0001164727-24-000061.txt : 20241024 0001164727-24-000061.hdr.sgml : 20241024 20241024161313 ACCESSION NUMBER: 0001164727-24-000061 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 123 CONFORMED PERIOD OF REPORT: 20240930 FILED AS OF DATE: 20241024 DATE AS OF CHANGE: 20241024 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEWMONT Corp /DE/ CENTRAL INDEX KEY: 0001164727 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 841611629 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-31240 FILM NUMBER: 241392783 BUSINESS ADDRESS: STREET 1: 6900 E LAYTON AVE STREET 2: SUITE 700 CITY: DENVER STATE: CO ZIP: 80237 BUSINESS PHONE: 303-863-7414 MAIL ADDRESS: STREET 1: 6900 E LAYTON AVE STREET 2: SUITE 700 CITY: DENVER STATE: CO ZIP: 80237 FORMER COMPANY: FORMER CONFORMED NAME: NEWMONT GOLDCORP CORP /DE/ DATE OF NAME CHANGE: 20190417 FORMER COMPANY: FORMER CONFORMED NAME: NEWMONT MINING CORP /DE/ DATE OF NAME CHANGE: 20020215 FORMER COMPANY: FORMER CONFORMED NAME: DELTA HOLDCO CORP DATE OF NAME CHANGE: 20020109 10-Q 1 nem-20240930.htm 10-Q nem-20240930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 10-Q
(Mark One)
     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2024
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from__________to__________
Commission File Number: 001-31240
Newmont-Color-RGB.jpg
NEWMONT CORPORATION
(Exact name of registrant as specified in its charter)
Delaware84-1611629
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
6900 E Layton Ave
Denver, Colorado
80237
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code (303) 863-7414
Securities registered or to be registered pursuant to Section 12(b) of the Act.
Title of each classTrading SymbolName of each exchange on which registered
Common stock, par value $1.60 per shareNEMNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     ☒ Yes     ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     ☒ Yes     ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12-b2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b2 of the Exchange Act).      Yes     ☒ No
There were 1,138,450,479 shares of common stock outstanding on October 17, 2024.


TABLE OF CONTENTS
Page


GLOSSARY: UNITS OF MEASURE AND ABBREVIATIONS
UnitUnit of Measure
$United States Dollar
%Percent
A$Australian Dollar
C$Canadian Dollar
gramMetric Gram
ounceTroy Ounce
poundUnited States Pound
tonneMetric Ton
Abbreviation
Description
AISC (1)
All-In Sustaining Costs
ARCAsset Retirement Cost
ASCFASB Accounting Standard Codification
ASUFASB Accounting Standard Update
AUDAustralian Dollar
CAD
Canadian Dollar
CASCosts Applicable to Sales
DTA
Deferred tax asset
DTL
Deferred tax liability
EBITDA (1)
Earnings Before Interest, Taxes, Depreciation and Amortization
EIAEnvironmental Impact Assessment
EPAU.S. Environmental Protection Agency
ESGEnvironmental, Social and Governance
Exchange ActU.S. Securities Exchange Act of 1934
FASBFinancial Accounting Standards Board
GAAP
U.S. Generally Accepted Accounting Principles
GEO (2)
Gold Equivalent Ounces
GHG
Greenhouse Gases, which are defined by the EPA as gases that trap heat in the atmosphere
GISTM
Global Industry Standard on Tailings Management
IASB
International Accounting Standards Board
IFRSInternational Financial Reporting Standards
LIBOR
London Interbank Offered Rate
LBMA
London Bullion Market Association
LME
London Metal Exchange
MD&A
Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations
MINAMMinistry of the Environment of Peru
Mine ActU.S. Federal Mine Safety and Health Act of 1977
MINEMMinistry of Energy and Mines of Peru
MSHAFederal Mine Safety and Health Administration
MXN
Mexican Peso
NPDESNational Pollutant Discharge Elimination System
SECU.S. Securities and Exchange Commission
Securities ActU.S. Securities Act of 1933
SOFR
Secured Overnight Financing Rate
U.S.
The United States of America
USD
United States Dollar
WTPWater Treatment Plant
____________________________
(1)Refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A.
(2)Refer to Results of Consolidated Operations within Part I, Item 2, MD&A.
1

NEWMONT CORPORATION
THIRD QUARTER 2024 RESULTS AND HIGHLIGHTS
(unaudited, in millions, except per share, per ounce and per pound)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Financial Results:
Sales$4,605 $2,493 $13,030 $7,855 
Gold$3,945 $2,400 $10,909 $7,083 
Copper$329 $90 $1,003 $282 
Silver
$147 $$557 $246 
Lead $32 $— $136 $64 
Zinc $152 $(2)$425 $180 
Costs applicable to sales (1)
$2,310 $1,371 $6,572 $4,396 
Gold$1,892 $1,273 $5,359 $3,789 
Copper$199 $50 $521 $151 
Silver$75 $23 $282 $200 
Lead$26 $$88 $62 
Zinc$118 $18 $322 $194 
Net income (loss) from continuing operations $875 $162 $1,892 $666 
Net income (loss) $924 $163 $1,960 $681 
Net income (loss) from continuing operations attributable to Newmont stockholders
$873 $157 $1,877 $649 
Per common share, diluted:
Net income (loss) from continuing operations attributable to Newmont stockholders$0.76 $0.20 $1.63 $0.82 
Net income (loss) attributable to Newmont stockholders$0.80 $0.20 $1.69 $0.84 
Adjusted net income (loss) (2)
$936 $286 $2,400 $872 
Adjusted net income (loss) per share, diluted (2)
$0.81 $0.36 $2.08 $1.10 
Earnings before interest, taxes and depreciation and amortization (2)
$1,776 $760 $4,692 $2,660 
Adjusted earnings before interest, taxes and depreciation and amortization (2)
$1,967 $933 $5,627 $2,833 
Net cash provided by (used in) operating activities of continuing operations$3,807 $2,138 
Free cash flow (2)
$1,280 $392 
Cash dividends paid per common share in the period ended September 30,
$0.25 $0.40 $0.75 $1.20 
Cash dividends declared per common share for the period ended September 30,
$0.25 $0.40 $0.75 $1.20 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A.
2

NEWMONT CORPORATION
THIRD QUARTER 2024 RESULTS AND HIGHLIGHTS
(unaudited, in millions, except per share, per ounce and per pound)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Operating Results:
Consolidated gold ounces (thousands):
Produced1,574 1,260 4,727 3,696 
Sold1,568 1,250 4,710 3,669 
Attributable gold ounces (thousands):
Produced (1)
1,668 1,291 4,950 3,804 
Sold (2)
1,551 1,229 4,660 3,614 
Consolidated and attributable gold equivalent ounces - other metals (thousands): (3)
Produced430 58 1,396 602 
Sold412 59 1,367 575 
Consolidated and attributable - other metals:
Produced copper:
Pounds (millions)81 23 245 75 
Tonnes (thousands)37 10 111 34 
Sold copper:
Pounds (millions)77 25 241 76 
Tonnes (thousands)35 11 110 34 
Produced silver (million ounces)
— 24 14 
Sold silver (million ounces)
— 24 12 
Produced lead:
Pounds (millions)43 — 148 86 
Tonnes (thousands)19 — 67 39 
Sold lead:
Pounds (millions)36 — 144 72 
Tonnes (thousands)17 — 66 33 
Produced zinc:
Pounds (millions)127 — 398 180 
Tonnes (thousands)58 — 181 82 
Sold zinc:
Pounds (millions)134 (2)382 187 
Tonnes (thousands)61 (1)174 85 
Average realized price:
Gold (per ounce) $2,518 $1,920 $2,316 $1,930 
Copper (per pound) $4.31 $3.68 $4.17 $3.71 
Silver (per ounce) (4)
$25.98 N.M.$23.72 $20.18 
Lead (per pound) (4)
$0.86 N.M.$0.94 $0.90 
Zinc (per pound) (4)
$1.14 N.M.$1.11 $0.97 
Consolidated costs applicable to sales: (5)(6)
Gold (per ounce) $1,207 $1,019 $1,138 $1,033 
Gold equivalent ounces - other metals (per ounce) (3)
$1,015 $1,636 $887 $1,056 
All-in sustaining costs: (6)
Gold (per ounce) $1,611 $1,426 $1,537 $1,425 
Gold equivalent ounces - other metals (per ounce) (3)
$1,338 $2,422 $1,225 $1,511 
____________________________
(1)Attributable gold ounces produced includes 66 and 52 thousand ounces for the three months ended September 30, 2024 and 2023, respectively, and 173 and 163 thousand ounces for the nine months ended September 30, 2024 and 2023, respectively, related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment. For the three and nine months ended September 30, 2024, Attributable gold ounces produced also includes 43 thousand ounces and 99 thousand ounces, respectively, related to the Fruta del Norte mine, which is wholly owned by Lundin Gold, in which the Company holds a 31.9% interest at September 30, 2024 and is accounted for as an equity method investment on a quarter lag.
(2)Attributable gold ounces sold excludes ounces related to the Pueblo Viejo mine and the Fruta del Norte mine.
3

(3)Gold equivalent ounces are calculated as pounds or ounces produced or sold multiplied by the ratio of the other metals’ price to the gold price. Refer to Results of Consolidated Operations within Part I, Item 2, MD&A for further information.
(4)On June 7, 2023, the Company suspended its operations at Peñasquito due to the Union strike. As a result of the suspended operations, no production occurred during the third quarter of 2023. Sales activity recognized in the third quarter of 2023 is related to adjustments on provisionally priced concentrate sales subject to final settlement. Consequently, price per ounce/pound metrics are not meaningful ("N.M.").
(5)Excludes Depreciation and amortization and Reclamation and remediation.
(6)Refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A.
4

Third Quarter 2024 Highlights (dollars in millions, except per share, per ounce and per pound amounts, unless otherwise noted)
Net income: Reported Net income (loss) from continuing operations attributable to Newmont stockholders of $873 or $0.76 per diluted share, an increase of $716 from the prior-year quarter primarily due to an increase to attributable net income related to the acquired Newcrest sites. Excluding the impact of acquired sites, the increase is primarily due to an increase in Sales at Peñasquito as a result of the work stoppage due to a labor strike that began in June 2023 ("Peñasquito labor strike"), resulting in no sales at Peñasquito in the third quarter of 2023. Additionally, Net income (loss) from continuing operations attributable to Newmont stockholders increased due to higher average realized prices primarily for gold. This increase was partially offset by the Loss on assets held for sale of $115 and higher Costs applicable to sales.
Adjusted net income: Reported Adjusted net income of $936 or $0.81 per diluted share, an increase of $0.45 per diluted share from the prior-year quarter (refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A).
Adjusted EBITDA: Reported $1,967 in Adjusted EBITDA, an increase of 111% from the prior-year quarter (refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A).
Cash flow: Reported Net cash provided by (used in) operating activities of $3,807 for the nine months ended September 30, 2024, an increase of 78% from the prior year, and free cash flow of $1,280 (refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A).
Portfolio Updates: Completed the sale of the Batu and Elang contingent consideration assets for cash consideration of $153, which was received in September 2024. Announced agreement to sell the assets of the Telfer reportable segment, including Newmont’s 70% interest in the Havieron development project and other related assets; the sale is expected to close in the fourth quarter of 2024. In October, announced agreement to sell the Akyem reportable segment; the sale is expected to close in the fourth quarter of 2024.
Attributable gold production: Produced 1.7 million attributable ounces of gold and 430 thousand attributable gold equivalent ounces from co-products.
Financial strength: Ended the quarter with $3.0 billion of consolidated cash, cash of $86 included in Assets held for sale, and $7.1 billion of total liquidity; redeemed $150 of senior notes; settled $347 of share repurchases from $1 billion share repurchase program. In October, declared a dividend of $0.25 per share and the Company's Board authorized an additional $2 billion share repurchase program to be executed at the Company’s discretion, utilizing open market repurchases to occur from time to time throughout the next 24 months.
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PART I—FINANCIAL INFORMATION
ITEM 1.       FINANCIAL STATEMENTS.
NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions except per share)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Sales (Note 6)
$4,605 $2,493 $13,030 $7,855 
Costs and expenses:
Costs applicable to sales (1)
2,310 1,371 6,572 4,396 
Depreciation and amortization631 480 1,887 1,427 
Reclamation and remediation (Note 7)
132 166 324 298 
Exploration74 78 184 192 
Advanced projects, research and development47 53 149 132 
General and administrative113 70 314 215 
Loss on assets held for sale (Note 5)
115  846  
Other expense, net (Note 8)
55 37 187 86 
3,477 2,255 10,463 6,746 
Other income (expense):
Other income (loss), net (Note 9)
17 42 238 124 
Interest expense, net of capitalized interest(86)(48)(282)(162)
(69)(6)(44)(38)
Income (loss) before income and mining tax and other items1,059 232 2,523 1,071 
Income and mining tax benefit (expense) (Note 10)
(244)(73)(695)(449)
Equity income (loss) of affiliates (Note 13)
60 3 64 44 
Net income (loss) from continuing operations875 162 1,892 666 
Net income (loss) from discontinued operations49 1 68 15 
Net income (loss)924 163 1,960 681 
Net loss (income) attributable to noncontrolling interests (Note 1)
(2)(5)(15)(17)
Net income (loss) attributable to Newmont stockholders$922 $158 $1,945 $664 
Net income (loss) attributable to Newmont stockholders:
Continuing operations$873 $157 $1,877 $649 
Discontinued operations49 1 68 15 
$922 $158 $1,945 $664 
Weighted average common shares (millions):
Basic1,1477951,151795
Effect of employee stock-based awards211
Diluted1,1497961,152795
Net income (loss) attributable to Newmont stockholders per common share:
Basic:
Continuing operations$0.76 $0.20 $1.63 $0.82 
Discontinued operations0.04  0.06 0.02 
$0.80 $0.20 $1.69 $0.84 
Diluted:
Continuing operations$0.76 $0.20 $1.63 $0.82 
Discontinued operations0.04  0.06 0.02 
$0.80 $0.20 $1.69 $0.84 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
6

NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, in millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Net income (loss)$924 $163 $1,960 $681 
Other comprehensive income (loss):
Change in marketable securities, net of tax   (1)
Ownership interest in equity method investments
(8) (10) 
Foreign currency translation adjustments 
(2)6 6 1 
Change in pension and other post-retirement benefits, net of tax (2) (5)
Change in cash flow hedges, net of tax
38 (9)11 (16)
Other comprehensive income (loss)28 (5)7 (21)
Comprehensive income (loss)$952 $158 $1,967 $660 
Comprehensive income (loss) attributable to:
Newmont stockholders $950 $153 $1,952 $643 
Noncontrolling interests2 5 15 17 
$952 $158 $1,967 $660 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
7

NEWMONT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions)
At September 30,
2024
At December 31,
2023
ASSETS
Cash and cash equivalents$3,016 $3,002 
Trade receivables (Note 6)
974 734 
Investments (Note 13)
43 23 
Inventories (Note 14)
1,487 1,663 
Stockpiles and ore on leach pads (Note 15)
688 979 
Derivative assets (Note 12)
42 198 
Other current assets753 913 
Assets held for sale (Note 5)
5,574  
Current assets12,577 7,512 
Property, plant and mine development, net33,697 37,563 
Investments (Note 13)
4,150 4,143 
Stockpiles and ore on leach pads (Note 15)
2,114 1,935 
Deferred income tax assets229 268 
Goodwill2,721 3,001 
Derivative assets (Note 12)
161 444 
Other non-current assets526 640 
Total assets$56,175 $55,506 
LIABILITIES
Accounts payable$772 $960 
Employee-related benefits 542 551 
Income and mining taxes payable317 88 
Lease and other financing obligations112 114 
Debt (Note 16)
 1,923 
Other current liabilities (Note 17)
2,081 2,362 
Liabilities held for sale (Note 5)
2,584  
Current liabilities6,408 5,998 
Debt (Note 16)
8,550 6,951 
Lease and other financing obligations437 448 
Reclamation and remediation liabilities (Note 7)
6,410 8,167 
Deferred income tax liabilities2,883 2,987 
Employee-related benefits 632 655 
Silver streaming agreement721 779 
Other non-current liabilities (Note 17)
238 316 
Total liabilities26,279 26,301 
Commitments and contingencies (Note 20)
EQUITY
Common stock1,840 1,854 
Treasury stock(276)(264)
Additional paid-in capital30,228 30,419 
Accumulated other comprehensive income (loss) (Note 18)
21 14 
(Accumulated deficit) Retained earnings (2,101)(2,996)
Newmont stockholders' equity29,712 29,027 
Noncontrolling interests184 178 
Total equity29,896 29,205 
Total liabilities and equity$56,175 $55,506 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
8

NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
Nine Months Ended September 30,
20242023
Operating activities:
Net income (loss)$1,960 $681 
Non-cash adjustments:
Depreciation and amortization1,887 1,427 
Loss on assets held for sale (Note 5)
846  
Net (income) loss from discontinued operations
(68)(15)
Reclamation and remediation 306 287 
Stock-based compensation 66 58 
Change in fair value of investments (Note 9)
(39)42 
(Gain) loss on asset and investment sales, net (Note 9)
(36)(34)
Deferred income taxes(35)(3)
Other non-cash adjustments58 37 
Net change in operating assets and liabilities (Note 19)
(1,138)(342)
Net cash provided by (used in) operating activities of continuing operations3,807 2,138 
Net cash provided by (used in) operating activities of discontinued operations 45 9 
Net cash provided by (used in) operating activities3,852 2,147 
Investing activities:
Additions to property, plant and mine development (2,527)(1,746)
Proceeds from asset and investment sales345 219 
Purchases of investments (62)(545)
Return of investment from equity method investees55 30 
Contributions to equity method investees(35)(90)
Proceeds from maturities of investments28 1,355 
Other 42 24 
Net cash provided by (used in) investing activities of continuing operations(2,154)(753)
Net cash provided by (used in) investing activities of discontinued operations 153  
Net cash provided by (used in) investing activities (2,001)(753)
Financing activities:
Repayment of debt(3,783) 
Proceeds from issuance of debt, net3,476  
Dividends paid to common stockholders(863)(954)
Repurchases of common stock(448) 
Distributions to noncontrolling interests(113)(107)
Funding from noncontrolling interests87 107 
Payments on lease and other financing obligations(62)(48)
Payments for withholding of employee taxes related to stock-based compensation(12)(24)
Other(28)(39)
Net cash provided by (used in) financing activities(1,746)(1,065)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(15)(9)
Net change in cash, cash equivalents and restricted cash, including cash and restricted cash reclassified to assets held for sale
90 320 
Less: cash and restricted cash reclassified to assets held for sale (1)
(140) 
Net change in cash, cash equivalents and restricted cash(50)320 
Cash, cash equivalents and restricted cash at beginning of period 3,100 2,944 
Cash, cash equivalents and restricted cash at end of period $3,050 $3,264 

9

NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
Nine Months Ended September 30,
20242023
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$3,016 $3,190 
Restricted cash included in Other current assets3 1 
Restricted cash included in Other non-current assets31 73 
Total cash, cash equivalents and restricted cash$3,050 $3,264 
____________________________
(1)During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related assets and liabilities as of September 30, 2024, including $86 of Cash and cash equivalents and $54 of restricted cash, previously included in Other current assets and Other non-current assets, were reclassified to Assets held for sale and Liabilities held for sale, respectively. Refer to Note 5 for additional information.
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(unaudited, in millions)
Common StockTreasury StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
(Accumulated
Deficit)
Noncontrolling
Interests
Total
Equity
SharesAmountSharesAmount
Balance at December 31, 20231,159 $1,854 (7)$(264)$30,419 $14 $(2,996)$178 $29,205 
Net income (loss)— — — — — — 170 9 179 
Other comprehensive income (loss) — — — — — (30)— — (30)
Dividends declared (1)
— — — — — — (285)— (285)
Distributions declared to noncontrolling interests— — — — — — — (35)(35)
Cash calls requested from noncontrolling interests— — — — — — — 33 33 
Withholding of employee taxes related to stock-based compensation— — — (10)— — — — (10)
Stock-based awards and related share issuances1 1 — — 17 — — — 18 
Balance at March 31, 20241,160 1,855 (7)(274)30,436 (16)(3,111)185 29,075 
Net income (loss)— — — — — — 853 4 857 
Other comprehensive income (loss) — — — — — 9 — — 9 
Dividends declared (1)
— — — — — — (292)— (292)
Distributions declared to noncontrolling interests— — — — — — — (36)(36)
Cash calls requested from noncontrolling interests— — — — — — — 31 31 
Repurchase and retirement of common stock(2)(4)— — (66)— (35)— (105)
Stock-based awards and related share issuances— — — — 24 — — — 24 
Balance at June 30, 20241,158 1,851 (7)(274)30,394 (7)(2,585)184 29,563 
Net income (loss) — — — — — — 922 2 924 
Other comprehensive income (loss) — — — — — 28 — — 28 
Dividends declared (1)
— — — — — — (287)— (287)
Distributions declared to noncontrolling interests— — — — — — — (36)(36)
Cash calls requested from noncontrolling interests— — — — — — — 34 34 
Repurchase and retirement of common stock (2)
(7)(11)— — (185)— (151)— (347)
Withholding of employee taxes related to stock-based compensation— — — (2)— — — — (2)
Stock-based awards and related share issuances— — — — 19 — — — 19 
Balance at September 30, 20241,151 $1,840 (7)$(276)$30,228 $21 $(2,101)$184 $29,896 
____________________________
(1)Cash dividends paid per common share were $0.25 and $0.75 for the three and nine months ended September 30, 2024, respectively.
(2)In October 2024, an additional $302 of common stock was repurchased and retired.
11

NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(unaudited, in millions)
Common StockTreasury StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
(Accumulated
Deficit)
Noncontrolling
Interests
Total
Equity
SharesAmountSharesAmount
Balance at December 31, 2022799 $1,279 (6)$(239)$17,369 $29 $916 $179 $19,533 
Net income (loss)— — — — — — 351 12 363 
Other comprehensive income (loss)— — — — — (6)— — (6)
Dividends declared (1)
— — — — — — (319)— (319)
Distributions declared to noncontrolling interests— — — — — — — (40)(40)
Cash calls requested from noncontrolling interests— — — — — — — 31 31 
Withholding of employee taxes related to stock-based compensation— — (1)(22)— — — — (22)
Stock-based awards and related share issuances1 2 — — 17 — — — 19 
Balance at March 31, 2023800 1,281 (7)(261)17,386 23 948 182 19,559 
Net income (loss)— — — — — — 155 — 155 
Other comprehensive income (loss)— — — — — (10)— — (10)
Dividends declared (1)
— — — — — — (318)— (318)
Distributions declared to noncontrolling interests— — — — — — — (26)(26)
Cash calls requested from noncontrolling interests— — — — — — — 34 34 
Stock-based awards and related share issuances— — — — 21 — — — 21 
Balance at June 30, 2023800 1,281 (7)(261)17,407 13 785 190 19,415 
Net income (loss)— — — — — — 158 5 163 
Other comprehensive income (loss)— — — — — (5)— — (5)
Dividends declared (1)
— — — — — — (320)— (320)
Distributions declared to noncontrolling interests— — — — — — — (41)(41)
Cash calls requested from noncontrolling interests— — — — — — — 32 32 
Withholding of employee taxes related to stock-based compensation— — — (2)— — — — (2)
Stock-based awards and related share issuances1 — — — 18 — — — 18 
Balance at September 30, 2023801 $1,281 (7)$(263)$17,425 $8 $623 $186 $19,260 
____________________________
(1)Cash dividends paid per common share were $0.40 and $1.20 for the three and nine months ended September 30, 2023, respectively.
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

NOTE 1     BASIS OF PRESENTATION
The interim Condensed Consolidated Financial Statements (“interim statements”) of Newmont Corporation, a Delaware corporation and its subsidiaries (collectively, “Newmont,” “we,” “us,” or the “Company”) are unaudited. In the opinion of management, all normal recurring adjustments and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with Newmont’s Consolidated Financial Statements for the year ended December 31, 2023, as filed with the SEC on February 29, 2024 on Form 10-K. The year-end balance sheet data was derived from the audited financial statements and, in accordance with the instructions to Form 10-Q, certain information and footnote disclosures required by GAAP have been condensed or omitted.
Divestment of Non-Core Assets
Telfer
In September 2024, the Company entered into a binding agreement to sell the assets of the Telfer reportable segment to Greatland Gold plc. The sale, which is subject to customary conditions and regulatory approvals, is expected to be completed in the fourth quarter of 2024. The Company recorded a loss on assets held for sale of $115 during the quarter, which is subject to change upon completion of the transaction, and is currently evaluating other potential impacts of the terms of the agreement on its consolidated financial statements. The Telfer assets and liabilities remain designated as held for sale as of September 30, 2024.
Akyem
In October 2024, the Company entered into a definitive agreement to sell the Akyem reportable segment to Zijin Mining Group Co., Ltd. The sale, which is subject to customary conditions and regulatory approvals, is expected to be completed in the fourth quarter of 2024. The Company does not expect to record a loss on the completion of the transaction and is currently evaluating other potential impacts of the terms of the agreement on its consolidated financial statements. The Akyem assets and liabilities remain designated as held for sale as of September 30, 2024.
Refer to Note 5 for further information on the Company's assets and liabilities held for sale.
Newcrest Transaction
On November 6, 2023, the Company completed its business combination transaction with Newcrest Mining Limited, a public Australian mining company limited by shares ("Newcrest"), whereby Newmont, through Newmont Overseas Holdings Pty Ltd, an Australian proprietary company limited by shares (“Newmont Sub”), acquired all of the ordinary shares of Newcrest in a fully stock transaction for total non-cash consideration of $13,549. Newcrest became a direct wholly owned subsidiary of Newmont Sub and an indirect wholly owned subsidiary of Newmont (such acquisition, the “Newcrest transaction”). The combined company continues to be traded on the New York Stock Exchange under the ticker NEM. The combined company is also listed on the Toronto Stock Exchange under the ticker NGT, on the Australian Securities Exchange under the ticker NEM, and on the Papua New Guinea Securities Exchange under the ticker NEM. Refer to Note 3 for further information.
Noncontrolling Interests
Net loss (income) attributable to noncontrolling interest is comprised of income of $2 and $5 for the three months ended September 30, 2024 and 2023, respectively, and of $15 and $17 for the nine months ended September 30, 2024 and 2023, respectively, related to Suriname Gold project C.V. (“Merian”). Newmont consolidates Merian through its wholly-owned subsidiary, Newmont Suriname LLC., in its Condensed Consolidated Financial Statements as the primary beneficiary of Merian, which is a variable interest entity.
Discontinued Operations
Net income (loss) from discontinued operations includes results related to the Batu Hijau and Elang contingent consideration assets associated with the sale of PT Newmont Nusa Tenggara in 2016. In the third quarter of 2024, the Company completed the sale of the Batu and Elang contingent consideration assets for cash consideration of $153, resulting in a gain of $15 included in Net income (loss) from discontinued operations. Refer to Note 12 for further information.
NOTE 2     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Risks and Uncertainties
As a global mining company, the Company’s revenue, profitability and future rate of growth are substantially dependent on prevailing metal prices, primarily for gold, but also for copper, silver, lead, and zinc. Historically, the commodity markets have been very volatile, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations,
13

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
cash flows, access to capital and on the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Property, plant and mine development, net; Inventories; Stockpiles and ore on leach pads; Investments; certain Derivative assets; Deferred income tax assets; and Goodwill are particularly sensitive to the outlook for commodity prices. A decline in the Company’s price outlook from current levels could result in material impairment charges related to these assets.
The Company's global operations expose it to risks associated with public health crises, including epidemics and pandemics such as COVID-19, and geopolitical and macroeconomic pressures such as the Russian invasion of Ukraine. The Company continues to experience the impacts from recent geopolitical and macroeconomic pressures. With the resulting volatile environment, the Company continues to monitor inflationary conditions, the effects of certain countermeasures taken by central banks, and the potential for further supply chain disruptions as well as an uncertain and evolving labor market.
The following factors could have further potential short- and, possibly, long-term material adverse impacts on the Company including, but not limited to, volatility in commodity prices and the prices for gold and other metals, changes in the equity and debt markets or country specific factors adversely impacting discount rates, significant cost inflation impacts on production, capital and asset retirement costs, logistical challenges, workforce interruptions and financial market disruptions, energy market disruptions, as well as potential impacts to estimated costs and timing of projects.
Refer to Note 20 below for further information on risks and uncertainties that could have a potential impact on the Company as well as Note 2 of the Consolidated Financial Statements included in Part II, Item 8, of the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 29, 2024.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. The Company must make these estimates and assumptions because certain information used is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. Actual results could differ from these estimates.
Assets Held for Sale
A long-lived asset (or a disposal group for a long-lived asset comprising a group of assets and related liabilities) is classified as held for sale if it is probable that the asset will be recovered through sale rather than continuing use.
The Company records assets held for sale at the lower of its carrying value or fair value less costs to sell and ceases depreciation and amortization on long-lived assets (or disposal groups). The following criteria are used to determine if a long-lived asset (or disposal group) is held for sale: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
In determining the fair value of the assets less costs to sell, the Company considers factors including current sales prices for comparable assets, discounted cash flow projections, third party valuations and indicative offer information, if applicable. The Company’s assumptions about fair value require significant judgment because the current market is sensitive to changes in economic conditions, as well as asset-specific considerations. The Company estimates the fair value of assets held for sale based on current market conditions and assumptions made by management, which may differ from actual results and could result in future impairments if market conditions deteriorate.
An impairment loss on the initial classification and subsequent measurement of an asset held for sale is recognized as an expense. Any subsequent increase in fair value less costs to sell (not exceeding the accumulated impairment loss that has been previously recognized) is recognized as a reversal of expense. The Company continues to evaluate the fair value of assets held for sale and monitors market conditions and other economic factors, which could result in additional impairments in the future.
Reclassifications
Certain amounts and disclosures in prior years have been reclassified to conform to the current year presentation.
Recently Adopted Accounting Pronouncements and Securities and Exchange Commission Rules
Effects of Reference Rate Reform
In March 2020, ASU No. 2020-04 was issued which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform. In January 2021, ASU No. 2021-01 was issued which broadened the scope of ASU No. 2020-04 to include certain derivative instruments. In December 2022, ASU No. 2022-06 was issued which deferred the sunset date of ASU No. 2020-04. The guidance is effective for all entities as of March 12, 2020 through
14

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
December 31, 2024. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. The Company has completed its review of key contracts and does not expect the guidance to have a material impact to the consolidated financial statements or disclosures. The Company will continue to review new contracts to identify references to the LIBOR and implement adequate fallback provisions if not already implemented to mitigate the risks or impacts from the transition.
Recently Issued Accounting Pronouncements and Securities and Exchange Commission Rules
SEC Final Climate Rule
In March 2024, the SEC issued a final rule that requires registrants to disclose climate-related information in their annual reports and in registration statements. In April 2024, the SEC chose to stay the newly adopted rule pending judicial review of related consolidated Eighth Circuit petitions. If the stay is lifted, certain disclosures may be required in annual reports for the year ending December 31, 2025, filed in 2026. The Company is currently evaluating the impacts of the rules on its consolidated financial statements.
Improvement to Income Tax Disclosures
In December 2023, ASU 2023-09 was issued which requires disaggregated information about the effective tax rate reconciliation and additional information on taxes paid that meet a qualitative threshold. The new guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impacts of the guidance on its consolidated financial statements.
Segments Reporting
In November 2023, ASU 2023-07 was issued which improves disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for additional, more detailed information about a reportable segment’s expenses. The ASU applies to all public entities that are required to report segment information in accordance with ASC 280 and is effective starting in annual periods beginning after December 15, 2023. The adoption is not expected to have a material impact on the Company's consolidated financial statements or disclosures.
NOTE 3     BUSINESS ACQUISITION
On November 6, 2023 (the “acquisition date”), Newmont completed its business combination transaction with Newcrest, a public Australian mining company limited by shares, whereby Newmont, through Newmont Sub, acquired all of the ordinary shares of Newcrest, pursuant to a court-approved scheme of arrangement under Part 5.1 of the Australian Corporations Act 2001 (Cth) between Newcrest and its shareholders, as contemplated by a scheme implementation deed, dated as of May 15, 2023, by and among Newmont, Newmont Sub and Newcrest, as amended from time to time. Upon implementation, Newmont completed the business acquisition of Newcrest, in which Newmont was the acquirer and Newcrest became a direct wholly owned subsidiary of Newmont Sub and an indirect wholly owned subsidiary of Newmont (such acquisition, the “Newcrest transaction”). The acquisition of Newcrest increased the Company’s gold and other metal reserves and expanded the operating jurisdictions.
The acquisition date fair value of the consideration transferred consisted of the following:
(in millions, except share and per share data)SharesPer Share
Purchase Consideration
Stock Consideration
Shares of Newmont exchanged for Newcrest outstanding ordinary shares
357,691,627 $37.88 $13,549 
Total Purchase Price
$13,549 
The Company retained an independent appraiser to determine the fair value of assets acquired and liabilities assumed. In accordance with the acquisition method of accounting, the purchase price of Newcrest has been allocated to the acquired assets and assumed liabilities based on their estimated acquisition date fair values. The fair value estimates were based on income, market and cost valuation methods. The excess of the total consideration over the estimated fair value of the amounts initially assigned to the identifiable assets acquired and liabilities assumed has been recorded as goodwill, which is not deductible for income tax purposes. The goodwill balance is mainly attributable to: (i) the acquisition of existing operating mines with access to an assembled workforce that cannot be duplicated at the same costs by new entrants; (ii) operating synergies anticipated from the integration of the operations of Newmont and Newcrest; and (iii) the application of Newmont’s Full Potential program and potential strategic and financial benefits that include the increase in reserve base and opportunities to identify additional mineralization through exploration activities.
As of September 30, 2024, the Company had not yet fully completed the analysis to assign fair values to all assets acquired and liabilities assumed, and therefore the purchase price allocation for Newcrest is preliminary. At September 30, 2024, remaining items to finalize include the fair value of materials and supplies inventories, property, plant and mine development, goodwill, reclamation and remediation liabilities, employee-related benefits, unrecognized tax benefits, and deferred income tax assets and
15

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
liabilities. The preliminary purchase price allocation will be subject to further refinement as the Company continues to implement Newmont accounting policies and refine its estimates and assumptions based on information available at the acquisition date. These refinements may result in material changes to the estimated fair value of assets acquired and liabilities assumed. The purchase price allocation adjustments can be made throughout Newmont’s measurement period, which is not to exceed one year from the acquisition date.
The following table summarizes the preliminary purchase price allocation for the Newcrest transaction at September 30, 2024:
ASSETSAt September 30, 2024
Cash and cash equivalents$668 
Trade receivables212 
Inventories722 
Stockpiles and ore on leach pads
137 
Derivative assets42 
Other current assets193 
Current assets1,974 
Property, plant and mine development, net (1)
13,588 
Investments
990 
Stockpiles and ore on leach pads
131 
Deferred income tax assets (2)
239 
Goodwill (3)
2,463 
Derivative assets362 
Other non-current assets94 
Total assets19,841 
LIABILITIES
Accounts payable344 
Employee-related benefits143 
Lease and other financing obligations16 
Debt1,923 
Other current liabilities
334 
Current liabilities2,760 
Debt
1,373 
Lease and other financing obligations35 
Reclamation and remediation liabilities (4)
460 
Deferred income tax liabilities (2)
1,429 
Employee-related benefits
225 
Other non-current liabilities10 
Total liabilities6,292 
Net assets acquired$13,549 
____________________________
(1)During 2024, measurement period adjustments totaling $405 increased Property, plant and mine development, net, from refinements to the preliminary valuation of the Canadian and Telfer assets.
(2)Deferred income tax assets and liabilities represent the future tax benefit or future tax expense associated with the differences between the preliminary fair value allocated to assets (excluding goodwill) and liabilities and a tax basis increase to the preliminary fair value of the assets acquired in Australia and the historical carryover tax basis of assets and liabilities in all other jurisdictions. No deferred tax liability is recognized for the basis difference inherent in the preliminary fair value allocated to goodwill. During 2024, adjustments resulted in deferred income tax assets increasing by a total of $50 and deferred income tax liabilities increasing by a total of $98.
(3)Preliminary goodwill is attributable to reportable segments as follows: $1,088 to Brucejack; $404 to Red Chris; $356 to Cadia; and $615 to Lihir. During 2024, the Company identified and recorded measurement period adjustments to the Company's preliminary purchase price allocation, as a result of additional analysis performed. These adjustments resulted in a total reduction in Goodwill of $281.
(4)During 2024, measurement period adjustments of $67 increased Reclamation and remediation liabilities from refinements to the preliminary valuation of the Telfer asset.
Sales and Net income (loss) attributable to Newmont stockholders in the Condensed Consolidated Statement of Operations includes Newcrest revenue of $1,160 and $3,292 and Newcrest net income (loss) of $145 and $621 for the three and nine months ended September 30, 2024, respectively.
16

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
Pro Forma Financial Information
The following unaudited pro forma financial information presents consolidated results assuming the Newcrest transaction occurred on January 1, 2022.
Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
Sales$3,517 $11,235 
Net income (loss) attributable to Newmont stockholders
$281 $1,268 
NOTE 4     SEGMENT INFORMATION
The Company regularly reviews its segment reporting for alignment with its strategic goals and operational structure as well as for evaluation of business performance and allocation of resources by Newmont’s Chief Operating Decision Maker ("CODM"). The reportable segments of the Company comprise each of its 17 mining operations that it manages, which includes its 70.0% proportionate interest in Red Chris, and its 38.5% proportionate interest in Nevada Gold Mines ("NGM") which it does not directly manage.
In the following tables, Income (loss) before income and mining tax and other items from reportable segments does not reflect general corporate expenses, interest (except project-specific interest) or income and mining taxes. Intercompany revenue and expense amounts have been eliminated within each segment in order to report on the basis that management uses internally for evaluating segment performance. The Company's business activities and operating segments that are not considered reportable, including all equity method investments, are reported in Corporate and Other, which has been provided for reconciliation purposes.
The financial information relating to the Company’s segments is as follows:
17

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
SalesCosts Applicable to SalesDepreciation and AmortizationAdvanced Projects, Research and Development and Exploration
Income (Loss) before Income and Mining Tax and Other Items
Capital Expenditures (1)
Three Months Ended September 30, 2024
Brucejack (2)
$252 $98 $70 $7 $75 $17 
Red Chris (2)
Gold24 21 7 
Copper51 71 22 
Total Red Chris75 92 29 5 (48)41 
Peñasquito:
Gold144 54 22 
Silver147 75 32 
Lead32 26 10 
Zinc152 118 43 
Total Peñasquito475 273 107 2 51 32 
Merian158 113 24 6 13 14 
Cerro Negro
150 91 31 4 20 58 
Yanacocha220 96 23 2 58 21 
Boddington:
Gold326 136 25 
Copper73 44 9 
Total Boddington399 180 34 1 174 34 
Tanami248 98 30 8 99 108 
Cadia: (2)
Gold298 80 30 
Copper205 80 31 
Total Cadia503 160 61 3 267 155 
Lihir (2)
317 206 37 2 66 44 
Ahafo551 192 55 14 293 102 
NGM611 320 103 5 178 103 
Corporate and Other 1 11 48 (280)7 
Held for sale (3)
CC&V94 54 3 1 33 7 
Musselwhite124 50  1 71 27 
Porcupine172 78 2 2 86 64 
Éléonore129 70  3 55 27 
Telfer: (2)(4)
Gold13 39 1 
Copper 4  
Total Telfer13 43 1 6 (158)15 
Akyem (5)
114 95 10 1 6 4 
Consolidated$4,605 $2,310 $631 $121 $1,059 $880 
____________________________
(1)Includes an increase in accrued capital expenditures of $3. Consolidated capital expenditures on a cash basis were $877.
(2)Sites acquired through the Newcrest transaction. Refer to Note 3 for further information.
(3)Refer to Note 5 for further information on held for sale. The Coffee development project disposal group is included in Corporate and Other.
(4)During the second quarter, seepage points were detected on the outer wall and around the tailings storage facility at Telfer and the Company temporarily ceased placing new tailings on the facility. Production resumed at the end of the third quarter. In September 2024, the Company entered into a binding agreement to sell the assets of the Telfer reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 for further information.
(5)In October 2024, the Company entered into a definitive agreement to sell the Akyem reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 for further information.
18

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
SalesCosts Applicable to SalesDepreciation and AmortizationAdvanced Projects, Research and Development and Exploration
Income (Loss) before Income and Mining Tax and Other Items
Capital Expenditures (1)
Three Months Ended September 30, 2023
CC&V$87 $57 $6 $4 $17 $21 
Musselwhite92 50 21 2 19 29 
Porcupine118 73 29 5 8 37 
Éléonore (2)
91 63 22 3 3 29 
Peñasquito: (3)
Gold(2)16 12 
Silver5 23 19 
Lead 7 6 
Zinc(2)18 16 
Total Peñasquito1 64 53 3 (128)9 
Merian160 104 23 9 24 26 
Cerro Negro
124 79 34 3 (1)44 
Yanacocha162 90 27  15 81 
Boddington:
Gold350 157 28 
Copper90 50 8 
Total Boddington440 207 36 1 198 54 
Tanami238 81 30 7 157 98 
Ahafo265 133 47 12 82 73 
Akyem135 72 31 6 24 9 
NGM580 298 112 8 151 132 
Corporate and Other  9 68 (337)10 
Consolidated$2,493 $1,371 $480 $131 $232 $652 
____________________________
(1)Includes an increase in prepaid capital expenditures and accrued capital expenditures of $48. Consolidated capital expenditures on a cash basis were $604.
(2)In June 2023, the Company evacuated Éléonore and temporarily shutdown the operation in response to the ongoing wildfires in Canada and continued to incur costs. The Company fully resumed operations during the third quarter of 2023.
(3)In June 2023, the National Union of Mine and Metal Workers of the Mexican Republic (the "Union") notified the Company of a strike action. In response to the strike notice, the Company suspended operations at Peñasquito. The Company reached an agreement with the Union and operations at Peñasquito resumed in the fourth quarter of 2023.
19

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
SalesCosts Applicable to SalesDepreciation and AmortizationAdvanced Projects, Research and Development and Exploration
Income (Loss) before Income and Mining Tax and Other Items
Capital Expenditures (1)
Nine Months Ended September 30, 2024
Brucejack (2)
$430 $236 $141 $8 $42 $52 
Red Chris (2)
Gold59 35 11 
Copper160 135 41 
Total Red Chris219 170 52 9 (11)125 
Peñasquito:
Gold385 145 59 
Silver557 282 117 
Lead136 88 36 
Zinc425 322 114 
Total Peñasquito1,503 837 326 7 276 90 
Merian455 299 63 15 73 64 
Cerro Negro
368 224 83 12 35 135 
Yanacocha587 261 74 8 100 54 
Boddington:
Gold945 419 77 
Copper236 141 27 
Total Boddington1,181 560 104 3 506 91 
Tanami667 281 88 23 260 298 
Cadia: (2)
Gold843 231 91 
Copper593 214 91 
Total Cadia1,436 445 182 12 790 400 
Lihir (2)
1,039 539 115 12 355 139 
Ahafo1,354 527 161 31 656 273 
NGM1,760 941 313 17 470 347 
Corporate and Other 1 35 138 (1,027)15 
Held for sale (3)
CC&V231 139 10 4 (35)20 
Musselwhite357 163 18 4 86 74 
Porcupine503 235 34 5 (29)159 
Éléonore392 239 21 8 121 77 
Telfer: (2)(4)
Gold154 192 13 
Copper14 31 3 
Total Telfer168 223 16 12 (212)39 
Akyem (5)
380 252 51 5 67 20 
Consolidated$13,030 $6,572 $1,887 $333 $2,523 $2,472 
____________________________
(1)Includes a decrease in accrued capital expenditures of $55. Consolidated capital expenditures on a cash basis were $2,527.
(2)Sites acquired through the Newcrest transaction. Refer to Note 3 for further information.
(3)Refer to Note 5 for further information on held for sale. The Coffee development project disposal group is included in Corporate and Other.
(4)During the second quarter, seepage points were detected on the outer wall and around the tailings storage facility at Telfer and the Company temporarily ceased placing new tailings on the facility. Production resumed at the end of the third quarter. In September 2024, the Company entered into a binding agreement to sell the assets of the Telfer reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 for further information.
(5)In October 2024, the Company entered into a definitive agreement to sell the Akyem reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 for further information.
20

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
SalesCosts Applicable to SalesDepreciation and AmortizationAdvanced Projects, Research and Development and Exploration
Income (Loss) before Income and Mining Tax and Other Items
Capital Expenditures (1)
Nine Months Ended September 30, 2023
CC&V$260 $157 $19 $10 $65 $44 
Musselwhite255 163 58 7 23 74 
Porcupine366 220 85 15 35 95 
Éléonore (2)
320 212 73 6 27 74 
Peñasquito: (3)
Gold203 123 47 
Silver246 200 78 
Lead64 62 25 
Zinc180 194 70 
Total Peñasquito693 579 220 9 (163)81 
Merian423 269 56 17 80 61 
Cerro Negro
340 232 99 6 (25)118 
Yanacocha394 225 65 9 6 209 
Boddington:
Gold1,125 483 83 
Copper282 151 26 
Total Boddington1,407 634 109 4 657 128 
Tanami605 244 80 20 297 287 
Ahafo777 384 128 28 244 240 
Akyem381 189 86 14 85 31 
NGM1,634 888 323 25 376 339 
Corporate and Other  26 154 (636)37 
Consolidated$7,855 $4,396 $1,427 $324 $1,071 $1,818 
____________________________
(1)Includes an increase in prepaid capital expenditures and accrued capital expenditures of $72. Consolidated capital expenditures on a cash basis were $1,746.
(2)In June 2023, the Company evacuated Éléonore and temporarily shutdown the operation in response to the ongoing wildfires in Canada and continued to incur costs. The Company fully resumed operations during the third quarter of 2023.
(3)In June 2023, the Union notified the Company of a strike action. In response to the strike notice, the Company suspended operations at Peñasquito. The Company reached an agreement with the Union and operations at Peñasquito resumed in the fourth quarter of 2023.
NOTE 5    ASSETS AND LIABILITIES HELD FOR SALE
Based on a comprehensive review of the Company’s portfolio of assets, the Company’s Board of Directors approved a portfolio optimization program to divest six non-core assets and a development project in February 2024. The non-core assets to be divested include the CC&V, Musselwhite, Porcupine, Éléonore, Telfer, and Akyem reportable segments, and the Coffee development project which is included within Corporate and Other. The Telfer disposal group also includes the Havieron development project, which is 70% owned by the Company and accounted for under proportionate consolidation, and other related assets.
In February 2024, based on progress made through the Company's active sales program and management’s expectation that the sale is probable and will be completed within 12 months, the Company concluded that these non-core assets and the development project met the accounting requirements to be presented as held for sale. While the Company remains committed to a plan to sell these assets for a fair price, there is a possibility that the assets held for sale may exceed one year due to events or circumstances beyond the Company's control. As of December 31, 2023, the aggregate net book value of the non-core assets and the development project was $3,419.
Upon meeting the requirements to be presented as held for sale, the six non-core assets and the development project were recorded at the lower of the carrying value or fair value, less costs to sell, and will be periodically valued until sale occurs. As a result, a total loss of $115 and $846 was recognized within Loss on assets held for sale for the three and nine months ended September 30, 2024, respectively. For the three and nine months ended September 30, 2024, the loss is comprised of write-downs of $115 and $624, respectively, and a tax impact resulting in the establishment of a deferred tax asset which increased the respective carrying values and resulted in an additional loss of $ and $222, respectively. The write-down resulted in an aggregate net book value of $2,990 at September 30, 2024.

21

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
The estimated fair values were determined using the income approach in the absence of a binding sales agreement and are considered non-recurring level 3 fair value measurements. For fair values estimated using the income approach, the significant inputs included (i) cash flow information available to the Company, (ii) a short-term gold price of $2,575 per ounce, (iii) a long-term gold price of $1,700 per ounce, (iv) current estimates of reserves, resources, and exploration potential, and (v) a reporting unit specific discount rate in the range of 6.0% to 12.0%. The Telfer fair value measurement was based on the binding agreement announced in the third quarter of 2024 and is considered a non-recurring level 3 measurement based on the form of consideration which includes certain unobservable inputs. The Company will continue to monitor its estimates of the fair value of assets held for sale, which could result in additional future impairments based on unfavorable market conditions or other economic factors.
The following table presents the carrying value of the major classes of assets and liabilities held for sale by disposal group as of September 30, 2024, prior to recognition of the write-down of $624, excluding tax impacts, for the nine months ended September 30, 2024:
CC&V
Musselwhite
Porcupine
Éléonore
Telfer (1)
Akyem (2)
Coffee Project (3)
Total
Assets held for sale:
Property, plant and mine development, net
$97 $1,039 $1,486 $761 $496 $533 $321 $4,733 
Other assets
464 38 105 137 452 267 2 1,465 
Carrying value of assets held for sale
$561 $1,077 $1,591 $898 $948 $800 $323 $6,198 
Liabilities held for sale:
Reclamation and remediation liabilities
$284 $79 $546 $85 $277 $404 $3 $1,678 
Other liabilities
37 295 267 61 126 118 2 906 
Carrying value of liabilities held for sale
$321 $374 $813 $146 $403 $522 $5 $2,584 
____________________________
(1)In September 2024, the Company entered into a binding agreement to sell the assets of the Telfer reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 for further information.
(2)In October 2024, the Company entered into a definitive agreement to sell the Akyem reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 for further information.
(3)The Coffee Project is included in Corporate and Other in Note 4.
22

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
NOTE 6     SALES
The following tables present the Company’s Sales by mining operation, product and inventory type:
Gold Sales from Doré ProductionSales from Concentrate and Other ProductionTotal Sales
Three Months Ended September 30, 2024
Brucejack (1)
$161 $91 $252 
Red Chris: (1)
Gold 24 24 
Copper 51 51 
Total Red Chris 75 75 
Peñasquito:
Gold 144 144 
Silver (2)
 147 147 
Lead 32 32 
Zinc 152 152 
Total Peñasquito 475 475 
Merian151 7 158 
Cerro Negro 150  150 
Yanacocha216 4 220 
Boddington:
Gold89 237 326 
Copper 73 73 
Total Boddington89 310 399 
Tanami248  248 
Cadia: (1)
Gold25 273 298 
Copper 205 205 
Total Cadia25 478 503 
Lihir (1)
317  317 
Ahafo551  551 
NGM (3)
574 37 611 
Held for sale (4)
CC&V94  94 
Musselwhite 124  124 
Porcupine 172  172 
Éléonore 129  129 
Telfer: (1)(5)
Gold6 7 13 
Copper   
Total Telfer6 7 13 
Akyem (6)
114  114 
Consolidated$3,121 $1,484 $4,605 
____________________________
(1)Sites acquired through the Newcrest transaction. Refer to Note 3 for further information.
(2)Silver sales from concentrate includes $15 related to non-cash amortization of the silver streaming agreement liability.
(3)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $581 for the three months ended September 30, 2024.
(4)Refer to Note 5 for further information on held for sale.
(5)In September 2024, the Company entered into a binding agreement to sell the assets of the Telfer reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 for further information.
(6)In October 2024, the Company entered into a definitive agreement to sell the Akyem reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 for further information.
23

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
Gold Sales from Doré ProductionSales from Concentrate and Other ProductionTotal Sales
Three Months Ended September 30, 2023
CC&V$87 $ $87 
Musselwhite 92  92 
Porcupine 118  118 
Éléonore 91  91 
Peñasquito: (1)
Gold (2)(2)
Silver (2)
 5 5 
Lead   
Zinc (2)(2)
Total Peñasquito 1 1 
Merian160  160 
Cerro Negro 124  124 
Yanacocha162  162 
Boddington:
Gold86 264 350 
Copper 90 90 
Total Boddington86 354 440 
Tanami238  238 
Ahafo265  265 
Akyem135  135 
NGM (3)
559 21 580 
Consolidated$2,117 $376 $2,493 
____________________________
(1)Sales activity recognized in the third quarter of 2023 is related to adjustments on provisionally priced concentrate sales subject to final settlement.
(2)No amortization of the silver streaming agreement liability was recognized in the third quarter of 2023 within sales from concentrate and other production due to the suspended operations at Peñasquito.
(3)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $556 for the three months ended September 30, 2023.
24

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
Gold Sales from Doré ProductionSales from Concentrate and Other ProductionTotal Sales
Nine Months Ended September 30, 2024
Brucejack (1)
$291 $139 $430 
Red Chris: (1)
Gold 59 59 
Copper 160 160 
Total Red Chris 219 219 
Peñasquito:
Gold 385 385 
Silver (2)
 557 557 
Lead 136 136 
Zinc 425 425 
Total Peñasquito 1,503 1,503 
Merian435 20 455 
Cerro Negro 368  368 
Yanacocha580 7 587 
Boddington:
Gold254 691 945 
Copper 236 236 
Total Boddington254 927 1,181 
Tanami667  667 
Cadia: (1)
Gold90 753 843 
Copper 593 593 
Total Cadia90 1,346 1,436 
Lihir (1)
1,039  1,039 
Ahafo1,354  1,354 
NGM (3)
1,664 96 1,760 
Held for sale (4)
CC&V231  231 
Musselwhite 357  357 
Porcupine 503  503 
Éléonore 392  392 
Telfer: (1)(5)
Gold30 124 154 
Copper 14 14 
Total Telfer30 138 168 
Akyem (6)
380  380 
Consolidated$8,635 $4,395 $13,030 
____________________________
(1)Sites acquired through the Newcrest transaction. Refer to Note 3 for further information.
(2)Silver sales from concentrate includes $65 related to non-cash amortization of the silver streaming agreement liability.
(3)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $1,669 for the nine months ended September 30, 2024.
(4)Refer to Note 5 for further information on held for sale.
(5)In September 2024, the Company entered into a binding agreement to sell the assets of the Telfer reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 for further information.
(6)In October 2024, the Company entered into a definitive agreement to sell the Akyem reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 for further information.
25

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
Gold Sales from Doré ProductionSales from Concentrate and Other ProductionTotal Sales
Nine Months Ended September 30, 2023
CC&V$260 $ $260 
Musselwhite 255  255 
Porcupine 366  366 
Éléonore 320  320 
Peñasquito:
Gold34 169 203 
Silver (1)
 246 246 
Lead 64 64 
Zinc 180 180 
Total Peñasquito34 659 693 
Merian423  423 
Cerro Negro 340  340 
Yanacocha386 8 394 
Boddington:
Gold279 846 1,125 
Copper 282 282 
Total Boddington279 1,128 1,407 
Tanami605  605 
Ahafo777  777 
Akyem381  381 
NGM (2)
1,571 63 1,634 
Consolidated$5,997 $1,858 $7,855 
____________________________
(1)Silver sales from concentrate includes $31 related to non-cash amortization of the silver streaming agreement liability.
(2)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $1,568 for the nine months ended September 30, 2023.
Trade Receivables and Provisional Sales
At September 30, 2024 and December 31, 2023, Trade receivables primarily consisted of sales from provisionally priced concentrate and other production. The impact to Sales from changes in pricing on provisional sales is an increase of $66 and $ for the three months ended September 30, 2024 and 2023, respectively, and $197 and $ for the nine months ended September 30, 2024 and 2023, respectively.
At September 30, 2024, Newmont had the following provisionally priced concentrate sales subject to final pricing over the next several months:
Provisionally Priced Sales
Subject to Final Pricing (1)
Average Provisional
Price (per ounce/pound)
Gold (ounces, in thousands)231 $2,642 
Copper (pounds, in millions)87 $4.48 
Silver (ounces, in millions)3 $31.18 
Lead (pounds, in millions)18 $0.94 
Zinc (pounds, in millions)49 $1.40 
____________________________
(1)Includes provisionally priced by-product sales subject to final pricing, which are recognized as a reduction to Costs applicable to sales.
NOTE 7     RECLAMATION AND REMEDIATION
The Company’s mining and exploration activities are subject to various domestic and international laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. The Company conducts its operations to protect public health and the environment and believes its operations are in compliance with applicable laws and regulations in all material respects. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. Estimated future reclamation and remediation costs are based principally on current legal and regulatory requirements.
26

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
The Company’s Reclamation and remediation expense consisted of:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Reclamation adjustments and other$13 $53 $17 $61 
Reclamation accretion90 60 262 179 
Reclamation expense103 113 279 240 
Remediation adjustments and other26 51 39 52 
Remediation accretion3 2 6 6 
Remediation expense29 53 45 58 
Reclamation and remediation$132 $166 $324 $298 
The following are reconciliations of Reclamation and remediation liabilities:
Reclamation
Remediation
2024202320242023
Balance at January 1, (1)
$8,385 $6,731 $401 $373 
Additions, changes in estimates, and other (2)(3)
(2)75 28 45 
Acquisitions and divestitures (4)
64    
Payments, net(214)(163)(59)(28)
Accretion expense 262 179 6 6 
Reclassification to Liabilities held for sale (5)
(1,658) (20) 
Balance at September 30,
$6,837 $6,822 $356 $396 
____________________________
(1)The Newcrest transaction occurred on November 6, 2023, resulting in an increase in the beginning balance at January 1, 2024, as compared to the beginning balance at January 1, 2023. Refer to Note 3 for further information.
(2)The $75 addition to reclamation for the nine months ended September 30, 2023 was primarily due to increased labor and post-closure maintenance costs, and higher estimated costs arising from recent tailings management review and monitoring requirements set forth by GISTM at non-operating portions of the Porcupine site operation, and higher estimated closure costs at NGM due to GISTM compliance at Phoenix.
(3)The $28 addition to remediation for the nine months ended September 30, 2024 was primarily due to the completion of haul road safety enhancements and continued clean up of contaminated materials and closure of the three mine portals at the Ross Adams mine. The $45 addition to remediation for the nine months ended September 30, 2023 was primarily due to higher water management costs and project execution delays at the Midnite Mine.
(4)During 2024, measurement period adjustments of $64 increased Reclamation and remediation liabilities from refinements to the preliminary valuation of the Telfer asset.
(5)During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related assets and liabilities, including Reclamation and remediation liabilities, were reclassified to Assets held for sale and Liabilities held for sale, respectively. Refer to Note 5 for additional information.

At September 30, 2024At December 31, 2023
ReclamationRemediationTotalReclamationRemediationTotal
Current (1)
$717 $66 $783 $558 $61 $619 
Non-current (2)
6,120 290 6,410 7,827 340 8,167 
Total (3)
$6,837 $356 $7,193 $8,385 $401 $8,786 
____________________________
(1)The current portion of reclamation and remediation liabilities are included in Other current liabilities.
(2)The non-current portion of reclamation and remediation liabilities are included in Reclamation and remediation liabilities.
(3)Total reclamation liabilities include $4,759 and $4,804 related to Yanacocha at September 30, 2024 and December 31, 2023, respectively.
The Company is also involved in several matters concerning environmental remediation obligations associated with former, primarily historic, mining activities. Generally, these matters concern developing and implementing remediation plans at the various sites involved. The amounts accrued are reviewed periodically based upon facts and circumstances available at the time. Changes in estimates are recorded in Other current liabilities and Reclamation and remediation liabilities in the period estimates are revised.
Included in Assets held for sale at September 30, 2024 is $54 of restricted cash held for purposes of settling reclamation and remediation obligations at Akyem.
Included in Other non-current assets at September 30, 2024 and December 31, 2023 are $30 and $81, respectively, of non-current restricted cash held for purposes of settling reclamation and remediation obligations. The amounts at September 30, 2024
27

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
primarily relate to Ahafo and San Jose Reservoir at Yanacocha. The amounts at December 31, 2023 primarily relate to Ahafo and Akyem.
Included in Other non-current assets at September 30, 2024 and December 31, 2023 are $15 and $21, respectively, of non-current restricted investments, which are legally pledged for purposes of settling reclamation and remediation obligations. The amounts at September 30, 2024 and December 31, 2023 primarily relate to San Jose Reservoir at Yanacocha.
Refer to Note 20 for further discussion of reclamation and remediation matters.
NOTE 8     OTHER EXPENSE, NET
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Newcrest transaction and integration costs (1)
$17 $16 $62 $37 
Impairment charges18 2 39 10 
Settlement costs7 2 33 2 
Restructuring and severance5 7 20 19 
Other8 10 33 18 
Other expense, net$55 $37 $187 $86 
____________________________
(1)Represents costs incurred related to the Newcrest transaction. Refer to Note 3 for further information.
NOTE 9     OTHER INCOME (LOSS), NET
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Interest income$37 $35 $114 $108 
Change in fair value of investments17 (41)39 (42)
Gain on asset and investment sales, net
(28)(2)36 34 
Gain on debt extinguishment, net (1)
15  29  
Foreign currency exchange, net(29)10 (26)(12)
Insurance proceeds (2)
 37 12 37 
Other, net
5 3 34 (1)
Other income (loss), net$17 $42 $238 $124 
____________________________
(1)In the second and third quarter of 2024, the Company partially redeemed certain Senior Notes, resulting in a gain on extinguishment of $15 and $35 for the three and nine months ended September 30, 2024, respectively. The gain on extinguishment for the nine months ended September 30, 2024 is partially offset by the acceleration of $6 loss from Accumulated Other Comprehensive Income related to the previously terminated interest rate cash flow hedges. Refer to Note 16 for additional information.
(2)For the nine months ended September 30, 2024, primarily consists of insurance proceeds received of $12 related to a conveyor failure at Ahafo.
Gain on asset and investment sales, net. For the three and nine months ended September 30, 2024, Gain on asset and investment sales, net primarily consists of the gain recognized of $49 on the sale of the Stream Credit Facility Agreement ("SCFA") in the second quarter, partially offset by a loss of $29 recognized on the abandonment of the near-pit sizing and conveying system at Peñasquito in the third quarter of 2024. Refer to Note 12 for further information on the sale of the SCFA.
For the nine months ended September 30, 2023, Gain on asset and investment sales, net primarily consists of the gain recognized on the exchange of the previously held 28.5% investment in Maverix Metals, Inc. ("Maverix") for 7.5% ownership interest in Triple Flag Precious Metals Corporation ("Triple Flag") resulting from Triple Flag's acquisition of all issued and outstanding common shares of Maverix in January 2023, partially offset by the loss on the sale of the Triple Flag investment in March 2023, resulting in a net gain of $36.
28

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
NOTE 10     INCOME AND MINING TAXES
A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate follows:
Three Months Ended
September 30,
(1)
Nine Months Ended
September 30,
(1)
2024202320242023
Income (loss) before income and mining tax and other items$1,059 $232 $2,523 $1,071 
U.S. Federal statutory tax rate
21 %222 21 %49 21 %530 21 %225 
Reconciling items:
Percentage depletion(1)(12)(6)(13)(2)(49)(4)(40)
Change in valuation allowance on deferred tax assets(3)(37)30 69 (3)(82)

12 126 
Foreign rate differential7 72 6 13 9 219 8 88 
Effect of foreign earnings, net of credits1 9 6 13 1 30 2 25 
Mining and other taxes (net of associated federal benefit)5 55 4 9 6 150 5 58 
Uncertain tax position reserve adjustment(1)(6)2 4 (2)(58)3 18 
Tax impact of foreign exchange 2 25 (32)(72)(1)(33)(5)(52)
Akyem recognition of DTL for assets held for sale
(4)(37)  1 44   
Other(4)(47) 1 (2)(56) 1 
Income and mining tax expense (benefit)23 %$244 31 %$73 28 %$695 42 %$449 
____________________________
(1)Tax rates may not recalculate due to rounding.
In the third quarter, Newmont’s appeal of an Australian Taxation Office (“ATO”) assessment was heard by the Australian Federal Court. Refer to Note 20 for further information regarding the Australian tax court case.
NOTE 11     FAIR VALUE ACCOUNTING
The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) or nonrecurring basis by level within the fair value hierarchy. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Refer to Note 13 of the Consolidated Financial Statements included in Part II, Item 8, of the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 29, 2024 for further information on the Company's assets and liabilities included in the fair value hierarchy presented below.
Fair Value at September 30, 2024
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents (1)
$3,016 $3,016 $ $ 
Restricted cash34 34   
Trade receivables from provisional concentrate sales, net 
946  946  
Assets held for sale (Note 5) (2)
3,783   3,783 
Marketable and other equity securities (Note 13) (3)
281 269 12  
Restricted marketable debt securities (Note 13)
15 15   
Derivative assets (Note 12)
203  50 153 
$8,278 $3,334 $1,008 $3,936 
Liabilities:
Debt (4)
$8,938 $ $8,938 $ 
Derivative liabilities (Note 12)
11  3 8 
$8,949 $ $8,941 $8 
29

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
Fair Value at December 31, 2023
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents (1)
$3,002 $3,002 $ $ 
Restricted cash98 98   
Trade receivables from provisional concentrate sales, net 
734  734  
Long-lived assets22   22 
Marketable and other equity securities (Note 13)
252 243 9  
Restricted marketable debt securities (Note 13)
21 21   
Derivative assets (Note 12)
642  7 635 
$4,771 $3,364 $750 $657 
Liabilities:
Debt (4)
$8,975 $ $8,975 $ 
Derivative liabilities (Note 12)
8  3 5 
$8,983 $ $8,978 $5 
____________________________
(1)Cash and cash equivalents includes short-term deposits that have an original maturity of three months or less.
(2)Assets held for sale at September 30, 2024 includes assets held for sale that were written down to their fair value, excluding costs to sell, of $1,564, $1,383, and $836 at March 31, 2024, June 30, 2024, and September 30, 2024, respectively. The aggregate fair value, excluding costs to sell, of net assets held for sale subject to fair value remeasurement was $916, $600, and $433 at March 31, 2024, June 30, 2024, and September 30, 2024, respectively.
(3)Excludes certain investments accounted for under the measurement alternative at September 30, 2024.
(4)Debt is carried at amortized cost. The outstanding carrying value was $8,550 and $8,874 at September 30, 2024 and December 31, 2023, respectively. Refer to Note 16 for further information. The fair value measurement of debt was based on an independent third-party pricing source.
The Company's assets held for sale consist of the six non-core assets and a development project that met the accounting requirements to be presented as held for sale in the first quarter of 2024. The assets are classified as non-recurring within Level 3 of the fair value hierarchy. Refer to Note 5 for further information.
The following tables set forth a summary of the quantitative and qualitative information related to the significant observable and unobservable inputs used in the calculation of the Company’s Level 3 financial assets and liabilities at September 30, 2024 and December 31, 2023:
DescriptionAt September 30, 2024Valuation TechniqueSignificant InputRange, Point Estimate or Average
Weighted Average Discount Rate
Assets held for sale
$3,783 
Income-based approach (1)
Various (1)
Various (1)
Various (1)
Derivative assets:
Hedging instruments (2)(3)
$102 Discounted cash flow
Forward power prices
A$43 - A$321
5.00 %
Contingent consideration assets$48 
Discounted cash flow
Discount rate
8.04% - 26.43%
11.29 %
Derivative liabilities (3)
$5 Discounted cash flowDiscount rate
4.82% - 6.15%
5.62 %
DescriptionAt December 31, 2023Valuation TechniqueSignificant InputRange, Point Estimate or Average
Weighted Average Discount Rate
Long-lived assets$22 
Market-multiple
Various (5)
Various (5)
Various (5)
Derivative assets:
Derivative assets, not designated for hedging (2)
$424 Discounted cash flowDiscount rate
6.28% - 10.50%
9.03 %
Contingent consideration assets$211 
Monte Carlo (4)
Discount rate
8.04% - 26.43%
11.18 %
Derivative liabilities
$5 Discounted cash flow
Discount rate
4.91% - 6.15%
5.65 %
____________________________
(1)All assets held for sale, with the exception of Telfer, were valued using an income-based approach; refer to Note 5 for information on the assumptions and inputs specific to the non-recurring fair value measurements performed. As a binding agreement was reached for Telfer in the third quarter of 2024, the terms of the agreement were utilized to estimate the fair value of the Telfer assets held for sale at September 30, 2024.
(2)The SCFA and the Cadia Power Purchase Agreement ("Cadia PPA"), acquired as part of the Newcrest transaction, were not designated in a hedging relationship at December 31, 2023. At January 1, 2024, the Company designated the Cadia PPA for hedge accounting, and as a result is included within Hedging instruments at September 30, 2024. Additionally, in the second quarter of 2024, the Company sold the SCFA. Refer to Note 12 for further information.
30

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
(3)At September 30, 2024, the current portion of the Cadia PPA of $3 is in a liability position and the non-current portion of $105 is in an asset position. The current portion is included in Derivative liabilities within the fair value hierarchy table.
(4)A Monte Carlo valuation model was used for the fair value measurement of the Batu Hijau contingent consideration asset, which was sold in the third quarter of 2024. All other contingent consideration assets are valued using a probability-weighted discounted cash flow model.
(5)At December 31, 2023, the Company recognized its proportionate share of the non-cash impairment charge on long-lived assets at NGM, which resulted in a remaining long-lived asset balance of $22. The estimated fair value was based on observable market values for comparable assets expressed as dollar per ounce of mineral resources and was considered a non-recurring Level 3 fair value measurement.
The following tables set forth a summary of changes in the fair value of the Company’s recurring Level 3 financial assets and liabilities:
Derivative
Assets (1)
Total Assets
Derivative
Liabilities (2)
Total Liabilities
Fair value at December 31, 2023$635 $635 $5 $5 
Settlements/Reclassifications (3)
(76)(76)  
Revaluation
(29)(29)3 3 
Sales (4)
(377)(377)  
Fair value at September 30, 2024$153 $153 $8 $8 
Derivative
Assets (1)
Total Assets
Derivative
Liabilities (2)
Total Liabilities
Fair value at December 31, 2022$188 $188 $3 $3 
Revaluation
7 7 2 2 
Fair value at September 30, 2023$195 $195 $5 $5 
____________________________
(1)In 2024, the gain (loss) recognized on revaluation of derivative assets of $3, $(43) and $11 is included in Other income (loss), net, Other comprehensive income (loss), and Net income (loss) from discontinued operations, respectively. In 2023, the (loss) gain recognized on revaluation derivative assets of $(2) and $9 is included in Other income (loss), net and Net income (loss) from discontinued operations, respectively.
(2)In 2024, the loss recognized on revaluation of derivative liabilities of $3 is included in Other comprehensive income (loss). In 2023, the loss recognized on revaluation of derivative liabilities of $2 is included in Other income (loss), net.
(3)In the first quarter of 2024, certain amounts relating to the Batu Hijau contingent consideration asset were reclassified from current Derivative assets to Other current assets as a result of achieving certain contractual milestones.
(4)In the second quarter of 2024, the Company sold the SCFA resulting in a decrease of $281. In the third quarter of 2024, the Company sold the Batu and Elang Contingent consideration assets resulting in a decrease of $96. Refer to Note 12 for further information.
31

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
NOTE 12     DERIVATIVE INSTRUMENTS
At September 30,
2024
At December 31,
2023
Current derivative assets:
Derivative assets, not designated for hedging (1)
$ $115 
Contingent consideration assets (2)
 76 
Hedging instruments
42 7 
$42 $198 
Non-current derivative assets:
Derivative assets, not designated for hedging (1)
$ $309 
Contingent consideration assets (2)
48 135 
Hedging instruments (1)
113  
$161 $444 
Current derivative liabilities: (3)
Contingent consideration liabilities$3 $3 
Hedging instruments (1)
3  
$6 $3 
Non-current derivative liabilities: (4)
Contingent consideration liabilities$5 $5 
____________________________
(1)The SCFA and the Cadia PPA, acquired as part of the Newcrest transaction, were not designated in a hedging relationship at December 31, 2023. At January 1, 2024, the Company designated the Cadia PPA for hedge accounting, and as a result is included within Hedging instruments at September 30, 2024. Additionally, in the second quarter of 2024, the Company sold the SCFA. See below for further information.
(2)Contingent consideration assets at December 31, 2023 included the Batu Hijau and Elang contingent consideration assets, which were sold in the third quarter of 2024. Refer below for further information.
(3)Included in Other current liabilities.
(4)Included in Other non-current liabilities.
Derivative Assets, Not Designated for Hedging
Stream Credit Facility Agreement ("SCFA")
The SCFA was a non-revolving credit facility in relation to the Fruta del Norte mine, which is wholly owned and operated by Lundin Gold Inc. ("Lundin Gold") in which the Company holds a 31.9% equity interest (refer to Note 13 for further information). The SCFA was a financial instrument that met the definition of a derivative and was accounted for at fair value using a probability weighted discounted cash flow model, but was not designated for hedge accounting under ASC 815. The fair value of the SCFA was $276 at December 31, 2023, of which $113 was recognized in current Derivative assets and $163 was recognized in non-current Derivative assets.
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 for cash consideration of $330, of which $180 and $150 was received in the second and third quarter of 2024, respectively. Refer to Note 13 for further information on the Offtake agreement. The sale resulted in a gain of $49 recognized in Other Income (loss), net.
Hedging Instruments
Hedging instruments consisted of the foreign currency cash flow hedges and the Cadia PPA at September 30, 2024.
Foreign currency cash flow hedges
In June 2024, the Company initiated a hedge program by entering into AUD-denominated fixed forward contracts, with A$717 entered into as of September 30, 2024, to mitigate variability in the USD-functional cash flows related to the AUD-denominated capital expenditures to be incurred during the construction and development phase of the Tanami Expansion 2 project, Cadia PC1-2 and PC2-3 ("Cadia Block Caves") and Cadia Tailings Project ("Cadia Tails") to be incurred between October 2024 and December 2025. The capital expenditures hedged for the Tanami Expansion 2 project under these fixed forward contracts will be for spend not covered by the hedges entered into in October 2022, as described below. The fixed forward contracts were transacted for risk management purposes. The Company has designated the fixed forward contracts as foreign currency cash flow hedges against the forecasted AUD-denominated capital expenditures for the Tanami Expansion 2, Cadia Block Caves, and Cadia Tails projects.
32

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
Additionally in June 2024, the Company entered into CAD-denominated and AUD-denominated fixed forward contracts, with C$398 and A$1,491 entered into as of September 30, 2024, respectively, to mitigate variability in the USD-functional cash flows related to the CAD-denominated and AUD-denominated operating expenditures expected to be incurred between October 2024 and December 2025 at the Brucejack and Red Chris operating mines located in Canada and the Boddington, Tanami, and Cadia operating mines located in Australia, respectively. The fixed forward contracts were transacted for risk management purposes. The Company has designated the CAD-denominated and AUD-denominated fixed forward contracts as foreign currency cash flow hedges against the forecasted CAD-denominated and AUD-denominated operating expenditures, respectively.
In October 2022, the Company entered into A$574 of AUD-denominated fixed forward contracts to mitigate variability in the USD-functional cash flows related to the AUD-denominated capital expenditures expected to be incurred in 2023 and 2024 during the construction and development phase of the Tanami Expansion 2 project. The fixed forward contracts were transacted for risk management purposes. The Company has designated the fixed forward contracts as foreign currency cash flow hedges against the forecasted AUD-denominated Tanami Expansion 2 capital expenditures.
To minimize credit risk, the Company only enters into transactions with counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. The Company believes that the risk of counterparty default is low and its exposure to credit risk is minimal.
The unrealized changes in fair value have been recorded in Accumulated other comprehensive income (loss) and are reclassified to income during the period in which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. If the underlying hedge transaction becomes probable of not occurring, the related amounts will be reclassified to earnings immediately. For the foreign currency cash flow hedges related to capital expenditures, amounts recorded in Accumulated other comprehensive income (loss) are reclassified to earnings through Depreciation and amortization after the respective project reaches commercial production. For the foreign currency cash flow hedges related to operating expenditures, amounts recorded in Accumulated other comprehensive income (loss) are reclassified to earnings through Costs applicable to sales in the month that the operating expenditures are incurred.
Cadia Power Purchase Agreement ("Cadia PPA")
The Cadia PPA is a 15-year renewable power purchase agreement acquired by the Company through the Newcrest transaction. The Cadia PPA will partially hedge against future power price increases at the Cadia mine and will provide the Company with access to large scale generation certificates which the Company intends to surrender to achieve a reduction in its greenhouse gas emissions. At December 31, 2023, the Cadia PPA was a financial instrument that met the definition of a derivative under ASC 815 and was accounted for at fair value using a probability weighted discounted cash flow model, but was not designated for hedging. At January 1, 2024, the Company designated the Cadia PPA in a cash flow hedging relationship to mitigate the variability in cash flows related to approximately 40 percent of forecasted purchases of power at the Cadia mine for a 15 year period beginning in July 2024.
To minimize credit risk, the Company only enters into transactions with counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. The Company believes that the risk of counterparty default is low and its exposure to credit risk is minimal.
The unrealized changes in fair value have been recorded in Accumulated other comprehensive income (loss) and will be reclassified to income during the period in which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. If the underlying hedge transaction becomes probable of not occurring, the related amounts in Accumulated other comprehensive income (loss) will be reclassified to earnings immediately. For the Cadia PPA cash flow hedge, amounts recorded in Accumulated other comprehensive income (loss) will be reclassified to earnings through Costs applicable to sales the period in which the related hedged electricity is purchased, which began in July 2024.
The following table provides the fair value of the Company’s derivative instruments designated as cash flow hedges:
At September 30,
2024
At December 31,
2023
Hedging instrument assets:
Foreign currency cash flow hedges, current (1)
$42 $7 
Cadia PPA cash flow hedge, non-current (2)(3)
105  
Foreign currency cash flow hedges, non-current (2)
8  
$155 $7 
Hedging instrument liabilities:
Cadia PPA cash flow hedge, current (3)(4)
$3 $ 
$3 $ 
____________________________
(1)Included in current Derivative assets.
33

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
(2)Included in non-current Derivative assets.
(3)At January 1, 2024, the Company designated the Cadia PPA for hedge accounting. As a result, the Cadia PPA is captured in Derivative instruments, not designated for hedging at December 31, 2023. See above for further information.
(4)Included in Other current liabilities.
The following table provides the losses (gains) recognized in earnings related to the Company's derivative instruments:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Loss (gain) on cash flow hedges:
Interest rate contracts (1)
$2 $2 $10 $4 
Cadia PPA cash flow hedge (2)
3  3  
Foreign currency cash flow hedges (3)
 6  8 
$5 $8 $13 $12 
____________________________
(1)Interest rate contracts relate to swaps entered into, and subsequently settled, associated with the issuance of the 2022 Senior Notes, 2035 Senior Notes, 2039 Senior Notes, and 2042 Senior Notes. The related gains and losses are reclassified from Accumulated Other Comprehensive Income (Loss) and amortized to Interest expense, net over the term of the respective hedged notes. During the nine months ended September 30, 2024, $6 was reclassified to Other income, net as a result of partial redemptions on the 2042 Senior Notes. See Note 16 for additional information.
(2)As of September 30, 2024, $10 is expected to be reclassified out of Accumulated other comprehensive income (loss) into earnings over the next 12 months.
(3)As of September 30, 2024, $30 is expected to be reclassified out of Accumulated other comprehensive income (loss) into earnings over the next 12 months.
Contingent Consideration Assets and Liabilities
Contingent consideration assets and liabilities are comprised of contingent consideration to be received or paid by the Company in conjunction with various sales of assets and investments with future payment contingent upon meeting certain milestones. These contingent consideration assets and liabilities are accounted for at fair value and consist of financial instruments that meet the definition of a derivative but are not designated for hedge accounting under ASC 815. Refer to Note 11 for further information regarding the fair value of the contingent consideration assets and liabilities.
The Company had the following contingent consideration assets and liabilities:
At September 30,
2024
At December 31,
2023
Contingent consideration assets:
Red Lake (1)
$41 $39 
Cerro Blanco (1)
4 6 
Triple Flag (1)
2 4 
Batu Hijau and Elang (2)
 161 
Other (1)
1 1 
$48 $211 
Contingent consideration liabilities:
Norte Abierto (3)
$3 $3 
Red Chris (4)
3 3 
Galore Creek (3)
2 2 
$8 $8 
____________________________
(1)Included in non-current Derivative assets.
(2)The Batu Hijau and Elang contingent consideration assets were sold in the third quarter of 2024. Refer below for further information. At December 31, 2023, $76 is included in current Derivative assets and $85 is included in non-current Derivative assets.
(3)Included in Other non-current liabilities.
(4)Acquired through the Newcrest transaction and is included in Other current liabilities.
34

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
Batu Hijau and Elang Contingent Consideration Assets
The Batu Hijau and Elang contingent consideration assets relate to the sale of PT Newmont Nusa Tenggara in 2016. In the third quarter of 2024, the Company completed the sale of the Batu and Elang contingent consideration assets for cash consideration of $153. As a result of the sale, the Company recognized a tax benefit of $37 due to the release of the valuation allowance and a gain of $15, partially offset by a related tax impact of $3, recognized in Net income (loss) from discontinued operations.
NOTE 13     INVESTMENTS
At September 30,
2024
At December 31,
2023
Current investments:
Marketable and other equity securities
$43 $23 
Non-current investments:
Marketable and other equity securities (1)
$263 $229 
Equity method investments: 
Pueblo Viejo Mine (40.0%)
$1,469 $1,489 
NuevaUnión Project (50.0%)
963 959 
Lundin Gold Inc. (31.9% and 32.0%, respectively)
922 938 
Norte Abierto Project (50.0%)
533 528 
3,887 3,914 
$4,150 $4,143 
Non-current restricted investments: (2)
Marketable debt securities$15 $21 
____________________________
(1)At September 30, 2024, includes $25 accounted for under the measurement alternative.
(2)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 and Lundin Gold. Income (loss) from Pueblo Viejo consisted of $33 and $10, for the three months ended September 30, 2024 and 2023, respectively, and $47 and $46 for the nine months ended September 30, 2024 and 2023, respectively. Income (loss) from Lundin Gold consisted of $24 and $, for the three months ended September 30, 2024 and 2023, respectively, and $16 and $ for the nine months ended September 30, 2024 and 2023, respectively.
Pueblo Viejo
As of September 30, 2024 and December 31, 2023, the Company had outstanding shareholder loans to Pueblo Viejo of $418 and $429, with accrued interest of $9 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 September 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 $163 and $411 for the three and nine months ended September 30, 2024. Total payments made to Pueblo Viejo for gold and silver purchased were $105 and $326 for the three and nine months ended September 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 September 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"). 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, resulting in no activity for the third quarter of 2024. Refer to Note 12 for further information.
35

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
Total payments made to Lundin Gold under the Offtake agreement for gold purchased was $189 for the nine months ended September 30, 2024. These purchases, net of subsequent sales, are included in Other income (loss), net and the net amount is immaterial. There was $13 payable due to Lundin Gold for gold purchases as of December 31, 2023, respectively.
NOTE 14     INVENTORIES
At September 30,
2024
At December 31,
2023
Materials and supplies$1,090 $1,247 
In-process130 160 
Concentrate186 134 
Precious metals81 122 
Inventories (1)
$1,487 $1,663 
____________________________
(1)During the first quarter of 2024, certain non-core assets were determined to meet the criteria for held for sale. As a result, the related assets, including Inventories of $270, and liabilities were reclassified to Assets held for sale and Liabilities held for sale, respectively. Refer to Note 5 for additional information.
NOTE 15     STOCKPILES AND ORE ON LEACH PADS
At September 30, 2024 (1)
At December 31, 2023
StockpilesOre on Leach PadsTotalStockpilesOre on Leach PadsTotal
Current$554 $134 $688 $746 $233 $979 
Non-current1,932 182 2,114 1,532 403 1,935 
Total$2,486 $316 $2,802 $2,278 $636 $2,914 
____________________________
(1)During the first quarter of 2024, certain non-core assets were determined to meet the criteria for held for sale. As a result, the related assets, including Stockpiles and ore on leach pads of $620, and liabilities were reclassified to Assets held for sale and Liabilities held for sale, respectively. Refer to Note 5 for additional information.
NOTE 16     DEBT
Scheduled minimum debt repayments are as follows:
At September 30,
2024
Year Ending December 31,
2024 (for the remainder of 2024)
$ 
2025 
2026928 
2027 
2028 
Thereafter7,946 
Total face value of debt8,874 
Unamortized premiums, discounts, and issuance costs(324)
Debt$8,550 
Corporate Revolving Credit Facilities and Letters of Credit Facilities
In connection with the Newcrest transaction, the Company acquired bilateral bank debt facilities held with 13 banks. The bilateral bank debt facilities had a total borrowing capacity of $2,000, of which $1,923 was outstanding at December 31, 2023, and $462 due February 7, 2024, $769 due March 1, 2024, and $692 due March 1, 2026. On February 7, 2024, the Company repaid $462 of the amount outstanding.
On February 15, 2024, the Company completed an amendment and restatement of its existing $3,000 revolving credit agreement dated as of April 4, 2019 (the “Existing Credit Agreement”). The Existing Credit Agreement was entered into with a syndicate of financial institutions and provided for borrowings in U.S. dollars and contained a letter of credit sub-facility. Per the amendment, the expiration date of the credit facility was extended from March 30, 2026 to February 15, 2029 and the borrowing capacity was increased to $4,000. Interest is based on Term SOFR plus a credit spread adjustment and margin. Facility fees vary based on the credit ratings of the Company’s senior, uncollateralized, non-current debt. Debt covenants under the amendment are substantially the same as the Existing Credit Agreement.
36

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
On February 20, 2024, the Company utilized its $4,000 revolving credit agreement to repay the remaining $1,461 owed on the bilateral bank debt facilities.
2026 and 2034 Senior Notes
On March 7, 2024, the Company issued $2,000 unsecured Senior Notes comprised of $1,000 due March 15, 2026 (“2026 Senior Notes”) and $1,000 due March 15, 2034 ("2034 Senior Notes"). Net proceeds from the 2026 and 2034 Senior Notes were $1,980. Interest will be paid semi-annually at a rate of 5.30% and 5.35% per annum for the 2026 and the 2034 Senior Notes, respectively. The proceeds from this issuance were used to repay the drawdown on the revolving credit facility resulting in no amounts outstanding on the revolving credit facility as of September 30, 2024.
Debt Extinguishment
During the second and third quarters of 2024, the Company partially redeemed certain Senior Notes, resulting in a gain on extinguishment of $15 and $35 for the three and nine months ended September 30, 2024, respectively, recognized in Other income (loss), net. The gain includes the write-off of unamortized premiums, discounts, and issuance costs of $2 and $5 for the three and nine months ended September 30, 2024, respectively, related to the partially redeemed Senior Notes. The following table summarizes the partial redemptions:
Three Months Ended
September 30, 2024
Nine Months Ended
September 30, 2024
Settled Notional Amount
Total Repurchase Amount (1)
Settled Notional Amount
Total Repurchase Amount (1)
$1,000 5.30% Senior Notes due March 2026
$ $ $72 $74 
$700 2.80% Senior Notes due October 2029
  3 3 
$650 3.25% Senior Notes due May 2030
1 1 2 2 
$1,000 2.25% Senior Notes due October 2030
84 76 120 107 
$1,000 2.60% Senior Notes due July 2032
65 57 165 142 
$1,000 4.875% Senior Notes due March 2042 (2)
  38 36 
$150 $134 $400 $364 
____________________________
(1)Includes $1 and $4 of accrued interest for the three and nine months ended September 30, 2024, respectively.
(2)As a result of the partial redemption, the Company accelerated a loss of $6 from Accumulated other comprehensive income (loss) to Other income (loss), net for the nine months ended September 30, 2024 related to previously terminated interest rate swaps.
Subsequent to September 30, 2024 and through the date of filing, the Company partially redeemed an additional $83 of debt.
NOTE 17     OTHER LIABILITIES
At September 30,
2024
At December 31,
2023
Other current liabilities:
Reclamation and remediation liabilities$783 $619 
Accrued operating costs (1)
428 473 
Accrued capital expenditures222 320 
Payables to NGM (2)
110 91 
Stamp duty on Newcrest transaction (3)
29 316 
Other (4)
509 543 
$2,081 $2,362 
Other non-current liabilities:
Income and mining taxes (5)
$121 $177 
Other (6)
117 139 
$238 $316 
____________________________
(1)Includes an estimated compensation payment to the Worsley JV related to the waiver of certain rights within the cross-operation agreement that confers priority to the bauxite operations at the Boddington mine.
(2)Primarily consists of amounts due to NGM representing Barrick's 61.5% proportionate share of the amount owed to NGM for gold and silver purchased by Newmont. Newmont’s 38.5% share of such amounts is eliminated upon proportionate consolidation of its interest in NGM. Receivables for Newmont's 38.5% proportionate share related to NGM's activities with Barrick are included in Other current assets.
37

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
(3)Incurred as a result of the Newcrest transaction; refer to Note 3 for further information on the Newcrest transaction. Payment of $291 occurred in the first quarter of 2024.
(4)Primarily consists of accrued royalties, accrued interest on debt and the current portion of the silver streaming agreement liability.
(5)Primarily consists of unrecognized tax benefits, including penalties and interest.
(6)Primarily consists of operating lease liabilities.
NOTE 18     ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Unrealized Gain (Loss) on Marketable Debt Securities
Ownership Interest in Equity Method Investment
Foreign Currency Translation AdjustmentsPension and Other Post-retirement Benefit AdjustmentsUnrealized Gain (Loss) on Hedge InstrumentsTotal
Balance at December 31, 2023$(1)$ $121 $(36)$(70)$14 
Net current-period other comprehensive income (loss):
Gain (loss) in other comprehensive income (loss) before reclassifications(1)(10)6   (5)
(Gain) loss reclassified from accumulated other comprehensive income (loss)
1    11 12 
Other comprehensive income (loss) (10)6  11 7 
Balance at September 30, 2024$(1)$(10)$127 $(36)$(59)$21 
NOTE 19     NET CHANGE IN OPERATING ASSETS AND LIABILITIES
Net cash provided by (used in) operating activities of continuing operations attributable to the net change in operating assets and liabilities is composed of the following:
Nine Months Ended
September 30,
2024 (1)
2023
Decrease (increase) in operating assets:
Trade and other receivables $(307)$291 
Inventories, stockpiles and ore on leach pads (580)(263)
Other assets 63 45 
Increase (decrease) in operating liabilities:
Accounts payable(54)11 
Reclamation and remediation liabilities (273)(191)
Accrued tax liabilities82 (152)
Other accrued liabilities (2)
(69)(83)
Net change in operating assets and liabilities$(1,138)$(342)
____________________________
(1)During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related assets and liabilities were reclassified to Assets held for sale and Liabilities held for sale, respectively. Amounts herein reflect the net change in the related operating assets and liabilities prior to being reclassified as held for sale. Refer to Note 5 for additional information.
(2)For the nine months ended September 30, 2024, includes payment of $291 made in the first quarter for stamp duty tax largely accrued in the fourth quarter of 2023 in connection with the Newcrest transaction.
NOTE 20     COMMITMENTS AND CONTINGENCIES
General
Estimated losses from contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a liability could be incurred, and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the contingency and estimated range of loss, if determinable, is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.
Operating Segments
The Company’s operating and reportable segments are identified in Note 4. Except as noted in this paragraph, all of the Company’s commitments and contingencies specifically described herein are included in Corporate and Other. The Yanacocha matters relate to the Yanacocha reportable segment. The CC&V matter relates to the CC&V reportable segment. The Goldcorp Canada matter
38

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
relates to the Porcupine reportable segment. The Cadia matter relates to the Cadia reportable segment. The Newmont Ghana Gold and Newmont Golden Ridge matters relate to the Ahafo and Akyem reportable segments, respectively.
Environmental Matters
Refer to Note 7 for further information regarding reclamation and remediation. Details about certain significant matters are discussed below.
Minera Yanacocha S.R.L. - 100% Newmont Owned
In early 2015 and again in June 2017, the Peruvian government agency responsible for certain environmental regulations, MINAM, issued proposed modifications to water quality criteria for designated beneficial uses which apply to mining companies, including Yanacocha. These criteria modified the in-stream water quality criteria pursuant to which Yanacocha has been designing water treatment processes and infrastructure. In December 2015, MINAM issued the final regulation that modified the water quality standards. These Peruvian regulations allow time to formulate a compliance plan and make any necessary changes to achieve compliance.
In February 2017, Yanacocha submitted a modification to its previously approved compliance achievement plan to the MINEM. In May 2022, Yanacocha submitted a proposed modification to this plan requesting an extension of time for coming into full compliance with the new regulations to 2027. In June 2023, Yanacocha received approval of its updated compliance plan from MINEM and was granted an extension to June 2026 to achieve compliance. The Company appealed this approval to the Mining Council requesting the regulatory extension until 2027, and in April 2024, MINEM approved the compliance schedule.
The Company currently operates five water treatment plants at Yanacocha that have been and currently meet all currently applicable water discharge requirements. The Company is conducting detailed studies to better estimate water management and other closure activities that will ensure water quality and quantity discharge requirements, including the modifications promulgated by MINAM, as referenced above, will be met. This also includes performing a comprehensive update to the Yanacocha reclamation plan to address changes in closure activities and estimated closure costs while preserving optionality for potential future projects at Yanacocha. These ongoing studies, which will extend beyond the current year, continue to evaluate and revise assumptions and estimated costs of changes to the reclamation plan. While certain estimated costs remain subject to revision, the Company’s current asset retirement obligation includes plans for the construction and post-closure management of two new water treatment plants and initial consideration of known risks (including the associated risk that these water treatment estimates could change in the future as more work is completed). The ultimate construction costs of the two water treatment plants remain uncertain as ongoing study work and assessment of opportunities that incorporates the latest design considerations remain in progress. These and other additional risks and contingencies that are the subject of ongoing studies, including, but not limited to, a comprehensive review of the Company's tailings storage facility management, review of Yanacocha’s water balance and storm water management system, and review of post-closure management costs, could result in future material increases to the reclamation obligation at Yanacocha.
Cripple Creek & Victor Gold Mining Company LLC - 100% Newmont Owned
In December 2021, Cripple Creek & Victor Gold Mining Company LLC (“CC&V”, a wholly-owned subsidiary of the Company) entered into a Settlement Agreement (“Settlement Agreement”) with the Water Quality Control Division of the Colorado Department of Public Health and Environment (the “Division”) with a mutual objective of resolving issues associated with the new discharge permits issued by the Division in January 2021 for the historic Carlton Tunnel. The Carlton Tunnel was a historic tunnel completed in 1941 with the purpose of draining the southern portion of the mining district, subsequently consolidated by CC&V. CC&V has held discharge permits for the Carlton Tunnel since 1983, primarily to focus on monitoring, with the monitoring data accumulated since the mid-1970s indicating consistency in the water quality discharged from the Carlton Tunnel over time. In 2006, legal proceedings and work with the regulator confirmed that the water flowing out of the Carlton Tunnel portal is akin to natural spring water and did not constitute mine drainage. However, this changed with the January 2021 permit updates, when the regulator imposed new water quality limits. The Settlement Agreement involves the evaluation of a reasonable and achievable timeline for treatment and permit compliance, acknowledging the lack of readily available technology, and the need to spend three years to study and select the technological solution, with three additional years to construct, bringing full permit compliance to the November 2027 timeframe. In 2022, the Company studied various interim passive water treatment options, reported the study results to the Division, and based on an evaluation of additional semi-passive options that involve the usage of power at the portal, updated the remediation liability to $20 in 2022. CC&V continues to study alternative long-term remediation plans for water discharged from the Carlton Tunnel, and is also working with regulators on the Discharger Specific Variance to identify highest feasible alternative treatment in the context, based on limits such as area topography. Depending on the plans that may ultimately be agreed with the Division, a material adjustment to the remediation liability may be required.
In July 2024, CC&V received a notice from the Colorado Division of Reclamation Mining and Safety ("DRMS") citing it has reason to believe a violation exists with respect to reporting of monitoring data for mine impacted water at the mine’s East Cresson Overburden Storage Area ("ECOSA"). This matter is being referred to a hearing with the Mining Land Reclamation Board ("MLRB"), which is expected to take place in the fourth quarter of 2024. The Company is working with the regulator and the parties have been working collaboratively on the matter since 2018. The outcome of the MLRB hearing and/or what may ultimately be agreed with the DRMS in a settlement agreement cannot be predicted at this time, but may result in fees, penalties or other permitting adjustments.
39

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
Dawn Mining Company LLC (“Dawn”) - 58.19% Newmont Owned
Midnite mine site and Dawn mill site. Dawn previously leased an open pit uranium mine, currently inactive, on the Spokane Indian Reservation in the State of Washington. The mine site is subject to regulation by agencies of the U.S. Department of Interior (the Bureau of Indian Affairs and the Bureau of Land Management), as well as the EPA.
As per the Consent Decree approved by the U.S. District Court for the Eastern District of Washington on January 17, 2012, the following actions were required of Newmont, Dawn, the Department of the Interior and the EPA: (i) Newmont and Dawn would design, construct and implement the cleanup plan selected by the EPA in 2006 for the Midnite mine site; (ii) Newmont and Dawn would reimburse the EPA for its past costs associated with overseeing the work; (iii) the Department of the Interior would contribute a lump sum amount toward past EPA costs and future costs related to the cleanup of the Midnite mine site; (iv) Newmont and Dawn would be responsible for all future EPA oversight costs and Midnite mine site cleanup costs; and (v) Newmont would post a surety bond for work at the site.
During 2012, the Department of Interior contributed its share of past EPA costs and future costs related to the cleanup of the Midnite mine site. In 2016, Newmont completed the remedial design process, with the exception of the new WTP design which was awaiting the approval of the new NPDES permit. Subsequently, the new NPDES permit was received in 2017 and the WTP design commenced in 2018. The EPA approved the WTP design in 2021. Construction of the effluent pipeline began in 2021, and construction of the new WTP began in 2022. The WTP is projected to be completed in 2024. Forest fires and droughts in the Pacific Northwest delayed the completion of the effluent pipeline until early 2025.
The Dawn mill site is regulated by the Washington Department of Health (the "WDOH") and is in the process of being closed in accordance with the federal Uranium Mill Tailings Radiation Control Act, and associated Washington state regulations. Remediation at the Dawn mill site began in 2013. The Tailing Disposal Area 1-4 reclamation earthworks component was completed during 2017 with the embankment erosion protection completed in the second quarter of 2018. The remaining closure activities consist primarily of finalizing an Alternative Concentration Limit application (the "ACL application") submitted in 2020 to the WDOH to address groundwater issues, and also evaporating the remaining balance of process water at the site. In the fourth quarter of 2022, the WDOH provided comments on the ACL application, which Newmont is evaluating and conducting studies to better understand and respond to the comments provided by the WDOH. These studies and the related comment process will extend beyond the current year and could result in future material increases to the remediation obligation.
The remediation liability for the Midnite mine site and Dawn mill site is approximately $175, assumed 100% by Newmont, at September 30, 2024.
Goldcorp Canada Ltd. - 100% Newmont Owned
Porcupine mine site. The Porcupine complex is comprised of active open pit and underground mining operations as well as inactive, legacy sites from its extensive history of mining gold in and around the city of Timmins, Ontario since the early 1900s. As a result of these primarily historic mining activities, there are mine hazards in the area that could require some form of reclamation. The Company is conducting studies to better catalog, prioritize, and update its existing information of these historical mine hazards, to inform its closure plans and estimated closure costs. Based on work performed during 2023, a $46 reclamation adjustment was recorded at December 31, 2023, however, on-going studies will extend beyond the current year and could result in future material increases to the reclamation obligation at Porcupine.
Cadia Holdings Pty Ltd. - 100% Newmont Owned
Cadia mine site. Cadia Holdings Pty Ltd. (“Cadia Holdings”) is a wholly owned subsidiary of Newcrest, which was acquired by Newmont in November 2023. The mine site is subject to regulations by the New South Wales Environment Protection Authority (the “NSW EPA”). During the quarter ended June 2023, the NSW EPA issued variations to its Environment Protection License (“EPL”), a Prevention Notice and Notices to Provide Information regarding the management of, and investigation into potential breaches relating to, dust emissions and other air pollutants from Cadia Holdings’ tailings storage facilities and ventilation rises. The license variations largely formalized the actions Cadia Holdings had developed in consultation with the NSW EPA and was already undertaking across a range of measures. Cadia Holdings received a letter from the NSW EPA in June 2023 requiring it to immediately comply with specific statutory requirements and EPL conditions. Adjustments were implemented underground, including a reduction in mining rates, modifications to the ventilation circuit and the installation of additional dust sprays and spray curtains. Additional dust collection units were subsequently installed, enabling normal mining rates to be restored.
In August 2023, the NSW EPA commenced proceedings in the Land and Environment Court of NSW (the “NSW Land and Environment Court”) against Cadia Holdings, alleging that air emissions from Cadia on or about March 1, 2022 exceeded the standard of concentration for total solid particles permitted under applicable laws due to the use of surface exhaust fans at the mine. On September 29, 2023, Cadia Holdings entered a plea of guilty and the NSW Land and Environment Court listed the case for a sentencing hearing on June 21, 2024. On October 13, 2023, the NSW EPA commenced additional proceedings in the NSW Land and Environment Court against Cadia Holdings, alleging two additional contraventions of applicable air emissions requirements between November 3 and 5, 2021 and May 24 and 25, 2023 and two contraventions related to alleged air pollution from tailings storage facilities on October 13 and 31, 2022. On November 24, 2023, Cadia Holdings entered a plea of guilty to the two additional charges relating to applicable air
40

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
emissions requirements and the sentencing hearing took place before the NSW Land and Environment Court on June 21, 2024. The matter has been adjourned pending the delivery of the judgment. On October 18, 2024, Cadia Holdings entered a plea of not guilty to the proceedings related to alleged air pollution from Cadia Holdings’ tailings storage facilities. The proceedings have been adjourned for further directions on February 21, 2025. The NSW EPA’s investigation regarding the management of air emissions from the mine is ongoing.
While no specific relief has been sought by the NSW EPA in its proceedings against Cadia Holdings before the NSW Land and Environmental Court, the court can impose penalties.
Other Legal Matters
Newmont Corporation, as well as Newmont Canada Corporation, and Newmont Canada FN Holdings ULC – 100% Newmont Owned
Kirkland Lake Gold Inc., which was acquired by Agnico Eagle Mines Limited in 2022 (still referred to herein as “Kirkland” for ease of reference), owns certain mining and mineral rights in northeastern Ontario, Canada, referred to here as the Holt-McDermott property, on which it suspended operations in April 2020. A subsidiary of the Company has a retained royalty obligation (“Holt royalty obligation”) to Royal Gold, Inc. (“Royal Gold”) for production on the Holt-McDermott property. In August 2020, the Company and Kirkland signed a Strategic Alliance Agreement (the “Kirkland Agreement”). As part of the Kirkland Agreement, the Company purchased an option (the “Holt option”) for $75 from Kirkland for the mining and mineral rights subject to the Holt royalty obligation. The Company has the right to exercise the Holt option and acquire ownership to the mineral interests subject to the Holt royalty obligation in the event Kirkland intends to resume operations and process material subject to the obligation. Kirkland has the right to assume the Company’s Holt royalty obligation at any time, in which case the Holt option would terminate.
On August 16, 2021, International Royalty Corporation (“IRC”), a wholly-owned subsidiary of Royal Gold, filed an action in the Supreme Court of Nova Scotia against Newmont Corporation, Newmont Canada Corporation, Newmont Canada FN Holdings ULC (collectively "Newmont"), and certain Kirkland defendants (collectively "Kirkland"). IRC alleges the Kirkland Agreement is oppressive to the interests of Royal Gold under the Nova Scotia Companies Act and the Canada Business Corporations Act, and that, by entering into the Kirkland Agreement, Newmont breached its contractual obligations to Royal Gold. IRC seeks declaratory relief, and $350 in alleged royalty payments that it claims Newmont expected to pay under the Holt royalty obligation, but for the Kirkland Agreement. Kirkland filed a motion seeking dismissal of the case against it, which the court granted in October 2022. Newmont submitted its statement of defense on February 27, 2023, and a motion for summary judgment on January 12, 2024. The motion for summary judgment was denied on May 27, 2024. Newmont intends to vigorously defend this matter but cannot reasonably predict the outcome.
Newmont Ghana Gold Limited and Newmont Golden Ridge Limited - 100% Newmont Owned
On December 24, 2018, two individual plaintiffs, who are members of the Ghana Parliament (“Plaintiffs”), filed a writ to invoke the original jurisdiction of the Supreme Court of Ghana. On January 16, 2019, Plaintiffs filed the Statement of Plaintiff’s Case outlining the details of the Plaintiff’s case and subsequently served Newmont Ghana Gold Limited (“NGGL”) and Newmont Golden Ridge Limited (“NGRL”) along with the other named defendants, the Attorney General of Ghana, the Minerals Commission of Ghana and 33 other mining companies with interests in Ghana. The Plaintiffs allege that under article 268 of the 1992 Constitution of Ghana, the mining company defendants are not entitled to carry out any exploitation of minerals or other natural resources in Ghana, unless their respective transactions, contracts or concessions are ratified or exempted from ratification by the Parliament of Ghana. Newmont’s current mining leases are both ratified by Parliament; NGGL June 13, 2001 mining lease, ratified by Parliament on October 21, 2008, and NGRL January 19, 2010 mining lease; ratified by Parliament on December 3, 2015. The writ alleges that any mineral exploitation prior to Parliamentary ratification is unconstitutional. The Plaintiffs seek several remedies including: (i) a declaration as to the meaning of constitutional language at issue; (ii) an injunction precluding exploitation of minerals for any mining company without prior Parliamentary ratification; (iii) a declaration that all revenue as a result of violation of the Constitution shall be accounted for and recovered via cash equivalent; and (iv) an order that the Attorney General and Minerals Commission submit all un-ratified mining leases, undertakings or contracts to Parliament for ratification. Newmont intends to vigorously defend this matter but cannot reasonably predict the outcome.
Newmont Capital Limited and Newmont Canada FN Holdings ULC – 100% Newmont Owned
The Australian Taxation Office (“ATO”) conducted a limited review of the Company’s prior year tax returns, and reviewed an internal reorganization executed in 2011 when Newmont completed a restructure of the shareholding in the Company’s Australian subsidiaries. As previously disclosed, in the fourth quarter of 2017, the ATO notified the Company that it believes the 2011 reorganization is subject to capital gains tax of approximately $85 (including interest and penalties). The Company disputed this conclusion. In the fourth quarter of 2017, the Company made a $24 payment to the ATO and lodged an appeal with the Australian Federal Court to preserve its right to contest the ATO conclusions on this matter. A trial was held in the third quarter of 2024. The Company is vigorously defending its position that the transaction is not subject to Australian capital gains tax. The decision of the Court remains pending. The Company cannot reasonably predict the outcome.
41

NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollars in millions, except per share, per ounce and per pound amounts)
Other Commitments and Contingencies
As part of its ongoing business and operations, the Company and its affiliates are required to provide surety bonds, bank letters of credit and bank guarantees as financial support for various purposes, including environmental remediation, reclamation, exploration permitting, workers compensation programs and other general corporate purposes. At September 30, 2024 and December 31, 2023, there were $2,257 and $2,123, respectively, of outstanding letters of credit, surety bonds and bank guarantees. The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations. As the specific requirements are met, the beneficiary of the associated instrument cancels and/or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure. Generally, bonding requirements associated with environmental regulation are becoming more restrictive. However, the Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements through existing or alternative means, as they arise.
Newmont is from time to time involved in various legal proceedings related to its business. Except in the above described proceedings, management does not believe that adverse decisions in any pending or threatened proceeding or that amounts that may be required to be paid by reason thereof will have a material adverse effect on the Company’s financial condition or results of operations.
Refer to Note 25 of the Consolidated Financial Statements included in Part II, Item 8, of the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 29, 2024 for information on the Company's contingent payments.
42

ITEM 2.       MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
(dollars in millions, except per share, per ounce and per pound amounts)
The following Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Newmont Corporation, a Delaware corporation, and its subsidiaries (collectively, “Newmont,” the “Company,” “our” and “we”). Please see Non-GAAP Financial Measures, below, for the non-GAAP financial measures used in this MD&A by the Company.
This item should be read in conjunction with our interim unaudited Condensed Consolidated Financial Statements and the notes thereto included in this quarterly report. Additionally, the following discussion and analysis should be read in conjunction with Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations and the Consolidated Financial Statements included in Part II, Item 7, of our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 29, 2024.
Overview
Newmont is the world’s leading gold company and is the only gold company included in the S&P 500 Index and the Fortune 500 list of companies. We have been included in the Dow Jones Sustainability Index-World since 2007 and have adopted the World Gold Council’s Conflict-Free Gold Policy. In June 2024, Newmont was named as the only miner in TIME’s top 100 green firms ranking. Since 2015, Newmont has been ranked as the mining and metal sector's top gold miner by the S&P Global Corporate Sustainability Assessment. Newmont was ranked the top miner in 3BL Media’s 100 Best Corporate Citizens list which ranks the 1,000 largest publicly traded U.S. companies on ESG transparency and performance since 2020. We are primarily engaged in the exploration for and acquisition of gold properties, some of which may contain copper, silver, lead, zinc or other metals. We have significant operations and/or assets in the U.S., Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana. Our goal is to create value and improve lives through sustainable and responsible mining.
Refer to the discussion of Risk and Uncertainties within Note 2 of the Condensed Consolidated Financial Statements as well as the Consolidated Financial Results, Results of Consolidated Operations, Liquidity and Capital Resources and Non-GAAP Financial Measures sections presented below, for information about the continued impacts from the geopolitical and macroeconomic pressures including inflation, effects of certain countermeasures taken by central banks, and the potential for further supply chain disruptions relating to the Russian invasion of Ukraine and the COVID-19 pandemic, as well as an uncertain and evolving labor market.
Divestment of Non-Core Assets
In February 2024, based on a comprehensive review of the Company’s portfolio of assets, the Company’s Board of Directors approved a portfolio optimization program to divest six non-core assets and a development project. The non-core assets to be divested include CC&V, Musselwhite, Porcupine, Éléonore, Telfer, Akyem, and the Coffee development project in Canada. In February 2024, the Company concluded that these non-core assets and the development project met the accounting requirements to be presented as held for sale in the first quarter of 2024, based on progress made through our active sales program and management’s expectation that the sale is probable and will be completed within 12 months. While the Company remains committed to a plan to sell these assets for a fair price, there is a possibility that the assets held for sale may exceed one year due to events or circumstances beyond the Company's control. Upon meeting the requirements to be presented as held for sale, the six non-core assets and the development project were recorded at the lower of the carrying value or fair value, less costs to sell, and will be periodically valued until sale occurs. As a result, a loss of $115 and $846 was recognized within Loss on assets held for sale for the three and nine months ended September 30, 2024, respectively. For further information, refer to Note 5 to the Condensed Consolidated Financial Statements.
In September 2024, the Company entered into a binding agreement to sell the assets of the Telfer reportable segment to Greatland Gold plc. In October 2024, the Company entered into a definitive agreement to sell the Akyem reportable segment to Zijin Mining Group Co., Ltd. (“Zijin”). The sales are expected to be completed in the fourth quarter of 2024. The Company is currently evaluating the impacts of the terms of the agreements on its consolidated financial statements. The Telfer and Akyem assets and liabilities remain designated as held for sale as of September 30, 2024.
Refer to Note 5 to the Condensed Consolidated Financial Statements for further information on the Company's assets and liabilities held for sale.
Newcrest Transaction
On November 6, 2023, the Company completed its business combination transaction with Newcrest Mining Limited, a public Australian mining company limited by shares ("Newcrest"), whereby Newmont, through Newmont Overseas Holdings Pty Ltd, an Australian proprietary company limited by shares (“Newmont Sub”), acquired all of the ordinary shares of Newcrest in a fully stock transaction for total non-cash consideration of $13,549. Newcrest became a direct wholly owned subsidiary of Newmont Sub and an indirect wholly owned subsidiary of Newmont (such acquisition, the “Newcrest transaction”). The combined company continues to be traded on the New York Stock Exchange under the ticker NEM. The combined company is also listed on the Toronto Stock Exchange
43

under the ticker NGT, on the Australian Securities Exchange under the ticker NEM, and on the Papua New Guinea Securities Exchange under the ticker NEM. For further information, refer to Note 3 to the Condensed Consolidated Financial Statements.
For further information on acquisitions, divestitures, and asset sales impacting the comparability of our results, refer to Notes 1 and 9 to the Condensed Consolidated Financial Statements, respectively.
Consolidated Financial Results
The details of our Net income (loss) from continuing operations attributable to Newmont stockholders are set forth below:
Three Months Ended
September 30,
Increase
(Decrease)
20242023
Net income (loss) from continuing operations attributable to Newmont stockholders $873 $157 $716 
Net income (loss) from continuing operations attributable to Newmont stockholders per common share, diluted$0.76 $0.20 $0.56 
Nine Months Ended
September 30,
Increase
(Decrease)
20242023
Net income (loss) from continuing operations attributable to Newmont stockholders $1,877 $649 $1,228 
Net income (loss) from continuing operations attributable to Newmont stockholders per common share, diluted$1.63 $0.82 $0.81 
The increase in Net income (loss) from continuing operations attributable to Newmont stockholders for the three and nine months ended September 30, 2024, compared to the same periods in 2023, is primarily due to the impact of sites acquired in the Newcrest transaction.
Excluding the impact of sites acquired in the Newcrest transaction, the increase in Net income (loss) from continuing operations attributable to Newmont stockholders for the three months ended September 30, 2024, compared to the same period in 2023, at sites held in the prior period was primarily due to an increase in Sales at Peñasquito as a result of the work stoppage due to a labor strike that began in June 2023 ("Peñasquito labor strike"), resulting in no sales at Peñasquito in the third quarter of 2023. Additionally, Net income (loss) from continuing operations attributable to Newmont stockholders increased due to higher average realized prices primarily for gold. This increase was partially offset by the Loss on assets held for sale of $115 and higher Costs applicable to sales.
Excluding the impact of sites acquired in the Newcrest transaction, the increase in Net income (loss) from continuing operations attributable to Newmont stockholders for the nine months ended September 30, 2024, compared to the same period in 2023, at sites held in the prior period was primarily due to an increase in Sales resulting from the Peñasquito labor strike in 2023, higher average realized prices for all metals, partially offset by the Loss on assets held for sale of $846 and higher Costs applicable to sales.
Refer below for further information on the change in Costs applicable to sales and Depreciation and amortization.
The details and analyses of our Sales for all periods presented are set forth below. Refer to Note 6 of the Condensed Consolidated Financial Statements for further information.
Three Months Ended
September 30,
Increase
(Decrease)
Percent
Change
20242023
Gold$3,945 $2,400 $1,545 64 %
Copper329 90 239 266 
Silver (1)
147 142 
N.M.
Lead (1)
32 — 32 
N.M.
Zinc (1)
152 (2)154 
N.M.
$4,605 $2,493 $2,112 85 %
____________________________
(1)Due to the Peñasquito labor strike, Peñasquito had no production during the third quarter of 2023. Sales activity recognized in the third quarter of 2023 is related to adjustments on provisionally priced concentrate sales subject to final settlement. As such, the percent change is not meaningful ("N.M.").
44

Nine Months Ended
September 30,
Increase
(Decrease)
Percent
Change
20242023
Gold$10,909 $7,083 $3,826 54 %
Copper1,003 282 721 256 
Silver557 246 311 126 
Lead136 64 72 113 
Zinc425 180 245 136 
$13,030 $7,855 $5,175 66 %
Three Months Ended September 30, 2024
GoldCopperSilverLeadZinc
(ounces)(pounds)(ounces)
(pounds)
(pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact$3,900 $297 $135 $35 $171 
Provisional pricing mark-to-market53 12 (2)— 
Silver streaming amortization— — 15 — — 
Gross after provisional pricing and streaming impact3,953 309 153 33 171 
Treatment and refining charges(8)20 (6)(1)(19)
Net$3,945 $329 $147 $32 $152 
Consolidated ounces/pounds sold (1)(2)
1,568 77 36 134 
Average realized price (per ounce/pound): (3)
Gross before provisional pricing and streaming impact$2,488 $3.90 $23.76 $0.93 $1.28 
Provisional pricing mark-to-market34 0.16 0.52 (0.04)— 
Silver streaming amortization— — 2.79 — — 
Gross after provisional pricing and streaming impact2,522 4.06 27.07 0.89 1.28 
Treatment and refining charges(4)0.25 (1.09)(0.03)(0.14)
Net$2,518 $4.31 $25.98 $0.86 $1.14 
____________________________
(1)Amounts reported in millions except gold ounces, which are reported in thousands.
(2)For the three months ended September 30, 2024 the Company sold 35 thousand tonnes of copper, 17 thousand tonnes of lead, and 61 thousand tonnes of zinc.
(3)Per ounce/pound measures may not recalculate due to rounding.
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Three Months Ended September 30, 2023
GoldCopperSilverLeadZinc
(ounces)
(pounds)
(ounces)(pounds)(pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact$2,411 $93 $$— $(3)
Provisional pricing mark-to-market(5)— — 
Silver streaming amortization— — — — — 
Gross after provisional pricing and streaming impact2,406 93 — (1)
Treatment and refining charges(6)(3)— — (1)
Net$2,400 $90 $$— $(2)
Consolidated ounces/pounds sold (1)(2)
1,250 25 — — (2)
Average realized price (per ounce/pound): (3)(4)
Gross before provisional pricing and streaming impact$1,929 $3.83 N.M.N.M.N.M.
Provisional pricing mark-to-market(4)— N.M.N.M.N.M.
Silver streaming amortization— — N.M.N.M.N.M.
Gross after provisional pricing and streaming impact1,925 3.83 N.M.N.M.N.M.
Treatment and refining charges(5)(0.15)N.M.N.M.N.M.
Net$1,920 $3.68 N.M.N.M.N.M.
____________________________
(1)Amounts reported in millions except gold ounces, which are reported in thousands.
(2)For the three months ended September 30, 2023 the Company sold 11 thousand tonnes of copper, — thousand tonnes of lead, and (1) thousand tonnes of zinc.
(3)Due to the Peñasquito labor strike, Peñasquito had no production during the third quarter of 2023. Sales activity recognized in the third quarter of 2023 is related to adjustments on provisionally priced concentrate sales subject to final settlement. As such, the average realized price per ounce/pound metrics are not meaningful ("N.M.").
(4)Per ounce/pound measures may not recalculate due to rounding.
Nine Months Ended September 30, 2024
GoldCopperSilverLeadZinc
(ounces)(pounds)(ounces)
(pounds)
(pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact$10,846 $999 $493 $137 $466 
Provisional pricing mark-to-market109 46 26 15 
Silver streaming amortization— — 65 — — 
Gross after provisional pricing and streaming impact10,955 1,045 584 138 481 
Treatment and refining charges(46)(42)(27)(2)(56)
Net$10,909 $1,003 $557 $136 $425 
Consolidated ounces/pounds sold (1)(2)
4,710 241 24 144 382 
Average realized price (per ounce/pound): (3)
Gross before provisional pricing and streaming impact$2,303 $4.16 $21.01 $0.95 $1.22 
Provisional pricing mark-to-market23 0.19 1.09 0.01 0.04 
Silver streaming amortization— — 2.79 — — 
Gross after provisional pricing and streaming impact2,326 4.35 24.89 0.96 1.26 
Treatment and refining charges(10)(0.18)(1.17)(0.02)(0.15)
Net$2,316 $4.17 $23.72 $0.94 $1.11 
____________________________
(1)Amounts reported in millions except gold ounces, which are reported in thousands.
(2)For the nine months ended September 30, 2024 the Company sold 110 thousand tonnes of copper, 66 thousand tonnes of lead, and 174 thousand tonnes of zinc.
(3)Per ounce/pound measures may not recalculate due to rounding.
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Nine Months Ended September 30, 2023
GoldCopperSilverLeadZinc
(ounces)
(pounds)
(ounces)(pounds)(pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact$7,098 $293 $227 $69 $240 
Provisional pricing mark-to-market11 — (2)(16)
Silver streaming amortization— — 31 — — 
Gross after provisional pricing and streaming impact7,109 293 265 67 224 
Treatment and refining charges(26)(11)(19)(3)(44)
Net$7,083 $282 $246 $64 $180 
Consolidated ounces/pounds sold (1)(2)
3,669 76 12 72 187 
Average realized price (per ounce/pound): (3)
Gross before provisional pricing and streaming impact$1,934 $3.86 $18.65 $0.96 $1.28 
Provisional pricing mark-to-market— 0.54 (0.03)(0.08)
Silver streaming amortization— — 2.56 — — 
Gross after provisional pricing and streaming impact1,937 3.86 21.75 0.93 1.20 
Treatment and refining charges(7)(0.15)(1.57)(0.03)(0.23)
Net$1,930 $3.71 $20.18 $0.90 $0.97 
____________________________
(1)Amounts reported in millions except gold ounces, which are reported in thousands.
(2)For the nine months ended September 30, 2023 the Company sold 34 thousand tonnes of copper, 33 thousand tonnes of lead, and 85 thousand tonnes of zinc.
(3)Per ounce/pound measures may not recalculate due to rounding.
The change in consolidated Sales is due to:
Three Months Ended September 30,
2024 vs. 2023
GoldCopper
Silver (1)
Lead (1)
Zinc (1)
(ounces)(pounds)(ounces)(pounds)(pounds)
Increase (decrease) in consolidated ounces/pounds sold$610 $198 $148 $33 $172 
Increase (decrease) in average realized price937 18 — — — 
Decrease (increase) in treatment and refining charges(2)23 (6)(1)(18)
$1,545 $239 $142 $32 $154 
____________________________
(1)Due to the Peñasquito labor strike in 2023, no production occurred in the third quarter of 2023. As a result, the change in consolidated Sales for silver, lead, and zinc for the three months ended September 30, 2024, compared to the same period in 2023, are primarily attributable to the change in consolidated ounces/pounds sold.
Nine Months Ended September 30,
2024 vs. 2023
GoldCopperSilverLeadZinc
(ounces)(pounds)(ounces)(pounds)(pounds)
Increase (decrease) in consolidated ounces/pounds sold$2,016 $635 $245 $67 $236 
Increase (decrease) in average realized price1,830 117 74 21 
Decrease (increase) in treatment and refining charges(20)(31)(8)(12)
$3,826 $721 $311 $72 $245 
Sales increased during the three months ended September 30, 2024, compared to the same period in 2023, by $2,112 primarily due to a net increase in gold and copper sales of $1,545 and $239, respectively. Of the gold and copper sales increases, $904 and $256 were attributable to sites acquired in the Newcrest transaction, respectively.
Sales increased during the nine months ended September 30, 2024, compared to the same period in 2023, by $5,175 primarily due to a net increase in gold and copper sales of $3,826 and $721, respectively. Of the gold and copper sales increases, $2,525 and $767 were attributable to sites acquired in the Newcrest transaction, respectively.
For discussion regarding drivers impacting sales volumes by site, see Results of Consolidated Operations below.
47

The details of our Costs applicable to sales are set forth below. Refer to Note 4 of the Condensed Consolidated Financial Statements for further information.
Three Months Ended
September 30,
Increase
(Decrease)
Percent
Change
20242023
Gold$1,892 $1,273 $619 49 %
Copper199 50 149 298 
Silver (1)
75 23 52 
N.M.
Lead (1)
26 19 
N.M.
Zinc (1)
118 18 100 
N.M.
$2,310 $1,371 $939 68 %
____________________________
(1)Due to the Peñasquito labor strike, Peñasquito had no production during the third quarter of 2023. Sales activity recognized in the third quarter of 2023 is related to adjustments on provisionally priced concentrate sales subject to final settlement. As such, the percent change is not meaningful ("N.M.").
Nine Months Ended
September 30,
Increase
(Decrease)
Percent
Change
20242023
Gold$5,359 $3,789 $1,570 41 %
Copper521 151 370 245 
Silver282 200 82 41 
Lead88 62 26 42 
Zinc322 194 128 66 
$6,572 $4,396 $2,176 49 %
The increase in Costs applicable to sales for the three and nine months ended September 30, 2024, compared to the same periods in 2023, is primarily due to the impact of sites acquired in the Newcrest transaction, which contributed $599 and $1,613, respectively, to Costs applicable to sales.
The increase in Costs applicable to sales for the three and nine months ended September 30, 2024, compared to the same periods in 2023, was further impacted by the Peñasquito labor strike in 2023, a drawdown of inventory and higher royalties at Ahafo and Akyem and higher contracted services and labor costs at Ahafo, partially offset by a decrease in Costs applicable to sales at Boddington due to lower production.
For discussion regarding other significant drivers impacting Costs applicable to sales by site, see Results of Consolidated Operations below.
The details of our Depreciation and amortization are set forth below. Refer to Note 4 of the Condensed Consolidated Financial Statements for further information.
Three Months Ended
September 30,
Increase
(Decrease)
Percent
Change
20242023
Gold$473 $422 $51 12 %
Copper62 54 675 
Silver (1)
32 19 13 
N.M.
Lead (1)
10 
N.M.
Zinc (1)
43 16 27 
N.M.
Other11 22 
$631 $480 $151 31 %
____________________________
(1)Due to the Peñasquito labor strike, Peñasquito had no production during the third quarter of 2023. Sales activity recognized in the third quarter of 2023 is related to adjustments on provisionally priced concentrate sales subject to final settlement. As such, the percent change is not meaningful ("N.M.").
48

Nine Months Ended
September 30,
Increase
(Decrease)
Percent
Change
20242023
Gold$1,423 $1,202 $221 18 %
Copper162 26 136 523 
Silver117 78 39 50 
Lead36 25 11 44 
Zinc114 70 44 63 
Other35 26 35 
$1,887 $1,427 $460 32 %
The increase in Depreciation and amortization for the three and nine months ended September 30, 2024, compared to the same periods in 2023, is primarily due to the impact of sites acquired in the Newcrest transaction, which contributed $198 and $506, respectively, to Depreciation and amortization.
The increase in Depreciation and amortization for the three and nine months ended September 30, 2024, compared to the same periods in 2023, is further impacted by higher depreciation rates as a result of (i) higher ounces mined at Peñasquito in the current year due to the Peñasquito labor strike in 2023 and (ii) higher ounces mined and asset additions at Ahafo. These increases were partially offset by a decrease in Depreciation and amortization related to the cessation of depreciation beginning in March 2024 for sites classified as held for sale. For the nine months ended September 30, 2024, the increase in Depreciation and amortization was further offset by a decrease at Cerro Negro as a result of suspending mining at the site due to the tragic fatalities during the second quarter. Refer to Note 5 of the Condensed Consolidated Financial Statements for further discussion of held for sale.
For discussion regarding other significant drivers impacting Depreciation and amortization by site, see Results of Consolidated Operations below.
Advanced projects, research and development expense was $47 and $53 during the three months ended September 30, 2024 and 2023, respectively, and $149 and $132 during the nine months ended September 30, 2024 and 2023, respectively. The increase during the three and nine months ended September 30, 2024, compared to the same periods in 2023, is primarily due to Full Potential spend at the sites acquired through the Newcrest transaction.
General and administrative expense was $113 and $70 during the three months ended September 30, 2024, and 2023, respectively, and $314 and $215 during the nine months ended September 30, 2024 and 2023, respectively. The increase during the three and nine months ended September 30, 2024, compared to the same periods in 2023, is primarily due to higher salaries and benefits and non-integration related consulting and other charges resulting from the Newcrest transaction.
Interest expense, net was $86 and $48 during the three months ended September 30, 2024 and 2023, respectively, and $282 and $162 during the nine months ended September 30, 2024 and 2023, respectively. Interest expense, net increased during the three and nine months ended September 30, 2024, compared to the same periods in 2023, primarily as a result of the increase to Debt largely due to the $2,000 unsecured senior notes issued in March 2024 and the senior notes acquired through the Newcrest transaction.
Income and mining tax expense (benefit) was $244 and $73 during the three months ended September 30, 2024 and 2023, respectively, and $695 and $449 during the nine months ended September 30, 2024 and 2023, respectively. The effective tax rate is driven by a number of factors and the comparability of our income tax expense for the reported periods will be primarily affected by (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) impacts of the changes in tax law; (iv) valuation allowances on tax assets; (v) percentage depletion; (vi) fluctuation in the value of the USD and foreign currencies; and (vii) the impact of specific transactions and assessments. As a result, the effective tax rate will fluctuate, sometimes significantly, year to year. This trend is expected to continue in future periods. Refer to Note 10 of the Condensed Consolidated Financial Statements for further discussion of income taxes.
49

Three Months Ended
September 30, 2024September 30, 2023
Income
(Loss) (1)
Effective
Tax Rate
Income Tax
(Benefit)
Provision
Income
(Loss) (1)
Effective
Tax Rate
Income Tax
(Benefit)
Provision
Nevada$184 22 %$41 $149 22 %$33 
CC&V32 22 17 12 
Corporate & Other(265)43 (115)(175)28 (49)
Total US(49)137 (67)(9)156 (14)
Australia453 30 135 337 35 117 
Ghana277 41 113 96 36 35 
Suriname(4)25 (1)14 
Peru64 94 60 38 
Canada213 24 51 (70)23 (16)
Mexico37 (62)(23)(123)47 (58)
Argentina(1)— — (22)— — 

Papua New Guinea63 29 18 — — — 
Other Foreign50 13 
Rate adjustments— N/A(45)
(2)
— N/A
(2)
Consolidated$1,059 23 %
(3)
$244 $232 31 %
(3)
$73 
____________________________
(1)Represents income (loss) from continuing operations by geographic location before income taxes and equity income (loss) of affiliates. These amounts will not reconcile to the Segment Information for the reasons stated in Note 4 of the Condensed Consolidated Financial Statements.
(2)In accordance with applicable accounting rules, the interim provision for income taxes is adjusted to equal the consolidated tax rate.
(3)The consolidated effective income tax rate is a function of the combined effective tax rates for the jurisdictions in which we operate. Variations in the relative proportions of jurisdictional income could result in fluctuations to our combined effective income tax rate.
Nine Months Ended
September 30, 2024September 30, 2023
Income
(Loss) (1)
Effective
Tax Rate
Income Tax
(Benefit)
Provision
Income
(Loss) (1)
Effective
Tax Rate
Income Tax
(Benefit)
Provision
Nevada$477 16 %$75 $372 17 %$65 
CC&V(38)21 (8)63 16 10 
Corporate & Other(376)19 (72)(321)25 (79)
Total US63 (8)(5)114 (4)(4)
Australia1,227 34 418 904 35 319 
Ghana676 36 246 303 34 104 
Suriname26 31 23 
Peru122 57 69 (7)(71)
Canada(163)45 (74)(39)15 (6)
Mexico244 (7)(17)(164)(16)27 
Argentina(31)— — (89)— — 

Papua New Guinea345 31 106 — — — 
Other Foreign14 21 18 17 
Rate adjustments— N/A(53)
(2)
— N/A(6)
(2)
Consolidated$2,523 28 %
(3)
$695 $1,071 42 %
(3)
$449 
____________________________
(1)Represents income (loss) from continuing operations by geographic location before income taxes and equity income (loss) of affiliates. These amounts will not reconcile to the Segment Information for the reasons stated in Note 4 of the Condensed Consolidated Financial Statements.
(2)In accordance with applicable accounting rules, the interim provision for income taxes is adjusted to equal the consolidated tax rate.
(3)The consolidated effective income tax rate is a function of the combined effective tax rates for the jurisdictions in which we operate. Variations in the relative proportions of jurisdictional income could result in fluctuations to our combined effective income tax rate.
In 2024, Pillar II is set to take effect. The Pillar II agreement was signed by 138 countries with the intent to equalize corporate tax around the world by implementing a global minimum tax of 15%. As Newmont primarily does business in jurisdictions with a tax rate greater than 15%, the Company does not anticipate a material impact to the consolidated financial statements.
50

Net income (loss) from discontinued operations was $49 and $1 during the three months ended September 30, 2024 and 2023, respectively, and $68 and $15 during the nine months ended September 30, 2024 and 2023, respectively. The increase during the three and nine months ended September 30, 2024, compared to the same periods in 2023, is primarily due to the sale of the Batu and Elang contingent consideration assets, including the income tax benefit associated with a release of a valuation allowance on the capital loss carryforward in the U.S. Refer to Note 12 to our Condensed Consolidated Financial Statements for additional information.
Refer to the Notes of the Condensed Consolidated Financial Statements for explanations of other financial statement line items.
Results of Consolidated Operations
Newmont has developed gold equivalent ounces ("GEO") metrics to provide a comparable basis for analysis and understanding of our operations and performance related to copper, silver, lead and zinc. Gold equivalent ounces are calculated as pounds or ounces produced or sold multiplied by the ratio of the other metals’ price to the gold price, using the metal prices in the table below:
GoldCopperSilverLeadZinc
(ounce)(pound)(ounce)(pound)(pound)
2024 GEO Price
$1,400 $3.50 $20.00 $1.00 $1.20 
2023 GEO Price
$1,400 $3.50 $20.00 $1.00 $1.20 
51

Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization
All-In Sustaining Costs (2)
Three Months Ended September 30,20242023202420232024202320242023
Gold(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Brucejack (3)
89 — $970 $— $689 $— $1,197 $— 
Red Chris (3)
— $2,228 $— $723 $— $2,633 $— 
Peñasquito (9)
63 — $985 N.M.$396 N.M.$1,224 N.M.
Merian58 83 $1,795 $1,261 $374 $279 $2,153 $1,652 
Cerro Negro
60 71 $1,535 $1,216 $532 $529 $1,878 $1,438 
Yanacocha93 87 $1,072 $1,057 $255 $314 $1,285 $1,187 
Boddington137 181 $1,098 $848 $203 $147 $1,398 $1,123 
Tanami102 123 $979 $655 $299 $243 $1,334 $890 
Cadia (3)
115 — $723 $— $271 $— $1,078 $— 
Lihir (3)
129 — $1,619 $— $292 $— $1,883 $— 
Ahafo213 133 $867 $969 $249 $338 $1,043 $1,208 
NGM242 300 $1,311 $992 $420 $372 $1,675 $1,307 
Held for sale (4)
CC&V38 45 $1,416 $1,253 $85 $126 $1,712 $1,819 
Musselwhite52 48 $993 $1,045 $— $441 $1,574 $1,715 
Porcupine67 64 $1,114 $1,189 $31 $473 $1,451 $1,644 
Éléonore54 50 $1,344 $1,338 $— $478 $1,924 $2,107 
Telfer (3)(5)
— N.M.$— N.M.$— N.M.$— 
Akyem (6)
47 75 $2,051 $1,032 $214 $438 $2,230 $1,332 
Total/Weighted-Average (7)
1,574 1,260 $1,207 $1,019 $308 $344 $1,611 $1,426 
Merian (25%)
(15)(21)
Attributable to Newmont1,559 1,239 
Gold equivalent ounces - other metals(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Red Chris (3)(8)
32 — $2,231 $— $724 $— $2,714 $— 
Peñasquito (9)
229 — $990 N.M.$382 N.M.$1,286 N.M.
Boddington (10)
48 58 $1,017 $816 $197 $144 $1,168 $1,108 
Cadia (3)(11)
120 — $685 $— $272 $— $880 $— 
Held for sale (4)
Telfer (3)(5)(12)
— N.M.$— N.M.$— N.M.$— 
Total/Weighted-Average (7)
430 58 $1,015 $1,636 $358 $835 $1,338 $2,422 
Copper
(tonnes in thousands)
Red Chris (3)(8)
— 
Boddington (10)
10 
Cadia (3)(11)
21 — 
Held for sale (4)
Telfer (3)(5)(12)
— 
Total/Weighted-Average
37 10 
Lead
(tonnes in thousands)
Peñasquito (9)
19 — 
Zinc
(tonnes in thousands)
Peñasquito (9)
58 — 
Attributable gold from equity method
investments (13)
(ounces in thousands)
Pueblo Viejo (40%)
66 52 
Fruta del Norte (3)(14)
43 — 
Attributable to Newmont
109 52 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
52

(2)All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures, below.
(3)Sites acquired through the Newcrest transaction during the fourth quarter of 2023, and as such, the comparative results of operations information is not meaningful. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on the Newcrest transaction.
(4)Sites were classified as held for sale beginning in the first quarter of 2024, and as such, the Company ceased recording depreciation and amortization at these sites in March 2024. Refer to Note 5 to the Condensed Consolidated Financial Statements for further discussion of our assets and liabilities held for sale.
(5)During the second quarter, seepage points were detected on the outer wall and around the tailings storage facility at Telfer and we temporarily ceased placing new tailings on the facility. Production resumed at the end of the third quarter, but as a result of the temporary suspension of production, per ounce metrics are not meaningful ("N.M."). In September 2024, the Company entered into a binding agreement to sell the assets of the Telfer reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 to the Condensed Consolidated Financial Statements for further information.
(6)In October 2024, the Company entered into a definitive agreement to sell the Akyem reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 to the Condensed Consolidated Financial Statements for further information.
(7)All-in sustaining costs and Depreciation and amortization include expenses for Corporate and Other.
(8)For the three months ended September 30, 2024, Red Chris produced 13 million pounds of copper.
(9)For the three months ended September 30, 2024, Peñasquito produced 7 million ounces of silver, 43 million pounds of lead and 127 million pounds of zinc. For the three months ended September 30, 2023, Peñasquito had no production due to the Peñasquito labor strike. As such, the per ounce metrics are not meaningful ("N.M.") for the quarter.
(10)For the three months ended September 30, 2024 and 2023, Boddington produced 19 million and 23 million pounds of copper, respectively.
(11)For the three months ended September 30, 2024, Cadia produced 48 million pounds of copper.
(12)For the three months ended September 30, 2024, Telfer produced 1 million pounds of copper.
(13)Income and expenses of equity method investments are included in Equity income (loss) of affiliates. Refer to Note 13 of the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
(14)The Fruta del Norte mine is wholly owned and operated by Lundin Gold, in which Newmont holds a 31.9% interest as at September 30, 2024, and is accounted for as an equity method investment on a quarter lag.
53

Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization
All-In Sustaining Costs (2)
Nine Months Ended September 30,20242023202420232024202320242023
Gold(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Brucejack (3)
186 — $1,302 $— $777 $— $1,642 $— 
Red Chris (3)
24 — $1,411 $— $436 $— $1,882 $— 
Peñasquito (10)
172 123 $888 $1,196 $363 $458 $1,112 $1,569 
Merian195 219 $1,504 $1,231 $315 $258 $1,926 $1,580 
Cerro Negro (4)
160 186 $1,393 $1,317 $519 $564 $1,725 $1,556 
Yanacocha262 208 $1,015 $1,102 $289 $318 $1,207 $1,290 
Boddington426 589 $1,043 $821 $191 $141 $1,289 $1,039 
Tanami291 312 $968 $783 $303 $257 $1,256 $1,066 
Cadia (3)
354 — $664 $— $261 $— $1,044 $— 
Lihir (3)
451 — $1,179 $— $252 $— $1,416 $— 
Ahafo587 398 $900 $957 $275 $319 $1,057 $1,269 
NGM759 848 $1,234 $1,049 $410 $381 $1,645 $1,364 
Held for sale (5)
CC&V101 134 $1,391 $1,165 $99 $142 $1,715 $1,603 
Musselwhite155 130 $1,050 $1,230 $119 $439 $1,570 $1,869 
Porcupine219 190 $1,076 $1,160 $158 $447 $1,422 $1,545 
Éléonore171 164 $1,398 $1,280 $125 $441 $1,914 $1,855 
Telfer (3)(6)
51 — $2,996 $— $212 $— $3,823 $— 
Akyem (7)
163 195 $1,491 $958 $300 $433 $1,716 $1,260 
Total/Weighted-Average (8)
4,727 3,696 $1,138 $1,033 $310 $335 $1,537 $1,425 
Merian (25%)
(49)(55)
Attributable to Newmont4,678 3,641 
Gold equivalent ounces - other metals(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Red Chris (3)(9)
95 — $1,372 $— $421 $— $1,885 $— 
Peñasquito (10)
785 413 $905 $1,183 $348 $449 $1,175 $1,648 
Boddington (11)
152 189 $994 $797 $189 $140 $1,166 $1,033 
Cadia (3)(12)
355 — $609 $— $260 $— $977 $— 
Held for sale (5)
Telfer (3)(6)(13)
— $2,795 $— $226 $— $3,811 $— 
Total/Weighted-Average (8)
1,396 602 $887 $1,056 $314 $347 $1,225 $1,511 
Copper
(tonnes in thousands)
Red Chris (3)(9)
17 — 
Boddington (11)
28 34 
Cadia (3)(12)
64 — 
Held for sale (5)
Telfer (3)(6)(13)
— 
Total/Weighted-Average
111 34 
Lead
(tonnes in thousands)
Peñasquito (10)
67 39 
Zinc
(tonnes in thousands)
Peñasquito (10)
181 82 
Attributable gold from equity method investments (14)
(ounces in thousands)
Pueblo Viejo (40%)
173 163 
Fruta del Norte (3)(15)
99 — 
Attributable to Newmont
272 163 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
54

(2)All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures, below.
(3)Sites acquired through the Newcrest transaction during the fourth quarter of 2023, and as such, the comparative results of operations information is not meaningful. Additionally, the Company suspended mining operations at Brucejack to conduct a full investigation into the tragic fatality that occurred on December 20, 2023. The site ramped up to full operations by the end of January 2024. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on the Newcrest transaction.
(4)In the second quarter of 2024, the Company suspended operations at Cerro Negro to conduct a full investigation into the tragic fatalities of two members of the Newmont workforce on April 9, 2024. The site ramped up to full operations in June 2024.
(5)Sites were classified as held for sale beginning in the first quarter of 2024, and as such, the Company ceased recording depreciation and amortization at these sites in March 2024. Refer to Note 5 of the Condensed Consolidated Financial Statements for further discussion of our assets and liabilities held for sale.
(6)During the second quarter, seepage points were detected on the outer wall and around the tailings storage facility at Telfer and we temporarily ceased placing new tailings on the facility. Production resumed at the end of the third quarter. In September 2024, the Company entered into a binding agreement to sell the assets of the Telfer reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 to the Condensed Consolidated Financial Statements for further information.
(7)In October 2024, the Company entered into a definitive agreement to sell the Akyem reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 to the Condensed Consolidated Financial Statements for further information.
(8)All-in sustaining costs and Depreciation and amortization include expenses for Corporate and Other.
(9)For the nine months ended September 30, 2024, Red Chris produced 38 million pounds of copper.
(10)For the nine months ended September 30, 2024, Peñasquito produced 24 million ounces of silver, 148 million pounds of lead and 398 million pounds of zinc. For the nine months ended September 30, 2023, Peñasquito produced 14 million ounces of silver, 86 million pounds of lead and 180 million pounds of zinc. Production and cost metrics in 2023 were impacted by operations being shut down for the entirety of the third quarter of 2023 due to the Peñasquito labor strike.
(11)For the nine months ended September 30, 2024 and 2023, Boddington produced 61 million and 75 million pounds of copper, respectively.
(12)For the nine months ended September 30, 2024, Cadia produced 142 million pounds of copper.
(13)For the nine months ended September 30, 2024, Telfer produced 4 million pounds of copper.
(14)Income and expenses of equity method investments are included in Equity income (loss) of affiliates. Refer to Note 13 of the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
(15)The Fruta del Norte mine is wholly owned and operated by Lundin Gold, in which Newmont holds a 31.9% interest as at September 30, 2024, and is accounted for as an equity method investment on a quarter lag.
Three Months Ended September 30, 2024 compared to 2023
Peñasquito, Mexico. Production and cost metrics were impacted by the operation being shut down for the entirety of the third quarter of 2023 due to the Peñasquito labor strike. As such, comparative results of operations information is not meaningful.
Merian, Suriname. Gold production decreased 30% primarily due to lower ore grade milled as a result of changes in mine sequencing and lower mill throughput. Costs applicable to sales per gold ounce increased 42% primarily due to lower gold ounces sold, a drawdown of in-circuit inventory in the current year compared to a buildup in the prior year, and higher labor costs. Depreciation and amortization per gold ounce increased 34% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 30% primarily due to higher Costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend.
Cerro Negro, Argentina. Gold production decreased 15% primarily due to lower ore grade milled and lower mill throughput. Costs applicable to sales per gold ounce increased 26% primarily due to higher material cost, higher labor cost, and lower gold ounces sold. Depreciation and amortization per gold ounce was generally in line with the prior year. All-in sustaining costs per gold ounce increased 31% primarily due to higher Costs applicable to sales per gold ounce and higher sustaining capital spend.
Yanacocha, Peru. Gold production increased 7% primarily due to higher leach pad production as a result of injection leaching. Costs applicable to sales per gold ounce were generally in line with the prior year. Depreciation and amortization per gold ounce decreased 19% primarily due to a higher buildup of inventory in the current year and higher gold ounces sold. All-in sustaining costs per gold ounce increased 8% primarily due to higher Costs applicable to sales per gold ounce.
Boddington, Australia. Gold production decreased 24% primarily due to lower ore grade milled and lower mill throughput. Gold equivalent ounces – other metals production decreased 17% primarily due to lower mill throughput and lower ore grade milled. Costs applicable to sales per gold ounce increased 29% primarily due to lower gold ounces sold, higher equipment maintenance costs, and an unfavorable Australian dollar foreign currency exchange rate. Costs applicable to sales per gold equivalent ounce – other metals sold increased 25% primarily due to lower gold equivalent ounces - other metals sold, higher equipment maintenance costs, and an unfavorable Australian dollar foreign currency exchange rate. Depreciation and amortization per gold ounce increased 38% primarily due to lower gold ounces sold and higher depreciation rates due to changes in mine life. Depreciation and amortization per gold equivalent ounce – other metals increased 37% primarily due to lower gold equivalent ounces - other metals sold and higher depreciation rates due to changes in mine life. All-in sustaining costs per gold ounce increased 24% primarily due to higher Costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend. All-in sustaining costs per gold equivalent ounce – other metals increased 5% primarily due to higher Costs applicable to sales per gold equivalent ounce - other metals partially offset by lower sustaining capital spend.
55

Tanami, Australia. Gold production decreased 17% primarily due to lower mill throughput. Costs applicable to sales per gold ounce increased 49% primarily due to lower gold ounces sold. Depreciation and amortization per gold ounce increased 23% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 50% primarily due to higher Costs applicable to sales per gold ounce and higher sustaining capital spend.
Ahafo, Ghana. Gold production increased 60% primarily due to higher mill throughput and higher ore grade milled. Costs applicable to sales per gold ounce decreased 11% primarily due to higher gold ounces sold, partially offset by higher third-party royalties and higher contracted services and labor costs. Depreciation and amortization per gold ounce decreased 26% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 14% primarily due to lower Costs applicable to sales per gold ounce and lower sustaining capital spend.
NGM, U.S. Attributable gold production decreased 19% primarily due to lower mill throughput at all NGM sites, lower ore grade milled at Carlin and Cortez and lower leach pad production at Cortez and Carlin, partially offset by higher ore grade milled at Turquoise Ridge. Costs applicable to sales per gold ounce increased 32% primarily due to lower gold ounces sold at Carlin and Cortez, inventory write-downs at Cortez and higher contracted services and maintenance costs at Carlin, Cortez and Turquoise Ridge. Depreciation and amortization per gold ounce increased 13% primarily due to lower gold ounces sold at Carlin and Cortez. All-in sustaining costs per gold ounce increased 28% primarily due to higher Costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend at Cortez.
CC&V, U.S. Gold production decreased 16% primarily due to lower leach pad production as a result of lower ore tonnes mined. Costs applicable to sales per gold ounce increased 13% primarily due to lower gold ounces sold. Depreciation and amortization per gold ounce decreased 33% primarily due to cessation of depreciation and amortization as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce decreased 6% primarily due to lower sustaining capital spend, partially offset by higher Costs applicable to sales per gold ounce.
Musselwhite, Canada. Gold production increased 8% primarily due to higher ore grade milled and higher mill throughput, partially offset by a buildup of in-circuit inventory in the current year compared to a drawdown in the prior year. Costs applicable to sales per gold ounce decreased 5% primarily due to higher gold ounces sold. Depreciation and amortization per gold ounce decreased 100% primarily due to cessation of depreciation and amortization as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce decreased 8% primarily due to lower sustaining capital spend and lower Costs applicable to sales per gold ounce.
Porcupine, Canada. Gold production increased 5% primarily due to a drawdown of in-circuit inventory in the current year compared to a buildup in the prior year and higher ore grade milled, partially offset by lower mill throughput. Costs applicable to sales per gold ounce decreased 6% primarily due to higher gold ounces sold. Depreciation and amortization per gold ounce decreased 93% primarily due to cessation of depreciation and amortization as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce decreased 12% primarily due to lower Costs applicable to sales per gold ounce.
Éléonore, Canada. Gold production increased 8% primarily due to higher ore grade milled and higher mill throughput. Costs applicable to sales per gold ounce were generally in line with the prior year. Depreciation and amortization per gold ounce decreased 100% primarily due to cessation of depreciation and amortization as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce decreased 9% primarily due to higher gold ounces sold and lower sustaining capital spend.
Akyem, Ghana. Gold production decreased 37% primarily due to lower ore grade milled, partially offset by higher mill throughput. Costs applicable to sales per gold ounce increased 99% primarily due to lower gold ounces sold, higher third-party royalties and drawdown of stockpile inventory. Depreciation and amortization per gold ounce decreased 51% primarily due to cessation of depreciation and amortization as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce increased 67% primarily due to higher Costs applicable to sales per gold ounce.
Pueblo Viejo, Dominican Republic. Attributable gold production increased 27% primarily due to higher mill throughput, higher mill recovery and higher ore grade milled, partially offset by buildup of in-circuit inventory in the current year compared to a drawdown in the prior year. Refer to Note 13 of the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Nine Months Ended September 30, 2024 compared to 2023
Peñasquito, Mexico. Gold production increased 40% and gold equivalent ounces - other metals production increased 90% primarily due to higher mill throughput in the current year due to the Peñasquito labor strike in 2023 and higher ore grade milled, partially offset by a higher buildup of in-circuit inventory and lower mill recovery. Costs applicable to sales per gold ounce decreased 26% primarily due to higher gold ounces sold as a result of the Peñasquito labor strike in 2023, partially offset by higher materials and contracted services costs. Costs applicable to sales per gold equivalent ounce – other metals decreased 23% primarily due to higher gold equivalent ounces - other metals sold as a result of the Peñasquito labor strike in 2023 and lower inventory write-downs in the current year, partially offset by a higher materials, contracted services and maintenance costs, higher workers participation costs, and higher selling costs. Depreciation and amortization per gold ounce decreased 21% and Depreciation and amortization per gold equivalent ounces – other metals decreased 22% primarily due to higher gold ounces sold and gold equivalent ounces - other metals sold respectively, as a result of the Peñasquito labor strike in 2023. All-in sustaining costs per gold ounce decreased 29% primarily due
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to lower Cost applicable to sales per gold ounce. All-in sustaining costs per gold equivalent ounce – other metals decreased 29% primarily due to lower Cost applicable to sales per gold equivalent ounce - other metals, partially offset by higher treatment and refining costs, and higher sustaining capital spend.
Merian, Suriname. Gold production decreased 11% primarily due to lower ore grade milled, partially offset by a drawdown of in-circuit inventory in the current year compared to a buildup in the prior year and higher mill throughput. Costs applicable to sales per gold ounce increased 22% primarily due to lower gold ounces sold, a drawdown of in-circuit inventory, and higher labor costs. Depreciation and amortization per gold ounce increased 22% primarily due to lower gold ounces sold and a drawdown of in-circuit inventory. All-in sustaining costs per gold ounce increased 22% primarily due to higher Costs applicable to sales per gold ounce.
Cerro Negro, Argentina. Gold production decreased 14% primarily due to lower mill throughput as a result of temporarily suspending mining at the site due to the tragic fatalities during the second quarter of 2024, partially offset by higher ore grade milled. Costs applicable to sales per gold ounce increased 6% primarily due to lower gold ounces sold, higher labor, equipment maintenance and materials cost, and higher inventory write-downs in the current year, partially offset by lower export duties. Depreciation and amortization per gold ounce decreased 8% primarily due to lower depreciation rates as a result of lower gold ounces mined, partially offset by lower gold ounce mined. All-in sustaining costs per gold ounce increased 11% primarily due to higher sustaining capital spend and higher Cost applicable to sales per gold ounce.
Yanacocha, Peru. Gold production increased 26% primarily due to higher leach pad production as a result of injection leaching. Costs applicable to sales per gold ounce decreased 8% primarily due to higher gold ounces sold. Depreciation and amortization per gold ounce decreased 9% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 6% primarily due to lower Costs applicable to sales per gold ounce.
Boddington, Australia. Gold production decreased 28% primarily due to lower ore grade milled and lower mill throughput. Gold equivalent ounces – other metals production decreased 20% primarily due to lower ore grade milled and lower mill throughput. Costs applicable to sales per gold ounce increased 27% primarily due to lower gold ounces sold and higher equipment maintenance cost. Costs applicable to sales per gold equivalent ounce – other metals sold increased 25% primarily due to lower gold equivalent ounces - other metals sold and higher equipment maintenance cost. Depreciation and amortization per gold ounce increased 35% primarily due to lower gold ounces sold and higher depreciation rates due to changes in mine life. Depreciation and amortization per gold equivalent ounce – other metals increased 35% primarily due to lower gold equivalent ounces - other metals sold and higher depreciation rates due to changes in mine life. All-in sustaining costs per gold ounce increased 24% primarily due to higher Costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend. All-in sustaining costs per gold equivalent ounce – other metals increased 13% primarily due to higher Costs applicable to sales per gold equivalent ounce - other metals, partially offset by lower sustaining capital spend.
Tanami, Australia. Gold production decreased 7% primarily due to lower ore grade milled. Costs applicable to sales per gold ounce increased 24% primarily due to lower gold ounces sold, higher underground maintenance costs, and higher contracted services costs. Depreciation and amortization per gold ounce increased 18% primarily due to lower gold ounces sold and asset additions. All-in sustaining costs increased 18% primarily due to higher Costs applicable to sales per gold ounce.
Ahafo, Ghana. Gold production increased 47% primarily due to higher ore grade milled and higher mill throughput. Costs applicable to sales per gold ounce decreased 6% primarily due to higher gold ounces sold, partially offset by higher third-party royalties, a drawdown of stockpile inventory, and higher contracted services and labor costs. Depreciation and amortization per gold ounce decreased 14% primarily due to higher gold ounces sold, partially offset by higher depreciation rates as a result of higher gold ounces mined and asset additions. All-in sustaining costs per gold ounce decreased 17% primarily due to lower sustaining capital spend and lower Costs applicable to sales per gold ounce. In February 2023, there was a failure from one of the primary crusher conveyors that feed the mill stockpile. During the third quarter of 2023, the conveyor was rebuilt and fully commissioned. During 2023, we collected $11 in business interruption insurance proceeds as a result of the event. During 2024, we collected additional business interruption proceeds of $12. Additionally, in June 2023, damage was discovered in the SAG mill girth gear that required the plant to operate at less than full capacity. The Company replaced the damaged gear during the second quarter of 2024.
NGM, U.S. Attributable gold production decreased 10% primarily due to lower ore grade milled at Carlin and Cortez, lower leach pad production at Cortez, and lower mill throughput at Turquoise Ridge and Phoenix, partially offset by higher mill throughput at Carlin and Cortez and higher ore grade milled at Turquoise Ridge. Costs applicable to sales per gold ounce increased 18% primarily due to lower gold ounces sold at Cortez, Carlin and Turquoise Ridge, higher inventory write-downs at Cortez in the current year, and higher contracted services and maintenance costs at Cortez and Turquoise Ridge. Depreciation and amortization per gold ounce increased 8% primarily due to lower gold ounces sold at Cortez, Carlin and Turquoise Ridge. All-in sustaining costs per gold ounce increased 21% primarily due to higher Costs applicable to sales per gold ounce and higher sustaining capital spend at Carlin, partially offset by lower sustaining capital spend at Cortez.
CC&V, U.S. Gold production decreased 25% primarily due to lower leach pad production as a result of lower ore tonnes mined. Costs applicable to sales per gold ounce increased 19% primarily due to lower gold ounces sold. Depreciation and amortization per gold ounce decreased 30% primarily due to cessation of depreciation and amortization as a result of classifying the asset as held for sale.
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All-in sustaining costs per gold ounce increased 7% primarily due to higher Costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend.
Musselwhite, Canada. Gold production increased 19% primarily due to higher ore grade milled. Costs applicable to sales per gold ounce decreased 15% primarily due to higher gold ounces sold. Depreciation and amortization per gold ounce decreased 73% primarily due to cessation of depreciation and amortization as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce decreased 16% primarily due to lower Costs applicable to sales per gold ounce.
Porcupine, Canada. Gold production increased 15% primarily due to higher ore grade milled and higher mill recovery. Costs applicable to sales per gold ounce decreased 7% primarily due to higher gold ounces sold and lower equipment and maintenance costs, partially offset by higher labor costs. Depreciation and amortization per gold ounce decreased 65% primarily due to cessation of depreciation and amortization as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce decreased 8% primarily due to lower Costs applicable to sales per gold ounce, partially offset by higher sustaining capital spend.
Éléonore, Canada. Gold production was generally in line with the prior year. Costs applicable to sales per gold ounce increased 9% primarily due to higher contracted services, materials and labor costs. Depreciation and amortization per gold ounce decreased 72% primarily due to cessation of depreciation and amortization as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce were generally in line with the prior year.
Akyem, Ghana. Gold production decreased 16% primarily due to lower ore grade milled, partially offset by higher mill throughput. Costs applicable to sales per gold ounce increased 56% primarily due to a drawdown of stockpile inventory, higher third-party royalties, and lower gold ounces sold. Depreciation and amortization per gold ounce decreased 31% primarily due to cessation of depreciation and amortization as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce increased 36% primarily due to higher Costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend.
Pueblo Viejo, Dominican Republic. Attributable gold production increased 6% primarily due to higher mill throughput and higher ore grade milled, partially offset by buildup of in-circuit inventory compared to a drawdown in the prior year and lower mill recovery. Refer to Note 13 of the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Foreign Currency Exchange Rates
Our foreign operations sell their gold, copper, silver, lead, and zinc production based on USD metal prices. Therefore, fluctuations in foreign currency exchange rates do not have a material impact on our revenue. Despite selling gold and silver in London, we have no exposure to the euro or the British pound.
Foreign currency exchange rates can increase or decrease profits to the extent costs are paid in foreign currencies. Approximately 55% and 59% of Costs applicable to sales were paid in currencies other than the USD during the three and nine months ended September 30, 2024, as follows:
Three Months Ended
September 30, 2024
Nine Months Ended
September 30, 2024
Australian dollar24 %26 %
Canadian dollar12 %15 %
Mexican peso%%
Papua New Guinean Kina%%
Surinamese dollar%%
Argentine peso%%
Peruvian sol%%
Variations in the local currency exchange rates in relation to the USD at our foreign mining operations decreased Costs applicable to sales at sites held prior to the Newcrest transaction by $116 and $129 per gold ounce during the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023. The decrease was primarily due to significant currency devaluation in Argentina that occurred starting in the fourth quarter of 2023. Excluding the impact of the Argentine peso devaluation, Costs applicable to sales at sites held prior to the Newcrest transaction increased by $3 and decreased by $2 per gold ounce during the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023, resulting from variations in the local currency exchange rates in relation to the USD at our other foreign mining operations.
Variations in the local currency exchange rates in relation to the USD at our foreign mining operations decreased Costs applicable to sales per gold equivalent ounce at sites held prior to the Newcrest transaction by $38 and $1, primarily in Mexico, during the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023.
At September 30, 2024, the Company held AUD- and CAD-denominated fixed forward contracts to mitigate variability in the USD functional cash flows related to the AUD- and CAD-denominated operating expenditures to be incurred between October 2024 and December 2025 at certain sites, respectively. The unrealized changes in fair value for the fixed forward contracts are recorded in
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Accumulated other comprehensive income (loss) and will be reclassified to earnings through Costs applicable to sales beginning October 2024. Refer to Note 12 of the Condensed Consolidated Financial Statements for further information on our hedging instruments.
Our Ahafo and Akyem mines, located in Ghana, are USD functional currency entities. Ghana has experienced significant inflation over the last three years and has a highly inflationary economy. In 2021, the Bank of Ghana created a gold purchase program in the effort to stabilize the local currency and build up gold reserves through domestic gold purchases conducted in local currency at prevailing market rates. As the gold purchase program was voluntary, there was no significant impact to Ahafo. The majority of Ahafo’s activity has historically been denominated in USD; as a result, the devaluation of the Ghanaian cedi has resulted in an immaterial impact on our financial statements. Therefore, future devaluation of the Ghanaian cedi is not expected to have a material impact on our financial statements.
Our Cerro Negro mine, located in Argentina, is a USD functional currency entity. Argentina has experienced significant inflation over the last three years and has a highly inflationary economy. Beginning in 2020, Argentina’s central bank enacted a number of foreign currency controls in an effort to stabilize the local currency, including requiring the Company to convert USD proceeds from metal sales to local currency within 60 days from shipment date or five business days from receipt of cash, whichever happens first, as well as restricting payments to foreign-related entities denominated in foreign currency, such as dividends or distributions to the parent and related companies and royalties and other payments to foreign beneficiaries. These restrictions directly impact Cerro Negro's ability to repay intercompany debt to the Company. In the third quarter, certain restrictions were lifted or modified, allowing companies to repay intercompany debt in certain circumstances. We continue to monitor the foreign currency exposure risk and the evolution of limitations of repatriating cash to the U.S. Currently, these currency controls are not expected to have a material impact on our financial statements.
Our Merian mine, located in the country of Suriname, is a USD functional currency entity. Suriname has experienced significant inflation over the last three years and has a highly inflationary economy. In 2021, the Central Bank took steps to stabilize the local currency, while the government introduced new legislation to narrow the gap between government revenues and spending. The measures to increase government revenue mainly consist of tax increases; however, Newmont and the Republic of Suriname have a Mineral Agreement in place that supersedes such measures. The Central Bank of Suriname adopted a controlled floating rate system, which resulted in a concurrent devaluation of the Surinamese dollar. The majority of Merian’s activity has historically been denominated in USD; as a result, historical devaluation of the Surinamese dollar resulted in an immaterial impact on our financial statements. Future appreciation or devaluation of the Surinamese dollar is not expected to have a material impact on our financial statements.
Liquidity and Capital Resources
Liquidity Overview
We have a disciplined capital allocation strategy of maintaining financial flexibility to execute our capital priorities and generate long-term value for our shareholders. Consistent with that strategy, we aim to self-fund development projects and make strategic partnerships focused on profitable growth, while reducing our debt and returning cash to stockholders through dividends and share repurchases.
The Company continues to experience the impacts from geopolitical and macroeconomic pressures. With the resulting volatile environment, we continue to monitor inflationary conditions, the effects of certain countermeasures taken by central banks, and the potential for further supply chain disruptions, as well as an uncertain and evolving labor market. Depending on the duration and extent of the impact of these events, or changes in commodity prices, the prices for gold and other metals, and foreign exchange rates, we could continue to experience volatility; transportation industry disruptions could continue, including limitations on shipping produced metals; our supply chain could continue to experience disruption; cost inflation rates could further increase; or we could incur credit related losses of certain financial assets, which could materially impact our results of operations, cash flows and financial condition.
As of September 30, 2024, we believe our available liquidity allows us to manage the short- and, possibly, long-term material adverse impacts of these events on our business. Refer to Note 2 of the Condensed Consolidated Financial Statements for further discussion on risks and uncertainties.
At September 30, 2024, the Company had $3,102 of cash and cash equivalents, of which $3,016 was included in Cash and cash equivalents and $86 was included in Assets held for sale related to certain non-core assets that were classified as held for sale in the first quarter of 2024. The majority of our cash and cash equivalents are invested in a variety of highly liquid and low-risk investments with original maturities of three months or less that are available to fund our operations as necessary. We may have investments in prime money market funds that are classified as cash and cash equivalents; however, we continually monitor the need for reclassification under the SEC requirements for money market funds, and the potential that the shares of such funds could have a net asset value of less than their par value. We believe that our liquidity and capital resources are adequate to fund our operations and corporate activities.
At September 30, 2024, $1,653 of Cash and cash equivalents was held in foreign subsidiaries and is primarily held in USD-denominated accounts with the remainder in foreign currencies readily convertible to USD. Cash and cash equivalents denominated in Argentine peso are subject to regulatory restrictions. Refer to Foreign Currency Exchange Rates above for further information. At
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September 30, 2024, $1,504 in consolidated cash and cash equivalents was held at certain foreign subsidiaries that, if repatriated, may be subject to withholding taxes. We expect that there would be no additional tax burden upon repatriation after considering the cash cost associated with any potential withholding taxes.
We believe our existing consolidated Cash and cash equivalents, available capacity on our revolving credit facility, and cash generated from continuing operations will be adequate to satisfy working capital needs, fund future growth, meet debt obligations and meet other liquidity requirements for the foreseeable future. At September 30, 2024, our borrowing capacity on our revolving credit facility was $4,000 and we had no borrowings outstanding. We continue to remain compliant with covenants and do not currently anticipate any events or circumstances that would impact our ability to access funds available on this facility. Refer to Note 16 of the Condensed Consolidated Financial Statements for further information on our Debt.
Our financial position was as follows:
At September 30,
2024
At December 31,
2023
Cash and cash equivalents$3,016 $3,002 
Cash and cash equivalents included in assets held for sale (1)
86 — 
Available borrowing capacity on revolving credit facilities (2)
4,000 3,077 
Total liquidity$7,102 $6,079 
Net debt (3)
$5,997 $6,434 
____________________________
(1)During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related Cash and cash equivalents was reclassified to Assets held for sale. Refer to Note 5 of the Condensed Consolidated Financial Statements for additional information.
(2)In connection with the Newcrest transaction, the Company acquired bilateral bank facilities that were repaid in full in the first quarter of 2024. Additionally, the revolving credit facility was amended in February 2024 to increase the available borrowing capacity to $4,000. Refer to Note 16 of the Condensed Consolidated Financial Statements for further information.
(3)Net debt is a non-GAAP financial measure used by management to evaluate financial flexibility and strength of the Company's balance sheet. Refer to Non-GAAP Financial Measures, below.
Cash Flows
Net cash provided by (used in) operating activities from continuing operations was $3,807 during the nine months ended September 30, 2024, an increase in cash provided of $1,669 from the nine months ended September 30, 2023, primarily due to an increase in Sales resulting from the impact of sites acquired in the Newcrest transaction, the Peñasquito labor strike in 2023, higher sales volumes at Ahafo, and higher average realized gold prices. These inflows were partially offset by an increase in accounts receivable due to the timing of sales and shipments, and a payment of $291 made in the first quarter for stamp duty tax related to the Newcrest transaction.
Net cash provided by (used in) investing activities from continuing operations was $(2,154) during the nine months ended September 30, 2024, an increase in cash used of $1,401 from the nine months ended September 30, 2023, primarily due to lower net maturities of time deposits and higher capital expenditures in 2024.
Net cash provided by (used in) financing activities was $(1,746) during the nine months ended September 30, 2024, an increase in cash used of $681 from the nine months ended September 30, 2023, primarily due to repurchases of common stock and net repayments of debt transactions, partially offset by lower dividend payments in 2024. Refer to Note 16 of the Condensed Consolidated Financial Statements for additional information on our Debt transactions.
Capital Resources
In October 2024, the Board declared a dividend of $0.25 per share. The declaration and payment of future dividends remains at the full discretion of the Board and will depend on the Company’s financial results, cash requirements, future prospects, and other factors deemed relevant by the Board.
In February 2024, the Board of Directors authorized a stock repurchase program to repurchase shares of outstanding common stock to offset the dilutive impact of employee stock award vesting and to provide returns to shareholders, provided that the aggregate value of shares of common stock repurchased under the new program does not exceed $1 billion. The program will expire after 24 months (in February 2026). In October 2024, the Board of Directors authorized an additional $2 billion stock repurchase program to repurchase shares of outstanding common stock. The program will expire after 24 months (in October 2026). The programs will be executed at the Company’s discretion. The repurchase programs may be discontinued at any time, and the programs do not obligate the Company to acquire any specific number of shares of its common stock or to repurchase the full authorized amount during the authorization period. Consequently, the Board of Directors may revise or terminate such share repurchase authorization in the future. Through the date of filing, we have executed and settled trades totaling $750 of common stock repurchases under the previously authorized program, of which $448 were repurchased through September 30, 2024.
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Capital Expenditures
Cash generated from operations is used to execute our capital priorities, which include sustaining and developing our global portfolio of long-lived assets. Our near-term development capital projects include Tanami Expansion 2 and Ahafo North, as well as the Cadia Block Caves project which was acquired in the Newcrest transaction. These projects are being funded from existing liquidity and will continue to be funded from future operating cash flows.
We consider sustaining capital as those capital expenditures that are necessary to maintain current production and execute the current mine plan. Capital expenditures to develop new operations or related to projects at existing operations, where these projects will enhance production or reserves, are considered non-sustaining or development capital. The Company’s decision to reprioritize, sell or abandon a development project, which may include returning mining concessions to host governments, could result in a future impairment charge.
Additionally, as part of our ESG initiatives, in November 2021, Newmont announced a strategic alliance with CAT and pledged a preliminary investment of $100 with the aim to develop and implement a comprehensive all-electric autonomous mining system to achieve zero emissions mining. Newmont has paid $56 as of September 30, 2024, and the remaining pledged amount is anticipated to be paid as certain milestones are reached through 2025. Payments are recognized in Advanced projects, research and development within our Condensed Consolidated Statements of Operations.
Other investments supporting our climate change initiatives are expected to include emissions reduction projects and renewable energy opportunities as we seek to achieve these climate targets. For risks related to climate-related capital expenditures, refer to Part I, Item 1A, Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 29, 2024.
For additional information on our capital expenditures, refer to Part II, Item 7, Liquidity and Capital Resources of our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 29, 2024.
For the nine months ended September 30, 2024 and 2023, we had Additions to property, plant and mine development, inclusive of capitalized interest, as follows:
2024
2023
Development ProjectsSustaining CapitalTotalDevelopment ProjectsSustaining CapitalTotal
Brucejack (1)
$$50 $52 $— $— $— 
Red Chris (1)
76 49 125 — — — 
Peñasquito— 90 90 — 81 81 
Merian— 64 64 — 61 61 
Cerro Negro 90 45 135 82 36 118 
Yanacocha39 15 54 198 11 209 
Boddington— 91 91 — 128 128 
Tanami229 69 298 207 80 287 
Cadia (1)
187 213 400 — — — 
Lihir (1)
62 77 139 — — — 
Ahafo201 72 273 134 106 240 
NGM69 278 347 109 230 339 
Corporate and Other— 15 15 36 37 
Held for sale (2)
CC&V— 20 20 — 44 44 
Musselwhite — 74 74 — 74 74 
Porcupine 97 62 159 53 42 95 
Éléonore — 77 77 — 74 74 
Telfer (1)(3)
12 27 39 — — — 
Akyem (4)
19 20 28 31 
Accrual basis$1,065 $1,407 $2,472 $787 $1,031 $1,818 
Decrease (increase) in non-cash adjustments55 (72)
Cash basis $2,527 $1,746 
____________________________
(1)Sites acquired through the Newcrest transaction during the fourth quarter of 2023. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information.
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(2)Sites are classified as held for sale as of September 30, 2024. Refer to Note 5 to the Condensed Consolidated Financial Statements for further discussion of our assets and liabilities held for sale.
(3)In September 2024, the Company entered into a binding agreement to sell the assets of the Telfer reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 to the Condensed Consolidated Financial Statements for further information.
(4)In October 2024, the Company entered into a definitive agreement to sell the Akyem reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 to the Condensed Consolidated Financial Statements for further information.
For the nine months ended September 30, 2024, development projects primarily included Red Chris Block Caves, Pamour at Porcupine, Cerro Negro expansion projects, Yanacocha Sulfides, Tanami Expansion 2, Cadia Block Caves, Phase 14A Wall construction at Lihir, Ahafo North, and the Goldrush Complex at NGM. Development capital costs (excluding capitalized interest) on our Tanami Expansion, Ahafo North project, and Cadia Block Caves projects since approval were $944, $551, and $208, respectively, of which $192, $176, and $172 related to the nine months ended September 30, 2024, respectively.
For the nine months ended September 30, 2023, development projects primarily included Pamour at Porcupine, Cerro Negro expansion projects, Yanacocha Sulfides, Tanami Expansion 2, Ahafo North, and the TS Solar Plant and Goldrush Complex at NGM.
Sustaining capital includes capital expenditures such as tailings facility construction, underground and surface mine development, capitalized component purchases, mining equipment, reserves drilling conversion, infrastructure improvements, water storage, and support facilities, and water treatment plant construction.
Refer to Note 4 to the Condensed Consolidated Financial Statements and Non-GAAP Financial Measures, "All-In Sustaining Costs", below, for further information.
Debt
Debt and Corporate Revolving Credit Facilities. In connection with the Newcrest transaction, the Company acquired bilateral bank debt facilities (the "bilateral facilities") held with 13 banks. The bilateral facilities due February 7, 2024 include the 3 banks that exercised their option under the change of effective control event. On February 7, 2024, the Company repaid the 3 non-consenting banks with a total borrowing capacity of $462. On February 15, 2024, the Company completed an amendment and restatement of its existing $3,000 revolving credit agreement dated as of April 4, 2019 (the “Existing Credit Agreement”). The Existing Credit Agreement was entered into with a syndicate of financial institutions and provided for borrowings in U.S. dollars and contained a letter of credit sub-facility. Per the amendment, the expiration date of the credit facility was extended from March 30, 2026 to February 15, 2029 and the borrowing capacity was increased to $4,000. Interest is based on Term SOFR plus a credit spread adjustment and margin. Concurrently, the Company utilized the $4,000 revolving credit agreement and used the proceeds thereof to repay the remaining $1,461 owed on the remaining bilateral facilities.
In the first quarter 2024, we issued $2,000 of unsecured Senior Notes comprised of $1,000 due March 30, 2026 (“2026 Senior Notes”) and $1,000 due March 30, 2034 ("2034 Senior Notes"). Net proceeds from the 2026 and 2034 Senior Notes were $1,980, which were used to fully repay the drawdown on the revolving credit facility. Interest will be paid semi-annually at a rate of 5.30% and 5.35% per annum for the 2026 and the 2034 Senior Notes, respectively.
In the second and third quarter of 2024, the Company redeemed an aggregate amount of $250 and $150 of certain Senior Notes, respectively. As a result of these redemptions, the Company recognized gain on extinguishment of $15 and $35 for the three and nine months ended September 30, 2024, respectively, recognized in Other income (loss), net. For the nine months ended September 30, 2024, the gain on extinguishment was partially offset by the acceleration of $6 loss from Accumulated Other Comprehensive Income related to the previously terminated interest rate cash flow hedges.
Debt Covenants. There were no material changes to our debt covenants. Refer to Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 29, 2024, for information regarding our debt covenants. At September 30, 2024, we were in compliance with all existing debt covenants and provisions related to potential defaults.
Refer to Note 16 to the Condensed Consolidated Financial Statements for further information.
Co-Issuer and Supplemental Guarantor Information. The Company filed a shelf registration statement with the SEC on Form S-3 under the Securities Act, as amended, which enables us to issue an indeterminate number or amount of common stock, preferred stock, depository shares, debt securities, guarantees of debt securities, warrants and units (the “Shelf Registration Statement”). Under the Shelf Registration Statement, our debt securities may be guaranteed by Newmont USA Limited (“Newmont USA”), one of our consolidated subsidiaries.
Newmont and Newcrest Finance Pty Ltd ("Newcrest Finance"), as issuers, and Newmont USA, as guarantor, are collectively referred to here-within as the "Obligor Group".
These guarantees are full and unconditional, and none of our other subsidiaries guarantee any security issued and outstanding. The cash provided by operations of the Obligor Group, and all of its subsidiaries, is available to satisfy debt repayments as they become due, and there are no material restrictions on the ability of the Obligor Group to obtain funds from subsidiaries, including
62

funds at subsidiaries classified as assets held for sale, by dividend, loan, or otherwise, except to the extent of any rights of noncontrolling interests or regulatory restrictions limiting repatriation of cash. Net assets attributable to noncontrolling interests were $184 and $178 at September 30, 2024 and December 31, 2023, respectively. All noncontrolling interests relate to non-guarantor subsidiaries. For further information on our noncontrolling interests, refer to Note 1 of the Condensed Consolidated Financial Statements.
Newmont and Newmont USA are primarily holding companies with no material operations, sources of income or assets other than equity interest in their subsidiaries and intercompany receivables or payables. Newcrest Finance is a finance subsidiary with no material assets or operations other than those related to issued external debt. Newmont USA’s primary investments are comprised of its 38.5% interest in NGM. For further information regarding these and our other operations, refer to Note 4 of the Condensed Consolidated Financial Statements and Results of Consolidated Operations within Part I, Item 2, MD&A.
In addition to equity interests in subsidiaries, the Obligor Group’s balance sheets consisted primarily of the following intercompany assets, intercompany liabilities, and external debt. The remaining assets and liabilities of the Obligor Group are considered immaterial at September 30, 2024 and December 31, 2023.
At September 30, 2024At December 31, 2023
Obligor GroupNewmont USAObligor GroupNewmont USA
Current intercompany assets$18,102 $10,953 $14,776 $8,713 
Non-current intercompany assets$567 $504 $500 $483 
Current intercompany liabilities$17,823 $1,523 $13,716 $1,652 
Current external debt$— $— $1,923 $— 
Non-current intercompany liabilities$326 $— $386 $— 
Non-current external debt$8,544 $— $6,944 $— 
Newmont USA's subsidiary guarantees (the “subsidiary guarantees”) are general unsecured senior obligations of Newmont USA and rank equal in right of payment to all of Newmont USA's existing and future senior unsecured indebtedness and senior in right of payment to all of Newmont USA's future subordinated indebtedness. The subsidiary guarantees are effectively junior to any secured indebtedness of Newmont USA to the extent of the value of the assets securing such indebtedness.
At September 30, 2024, Newmont USA had approximately $8,544 of consolidated indebtedness (including guaranteed debt), all of which relates to the guarantees of indebtedness of Newmont.
Under the terms of the subsidiary guarantees, holders of Newmont’s securities subject to such subsidiary guarantees will not be required to exercise their remedies against Newmont before they proceed directly against Newmont USA.
Newmont USA will be released and relieved from all its obligations under the subsidiary guarantees in certain specified circumstances, including, but not limited to, the following:
upon the sale or other disposition (including by way of consolidation or merger), in one transaction or a series of related transactions, of a majority of the total voting power of the capital stock or other interests of Newmont USA (other than to Newmont or any of Newmont’s affiliates);
upon the sale or disposition of all or substantially all the assets of Newmont USA (other than to Newmont or any of Newmont’s affiliates); or
upon such time as Newmont USA ceases to guarantee more than $75 aggregate principal amount of Newmont’s debt (at September 30, 2024, Newmont USA guaranteed $600 aggregate principal amount of debt of Newmont that did not contain a similar fall-away provision).
Newmont’s debt securities are effectively junior to any secured indebtedness of Newmont to the extent of the value of the assets securing such indebtedness, and structurally subordinated to all debt and other liabilities of Newmont’s non-guarantor subsidiaries. At September 30, 2024, (i) Newmont’s total consolidated indebtedness was approximately $9,099, none of which was secured (other than $549 of Lease and other financing obligations), and (ii) Newmont’s non-guarantor subsidiaries had $9,128 of total liabilities (including trade payables, but excluding intercompany and external debt and reclamation and remediation liabilities), which would have been structurally senior to Newmont’s debt securities.
For further information on our debt, refer to Note 16 to the Condensed Consolidated Financial Statements.
Contractual Obligations
As of September 30, 2024, there have been no material changes, outside the ordinary course of business, in our contractual obligations since December 31, 2023. Refer to Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 29, 2024, for information regarding our contractual obligations.
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Environmental
Our mining and exploration activities are subject to various federal and state laws and regulations governing the protection of the environment. We have made, and expect to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. We perform a comprehensive review of our reclamation and remediation liabilities annually and review changes in facts and circumstances associated with these obligations at least quarterly.
For a complete discussion of the factors that influence our reclamation obligations and the associated risks, refer to Part II, Item 7, Managements’ Discussion and Analysis of Consolidated Financial Condition and Results of Operations under the headings Environmental and “Critical Accounting Estimates” and refer to Part I, Item 1A, Risk Factors under the heading “Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made” of our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 29, 2024.
Our sustainability strategy is a foundational element in achieving our purpose to create value and improve lives through sustainable and responsible mining. Sustainability and safety are integrated into the business at all levels of the organization through our global policies, standards, strategies, business plans and remuneration plans. For additional information on the Company’s reclamation and remediation liabilities, refer to Notes 7 and 20 of the Condensed Consolidated Financial Statements.
Non-GAAP Financial Measures
Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by GAAP. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to Non-GAAP Financial Measures within Part II, Item 7 within our Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 29, 2024 for further information on the non-GAAP financial measures presented below, including why management believes that its presentation of non-GAAP financial measures provides useful information to investors.
Earnings before interest, taxes, depreciation and amortization and Adjusted earnings before interest, taxes, depreciation and amortization
Net income (loss) attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Net income (loss) attributable to Newmont stockholders$922 $158 $1,945 $664 
Net income (loss) attributable to noncontrolling interests15 17 
Net (income) loss from discontinued operations
(49)(1)(68)(15)
Equity loss (income) of affiliates(60)(3)(64)(44)
Income and mining tax expense (benefit)244 73 695 449 
Depreciation and amortization631 480 1,887 1,427 
Interest expense, net of capitalized interest86 48 282 162 
EBITDA$1,776 $760 $4,692 $2,660 
Adjustments:
Loss on assets held for sale (1)
$115 $— $846 $— 
Newcrest transaction and integration costs (2)
17 16 62 37 
Reclamation and remediation charges (3)
33 104 39 102 
Impairment charges (4)
18 39 10 
Change in fair value of investments (5)
(17)41 (39)42 
(Gain) loss on asset and investment sales, net (6)
28 (36)(34)
Settlement costs (7)
33 
Gain on debt extinguishment, net (8)
(15)— (29)— 
Restructuring and severance (9)
20 19 
Other (10)
— (1)— (5)
Adjusted EBITDA$1,967 $933 $5,627 $2,833 
____________________________
(1)Loss on assets held for sale, included in Loss on assets held for sale, represents the loss recorded for the six non-core assets and the development project that met the requirements to be presented as held for sale in 2024. Refer to Note 5 of the Condensed Consolidated Financial Statements for further information.
(2)Newcrest transaction and integration costs, included in Other expense, net, represents costs incurred related to Newmont's acquisition of Newcrest completed in 2023 as well as subsequent integration costs. Refer to Note 3 of the Condensed Consolidated Financial Statements for further information.
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(3)Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. For further information, refer to Note 7 of the Condensed Consolidated Financial Statements.
(4)Impairment charges, included in Other expense, net, represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories.
(5)Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable and other equity securities.
(6)(Gain) loss on asset and investment sales, net, included in Other income (loss), net, in 2024 primarily represents the gain recognized on the sale of the Streaming Credit Facility Agreement ("SCFA") in the second quarter and the purchase and sale of foreign currency bonds during the nine months ended September 30, 2024, partially offset by the loss on the abandonment of the near-pit sizing and conveying system at Peñasquito in the third quarter. For 2023, primarily comprised of the net gain recognized on the exchange of the previously held Maverix investment for Triple Flag and the subsequent sale of the Triple Flag investment. Refer to Note 9 of the Condensed Consolidated Financial Statements for further information on our asset and investment sales and Note 12 of the Condensed Consolidated Financial Statements for further information on the sale of the SCFA.
(7)Settlement costs, included in Other expense, net, are primarily comprised of wind-down and demobilization costs related to the French Guiana project in 2024 and litigation expenses in 2023.
(8)Gain on debt extinguishment, net, included in Other income (loss), net, primarily represents the net gain on the partial redemption of certain Senior Notes in 2024. Refer to Note 16 of the Condensed Consolidated Financial Statements for further information.
(9)Restructuring and severance, included in Other expense, net, primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented.
(10)Other, included in Other income (loss), net, in 2023, represents income received during the first quarter of 2023, on the favorable settlement of certain matters that were outstanding at the time of sale of the related investment in 2022.
Adjusted net income (loss)
Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows:
Three Months Ended
September 30, 2024
Nine Months Ended
September 30, 2024
per share data (1)
per share data (1)
basicdilutedbasicdiluted
Net income (loss) attributable to Newmont stockholders$922 $0.80 $0.80 $1,945 $1.69 $1.69 
Net loss (income) attributable to Newmont stockholders from discontinued operations(49)(0.04)(0.04)(68)(0.06)(0.06)
Net income (loss) attributable to Newmont stockholders from continuing operations873 0.76 0.76 1,877 1.63 1.63 
Loss on assets held for sale (2)
115 0.10 0.10 846 0.73 0.73 
Newcrest transaction and integration costs (3)
17 0.01 0.01 62 0.06 0.06 
Reclamation and remediation charges (4)
33 0.03 0.03 39 0.03 0.03 
Impairment charges (5)
18 0.02 0.02 39 0.03 0.03 
Change in fair value of investments (6)
(17)(0.01)(0.01)(39)(0.04)(0.04)
(Gain) loss on asset and investment sales, net (7)
28 0.03 0.03 (36)(0.04)(0.04)
Settlement costs (8)
— — 33 0.03 0.03 
Gain on debt extinguishment, net (9)
(15)(0.01)(0.01)(29)(0.03)(0.03)
Restructuring and severance (10)
— — 20 0.02 0.02 
Tax effect of adjustments (11)
(62)(0.06)(0.06)(296)(0.25)(0.25)
Valuation allowance and other tax adjustments (12)
(66)(0.05)(0.06)(116)(0.08)(0.09)
Adjusted net income (loss)$936 $0.82 $0.81 $2,400 $2.09 $2.08 
Weighted average common shares (millions): (13)
1,147 1,149 1,151 1,152 
____________________________
(1)Per share measures may not recalculate due to rounding.
(2)Loss on assets held for sale, included in Loss on assets held for sale, represents the loss recorded for the six non-core assets and the development project that met the requirements to be presented as held for sale in 2024. Refer to Note 5 of the Condensed Consolidated Financial Statements for further information.
(3)Newcrest transaction and integration costs, included in Other expense, net, represents costs incurred related to Newmont's acquisition of Newcrest completed in 2023 as well as subsequent integration costs. Refer to Note 3 of the Condensed Consolidated Financial Statements for further information.
(4)Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. Refer to Note 7 of the Condensed Consolidated Financial Statement for further information.
(5)Impairment charges, included in Other expense, net, represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories.
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(6)Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's investment in current and non-current marketable equity securities.
(7)(Gain) loss on asset and investment sales, net, included in Other income (loss), net, primarily represents the gain recognized on the sale of the SCFA in the second quarter and the purchase and sale of foreign currency bonds during the nine months ended September 30, 2024, partially offset by the loss on the abandonment of the near-pit sizing and conveying system at Peñasquito in the third quarter. Refer to Notes 9 and 12 of the Condensed Consolidated Financial Statements for further information.
(8)Settlement costs, included in Other expense, net, are primarily comprised of wind down and demobilization costs related to the French Guiana project.
(9)Gain on debt extinguishment, net, included in Other income (loss), net, primarily represents the net gain on the partial redemption of certain Senior Notes. Refer to Note 16 of the Condensed Consolidated Financial Statements for further information.
(10)Restructuring and severance, included in Other expense, net, primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company.
(11)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (10), as described above, and are calculated using the applicable regional tax rate.
(12)Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three and nine months ended September 30, 2024 reflects the net increase or (decrease) to net operating losses, capital losses, tax credit carryovers, and other deferred tax assets subject to valuation allowance of $(36) and $(81), the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $25 and $(33), net reductions to the reserve for uncertain tax positions of $(6) and $(58), recording of a deferred tax liability for the outside basis difference at Akyem of $(36) and $44 due to the status change to held-for-sale, and other tax adjustments of $(13) and $12. For further information on reductions to the reserve for uncertain tax positions, refer to Note 10 of the Condensed Consolidated Financial Statements.
(13)Adjusted net income (loss) per diluted share is calculated using diluted common shares in accordance with GAAP.
Three Months Ended
September 30, 2023
Nine Months Ended
September 30, 2023
per share data (1)
per share data (1)
basicdilutedbasicdiluted
Net income (loss) attributable to Newmont stockholders$158 $0.20 $0.20 $664 $0.84 $0.84 
Net loss (income) attributable to Newmont stockholders from discontinued operations(1)— — (15)(0.02)(0.02)
Net income (loss) attributable to Newmont stockholders from continuing operations157 0.20 0.20 649 0.82 0.82 
Reclamation and remediation charges (2)
104 0.14 0.14 102 0.13 0.13 
Change in fair value of investments (3)
41 0.05 0.05 42 0.05 0.05 
Newcrest transaction-related costs (4)
16 0.02 0.02 37 0.05 0.05 
(Gain) loss on asset and investment sales, net (5)
— — (34)(0.04)(0.04)
Restructuring and severance (6)
0.01 0.01 19 0.03 0.03 
Impairment charges (7)
— — 10 0.01 0.01 
Settlement costs (8)
— — — — 
Other (9)
(1)— — (5)— — 
Tax effect of adjustments (10)
(47)(0.06)(0.06)(48)(0.07)(0.07)
Valuation allowance and other tax adjustments (11)
— — 98 0.12 0.12 
Adjusted net income (loss)$286 $0.36 $0.36 $872 $1.10 $1.10 
Weighted average common shares (millions): (12)
795 796 795 795 
____________________________
(1)Per share measures may not recalculate due to rounding.
(2)Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. Refer to Note 7 of the Condensed Consolidated Financial Statement for further information.
(3)Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's investment in current and non-current marketable equity securities.
(4)Newcrest transaction-related costs, included in Other expense, net, primarily represents costs incurred related to the Newcrest Transaction. Refer to Note 3 of the Condensed Consolidated Financial Statements for further information.
(5)(Gain) loss on asset and investment sales, net, included in Other income (loss), net, primarily represents the net gain recognized on the exchange of the previously held Maverix investment for Triple Flag and the subsequent sale of the Triple Flag investment. Refer to Note 9 of the Condensed Consolidated Financial Statements for further information.
(6)Restructuring and severance, included in Other expense, net, primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company.
(7)Impairment charges, included in Other expense, net, represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories.
(8)Settlement costs, included in Other expense, net, are primarily comprised of litigation expenses.
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(9)Other, included in Other income (loss), net, represents income received on the favorable settlement of certain matters that were outstanding at the time of sale of the related investment in 2022.
(10)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (9), as described above, and are calculated using the applicable regional tax rate.
(11)Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three and nine months ended September 30, 2023 reflects the net increase or (decrease) to net operating losses, capital losses, tax credit carryovers, and other deferred tax assets subject to valuation allowance of $69 and $126, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(73) and $(52), net reductions to the reserve for uncertain tax positions of $4 and $18, other tax adjustments of $3 and $6. For further information on reductions to the reserve for uncertain tax positions, refer to Note 10 of the Condensed Consolidated Financial Statements.
(12)Adjusted net income (loss) per diluted share is calculated using diluted common shares in accordance with GAAP.
Free Cash Flow
The following table sets forth a reconciliation of Free Cash Flow to Net cash provided by (used in) operating activities, which the Company believes to be the GAAP financial measure most directly comparable to Free Cash Flow, as well as information regarding Net cash provided by (used in) investing activities and Net cash provided by (used in) financing activities.
Nine Months Ended September 30,
20242023
Net cash provided by (used in) operating activities (1)
$3,852 $2,147 
Less: Net cash used in (provided by) operating activities of discontinued operations(45)(9)
Net cash provided by (used in) operating activities of continuing operations3,807 2,138 
Less: Additions to property, plant and mine development(2,527)(1,746)
Free Cash Flow$1,280 $392 
Net cash provided by (used in) investing activities (2)
$(2,001)$(753)
Net cash provided by (used in) financing activities$(1,746)$(1,065)
____________________________
(1)Includes payment of $291 for stamp duty tax, related to the Newcrest transaction, in the first quarter of 2024. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on the Newcrest transaction.
(2)Net cash provided by (used in) investing activities includes Additions to property, plant and mine development, which is included in the Company’s computation of Free Cash Flow.
Net Debt
Net Debt is calculated as Debt and Lease and other financing obligations less Cash and cash equivalents, as presented on the Condensed Consolidated Balance Sheets. Cash and cash equivalents are subtracted from Debt and Lease and other financing obligations as these could be used to reduce the Company's debt obligations.
The following table sets forth a reconciliation of Net Debt, a non-GAAP financial measure, to Debt and Lease and other financing obligations, which the Company believes to be the GAAP financial measures most directly comparable to Net Debt.
At September 30,
2024
At December 31,
2023
Debt$8,550 $8,874 
Lease and other financing obligations549 562 
Less: Cash and cash equivalents(3,016)(3,002)
Less: Cash and cash equivalents included in assets held for sale (1)
(86)— 
Net debt$5,997 $6,434 
____________________________
(1)During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related Cash and cash equivalents was reclassified to Assets held for sale. Refer to Note 5 of the Condensed Consolidated Financial Statements for additional information.
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Costs applicable to sales per ounce/gold equivalent ounce
Costs applicable to sales per ounce/gold equivalent ounce are calculated by dividing the costs applicable to sales of gold and other metals by gold ounces or gold equivalent ounces sold, respectively. These measures are calculated for the periods presented on a consolidated basis.
The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures.
Costs applicable to sales per gold ounce
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Costs applicable to sales (1)(2)
$1,892 $1,273 $5,359 $3,789 
Gold sold (thousand ounces)1,568 1,250 4,710 3,669 
Costs applicable to sales per ounce (3)
$1,207 $1,019 $1,138 $1,033 
____________________________
(1)Includes by-product credits of $43 and $28 during the three months ended September 30, 2024 and 2023, respectively, and $127 and $86 during the nine months ended September 30, 2024 and 2023, respectively.
(2)Excludes Depreciation and amortization and Reclamation and remediation.
(3)Per ounce measures may not recalculate due to rounding.
Costs applicable to sales per gold equivalent ounce
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Costs applicable to sales (1)(2)
$418 $98 $1,213 $607 
Gold equivalent ounces - other metals (thousand ounces) (3)
412 59 1,367 575 
Costs applicable to sales per gold equivalent ounce (4)
$1,015 $1,636 $887 $1,056 
____________________________
(1)Includes by-product credits of $12 and $1 during the three months ended September 30, 2024 and 2023, respectively, and $42 and $5 during the nine months ended September 30, 2024 and 2023, respectively.
(2)Excludes Depreciation and amortization and Reclamation and remediation.
(3)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2024 and 2023.
(4)Per ounce measures may not recalculate due to rounding.
All-In Sustaining Costs
All-in sustaining costs represent the sum of certain costs, recognized as GAAP financial measures, that management considers to be associated with production. All-in sustaining costs per ounce amounts are calculated by dividing all-in sustaining costs by gold ounces or gold equivalent ounces sold.
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Three Months Ended
September 30, 2024
Costs Applicable to Sales (1)(2)(3)
Reclamation Costs (4)
Advanced Projects, Research and Development and Exploration (5)
General and Administrative
Other Expense, Net (6)
Treatment and Refining Costs
Sustaining Capital and Lease Related Costs (7)(8)
All-In Sustaining CostsOunces (000) Sold
All-In Sustaining Costs per Ounce (9)
Gold
Brucejack (10)
$98 $$$— $— $— $16 $122 101 $1,197 
Red Chris (10)
21 — — — — (2)23 $2,633 
Peñasquito54 — — — 68 56 $1,224 
Merian 113 — — 14 136 64 $2,153 
Cerro Negro91 — — — 18 112 60 $1,878 
Yanacocha96 11 — — — 114 89 $1,285 
Boddington136 — — — 32 175 124 $1,398 
Tanami98 — — — 31 133 100 $1,334 
Cadia (10)
80 — — — — 39 121 113 $1,078 
Lihir (10)
206 — (1)— 31 239 127 $1,883 
Ahafo192 — — — — 34 231 221 $1,043 
NGM320 75 409 244 $1,675 
Corporate and Other (11)
— 23 95 — 129 — $— 
Held for sale (12)
CC&V54 — — — — 64 38 $1,712 
Musselwhite 50 — — — 27 79 50 $1,574 
Porcupine78 — — — 19 102 70 $1,451 
Éléonore
70 — — — 27 101 52 $1,924 
Telfer (10)(15)
39 — — 17 65 N.M.
Akyem (16)
95 (1)— 103 46 $2,230 
Total Gold1,892 48 59 98 413 2,526 1,568 $1,611 
Gold equivalent ounces - other metals (13)(14)
Red Chris (10)
71 — — (4)17 86 31 $2,714 
Peñasquito219 — (1)26 33 286 222 $1,286 
Boddington44 — — — 50 43 $1,168 
Cadia (10)
80 — — — (17)38 102 116 $880 
Corporate and Other (11)
— — 14 — 22 — $— 
Held for sale (12)
Telfer (10)(15)
— — — — — — N.M.
Total Gold Equivalent Ounces418 10 15 — 95 552 412 $1,338 
Consolidated$2,310 $58 $67 $113 $$14 $508 $3,078 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $55.
(3)Includes stockpile, leach pad, and product inventory adjustments of $4 at NGM and $17 at Telfer.
(4)Includes operating accretion of $36, included in Reclamation and remediation, and amortization of asset retirement costs $22; excludes accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $57 and $39, respectively, included in Reclamation and remediation.
(5)Excludes development expenditures of $4 at Red Chris, $2 at Peñasquito, $4 at Cerro Negro, $1 at Boddington, $5 at Tanami, $14 at Ahafo, $2 at NGM, $19 at Corporate and Other, $1 at CC&V, and $2 at Telfer, totaling $54 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(6)Other expense, net is adjusted for impairment charges of $18, Newcrest transaction and integration costs of $17, settlements costs of $7, and restructuring and severance of $5, included in Other expense, net.
(7)Excludes capitalized interest related to sustaining capital expenditures. See Liquidity and Capital Resources within Part I, Item 2, MD&A for capital expenditures by segment.
(8)Includes finance lease payments and other costs for sustaining projects of $34.
(9)Per ounce measures may not recalculate due to rounding.
(10)Sites acquired through the Newcrest transaction. Refer to Note 3 of the Condensed Consolidated Financial Statements for further information.
(11)Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 of the Condensed Consolidated Financial Statements for further information.
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(12)Sites are classified as held for sale as of September 30, 2024. Refer to Note 5 of the Condensed Consolidated Financial Statements for further discussion of our assets and liabilities held for sale.
(13)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2024.
(14)For the three months ended September 30, 2024, Red Chris sold 6 thousand tonnes of copper, Peñasquito sold 6 million ounces of silver, 17 thousand tonnes of lead and 61 thousand tonnes of zinc, Boddington sold 8 thousand tonnes of copper, Cadia sold 21 thousand tonnes of copper, and Telfer sold — thousand tonnes of copper.
(15)During the second quarter, seepage points were detected on the outer wall and around the tailings storage facility at Telfer and we temporarily ceased placing new tailings on the facility. Production resumed during the third quarter of 2024, but as a result of the temporary suspension of production, per ounce metrics are not meaningful ("N.M."). In September 2024, the Company entered into a binding agreement to sell the assets of the Telfer reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 to the Condensed Consolidated Financial Statements for further information.
(16)In October 2024, the Company entered into a definitive agreement to sell the Akyem reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 to the Condensed Consolidated Financial Statements for further information.
Three Months Ended
September 30, 2023
Costs Applicable to Sales (1)(2)(3)(4)
Reclamation Costs (5)
Advanced Projects, Research and Development and Exploration (6)
General and Administrative
Other Expense, Net (7)
Treatment and Refining Costs
Sustaining Capital and Lease Related Costs (8)(9)
All-In Sustaining CostsOunces (000) Sold
All-In Sustaining Costs Per oz. (10)
Gold
CC&V$57 $$$— $— $— $20 $83 46 $1,819 
Musselwhite50 — — — 28 81 47 $1,715 
Porcupine73 — — — 19 100 61 $1,644 
Éléonore63 — — 29 98 46 $2,107 
Peñasquito (11)
16 — — — — 23 (1)N.M.
Merian 104 — — — 27 137 83 $1,652 
Cerro Negro79 — — 11 93 65 $1,438 
Yanacocha90 — — — — 100 85 $1,187 
Boddington157 — — 42 209 186 $1,123 
Tanami81 — — — — 28 110 123 $890 
Ahafo133 — — — 27 166 137 $1,208 
Akyem72 13 — — — 94 71 $1,332 
NGM298 82 394 301 $1,307 
Corporate and Other (12)
— — 23 62 — 94 — $— 
Total Gold1,273 50 44 65 336 1,782 1,250 $1,426 
Gold equivalent ounces - other metals (13)(14)
Peñasquito (11)
48 — 11 69 (2)N.M.
Boddington50 — — — — 14 67 61 $1,108 
Corporate and Other (12)
— — — — $— 
Total Gold Equivalent Ounces98 27 145 59 $2,422 
Consolidated$1,371 $57 $46 $70 $10 $10 $363 $1,927 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $29.
(3)Includes stockpile, leach pad, and product inventory adjustments of $1 at Porcupine, $2 at Peñasquito, and $2 at NGM.
(4)Beginning January 1, 2023, COVID-19 specific costs incurred in the ordinary course of business are recognized in Costs applicable to sales.
(5)Includes operating accretion of $25, included in Reclamation and remediation, and amortization of asset retirement costs of $32; excludes accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $37 and $104, respectively, included in Reclamation and remediation.
(6)Excludes development expenditures of $1 at CC&V, $2 at Porcupine $2 at Peñasquito, $5 at Merian, $2 at Cerro Negro, $7 at Tanami, $12 at Ahafo, $6 at Akyem, $4 at NGM, and $44 at Corporate and Other, totaling $85 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(7)Other expense, net is adjusted for Newcrest transaction-related costs of $16, restructuring and severance of $7, impairment charges of $2, settlement costs of $2, included in Other expense, net.
(8)Excludes capitalized interest related to sustaining capital expenditures. See Liquidity and Capital Resources within Part I, Item 2, MD&A for capital expenditures by segment.
(9)Includes finance lease payments and other costs for sustaining projects of $17.
(10)Per ounce measures may not recalculate due to rounding.
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(11)For the three months ended September 30, 2023, Peñasquito had no production due to the Peñasquito labor strike. Sales activity recognized in the third quarter of 2023 at Peñasquito is related to adjustments on provisionally priced concentrate sales subject to final settlement. As such, the per ounce metrics are not meaningful ("N.M.") for the current quarter.
(12)Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 of the Condensed Consolidated Financial Statements for further information.
(13)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2023.
(14)For the three months ended September 30, 2023, Peñasquito sold — million ounces of silver, — thousand tonnes of lead and (1) thousand tonnes of zinc, and Boddington sold 11 thousand tonnes of copper.
Nine Months Ended
September 30, 2024
Costs Applicable to Sales (1)(2)(3)
Reclamation Costs (4)
Advanced Projects, Research and Development and Exploration (5)
General and Administrative
Other Expense, Net (6)
Treatment and Refining Costs
Sustaining Capital and Lease Related Costs (7)(8)
All-In Sustaining CostsOunces (000) Sold
All-In Sustaining Costs per Ounce (9)
Gold
Brucejack (10)
$236 $$$— $— $$49 $298 181 $1,642 
Red Chris (10)
35 — — — — 10 46 24 $1,882 
Peñasquito
145 — — — 10 22 182 164 $1,112 
Merian 299 11 — — 66 383 199 $1,926 
Cerro Negro224 — — 45 278 161 $1,725 
Yanacocha261 25 — — 15 310 257 $1,207 
Boddington419 12 — — 10 77 519 402 $1,289 
Tanami281 — — — 76 364 290 $1,256 
Cadia (10)
231 — 12 113 365 350 $1,044 
Lihir (10)
539 12 — — 89 647 457 $1,416 
Ahafo527 14 — 73 619 585 $1,057 
NGM941 13 276 1,255 763 $1,645 
Corporate and Other (11)
— 82 277 12 — 12 384 — $— 
Held for sale (12)
CC&V139 — — 21 171 100 $1,715 
Musselwhite 163 — — — 73 243 155 $1,570 
Porcupine235 10 — — — 62 311 218 $1,422 
Éléonore
239 — — — 77 328 171 $1,914 
Telfer (10)(15)
192 — 27 245 64 $3,823 
Akyem (16)
252 18 — — 18 290 169 $1,716 
Total Gold5,359 140 177 285 30 46 1,201 7,238 4,710 $1,537 
Gold equivalent ounces - other metals (13)(14)
Red Chris (10)
135 — — 40 185 98 $1,885 
Peñasquito
692 24 85 96 900 766 $1,175 
Boddington141 — — — 13 165 141 $1,166 
Cadia (10)
214 — 24 98 343 351 $977 
Corporate and Other (11)
— — 10 28 — 40 — $— 
Held for sale (12)
Telfer (10)(15)
31 — — 42 11 $3,811 
Total Gold Equivalent Ounces1,213 30 21 29 127 252 1,675 1,367 $1,225 
Consolidated$6,572 $170 $198 $314 $33 $173 $1,453 $8,913 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $169.
(3)Includes stockpile, leach pad, and product inventory adjustments of $2 at Brucejack, $1 at Peñasquito, $9 at Cerro Negro, $21 at NGM, and $32 at Telfer.
(4)Includes operating accretion of $103, included in Reclamation and remediation, and amortization of asset retirement costs of $67; excludes accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $165 and $56, respectively, included in Reclamation and remediation.
(5)Excludes development expenditures of $4 at Red Chris, $6 at Peñasquito, $4 at Merian, $10 at Cerro Negro, $2 at Boddington, $18 at Tanami, $28 at Ahafo, $8 at NGM, $46 at Corporate and Other, $2 at CC&V, $1 at Porcupine, $2 at Telfer, and $4 at Akyem, totaling $135 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
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(6)Other expense, net is adjusted for Newcrest transaction and integration costs of $62, impairment charges of $39, settlement costs of $33, and restructuring and severance of $20, included in Other expense, net.
(7)Excludes capitalized interest related to sustaining capital expenditures. See Liquidity and Capital Resources within Part I, Item 2, MD&A for capital expenditures by segment.
(8)Includes finance lease payments and other costs for sustaining projects of $64.
(9)Per ounce measures may not recalculate due to rounding.
(10)Sites acquired through the Newcrest transaction. Refer to Note 3 of the Condensed Consolidated Financial Statements for further information.
(11)Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 of the Condensed Consolidated Financial Statements for further information.
(12)Sites are classified as held for sale as of September 30, 2024. Refer to Note 5 of the Condensed Consolidated Financial Statements for further discussion of our assets and liabilities held for sale.
(13)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2024.
(14)For the nine months ended September 30, 2024, Red Chris sold 18 thousand tonnes of copper, Peñasquito sold 24 million ounces of silver, 66 thousand tonnes of lead and 174 thousand tonnes of zinc, Boddington sold 26 thousand tonnes of copper, Cadia sold 64 thousand tonnes of copper, and Telfer sold 2 thousand tonnes of copper.
(15)During the second quarter, seepage points were detected on the outer wall and around the tailings storage facility at Telfer and we temporarily ceased placing new tailings on the facility. Production resumed during the third quarter of 2024. In September 2024, the Company entered into a binding agreement to sell the assets of the Telfer reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 to the Condensed Consolidated Financial Statements for further information.
(16)In October 2024, the Company entered into a definitive agreement to sell the Akyem reportable segment. The sale is expected to close in the fourth quarter of 2024. Refer to Note 1 to the Condensed Consolidated Financial Statements for further information.
Nine Months Ended
September 30, 2023
Costs Applicable to Sales (1)(2)(3)(4)
Reclamation Costs (5)
Advanced Projects, Research and Development and Exploration (6)
General and Administrative
Other Expense, Net (7)
Treatment and Refining Costs
Sustaining Capital and Lease Related Costs (8)(9)
All-In Sustaining CostsOunces (000) Sold
All-In Sustaining Costs per Ounce (10)
Gold
CC&V$157 $$$— $$— $42 $216 135 $1,603 
Musselwhite163 — — — 73 247 132 $1,869 
Porcupine220 17 10 — — — 45 292 189 $1,545 
Éléonore212 — — 81 307 165 $1,855 
Peñasquito
123 — — 24 161 103 $1,569 
Merian 269 — — — 63 346 219 $1,580 
Cerro Negro232 — — 33 274 176 $1,556 
Yanacocha225 17 — — 11 263 204 $1,290 
Boddington483 14 — — 14 97 611 588 $1,039 
Tanami244 — — — 86 333 312 $1,066 
Ahafo384 14 — — 108 509 401 $1,269 
Akyem189 29 — — 29 249 198 $1,260 
NGM888 11 12 230 1,155 847 $1,364 
Corporate and Other (11)
— — 55 181 — 24 264 — $— 
Total Gold3,789 138 123 189 16 26 946 5,227 3,669 $1,425 
Gold equivalent ounces - other metals (12)(13)
Peñasquito456 21 66 87 635 385 $1,648 
Boddington151 — — 11 31 196 190 $1,033 
Corporate and Other (11)
— — 25 — 38 — $— 
Total Gold Equivalent Ounces607 23 11 26 77 123 869 575 $1,511 
Consolidated$4,396 $161 $134 $215 $18 $103 $1,069 $6,096 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $91.
(3)Includes stockpile, leach pad, and product inventory adjustments of $3 at Porcupine, $5 at Éléonore, $19 at Peñasquito, $2 at Cerro Negro, $4 at Yanacocha, $1 at Akyem, and $4 at NGM.
(4)Beginning January 1, 2023, COVID-19 specific costs incurred in the ordinary course of business are recognized in Costs applicable to sales.
(5)Include operating accretion of $74, included in Reclamation and remediation, and amortization of asset retirement costs of $87; excludes accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $111 and $113, respectively, included in Reclamation and remediation.
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(6)Excludes development expenditures of $2 at CC&V, $5 at Porcupine, $5 at Peñasquito, $8 at Merian, $3 at Cerro Negro, $3 at Yanacocha, $19 at Tanami, $27 at Ahafo, $13 at Akyem, $13 at NGM, and $92 at Corporate and Other, totaling $190 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(7)Other expense, net is adjusted for Newcrest transaction-related costs of $37, restructuring and severance of $19, impairment charges of $10, and settlement costs of $2, included Other expense, net.
(8)Excludes capitalized interest related to sustaining capital expenditures. See Liquidity and Capital Resources within Part I, Item 2, MD&A for capital expenditures by segment.
(9)Includes finance lease payments and other costs for sustaining projects of $55.
(10)Per ounce measures may not recalculate due to rounding.
(11)Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 of the Condensed Consolidated Financial Statements for further information.
(12)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2023.
(13)For the nine months ended September 30, 2023, Peñasquito sold 12 million ounces of silver, 33 thousand tonnes of lead and 85 thousand tonnes of zinc, and Boddington sold 34 thousand tonnes of copper.
Accounting Developments
For a discussion of Risks and Uncertainties and Recently Adopted and Recently Issued Accounting Pronouncements, refer to Note 2 of the Condensed Consolidated Financial Statements.
Refer to our Management’s Discussion and Analysis of Accounting Developments and Critical Accounting Estimates included in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 29, 2024 for additional information on our critical accounting policies and estimates.
Safe Harbor Statement
Certain statements contained in this report (including information incorporated by reference herein) are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to be covered by the safe harbor provided for under these sections. Words such as “expect(s),” “feel(s),” “believe(s),” “will,” “may,” “anticipate(s),” “estimate(s),” “should,” “intend(s),” "target(s)," "plan(s)," "potential," and similar expressions are intended to identify forward-looking statements. Our forward-looking statements may include, without limitation:
estimates regarding future earnings and the sensitivity of earnings to gold, copper, silver, lead, zinc, and other metal prices;
estimates of future mineral production and sales;
estimates of future production costs, other expenses and taxes for specific operations and on a consolidated basis, including estimates of future costs applicable to sales and all-in sustaining costs;
estimates of future cash flows and the sensitivity of cash flows to gold, copper, silver, lead, zinc, and other metal prices;
estimates of future capital expenditures, including development and sustaining capital, as well as construction or closure activities and other cash needs, for specific operations and on a consolidated basis, and expectations as to the funding or timing thereof;
estimates as to the projected development of certain ore deposits or projects, such as the Tanami Expansion 2, Ahafo North, Yanacocha Sulfides, Pamour, Cerro Negro District Expansion 1, Cadia Block Cave, Red Chris Block Cave and Wafi-Golpu, including without limitation expectations for the production, milling, costs applicable to sales, all-in sustaining costs, mine-life extension, the costs of such development and other capital costs, financing plans for these deposits and expected production commencement dates, construction completion dates and other timelines;
estimates of reserves and resources statements regarding future exploration results and reserve and resource replacement and the sensitivity of reserves to metal price changes;
statements regarding the availability of, and terms and costs related to, future borrowing or financing and expectations regarding future share repurchase transactions, and debt repurchases, repayments or tender transactions;
statements regarding future cash flows and returns to shareholders, including with respect to future dividends, the dividend framework and expected payout levels;
estimates regarding future exploration expenditures and discoveries;
statements regarding fluctuations in financial and currency markets;
estimates regarding potential cost savings, productivity, operating performance and ownership and cost structures;
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expectations regarding statements regarding future or recently completed transactions, including, without limitation, statements related to future acquisitions and projected benefits, synergies and costs associated with acquisitions and related matters, and expectations from the integration of Newcrest;
expectations regarding potential divestments, including, without limitation, assets held for sale;
expectations and statements regarding the pending divestments of Telfer and Havieron and Akyem, including, without limitation, expectations regarding closing, related approvals, satisfaction of conditions precedent, receipt of consideration and contingent consideration;
estimates of future cost reductions, synergies, including pre-tax synergies, savings and efficiencies, and future cash flow enhancements through portfolio optimization;
expectations of future equity and enterprise value;
expectations regarding the start-up time, design, mine life, production and costs applicable to sales and exploration potential of our projects;
statements regarding future hedge and derivative positions or modifications thereto;
statements regarding local, community, political, economic or governmental conditions and environments;
statements and expectations regarding the impacts of health and safety conditions;
statements regarding the impacts of changes in the legal and regulatory environment in which we operate, including, without limitation, relating to regional, national, domestic and foreign laws;
statements regarding expected changes in the tax regimes in which we operate, including, without limitation, estimates of future tax rates and estimates of the impacts to income tax expense, valuation of deferred tax assets and liabilities, and other financial impacts;
estimates of income taxes and expectations relating to tax contingencies or tax audits;
estimates of future costs, accruals for reclamation costs and other liabilities for certain environmental matters, including without limitation, in connection with water treatment, such as the Yanacocha water treatment plants, and tailings management;
statements relating to potential impairments, revisions or write-offs, including without limitation, the result of fluctuation in metal prices, unexpected production or capital costs, or unrealized reserve potential;
estimates of pension and other post-retirement costs;
statements regarding estimates of timing of adoption of recent accounting pronouncements and expectations regarding future impacts to the financial statements resulting from accounting pronouncements; and
estimates of future cost reductions, synergies, savings and efficiencies in connection with Full Potential programs and initiatives.
Where we express 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, our 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 those forward-looking statements. Such risks include, but are not limited to:
there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions;
the price of gold, copper, silver, lead, zinc and other metal prices and commodities;
the cost of operations and prices for key supplies;
currency fluctuations, including exchange rate assumptions;
other macroeconomic events impacting inflation, interest rates, supply chain, and capital markets;
operating performance of equipment, processes and facilities;
environmental impacts and geotechnical challenges including in connection with climate-related and other catastrophic events;
labor relations;
healthy and safety impacts including in connection with global events, pandemics, and epidemics;
timing of receipt of necessary governmental permits or approvals;
domestic and foreign laws or regulations, particularly relating to the environment, mining and processing;
changes in tax laws;
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political developments in any jurisdiction in which Newmont operates being consistent with its current expectations;
our ability to obtain or maintain necessary financing; and
other risks and hazards associated with mining operations.
More detailed information regarding these factors is included in the section titled Item 1, Business; Item 1A, Risk Factors in the Annual Report on Form 10-K for the year ended December 31, 2023, as well as elsewhere throughout this report. Many of these factors are beyond our ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements.
All subsequent written and oral forward-looking statements attributable to Newmont or to persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. We disclaim any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
ITEM 3.       QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
(dollars in millions, except per ounce and per pound amounts)
Metal Prices
Changes in the market price of gold significantly affect our profitability and cash flow. Gold prices can fluctuate widely due to numerous factors, such as demand; forward selling by producers; central bank sales, purchases and lending; investor sentiment; the strength of the USD; inflation, deflation, or other general price instability; and global mine production levels. Changes in the market price of copper, silver, lead and zinc also affect our profitability and cash flow. These metals are traded on established international exchanges and prices generally reflect market supply and demand but can also be influenced by speculative trading in the commodity or by currency exchange rates. The Company does not currently hold instruments that are designated to hedge against the potential impacts due to market price changes in metals. Consideration of these impacts are discussed below.
Decreases in the market price of metals can also significantly affect the value of our product inventory, stockpiles and leach pads, and it may be necessary to record a write-down to the net realizable value, as well as significantly impact our carrying value of long-lived assets and goodwill. Refer to Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 29, 2024, for information regarding the sensitivity of our impairment analyses over long-lived assets and goodwill to changes in metal price.
Net realizable value represents the estimated future sales price based on short-term and long-term metals prices, less estimated costs to complete production and bring the product to sale. The primary factors that influence the need to record write-downs of our stockpiles, leach pads and product inventory include short-term and long-term metals prices and costs for production inputs such as labor, fuel and energy, materials and supplies as well as realized ore grades and recovery rates.
The significant assumptions in determining the stockpile, leach pad and product inventory adjustments for each mine site reporting unit at September 30, 2024 included production cost and capitalized expenditure assumptions unique to each operation, and the following short-term and long-term assumptions:
Short-TermLong-Term
Gold price (per ounce)$2,474 $1,700 
Copper price (per pound)$4.18 $3.75 
Silver price (per ounce)$29.43 $22.00 
Lead price (per pound)$0.93 $0.90 
Zinc price (per pound)$1.26 $1.25 
AUD to USD exchange rate$0.67 $0.70 
CAD to USD exchange rate$0.73 $0.75 
MXN to USD exchange rate$0.05 $0.05 
The net realizable value measurement involves the use of estimates and assumptions unique to each mining operation regarding current and future operating and capital costs, metal recoveries, production levels, commodity prices, proven and probable reserve quantities, engineering data and other factors. A high degree of judgment is involved in determining such assumptions and estimates and no assurance can be given that actual results will not differ significantly from those estimates and assumptions.
Interest Rate Risk
We are subject to interest rate risk related to the fair value of our senior notes which is wholly comprised of fixed rates at September 30, 2024. For fixed rate debt, changes in interest rates generally affect the fair value of the debt instrument, but not our earnings or cash flows. The terms of our fixed rate debt obligations do not generally allow investors to demand payment of these
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obligations prior to maturity. Therefore, we do not have significant exposure to interest rate risk for our fixed rate debt; however, we do have exposure to fair value risk if we repurchase or exchange long-term debt prior to maturity which could be material. See Note 11 to our Condensed Consolidated Financial Statements for further information pertaining to the fair value of our fixed rate debt.
Foreign Currency
In addition to our operations in the U.S., we have significant operations and/or assets in Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji and Ghana. All of our operations sell their gold, copper, silver, lead and zinc production based on USD metal prices. Foreign currency exchange rates can fluctuate widely due to numerous factors, such as supply and demand for foreign and U.S. currencies and U.S. and foreign country economic conditions. Fluctuations in the local currency exchange rates in relation to the USD can increase or decrease profit margins, capital expenditures, cash flow and Costs applicable to sales per ounce to the extent costs are paid in local currency at foreign operations.
We performed a sensitivity analysis to estimate the impact to Costs applicable to sales per ounce arising from a hypothetical 10% adverse movement to local currency exchange rates at September 30, 2024 in relation to the U.S. dollar at our foreign mining operations, with no mitigation assumed from our foreign currency cash flow hedges. The sensitivity analyses indicated that a hypothetical 10% adverse movement would result in an approximate $75 increase to Costs applicable to sales per ounce for the nine months ended September 30, 2024.
Commodity Price Exposure
Our provisional concentrate sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the respective metal concentrates at the prevailing indices’ prices at the time of sale. The embedded derivative, which is not designated for hedge accounting, is marked to market through earnings each period prior to final settlement.
We perform an analysis on the provisional concentrate sales to determine the potential impact to Net income (loss) attributable to Newmont stockholders for each 10% change to the average price on the provisional concentrate sales subject to final pricing over the next several months. Refer below for our analysis as of September 30, 2024.
Provisionally Priced Sales Subject to Final Pricing (1)
Average Provisional
Price (per ounce/pound)
Effect of 10% change in Average Price (millions)
Market Closing
Settlement Price (2)
(per ounce/pound)
Gold (ounces, in thousands) 231 $2,642 $45 $2,630 
Copper (pounds, in millions)87 $4.48 $27 $4.43 
Silver (ounces, in millions)$31.18 $$31.08 
Lead (pounds, in millions)18 $0.94 $$0.94 
Zinc (pounds, in millions)49 $1.40 $$1.40 
____________________________
(1)Includes provisionally priced by-product sales subject to final pricing, which are recognized as a reduction to Costs applicable to sales.
(2)The closing settlement price as of September 30, 2024 is determined utilizing the London Metal Exchange for copper, lead and zinc and the London Bullion Market Association for gold and silver.
Hedging Instruments
The Company's hedging instruments consisted of the Cadia Power Purchase Agreement ("Cadia PPA") and foreign currency cash flow hedges at September 30, 2024, which were transacted for risk management purposes. The Cadia PPA mitigates the variability in future cash flows related to a portion of power purchases at the Cadia mine and the foreign currency cash flow hedges were entered into to mitigate variability in the USD functional cash flows related to the AUD- and CAD-denominated operating expenditures and AUD-denominated capital expenditures. By using hedges, we are affected by market risk, credit risk, and market liquidity risk. Refer to Note 12 of the Condensed Consolidated Financial Statements for further information on our hedging instruments.
Market Risk
Market risk is the risk that the fair value of a derivative might be adversely affected by a change in commodity prices or currency exchange rates, and that this in turn affects our financial condition. We manage market risk by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. We mitigate this potential risk to our financial condition by establishing trading agreements with counterparties under which we are not required to post any collateral or be subject to any margin calls on our derivatives. Our counterparties cannot require settlement solely because of an adverse change in the fair value of a derivative.
We have performed sensitivity analyses as of September 30, 2024 regarding the Cadia PPA and foreign currency cash flow hedges. For the Cadia PPA, we utilized a modeling technique that measures the change in the fair values arising from a hypothetical 10% adverse movement in the forward electricity rates relative to current rates, with all other variables held constant. For the foreign
76

currency cash flow hedges, we utilized a modeling technique that measures the change in the fair values arising from a hypothetical 10% adverse movement in the AUD and CAD foreign currency exchange rates relative to the U.S. dollar, with all other variables held constant. The foreign currency exchange rates we used in performing the sensitivity analysis were based on AUD and CAD market rates in effect at September 30, 2024. The sensitivity analyses indicated that a hypothetical 10% adverse movement would result in an approximate decrease in the fair value of the Cadia PPA cash flow hedge and the foreign currency cash flow hedges of $39 and $213 at September 30, 2024, respectively.
Credit Risk
Credit risk is the risk that a third party might fail to fulfill its performance obligations under the terms of a financial instrument. We mitigate credit risk by entering into derivatives with high credit quality counterparties, limiting the amount of exposure to each counterparty and monitoring the financial condition of the counterparties.
Market Liquidity Risk
Market liquidity risk is the risk that a derivative cannot be eliminated quickly, by either liquidating it or by establishing an offsetting position. Under the terms of our trading agreements, counterparties cannot require us to immediately settle outstanding derivatives, except upon the occurrence of customary events of default such as covenant breaches, including financial covenants, insolvency or bankruptcy. We further mitigate market liquidity risk by spreading out the maturity of our derivatives over time.
ITEM 4.       CONTROLS AND PROCEDURES.
During the fiscal period covered by this report, the Company’s management, with the participation of the Chief Executive Officer and Chief Financial Officer of the Company, carried out an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act, as amended). Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the required time periods and are designed to ensure that information required to be disclosed in its reports is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
On November 6, 2023, the Company completed the acquisition of Newcrest Mining Limited (“Newcrest”) which operated under its own set of systems and internal controls. Beginning in 2024, the Company transitioned certain Newcrest processes to the Company’s internal control processes and added other internal controls over significant processes specific to the tangible and intangible assets acquired and liabilities assumes as a result of the acquisition, and to post-acquisition activities, including internal controls associated with the valuation of certain assets acquired and liabilities assumed in the transaction. The Company will continue the process of integrating internal controls over financial reporting for Newcrest and plans to incorporate Newcrest in the evaluation of internal controls over financial reporting beginning in the fourth quarter of 2024.
There were no other changes in the Company’s internal control over financial reporting that occurred during the three months ended September 30, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
77

PART II—OTHER INFORMATION
ITEM 1.       LEGAL PROCEEDINGS.
Information regarding legal proceedings is contained in Note 20 of the Condensed Consolidated Financial Statements contained in this report and is incorporated herein by reference.
ITEM 1A.     RISK FACTORS.
There were no material changes from the risk factors set forth under Part I, Business; Item 1A, Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC on February 29, 2024. The risks described in our Annual Report and herein are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially adversely affect our business, financial condition, cash flows and/or future results.
ITEM 2.       UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. (in millions, except share and per share data)
(a)(b)(c)(d)
Period
Total Number of Shares
Purchased (1)
Average Price Paid Per Share (1)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)
Approximate Maximum Dollar Value of Shares that may yet be Purchased under the Plans or Programs (2)
July 1, 2024 through July 31, 20243,291,487$44.82 3,259,581$750 
August 1, 2024 through August 31, 20241,526,190$51.04 1,525,803$672 
September 1, 2024 through September 30, 20242,256,060$53.09 2,254,731$552 
____________________________
(1)The total number of shares purchased (and the average price paid per share) reflects: (i) shares purchased pursuant to the repurchase program described in (2) below; and (ii) shares delivered to the Company from stock awards held by employees upon vesting for the purpose of covering the recipients’ tax withholding obligations, totaling 31,906 shares, 387 shares, and 1,329 shares for the fiscal months of July, August, and September 2024, respectively. Subsequent to the end of the covered period, the Company repurchased 5,626,345 additional shares at an average price of $53.76 per share pursuant to a Rule 10b5-1 plan for a total amount of $750 repurchased as of the date of filing under the February 2024 stock repurchase program described in (2) below.
(2)In February 2024, the Board of Directors authorized a stock repurchase program to repurchase shares of outstanding common stock to offset the dilutive impact of employee stock award vesting and to provide returns to shareholders, provided that the aggregate value of shares of common stock repurchased does not exceed $1,000. The program will expire after 24 months (in February 2026). In October 2024, the Board of Directors authorized an additional $2,000 stock repurchase program to repurchase shares of outstanding common stock. The program will expire after 24 months (in October 2026). The programs will be executed at the Company's discretion. The repurchase programs may be discontinued at any time, and the program does not obligate the Company to acquire any specific number of shares of its common stock or to repurchase the full authorized amount during the authorization period. Consequently, the Board of Directors may revise or terminate such share repurchase authorization in the future.
ITEM 3.       DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4.       MINE SAFETY DISCLOSURES.
At Newmont, safety is a core value, and we strive for superior performance. Our health and safety management system, which includes detailed standards and procedures for safe production, addresses topics such as employee training, risk management, workplace inspection, emergency response, accident investigation and program auditing. In addition to strong leadership and involvement from all levels of the organization, these programs and procedures form the cornerstone of safety at Newmont, ensuring that employees are provided a safe and healthy environment and are intended to reduce workplace accidents, incidents and losses, comply with all mining-related regulations and provide support for both regulators and the industry to improve mine safety.
In addition, we have established our “Rapid Response” crisis management process to mitigate and prevent the escalation of adverse consequences if existing risk management controls fail, particularly if an incident may have the potential to seriously impact the safety of employees, the community or the environment. This process provides appropriate support to an affected site to complement their technical response to an incident, so as to reduce the impact by considering the environmental, strategic, legal, financial and public image aspects of the incident, to ensure communications are being carried out in accordance with legal and ethical requirements and to identify actions in addition to those addressing the immediate hazards.
The health and safety of our people and our host communities is paramount. The operation of our U.S. based mine is subject to regulation by the Federal Mine Safety and Health Administration (“MSHA”) under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”). MSHA inspects our mine on a regular basis and issues various citations and orders when it believes a violation has occurred under the Mine Act. Following passage of The Mine Improvement and New Emergency Response Act of 2006, MSHA
78

significantly increased the numbers of citations and orders charged against mining operations. The dollar penalties assessed for citations issued has also increased in recent years.
Newmont is required to report certain mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K, and that required information is included in Exhibit 95 and is incorporated by reference into this Quarterly Report. It is noted that the Nevada mines owned by Nevada Gold Mines LLC, a joint venture between the Company (38.5%) and Barrick Gold Corporation (“Barrick”) (61.5%), are not included in the Company’s Exhibit 95 mine safety disclosure reporting as such sites are operated by our joint venture partner, Barrick.
ITEM 5.       OTHER INFORMATION.
Rule 10b5-1 Trading Plans
Our directors and executive officers may purchase or sell shares of our common stock in the market from time to time, including pursuant to equity trading plans adopted in accordance with Rule 10b5-1 under the Exchange Act and in compliance with guidelines specified by the Company’s stock trading standard. In accordance with Rule 10b5-1 and the Company’s insider trading policy, directors, officers and certain employees who, at such time, are not in possession of material non-public information about the Company are permitted to enter into written plans that pre-establish amounts, prices and dates (or formula for determining the amounts, prices and dates) of future purchases or sales of the Company’s stock, including shares acquired pursuant to the Company’s employee and director equity plans. Under the Company’s stock trading standard, the first trade made pursuant to a Rule 10b5-1 trading plan may take place no earlier than 90 days after adoption of the trading plan. Under a Rule 10b5-1 trading plan, a broker executes trades pursuant to parameters established by the director or executive officer when entering into the plan, without further direction from them. The use of these trading plans permits asset diversification as well as financial and tax planning. Our directors and executive officers also may buy or sell additional shares outside of a Rule 10b5-1 plan when they are not in possession of material nonpublic information, subject to compliance with SEC rules, the terms of our stock trading standard and holding requirements. During the three months ended September 30, 2024, the following directors and executive officers adopted or terminated Rule 10b5-1 trading plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c):
On August 30, 2024, Natascha Viljoen, Executive Vice President and Chief Operating Officer, adopted a Rule 10b5-1 Trading Plan. Ms. Viljoen’s Rule 10b5-1 Trading Plan has a term of 7 months and provides for the sale of up to 45,000 shares of common stock pursuant to the terms of the plan. The adoption of such 10b5-1 Trading Plan occurred during an open insider trading window and complied with the Company’s standards on insider trading.
On September 3, 2024, Bruce Brook, a Director, adopted a Rule 10b5-1 Trading Plan. Mr. Brook’s Rule 10b5-1 Trading Plan has a term of 16 months and provides for the sale of up to 24,933 shares of common stock pursuant to the terms of the plan. The adoption of such 10b5-1 Trading Plan occurred during an open insider trading window and complied with the Company’s standards on insider trading.
79

ITEM 6.       EXHIBITS.
Exhibit
Number
Description
10.1*†
-
31.1*
-
31.2*
-
32.1*
-
32.2*
-
95*
-
101.INS**
-
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH**
-
Inline XBRL Taxonomy Extension Schema Document.
101.CAL**
-
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF**
-
Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB**
-
Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE**
-
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104**
-
Cover Page Interactive Data File (embedded within the XBRL document contained in Exhibit 101)
____________________________
*Filed or furnished herewith.
**Submitted electronically herewith.
Management contract or compensatory plan or arrangement.
80

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
NEWMONT CORPORATION
(Registrant)
Date: October 24, 2024
/s/ KARYN F. OVELMEN
Karyn F. Ovelmen
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Date: October 24, 2024
/s/ JOSHUA L. CAGE
Joshua L. Cage
Chief Accounting Officer and Controller
(Principal Accounting Officer)
81
EX-10.1 2 q32024exhibit101.htm EX-10.1 q32024exhibit101
Exhibit 10.1 NEWMONT SECTION 16 OFFICER AND SENIOR EXECUTIVE SHORT-TERM INCENTIVE PROGRAM (Effective January 1, 2024)


 
1 NEWMONT SECTION 16 OFFICER AND SENIOR EXECUTIVE SHORT-TERM INCENTIVE PROGRAM (Effective January 1, 2024) PURPOSE This Section 16 Officer and Senior Executive Short-Term Incentive Program (STIP) includes the Corporate Performance Bonus program. This program is a restatement of the Section 16 Officer and Senior Executive Short-Term Incentive Program effective on January 1, 2023. The purpose of the Corporate Performance Bonus program is to provide to those employees of Newmont Corporation and its Affiliated Entities that participate in this program a more direct interest in the success of the operations of Newmont Corporation. Employees of Newmont Corporation and participating Affiliated Entities will be rewarded in accordance with the terms and conditions described below. This program is intended to be a program described in Department of Labor Regulation Sections 2510.31(b) and 2510.3-2(c) and shall not be considered a plan subject to the Employee Retirement Income Security Act of 1974, as amended. SECTION I-DEFINITIONS 1.1 “Affiliated Entity(ies)” means any corporation or other entity, now or hereafter formed, that is or shall become affiliated with Newmont Corporation (“Newmont”), either directly or indirectly, through stock ownership or control, and which is (a) included in the controlled group of corporations (within the meaning of Code Section 1563(a) without regard to Code Section 1563(a)(4) and Code Section 1563(e)(3)(C)) in which Newmont is also included and (b) included in the group of entities (whether or not incorporated) under common control (within the meaning of Code Section 414(c)) in which Newmont is also included. 1.2 “Board” means the Board of Directors of Newmont or its delegate. 1.3 “Bonus Eligible Earnings” means an Employee’s base salary as reflected in the records of Newmont or a Participating Employer as of December 31 of the calendar year for which a Corporate Performance Bonus is made; provided, however, that Newmont or a Participating Employer shall have the discretion to adjust an Employee’s Bonus Eligible Earnings based on any periods of unpaid leave or other periods in the calendar year during which an Employee was not working or was otherwise not fully engaged in their duties and responsibilities (including if an Employee commenced employment after the beginning of the calendar year, in which case such Employee’s Bonus Eligible Earnings will be calculated on a pro-rata basis based on their base salary as of December 31). If an Employee dies during the calendar year, the “Bonus Eligible Earnings” for such Terminated Eligible Employee will be determined by their base salary as of the date of death in such calendar year and the Bonus will be calculated on a pro-rata basis. In the event of a Change of Control, the Bonus Eligible Earnings of each eligible Employee shall be equal to such Employee’s base salary, on an annualized basis, as of the date immediately preceding the Change of Control. In the case of a Terminated Eligible Employee, such Employee’s Bonus


 
2 Eligible Earnings will be determined by their base salary as of the date of termination of employment and the Bonus shall be calculated on a pro-rata basis. In all cases, an Employee’s “Bonus Eligible Earnings” shall be determined before reduction for pretax contributions to an employee benefit plan of Newmont pursuant to Section 401(k) or Section 125 of the Code. 1.4 “Cash Sustaining Costs per Gold Equivalent Ounce” means annual approved STIP adjusted cash sustaining costs for the Performance Period on a consolidated basis and measured on a per gold equivalent ounce basis, as adjusted for metal prices, fuel and exchange rates, one- time adjustments or other items as approved by the Leadership Development and Compensation Committee of the Board of Directors (“LDCC”), compared to actual adjusted cash sustaining costs per gold equivalent ounce, and subject to metric adjustments provided with the performance targets as approved by the LDCC. 1.5 “Change of Control” means the occurrence of any of the following events: (i) The acquisition in one or a series of transactions by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (x) the then outstanding shares of common stock of Newmont (the “Outstanding Company Common Stock”) or (y) the combined voting power of the then outstanding voting securities of Newmont entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a Change of Control: (A) any acquisition directly from Newmont other than an acquisition by virtue of the exercise of a conversion privilege, unless the security being so converted was itself acquired directly from Newmont, (B) any acquisition by Newmont, (C) any acquisition by any employee benefits plan (or related trust) sponsored or maintained by Newmont or any corporation controlled by Newmont or (D) any acquisition by any corporation pursuant to a transaction which complies with clauses (A), (B) and (C) of paragraph (iii) below; or (ii) Individuals who, as of the Effective Date, constitute the Board of Directors of Newmont (“Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors of Newmont; provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by Newmont’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors of Newmont; or (iii) Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of Newmont or an acquisition of assets of another entity (a “Business Combination”), in each case, unless, following such Business Combination, (A) all or substantially all of the individuals and entities who were the


 
3 beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors (or for a non-corporate entity, equivalent governing body), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity which as a result of such transaction owns Newmont or all or substantially all of Newmont’s assets either directly or through one or more subsidiaries (a “Parent Company”)) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (B) no person or entity (excluding Newmont, any entity resulting from such Business Combination, any employee benefit plan (or related trust) of Newmont or its Affiliate or any entity resulting from such Business Combination or, if reference was made to equity ownership of any Parent Company for purposes of determining whether clause (A) above is satisfied in connection with the applicable Business Combination, such Parent Company) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock (or, for a non-corporate entity, equivalent securities of the entity) resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such entity entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body) of the entity, unless such ownership resulted solely from ownership of securities of Newmont, prior to the Business Combination and (C) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination (or, if reference was made to equity ownership of any Parent Company for purposes of determining whether clause (A) above is satisfied in connection with the applicable Business Combination, of the Parent Company) were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board of Directors of Newmont, providing for such Business Combination; or (iv) Approval by the stockholders of Newmont of a complete liquidation or dissolution of Newmont. 1.6 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 1.7 “Corporate Performance Bonus” means the bonus payable to an Employee pursuant to Section III. 1.8 “Disability” means a condition such that the salaried Employee has terminated employment with Newmont or Affiliated Entities with a disability and has begun receiving benefits from the Long-Term Disability Plan of Newmont (or Affiliated Entity) or a successor plan. 1.9 “Economic Performance Drivers” mean, Financial (Free Cash Flow, Cash Sustaining Costs per Gold Equivalent Ounce, and Newcrest Integration Synergy), and Sustainability (Fatality Risk Management, Local/Indigenous Persons Employment, and Operating Sites Water Consumption Efficiency), as reflected in Appendix A.


 
4 1.10 “Employee” means an employee of Newmont or an Affiliated Entity who satisfies the conditions for this program and who is not (a) an individual who performs services for Newmont or an Affiliated Entity under an agreement, contract or arrangement (which may be written or oral) between the employer and the individual or with any other organization that provides the services of the individual to the Employer pursuant to which the individual is initially classified or treated as an independent contractor or whose remuneration for services has not been treated initially as subject to the withholding of federal income tax pursuant to Code § 3401, or who is otherwise treated as an employee of an entity other than Newmont or an Affiliated Entity, irrespective of whether they are treated as an employee of Newmont or an Affiliated Entity under common law employment principles or pursuant to the provisions of Code § 414(m), 414(n) or 414(o), even if the individual is subsequently reclassified as a common law employee as a result of a final decree of a court of competent jurisdiction, the settlement of an administrative or judicial proceeding or a determination by the Internal Revenue Service, the Department of the Treasury or the Department of Labor, (b) an individual who is a leased employee, (c) a temporary employee, or (d) an individual covered by a collective bargaining agreement unless otherwise provided for in such agreement. 1.11 “Free Cash Flow” means annual approved STIP free cash flow for the Performance Period on an attributable basis, as adjusted for metal prices, fuel and exchange rates, one-time adjustments or other items as approved by the Board, to actual attributable free cash flow. 1.12 “Leadership Development and Compensation Committee or LDCC” means the Leadership Development and Compensation Committee of the Board of Directors of Newmont. 1.13 “Level” means the Level of Work assigned to the job, as reflected in Appendix C. 1.14 “Newcrest Integration Synergy” means an integration metric measured against an integration target metric, as adjusted from time to time, as approved by the LDCC. 1.15 “Newmont” means Newmont Corporation. 1.16 Participating Employer” means Newmont and any Affiliated Entity. 1.17 “Pay Grade” means globally graded jobs that share common salary ranges, as designated by the Board or its delegate, which may be adjusted from time to time, as reflected in Appendix C. 1.18 “Performance Period” means the relevant time period which the LDCC will utilize to calculate and determine the Corporate Performance Bonus. 1.19 “Retirement” means at least age 55, and, at least 5 years of continuous employment with Newmont and/or an Affiliated Entity, and a total of at least 65 when adding age plus years of employment. 1.20 “Sustainability” means selected sustainability metrics measured against target selected sustainability metrics, as adjusted from time to time as approved by the LDCC.


 
5 1.21 “Section 16 Officer” means an officer as defined in Section 16(b) of the Securities Exchange Act of 1934. 1.22 “Terminated Eligible Employee” means an eligible Employee employed in a position located in Colorado or any Employee in an Executive grade level position who terminates employment with Newmont and/or a Participating Employer during the calendar year on account of death, Retirement, Disability or involuntary termination entitling the Employee to benefits under the Executive Severance Plan of Newmont. However, if an eligible Employee is terminated between January 1 and March 31 of any calendar year, and entitled to benefits under the Executive Severance Plan of Newmont, Employee shall not qualify for any bonus under this program for the period of January 1 to March 31 for the calendar year of the termination. SECTION II-ELIGIBILITY All Employees of a Participating Employer who participate in the Senior Executive Compensation Program of Newmont (in other words, Section 16 Officers in Pay Grades E-1, E-2, E-3 or Levels 6 and 7, as well as non-Section 16 employees in Pay Grades E-4) and Section 16 Officers in Pay Grade E-5 or Level 5 not participating in the Senior Executive Compensation Program of Newmont are potentially eligible to receive a bonus payment under the Corporate Performance Bonus program, provided (i) they are on the payroll of a Participating Employer as of the last day of the calendar year, and on the payroll of a Participating Employer at the time of payment, or (ii) they are a Terminated Eligible Employee with respect to such calendar year. SECTION III-CORPORATE PERFORMANCE BONUS 3.1 Eligibility for Corporate Performance Bonus. For the calendar year, the Corporate Performance Bonus will be determined pursuant to this section for each eligible Employee. For the calendar year, the performance bonus for each eligible Employee who is not assigned to the corporate office will have certain regional performance factors weighted into the Corporate Performance Bonus as stated in Appendix B. Each operating site shall develop its own critical performance indicators for this purpose. 3.2 Target Amounts for Economic Performance Drivers. The LDCC shall establish both the targets and the minimum and maximum amounts for each Economic Performance Driver on an annual basis. 3.3 Actual Performance for Economic Performance Drivers. As soon as possible after the end of each calendar year, the LDCC shall certify the extent to which actual performance met the target amounts for each Economic Performance Driver, following a report from the Internal Audit department, or an external audit firm. 3.4 Aggregate Payout Percentage. An aggregate payout factor (the “Aggregate Payout Percentage”) will be calculated based upon the funding schedule as approved by the LDCC. (a) Calculating the Performance Percentage for each Economic Performance Driver. For each Economic Performance Driver, actual performance will be compared to


 
6 the target, minimum and maximum amounts to arrive at a performance percentage (“Performance Percentage”). (b) Calculating the Payout Percentage for each Economic Performance Driver. The payout percentage for each Economic Performance Driver is the product of the Performance Percentage times the applicable weighting factor as listed in Appendix A (“Payout Percentage for each Economic Performance Driver”). However, repeat significant potential events may modify the payout for the Fatality Risk Management metric. (c) Calculating the Aggregate Payout Percentage. The Aggregate Payout Percentage is the sum of the Payout Percentages for each Performance Factor. 3.5 Determination of Target Performance Level. An Employee’s Target Performance Level is determined by the Employee’s Pay Grade or Level pursuant to the table in Appendix B. 3.6 Determination of the Corporate Performance Bonus. The Corporate Performance Bonus for each eligible Employee is the product of the Aggregate Payout Percentage, times the Employee’s Target Performance Level, times the Employee’s Bonus Eligible Earnings. 3.7 Terminated Eligible Employees. Terminated Eligible Employees shall be eligible to receive a Corporate Performance Bonus; provided, that a Terminated Eligible Employee who has an involuntary termination entitling the employee to benefits under the Executive Severance Plan of Newmont must execute a Waiver and Release pursuant to the terms of such plan in order to receive payment of a Corporate Performance Bonus. This bonus will be calculated according to Section III of this program, and pro-rated for the portion of the calendar year that Employee maintained employment with a Participating Employer. 3.8 Adjustments. The LDCC may adjust the Performance Percentage or any measure or otherwise increase or decrease the Corporate Performance Bonus otherwise payable in order to reflect changed circumstances or such other matters as the LDCC deems appropriate. 3.9 Pay Grade/Level. If an eligible Employee was in more than one Pay Grade or Level during the calendar year, the bonus payable to such eligible Employee shall be calculated on a pro- rata basis in accordance with the amount of time spent by such eligible Employee in each Pay Grade or Level during the calendar year; provided, however, that if an eligible Employee who is in Pay Grade E-4 changes to a Level 5 during the calendar year, the Newmont Short-Term Incentive Program will apply during the time period that they are a Level 5, and not this Program. 3.10 Time and Method of Payment. Any bonus payable under this program shall be payable to each eligible Employee in cash as soon as practicable following approval of bonuses by the LDCC for Section 16 Officers (except for the CEO, whose bonus is approved by the Board), and review by LDCC for non-Section 16 Officers. All payments and the timing of such payments shall be made in accordance with practices and procedures established by the Participating Employer. Payment under this program will be made no later than the 15th day of the third month following the calendar year in which an Employee’s right to payment is no longer subject to a


 
7 substantial risk of forfeiture. Notwithstanding the foregoing, in the event an Employee failed to complete any required ethics training or failed to comply with acknowledgement of any Code of Conduct of Newmont or any Affiliated Entity, Newmont may withhold payment under this program unless or until such Employee complies. 3.11 Withholding Taxes. All bonuses payable hereunder shall be subject to the withholding of such amounts as Newmont or a Participating Employer may determine is required to be withheld pursuant to any applicable federal, state, local or foreign law or regulation. SECTION IV-CHANGE OF CONTROL 4.1 In General. In the event of a Change of Control, each eligible Employee employed at the time of the Change of Control shall become entitled to the payment of a Corporate Performance Bonus in accordance with the provisions of this section. 4.2 Calculation of Bonus. In the event of a Change of Control: (a) each eligible Employee employed as of the date of the Change of Control shall become entitled to the payment of a target pro-rated Corporate Performance Bonus for the portion of the calendar year from January 1 through the date of the Change of Control; and (b) each eligible Employee employed as of the last day of the calendar year in which the Change of Control occurs shall be entitled to a target pro-rated Corporate Performance Bonus for the remaining portion of the calendar year following the Change of Control. 4.3 Payment of Bonuses. The bonuses payable in accordance with the provisions of this Section IV shall be calculated and paid as soon as practicable (a) following the date of the Change of Control, in the case of the bonus required by Section 4.2(a), and (b) following the conclusion of the calendar year in which the Change of Control occurs, in the case of the bonus required by Section 4.2(b). Such payments shall be subject to the withholding of such amounts as Newmont or a Participating Employer may determine is required to be withheld pursuant to any applicable federal, state, or local law or regulation. Upon the completion of such payments, eligible Employees shall have no further right to the payment of any Corporate Performance Bonus hereunder for such calendar year (other than any bonus payable hereunder with respect to a previous calendar year that has not yet been paid). In the event that a Change of Control and a benefit-qualifying Separation from Service under Section 3.01 of the 2012 Executive Change of Control Plan of Newmont (“2012 Plan”) or Section 3.01 of the Executive Change of Control Plan of Newmont (“2008 Plan”) of an Eligible employee occur in the same calendar year, payment to such Eligible employee of a Corporate Performance Bonus under this Section IV along with any Individual Bonus (for any employee eligible for an Individual Bonus) payable in the event of a Change of Control under the Newmont Senior Executive Compensation Program shall satisfy Section 3.02(a)(i)(B) of the 2012 Plan and Section 3.02(a)(i)(B) of the 2008 Plan solely with respect to the portion of such calendar year from January 1 through the date of the Change of Control; in such instance, the bonuses provided for under Section 3.02(a)(i)(B) of the 2012 Plan and Section 3.02(a)(i)(B) of the 2008 Plan for the period of time between the Change of Control and the Separation of Service shall be calculated for such period of time in accordance with the formula provided therein. If a benefit-qualifying Separation from Service under Section 3.01 of the 2012 Plan or Section 3.01 of the 2008 Plan occurs in a year subsequent to the year in which a


 
8 Change of Control occurs, any payments made under this Section IV shall not in any way satisfy Section 3.02(a)(i)(B) of the 2012 Plan or Section 3.02(a)(i)(B) of the 2008 Plan. SECTION V-GENERAL PROVISIONS 5.1 Amount Payable Upon Death of Employee. If an eligible Employee who is entitled to payment hereunder dies after becoming eligible for payment but before receiving full payment of the amount due, or if an eligible Employee dies and becomes a Terminated Eligible Employee, all amounts due shall be paid as soon as practicable after the death of the eligible Employee, in a cash lump sum, to the beneficiary or beneficiaries designated by the eligible Employee to receive life insurance proceeds under Group Life and Accidental Death & Dismemberment Plan of Newmont USA Limited (or a successor plan) or a similar plan of a Participating Employer. In the absence of an effective beneficiary designation under said plan, any amount payable hereunder following the death of an eligible Employee shall be paid to the eligible Employee’s estate. 5.2 Right of Offset. To the extent permitted by applicable law, Newmont or a Participating Employer may, in its sole discretion, apply any bonus payments otherwise due and payable under this program against any eligible Employee or Terminated Eligible Employee loans outstanding to Newmont, an Affiliated Entity, or Participating Employer, or other debts of the eligible Employee or Terminated Eligible Employee to Newmont, an Affiliated Entity, or Participating Employer. By accepting payments under this program, the eligible Employee consents to the reduction of any compensation paid to the eligible Employee by Newmont, an Affiliated Entity, or Participating Employer to the extent the eligible Employee receives an overpayment from this program. 5.3 Termination. The LDCC or Board may at any time amend, modify, suspend or terminate this program. However, upon or following a Change of Control, Section IV of this program may not be amended, suspended, or terminated until the obligations of Section IV of this program have been fully satisfied with respect to such Change of Control. 5.4 Payments Due Minors or Incapacitated Persons. If any person entitled to a payment under this program is a minor, or if the LDCC or its delegate determines that any such person is incapacitated by reason of physical or mental disability, whether or not legally adjudicated as incompetent, the LDCC or its delegate shall have the power to cause the payment becoming due to such person to be made to another for their benefit, without responsibility of the LDCC or its delegate, Newmont, or any other person or entity to see to the application of such payment. Payments made pursuant to such power shall operate as a complete discharge of the LDCC, this program, Newmont, and Affiliated Entity or Participating Employer. 5.5 Severability. If any section, subsection, or specific provision is found to be illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of this program, and this program shall be construed and enforced as if such illegal and invalid provision had never been set forth in this program. 5.6 No Right to Employment. The establishment of this program shall not be deemed to confer upon any person any legal right to be employed by, or to be retained in the employ of, Newmont, any Affiliated Entity, any Participating Employer, or to give any Employee or any


 
9 person any right to receive any payment whatsoever, except as provided under this program. All Employees shall remain subject to discharge from employment to the same extent as if this program had never been adopted. 5.7 Transferability. Any bonus payable hereunder is personal to the Eligible Employee or Terminated Eligible Employee and may not be sold, exchanged, transferred, pledged, assigned, or otherwise disposed of except by will or by the laws of descent and distribution. 5.8 Successors. This program shall be binding upon and inure to the benefit of Newmont, the Participating Employers and the eligible Employees and Terminated Eligible Employees and their respective heirs, representatives, and successors. 5.9 Governing Law. This program and all agreements hereunder shall be construed in accordance with and governed by the laws of the State of Colorado, unless superseded by federal law. 5.10 Reimbursement. The LDCC, to the full extent permitted by governing law, shall have the discretion to require reimbursement of any portion of the Corporate Performance Bonus previously paid to an eligible Employee pursuant to the terms of this compensation program if: a) the amount of such Corporate Performance Bonus was calculated based upon the achievement of certain financial results that were subsequently the subject of a restatement; b) the amount of such Corporate Performance Bonus that would have been awarded to the eligible Employee had the financial results been reported as in the restatement would have been lower than the Corporate Performance Bonus actually awarded, or; c) a reimbursement is permitted or required by any clawback standard adopted by Newmont, including a standard adopted after the effective date of this Program. Additionally, the LDCC, to the full extent permitted by governing law, shall have the discretion to require reimbursement of any portion of a Corporate Performance Bonus previously paid to an eligible Employee pursuant to the terms of this compensation program if the eligible Employee is terminated for cause as defined in the Executive Change of Control Plan of Newmont or as defined in the Executive Severance Plan of Newmont. 5.11 Section 409A. It is the intention of Newmont that payments under this compensation program comply with or be exempt from Section 409A of the Code and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”), and Newmont shall have complete discretion to interpret and construe this program and any related plan or agreement in any manner that establishes an exemption from (or compliance with) the requirements of Code Section 409A. If for any reason, such as imprecision in drafting, any provision of this program and/or any such plan or agreement does not accurately reflect its intended establishment of an exemption from (or compliance with) Code Section 409A, as demonstrated by consistent interpretations or other evidence of intent, such provision shall be considered ambiguous as to its exemption from (or compliance with) Code Section 409A and shall be interpreted by Newmont in a manner consistent with such intent, as determined in the discretion of Newmont. None of Newmont nor any other Participating Employer shall be liable to any eligible Employee or any other person (i) if any provisions of this program do not satisfy an exemption from, or the conditions of, Code Section 409A, or (ii) as to any tax consequence expected, but not realized, by any eligible Employee or other person due to the any payment under this program.


 
10 APPENDIX A Economic Performance Drivers and Weighting Factors for Each Sustainability Fatality Risk Management (with modifier for Repeat Significant Potential Events) Sustainability Operating Sites Water Consumption Efficiency Sustainability Local/Indigenous Persons Employment Financial Cash Sustaining Costs per Gold Equivalent Ounce (CSC/GEO) Financial Free Cash Flow Financial Newcrest Integration Synergy 20% 5% 5% 30% 30% 10%


 
11 APPENDIX B Target STIP Corporate Performance Bonus1 Grade / Level Percentage of Bonus Eligible Earnings E-1 / Level 7 150% E-2/E-3 Range / Level 6 (based on executive role) 75% - 125% E-4 / Level 5(excluding Managing Directors (“MD”) of business units)2 Up to 52.5% E-4 MD/ Level 5 52.5% Total—Weighted as Below: Corporate STIP—30%(15.7% of base salary) Regional STIP—70% (36.6% of base salary) Section 16 Officer who is E-5 / Level 5 30% 1 The E-1, E-2 and E-3 roles are all Section 16 officer roles, which are eligible only for a Corporate Performance Bonus, and not an Individual Performance Bonus. 2 To the extent that eligible Employees who were in Pay Grade E-4 during calendar year 2023 converted to Level 5 or some other Level during the calendar year, they are not covered by this Program as of the date that they converted to Level 5 or some other lower Level—instead, they are covered by the Newmont Short-Term Incentive Program.


 
12 APPENDIX C If an Employee is mapped to a Level in lieu of a Pay Grade in calendar year 2023 or in a later calendar year, the Employee shall be eligible for a Corporate Performance Bonus for the Employee’s Level, with any Corporate Performance Bonus paid pro rata based on the respective time periods during the calendar year in which the Employee is assigned to a Pay Grade versus a Level, if there is a difference in the targets for the Pay Grade versus the Level. By way of example, and for avoidance of doubt, if an Employee is in a Pay Grade between January 1 and June 30 of a particular calendar year for which their target Corporate Performance Bonus is 30% of their bonus eligible earnings, and their target Individual Performance Bonus is 30% of their bonus eligible earnings, and then, as of July 1 of such calendar year, the Employee is mapped to a Level that provides that their target Corporate Performance Bonus is 42% of their bonus eligible earnings and their target Individual Performance Bonus is 18% of their bonus eligible earnings, the Employee’s Corporate Performance Bonus and Individual Performance Bonus pay-out for the entire calendar year will be pro-rated for the first six months based on the Pay Grade percentages, and for the second six months based on the Level percentages. By way of another example, and for avoidance of doubt, if an employee is in Pay Grade E-4 between January 1 and July 31 of a particular calendar year that provides that their Corporate Performance Bonus is based on the performance of the Economic Performance Drivers in Appendix A of this Program, and then as of August 1 of such calendar year, the Employee is mapped to Level 5 that provides that their Corporate Performance Bonus is based on the Economic Performance Drivers in the Newmont Short-Term Incentive Program, the Employee’s Corporate Performance Bonus pay-out for the entire calendar year will be pro-rated for the first seven months based on the Pay Grade Economic Performance Drivers in this Program, and for the second five months based on the Level Economic Performance Drivers in the Newmont Short-Term Incentive Program.


 
EX-31.1 3 q32024exhibit311.htm EX-31.1 Document
Exhibit 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
(Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002)
I, Thomas R. Palmer, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Newmont Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
/s/ THOMAS R. PALMER
Thomas R. Palmer
Chief Executive Officer
(Principal Executive Officer)
October 24, 2024

EX-31.2 4 q32024exhibit312.htm EX-31.2 Document
Exhibit 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
(Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002)
I, Karyn F. Ovelmen, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Newmont Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
/s/ KARYN F. OVELMEN
Karyn F. Ovelmen
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
October 24, 2024

EX-32.1 5 q32024exhibit321.htm EX-32.1 Document
Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
(Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)
In connection with the Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 of Newmont Corporation (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”) and pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Thomas R. Palmer, Chief Executive Officer of the Company, certify, that to my knowledge:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ THOMAS R. PALMER
Thomas R. Palmer
Chief Executive Officer
(Principal Executive Officer)
October 24, 2024
Note: A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 6 q32024exhibit322.htm EX-32.2 Document
Exhibit 32.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
(Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)
In connection with the Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 of Newmont Corporation (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”) and pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Karyn F. Ovelmen, Executive Vice President and Chief Financial Officer of the Company, certify, that to my knowledge:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ KARYN F. OVELMEN
Karyn F. Ovelmen
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
October 24, 2024
Note: A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-95 7 q32024exhibit95.htm EX-95 Document
Exhibit 95

Mine Safety Disclosure
The following disclosures are provided pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”) and Item 104 of Regulation S-K, which require certain disclosures by companies required to file periodic reports under the Securities Exchange Act of 1934, as amended, that operate mines regulated under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”). The disclosures reflect our U.S. mining operations only as the requirements of the Act and Item 104 of Regulation S-K do not apply to our mines operated outside the United States.
Mine Safety Information. Whenever the Federal Mine Safety and Health Administration (“MSHA”) believes a violation of the Mine Act, any health or safety standard or any regulation has occurred, it may issue a citation which describes the alleged violation and fixes a time within which the U.S. mining operator (e.g. our subsidiary, Newmont USA Limited) must abate the alleged violation. In some situations, such as when MSHA believes that conditions pose a hazard to miners, MSHA may issue an order removing miners from the area of the mine affected by the condition until the alleged hazards are corrected. When MSHA issues a citation or order, it generally proposes a civil penalty, or fine, as a result of the alleged violation, that the operator is ordered to pay. Citations and orders can be contested and appealed, and as part of that process, are often reduced in severity and amount, and are sometimes dismissed. The number of citations, orders and proposed assessments vary depending on the size and type (underground or surface) of the mine as well as by the MSHA inspector(s) assigned. In addition to civil penalties, the Mine Act also provides for criminal penalties for an operator who willfully violates a health or safety standard or knowingly violates or fails or refuses to comply with an order issued under Section 107(a) or any final decision issued under the Act.

The below table reflects citations and orders issued to us by MSHA during the quarter ended September 30, 2024. The proposed assessments for the quarter ended September 30, 2024 were taken from the MSHA data retrieval system as of October 14, 2024. 
Additional information about the Act and MSHA references used in the table follows.
Section 104(a) Significant and Substantial ("S&S") Citations: Citations received from MSHA under section 104(a) of the Mine Act for violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a mine safety or health hazard.
Section 104(b) Orders: Orders issued by MSHA under section 104(b) of the Mine Act, which represents a failure to abate a citation under section 104(a) within the period of time prescribed by MSHA. This results in an order of immediate withdrawal from the area of the mine affected by the condition until MSHA determines that the violation has been abated.
Section 104(d) S&S Citations and Orders: Citations and orders issued by MSHA under section 104(d) of the Mine Act for unwarrantable failure to comply with mandatory, significant and substantial health or safety standards.
Section 110(b)(2) Violations: Flagrant violations issued by MSHA under section 110(b)(2) of the Mine Act.
Section 107(a) Orders: Orders issued by MSHA under section 107(a) of the Mine Act for situations in which MSHA determined an “imminent danger” (as defined by MSHA) existed.
Mine (1)
Section 104(a) S&S Citations (2)
Section 104(b) Orders
Section 104(d) S&S Citations and Orders (2)
Section 110(b) ViolationsSection 107(a) Orders
($ in millions) Proposed MSHA Assessments (3)
Fatalities
Cripple Creek & Victor29 — — — — $— — 
TOTAL29     $  
____________________________
(1)The definition of a mine under section 3 of the Mine Act includes the mine, as well as other items used in, or to be used in, or resulting from, the work of extracting minerals, such as land, structures, facilities, equipment, machines, tools, and minerals preparation facilities. Unless otherwise indicated, any of these other items associated with a single mine have been aggregated in the totals for that mine. MSHA assigns an identification number to each mine and may or may not assign separate identification numbers to related facilities such as preparation facilities. We are providing the information in the table by mine rather than MSHA identification number because that is how we manage and operate our mining business and we believe this presentation will be more useful to investors than providing information based on MSHA identification numbers.
1


(2)No Section 104(a) S&S Citations and no Section 104(d) S&S Citations and Orders were subject to contest as of September 30, 2024.  
(3)Represents the total dollar value of the proposed assessment from MSHA under the Mine Act pursuant to the citations and or orders preceding such dollar value in the corresponding row. No proposed assessments of the orders or citations listed above had yet been posted to the MSHA data retrieval system or made available to the Company by MSHA as of October 14, 2024. Proposed assessments amounted to: $—. 
Pattern or Potential Pattern of Violations. During the quarter ended September 30, 2024, none of the mines operated by us received written notice from MSHA of (a) a pattern of violations of mandatory health or safety standards that are of such nature as could have significantly and substantially contributed to the cause and effect of mine health or safety hazards under section 104(e) of the Mine Act or (b) the potential to have such a pattern.
Pending Legal Actions. The following table reflects pending legal actions before the Federal Mine Safety and Health Review Commission (the “Commission”), an independent adjudicative agency that provides administrative trial and appellate review of legal disputes arising under the Mine Act, as of September 30, 2024, together with the number of legal actions instituted and the number of legal actions resolved as of September 30, 2024.
Mine (1)
Pending Legal Actions as of
September 30, 2024(2)
Legal Actions Instituted during the quarter ended September 30, 2024
Legal Actions Resolved during the quarter ended September 30, 2024
Cripple Creek & Victor— — — 
TOTAL   
____________________________
(1)The definition of a mine under section 3 of the Mine Act includes the mine, as well as other items used in, or to be used in, or resulting from, the work of extracting minerals, such as land, structures, facilities, equipment, machines, tools and minerals preparation facilities. Unless otherwise indicated, any of these other items associated with a single mine have been aggregated in the totals for that mine. MSHA assigns an identification number to each mine and may or may not assign separate identification numbers to related facilities such as preparation facilities. We are providing the information in the table by mine rather than MSHA identification number because that is how we manage and operate our mining business and we believe this presentation will be more useful to investors than providing information based on MSHA identification numbers.
(2)The foregoing list includes legal actions which were initiated prior to the current reporting period and which do not necessarily relate to citations, orders or proposed assessments issued by MSHA during the quarter ended September 30, 2024. The number of legal actions noted above are reported on a per docket basis.
Legal actions pending before the Commission may involve, among other questions, challenges by operators to citations, orders and penalties they have received from MSHA or complaints of discrimination by miners under section 105 of the Mine Act. The following is a brief description of the types of legal actions that may be brought before the Commission.
Contests of Citations and Orders: A contest proceeding may be filed with the Commission by operators, miners or miners’ representatives to challenge the issuance of a citation or order issued by MSHA.
Contests of Proposed Penalties (Petitions for Assessment of Penalties): A contest of a proposed penalty is an administrative proceeding before the Commission challenging a civil penalty that MSHA has proposed for the alleged violation contained in a citation or order. The validity of the citation may also be challenged in this proceeding as well.
Complaints for Compensation: A complaint for compensation may be filed with the Commission by miners entitled to compensation when a mine is closed by certain withdrawal orders issued by MSHA. The purpose of the proceeding is to determine the amount of compensation, if any, due miners idled by the orders.
Complaints of Discharge, Discrimination or Interference: A discrimination proceeding is a case that involves a miner’s allegation that he or she has suffered a wrong by the operator because he or she engaged in some type of activity protected under the Mine Act, such as making a safety complaint.
Applications for Temporary Relief: An application for temporary relief from any modification or termination of any order or from any order issued under section 104 of the Mine Act.
Appeals of Judges’ Decisions or Orders to the Commission: A filing with the Commission of a petition for discretionary review of a Judge’s decision or order by a person who has been adversely affected or aggrieved by such decision or order.
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The following table reflects the types of legal actions pending before the Commission as of September 30, 2024.
Mine (1)
Contests of Citations and Orders
Contests of Proposed Penalties (2)
Complaints for CompensationComplaints of Discharge, Discrimination or InterferenceApplications for Temporary ReliefAppeals of Judges' Decisions or Orders to the Commission
Cripple Creek & Victor— — — — — — 
TOTAL  —  —  
____________________________
(1)The definition of a mine under section 3 of the Mine Act includes the mine, as well as other items used in, or to be used in, or resulting from, the work of extracting minerals, such as land, structures, facilities, equipment, machines, tools and minerals preparation facilities. Unless otherwise indicated, any of these other items associated with a single mine have been aggregated in the totals for that mine. MSHA assigns an identification number to each mine and may or may not assign separate identification numbers to related facilities such as preparation facilities. We are providing the information in the table by mine rather than MSHA identification number because that is how we manage and operate our mining business and we believe this presentation will be more useful to investors than providing information based on MSHA identification numbers.
(2)The number of contests of proposed penalties noted above is reported on a per docket basis. In some cases, an individual docket may include more than one type of legal action. If presented on a per citation basis the number of contests of proposed penalties would be Cripple Creek & Victor: zero.
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Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Abstract] Legal Entity [Axis] Legal Entity [Axis] Interest expense, net of capitalized interest Interest Income (Expense), Nonoperating Exploration Oil and Gas, Result of Operation, Exploration Cost Dawn Mining Company Dawn Mining Company [Member] Dawn Mining Company [Member] Disposed of by sale, not discontinued operations Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] Letters of credit surety bonds and bank guarantees, outstanding Letters Of Credit Surety Bonds And Bank Guarantees Outstanding Letters of credit surety bonds and bank guarantees outstanding. Environmental Remediation Obligations [Abstract] Environmental Remediation Obligations [Abstract] Amount paid to preserve right to contest conclusions of ATO Income Tax Examination, Payment Income Tax Examination, Payment Batu Hijau Contingent Consideration Batu Hijau Contingent Consideration [Member] Information pertaining to contingent consideration receivable related to Batu Hijau. Name of Property [Domain] Name of Property [Domain] Restricted cash Restricted Cash Penasquito Lead Penasquito Lead Subsegment [Member] Division of North America operating segment specific to lead production from Penasquito property. Long-term Debt, Type [Domain] Long-Term Debt, Type [Domain] Entity Address, State or Province Entity Address, State or Province Derivative Instruments and Hedging Activities Disclosure [Abstract] Derivative Instruments and Hedging Activities Disclosure [Abstract] Erroneous Compensation Analysis Erroneous Compensation Analysis [Text Block] Assets held for sale (Note 5) Disposal Group, Including Discontinued Operation, Assets, Current Materials and supplies Materials, Supplies, and Other Inventory Net of Reserves Carrying amount, net of valuation reserves and adjustments, as of the balance sheet date of materials, supplies and other inventory expected to be sold, or consumed within one year or operating cycle, if longer. Peñasquito Penasquito [Member] Operating segment specific to the Penasquito operations. Inventory Inventory [Domain] Financial Instruments [Domain] Financial Instruments [Domain] Amount of tax, interest and penalties asserted as disputed amount Income Tax Examination, Estimate of Possible Loss Payments, net Asset Retirement Obligation, Cash Paid to Settle Tanami Tanami [Member] Operating segment specific to the Tanami region. Akyem recognition of DTL for assets held for sale Effective Income Tax Rate Reconciliation, Assets Held For Sale, Percent Effective Income Tax Rate Reconciliation, Assets Held For Sale, Percent Number of plaintiffs Loss Contingency, Number of Plaintiffs Change in valuation allowance on deferred tax assets Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent Restatement Determination Date Restatement Determination Date Proceeds from sale of contingent consideration assets Proceeds From Sale Of Contingent Consideration Assets Proceeds From Sale Of Contingent Consideration Assets Pay vs Performance Disclosure Pay vs Performance Disclosure [Table] Interest Rate Contract Interest Rate Contract [Member] Schedule of Environmental Exit Cost [Table] Environmental Exit Cost [Table] Erroneously Awarded Compensation Recovery Erroneously Awarded Compensation Recovery [Table] Other non-current liabilities Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other Remediation liability assumed (in percent) Accrual for Environmental Loss Contingencies Assumed, Percent Accrual for Environmental Loss Contingencies Assumed, Percent Contributions to equity method investees Payments to Acquire Equity Method Investments Payments, net Accrual for Environmental Loss Contingencies, Payments Payables to NGM Accounts Payable, Other, Current Discontinued Operations Discontinued Operations [Member] Subsequent Event Subsequent Event [Member] Costs and expenses: Costs and Expenses [Abstract] Inventory [Axis] Inventory [Axis] Restricted cash included in Other current assets Restricted Cash and Cash Equivalents, Current Subsegments [Domain] Subsegments [Domain] Peer Group Issuers, Footnote Peer Group Issuers, Footnote [Text Block] Other Other Liabilities and Deferred Revenue, Noncurrent Reclamation expense Reclamation and Mine Shutdown Provision Segments Segments [Domain] Employee-related benefits Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Noncurrent Liabilities, Employee-Related Benefits Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Noncurrent Liabilities, Employee-Related Benefits Copper Copper [Member] Copper Stockpiles and ore on leach pads Stockpiles Ore On Leach Pads Stockpiles ore on leach pads. Discontinued operations (in dollars per share) Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share PEO PEO [Member] RECLAMATION AND REMEDIATION Asset Retirement Obligation Disclosure [Text Block] Stockpiles Stockpiles [Member] Stockpiles. Contingent Consideration Derivative Contingent Consideration Derivative [Member] Contingent Consideration Derivative Effect of foreign earnings, net of credits Effective Income Tax Rate Reconciliation, Effect Of Foreign Earnings, Net Of Credits, Percent Effective Income Tax Rate Reconciliation, Effect Of Foreign Earnings, Net Of Credits, Percent Name Trading Arrangement, Individual Name Payment of stamp duty tax Payment Of Stamp Duty Tax Payment Of Stamp Duty Tax Akyem recognition of DTL for assets held for sale Effective Income Tax Rate Reconciliation, Assets Held For Sale, Amount Effective Income Tax Rate Reconciliation, Assets Held For Sale, Amount Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table] Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table] Disposal Group Name [Axis] Disposal Group Name [Axis] Return of investment from equity method investees Return Of Investment From Equity Method Investees, Net The amount of return of investment from equity method investees, net of distributions. Treasury stock Treasury Stock, Common, Value Equity income (loss) of affiliates (Note 13) Equity income (loss) of affiliates Income (Loss) from Equity Method Investments Income (loss) before income and mining tax and other items Income (Loss) before Income and Mining Tax and Other Items Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest Awards Close in Time to MNPI Disclosures, Table Awards Close in Time to MNPI Disclosures [Table Text Block] Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year [Member] Cash and cash equivalents Cash and Cash Equivalents, Fair Value Disclosure Aggregate Erroneous Compensation Amount Aggregate Erroneous Compensation Amount Long-lived assets Property, Plant, and Equipment, Fair Value Disclosure Local Phone Number Local Phone Number Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] Aggregate Erroneous Compensation Not Yet Determined Aggregate Erroneous Compensation Not Yet Determined [Text Block] Line of credit facility, number of banks Line Of Credit Facility, Number Of Banks Line Of Credit Facility, Number Of Banks Remediation liabilities, current Accrued Environmental Loss Contingencies, Current Increase (Decrease) in Operating Capital [Abstract] Increase (Decrease) in Operating Capital [Abstract] PEO Total Compensation Amount PEO Total Compensation Amount Summary of changes in Level 3 financial liabilities Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] Derivative liabilities Derivative Liability, Subject to Master Netting Arrangement, before Offset Shares issued for Newcrest acquisition (in shares) Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Income Statement Location [Axis] Statement of Income Location, Balance [Axis] Debt Disclosure [Abstract] Debt Disclosure [Abstract] Common Stock Common Stock [Member] Settlements/reclassifications Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Reclassifications And (Settlements) Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Reclassifications And (Settlements) Forgone Recovery due to Expense of Enforcement, Amount Forgone Recovery due to Expense of Enforcement, Amount Other current assets Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other Schedule of Business Acquisitions, by Acquisition [Table] Schedule of Business Acquisitions, by Acquisition [Table] Changes in the Fair Value of the Company's Level 3 Financial Liabilities Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] Net change in cash, cash equivalents and restricted cash, including cash and restricted cash reclassified to assets held for sale Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Disposal Group, Including Discontinued Operations Environmental Remediation Site [Axis] Environmental Remediation Site [Axis] Other Counterparty Other Counterparty [Member] Other Counterparty Segment Reporting [Abstract] Segment Reporting [Abstract] Withholding of employee taxes related to stock-based compensation (in shares) Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation Entity Central Index Key Entity Central Index Key Damages sought Loss Contingency, Damages Sought, Value Red Chris Gold Subsegment Red Chris Gold Subsegment [Member] Red Chris Gold Subsegment Summary of Inventories Schedule of Inventory, Current [Table Text Block] Accounting adjustment, deferred income tax liabilities Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Income Tax Liabilities Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Income Tax Liabilities Discontinued Operations and Disposal Groups [Abstract] Discontinued Operations and Disposal Groups [Abstract] Non-PEO NEO Average Compensation Actually Paid Amount Non-PEO NEO Average Compensation Actually Paid Amount Award Timing, How MNPI Considered Award Timing, How MNPI Considered [Text Block] Financial Instrument [Axis] Financial Instrument [Axis] Measurement Input, Short-Term Gold Price Measurement Input, Short-Term Gold Price [Member] Measurement Input, Short-Term Gold Price SEGMENT INFORMATION Segment Reporting Disclosure [Text Block] Debt (Note 16) Current maturities of long-term debt Long-Term Debt, Current Maturities Zinc Zinc [Member] Zinc Reclamation and Remediation Expense Reclamation And Remediation Expense [Table Text Block] Tabular disclosure of reclamation and remediation expenses by operating and non-operating sites. Newmont Corporation, Newmont Canada Corporation, And Newmont Canada FN Holdings ULC Newmont Corporation, Newmont Canada Corporation, And Newmont Canada FN Holdings ULC [Member] Newmont Corporation, Newmont Canada Corporation, And Newmont Canada FN Holdings ULC Remediation accretion Accretion expense  Accretion Expense Pueblo Viejo Mine Pueblo Viejo Mine [Member] Information pertaining to the Pueblo Viejo Mine. Measurement Basis [Axis] Measurement Basis [Axis] Title Trading Arrangement, Individual Title Total reclamation and remediation liabilities, current Reclamation and remediation liabilities Asset Retirement Obligation and Environmental Loss Contingencies, Current Carrying value of the obligation (known or estimated) arising from requirements to perform activities under asset retirement obligations or to remediate one or more sites, payable in twelve months or in the next operating cycle, if longer. Consolidated Entities [Axis] Consolidated Entities [Axis] Foreign Currency Translation Adjustments Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] Noncontrolling interests Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest City Area Code City Area Code Tax expense (benefit) from discontinued operation Discontinued Operation, Tax Effect of Discontinued Operation Contingent consideration liabilities Business Combination, Contingent Consideration, Liability Disposal Group Classification [Domain] Disposal Group Classification [Domain] Insider Trading Policies and Procedures Not Adopted Insider Trading Policies and Procedures Not Adopted [Text Block] (Gain) loss on asset and investment sales, net (Note 9) Gain (Loss) on Disposition of Assets Total repurchase amount Debt Instrument, Repurchased Amount Debt Instrument, Repurchased Amount Accrued tax liabilities Increase (Decrease) in Accrued Taxes Payable Repurchases of common stock Payments for Repurchase of Common Stock Derivative asset, measurement input Derivative Asset, Measurement Input Debt (Note 16) Long-Term Debt, Excluding Current Maturities Derivative assets Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets, Derivative Assets Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets, Derivative Assets Schedule of Segment Reporting Information, by Segment [Table] Schedule of Segment Reporting Information, by Segment [Table] Quantitative and Qualitative Information Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] Subsequent Event Type [Axis] Subsequent Event Type [Axis] (Accumulated deficit) Retained earnings Retained Earnings (Accumulated Deficit) Repurchase and retirement of common stock (in shares) Stock Repurchased and Retired During Period, Shares Gain (loss) to be reclassified within 12 months Cash Flow Hedge Gain (Loss) to be Reclassified within 12 Months Other, net Other Non-Operating Income Expense Net The amount of other nonoperating income (expense) not separately reported as a component of other nonoperating income (expense). Inventories, stockpiles and ore on leach pads  Increase (Decrease) in Inventories Net income (loss) Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest Reclamation and remediation liabilities  Increase (Decrease) in Asset Retirement Obligations General and administrative General and Administrative Expense Lease and other financing obligations Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Noncurrent Liabilities, Lease And Other Financing Obligations Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Noncurrent Liabilities, Lease And Other Financing Obligations Ghana Parliament Cases Ghana Parliament Cases [Member] Information pertaining to cases brought by plaintiffs who are members of Ghana Parliament. 2026 Long-Term Debt, Maturity, Year Two Aggregate Available Trading Arrangement, Securities Aggregate Available Amount Equity Awards Adjustments Equity Awards Adjustments [Member] Pueblo Viejo Revolving Facility Pueblo Viejo Revolving Facility [Member] Pueblo Viejo Revolving Facility Underlying Securities Award Underlying Securities Amount INVESTMENTS Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] Yanacocha Yanacocha [Member] Operating segment specific to the Yanacocha operations. Dividends declared Dividends, Common Stock, Cash Amendment Flag Amendment Flag Carrying value Reported Value Measurement [Member] Trade receivables Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables Stock Appreciation Rights (SARs) Stock Appreciation Rights (SARs) [Member] Impairment charges Other Asset Impairment Charges Penasquito Gold Penasquito Gold Subsegment [Member] Division of North America operating segment specific to gold production from Penasquito property. OTHER EXPENSE, NET Other Income and Other Expense Disclosure [Text Block] Gain (loss) in other comprehensive income (loss) before reclassifications Other Comprehensive Income (Loss), before Reclassifications, Net of Tax DEBT Debt Disclosure [Text Block] Fair Value Hierarchy Fair Value Hierarchy and NAV [Domain] October 2030 Senior Notes October 2030 Senior Notes [Member] October 2030 Senior Notes Recovery of Erroneously Awarded Compensation Disclosure [Line Items] Mining and mineral rights Use Rights [Member] Debt instrument principal amount Debt Instrument, Face Amount Non-current derivative liabilities Derivative Liability, Noncurrent Entity Address, Postal Zip Code Entity Address, Postal Zip Code July 2032 Senior Notes July 2032 Senior Notes [Member] July 2032 Senior Notes Stockpiles and ore on leach pads (Note 15) Non-current stockpiles and ore on leach pads Long-Term Stockpiles Ore On Leach Pads Amount after last-in first-out (LIFO) and valuation reserves of ore stockpile material contained on a leach pad not expected to be converted to cash, sold or exchanged within the normal operating cycle. Includes, but not limited to, copper or gold ore. Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Discontinued operations (in dollars per share) Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share Cash and cash equivalents Cash and Cash Equivalents, at Carrying Value Bilateral Bank Facility Due March 2024 Bilateral Bank Facility Due March 2024 [Member] Bilateral Bank Facility Due March 2024 Schedule of Investments [Table] Schedule of Investments [Table] Revaluation Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) Litigation Status [Axis] Litigation Status [Axis] Other  Payments for (Proceeds from) Other Investing Activities Other Noncurrent Assets Other Noncurrent Assets [Member] Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested [Member] Effect of exchange rate changes on cash, cash equivalents and restricted cash Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations Gain (loss) on debt extinguishment, net Gain (Loss) on Extinguishment of Debt Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested [Member] Lease and other financing obligations Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Current Liabilities, Lease And Financing Obligations Amount of liabilities for lease and other financing obligations, assumed at the acquisition date. Red Lake Red Lake [Member] Red Lake Proceeds from asset and investment sales Proceeds from Sale, Maturity and Collection of Investments Holt option Holt Option [Member] Holt Option Fair Value Measurement [Domain] Fair Value Measurement [Domain] Accounts payable Increase (Decrease) in Accounts Payable Adjustment To PEO Compensation, Footnote Adjustment To PEO Compensation, Footnote [Text Block] Silver Silver [Member] Silver Payments on lease and other financing obligations Finance Lease, Principal Payments Designated Hedge Designated as Hedging Instrument [Member] Compensation Actually Paid vs. Other Measure Compensation Actually Paid vs. Other Measure [Text Block] Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year [Member] Total assets Assets Other non-current liabilities (Note 17) Other long-term liabilities, total Other Liabilities, Noncurrent Costs applicable to sales Costs Applicable to Sales Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization Forgone Recovery due to Violation of Home Country Law, Amount Forgone Recovery due to Violation of Home Country Law, Amount Derivative Instruments and Hedging Activities Disclosures [Table] Derivative Instruments and Hedging Activities Disclosures [Table] Commitments and contingencies (Note 20) Commitments and Contingencies Income and Mining Tax Expense Reconciliation Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] Termination Date Trading Arrangement Termination Date Investments - current Investments Current [Member] Primary financial statement caption encompassing current investments. Carrying value and Fair value Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Ownership interest in equity method investments OCI, Equity Method Investment, after Tax 2025 Long-Term Debt, Maturity, Year One Eleonore Eleonore [Member] Operating segment specific to the Eleonore operations. Stream Credit Facility Agreement Stream Credit Facility Agreement [Member] Stream Credit Facility Agreement Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] Due to related parties Other Liabilities Not Designated as Hedging Instrument Not Designated as Hedging Instrument [Member] Uncertain tax position reserve adjustment Effective Income Tax Rate Reconciliation, Tax Contingency, Percent Summary of purchase price allocation Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] Debt Instrument [Axis] Debt Instrument [Axis] Proceeds from maturities of investments Proceeds from Maturities, Prepayments and Calls of Short-Term Investments Net income (loss) attributable to Newmont stockholders Net Income (Loss) Attributable to Parent Net Income (Loss) Attributable to Parent Trading Arrangement: Trading Arrangement [Axis] Pay vs Performance Disclosure, Table Pay vs Performance [Table Text Block] Equity Awards Adjustments, Excluding Value Reported in Compensation Table Equity Awards Adjustments, Excluding Value Reported in the Compensation Table [Member] Equity method investment, percentage of gold and silver purchased from investment Equity Method Investment, Percentage Of Gold And Silver Purchased From Investment Equity Method Investment, Percentage Of Gold And Silver Purchased From Investment Entity File Number Entity File Number Consolidated Entities [Domain] Consolidated Entities [Domain] Noncontrolling Interests Noncontrolling Interest [Member] Income Statement [Abstract] Income Statement [Abstract] Entity Address, Address Line One Entity Address, Address Line One Settled notional amount Extinguishment of Debt, Amount Weighted average common shares: Weighted Average Number of Shares Outstanding Reconciliation [Abstract] Name Forgone Recovery, Individual Name Other non-cash adjustments Other Noncash Income (Expense) Award Timing MNPI Considered Award Timing MNPI Considered [Flag] Telfer Copper Subsegment Telfer Copper Subsegment [Member] Telfer Copper Subsegment Inventory Disclosure [Abstract] Inventory Disclosure [Abstract] Outstanding Aggregate Erroneous Compensation Amount Outstanding Aggregate Erroneous Compensation Amount PEO Actually Paid Compensation Amount PEO Actually Paid Compensation Amount Discontinued operations disposed of by sale Discontinued Operations, Disposed of by Sale [Member] Continuing operations (in dollars per share) Income (Loss) from Continuing Operations, Per Diluted Share Other Income, Net [Table] Other Income, Net [Table] Table setting forth components of other income, net. Schedule of investments Marketable Securities [Table Text Block] Adjustment to Compensation: Adjustment to Compensation [Axis] STOCKPILES AND ORE ON LEACH PADS STOCKPILES AND ORE ON LEACH PADS Stockpiles and ore on leach pads. Net loss (income) attributable to noncontrolling interests (Note 1) Net income (loss) attributable to noncontrolling interest Net Income (Loss) Attributable to Noncontrolling Interest Restricted cash included in Other non-current assets Restricted Cash and Cash Equivalents, Noncurrent Document Quarterly Report Document Quarterly Report Precious metals Precious Metals, Inventory Net of Reserves Carrying amount, net of valuation reserves and adjustments, as of the balance sheet date of precious metals expected to be sold, or consumed within one year or operating cycle, if longer. Change in cash flow hedges, net of tax Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax Investments - noncurrent Investments Noncurrent [Member] Primary financial statement caption encompassing noncurrent investments. Tax impact of foreign exchange Effective Income Tax Reconciliation Foreign Currency Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) attributable to the impact of foreign currency exchange balances and transactions. Litigation Case [Domain] Litigation Case [Domain] Accumulated other comprehensive income (loss) (Note 18) Accumulated Other Comprehensive Income (Loss), Net of Tax Pension Adjustments Service Cost Pension Adjustments Service Cost [Member] Site Contingency [Table] Site Contingency [Table] Related Party [Axis] Related and Nonrelated Parties [Axis] Inventories (Note 14) Inventories Inventory, Other than Ore Stockpiles on Leachpads, Net of Reserves Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Excludes ore stockpiles on leach pads. Basic (in shares) Weighted Average Number of Shares Outstanding, Basic Stock Price or TSR Estimation Method Stock Price or TSR Estimation Method [Text Block] Accrued operating costs Accrued Operating Costs Current Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to operating costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Total equity Balance at beginning of period Balance at end of period Equity, Including Portion Attributable to Noncontrolling Interest Property, plant and mine development, net Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment Name Awards Close in Time to MNPI Disclosures, Individual Name Entity Filer Category Entity Filer Category Loss Contingencies [Line Items] Loss Contingencies [Line Items] Derivative assets (Note 12) Non-current derivative assets Derivative Asset, Noncurrent Forward gold prices (per ounce) Measurement Input, Commodity Forward Price [Member] Range Statistical Measurement [Domain] Capital Expenditures Segment, Expenditure, Addition to Long-Lived Assets Silver streaming agreement Silver Streaming Agreement [Member] Silver Streaming Agreement Derivative contracts Derivatives, Fair Value [Line Items] Restricted marketable debt securities Debt Securities [Member] Other current liabilities (Note 17) Other current liabilities Other Liabilities, Current Higher estimated closure costs arising from new closure requirements Asset Retirement Obligation, Revision of Estimate Segment Reporting Information [Line Items] Segment Reporting Information [Line Items] Midnite mine and Dawn mill sites Midnite Mine And Dawn Mill Sites [Member] Information pertaining to the Midnite mine and Dawn mill sites, combined. All Trading Arrangements All Trading Arrangements [Member] Derivative, forecasted purchases, percent Derivative, Forecasted Purchases, Percent Derivative, Forecasted Purchases, Percent Compensation Actually Paid vs. Net Income Compensation Actually Paid vs. Net Income [Text Block] Maverix Maverix [Member] Information pertaining to Maverix. Primary Beneficiary Variable Interest Entity, Primary Beneficiary [Member] Rule 10b5-1 Arrangement Adopted Rule 10b5-1 Arrangement Adopted [Flag] Awards Close in Time to MNPI Disclosures Awards Close in Time to MNPI Disclosures [Table] Derivative contracts Derivative [Line Items] Assets held for sale: Disposal Group, Including Discontinued Operation, Assets [Abstract] Ore on Leach Pads Ore On Leach Pads [Member] Ore on leach pads. Accounting adjustment, goodwill Goodwill, Measurement Period Adjustment Equity method investments Equity Method Investments Pay vs Performance Disclosure [Line Items] Peer Group Total Shareholder Return Amount Peer Group Total Shareholder Return Amount Nueva Union Project Nueva Union Project [Member] Information pertaining to the Nueva Union Project. Increase (decrease) in accrued capital expenditures Increase (Decrease) Capital Expenditures Incurred but Not yet Paid Increase (decrease) during the period in future cash outflow to pay for purchases of fixed assets that have occurred. Derivative [Table] Derivative [Table] Pensaquito Silver Penasquito Silver Subsegment [Member] Division of North America operating segment specific to silver production from Penasquito property. Other Liabilities Other Liabilities [Table Text Block] Tax impact of foreign exchange Effective Income Tax Rate Reconciliation, Foreign Currency Impact, Amount Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) attributable to foreign currency balances and transactions. Other Performance Measure, Amount Other Performance Measure, Amount COMMITMENTS AND CONTINGENCIES Legal Matters and Contingencies [Text Block] Balance at beginning of period (in shares) Balance at end of period (in shares) Common Stock, Shares, Outstanding Interest receivable Interest Receivable Quantitative and Qualitative Information - Unobservable Inputs Fair Value Measurement Inputs and Valuation Techniques [Line Items] Cash Flow Hedges Cash Flow Hedging [Member] Property, plant and mine development, net Disposal Group, Including Discontinued Operation, Property, Plant and Equipment Entity Tax Identification Number Entity Tax Identification Number Change in reclamation liability Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] Total AOCI Including Portion Attributable to Noncontrolling Interest [Member] Cerro Blanco Cerro Blanco [Member] Cerro Blanco Settlement costs Settlement Costs Settlement Costs Treasury Stock Treasury Stock, Common [Member] Schedule of Derivative Instruments Schedule of Derivative Instruments [Table Text Block] Income and mining taxes payable Taxes Payable, Current Other Other Cost and Expense, Operating Reclamation liabilities, non-current Asset Retirement Obligations, Noncurrent Equity Components [Axis] Equity Components [Axis] Other current assets Other Assets, Current Derivative Assets Contingent Consideration Asset [Member] Contingent Consideration Asset Ownership interest (as a percent) Proportionate Consolidation Method Investment, Ownership Percentage Proportionate Consolidation Method Investment, Ownership Percentage Net income (loss) Business Acquisition, Pro Forma Net Income (Loss) Reclamation and remediation liabilities (Note 7) Total reclamation and remediation liabilities, non-current Asset Retirement Obligation and Environmental Loss Contingencies, Noncurrent Noncurrent portion of the carrying value of the obligation (known or estimated) arising from requirements to perform activities under asset retirement obligations or to remediate one or more sites, payable in twelve months or in the next operating cycle, if longer. Net cash provided by (used in) investing activities of discontinued operations Cash Provided by (Used in) Investing Activities, Discontinued Operations Fair value, beginning of period Fair value, end of period Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value Total costs and expenses Costs and Expenses Business Acquisition, Acquiree Business Acquisition, Acquiree [Domain] Diluted: Earnings Per Share, Diluted [Abstract] Business Combination, Consideration Transferred [Abstract] Business Combination, Consideration Transferred [Abstract] Weighted Average Weighted Average [Member] Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table [Member] Income and mining taxes Accrued Income Taxes, Noncurrent Other non-current assets Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets Accrued capital expenditures Accrued Capital Expenditures Current Accrued capital expenditures due within one year or within the normal operating cycle Disposal group, including discontinued operation, restricted cash and restricted cash equivalents Disposal Group, Including Discontinued Operation, Restricted Cash And Restricted Cash Equivalents Disposal Group, Including Discontinued Operation, Restricted Cash And Restricted Cash Equivalents Loss on assets held for sale (Note 5) Loss on assets held for sale Impairment of Long-Lived Assets to be Disposed of Environmental Remediation Site [Domain] Environmental Remediation Site [Domain] Bilateral Bank Facility Due March 2026 Bilateral Bank Facility Due March 2026 [Member] Bilateral Bank Facility Due March 2026 Percentage depletion Effective Income Tax Rate Reconciliation, Nondeductible Expense, Depletion, Amount Cash, cash equivalents and restricted cash at beginning of period  Cash, cash equivalents and restricted cash at end of period  Total cash, cash equivalents and restricted cash Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents Marketable and other equity securities, current Equity Securities, FV-NI, Current Trade receivables from provisional concentrate sales, net  Accounts Receivable, Fair Value Disclosure Consolidation Items [Axis] Consolidation Items [Axis] Continuing operations Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent Beginning balance (in shares) Ending balance (in shares) Treasury Stock, Common, Shares Forgone Recovery due to Disqualification of Tax Benefits, Amount Forgone Recovery due to Disqualification of Tax Benefits, Amount Cadia Power Purchase Agreement Cadia Power Purchase Agreement [Member] Cadia Power Purchase Agreement Products and Services Product and Service [Domain] Fair Value Disclosures [Abstract] Fair Value Disclosures [Abstract] Valuation, Income Approach Valuation, Income Approach [Member] Revaluation Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) Security Exchange Name Security Exchange Name Cadia Copper Subsegment Cadia Copper Subsegment [Member] Cadia Copper Subsegment Red Chris Copper Subsegment Red Chris Copper Subsegment [Member] Red Chris Copper Subsegment Number of water treatment plants to be constructed Number Of Water Treatment Plants To Be Constructed Number Of Water Treatment Plants To Be Constructed Forgone Recovery, Explanation of Impracticability Forgone Recovery, Explanation of Impracticability [Text Block] Advanced projects, research and development Research and Development Expense Sales Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales Subsegments [Axis] Subsegments [Axis] Entity [Domain] Entity [Domain] Line of credit facility maximum borrowing capacity Line of Credit Facility, Maximum Borrowing Capacity Other accrued liabilities Increase (Decrease) in Other Accrued Liabilities Carrying value of assets held for sale Disposal Group, Including Discontinued Operation, Assets Net income (loss) attributable to Newmont stockholders per common share: Earnings Per Share, Basic and Diluted EPS [Abstract] Earnings Per Share, Basic and Diluted EPS Reconciliation of Remediation Liabilities Environmental Exit Costs by Cost [Table Text Block] Insider Trading Policies and Procedures Adopted Insider Trading Policies and Procedures Adopted [Flag] OTHER INCOME (LOSS), NET Other Nonoperating Income and Expense [Text Block] Employee-related benefits Pension and Other Postretirement Defined Benefit Plans, and Other Employee Related Liabilities, Noncurrent This represents the noncurrent liability for underfunded plans recognized in the balance sheet that is associated with the defined benefit pension plans and other postretirement defined benefit plans. Also includes the noncurrent portion of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Investments Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets, Investments Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets, Investments Norte Abierto Norte Abierto [Member] Norte Abierto Trade receivables from provisional concentrate sales, net  Provisional Copper And Gold Concentrate Trade Receivables [Member] Trade receivables from provisional copper and gold concentrate sales. Eliminations Consolidation, Eliminations [Member] Stockpiles and ore on leach pads (Note 15) Current stockpiles and ore on leach pads Inventory Ore Stockpiles On Leach Pads, Current, Net Amount after last-in first-out (LIFO) and valuation reserves of ore stockpile material contained on a leach pad expected to be sold, or consumed within one year or operating cycle, if longer. Includes, but not limited to, copper or gold ore. Less: cash and restricted cash reclassified to assets held for sale Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Continuing Operations Long-term Debt, Type [Axis] Long-Term Debt, Type [Axis] Related Party Related Party [Member] Hedging Designation Hedging Designation [Domain] Balance Sheet Location [Axis] Statement of Financial Position Location, Balance [Axis] Deferred income taxes Deferred Income Tax Expense (Benefit) Other Liabilities [Line Items] Other Liabilities [Line Items] Other Liabilities [Line Items] Other comprehensive income (loss), gain (loss) reclassified, before tax Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax Schedule of pro-forma financial information Business Acquisition, Pro Forma Information [Table Text Block] Recurring Fair Value, Recurring [Member] Trade receivables (Note 6) Accounts Receivable, after Allowance for Credit Loss, Current Reclamation and remediation (Note 7) Reclamation and remediation Reclamation and Mine Shutdown Provision And Environmental Remediation Expense Reclamation and Mine Shutdown Provision And Environmental Remediation Expense Noncontrolling interest, ownership percentage by parent Subsidiary, Ownership Percentage, Parent Net carrying amount Long-Term Debt Pension Adjustments Prior Service Cost Pension Adjustments Prior Service Cost [Member] Liabilities held for sale (Note 5) Disposal Group, Including Discontinued Operation, Liabilities, Current Total assets Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets Acquired Including Goodwill Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets Acquired Including Goodwill Disposal group, including discontinued operation, stockpiles and ore on leach pads Disposal Group, Including Discontinued Operation, Stockpiles And Ore On Leach Pads Disposal Group, Including Discontinued Operation, Stockpiles And Ore On Leach Pads Pension Benefits Adjustments, Footnote Pension Benefits Adjustments, Footnote [Text Block] Total Shareholder Return Vs Peer Group Total Shareholder Return Vs Peer Group [Text Block] Telfer Telfer [Member] Telfer Write-off of unamortized premiums, discounts, and issuance costs Deferred Discount (Premium) And Debt Issuance Costs, Writeoff Deferred Discount (Premium) And Debt Issuance Costs, Writeoff Foreign Exchange Forward, Operating Mine Capital Expenditures Foreign Exchange Forward, Operating Mine Capital Expenditures [Member] Foreign Exchange Forward, Operating Mine Capital Expenditures Discontinued operation, tax effect Discontinued Operation, Tax (Expense) Benefit from Provision for (Gain) Loss on Disposal Schedule of Debt Instrument Redemption Debt Instrument Redemption [Table Text Block] Accounting Policies [Abstract] Accounting Policies [Abstract] LIABILITIES Liabilities [Abstract] Risks and Uncertainties Commitments and Contingencies, Policy [Policy Text Block] BUSINESS ACQUISITION Business Combination Disclosure [Text Block] Current Fiscal Year End Date Current Fiscal Year End Date Investments (Note 13) Short-Term Investments PEO Name PEO Name All Award Types Award Type [Domain] Cash and cash equivalents Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents Stock-based awards and related share issuances (in shares) Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture Other Income, Net [Line Items] Other Income, Net [Line Items] Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Discontinued Operations, Held-for-Sale Discontinued Operations, Held-for-Sale [Member] Compensation Actually Paid vs. Company Selected Measure Compensation Actually Paid vs. Company Selected Measure [Text Block] Deferred income tax assets Deferred Income Tax Assets, Net Non-PEO NEO Non-PEO NEO [Member] October 2029 Senior Notes October 2029 Senior Notes [Member] Information pertaining to unsecured senior notes 2.8% due October 2029. Marketable and other equity securities (Note 13) (3) Investments, Fair Value Disclosure Additional Paid-In Capital Additional Paid-in Capital [Member] Hedging Relationship [Axis] Hedging Relationship [Axis] Other assets Disposal Group, Including Discontinued Operation, Other Assets Bruce Brook [Member] Bruce Brook Deferred income tax liabilities Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Other Effective Income Tax Rate Reconciliation, Other Adjustments, Amount Recently Adopted Accounting Pronouncements and Securities and Exchange Commission Rules New Accounting Pronouncements, Policy [Policy Text Block] Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets by Major Class [Axis] Name Measure Name 2026 Senior Notes March 2026 Senior Notes [Member] March 2026 Senior Notes Entity Interactive Data Current Entity Interactive Data Current Discontinued operations Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent Operating Activities [Axis] Operating Activities [Axis] Increase (decrease) to sales from provisional pricing mark-to-market Contract with Customer, Asset, Provisional Adjustment to Revenue, Mark to Market Adjustments Amount of increase (decrease) in revenue recognized for provisional adjustments from contract modification which increases (decreases) right to consideration in exchange for good or service transferred to customer when right is conditioned on something other than passage of time. Pending Litigation Pending Litigation [Member] Assets and Liabilities Measured at Fair Value on a Recurring Basis Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] Disaggregation of Revenue [Table] Disaggregation of Revenue [Table] Contingent consideration liabilities, measurement input Business Combination, Contingent Consideration, Liability, Measurement Input Income (Loss) From Discontinued Operations Income (Loss) From Discontinued Operations [Member] Income (Loss) From Discontinued Operations Telfer Gold Subsegment Telfer Gold Subsegment [Member] Telfer Gold Subsegment Debt instrument, interest rate, stated percentage Debt Instrument, Interest Rate, Stated Percentage Corporate and Other Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] Investments Schedule of Investments [Line Items] Measurement Input, Long-Term Gold Price Measurement Input, Long-Term Gold Price [Member] Measurement Input, Long-Term Gold Price Net book value of assets held for sale Disposal Group, Including Discontinued Operation, Net Assets Disposal Group, Including Discontinued Operation, Net Assets Increase (decrease) in operating liabilities: Increase (Decrease) in Operating Liabilities [Abstract] Derivative Instruments, Gain (Loss) Derivative Instruments, Gain (Loss) [Table Text Block] Total other income (expense) Nonoperating Income (Expense) Income and mining tax expense (benefit) Effective Income Tax Rate Reconciliation, Percent Deferred income tax assets Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Change in valuation allowance on deferred tax assets Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount Number of reportable segments Number of Reportable Segments Total liabilities and equity Liabilities and Equity Rule 10b5-1 Arrangement Terminated Rule 10b5-1 Arrangement Terminated [Flag] Fair Value Hierarchy and NAV [Axis] Fair Value Hierarchy and NAV [Axis] Hedging Designation [Axis] Hedging Designation [Axis] Current derivative liabilities Derivative Liability, Current DERIVATIVE INSTRUMENTS Derivative Instruments and Hedging Activities Disclosure [Text Block] Acquisitions and divestitures Accrual for Environmental Loss Contingencies, Increase (Decrease) for Acquisitions and Divestitures Net income (loss) from discontinued operations Net (income) loss from discontinued operations Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest Interest income Investment Income, Interest Finite-Lived Intangible Assets, Major Class Name [Domain] Finite-Lived Intangible Assets, Major Class Name [Domain] Other current liabilities: Other Liabilities, Current [Abstract] Change in fair value of investments Debt and Equity Securities, Unrealized Gain (Loss) Extinguishment of Debt [Table] Extinguishment of Debt [Table] Schedule of Minimum Debt Repayments Schedule of Maturities of Long-Term Debt [Table Text Block] Underlying Security Market Price Change Underlying Security Market Price Change, Percent Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table] Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table] Schedule of information required and determined to be provided for purposes of reconciling beginning and ending balances of fair value measurements of assets and liabilities using significant unobservable inputs (level 3). Measurement Input Type [Axis] Measurement Input Type [Axis] Individual: Individual [Axis] Effect of foreign earnings, net of credits Effective Income Tax Rate Reconciliation, Effect Of Foreign Earnings, Net Of Credits, Amount Effective Income Tax Rate Reconciliation, Effect Of Foreign Earnings, Net Of Credits, Amount Reclamation liabilities, current Asset Retirement Obligation, Current Withholding of employee taxes related to stock-based compensation Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation Accumulated Other Comprehensive Income (Loss) AOCI Attributable to Parent [Member] Boddington Boddington [Member] Operating segment specific to the Boddington region. Carrying value of liabilities held for sale Disposal Group, Including Discontinued Operation, Liabilities Net cash provided by (used in) investing activities of continuing operations Net Cash Provided by (Used in) Investing Activities, Continuing Operations Product and Service [Axis] Product and Service [Axis] Statement [Line Items] Statement [Line Items] Measurement Input Type [Domain] Measurement Input Type [Domain] Non-current restricted investments Restricted Investments, Noncurrent 2034 Senior Notes 2034 Senior Notes [Member] 2034 Senior Notes Other liabilities Disposal Group, Including Discontinued Operation, Other Liabilities Compensation Actually Paid vs. Total Shareholder Return Compensation Actually Paid vs. Total Shareholder Return [Text Block] March 2042 Senior Notes March 2042 Senior Notes [Member] March 2042 Senior Notes Total transaction value Business Combination, Consideration Transferred Derivative, term Derivative, Term of Contract Purchase price allocation, measurement period (in years) Business Acquisitions, Purchase Price Allocation, Measurement Period Business Acquisitions, Purchase Price Allocation, Measurement Period Fair value, beginning of period Fair value, end of period Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value Unamortized premiums, discounts, and issuance costs Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net Changes in the Fair Value of the Company's Level 3 Financial Assets Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] Minimum Minimum [Member] Debt Instrument [Line Items] Extinguishment of Debt [Line Items] Reclamation adjustments and other Reclamation and Mine Shutdown Provision, Gross Adjustment of the mine reclamation or mine shutdown liability account that is made when estimates of future costs are changed. Excludes amounts for accretion. Adoption Date Trading Arrangement Adoption Date Due from related parties Other Receivables Segments [Axis] Segments [Axis] Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year [Member] Sales Business Acquisition, Pro Forma Revenue Inventory [Line Items] Inventory [Line Items] U.S. Federal statutory tax rate Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent Derivative Instrument [Axis] Derivative Instrument [Axis] Total face value of debt Long-Term Debt, Gross Exercise Price Award Exercise Price Stockpiles and ore on leach pads Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Noncurrent Assets, Stockpiles And Ore On Leach Pads Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Noncurrent Assets, Stockpiles And Ore On Leach Pads Arrangement Duration Trading Arrangement Duration Continuing operations (in dollars per share) Income (Loss) from Continuing Operations, Per Basic Share Name of Property [Axis] Name of Property [Axis] Acquisitions and divestitures Asset Retirement Obligation, Increase (Decrease) For Acquisitions And Divestitures Asset Retirement Obligation, Increase (Decrease) For Acquisitions And Divestitures Investments (Note 13) Total equity method investments Long-Term Investments Assets held for sale Assets held for sale Long-Lived Asset, Held-for-Sale, Fair Value Disclosure Tax effect of gain (loss) on disposal Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation Material Terms of Trading Arrangement Material Terms of Trading Arrangement [Text Block] All Individuals All Individuals [Member] Income Tax Disclosure [Abstract] Income Tax Disclosure [Abstract] Debt Debt Instrument, Fair Value Disclosure Other income (loss), net (Note 9) Other income (loss), net Other Nonoperating Income (Expense) Statement of Stockholders' Equity [Abstract] Statement of Stockholders' Equity [Abstract] Asset retirement obligation restricted assets Asset Retirement Obligation, Legally Restricted Assets, Fair Value Stockpiles and Ore on Leach Pads Stockpiles And Ore On Leach Pad [Table Text Block] Tabular representation of stockpiles and ore on leach pads inventory on a current and noncurrent basis. Number of operational water treatment plants Number of Operational Water Treatment Plants Number of Operational Water Treatment Plants Lease and other financing obligations Lease And Other Financing Obligations, Current The amount of current obligations under operating and finance leases plus other financing obligations at the balance sheet date. Reconciliation of cash, cash equivalents and restricted cash: Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract] 2024 (for the remainder of 2024) Long-Term Debt, Maturity, Remainder of Fiscal Year Disposal group Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] Other Commitments Other Commitments [Domain] Assets: Assets, Fair Value Disclosure [Abstract] Disposal Groups, Including Discontinued Operations [Table] Disposal Groups, Including Discontinued Operations [Table] Bilateral Bank Facility Due February 2024 Bilateral Bank Facility Due February 2024 [Member] Bilateral Bank Facility Due February 2024 Related Party [Domain] Related and Nonrelated Parties [Domain] Red Chris Red Chris [Member] Red Chris Proceeds from issuance of debt, net Proceeds from Issuance of Senior Long-Term Debt Stockpiles And Ore On Leach Pads Stockpiles And Ore On Leach Pads [Line Items] Stockpiles and ore on leach pads. Liability Class [Axis] Liability Class [Axis] Total liabilities Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities Deferred income tax liabilities Deferred Income Tax Liabilities, Net Boddington Copper Boddington Copper Subsegment [Member] Information pertaining to Boddington copper subsegment. Change in fair value of investments (Note 9) Unrealized Gain (Loss) on Investments Debt Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-Term Debt Valuation Approach and Technique [Axis] Valuation Approach and Technique [Axis] Foreign rate differential Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent Other assets  Increase (Decrease) in Other Operating Assets Change in pension and other post-retirement benefits, net of tax Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax Accounting adjustment, property, plant and mine development Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment Lead Lead [Member] Lead Measure: Measure [Axis] Boddington Gold Boddington Gold Subsegment [Member] Information pertaining to Boddington gold subsegment. Stock-based awards and related share issuances Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture Asset Class Asset Class [Domain] Contingent consideration assets Contingent Consideration Asset Fair Value Disclosure Fair value of amount to be received as contingent consideration in a business combination. Classified as derivatives. Unrealized Gain (Loss) on Marketable Debt Securities AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Including Noncontrolling Interest [Member] Entity Emerging Growth Company Entity Emerging Growth Company Total liabilities Liabilities, Fair Value Disclosure Average provisional price (in dollars per ounce or pound) Provisional Sales Outstanding, Average Sales Price For Each Unit Provisional Sales Outstanding, Average Sales Price For Each Unit Non-GAAP Measure Description Non-GAAP Measure Description [Text Block] Remediation adjustments and other Environmental Remediation Expense, Gross The charge against earnings in the period for known or estimated future costs arising from requirements to perform environmental remediation activities. Excludes amounts for accretion. Australian Taxation Office Australian Taxation Office [Member] Equity Component [Domain] Equity Component [Domain] Sales from Concentrate and Other Production Sales From Concentrate And Other Production [Member] Information pertaining to sales generated from concentrate and other production. Net cash provided by (used in) operating activities of discontinued operations Cash Provided by (Used in) Operating Activities, Discontinued Operations Additional 402(v) Disclosure Additional 402(v) Disclosure [Text Block] (Gain) loss reclassified from accumulated other comprehensive income (loss) Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax Entity Shell Company Entity Shell Company Entity Incorporation, State or Country Code Entity Incorporation, State or Country Code Foreign Exchange Forward, Cadia Block Caves And Cadia Tails Foreign Exchange Forward, Cadia Block Caves And Cadia Tails [Member] Foreign Exchange Forward, Cadia Block Caves And Cadia Tails Kirkland Royalty Matter Kirkland Royalty Matter [Member] Kirkland Royalty Matter Statement [Table] Statement [Table] NET CHANGE IN OPERATING ASSETS AND LIABILITIES Net Change In Operating Assets And Liabilities [Text Block] Net change in operating assets and liabilities. Counterparty Name [Axis] Counterparty Name [Axis] Fair Value, Measurement Frequency Measurement Frequency [Domain] Ahafo Ahafo [Member] Operating segment specific to the Ahafo region. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies [Text Block] Thereafter Long-Term Debt, Maturity, After Year Four Long-Term Debt, Maturity, After Year Four Consolidation Items Consolidation Items [Domain] Derivatives Not Designated as Hedging Instruments Derivatives Not Designated as Hedging Instruments [Table Text Block] Decrease (increase) in operating assets: Increase (Decrease) in Operating Assets [Abstract] Additions to property, plant and mine development  Consolidated capital expenditures on a cash basis Payments to Acquire Productive Assets Level 1 Fair Value, Inputs, Level 1 [Member] Foreign currency translation adjustments  Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax Current assets Assets, Current Statement of Cash Flows [Abstract] Statement of Cash Flows [Abstract] Senior Notes Senior Notes [Member] Insurance proceeds Unusual or Infrequent Item, or Both, Insurance Proceeds 2027 Long-Term Debt, Maturity, Year Three Lease and other financing obligations Lease And Other Financing Obligations Noncurrent The amount of noncurrent obligations under operating and finance leases plus other financing obligations at the balance sheet date. Revenue since acquisition Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual Schedule of Long-term Debt Instruments [Table] Schedule of Long-Term Debt Instruments [Table] Net change in operating assets and liabilities (Note 19) Net change in operating assets and liabilities Increase (Decrease) in Operating Capital Reclamation and remediation Environmental Remediation Costs The noncash amount of expenses in the period for known or estimated future costs arising from requirements to perform environmental remediation activities. Other Commitments [Axis] Other Commitments [Axis] Accumulated Other Comprehensive Income (Loss) [Table] Accumulated Other Comprehensive Income (Loss) [Table] Equity securities without readily determinable fair value, amount Equity Securities without Readily Determinable Fair Value, Amount Accounting adjustment, deferred income tax assets Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Income Tax Assets Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Income Tax Assets INCOME AND MINING TAXES Income Tax Disclosure [Text Block] Repurchase and retirement of common stock Repurchase and retirement of common stock Stock Repurchased and Retired During Period, Value Current assets Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets Provisionally priced sales subject to final pricing (in ounces or pounds) Provisional Sales Outstanding, Units Provisional Sales Outstanding, Units Cash calls requested from noncontrolling interests Noncontrolling Interest, Increase from Contributions from Affiliates Amount of increase in noncontrolling interest from contributions from noncontrolling interest holders. Discounted cash flow Valuation Technique, Discounted Cash Flow [Member] Goldcorp Goldcorp [Member] Information pertaining to Goldcorp, Inc. Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization, Consolidation and Presentation of Financial Statements [Abstract] Net cash provided by (used in) financing activities Net Cash Provided by (Used in) Financing Activities Lundin Gold, Inc. Lundin Gold, Inc. [Member] Lundin Gold, Inc. Net Change in Operating Assets and Liabilities Cash Flow, Operating Capital [Table Text Block] Credit Facility [Axis] Credit Facility [Axis] Stockpiles and ore on leach pads Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Current Assets, Stockpiles And Ore On Leach Pads Amount of ore stockpile material contained on a leach pad recognized as of acquisition date. Includes, but not limited to, copper or gold ore. Contingent consideration assets, measurement input Business Combination, Contingent Consideration, Asset, Measurement Input Business Combination, Contingent Consideration, Asset, Measurement Input Entity Registrant Name Entity Registrant Name Adjustment to Non-PEO NEO Compensation Footnote Adjustment to Non-PEO NEO Compensation Footnote [Text Block] Newcrest Mining Limited Newcrest Mining Limited [Member] Newcrest Mining Limited Depreciation and amortization Depreciation and Amortization Depreciation, Depletion and Amortization Portfolio Optimization Program Portfolio Optimization Program [Member] Portfolio Optimization Program Fair Value as of Grant Date Award Grant Date Fair Value Foreign rate differential Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount Reclamation and remediation expense Environmental Exit Cost [Line Items] Level 2 Fair Value, Inputs, Level 2 [Member] EQUITY Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] Schedule of sales by mining operation, product and by inventory type, and provisional sales Disaggregation of Revenue [Table Text Block] Restatement Determination Date: Restatement Determination Date [Axis] Title of 12(b) Security Title of 12(b) Security Other non-current liabilities: Other Liabilities, Noncurrent [Abstract] Common stock Common Stock, Value, Issued Other Liabilities [Table] Other Liabilities [Table] Other Liabilities Income Tax Authority, Name [Domain] Income Tax Authority, Name [Domain] Balance at beginning of period Balance at end of period Reclamation obligations, operating properties Asset Retirement Obligation Marketable equity securities, noncurrent Equity Securities, FV-NI, Noncurrent Other expense, net (Note 8) Other expense, net Other General Expense Mining and other taxes (net of associated federal benefit) Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent Gain on disposal of contingent consideration assets Gain (Loss) On Disposal Of Contingent Consideration Assets Gain (Loss) On Disposal Of Contingent Consideration Assets Derivative Instruments and Hedging Activities Disclosures [Line Items] Derivative Instruments and Hedging Activities Disclosures [Line Items] Fair Value by Liability Class Fair Value by Liability Class [Domain] Financing activities: Net Cash Provided by (Used in) Financing Activities [Abstract] Mining and other taxes (net of associated federal benefit) Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount Scheduled minimum debt repayments Long-Term Debt, Fiscal Year Maturity [Abstract] Valuation Technique Valuation Approach and Technique [Domain] Net income (loss) per common share, basic (in dollars per share) Earnings Per Share, Basic Total reclamation and remediation liabilities Asset Retirement Obligation And Environmental Loss Contingencies Total costs accrued as of the balance sheet date for asset retirement obligations and environmental loss contingencies. Musselwhite Musselwhite [Member] Operating segment specific to the Musselwhite operations. Percentage depletion Effective Income Tax Rate Reconciliation, Nondeductible Expense, Depletion, Percent Award Timing MNPI Disclosure Award Timing MNPI Disclosure [Text Block] Reclamation and remediation Environmental Remediation [Member] March 2024 Senior Notes March 2024 Senior Notes [Member] March 2024 Senior Notes Employee-related benefits Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Current Liabilities, Employee Benefits Payable Amount of liabilities incurred for employee-related benefits, assumed at the acquisition date. Other Liabilities Disclosure [Abstract] Other Liabilities Disclosure [Abstract] Current liabilities Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities Ownership [Domain] Ownership [Domain] Aggregate Pension Adjustments Service Cost Aggregate Pension Adjustments Service Cost [Member] Stamp duty on Newcrest transaction (3) Stamp Duty Liabilities, Current Stamp Duty Liabilities, Current Corporate Revolving Credit Facility Corporate Revolving Credit Facility [Member] Corporate revolving credit facility. Current liabilities Liabilities, Current OTHER LIABILITIES Other Liabilities Disclosure [Text Block] Credit facility, amount outstanding Long-Term Line of Credit Akyem Akyem [Member] Operating segment specific to the Akyem region. Operating Activities [Domain] Operating Activities [Domain] Sales Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales Disposal group, number of non-core assets to be divested Disposal Group, Number Of Non-Core Assets To Be Divested Disposal Group, Number Of Non-Core Assets To Be Divested May 2030 Senior Notes May 2030 Senior Notes [Member] May 2030 Senior Notes Entity Address, City or Town Entity Address, City or Town Proceeds from issuance of debt, net Proceeds from Issuance of Long-Term Debt ASSETS AND LIABILITIES HELD FOR SALE Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] Stock-based compensation Share-Based Payment Arrangement, Expense Investments, Debt and Equity Securities [Abstract] Investments, Debt and Equity Securities [Abstract] ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)​ Comprehensive Income (Loss) Note [Text Block] Loss Contingencies [Table] Loss Contingencies [Table] Business Acquisition [Axis] Business Acquisition [Axis] Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year [Member] NGM Nevada Gold Mines [Member] Information pertaining to division of Nevada operating segment specific to Nevada gold mines not included in other segments. Liabilities: Liabilities, Fair Value Disclosure [Abstract] SALES Revenue from Contract with Customer [Text Block] Document Fiscal Year Focus Document Fiscal Year Focus Debt Instrument, Name [Domain] Debt Instrument, Name [Domain] Other Other Accrued Liabilities, Current Total assets Assets, Fair Value Disclosure Document Period End Date Document Period End Date Number of co-defendants Loss Contingency Number Of Codefendants The number of codefendants in the legal matter. Funding from noncontrolling interests Proceeds from Noncontrolling Interests Asset Class [Axis] Asset Class [Axis] Insider Trading Arrangements [Line Items] Gain on sale of equity method investment Gain (Loss) on Disposition of Stock in Subsidiary or Equity Method Investee Other Current Assets Other Current Assets [Member] Purchases Related Party Transaction, Purchases from Related Party Advanced Projects, Research and Development and Exploration Advance Projects And Exploration Expense (Income) Advance projects and exploration expense (income). Accounts payable Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable Settlements/reclassifications Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Reclassifications And (Settlements) Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, Issuances, (Settlements), And (Reclassifications) Schedule of acquisition date transaction components Schedule of Business Acquisitions, by Acquisition [Table Text Block] Long-lived and other assets, measurement input Long-Lived And Other Assets, Measurement Input Long-Lived And Other Assets, Measurement Input Foreign Exchange Contract Foreign Exchange Contract [Member] Reclassifications Reclassification, Comparability Adjustment [Policy Text Block] Document Transition Report Document Transition Report Fair Value, Recurring and Nonrecurring [Table] Fair Value, Recurring and Nonrecurring [Table] Entity Current Reporting Status Entity Current Reporting Status Retained Earnings (Accumulated Deficit) Retained Earnings [Member] Litigation Status Litigation Status [Domain] Income Tax Authority, Name [Axis] Income Tax Authority, Name [Axis] Changes in Equity Increase (Decrease) in Stockholders' Equity [Roll Forward] Executive Category: Executive Category [Axis] Purchases of investments Payments to Acquire Investments Other current liabilities Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other Penasquito Zinc Penasquito Zinc Subsegment [Member] Division of North America operating segment specific to zinc production from Penasquito property. 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