INVESTMENTS

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS

	At June 30, 2024		At December 31, 2023
Current investments:
Time deposits (1)	$	28	$	—
Marketable equity securities	22		23
	50		23
Non-current investments:
Marketable and other equity securities (2)	$	271	$	229
Equity method investments:
Pueblo Viejo Mine (40.0%)	$	1,461	$	1,489
NuevaUnión Project (50.0%)	959		959
Lundin Gold Inc. (32.0% and 32.0%, respectively)	921		938
Norte Abierto Project (50.0%)	529		528
	3,870		3,914
	$	4,141	$	4,143
Non-current restricted investments: (3)
Marketable debt securities	$	17	$	21

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(1)At June 30, 2024, Time deposits primarily includes deposits with an original maturity of more than three months but less than one year.

(2)At June 30, 2024, includes $25 accounted for under the measurement alternative.

(3)Non-current restricted investments are legally pledged for purposes of settling reclamation and remediation obligations and are included in Other non-current assets. Refer to Note 7 for further information regarding these amounts.

Equity method investments

Income (loss) from the Company's equity method investments is recognized in Equity income (loss) of affiliates, which primarily consists of income from Pueblo Viejo. (Loss) income from Pueblo Viejo consisted of $(3) and $15, for the three months ended June 30, 2024 and 2023, respectively, and $14 and $36 for the six months ended June 30, 2024 and 2023, respectively.

Pueblo Viejo

As of June 30, 2024 and December 31, 2023, the Company had outstanding shareholder loans to Pueblo Viejo of $434 and $429, with accrued interest of $21 and $14, respectively, included in the Pueblo Viejo equity method investment. Additionally, the Company has an unfunded commitment to Pueblo Viejo in the form of a revolving loan facility ("Revolving Facility"). There were no borrowings outstanding under the Revolving Facility as of June 30, 2024.

The Company purchases its portion (40%) of gold and silver produced from Pueblo Viejo at market price and resells those ounces to third parties. Total payments made to Pueblo Viejo for gold and silver purchased were $126 and $248 for the three and six months ended June 30, 2024. Total payments made to Pueblo Viejo for gold and silver purchased were $104 and $221 for the three and six months ended June 30, 2023, respectively. These purchases, net of subsequent sales, are included in Other income (loss), net and the net amount is immaterial. There were no amounts due to or from Pueblo Viejo for gold and silver purchases as of June 30, 2024 or December 31, 2023.

Lundin Gold Inc.

Lundin Gold was acquired as part of the Newcrest transaction on November 6, 2023 and is accounted for on a quarterly lag.

The Company had the right to purchase 50% of gold produced from Lundin Gold at a price determined based on delivery dates and a defined quotational period and resold the ounces purchased to third parties under an offtake agreement acquired through the Newcrest transaction (the "Offtake agreement"). Total payments made to Lundin Gold under the Offtake agreement for gold purchased was $109 and $189 for the three and six months ended June 30, 2024. These purchases, net of subsequent sales, are included in Other income (loss), net and the net amount is immaterial. There was $10 and $13 payable due to Lundin Gold for gold purchases as of June 30, 2024 and December 31, 2023, respectively.

In the second quarter of 2024, the Company completed the sale of the SCFA and Offtake agreement in which Lundin Gold repurchased the SCFA and settled the rights under the Offtake agreement. Refer to Note 12 for further information.