decreased 5% primarily due to higher gold ounces sold and lower stockpile inventory adjustments. All-in sustaining costs per gold ounce decreased 8% primarily due to lower costs applicable to sales per gold ounce.
Foreign Currency Exchange Rates
Our foreign operations sell their gold, copper, silver, lead and zinc production based on U.S. dollar metal prices. Fluctuations in foreign currency exchange rates do not have a material impact on our revenue since gold, copper, silver, lead and zinc are sold throughout the world in U.S. dollars. Despite selling gold 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, including the Australian dollar, the Peruvian sol, the Surinamese dollar, the Canadian dollar, the Mexican peso and the Argentine peso. Approximately 33% and 34% of Costs applicable to sales for our foreign operations were paid in currencies other than the U.S. dollar during the three months ended June 30, 2019 and 2018, respectively, including approximately 19% denominated in the Australian dollar and 11% denominated in the Canadian dollar in the current year. Approximately 32% and 35% of Costs applicable to sales for our foreign operations were paid in currencies other than the U.S. dollar during the six months ended June 30, 2019 and 2018, respectively, including approximately 23% denominated in the Australian dollar and 7% denominated in the Canadian dollar in the current year. Variations in the local currency exchange rates in relation to the U.S. dollar at our foreign mining operations decreased Costs applicable to sales by $12 per ounce, net of hedging losses, during the three months ended June 30, 2019, compared to the same period in 2018, primarily in Australia. Variations in the local currency exchange rates in relation to the U.S. dollar at our foreign mining operations decreased Costs applicable to sales by $15 per ounce, net of hedging losses, during the six months ended June 30, 2019, compared to the same periods in 2018, primarily in Australia.
Our Merian mine is located in the country of Suriname, which has been considered a hyperinflationary environment in recent years with a cumulative inflation rate of over 100% for the last three years. Although we have balances denominated in Surinamese dollars that relate to labor and payroll liabilities, substantially all of Merian’s activity is denominated in U.S. dollars. As a result, our exposure to fluctuations in the Surinamese dollar exchange rate is not significant to Newmont’s financial statements.
Our Cerro Negro mine, which was acquired as part of the Newmont Goldcorp transaction, is located in Argentina, which has been considered a hyperinflationary environment with a cumulative inflation rate of over 100% for the last three years. We have determined the U.S. dollar to be the functional currency of Cerro Negro. While we have balances denominated in Argentine pesos that relate to labor, payroll and tax liabilities, the majority of Cerro Negro’s activity is denominated in U.S. dollars. Additionally, a component of the deferred tax liability is carried in Argentine pesos, which is impacted by fluctuations in the Argentine peso exchange rate.
Liquidity and Capital Resources
Liquidity Overview
We have a disciplined cash management strategy of maintaining financial flexibility to execute our capital priorities and provide long-term value to 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.
At June 30, 2019, the Company had $1,827 in Cash and cash equivalents, of which $1,064 was held in foreign subsidiaries and is primarily held in U.S. dollar denominated accounts with the remainder in foreign currencies readily convertible to U.S. dollars. At June 30, 2019, $395 of the consolidated cash and cash equivalents was attributable to noncontrolling interests primarily related to our Peru and Suriname operations, which is being held to fund those operations. At June 30, 2019, $928 in consolidated cash and cash equivalents ($548 attributable to Newmont) 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 the withholding taxes. We believe that our liquidity and capital resources from U.S. operations are adequate to fund our U.S. operations and corporate activities.
During the second quarter of 2019, we used $1,720 of our Cash and cash equivalents in connection with the Newmont Goldcorp transaction and the one-time special dividend. Our Debt balances also increased by approximately $2,000 due to the acquired Goldcorp senior notes and the subsequent like-for-like exchange of a portion of the outstanding notes. In July 2019, we made an initial
