MXWU*W\=)H5G#;M!YJ(SL"6`/+?D,UW?FH$5G=5#'`+G'-%@NB8=**B%Q`1G[ M1#_W\'^-*D\+L%6:)F/0!P3^5%F.Z)*7I49FB5@K31JQQPS@'FI!S@#)//'^ M-`7'#I1422QN=J2(QZX5@3BGEU4;F("]22<<4GN%QV?7I5+5-;TW1+4W&HW< M5O&.S,-Q]@O4U;5E=2R.C`<94YY].*Y2?PGI-WK\^J7'E2W,A)W2RAL>P&<" MA(&SG]1\9Z_XDS:^'+&6RMB2&O9A@NOL2,"F:-\.%:;[3JCV^G00:./!>1$SR-[`9_.D(DHJ+[1`/\`EY@_[^+_`(TJSPNVU9HF;T5P3^5. MS"Y)2Y]Z;UI>*0"Y]Z,^])Q1Q0`N?>DZT8%%`!1124`+2444P"BBCI0`A.*3 MK0>:*!A2444#"BBD-(0AZT4&DH&%!Z&BFTP"DI:3O0`444<4`,[TM%(>M``> MM(>E+3:0`*0]:6D/6F`444AH`2DZTM)0`4VG9%,[T`*.M)2FD/2@!#TIM+2' MK0`4444`(>M)VI3UI.U`"4444`-I#UHHH`0TE*:2@!****`"F=Z?D4R@!324 M4E`BI=J)=D3-MC)W2'T4YK1M-.?6+BYQ(5BC`0''?W_`!_I M5J;01;6XF5R^W[^>A^E?%9O6]KB';9'OX)1IT[/2=]D:[F M/0=*'M9;67RYEPXZ\UY.^IV\R$QQ3E6I-O%,:2*+:'E2/=P`S`9JDKA<:FQGVHV<9H$0%1Y68RT21MBNO\`_Z_4/\`=C_F MU<@.M=?X!_U^H?[L?\VKZ"I\!Y:W*M]_R$KO_KN__H1J*I;[_D(W?_7=_P#T M(U%5QV$%5=3N?LFEW=Q_SSA9OTJU7(_$;438^$ID4D/QY M!;Z=)>:-?Z@"?]'=,C/4,23_`$KU[X=ZPVH^%T6=V,ENQB8GG(`R/TK`\!:( M+OP;>I(,?;&?!([8P/Y5S'A[6Y_#$VK:?-D"2"15`XVRJO!_'I6CO+3L0K+4 MT?#;G6?B;P``_K57X4Z>3/=7K#Y MCB)2?S/ZXK)^(5S)K'C;[##SY6VWC!/`8\Y_44MY^@OLEZR^&D=S90SO=R*S MQAB`HX)`/>NE\+>!X_#^K?;$G>1]I0;LW2 MO4=($ZZ9;I0L,G7T/\`]:O1 M?&7B*71/![74)(NI\11M_=9@>?P%>?\`Q7BV>*X9`/OVJX^H9C_6GW=U-XT\ M1V.EAV%A91!F&'K5V1[LB2?!QE2<*OTSG/TKCM/ECT?XC2-(0D4-S(&[8&#_2MCPM;S M>+_%MUKM[\Z12`1H>0#S@?@/_0J;2O<%>UCLK"U7PEX`O3$!N@MY)"WJY'4_ MC7B4MM)':Q7CG/FNV".N1U->W?$:X2Q\#746[#7#)"OXG)_0&O-]7TSROA[H M]WC!,S9]?G!/_LM$-O4_O2V]K'L\E_!X=\+RWO%8"3;Y$;813C[H7I]216]\6KZ6VTG3[",E5FD9Y`#]X*.`?SK9^&=B MD/A6UFP"TA=\_5B/Z5&T+E;R.!\3^%)/",,&I:=>3Q-O"Y#X921Q@BO5/!6M MR:]X8M;J=B;C!25O[S+QG\<5ROQAO8H](LK+P.30_A5Q)ZGE_CB_DU7QAJ5PK,5@?RU_V0O&?SKUOX?:Y)K7A6 M*6Y?=/`3#(Q[X'^&*\[\%Z0->@\02R6"1T));/\`Z#5+PMXCNO"MSJEE M.&"O#(-N<;)54X/X]/QJVKJR$K[F_P"%)&U?XJZIJ741^8%SV/W1^F:ZCQMX M.?Q1=V\IO&B2%2JQA01GUK#^$EB5M[J_<9:63&?7'7^=>DW]PMEIUS=D#;!" M\A^BJ3_2LW\170^F^%_A\-$UNWU%;II M#&"`I0#J,=JY+X8V)OO$S74F&$"9)]6;_P"MFO=E"@#@5=1N]D**'#A0#UI< M^U)16=BA<^U&?:DHH`,T444`%%%%`!111F@!":0G-!.:*!A24&B@`HHHH`#T MIM+GFD[4@`]*2BBF,,XIM*>M)0`AHHHH`*0]12DX%-H`.U)2]J2D`A/--[TI MZT4`(:*#13`*0T$XI.M`!2444`-/6B@]:*``TAZ&@TAZ&@!*0]:6DH`*0G%+ M2'M0`AI*7M24`%)G)Q2TV@!**#10`TG-`H]:3-`!1110`T]:#0>M!Z4`)4%S M,L%O)*WW44D_Y_*IZHZC;O>K#8H,M<2JA]`,@DGVP#6.)JJE1E/R+I1YII(W M]&22'2K<("TK@3288+G=VS],56UG66MH3#+9S)G)+@AL?CFM]=D$7`"JH&/; M%1W`09+$\8%?!3GS2N>Y25W="^&M2L+ZY?R+@.ZKC`!S5C5%W:H_R MXP`/TK+M-9TM&?SM/DF0X^?[(6`_$C-0QRZ;?7#M973QL,-$[S[7# M@-N4*2>?PI9IX'V"[@N(]K!ERI(!'^[3B()]0AN_M2'RD953CJ*4EV);L0[:,5-M&:7;S4V"Y5DA!&0!5&1!GK6N^`O/I6=.@8?*,G.!3L4 MI6397US-CX.C`X>X!8_\"(`_1:SM)0+!5SQR=JV-F/NHRI^"+_B:BL%VP`8K MZW)X)4KGBXR=Y%HUV'@'_7:A_NQ_^S5Q]=AX!_UVH?[L?_LU>G5^%G)'^_P"0C=_]=W_]"-0#BKCL(=7GGQ0LK_4H--M[*VDF M57=W*C[IP`/YFO0^M1201RCYU!QTS5)V$UMHBH,*`![4V6&.7[Z`_6G&3B[BM=6.5 M^'^FRZ;X?B6XB,9Q)^,/#6JS^+-0EM;&22&:4,CCIR!FO3O">AQ:+I,4"KR`-S$`$D]36 MVUM%(VYT!-2JH50HP`/2AMM6!*SN>=_$^SU/5IM-LK.UDDMT)>211D!CP/R& M?SJQXMT*:7P!%96<+32P/$R(H&3C@_S)KNG@CE.74$BG&)&39M&VB[5O(.4X M+P)X;_L32WO+B-C=2)O=".1CH@K!\`:!J$7B*XO-0LY(&V_*7[L6RU>N)$B( M5"@#TIB6T4;%E0`GO2YGJ%CEO'_AM]?T>,P8%U;G?&.S>HKCO#_B#Q;X:TQ- M+CT%+A(R2C2ALJ#SCY6&>2:]@901AAD57-C;NQ.P9^E-2LK`XGE%GX7UCQ3K M[ZOXA`0L01"A[#HN#G:OM7?>)(KFS\&WEOIT#2W#Q>6BQKS@X'Z5OQP1Q#Y5 M`-.>-9%PP!'I2;NQV5CA_AGHLNEZ%(MU$T<\LA=E8#([#]!7,?$;PG?2Z\+^ MPM6GCF0"0(!PP]?J,5Z_'%'",1J`*;)!',"'0'ZTU)IW%;2QS/@#39-,\-6L M4\;),06=3U!)JUXZ-XWA&]@L(7FGN!Y05!R%/4_E6_&BQ+M50!2O&LB[6&0: M5W>X6TL><_"_1KK3K6YEN[=XI'ER%<<[0*W;_6->L[B86\7GQ9?8'C`P<#:> M.HSDUTT=O'$"$4`4&")B24S0VQC;&2:2RA:<@S%%\PJ,`MCGCZU9IBA5&`," MG9%`"T4F:,T`Q:*3-&:!6#-&:2B@89-&3129H&+2444"N%%%%(`I,T$TE`!2 M9IE!I,T`(?KBK&@VSW&I3 MWS<11`Q1>YZL?TQ^-4KJ4PV[N!E@/E'J>WZUO6CP:-H]K'?7$4+-C>5K4U26[.S"1U']01[CBOEMV>Q17+$T-Y"DDGWJI;/8WTZ M30/!+)&3@K@D'&*C75(FF$4T%U;N?X9HN/S&1^M&EVD4:27"P(DTN?F48.*+ M.-TS2URZ+AI+IK>)0,#)D-,EL[W):#47#?W)8U9/Y9JMID^[5+FWD7;(L:LH M/<`\FMC:@C*TK4YKFYDL[ZW2WNT^951MRR(."RGMUZ5=NYK:T7-U& MWED'+"$./H:J&T$OB&VFC!"6ZN7/^]@8_.K5\OG7-K"3D,Z_+ZX^8_R'YU08G*?\`UOTJ>."Y3@7A?'_/:,-^J[35K'S9]:RM6>9; MNPAM@!++.$+$_=7!)_04+5D[EEGOXSG[/!,O^Q+M/Y,/ZU(+OY+O`^5+A-X/XCD57TS4)=0FEMKJW^S7L./,CW;@0>C`]Q5*+ M:N!9^U0S-@2KGT)Q6II%DMS?Q%B"D9WMZ'%53;QS*%9$<'^\*W[&TCTK1G94 M".4.`HQMST%52BG*YE6G:-NYYSXNG%QKL$(ZHK2-_P`"/_V)JU;C;"!CM6-= M2&\\3WDF:W4&%'TK[+`4^2C%'CUW>HQ:[#P#_`*[4/]V/_P!F MKCZ[#P#_`*[4/]V/_P!FKHJ_"S*.Y5OC_P`3&[_Z[O\`^A&H*FOO^0C=_P#7 M=_\`T(U!FKCL(<.E+3>E.I@%+244`+3ATIM*.E`"YI:3M2T``IU-[TZ@0444 M4`+1GM24>]`QXZ44@/-+0(*44E&:0Q0:=3:44`+111F@049HHI@&:7%)10`N M**2B@8M%)10`M%)10`9HS110+0****`"BC-(:``TF:*,T@"C-)13&%!XHIM` M!WH/2BDH`****`"D)I#10`4E+24`%-ZT44@$-%%%,`HHI#0`E)WHZ44`':F] M:=VQ3:`#M24O:DH`0G%)2FD-`"4444`)ZTG:E)I*`$HHH/`H`0TAHI,YH`!U MI#U-+TIIZT`(>E`Z4'I0.E`!2'I2TA/%`"'I24M-/3WH`;`1/J]I:XW#/FR< M=%7./S;'ZUNZAZC'\L5%)8['#)?W$0_NE MPP/_`'T#5U>G7BJ@^SW4DI=$DEC;:0P!*^G'6O.4F=EA)S?*`(3`X]97$1'VJQFY/WX5$B_D#N_2DA@2WC,4,K*&););<0">@SFGQM=Q:A'$ZB2 MWE4X;&&5AV/M5))Z;C$N8=/O]DGVIK:XC.5E0['7/7KZ]ZOP1OY.W[:TW&/, MRF?S%.MIQ<>='M#&*4QXZAN`0?H01526QTUT:Y$:PJN=TL9,>,=>E7NK$%^" M&.!"JCCJ3GD_6L]KX1Z^HN(9DB\HE)?+)4-G&"1[58@0[3Y-^[@<99DD(XR` M>_2G;M2C/"VLZ=QDHW]11ZB;+<5S'-,\2-N:,`M@<#/_`.JJC,)-;`/)AC9A M[%N,_P`ZGCG.")+26$GKA0PS^%53:6:ZF+T7#13E-A!?:&'H0:([B-$1EV&1 MDD\#-9DMD\GC-+B(8CCMBDC9X))&T?SK:B2=R!$I+$<$(2?KTK9TG18[%3)( M"TI.YB3GGZUM2IN^AE4JJ(:=I@C433KB0]%/1:EU=PMF`3@%@3^'_P"JM`#Y M<]1VKFO&E[]CT:9MV"(B1]3\O\Z[(P2M%'$I.4KL\RTP>=>S2]2[EL_4UT0Z M5B:'%B//L*VS7UE*-H)'!)W=PKL/`/\`KM0_W8__`&:N/KL/`/\`KM0_W8__ M`&:BK\+$MRI?_P#(1N_^N[_^A&H*GO\`_D)7?_7=_P#T(U!5QV$+VI0IU`"T#K24M`#J*;TIU`!1110`=:6DI:`%S2T MS%.!R:0A1Q1110,6BDI:8ADI>U)3`***0T`!I**2@`-%%(3B@!***#Q0`A M-(>E+332$XI:3K0`4-THIN2:`"F]Z6B@!#24IIM`` M:***``]*9BG$\4E`"$U#U"KYBFHV4H< M-7Y]*3E)R>[/I8Q458L(W%0W%I;ROYKQ_O",%E)4D>AQ4L8XZTYZ2=AE1X2\ MRRK,\;J,#'((]"*M)N"*`WSJ,`^GJ1496E&0:=V%B:S@\B]FE5]L3A"1[@8/ M\A4,LP@T:",\23@1A#UR3R,5/')@U8!5AR`3ZD9Y]:I2N9M$`AB@GGFCC*O. M$0A.Y&1NQ^/Z5%873?V07DH_"K+Y5MPZ^M4PB*)%!($DOFMGG MG.<#\JM2[BL/LM3)L+EYT"75H&$T8./F`R/P/K6G;EKNZ@LGB_>SQ&0`\J,8 MR/J,UEP:*VLZK%/`IC=/EF?^%X\@X;U.0/S-=7J&G&&31X;>-_,^T%9+A$YC M0H=QR.F<`5U0H\VMC"K54-!VE6.F2&;['+,)+=S'*T;,@W`9..Q_"M1[.X`Q M#>R`CM(H8?TJXJA%"J,`=`.@I3UKL44E9'GRFV[E:V6[`?[6T#XY5H@03ZYS M7"?$>4_8#'GAIDC_```+5Z$V?7\:\I\?78GU.TM5.?OS-^+8'Z5KAH\]:*%S M>ZV4M*C"0_4"M(]*JV2[85^@JT>E?3HXA*[#P#_KM0_W8_\`V:N/KL/`/^NU M#_=C_P#9JBK\+&MRG?\`_(3N_P#KN_\`Z$:@S4]__P`A.[_Z[O\`^A&JXJH[ M"'4M)0*H!0<4X'--IPZ4`%&<448H`7WI0?6D[44`.HIH/-.[T@%HR:**8#J* M:#BG#F@`HHHH`Q?$5_>Z79K?6SHT<>PSD@>YK)MJ5^A:5XV-32FOI&NFN[F.1(YWBC"1;.%Q\Q.3WR*T\' M@X//Y5SEYJYL/#:W4(`EN9W$+,.`9)6(8CN`,GWQ4\.GRW-Y;7:2W-M&(R)7 MW'S+G.W&02=H&"1WY[4^:VD=16ZLV_;\:`>PZUQ^C7US#X;U*U,K27L-[+:6 MY=B6+'E>>N!GOTJ]IVI?VKH.B[GD^TSRIOVL5(\HYE)QV(7;S_>%)5$[=P<& M=(`3R`2*2N;2>TN]19&C#QCD!",#H,%>IKHP>]7&7-<4E8 MYW4;_5H_%EAI=K=0+#=122L6M]S(%_X%SS4L6IZA9>(X-)U!H)XKJ)I+>XCC M,9)7!(9ZN(VGODC9(Y"BE0"3 MP,9Z=Z:)CX@CU%8O,D!E>.WW,T<<"J2H8D?>!\W"^]30&YM[JQ\/K>S7$J0B:[NFPK"(<*JXY M!+8Y/8&J]H)P.@P1_P#7[T8.,X./7'%G M45SL>I+K.I:C;)!+/';GR%56*(7'WF8^F>!U^E:>D65QIVF0VMU>R7DR+@S2 M#!/L/\3S51GS/38'&R\R]FBC%%42%!.*3=S2$YI@+FDSFBB@`HI"<44`%%%% M`!129YI,T`&:**0T`%%%(3BD`$TG6BBF`E%%%`!3:">U%`"&B@T4`!.*:30: M*`"DHHH`0FFGK2GK2&@`HHHH`0G%)U-*>E)0`E%'>B@!,TE!ZT4`(>M%%%`# M:0]:6D/6@`HHHH`::#10U`"5S]C?+J6KZK*C!E@,=LC?[NYF_5A^5:NI7D>G MZ=VTKXGEF\T`]\]?KVKR,YX+&V"0>HJ4FF3+_`!I3%DRN">:`),TA MJ/=CO2[MW`%,`\S9ZFIHKD'%1!<X8QV`;]XIR&D]A[>]>A6UO!9VZ06\*Q0H, M(JC@"O1PV%YESS.*OB.72`EI:PV=ND$"[8UZ#/\`.IN,Z](;CQC??W8F6)?8*H!_7->PW\BI;$N<+G) M/L.3_*O%+:4WVL7%V>?.F=_S.?ZBNG+8WJN7851V@=!"NV(?2I*11A`/:EKZ M&UM#E"NP\`_Z[4/]V/\`]FKCZ[#P#_KM0_W8_P#V:LZOPL:W*6H?\A.[_P"N M[_\`H1J"I]0_Y"=W_P!=W_\`0C5?-5%JPAPZ4M-IPJKH`%+2?@?RHHN@'T4T M'VIV:+H`I:3-'X&BZ`6@=:3_`("?RI>?0_E2N`Z@4@R!T-+D^AHN@%HI,^QI M?P-%T`ZBFX]C^5*![&G=`9,EMJ1\0K>I#:-;I"85W3L'`)!+?=_#%3ZWI8UC M2YK02&*0_/%*.2C@Y!K0R?0T9/H:CE333ZE)VL^Q@WVB7,F@Z?:6TL8N[%HG MC,F=CE`!@^QY-:5F^I2GS+V"WM!G/DQ2F8MGON(&![<_6KF3Z49/H:%&*=T) MR;6ICZ5HIL=7U+4)6#FYN&D@4?\`+-2`&/U.T?E1H.B-H\=R7='DEFF<_Y%'X4?A5I16HFVS'LK;58M;NKV>WLQ'1BA60<;T(SR1ZUKT5G[.-K#YW>Z,/2K3 M5]+C_LR.*S>SB=S!>/*=VQF+X:,#D@GKN'TJU+9WIU^UO(Y(#%':-"[2`YW% M@20H^GV6VN!<,8RFUMPO7[O^-;OX4?A2Y(O0.=[ MF!INCW]EXBU*_:>V>*[2/+LAW%@#GYYZ"G7&FWVKOIPU"&"V-G<+/YT M$N[S&7^%!U56SSG/%;M'X4N2-K!SLYZPT[5-&O+U+..UNK.\G:X\V68Q-$6Z M@J`=WYC.:WXU=(PLDGF,.K[`@/\`P$?UIU%7&*CHA-W=PHHHJKH`HIO.>AI< MGT-%T`&BC)]#1D^AHN@"BC)]#1D^AHN@"BD.<=#28]C1=`!ZT49]C29]C^5* MX`:*,^QI#TX!_*@`-)0,^A_*D/7H?RHN@%I*/P-&:+H`HI,TA-.Z`#UI#11^ M!_*BZ`*#29Q29YHN@"BC-)1=`%(:7-(3[&BZ`3M24OX&D_`T70!11GV-)GVH MN@$I#2TT]>A_*BZ`6BD_!ORI#_NG\J+H`/WJ.U'X'\J3/LWY470!3:7\&_*D MY_NG\J+H+!24?@?RHP?0_E1=`%(:7\#^5-8$]C^5%T`4E'/H?RHY/8_E1=`< M/\3+YH=&M[5/^6\I+<_PC_ZY%>:V=T]I*XJX\.0LO[J5XV`^[*H(_,(JQYFI;'72IM).)UOASQ/#JT7E38BG M'4$\'W%;RR;'[<^E>4)H.H02!X/+=AR##)@_^/8K6B\4:OIN([^`O".\B%3_ M`-]#BO`Q&`4GS46>K2KNUJB/3(Y05P:@<`-E3QWKD[3QM8RX$DAAL/;WIG!B*_V8CE4*N`.!Z=J=UYINX4;J[VULCB\Q M>12YI-W2DSQ4B9(3Q3'[QUX*PD#_@1`_J:\OT.+ M&WV%=U\1KD1:*T6?FFE5,>PY-V$'':O7RN'N.7F9UNQK],?2BC\_P`J M/S_*O7N:_D*?11=AH,\N/\`N+^5'EQ_W$_[YI]%%V&@SRX_^>:? M]\T>6G]Q?RI]%%V&@WRX_P"XOY4GEQ_\\U_(4^BBX:#/+C_YYK^0H\N/_GFO MY"GT478:#/+C_P">:_D*/+3^XO\`WR*?11=AH,\M/[B_]\T>6G]Q?^^:?11= MAH,\M/[B_P#?-'EI_<7_`+YI]%%V&@SRT_N+_P!\T>6G]Q?^^:?11=AH,\M/ M[B_]\T>6G]Q?^^:?11=AH-\M/[B_]\BCRT_N+_WR*=11=AH-\M/[B_\`?(H\ MM/[B_P#?(IU%%V&@WRT_N+_WR*/+3^XO_?(IU%%V&@WRT_N+_P!\BCRT_N+_ M`-\BG4478:#?+3^XO_?(H\M/[B_]\BG4478:#?+3^XO_`'R*/+3^XO\`WR*= M11=AH-\M/[B_]\BCRT_N+_WR*=11=AH,\M/[B_\`?-'EI_<7_OFGT478:#/+ M3^XO_?-'EI_<7_OFGT478:#/+3^XO_?-'EI_<7_OFGT478:#/+3^XO\`WS1Y M:?\`/-?R%/HHNPT&>7'_`,\U_(4>7'_SS7\A3Z*+AH,\N/\`YYK^0H\N/_GF MOY"GT47#09Y:?E1Y:?]\BD\F/_`)YI^0_PJ2BB[#0C\J/_`)YI^0I?*C_YYI_W MR*?11=@1^5'_`,\T_P"^1_A1Y,?_`#S3_OD?X5)11=@1^5'_`,\T_(?X4OE1 M_P#/-/\`OD4^BB[#0C\F+_GDG_?(H\F+_GDG_?(_PJ2BB[`KS6<,T>UH8_\` MOD5S=_X2MK@L5BBY_P!FNLI,4FK[@G8\POO`D9#%88^G85SEYX-N(@51B$_N ML-PKW$JI&"*BDM(9!\R`UE+#TY;HUC6FNI\[7/A3:#OLH']2HVFL2X\,1C*Q M2W$#'LPW+7TI<:#:S9.P9/H*Q;OP?"X.P''TK%X2WP.WXFJQ'\R/$-(L[K3& M`?9=1YRR1SM$2/3!!%=GIGBWPUIDJF[T"_L)>\[Q^<@_X$O^%;MYX,=?NQY^ M@K%F\/7,!.$D`^E<\\)/>R?X&RQ$)*USL]+\4Z-JXSI^I07!/5`VUOR.#6MY M_'W2*\BN-%5CF:SB?U+1C/YU!!9364OF6E]?VA!^['.=OY'BN5TYQTLT/EA+ MX6>Q^:>M2H^[WKSF#Q7K4##>UK=KT/FIY;?]]#C]*VK+QK:NP6ZM+JV8_P`0 M'FK^:\_I6*;N2Z3Z'7[O2C=6-'XKT1W6,ZG;)(3PLS>43^#XK4$RLH8$%3T8 M'(_.KYS-Q:)0U)GYQZ#K49;WHW?NWYYQ^-92D*QQOB:3[1K-M`>0JER#SRQ/ M]!7:^'K2-+"/,49./[H_PKB+S%QXMF7/$9$7Y*,_J:]'TV(1V48'I7O86/+2 M2,:CU+'DQ?\`/)/^^12^3#_SRC_[Y%/HKH,B,PP_\\H_^^13XXT3.U%7/7`Q M2THHN,3O1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110 M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%% M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4'F MBB@!K(K#D5!)8P2_>6K-%`7L8MSX=M9L_NQFL2Y\'(V=J?K7:TE%AW9Y?=>$ MYXN40_G61/HUU!U3C\Z]F9%(Y456EL8)?O(OY5E.C"?Q*Y:JR6S/%Y(7"F.: M(21GJK@$?D>*DLK@V!_T2::V'HDAV_@IR!7JESX=MIP?D7G_`&:Q+KP.*FM&?\``FL'ES3O%C=:$EJC1\/!KS4S<,,F M1V<_B@K@?"5DR2J7&*]!7A17IQ5E8Y9.['44451(4HI*44`+11 M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%% M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444` M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4 M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11 M10`4AHHH`;DY%.[T44`&!FC:I[#\J**`&L`!P,?2G=J**`%HHHH`****`/_9 ` end
-----END PRIVACY-ENHANCED MESSAGE-----