0001164727nem:TMACMember2020-01-012020-03-31YanacochaTaxDisputeMember2021-03-012021-03-31
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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​1934
For the Quarterly Period Ended September 30, 20202021
or
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934​​1934
For the transition period from__________to​__________from__________to__________
Commission File Number: 001-31240

nem-20210930_g1.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
Former address: 6363 S Fiddlers Green Circle, Greenwood Village, Colorado 80111
​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​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​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​No
There were 803,358,053797,435,304 shares of common stock outstanding on October 22, 2020.
21, 2021.


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TABLE OF CONTENTS
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PART I – FINANCIAL INFORMATION
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NEWMONT CORPORATION
THIRD QUARTER 20202021 RESULTS AND HIGHLIGHTS
(unaudited, in millions, except per share, per ounce and per pound)​
​Three Months Ended
September 30,		Nine Months Ended
September 30,
​2020201920202019
Financial Results:​​​​
Sales$3,170 $2,713 $8,116 $6,773 
Gold$2,860 $2,483 $7,347 $6,376 
Copper$43 $40 $101 $163 
Silver$138 $78 $337 $109 
Lead$30 $25 $92 $38 
Zinc$99 $87 $239 $87 
Costs applicable to sales (1)
$1,269 $1,392 $3,659 $3,736 
Gold$1,130 $1,232 $3,210 $3,412 
Copper$28 $28 $78 $115 
Silver$45 $60 $148 $101 
Lead$17 $25 $56 $45 
Zinc$49 $47 $167 $63 
Net income (loss) from continuing operations $628 $2,252 $1,882 $2,423 
Net income (loss) $856 $2,204 $2,027 $2,323 
Net income (loss) from continuing operations attributable to Newmont stockholders$611 $2,226 $1,860 $2,340 
Per common share, diluted:
Net income (loss) from continuing operations attributable to Newmont stockholders$0.76 $2.71 $2.31 $3.30 
Net income (loss) attributable to Newmont stockholders$1.04 $2.65 $2.49 $3.16 
Adjusted net income (loss) (2)
$697 $292 $1,284 $560 
Adjusted net income (loss) per share, diluted (2)
$0.86 $0.36 $1.59 $0.79 
Earnings before interest, taxes and depreciation and amortization (2)
$1,547 $3,403 $4,129 $4,637 
Adjusted earnings before interest, taxes and depreciation and amortization(2)
$1,663 $1,079 $3,765 $2,445 
Net cash provided by (used in) operating activities of continuing operations$3,204 $1,668 
Free Cash Flow (2)
$2,300 $635 
Regular cash dividends declared per common share in the period ended September 30$0.25 $0.14 $0.64 $0.42 
Regular cash dividends declared per common share for the period ended September 30$0.40 $0.14 $0.90 $0.42 
Special dividend declared per common share in the period ended September 30 related to the 2019 Newmont Goldcorp transaction$— $— $— $0.88 

Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Financial Results:
Sales$2,895 $3,170 $8,832 $8,116 
Gold$2,516 $2,860 $7,628 $7,347 
Copper$72 $43 $204 $101 
Silver$143 $138 $486 $337 
Lead$42 $30 $129 $92 
Zinc$122 $99 $385 $239 
Costs applicable to sales (1)
$1,367 $1,269 $3,895 $3,659 
Gold$1,175 $1,130 $3,331 $3,210 
Copper$37 $28 $102 $78 
Silver$80 $45 $230 $148 
Lead$18 $17 $55 $56 
Zinc$57 $49 $177 $167 
Net income (loss) from continuing operations $(254)$628 $955 $1,882 
Net income (loss) $(243)$856 $997 $2,027 
Net income (loss) from continuing operations attributable to Newmont stockholders$(8)$611 $1,170 $1,860 
Per common share, diluted:
Net income (loss) from continuing operations attributable to Newmont stockholders$(0.01)$0.76 $1.46 $2.31 
Net income (loss) attributable to Newmont stockholders$— $1.04 $1.51 $2.49 
Adjusted net income (loss) (2)
$483 $697 $1,747 $1,284 
Adjusted net income (loss) per share, diluted (2)
$0.60 $0.86 $2.18 $1.59 
Earnings before interest, taxes and depreciation and amortization (2)
$565 $1,547 $3,507 $4,129 
Adjusted earnings before interest, taxes and depreciation and amortization (2)
$1,316 $1,663 $4,364 $3,765 
Net cash provided by (used in) operating activities of continuing operations$2,967 $3,204 
Free Cash Flow (2)
$1,755 $2,300 
Cash dividends paid per common share in the period ended September 30$0.55 $0.25 $1.65 $0.64 
Cash dividends declared per common share for the period ended September 30$0.55 $0.40 $1.65 $0.90 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis.

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NEWMONT CORPORATION
THIRD QUARTER 20202021 RESULTS AND HIGHLIGHTS
(unaudited, in millions, except per share, per ounce and per pound)​
​Three Months Ended
September 30,		Nine Months Ended
September 30,
​2020201920202019
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Operating Results:Operating Results:​​​​Operating Results:
Consolidated gold ounces (thousands):Consolidated gold ounces (thousands):​​​​Consolidated gold ounces (thousands):
ProducedProduced1,521 1,650 4,236 4,599 Produced1,422 1,521 4,274 4,236 
SoldSold1,495 1,682 4,210 4,656 Sold1,416 1,495 4,277 4,210 
Attributable gold ounces (thousands): Attributable gold ounces (thousands): ​​​​Attributable gold ounces (thousands):
Produced (1)
Produced (1)
1,541 1,644 4,275 4,461 
Produced (1)
1,449 1,541 4,353 4,275 
Sold (2)
Sold (2)
1,429 1,578 3,996 4,352 
Sold (2)
1,357 1,429 4,101 3,996 
Consolidated and attributable gold equivalent ounces - other metals (thousands) (3)
Consolidated and attributable gold equivalent ounces - other metals (thousands) (3)
ProducedProduced315 273 935 750 
SoldSold301 248 930 780 
Consolidated and attributable - other metals:Consolidated and attributable - other metals:​​​​Consolidated and attributable - other metals:
Produced copper (million pounds)Produced copper (million pounds)15 14 41 60 Produced copper (million pounds)17 15 50 41 
Sold copper (million pounds)Sold copper (million pounds)14 17 40 63 Sold copper (million pounds)18 14 49 40 
Produced silver (thousand ounces)Produced silver (thousand ounces)7,370 7,415 20,421 9,158 Produced silver (thousand ounces)7,970 7,370 23,560 20,421 
Sold silver (thousand ounces)Sold silver (thousand ounces)6,371 4,552 20,260 6,719 Sold silver (thousand ounces)7,792 6,371 23,938 20,260 
Produced lead (million pounds)Produced lead (million pounds)46 51 130 63 Produced lead (million pounds)44 46 138 130 
Sold lead (million pounds)Sold lead (million pounds)42 30 133 47 Sold lead (million pounds)42 42 134 133 
Produced zinc (million pounds)Produced zinc (million pounds)103 83 281 108 Produced zinc (million pounds)109 103 325 281 
Sold zinc (million pounds)Sold zinc (million pounds)98 107 313 107 Sold zinc (million pounds)98 98 319 313 
Average realized price:Average realized price:Average realized price:
Gold (per ounce) Gold (per ounce) $1,913 $1,476 $1,745 $1,370 Gold (per ounce) $1,778 $1,913 $1,783 $1,745 
Copper (per pound) Copper (per pound) $2.99 $2.37 $2.49 $2.59 Copper (per pound) $3.99 $2.99 $4.19 $2.49 
Silver (per ounce)Silver (per ounce)$21.69 $17.18 $16.66 $16.23 Silver (per ounce)$18.34 $21.69 $20.32 $16.66 
Lead (per pound)Lead (per pound)$0.73 $0.84 $0.69 $0.81 Lead (per pound)$0.99 $0.73 $0.96 $0.69 
Zinc (per pound)Zinc (per pound)$1.01 $0.81 $0.77 $0.81 Zinc (per pound)$1.24 $1.01 $1.21 $0.77 
Consolidated costs applicable to sales: (3)(4)
​​​​
Gold (per ounce) $756 $733 $762 $733 
Gold equivalent ounces - other metals (per ounce) (5)
$556 $747 $575 $908 
All-in sustaining costs: (4)
Consolidated costs applicable to sales: (4)(5)
Consolidated costs applicable to sales: (4)(5)
Gold (per ounce) Gold (per ounce) $1,020 $987 $1,046 $974 Gold (per ounce) $830 $756 $779 $762 
Gold equivalent ounces - other metals (per ounce) (5)(3)
Gold equivalent ounces - other metals (per ounce) (5)(3)
$770 $1,155 $862 $1,259 
Gold equivalent ounces - other metals (per ounce) (5)(3)
$638 $556 $606 $575 
All-in sustaining costs: (5)
All-in sustaining costs: (5)
Gold (per ounce) Gold (per ounce) $1,120 $1,020 $1,064 $1,046 
Gold equivalent ounces - other metals (per ounce) (3)
Gold equivalent ounces - other metals (per ounce) (3)
$887 $770 $863 $862 
____________________________
(1)Attributable gold ounces produced includes 85 thousand ounces and 254 thousand ounces for the three and nine months ended September 30, 2021, respectively, and 87 thousand ounces and 256 thousand ounces for the three and nine months ended September 30, 2020, respectively, and 94 thousand ounces and 169 thousand ounces for the three and nine months ended September 30, 2019, respectively, related to the Pueblo Viejo mine, which is 40 percent40% owned by Newmont and accounted for as an equity method investment.
(2)Attributable gold ounces sold excludes ounces related to the Pueblo Viejo mine, which is 40 percent40% owned by Newmont and accounted for as an equity method investment.
(3)For the definition of gold equivalent ounces see “Results of Consolidated Operations" within Part I, Item 2, Management's Discussion and Analysis.
(4)Excludes Depreciation and amortization and Reclamation and remediation.
(4)(5)See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis.
(5)For the definition of gold equivalent ounces see “Results of Consolidated Operations" within Part I, Item 2, Management's Discussion and Analysis.
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Third Quarter 20202021 Highlights (dollars in millions, except per share, per ounce and per pound amounts)
•Net income: DeliveredReported Net income (loss) from continuing operations attributable to Newmont stockholders of $611$(8) or $0.76$(0.01) per diluted share, a decrease of $1,615$619 from the prior-year quarter primarily due to the recognized gainLoss on assets held for sale in connection with the formation of Nevada Gold Mines ("NGM") in the prior year,Conga mill assets, lower realized gold prices, lower gold sales volumes, dueunrealized losses on marketable and other equity securities, higher Costs applicable to the sale of Kalgoorlie sales, and Red Lake, higher costs in response to the COVID-19 pandemicreclamation and pension settlementremediation charges partially offset by higher average realized gold prices and lower income tax expense, exploration costs, Goldcorp transaction costs and general and administrative costs.expense.
•Adjusted net income: DeliveredReported Adjusted net income of $697$483 or $0.86$0.60 per diluted share, an increasea decrease of $0.50$0.26 per diluted share from the prior-year quarter (See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis).
•Adjusted EBITDA: Generated $1,663$1,316 in Adjusted EBITDA, an increasea decrease of 54%21% from the prior-year quarter (See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis).
•Cash Flow: Reported Net cash provided by (used in) operating activities of continuing operations of $3,204$2,967 for the nine months ended September 30, 2020, an increase2021, a decrease of 92%7% from the prior year, and free cash flow of $2,300$1,755 (See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis).
•Portfolio improvements:Environmental, Social and Governance ("ESG"): Formed exploration joint ventures with Agnico Eagle Mines LimitedTransitioned to a fully autonomous haulage fleet of 36 trucks at Boddington in ColombiaAustralia, which is expected to improve safety and Kirkland Lake Gold Inc.long-term productivity; Newmont's COVID-19 related Global Community Support Fund approved a local economic resilience program in Canada; completed sale of certain royaltiesGhana to Maverix Metalssupport women owned businesses impacted by the pandemic in October 2020.pivoting to a more resilient business model through training; supported the vaccine deployment by turning Newmont's Cajamarca office in Peru into a vaccine clinic.
•Attributable gold productionproduction:: Produced 1.51.4 million attributable ounces of gold a decrease of 6% over the prior-year quarter, primarily due to COVID-19 impacts on operations.and 315 thousand attributable gold equivalent ounces from co-products.
•Financial strength: Ended the quarter with $4.8$4.6 billion of consolidated cash and approximately $7.8$7.6 billion of liquidity; increased thecompleted $114 of settled share repurchases from $1 billion buyback program; declared dividend declared for the third quarter to $0.40,of $0.55, an increase of $0.2638% over the prior-year quarter.
Our global project pipeline
Newmont’s capital-efficient project pipeline supports stable production with improving margins and mine life. Near-termOur near-term development capital projects are presented below. Additional projects represent incremental improvements to production and cost guidance.
Ahafo North, Africa. The Board of Directors approved full funding for the Ahafo North project in July 2021.This project will deliver value through the open pit mining and processing of over three million ounces of gold over a 13-year mine life. The project is expected to add between 275,000 and 325,000 ounces per year for the first five years. Capital costs for the project are estimated to be between $750 and $850 with an expected construction completion date in the second half of 2023 and commercial production in early 2024. Development capital costs (excluding capitalized interest) since approval were $32, of which all costs related to the third quarter of 2021.
Tanami Expansion 2, Australia. This project secures Tanami’s future as a long-life, low cost producer with potential to extend mine life to 2040 through the addition of a hoisting shaft and supporting infrastructure to achieve higher production and provide a platform for future growth. The expansion is expected to increase average annual gold production by approximately 150,000 to 200,000 ounces per year for the first five years beginning in 2023,2024 and is expected to reduce operating costs by approximately 10 percent. Capital costs for the project are estimated to be between $850 and $950 with an expected commercial production date in the first half of 2024. Development capital costs (excluding capitalized interest) since approval were $89,$233, of which $40$38 related to the third quarter of 2020.
Musselwhite Materials Handling, North America. This project improves material movement from Musselwhite’s two main zones below Lake Opapimiskan. An underground shaft will hoist ore from the underground crushers, reducing haulage distances and ventilation costs. The project is on track for completion in the fourth quarter of 2020.2021.
We manage our wider project portfolio to maintain flexibility to address the development risks associated with our projects including permitting, local community and government support, engineering and procurement availability, technical issues, escalating costs and other associated risks that could adversely impact the timing and costs of certain opportunities.
COVID-19 Update
In December 2019, anAn outbreak of a novel strain of coronavirus originated in Wuhan, China (“COVID-19”) and was declared a pandemic by the World Health Organization in March 2020. COVID-19 has since spread worldwide, posing public health risks across the globe and has negatively impacted the global economy, disrupted global supply chains and workforce participation and created significant volatility and disruption of financial markets. The extent of the impact of the COVID-19 pandemic on our operational and financial performance will depend on future developments, including a widely available vaccine in each of the countries where we operate, the duration and severity of the pandemic and related restrictions, all of which arecontinue to be uncertain and cannot be predicted.
In response to the COVID-19 pandemic we fully mobilized our business continuity plans and rapid response crisis management teams in early March 2020 and continue to work closely with host and indigenous communities, regional and national governments and medical experts to protect our workforce and nearby communities, while also taking steps to preserve the long-term value of our business.
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Health and safety
We continue to sustain robust controls at our operations and offices around the globe, including heightened levels of health screening and testing to protect both our workforce and the local communities in which we operate. We have adopted a risk-based approach to business travel, are providing flexible and remote working plans for employees and are maintaining effective contact tracing procedures and “social distancing” protocols. As a global business with operations in eight countries, we are committed to doing our part to combat this disease and protect people and their livelihoods.
In April 2020, we established the Newmont Global Community Support Fund, a $20 fund to help host communities, governments and employees combat the COVID-19 pandemic, of which approximately $9$14 has been distributed through September 30, 2020.2021. The fund is designed to focus on employee and community health, food security and local economic resilience through partnerships with local governments, medical institutions, charities and non-governmental organizations to address the greatest needs with long-term resiliency and future community development in mind.
We have mobilized a COVID vaccine working group with representatives from across the globe. Newmont views vaccination as critical in the fight against COVID-19 and actively encourages our workforce to get vaccinated as they become eligible. We are working to support authorities, through our Global Community Support Fund, to improve the availability and deployment of vaccines to our workforce and host communities.
Impact on business and operations
Our operations have been affected by a range of external factors related to the COVID-19 pandemic that are not within our control. For example, duringin the first quarter and into Aprilhalf of 2020, we temporarily placed five sites into care and maintenance including Musselwhite and Éléonore in Canada, Peñasquito in Mexico, Yanacocha in Peru and Cerro Negro in Argentina to protect nearby communitiesinto care and alignmaintenance with country mandated travel restrictions or health considerations. We worked closely with local stakeholders to resumeeach subsequently resuming operations at all of the above mine sites during the second quarter of 2020. As of September 30, 2020, Musselwhite, Éléonore and Peñasquito2021, all sites were fully operational, while Yanacocha has ramped up to near normal operations.including Cerro Negro continuesand Tanami. Cerro Negro returned to operatefull capacity during September 2021 after operating for more than a year at reduced levels while managing ongoing COVID-19 relateddue to COVID-related impacts. After temporarily being placed into care and maintenance in late June 2021 to protect our employees and nearby communities, align with country mandated travel restrictions and collaborating with local authorities and trade unions.
Liquidity considerations
We believemanage ongoing COVID-related impacts, Tanami returned to full capacity by the end of July 2021. Additionally, we have sufficient liquidity on handcontinue to manageincur COVID-19 specific costs as a result of actions taken to protect against the near-term and long-term impacts of the COVID-19 pandemic on our business. As ofpandemic. For the three months ended September 30, 2021 and 2020, COVID-19 specific costs incurred totaled $24 and $32, respectively.
For a discussion of the precautions we are taking to protect our available liquidity totals $7,756 consistingworkforce and nearby communities, while also taking steps to preserve the long-term value of our cashbusiness, refer to "Health and cash equivalents of $4,828 and borrowing capacity of $2,928 available under our unsecured revolving credit facility. We will continue to review and assess the COVID-19 pandemic and its impacts on our business, our people, the communities in which we operate, our suppliers and our customers to be responsive to developments while maintaining financial flexibility.
Refer to “Consolidated Financial Results,” “Results of Consolidated Operations” and “Liquidity and Capital Resources”Safety" within Part I, Item 2, Management’s Discussion and Analysis for additional information about the impact of COVID-191, Business on our businessForm 10-K filed with the Securities and operations.Exchange Commission ("SEC") on February 18, 2021. For a discussion of COVID-19 related risks to the business, see Part II,I, Item 1A, Risk Factors.Factors on our Form 10-K filed with the SEC on February 18, 2021.
Additionally, refer to "Consolidated Financial Results", "Results of Consolidated Operations", and “Liquidity and Capital Resources” within Part I, Item 2, Management’s Discussion and Analysis of this report for additional information about the considerations of COVID-19 on our business and operations.
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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,
​2020201920202019
Sales (Note 5)$3,170 $2,713 $8,116 $6,773 
​
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Sales (Note 4)Sales (Note 4)$2,895 $3,170 $8,832 $8,116 
Costs and expenses:Costs and expenses:Costs and expenses:
Costs applicable to sales (1)
Costs applicable to sales (1)
1,269 1,392 3,659 3,736 
Costs applicable to sales (1)
1,367 1,269 3,895 3,659 
Depreciation and amortizationDepreciation and amortization592 548 1,685 1,347 Depreciation and amortization570 592 1,684 1,685 
Reclamation and remediation (Note 6)38 62 116 165 
Reclamation and remediation (Note 5)Reclamation and remediation (Note 5)117 38 220 116 
ExplorationExploration48 88 118 198 Exploration60 48 147 118 
Advanced projects, research and developmentAdvanced projects, research and development39 43 92 102 Advanced projects, research and development40 39 108 92 
General and administrativeGeneral and administrative68 84 205 224 General and administrative61 68 190 205 
Care and maintenance (Note 7)26 0 171 0 
Care and maintenance (Note 6)Care and maintenance (Note 6)6 26 8 171 
Loss on assets held for sale (Note 7)Loss on assets held for sale (Note 7)571 — 571 — 
Other expense, net (Note 8)Other expense, net (Note 8)37 92 126 184 
2,829 2,172 6,949 6,230 
Other expense, net (Note 8)92 38 184 243 
​2,172 2,255 6,230 6,015 
Other income (expense):Other income (expense):​​​​Other income (expense):
Gain on formation of Nevada Gold Mines (Note 27)0 2,366 0 2,366 
Gain on asset and investment sales, net (Note 9)Gain on asset and investment sales, net (Note 9)1 (1)593 32 Gain on asset and investment sales, net (Note 9)3 1 46 593 
Other income, net (Note 10)(44)32 (35)134 
Other income (loss), net (Note 10)Other income (loss), net (Note 10)(74)(44)(106)(35)
Interest expense, net of capitalized interestInterest expense, net of capitalized interest(75)(77)(235)(217)Interest expense, net of capitalized interest(66)(75)(208)(235)
​(118)2,320 323 2,315 
(137)(118)(268)323 
Income (loss) before income and mining tax and other itemsIncome (loss) before income and mining tax and other items880 2,778 2,209 3,073 Income (loss) before income and mining tax and other items(71)880 1,615 2,209 
Income and mining tax benefit (expense) (Note 11)Income and mining tax benefit (expense) (Note 11)(305)(558)(446)(703)Income and mining tax benefit (expense) (Note 11)(222)(305)(798)(446)
Equity income (loss) of affiliates (Note 12)Equity income (loss) of affiliates (Note 12)53 32 119 53 Equity income (loss) of affiliates (Note 12)39 53 138 119 
Net income (loss) from continuing operationsNet income (loss) from continuing operations628 2,252 1,882 2,423 Net income (loss) from continuing operations(254)628 955 1,882 
Net income (loss) from discontinued operations (Note 13)228 (48)145 (100)
Net income (loss) from discontinued operationsNet income (loss) from discontinued operations11 228 42 145 
Net income (loss)Net income (loss)856 2,204 2,027 2,323 Net income (loss)(243)856 997 2,027 
Net loss (income) attributable to noncontrolling interests (Note 14)(17)(26)(22)(83)
Net loss (income) attributable to noncontrolling interestsNet loss (income) attributable to noncontrolling interests246 (17)215 (22)
Net income (loss) attributable to Newmont stockholdersNet income (loss) attributable to Newmont stockholders$839 $2,178 $2,005 $2,240 Net income (loss) attributable to Newmont stockholders$3 $839 $1,212 $2,005 
​​​​​
Net income (loss) attributable to Newmont stockholders:Net income (loss) attributable to Newmont stockholders:​​​​Net income (loss) attributable to Newmont stockholders:
Continuing operationsContinuing operations$611 $2,226 $1,860 $2,340 Continuing operations$(8)$611 $1,170 $1,860 
Discontinued operationsDiscontinued operations228 (48)145 (100)Discontinued operations11 228 42 145 
​$839 $2,178 $2,005 $2,240 
Net income (loss) per common share (Note 15):​​​​
$3 $839 $1,212 $2,005 
Weighted average common shares (millions):Weighted average common shares (millions):
BasicBasic799803800804
Effect of employee stock-based awardsEffect of employee stock-based awards1322
DilutedDiluted800806802806
Net income (loss) attributable to Newmont stockholders per common shareNet income (loss) attributable to Newmont stockholders per common share
Basic:Basic:​​​​Basic:
Continuing operationsContinuing operations$0.76 $2.72 $2.31 $3.30 Continuing operations$(0.01)$0.76 $1.47 $2.31 
Discontinued operationsDiscontinued operations0.28 (0.06)0.18 (0.14)Discontinued operations0.01 0.28 0.05 0.18 
​$1.04 $2.66 $2.49 $3.16 
Diluted:​​​​
$— $1.04 $1.52 $2.49 
Diluted: (2)
Diluted: (2)
Continuing operationsContinuing operations$0.76 $2.71 $2.31 $3.30 Continuing operations$(0.01)$0.76 $1.46 $2.31 
Discontinued operationsDiscontinued operations0.28 (0.06)0.18 (0.14)Discontinued operations0.01 0.28 0.05 0.18 
​$1.04 $2.65 $2.49 $3.16 
$— $1.04 $1.51 $2.49 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)For the three months ended September 30, 2021, potentially dilutive shares were excluded in the computation of diluted loss per common share attributable to Newmont stockholders as they were antidilutive.

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.​
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NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, in millions)​
​Three Months Ended
September 30,		Nine Months Ended
September 30,
​2020201920202019
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Net income (loss)Net income (loss)$856 $2,204 $2,027 $2,323 Net income (loss)$(243)$856 $997 $2,027 
Other comprehensive income (loss):Other comprehensive income (loss):Other comprehensive income (loss):
Change in marketable securities, net of tax of $0, $0, $0 and $0, respectively0 2 (5)3 
Change in marketable securities, net of tax of $—, $—, $— and $—, respectivelyChange in marketable securities, net of tax of $—, $—, $— and $—, respectively(1)— (1)(5)
Foreign currency translation adjustments Foreign currency translation adjustments (3)(5)3 7 Foreign currency translation adjustments 2 (3)3 3 
Change in pension and other post-retirement benefits, net of tax of $(1), $0, $(4) and $0, respectively2 (9)13 (3)
Change in fair value of cash flow hedge instruments, net of tax of $2, $1, $(2) and $0, respectively3 4 9 12 
Change in pension and other post-retirement benefits, net of tax of $(2), $(1), $(4) and $(4), respectivelyChange in pension and other post-retirement benefits, net of tax of $(2), $(1), $(4) and $(4), respectively5 2 17 13 
Change in fair value of cash flow hedge instruments, net of tax of $(1), $2, $(3) and $(2), respectivelyChange in fair value of cash flow hedge instruments, net of tax of $(1), $2, $(3) and $(2), respectively2 3 7 9 
Other comprehensive income (loss)Other comprehensive income (loss)2 (8)20 19 Other comprehensive income (loss)8 2 26 20 
Comprehensive income (loss)Comprehensive income (loss)$858 $2,196 $2,047 $2,342 Comprehensive income (loss)$(235)$858 $1,023 $2,047 
​​​​​
Comprehensive income (loss) attributable to:Comprehensive income (loss) attributable to:​​​​Comprehensive income (loss) attributable to:
Newmont stockholders Newmont stockholders $841 $2,170 $2,025 $2,259 Newmont stockholders $11 $841 $1,238 $2,025 
Noncontrolling interestsNoncontrolling interests17 26 22 83 Noncontrolling interests(246)17 (215)22 
​$858 $2,196 $2,047 $2,342 
$(235)$858 $1,023 $2,047 
​
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
Nine Months Ended September 30,
20202019
Operating activities:​​
Net income (loss)$2,027 $2,323 
Adjustments:
Depreciation and amortization1,685 1,347 
Gain on formation of Nevada Gold Mines (Note 27)0 (2,366)
Gain on asset and investment sales, net (Note 9)(593)(32)
Net loss (income) from discontinued operations (Note 13)(145)100 
Change in fair value of investments (Note 10)(191)(75)
Reclamation and remediation107 151 
Impairment of investments (Note 10)93 2 
Charges from pension settlement82 8 
Charges from debt extinguishment (Note 10)77 0 
Deferred income taxes(72)422 
Stock-based compensation (Note 17)55 76 
Write-downs of inventory and stockpiles and ore on leach pads51 108 
Other non-cash adjustments(22)13 
Net change in operating assets and liabilities (Note 25)50 (409)
Net cash provided by (used in) operating activities of continuing operations3,204 1,668 
Net cash provided by (used in) operating activities of discontinued operations (Note 13)(8)(7)
Net cash provided by (used in) operating activities3,196 1,661 
Investing activities:​​
Proceeds from sales of mining operations and other assets, net1,137 29 
Additions to property, plant and mine development (904)(1,033)
Proceeds from sales of investments305 59 
Return of investment from equity method investees43 83 
Purchases of investments(33)(94)
Acquisitions, net (1)
0 127 
Other 29 12 
Net cash provided by (used in) investing activities of continuing operations577 (817)
Net cash provided by (used in) investing activities of discontinued operations (Note 13)(75)0 
Net cash provided by (used in) investing activities 502 (817)
Financing activities:​​
Repayment of debt (1,160)(1,250)
Proceeds from issuance of debt, net985 690 
Dividends paid to common stockholders(514)(775)
Repurchases of common stock(321)0 
Distributions to noncontrolling interests(143)(137)
Funding from noncontrolling interests82 75 
Proceeds from exercise of stock options50 0 
Payments on lease and other financing obligations(49)(37)
Payments for withholding of employee taxes related to stock-based compensation(45)(48)
Other(4)(24)
Net cash provided by (used in) financing activities(1,119)(1,506)
Effect of exchange rate changes on cash, cash equivalents and restricted cash4 (4)
Net change in cash, cash equivalents and restricted cash2,583 (666)
Cash, cash equivalents and restricted cash at beginning of period 2,349 3,489 
Cash, cash equivalents and restricted cash at end of period $4,932 $2,823 

Nine Months Ended
September 30,
20212020
Operating activities:
Net income (loss)$997 $2,027 
Adjustments:
Depreciation and amortization1,684 1,685 
Loss on assets held for sale (Note 7)571 — 
Gain on asset and investment sales, net (Note 9)(46)(593)
Net loss (income) from discontinued operations(42)(145)
Reclamation and remediation208 107 
Change in fair value of investments (Note 10)180 (191)
Stock-based compensation55 55 
Equity earnings in affiliates, net of distributions received(26)(12)
Deferred income taxes(10)(72)
Impairment of investments (Note 10)1 93 
Charges from pension settlement— 82 
Charges from debt extinguishment (Note 10)— 77 
Other non-cash adjustments(27)41 
Net change in operating assets and liabilities (Note 20)(578)50 
Net cash provided by (used in) operating activities of continuing operations2,967 3,204 
Net cash provided by (used in) operating activities of discontinued operations13 (8)
Net cash provided by (used in) operating activities2,980 3,196 
Investing activities:
Additions to property, plant and mine development (1,212)(904)
Acquisitions, net (Note 1)(328)— 
Contributions to equity method investees(114)(16)
Proceeds from sales of investments107 305 
Return of investment from equity method investees18 43 
Purchases of investments(18)(33)
Proceeds from sales of mining operations and other assets, net4 1,137 
Other 26 45 
Net cash provided by (used in) investing activities of continuing operations(1,517)577 
Net cash provided by (used in) investing activities of discontinued operations— (75)
Net cash provided by (used in) investing activities (1,517)502 
Financing activities:
Dividends paid to common stockholders(1,321)(514)
Repayment of debt (Note 17)(550)(1,160)
Repurchases of common stock(248)(321)
Distributions to noncontrolling interests(155)(143)
Funding from noncontrolling interests73 82 
Payments on lease and other financing obligations(54)(49)
Payments for withholding of employee taxes related to stock-based compensation(31)(45)
Proceeds from issuance of debt, net— 985 
Other(77)46 
Net cash provided by (used in) financing activities(2,363)(1,119)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(3)4 
Net change in cash, cash equivalents and restricted cash(903)2,583 
Cash, cash equivalents and restricted cash at beginning of period 5,648 2,349 
Cash, cash equivalents and restricted cash at end of period $4,745 $4,932 


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NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
Nine Months Ended September 30,
20202019
Reconciliation of cash, cash equivalents and restricted cash:​​
Cash and cash equivalents$4,828 $2,712 
Restricted cash included in Other current assets0 19 
Restricted cash included in Other non-current assets104 92 
Total cash, cash equivalents and restricted cash$4,932 $2,823 
____________________________
(1)Acquisitions, net for the nine months ended September 30, 2019 is comprised of $138 cash and cash equivalents acquired, net of $17 cash paid to Goldcorp shareholders, in the Newmont Goldcorp transaction and $6 of restricted cash acquired in the formation of Nevada Gold Mines.

Nine Months Ended
September 30,
20212020
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$4,636 $4,828 
Restricted cash included in Other current assets2 — 
Restricted cash included in Other non-current assets107 104 
Total cash, cash equivalents and restricted cash$4,745 $4,932 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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NEWMONT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions)
​At September 30,
2020		At December 31,
2019
ASSETS​​
Cash and cash equivalents$4,828 $2,243 
Trade receivables (Note 5)324 373 
Investments (Note 19)313 237 
Inventories (Note 20)983 1,014 
Stockpiles and ore on leach pads (Note 21)805 812 
Other current assets407 570 
Current assets held for sale (Note 9)0 1,023 
Current assets7,660 6,272 
Property, plant and mine development, net24,333 25,276 
Investments (Note 19)3,030 3,199 
Stockpiles and ore on leach pads (Note 21)1,690 1,484 
Deferred income tax assets505 549 
Goodwill2,771 2,674 
Other non-current assets562 520 
Total assets$40,551 $39,974 
​​​
LIABILITIES​​
Accounts payable$418 $539 
Employee-related benefits338 361 
Income and mining taxes payable322 162 
Lease and other financing obligations100 100 
Debt (Note 22)551 0 
Other current liabilities (Note 23)974 880 
Current liabilities held for sale (Note 9)0 343 
Current liabilities2,703 2,385 
Debt (Note 22)5,479 6,138 
Lease and other financing obligations547 596 
Reclamation and remediation liabilities (Note 6)3,522 3,464 
Deferred income tax liabilities2,391 2,407 
Employee-related benefits522 448 
Silver streaming agreement1,015 1,058 
Other non-current liabilities (Note 23)752 1,061 
Total liabilities16,931 17,557 
​​​
Contingently redeemable noncontrolling interest43 47 
​​​
EQUITY​​
Common stock1,292 1,298 
Treasury stock(165)(120)
Additional paid-in capital18,156 18,216 
Accumulated other comprehensive income (loss) (Note 24)(245)(265)
Retained earnings (accumulated deficit)3,623 2,291 
Newmont stockholders' equity22,661 21,420 
Noncontrolling interests916 950 
Total equity23,577 22,370 
Total liabilities and equity$40,551 $39,974 
At September 30,
2021		At December 31,
2020
ASSETS
Cash and cash equivalents$4,636 $5,540 
Trade receivables (Note 4)334 449 
Investments (Note 14)157 290 
Inventories (Note 15)998 963 
Stockpiles and ore on leach pads (Note 16)941 827 
Other current assets406 436 
Current assets7,472 8,505 
Property, plant and mine development, net23,711 24,281 
Investments (Note 14)3,173 3,197 
Stockpiles and ore on leach pads (Note 16)1,791 1,705 
Deferred income tax assets313 337 
Goodwill2,771 2,771 
Other non-current assets634 573 
Total assets$39,865 $41,369 
LIABILITIES
Accounts payable$498 $493 
Employee-related benefits345 380 
Income and mining taxes payable305 657 
Lease and other financing obligations106 106 
Debt (Note 17)492 551 
Other current liabilities (Note 18)1,053 1,182 
Current liabilities2,799 3,369 
Debt (Note 17)4,990 5,480 
Lease and other financing obligations550 565 
Reclamation and remediation liabilities (Note 5)3,937 3,818 
Deferred income tax liabilities2,235 2,073 
Employee-related benefits484 493 
Silver streaming agreement923 993 
Other non-current liabilities (Note 18)661 699 
Total liabilities16,579 17,490 
Contingently redeemable noncontrolling interest48 34 
EQUITY
Common stock1,284 1,287 
Treasury stock(199)(168)
Additional paid-in capital18,078 18,103 
Accumulated other comprehensive income (loss) (Note 19)(190)(216)
Retained earnings (accumulated deficit)3,739 4,002 
Newmont stockholders' equity22,712 23,008 
Noncontrolling interests526 837 
Total equity23,238 23,845 
Total liabilities and equity$39,865 $41,369 

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.​
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NEWMONT CORPORATION​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		Contingently
Redeemable
Noncontrolling
Interest
​SharesAmountSharesAmount
Balance at December 31, 2019811 $1,298 (3)$(120)$18,216 $(265)$2,291 $950 $22,370 $47 
Cumulative-effect adjustment of adopting ASU No. 2016-13
— — — — — — (5)— (5)— 
Net income (loss)— — — — — — 822 4 826 (2)
Other comprehensive income (loss) — — — — — 13 — — 13 — 
Dividends declared (1)
— — — — — — (112)— (112)— 
Distributions declared to noncontrolling interests (2)
— — — — — — — (50)(50)— 
Cash calls requested from noncontrolling interests (3)
— — — — — — — 25 25 — 
Repurchase and retirement of common stock(7)(11)— — (160)— (150)— (321)— 
Withholding of employee taxes related to stock-based compensation— — (1)(36)— — — — (36)— 
Stock options exercised— — — — 4 — — — 4 — 
Stock-based awards and related share issuances2 3 — — 18 — — — 21 — 
Balance at March 31, 2020806 $1,290 (4)$(156)$18,078 $(252)$2,846 $929 $22,735 $45 
Common StockTreasury StockAdditional
Paid-In
Capital		Accumulated
Other
Comprehensive
Income (Loss)		Retained
Earnings
(Accumulated
Deficit)		Noncontrolling
Interests		Total
Equity
Contingently
Redeemable
Noncontrolling
Interest (5)
SharesAmountSharesAmount
Balance at December 31, 2020Balance at December 31, 2020804 $1,287 (4)$(168)$18,103 $(216)$4,002 $837 $23,845 $34 
Net income (loss)Net income (loss)— — — — — — 344 5 349 (2)Net income (loss)— — — — — — 559 20 579 — 
Other comprehensive income (loss) Other comprehensive income (loss) — — — — — 5 — — 5 — Other comprehensive income (loss) — — — — — 11 — — 11 — 
Dividends declared (1)
Dividends declared (1)
— — — — — — (201)— (201)— 
Dividends declared (1)
— — — — — — (441)— (441)— 
Distributions declared to noncontrolling interests (2)
Distributions declared to noncontrolling interests (2)
— — — — — — — (39)(39)— 
Distributions declared to noncontrolling interests (2)
— — — — — — — (54)(54)— 
Cash calls requested from noncontrolling interests (3)
Cash calls requested from noncontrolling interests (3)
— — — — — — — 29 29 — 
Cash calls requested from noncontrolling interests (3)
— — — — — — — 28 28 — 
Withholding of employee taxes related to stock-based compensationWithholding of employee taxes related to stock-based compensation— — — (3)— — — — (3)— Withholding of employee taxes related to stock-based compensation— — — (28)— — — — (28)— 
Stock options exercisedStock options exercised1 1 — — 35 — — — 36 — Stock options exercised— — — — 1 — — — 1 — 
Stock-based awards and related share issuancesStock-based awards and related share issuances— — — — 17 — — — 17 — Stock-based awards and related share issuances1 2 — — 15 — — — 17 — 
Balance at June 30, 2020807 $1,291 (4)$(159)$18,130 $(247)$2,989 $924 $22,928 $43 
Balance at March 31, 2021Balance at March 31, 2021805 $1,289 (4)$(196)$18,119 $(205)$4,120 $831 $23,958 $34 
Net income (loss)Net income (loss)— — — — — — 839 17 856 — Net income (loss)— — — — — — 650 11 661 — 
Other comprehensive income (loss) Other comprehensive income (loss) — — — — — 2 — — 2 — Other comprehensive income (loss) — — — — — 7 — — 7 — 
Dividends declared (1)
Dividends declared (1)
— — — — — — (205)— (205)— 
Dividends declared (1)
— — — — — — (443)— (443)— 
Distributions declared to noncontrolling interests (2)
Distributions declared to noncontrolling interests (2)
— — — — — — — (53)(53)— 
Distributions declared to noncontrolling interests (2)
— — — — — — — (43)(43)— 
Cash calls requested from noncontrolling interests (3)
Cash calls requested from noncontrolling interests (3)
— — — — — — — 28 28 — 
Cash calls requested from noncontrolling interests (3)
— — — — — — — 22 22 — 
Repurchase and retirement of common stock— — — — — — — — — — 
Repurchase and retirement of common stock (4)
Repurchase and retirement of common stock (4)
(2)(3)— — (49)— (85)— (137)— 
Withholding of employee taxes related to stock-based compensationWithholding of employee taxes related to stock-based compensation— — — (6)— — — — (6)— Withholding of employee taxes related to stock-based compensation— — — (1)— — — — (1)— 
Stock options exercisedStock options exercised— — — — 10 — — — 10 — Stock options exercised— — — — 15 — — — 15 — 
Stock-based awards and related share issuancesStock-based awards and related share issuances1 1 — — 16 — — — 17 — Stock-based awards and related share issuances— 1 — — 20 — — — 21 — 
Balance at September 30, 2020808 $1,292 (4)$(165)$18,156 $(245)$3,623 $916 $23,577 $43 
Balance at June 30, 2021Balance at June 30, 2021803 $1,287 (4)$(197)$18,105 $(198)$4,242 $821 $24,060 $34 
Net income (loss)Net income (loss)— — — — — — 3 (260)(257)14 
Other comprehensive income (loss) Other comprehensive income (loss) — — — — — 8 — — 8 — 
Dividends declared (1)
Dividends declared (1)
— — — — — — (441)— (441)— 
Distributions declared to noncontrolling interests (2)
Distributions declared to noncontrolling interests (2)
— — — — — — — (58)(58)— 
Cash calls requested from noncontrolling interests (3)
Cash calls requested from noncontrolling interests (3)
— — — — — — — 23 23 — 
Repurchase and retirement of common stock (4)
Repurchase and retirement of common stock (4)
(2)(4)— — (45)— (65)— (114)— 
Withholding of employee taxes related to stock-based compensationWithholding of employee taxes related to stock-based compensation— — — (2)— — — — (2)— 
Stock options exercisedStock options exercised— 1 — — 1 — — — 2 — 
Stock-based awards and related share issuancesStock-based awards and related share issuances1 — — — 17 — — — 17 — 
Balance at September 30, 2021Balance at September 30, 2021802 $1,284 (4)$(199)$18,078 $(190)$3,739 $526 $23,238 $48 
____________________________
(1)____________________________Cash dividends declared per common share were $0.55 and $1.65 for the three and nine months ended September 30, 2021, respectively. Dividends declared and dividends paid to common stockholders differ by $4 due to timing.
(2)Distributions declared to noncontrolling interests of $58 and $155 for the three and nine months ended September 30, 2021, respectively, represent cash calls declared by Newmont to Staatsolie for the Merian mine. Newmont paid $58 and $155 for distributions during the three and nine months ended September 30, 2021, respectively. Any differences are due to timing of payments.
(3)Cash calls requested from noncontrolling interests of $23 and $73 for the three and nine months ended September 30, 2021, respectively, represent cash calls requested from Staatsolie for the Merian mine. Staatsolie paid $25 and $73 for cash calls during the three and nine months ended September 30, 2021, respectively. Differences are due to timing of receipts.
(4)Repurchase and retirement of common stock of $114 and $251 for the three and nine months ended September 30, 2021, respectively, includes $— and $3 of non-cash common stock forfeitures.
(5)Summit Global Management II VB, a subsidiary of Sumitomo Corporation (“Sumitomo”) holds a 5% interest in Yanacocha and has the option to require Yanacocha to repurchase their interest for $48 if certain conditions are not met. Sumitomo is entitled to participate in earnings of Yanacocha and, as a result of the option, is not required to fund losses that reduce Sumitomo's investment below $48.
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		Contingently
Redeemable
Noncontrolling
Interest
SharesAmountSharesAmount
Balance at December 31, 2019811 $1,298 (3)$(120)$18,216 $(265)$2,291 $950 $22,370 $47 
Cumulative-effect adjustment of adopting ASU No. 2016-13— — — — — — (5)— (5)— 
Net income (loss)— — — — — — 822 4 826 (2)
Other comprehensive income (loss)— — — — — 13 — — 13 — 
Dividends declared (1)
— — — — — — (112)— (112)— 
Distributions declared to noncontrolling interests (2)
— — — — — — — (50)(50)— 
Cash calls requested from noncontrolling interests (3)
— — — — — — — 25 25 — 
Repurchase and retirement of common stock(7)(11)— — (160)— (150)— (321)— 
Withholding of employee taxes related to stock-based compensation— — (1)(36)— — — — (36)— 
Stock options exercised— — — — 4 — — — 4 — 
Stock-based awards and related share issuances2 3 — — 18 — — — 21 — 
Balance at March 31, 2020806 $1,290 (4)$(156)$18,078 $(252)$2,846 $929 $22,735 $45 
Net income (loss)— — — — — — 344 5 349 (2)
Other comprehensive income (loss)— — — — — 5 — — 5 — 
Dividends declared (1)
— — — — — — (201)— (201)— 
Distributions declared to noncontrolling interests (2)
— — — — — — — (39)(39)— 
Cash calls requested from noncontrolling interests (3)
— — — — — — — 29 29 — 
Withholding of employee taxes related to stock-based compensation— — — (3)— — — — (3)— 
Stock options exercised1 1 — — 35 — — — 36 — 
Stock-based awards and related share issuances— — — — 17 — — — 17 — 
Balance at June 30, 2020807 $1,291 (4)$(159)$18,130 $(247)$2,989 $924 $22,928 $43 
Net income (loss)— — — — — — 839 17 856 — 
Other comprehensive income (loss)— — — — — 2 — — 2 — 
Dividends declared (1)
— — — — — — (205)— (205)— 
Distributions declared to noncontrolling interests (2)
— — — — — — — (53)(53)— 
Cash calls requested from noncontrolling interests (3)
— — — — — — — 28 28 — 
Withholding of employee taxes related to stock-based compensation— — — (6)— — — — (6)— 
Stock options exercised— — — — 10 — — — 10 — 
Stock-based awards and related share issuances1 1 — — 16 — — — 17 — 
Balance at September 30, 2020808 $1,292 (4)$(165)$18,156 $(245)$3,623 $916 $23,577 $43 
____________________________
(1)Cash dividends declared per common share were $0.25 and $0.64 for the three and nine months ended September 30, 2020, respectively. Dividends declared and dividends paid to common stockholders will differ by $4 due to timing.
(2)Distributions declared to noncontrolling interests of $53 and $142 for the three and nine months ended September 30, 2020, respectively, represent cash calls declared by Newmont to Staatsolie for the Merian mine. Newmont paid $55 and $143 for distributions during the three and nine months ended September 30, 2020, respectively. Any differences are due to timing of payments.
(3)Cash calls requested from noncontrolling interests of $28 and $82 for the three and nine months ended September 30, 2020, respectively, represent cash calls requested from Staatsolie for the Merian mine. Staatsolie paid $27 and $82 for cash calls during the three and nine months ended September 30, 2020, respectively. Differences are due to timing of receipts.
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		Contingently
Redeemable
Noncontrolling
Interest
​SharesAmountSharesAmount
Balance at December 31, 2018535 $855 (2)$(70)$9,618 $(284)$383 $963 $11,465 $47 
Cumulative-effect adjustment of adopting ASU No. 2016-02
— — — — — — (9)— (9)— 
Net income (loss)— — — — — — 87 31 118 1 
Other comprehensive income (loss)— — — — — 15 — — 15 — 
Dividends declared (1)
— — — — — — (76)— (76)— 
Distributions declared to noncontrolling interests (2)
— — — — — — — (44)(44)— 
Cash calls requested from noncontrolling interests (3)
— — — — — — — 22 22 — 
Withholding of employee taxes related to stock-based compensation— — (1)(39)— — — — (39)— 
Stock-based awards and related share issuances2 5 — — 14 — — — 19 — 
Balance at March 31, 2019537 $860 (3)$(109)$9,632 $(269)$385 $972 $11,471 $48 
Net income (loss)— — — — — — (25)25 — — 
Other comprehensive income (loss)— — — — — 12 — — 12 — 
Shares issued and other non-cash consideration for Goldcorp acquisition (4)
285 457 — — 8,972 — — — 9,429 — 
Dividends declared (1)
— — — — (205)— (385)— (590)— 
Distributions declared to noncontrolling interests (2)
— — — — — — — (49)(49)— 
Cash calls requested from noncontrolling interests (3)
— — — — — — — 23 23 — 
Withholding of employee taxes related to stock-based compensation— — — (6)— — — — (6)— 
Stock-based awards and related share issuances1 — — — 35 — — — 35 — 
Balance at June 30, 2019823 $1,317 (3)$(115)$18,434 $(257)$(25)$971 $20,325 $48 
Net income (loss)— — — — — — 2,178 25 2,203 1 
Other comprehensive income (loss)— — — — — (8)— — (8)— 
Noncontrolling interest attributable to the formation of Nevada Gold Mine— — — — — — — 25 25 — 
Dividends declared (1)
— — — — — — (114)— (114)— 
Distributions declared to noncontrolling interests (2)
— — — — — — — (44)(44)— 
Cash calls requested from noncontrolling interests (3)
— — — — — — — 28 28 — 
Cancellation of shares due to the expiration of certain exchange rights— — — — 4 — (3)— 1 — 
Withholding of employee taxes related to stock-based compensation— — — (3)— — — — (3)— 
Stock-based awards and related share issuances— — — — 22 — — — 22 — 
Balance at September 30, 2019823 $1,317 (3)$(118)$18,460 $(265)$2,036 $1,005 $22,435 $49 
____________________________
(1)Cash dividends declared per common share were $0.14 and $0.42 for the three and nine months ended September 30, 2019, respectively. Special dividends declared per common share was $0 and $0.88 for the three and nine months ended September 30, 2019, respectively. Dividends declared and dividends paid to common stockholders will differ by $5 due to timing.
(2)Distributions declared to noncontrolling interests of $44 and $137 for the three and nine months ended September 30, 2019, respectively, represent cash calls declared by Newmont to Staatsolie for the Merian mine. Newmont paid $44 and $137 for distributions during the three and nine months ended September 30, 2019, respectively.
(3)Cash calls requested from noncontrolling interests of $28 and $73 for the three and nine months ended September 30, 2019, respectively, represent cash calls requested from Staatsolie for the Merian mine of $24 and $69, respectively, and NGM for the South Arturo Mine of $4 and $4, respectively. Staatsolie paid $25 and $71 and NGM paid $4 and $4 for cash calls during the three and nine months ended September 30, 2019, respectively. Differences are due to timing of receipts.
(4)The shares issued and other non-cash consideration for Goldcorp acquisition includes the fair value of equity classified stock-based compensation awards allocated to purchase consideration of $6.
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” or the “Company”) are unaudited. In the opinion of management, all adjustments (including 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, 20192020 filed on February 20, 202018, 2021 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 United States (“U.S.”) generally accepted accounting principles (“GAAP”) have been condensed or omitted.
On April 18, 2019 (the “acquisition date”), Newmont completed the business acquisition of Goldcorp, Inc. (“Goldcorp”), an Ontario corporation. The Company acquired all outstanding common shares of Goldcorp in a primarily stock transaction (the “Newmont Goldcorp transaction”) for total cash and non-cash consideration of $9,456. For further information, see Note 3.
On March 10, 2019, the Company entered into an implementation agreement with Barrick Gold Corporation (“Barrick”) to establish a joint venture (“Nevada JV Agreement”). On July 1, 2019 (the “effective date”), Newmont and Barrick consummated the Nevada JV Agreement and established Nevada Gold Mines LLC (“NGM”). As of the effective date, the Company contributed its Carlin, Phoenix, Twin Creeks and Long Canyon operations ("existing Nevada mining operations") and Barrick contributed certain of its Nevada mining operations and assets. Newmont and Barrick hold economic interests in the joint venture equal to 38.5% and 61.5%, respectively. Barrick acts as the operator of NGM with overall management responsibility, and is subject to the supervision and direction of NGM’s Board of Managers. The Company accounts for its interest in NGM using the proportionate consolidation method, thereby recognizing its pro-rata share of the assets, liabilities and operations of NGM. For further information, see Note 27.
References to “C$” refer to Canadian currency.
During the third quarter of 2021, Nevada Gold Mines LLC ("NGM"), the joint venture held with Barrick Gold Corporation (“Barrick”) of which the Company holds economic interests equal to 38.5%, entered into a definitive asset exchange agreement (the “Exchange Agreement”) with i-80 Gold Corp. The transaction closed during October 2021 and pursuant to the Exchange Agreement, NGM (i) acquired the remaining 40% interest in the South Arturo property, (ii) obtained an option to acquire the adjacent Rodeo Creek exploration property, (iii) received contingent consideration of up to $50 on meeting specific production targets, and (iv) obtained the release of NGM bonds in exchange for i-80 bonding, in exchange for certain processing infrastructure, including an autoclave, and the Lone Tree and Buffalo Mountain properties. The valuation of NGM's controlling interest in the South Arturo property and related accounting resulting from the asset exchange is still in process. As a result of the transaction, the Company currently expects to recognize a significant gain, representing its 38.5% interest in NGM's gain, in the fourth quarter of 2021.
On May 17, 2021, the Company completed the acquisition of the remaining 85.1% of GT Gold Corporation (“GT Gold”) for cash consideration, including related transaction costs, of $326. The acquisition, deemed to be an asset acquisition under U.S. GAAP, resulted in total consideration of $378, including non-cash consideration of $52. The non-cash consideration represents the fair value of the 14.9% GT Gold investment held by the Company prior to the acquisition and previously accounted for as marketable equity securities. The total consideration paid was allocated to the acquired assets and assumed liabilities based on their estimated fair values on the acquisition date, which primarily consisted of mineral interests of $590 and a related deferred tax liability of $211.
In March 2020, the Company sold the Red Lake complex, previously included as part of the Company’s North America segment. As the sale was completed in the first quarter of 2020, there are no results for Red Lake for the three and nine months ended September 30, 2021 and the three months ended September 30, 2020. Refer to Note 9 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 widesignificant 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, 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; 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.
In addition to changes in commodity prices, other factors such as changes in mine plans, increases in costs, geotechnical failures, changes in social, environmental or regulatory requirements, impacts of global events such as the COVID-19 pandemic and management’s decision to sellreprioritize or abandon a development project can adversely affect the Company’s ability to recover its investment in certain assets and result in impairment charges.​
During the nine months ended September 30, 2020, theThe COVID-19 pandemic has had a material impact on the global economy, the scale and duration of which remain uncertain. In response, the CompanyAs of September 30, 2021, all sites were fully operational, including Cerro Negro and Tanami. Cerro Negro returned to full capacity during September 2021 after operating for more than a year at reduced levels due to COVID-related impacts. After temporarily being placed 5 sites into care and maintenance including Musselwhite, Éléonore, Yanacochain late June 2021 to protect our employees and Cerro Negro in March 2020 and Peñasquito in April 2020. The Company worked closelynearby communities, align with local stakeholders to resume operations at all 5 sites during the second quarter of 2020. As of September 30, 2020, Musselwhite, Éléonore and Peñasquito were fully operational while Yanacocha has ramped up to near normal operations. Cerro Negro continues to operate at reduced levels while managing ongoing COVID-19 relatedcountry mandated travel restrictions and collaborating with local authorities and trade unions.manage ongoing COVID-related impacts, Tanami returned to full capacity by the end of July 2021.
The impact of this pandemic could include placing additional sites being placed into care and maintenance, significant COVID-19 specific costs, volatility in the prices for gold and other metals, logistical challenges shipping our products, delays in product refining and smelting due to restrictions or temporary closures, additional travel restrictions, other supply chain disruptions and workforce interruptions, including loss of life. Depending on the duration and extent of the impact of COVID-19, this could materially impact the Company’s results of operations, cash flows and financial condition and could result in material impairment charges to the Company’s Property, plant and mine development, net; Inventories; net; Inventories; Stockpiles and ore on leach pads; Investments; pads; Investments; Deferred income tax assets;and Goodwill.
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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)
The preparation of financial statements in conformity with U.S. 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.
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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)
Care and Maintenance
The Company incurs certain direct operating costs and depreciation and amortization costs when operations and projects are temporarily halted and placed in care and maintenance, as well as during the period an operation ramps back up from care and maintenance to a level of normal operations. Direct operating costs incurred while operations and projects are temporarily placed in care and maintenance are included in Care and Maintenance as these costs do not benefit the productive process and are not related to sales. Depreciation and amortization costs incurred while operations are temporarily placed in care and maintenance are included in Depreciation and amortization.
Credit Losses 
The Company adopted Accounting Standards Codification (“ASC”) 326, Financial Instruments - Credit Losses, on January 1, 2020. Changes to the Company’s accounting policy as a result of adoption are discussed below.
The Company holds certain financial instruments that are exposed to credit losses. The Company assesses each counterparty's ability to pay by conducting a credit review. The credit review considers our expected exposure, timing of payment, contract terms and conditions, and the counterparty's creditworthiness based on established credit ratings and financial position. We monitor ongoing credit exposure through review of counterparty balances against contract terms and due dates. Expected credit losses are estimated over the contractual life of the underlying instrument utilizing various measurement methods. These include discounted cash flow and probability-of-default methods.
Investments
Management classifies investments at the acquisition date and re-evaluates the classification at each balance sheet date and when events or changes in circumstances indicate that there is a change in the Company’s ability to exercise significant influence. The Company accounts for its investments in stock of other entities over which the Company has significant influence, but not control, using the equity method of accounting. The ability to exercise significant influence is typically presumed when the Company possesses 20% or more of the voting interests in the investee. Under the equity method of accounting, the Company increases its investment for contributions made and records its proportionate share of net earnings, declared dividends and partnership distributions based on the most recently available financial statements of the investee. In addition, the Company evaluates its equity method investments for potential impairment whenever events or changes in circumstances indicate that there is an other-than-temporary decline in the value of the investment. Declines in fair value that are deemed to be other-than-temporary are charged to Other Income, net. Equity method investments are included in Investments.
Additionally, the Company has certain marketable equity and debt securities. Marketable equity securities are measured at fair value with any changes in fair value recorded in Other income, net. The Company accounts for its restricted marketable debt securities as available-for-sale securities. Unrealized gains and losses on available-for-sale ("AFS") investments, net of taxes, are reported as a component of Accumulated other comprehensive income (loss) in Total equity, unless an impairment is deemed to be credit-related. Credit-related impairment is recognized as an allowance for credit losses on the balance sheet with a corresponding charge to Other Income, net.
Reclamation and Remediation Costs
Reclamation obligations are recognized when incurred and recorded as liabilities at fair value. The liability is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized as part of the asset’s carrying value and amortized over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. Changes in reclamation estimates at mines that are not currently operating, as the mine or portion of the mine site has entered the closure phase and has no substantive future economic value, are reflected in earnings in the period an estimate is revised. The estimated reclamation obligation is based on when spending for an existing disturbance is expected to occur. The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at each mine site in accordance with ASC guidance for asset retirement obligations.
Remediation costs are accrued based on management’s best estimate at the end of each period of the costs expected to be incurred at a site. Such cost estimates may include ongoing care, maintenance and monitoring costs. Changes in remediation estimates are reflected in earnings in the period an estimate is revised. Water treatment costs included in environmental remediation obligations are discounted to their present value as cash flows are readily estimable. All other costs of future expenditures for environmental remediation obligations are not discounted to their present value.
Reclassifications
Certain amounts in prior years have been reclassified to conform to the current year presentation.
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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)
Recently Adopted Accounting Pronouncements and Securities and Exchange Commission Rules
Credit LossesAccounting for Income Taxes
In June 2016,December 2019, Accounting StandardsStandard Update ("ASU") No. 2016-132019-12 was issued which, together with subsequent amendments, is included in ASC 326, Financial Instruments - Credit Losses. The standard changes the measurement of credit losses for certain financial instruments from an “incurred loss” model to an “expected loss” model.
The Company adopted this standard on January 1, 2020 using the modified retrospective approach. Upon adoption, the Company recognized a cumulative-effect adjustment of $5 to the opening balance of retained earnings. The comparative information has not been adjusted and continues to be reported undersimplify the accounting standards in effect for those periods.
Capitalizationincome taxes, eliminate certain exceptions within Accounting Standard Codification ("ASC") 740, Income Taxes, and clarify certain aspects of Certain Cloud Computing Implementation Costs
In August 2018, ASU No. 2018-15 was issued which allows for the capitalization for certain implementation costs incurred in a cloud computing arrangement that is considered a service contract.current guidance to promote consistency among reporting entities. The Company adopted this standard as of January 1, 2020.2021. The adoption did not have a material impact on the Consolidated Financial Statements or disclosures.
Supplemental GuarantorAccounting for Equity Securities, Investments and Certain Forward Contracts and Options
In January 2020, ASU No. 2020-01 was issued which clarifies the interaction in accounting for equity securities under ASC 321, investments accounted for under the equity method of accounting in ASC 323 and the accounting for certain forward contracts and purchased options accounted for under ASC 815, Derivatives and Hedging. The Company adopted this standard as of January 1, 2021. The adoption did not have a material impact on the Consolidated Financial Statements or disclosures.
Financial Disclosures about Acquired and Disposed Businesses
In MarchMay 2020, the Securities and Exchange Commission (“SEC”)SEC finalized its proposed updates to Rule 3-103-05 within Regulation S-X, Financial Disclosures about Guarantorsstatements of businesses acquired or to be acquired, Rule 3-14, Special instructions for real estate operations to be acquired; Article 11, Pro Forma Financial Information; and Issuers of Guaranteed Securitiesother related rules and Affiliates Whose Securities Collateralize a Registrant’s Securitiesforms (the “Rule”“Rules”). The Rule simplifies theRules include amendments, which among other things: revise significance tests used to determine disclosure requirements for issuers and guarantors of securities that are registered or being registered under the Securities Act of 1933. The Rule also eliminates the requirement to disclose condensed consolidating financial information withinrequirements; require the financial statements for qualifying entities and permits abbreviated disclosures of the guarantor/issuer relationship within Part I, Item 2, Management’s Discussionacquired business to cover only up to the two most recent fiscal years; permit the use of, or reconciliation to, International Financial Reporting Standards as issued by the International Accounting Standards Board in certain circumstances; and Analysis.amend certain pro forma financial information requirements. The Rule is effectiveRules were adopted on January 4, 2021 and voluntary compliance prior to1, 2021. The adoption did not have a material impact on the effective date is permitted. The Company adopted the Rule effective January 1, 2020 and, as such, no longer includes condensed consolidating financial information within Part I, Item 1,Consolidated Financial Statements. Abbreviated disclosures regarding the nature and relationship of debt guarantor/issuer relationships can now be found in Part I, Item 2, Management’s Discussion and Analysis under Liquidity and Capital Resources, Supplemental Guarantor Information.Statements or disclosures.
Recently Issued Accounting Pronouncements
Accounting for Equity Securities, Investments and Certain Forward Contracts and Options
In January 2020, ASU No. 2020-01 was issued which clarifies the interaction in accounting for equity securities under Topic 321, investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. This update is effective in fiscal years, including interim periods, beginning after December 15, 2020, and early adoption is permitted. The Company has evaluated this guidance and does not expect it to have a material impact on the Consolidated Financial Statements or disclosures. The Company anticipates adopting the new guidance prospectively as of January 1, 2021.
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. This guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. The Company is still completing its evaluation of the impact of ASU 2020-04 and plans to elect optional expedients as reference rate reform activities occur. In January 2021, ASU No. 2021-01 was issued which broadened the scope of ASU No. 2020-04 to include certain derivative instruments. The Company does not expectexpects neither the guidance nor the subsequent update to have a material impact on the Consolidated Financial Statements or disclosures.
NOTE 3     BUSINESS ACQUISITION
On April 18, 2019, Newmont completed the business acquisition of Goldcorp, in which Newmont was the acquirer. The acquisition of Goldcorp 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:
Newmont stock issued (285 million shares at $33.04 per share)$9,423 
Cash paid to Goldcorp shareholders17 
Other non-cash consideration16 
Total consideration$9,456 
​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 Goldcorp has been allocated to the acquired assets and
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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)
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 Goldcorp; (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; and (iv) the financial flexibility to execute capital priorities.
During April 2020, the Company completed the analysis to assign fair values to all assets acquired and liabilities assumed. The following table summarizes the final purchase price allocation for the Newmont Goldcorp transaction:
Assets:​
Cash and cash equivalents$117 
Trade receivables95 
Investments169 
Equity method investments (1)
2,796 
Inventories500 
Stockpiles and ore on leach pads57 
Property, plant & mine development (2)
11,054 
Goodwill (3)
2,550 
Deferred income tax assets (4)
206 
Other assets508 
Total assets18,052 
​
Liabilities:
Debt (5)
3,304 
Accounts payable240 
Employee-related benefits190 
Income and mining taxes payable20 
Lease and other financing obligations423 
Reclamation and remediation liabilities (6)
897 
Deferred income tax liabilities (4)
1,430 
Silver streaming agreement (7)
1,165 
Other liabilities (8)
927 
Total liabilities8,596 
Net assets acquired$9,456 
____________________________
(1)The fair value of the equity method investments was determined by applying the income valuation method. The income valuation method relies on a discounted cash flow model and projected financial results. Discount rates for the discounted cash flow models are based on capital structures for similar market participants and included various risk premiums that account for risks associated with the specific investments.
(2)The fair value of property, plant and mine development is based on applying the income and cost valuation methods and includes a provision for the estimated fair value of asset retirement obligations related to the long-lived tangible assets.
(3)Goodwill attributable to the North America and South America reportable segments is $2,091 and $459, respectively. During the first quarter of 2020, the Company reclassified $84 of goodwill previously allocated to the Red Lake reporting unit, and included in Assets held for sale as of December 31, 2019, to other reporting units in the North America reportable segment as a result of refinements to deferred tax liability allocations during the first quarter that existed at the acquisition date. The Company disposed $47 of goodwill remaining at Red Lake on March 31, 2020 as part of the Red Lake Sale. See Note 9 for additional information.
(4)Deferred income tax assets and liabilities represent the future tax benefit or future tax expense associated with the differences between the fair value allocated to assets (excluding goodwill) and liabilities and the historical carryover tax basis of these assets and liabilities. No deferred tax liability is recognized for the basis difference inherent in the fair value allocated to goodwill.
(5)The fair value of the Goldcorp Senior Notes is measured using a market approach, based on quoted prices for the acquired debt; $1,250 of borrowings under the term loan and revolving credit agreements approximate fair value.
(6)The fair value of reclamation and remediation liabilities is based on the expected amounts and timing of cash flows for closure activities and discounted to present value using a credit-adjusted risk-free rate as of the acquisition date. Key assumptions include the costs and timing of key closure activities based on the life of mine plans, including estimates and timing of monitoring and water management costs (if applicable) after the completion of initial closure activities.
(7)The fair value of the acquired silver streaming intangible liability is valued by using the income valuation method. Key assumptions in the income valuation method include long-term silver prices, level of silver production over the life of mine and discount rates.
(8)Other liabilities includes the balance of $450 related to unrecognized tax benefits, interest and penalties.
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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)
Sales and Net income (loss) attributable to Newmont stockholders in the Condensed Consolidated Statement of Operations includes Goldcorp revenue of $955 and $2,312, and Goldcorp net income (loss) of $214 and $343, for the three and nine months ended September 30, 2020, respectively. Sales and Net income (loss) attributable to Newmont stockholders in the Condensed Consolidated Statement of Operations includes Goldcorp revenue of $710 and $1,159 and Goldcorp net income (loss) of $72 and $(17) from the acquisition date through the three and nine months ended September 30, 2019.
Pro Forma Financial Information
The following unaudited pro forma financial information presents consolidated results assuming the Goldcorp acquisition occurred on January 1, 2019.
​Nine Months Ended
September 30,
​2019
Sales$7,501 
Net income (loss) (1)
$2,101 
____________________________
(1)Included in Net income (loss) is $228 of Newmont Goldcorp transaction and integration costs for the nine months ended September 30, 2019.
NOTE 4     SEGMENT INFORMATION
The Company has organized its operations into 5 geographic regions: North America, South America, Australia, Africa and Nevada, which also represent Newmont’s reportable and operating segments. The results of these operating segments are reviewed by the Company’s chief operating decision maker to make decisions about resources to be allocated to the segments and assess their performance. As a result, these operating segments represent the Company’s reportable segments. Notwithstanding this structure, the Company internally reports information on a mine-by-mine basis for each mining operation and has chosen to disclose this information 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. Newmont’s business activities that are not considered operating segments are included in Corporate and Other. Although they are not required to be included in this footnote, they are provided for reconciliation purposes:​purposes.
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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)
SalesCosts Applicable to SalesDepreciation and AmortizationAdvanced Projects, Research and Development and ExplorationIncome (Loss) before Income and Mining Tax and Other Items
Capital Expenditures(1)
Three Months Ended September 30, 2021
CC&V$87 $47 $13 $5 $22 $19 
Musselwhite64 38 19 1 7 10 
Porcupine128 69 22 2 33 15 
Éléonore104 60 36 1 9 10 
Peñasquito:
Gold296 94 49 
Silver143 80 43 
Lead42 18 9 
Zinc122 57 25 
Total Peñasquito603 249 126 2 212 36 
Other North America— — 4 1 (11)— 
North America986 463 220 12 272 90 
Yanacocha118 92 33 5 (46)40 
Merian190 80 23 4 81 9 
Cerro Negro114 54 31 2 22 29 
Other South America— — 1 9 (588)1 
South America422 226 88 20 (531)79 
Boddington:
Gold294 151 25 
Copper72 37 6 
Total Boddington366 188 31 2 146 20 
Tanami199 69 25 7 96 65 
Other Australia— — 2 4 (2)2 
Australia565 257 58 13 240 87 
Ahafo220 112 37 6 66 66 
Akyem164 77 31 3 53 15 
Other Africa— — — — (2)— 
Africa384 189 68 9 117 81 
Nevada Gold Mines538 232 131 8 162 59 
Nevada538 232 131 8 162 59 
Corporate and Other— — 5 38 (331)9 
Consolidated$2,895 $1,367 $570 $100 $(71)$405 
____________________________

(1)Includes an increase in accrued capital expenditures of $7; consolidated capital expenditures on a cash basis were $398.

14

Table of Contents
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 ExplorationIncome (Loss) before Income and Mining Tax and Other Items
Capital Expenditures(1)
Three Months Ended September 30, 2020
CC&V$137 $61 $21 $4 $47 $10 
Musselwhite90 46 33 2 1 15 
Porcupine154 61 27 3 59 10 
Éléonore111 53 32 1 19 11 
Peñasquito:
Gold238 74 40 
Silver138 45 24 
Lead30 17 9 
Zinc99 49 26 
Total Peñasquito505 185 99 1 197 20 
Other North America— — 6 5 (25)— 
North America997 406 218 16 298 66 
Yanacocha152 81 26 2 6 23 
Merian204 86 28 3 88 10 
Cerro Negro95 43 34 — (8)10 
Other South America— — 1 7 (11)— 
South America451 210 89 12 75 43 
Boddington:
Gold348 148 26 
Copper43 28 5 
Total Boddington391 176 31 1 173 22 
Tanami248 62 30 4 135 68 
Other Australia— — 1 5 (13)1 
Australia639 238 62 10 295 91 
Ahafo261 99 40 5 101 32 
Akyem172 58 29 2 77 7 
Other Africa— — — 1 (4)— 
Africa433 157 69 8 174 39 
Nevada Gold Mines650 258 151 12 223 57 
Nevada650 258 151 12 223 57 
Corporate and Other— — 3 29 (185)11 
Consolidated$3,170 $1,269 $592 $87 $880 $307 
____________________________
(1)Includes an increase in accrued capital expenditures of $11; consolidated capital expenditures on a cash basis were $296.
15
Table of Contents
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 ExplorationIncome (Loss) before Income and Mining Tax and Other Items
Capital Expenditures(1)
Nine Months Ended September 30, 2021
CC&V$302 $167 $47 $13 $74 $36 
Musselwhite
197 114 58 5 16 29 
Porcupine
381 196 67 14 97 42 
Éléonore
337 178 104 5 45 41 
Peñasquito:
Gold932 278 147 
Silver486 230 123 
Lead129 55 29 
Zinc385 177 80 
Total Peñasquito1,932 740 379 4 777 100 
Other North America— — 12 3 (20)— 
North America3,149 1,395 667 44 989 248 
Yanacocha351 174 84 11 (2)83 
Merian579 244 74 8 238 29 
Cerro Negro
340 163 96 4 62 77 
Other South America— — 4 24 (618)1 
South America1,270 581 258 47 (320)190 
Boddington:
Gold882 444 72 
Copper204 102 16 
Total Boddington1,086 546 88 6 446 157 
Tanami617 204 71 18 321 192 
Other Australia— — 5 10 (12)5 
Australia1,703 750 164 34 755 354 
Ahafo596 296 103 14 177 143 
Akyem514 199 91 6 216 35 
Other Africa— — — 1 (7)— 
Africa1,110 495 194 21 386 178 
Nevada Gold Mines
1,600 674 386 22 499 176 
Nevada1,600 674 386 22 499 176 
Corporate and Other— — 15 87 (694)19 
Consolidated$8,832 $3,895 $1,684 $255 $1,615 $1,165 
____________________________
(1)Includes a decrease in accrued capital expenditures of $47; consolidated capital expenditures on a cash basis were $1,212.
16
Table of Contents
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 ExplorationIncome (Loss) before Income and Mining Tax and Other Items
Capital Expenditures(1)
SalesCosts Applicable to SalesDepreciation and AmortizationAdvanced Projects, Research and Development and ExplorationIncome (Loss) before Income and Mining Tax and Other Items
Capital Expenditures(1)
Three Months Ended September 30, 2020
Nine Months Ended September 30, 2020Nine Months Ended September 30, 2020
CC&VCC&V$137 $61 $21 $4 $47 $10 CC&V$348 $180 $59 $9 $93 $27 
Red Lake
Red Lake
67 45 2 1 20 4 
MusselwhiteMusselwhite90 46 33 2 1 15 
Musselwhite
114 73 50 5 (42)41 
PorcupinePorcupine154 61 27 3 59 10 
Porcupine
420 174 80 8 153 27 
ÉléonoreÉléonore111 53 32 1 19 11 
Éléonore
240 127 79 4 7 27 
Peñasquito:Peñasquito:
Peñasquito:
GoldGold238 74 40 Gold541 188 105 
SilverSilver138 45 24 Silver337 148 82 
LeadLead30 17 9 Lead92 56 31 
ZincZinc99 49 26 Zinc239 167 90 
Total PeñasquitoTotal Peñasquito505 185 99 1 197 20 Total Peñasquito1,209 559 308 3 275 69 
Other North AmericaOther North America0 0 6 5 (25)0 Other North America— — 22 5 (75)2 
North AmericaNorth America997 406 218 16 298 66 North America2,398 1,158 600 35 431 197 
YanacochaYanacocha152 81 26 2 6 23 Yanacocha456 270 98 7 (19)62 
MerianMerian204 86 28 3 88 10 Merian584 239 75 9 260 27 
Cerro NegroCerro Negro95 43 34 0 (8)10 
Cerro Negro
262 115 103 1 (31)36 
Other South AmericaOther South America0 0 1 7 (11)0 Other South America— — 5 20 (37)2 
South AmericaSouth America451 210 89 12 75 43 South America1,302 624 281 37 173 127 
Boddington:Boddington:Boddington:
GoldGold348 148 26 Gold874 421 74 
CopperCopper43 28 5 Copper101 78 14 
Total BoddingtonTotal Boddington391 176 31 1 173 22 Total Boddington975 499 88 3 365 79 
TanamiTanami248 62 30 4 135 68 Tanami652 189 79 11 346 138 
Other AustraliaOther Australia0 0 1 5 (13)1 Other Australia— — 5 11 468 3 
AustraliaAustralia639 238 62 10 295 91 Australia1,627 688 172 25 1,179 220 
AhafoAhafo261 99 40 5 101 32 Ahafo594 264 105 14 184 91 
AkyemAkyem172 58 29 2 77 7 Akyem465 164 87 5 195 19 
Other AfricaOther Africa0 0 0 1 (4)0 Other Africa— — — 3 (9)— 
AfricaAfrica433 157 69 8 174 39 Africa1,059 428 192 22 370 110 
Nevada Gold MinesNevada Gold Mines650 258 151 12 223 57 Nevada Gold Mines1,730 761 429 30 486 183 
NevadaNevada650 258 151 12 223 57 Nevada1,730 761 429 30 486 183 
Corporate and OtherCorporate and Other0 0 3 29 (185)11 Corporate and Other— — 11 61 (430)34 
ConsolidatedConsolidated$3,170 $1,269 $592 $87 $880 $307 Consolidated$8,116 $3,659 $1,685 $210 $2,209 $871 
____________________________
(1)Includes an increasea decrease in accrued capital expenditures of $11;$33; consolidated capital expenditures on a cash basis were $296.



$904.
17
Table of Contents
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 ExplorationIncome (Loss) before Income and Mining Tax and Other Items
Capital Expenditures(1)
Three Months Ended September 30, 2019​​​​​​
CC&V$108 $65 $22 $2 $19 $12 
Red Lake (2)
44 45 21 2 (28)8 
Musselwhite0 8 9 3 (21)17 
Porcupine123 62 22 4 34 26 
Éléonore124 69 28 2 25 13 
Peñasquito:
Gold54 39 10 
Silver78 60 16 
Lead25 25 7 
Zinc87 47 13 
Total Peñasquito244 171 46 2 14 52 
Other North America0 0 8 2 (76)3 
North America643 420 156 17 (33)131 
​
Yanacocha219 107 33 6 55 46 
Merian188 78 25 3 84 16 
Cerro Negro175 78 28 15 52 18 
Other South America0 0 3 9 (18)0 
South America582 263 89 33 173 80 
​
Boddington:
Gold266 146 27 
Copper38 28 6 
Total Boddington304 174 33 1 100 22 
Tanami165 64 25 2 81 29 
Kalgoorlie (2)
90 60 6 2 21 9 
Other Australia0 0 1 9 (12)2 
Australia559 298 65 14 190 62 
​
Ahafo231 98 40 8 90 62 
Akyem157 51 35 4 66 6 
Other Africa0 0 0 1 (4)0 
Africa388 149 75 13 152 68 
​
Nevada Gold Mines492 235 149 13 85 80 
Carlin (3)
14 8 3 0 5 0 
Phoenix: (3)
Gold19 15 4 
Copper2 0 0 
Total Phoenix21 15 4 0 2 0 
Twin Creeks (3)
12 3 2 0 8 0 
Long Canyon (3)
2 1 1 0 (2)0 
Other Nevada (3)
0 0 1 0 0 0 
Nevada541 262 160 13 98 80 
​
Corporate and Other0 0 3 41 2,198 6 
Consolidated$2,713 $1,392 $548 $131 $2,778 $427 
NOTE 4     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, 2021
CC&V$83 $4 $87 
Musselwhite64 — 64 
Porcupine128 — 128 
Éléonore104 — 104 
Peñasquito:
Gold31 265 296 
Silver (1)
— 143 143 
Lead— 42 42 
Zinc— 122 122 
Total Peñasquito31 572 603 
North America410 576 986 
Yanacocha114 4 118 
Merian190 — 190 
Cerro Negro114 — 114 
South America418 4 422 
Boddington:
Gold74 220 294 
Copper— 72 72 
Total Boddington74 292 366 
Tanami199 — 199 
Australia273 292 565 
Ahafo220 — 220 
Akyem164 — 164 
Africa384 — 384 
Nevada Gold Mines (2)
515 23 538 
Nevada515 23 538 
Consolidated$2,000 $895 $2,895 
____________________________
(1)Includes a decrease in accrued capital expendituresSilver sales from concentrate includes $19 related to non-cash amortization of $1; consolidated capital expenditures on a cash basis were $428.the silver streaming agreement liability.
(2)On January 2, 2020, theThe Company soldpurchases its 50% interest in Kalgoorlie and on March 31, 2020, the Company sold Red Lake. There were no operating resultsproportionate share of gold doré from NGM for these sitesresale to third parties. Gold doré purchases from NGM totaled $516 for the three months ended September 30, 2020. Refer to Note 9 for additional information.
(3)Amounts relate to sales of finished goods inventory retained and not contributed to NGM on the effective date, pursuant to the Nevada JV Agreement.2021.
18
Table of Contents
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 ExplorationIncome (Loss) before Income and Mining Tax and Other Items
Capital Expenditures(1)
Nine Months Ended September 30, 2020​​​​​​
Gold Sales from Doré ProductionSales from Concentrate and Other ProductionTotal Sales
Three Months Ended September 30, 2020Three Months Ended September 30, 2020
CC&VCC&V$348 $180 $59 $9 $93 $27 CC&V$137 $— $137 
Red Lake (2)(3)
67 45 2 1 20 4 
Musselwhite (2)
114 73 50 5 (42)41 
Porcupine (2)
420 174 80 8 153 27 
Éléonore (2)
240 127 79 4 7 27 
Peñasquito: (2)
MusselwhiteMusselwhite90 — 90 
PorcupinePorcupine154 — 154 
ÉléonoreÉléonore111 — 111 
Peñasquito:Peñasquito:
GoldGold541 188 105 Gold14 224 238 
Silver337 148 82 
Silver (1)
Silver (1)
— 138 138 
LeadLead92 56 31 Lead— 30 30 
ZincZinc239 167 90 Zinc— 99 99 
Total PeñasquitoTotal Peñasquito1,209 559 308 3 275 69 Total Peñasquito14 491 505 
Other North America0 0 22 5 (75)2 
North AmericaNorth America2,398 1,158 600 35 431 197 North America506 491 997 
​
YanacochaYanacocha456 270 98 7 (19)62 Yanacocha152 — 152 
MerianMerian584 239 75 9 260 27 Merian204 — 204 
Cerro Negro (2)
262 115 103 1 (31)36 
Other South America0 0 5 20 (37)2 
Cerro NegroCerro Negro95 — 95 
South AmericaSouth America1,302 624 281 37 173 127 South America451 — 451 
​
Boddington:Boddington:Boddington:
GoldGold874 421 74 Gold83 265 348 
CopperCopper101 78 14 Copper— 43 43 
Total BoddingtonTotal Boddington975 499 88 3 365 79 Total Boddington83 308 391 
TanamiTanami652 189 79 11 346 138 Tanami248 — 248 
Other Australia0 0 5 11 468 3 
AustraliaAustralia1,627 688 172 25 1,179 220 Australia331 308 639 
​
AhafoAhafo594 264 105 14 184 91 Ahafo261 — 261 
AkyemAkyem465 164 87 5 195 19 Akyem172 — 172 
Other Africa0 0 0 3 (9)0 
AfricaAfrica1,059 428 192 22 370 110 Africa433 — 433 
​
Nevada Gold Mines (4)
1,730 761 429 30 486 183 
Nevada Gold Mines (2)
Nevada Gold Mines (2)
631 19 650 
NevadaNevada1,730 761 429 30 486 183 Nevada631 19 650 
​
Corporate and Other0 0 11 61 (430)34 
ConsolidatedConsolidated$8,116 $3,659 $1,685 $210 $2,209 $871 Consolidated$2,352 $818 $3,170 
____________________________
(1)Includes a decrease in accrued capital expendituresSilver sales from concentrate includes $16 related to non-cash amortization of $33; consolidated capital expenditures on a cash basis were $904.the silver streaming agreement liability.
(2)Sites acquired as partThe Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $630 for the Newmont Goldcorp transaction, effective April 18, 2019.
(3)On March 31, 2020, the Company sold Red Lake. Refer to Note 9 for additional information.
(4)Newmont contributed its existing Nevada mining operations in exchange for a 38.5% interest in NGM, effective July 1, 2019.


three months ended September 30, 2020.
19
Table of Contents
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 ExplorationIncome (Loss) before Income and Mining Tax and Other Items
Capital Expenditures(1)
Nine Months Ended September 30, 2019​​​​​​
CC&V$313 $208 $68 $9 $23 $26 
Red Lake (2)(3)
93 88 42 5 (55)22 
Musselwhite (2)
7 20 17 6 (38)34 
Porcupine (2)
201 125 41 6 21 48 
Éléonore (2)
234 144 52 4 29 31 
Peñasquito: (2)
Gold80 66 16 
Silver109 101 26 
Lead38 45 13 
Zinc87 63 22 
Total Peñasquito314 275 77 3 (66)71 
Other North America0 0 15 3 (101)6 
North America1,162 860 312 36 (187)238 
​
Yanacocha576 300 84 16 136 134 
Merian542 220 70 6 245 39 
Cerro Negro (2)
310 141 74 19 59 35 
Other South America0 0 10 29 (47)1 
South America1,428 661 238 70 393 209 
​
Boddington:
Gold721 431 80 
Copper119 87 17 
Total Boddington840 518 97 1 221 53 
Tanami490 198 69 8 220 86 
Kalgoorlie (3)
233 160 18 4 50 24 
Other Australia0 0 5 16 (25)5 
Australia1,563 876 189 29 466 168 
​
Ahafo615 281 114 24 196 161 
Akyem436 172 117 12 129 25 
Other Africa0 0 0 4 (12)0 
Africa1,051 453 231 40 313 186 
​
Nevada Gold Mines492 235 149 13 85 80 
Carlin (4)
533 358 107 15 49 64 
Phoenix: (4)
Gold152 116 33 
Copper44 28 9 
Total Phoenix196 144 42 1 30 13 
Twin Creeks (4)
222 113 31 5 81 30 
Long Canyon (4)
126 36 36 12 38 7 
Other Nevada (4)
0 0 2 7 (9)5 
Nevada1,569 886 367 53 274 199 
​
Corporate and Other0 0 10 72 1,814 22 
Consolidated$6,773 $3,736 $1,347 $300 $3,073 $1,022 
____________________________
(1)Includes a decrease in accrued capital expenditures of $11; consolidated capital expenditures on a cash basis were $1,033.
(2)Sites acquired as part of the Newmont Goldcorp transaction, effective April 18, 2019.
(3)On January 2, 2020, the Company sold its 50% interest in Kalgoorlie and on March 31, 2020, the Company sold Red Lake. There were no operating results at Kalgoorlie for the nine months ended September 30, 2020. Refer to Note 9 for additional information.
(4)Newmont contributed its existing Nevada mining operations in exchange for a 38.5% interest in NGM, effective July 1, 2019.
20
Table of Contents
NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
NOTE 5     SALES
The following table presents the Company’s Sales by mining operation, product and inventory type:​
Gold Sales from Doré ProductionSales from Concentrate and Other ProductionTotal Sales
​Gold Sales from Doré ProductionSales from Concentrate and Other ProductionTotal Sales
Three Months Ended September 30, 2020​​​
Nine Months Ended September 30, 2021Nine Months Ended September 30, 2021
CC&VCC&V$137 $0 $137 CC&V$298 $4 $302 
MusselwhiteMusselwhite90 0 90 Musselwhite197 — 197 
PorcupinePorcupine154 0 154 Porcupine381 — 381 
ÉléonoreÉléonore111 0 111 Éléonore337 — 337 
Peñasquito:Peñasquito:Peñasquito:
GoldGold14 224 238 Gold153 779 932 
Silver (1)
Silver (1)
0 138 138 
Silver (1)
— 486 486 
LeadLead0 30 30 Lead— 129 129 
ZincZinc0 99 99 Zinc— 385 385 
Total PeñasquitoTotal Peñasquito14 491 505 Total Peñasquito153 1,779 1,932 
North AmericaNorth America506 491 997 North America1,366 1,783 3,149 
YanacochaYanacocha152 0 152 Yanacocha338 13 351 
MerianMerian204 0 204 Merian579 — 579 
Cerro NegroCerro Negro95 0 95 Cerro Negro340 — 340 
South AmericaSouth America451 0 451 South America1,257 13 1,270 
Boddington:Boddington:Boddington:
GoldGold83 265 348 Gold225 657 882 
CopperCopper0 43 43 Copper— 204 204 
Total BoddingtonTotal Boddington83 308 391 Total Boddington225 861 1,086 
TanamiTanami248 0 248 Tanami617 — 617 
AustraliaAustralia331 308 639 Australia842 861 1,703 
AhafoAhafo261 0 261 Ahafo596 — 596 
AkyemAkyem172 0 172 Akyem514 — 514 
AfricaAfrica433 0 433 Africa1,110 — 1,110 
Nevada Gold Mines631 19 650 
Nevada Gold Mines (2)
Nevada Gold Mines (2)
1,545 55 1,600 
NevadaNevada631 19 650 Nevada1,545 55 1,600 
ConsolidatedConsolidated$2,352 $818 $3,170 Consolidated$6,120 $2,712 $8,832 
____________________________
(1)Silver sales from concentrate includes $16$58 related to non-cash amortization of the Silversilver 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 $1,542 for the nine months ended September 30, 2021.
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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)
Gold Sales from Doré ProductionSales from Concentrate and Other ProductionTotal Sales
Three Months Ended September 30, 2019
CC&V$108 $0 $108 
Red Lake (1)
44 0 44 
Musselwhite0 0 0 
Porcupine123 0 123 
Éléonore124 0 124 
Peñasquito:
Gold2 52 54 
Silver (2)
0 78 78 
Lead0 25 25 
Zinc0 87 87 
Total Peñasquito2 242 244 
North America401 242 643 
Yanacocha219 0 219 
Merian188 0 188 
Cerro Negro175 0 175 
South America582 0 582 
Boddington:
Gold62 204 266 
Copper0 38 38 
Total Boddington62 242 304 
Tanami165 0 165 
Kalgoorlie (1)
90 0 90 
Australia317 242 559 
Ahafo231 0 231 
Akyem157 0 157 
Africa388 0 388 
Nevada Gold Mines483 9 492 
Carlin (3)
14 0 14 
Phoenix: (3)
Gold0 19 19 
Copper0 2 2 
Total Phoenix0 21 21 
Twin Creeks (3)
12 0 12 
Long Canyon (3)
2 0 2 
Nevada511 30 541 
Consolidated$2,199 $514 $2,713 

(1)On January 2, 2020, the Company sold its 50% interest in Kalgoorlie and on March 31, 2020, the Company sold Red Lake. There were no operating results for these sites for the three months ended September 30, 2020. Refer to Note 9 for additional information.
(2)Silver sales from concentrate includes $11 related to non-cash amortization of the Silver streaming agreement liability.
(3)Amounts relate to sales of finished goods inventory retained and not contributed to NGM on the effective date, pursuant to the Nevada JV Agreement.


22
Table of Contents
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
Gold Sales from Doré ProductionSales from Concentrate and Other ProductionTotal Sales
Nine Months Ended September 30, 2020Nine Months Ended September 30, 2020​​​Nine Months Ended September 30, 2020
CC&VCC&V$348 $0 $348 CC&V$348 $— $348 
Red Lake (2)
Red Lake (2)
67 0 67 
Red Lake (2)
67 — 67 
Musselwhite (1)
Musselwhite (1)
114 0 114 
Musselwhite (1)
114 — 114 
Porcupine (1)
Porcupine (1)
420 0 420 
Porcupine (1)
420 — 420 
Éléonore (1)
Éléonore (1)
240 0 240 
Éléonore (1)
240 — 240 
Peñasquito: (1)
Peñasquito: (1)
Peñasquito: (1)
GoldGold36 505 541 Gold36 505 541 
Silver (3)(1)
Silver (3)(1)
0 337 337 
Silver (3)(1)
— 337 337 
LeadLead0 92 92 Lead— 92 92 
ZincZinc0 239 239 Zinc— 239 239 
Total PeñasquitoTotal Peñasquito36 1,173 1,209 Total Peñasquito36 1,173 1,209 
North AmericaNorth America1,225 1,173 2,398 North America1,225 1,173 2,398 
​
YanacochaYanacocha456 0 456 Yanacocha456 — 456 
MerianMerian584 0 584 Merian584 — 584 
Cerro Negro (1)
Cerro Negro (1)
262 0 262 
Cerro Negro (1)
262 — 262 
South AmericaSouth America1,302 0 1,302 South America1,302 — 1,302 
​
Boddington:Boddington:Boddington:
GoldGold207 667 874 Gold207 667 874 
CopperCopper0 101 101 Copper— 101 101 
Total BoddingtonTotal Boddington207 768 975 Total Boddington207 768 975 
TanamiTanami652 0 652 Tanami652 — 652 
AustraliaAustralia859 768 1,627 Australia859 768 1,627 
​
AhafoAhafo594 0 594 Ahafo594 — 594 
AkyemAkyem465 0 465 Akyem465 — 465 
AfricaAfrica1,059 0 1,059 Africa1,059 — 1,059 
​
Nevada Gold Mines (4)
1,675 55 1,730 
Nevada Gold Mines (2)
Nevada Gold Mines (2)
1,675 55 1,730 
NevadaNevada1,675 55 1,730 Nevada1,675 55 1,730 
​
ConsolidatedConsolidated$6,120 $1,996 $8,116 Consolidated$6,120 $1,996 $8,116 
____________________________
(1)Sites acquired as part of the Newmont Goldcorp transaction, effective April 18, 2019.
(2)On March 31, 2020, the Company sold Red Lake. Refer to Note 9 for additional information.
(3)Silver sales from concentrate includes $48 related to non-cash amortization of the Silversilver streaming agreement liability.
(4)Newmont contributed its existing Nevada mining operations in exchange for a 38.5% interest in NGM, effective July 1, 2019.
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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)
​Gold Sales from Doré ProductionSales from Concentrate and Other ProductionTotal Sales
Nine Months Ended September 30, 2019​​​
CC&V$313 $0 $313 
Red Lake (1)(2)
93 0 93 
Musselwhite (1)
7 0 7 
Porcupine (1)
201 0 201 
Éléonore (1)
234 0 234 
Peñasquito: (1)
Gold2 78 80 
Silver (3)
0 109 109 
Lead0 38 38 
Zinc0 87 87 
Total Peñasquito2 312 314 
North America850 312 1,162 
​
Yanacocha576 0 576 
Merian542 0 542 
Cerro Negro (1)
310 0 310 
South America1,428 0 1,428 
​
Boddington:
Gold176 545 721 
Copper0 119 119 
Total Boddington176 664 840 
Tanami490 0 490 
Kalgoorlie (2)
233 0 233 
Australia899 664 1,563 
​
Ahafo615 0 615 
Akyem436 0 436 
Africa1,051 0 1,051 
​
Nevada Gold Mines483 9 492 
Carlin (4)
533 0 533 
Phoenix: (4)
Gold52 100 152 
Copper0 44 44 
Total Phoenix52 144 196 
Twin Creeks (4)
222 0 222 
Long Canyon (4)
126 0 126 
Nevada1,416 153 1,569 
​
Consolidated$5,644 $1,129 $6,773 
____________________________
(1)Sites acquired as part of the Newmont Goldcorp transaction, effective April 18, 2019.
(2)On January 2, 2020, theThe Company soldpurchases its 50% interest in Kalgoorlie and on March 31, 2020, the Company sold Red Lake. There were no operating results at Kalgoorlieproportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $1,681 for the nine months ended September 30, 2020. Refer to Note 9 for additional information.
(3)Silver sales from concentrate includes $16 related to non-cash amortization of the Silver streaming agreement liability.
(4)Amounts relate to sales of finished goods inventory retained and not contributed to NGM on the effective date, pursuant to the Nevada JV Agreement.
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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)
Trade Receivables
The following table details the receivables included within Trade receivables:​
​At September 30,
2020		At December 31,
2019
At September 30,
2021		At December 31,
2020
Receivables from Sales:Receivables from Sales:​​Receivables from Sales:
Gold sales from doré productionGold sales from doré production$39 $27 Gold sales from doré production$96 $59 
Sales from concentrate and other productionSales from concentrate and other production285 346 Sales from concentrate and other production238 390 
Total receivables from SalesTotal receivables from Sales$324 $373 Total receivables from Sales$334 $449 
Provisional Sales
The Company sells gold, copper, silver, lead and zinc concentrates on a provisional basis. 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
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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)
receivable from the sale of the concentrates at the prevailing indices’ prices at the time of sale. The embedded derivative, which is not designated for hedge accounting treatment, is marked to market through earnings each period prior to final settlement.
The impact to Sales from revenue recognized due to the changes in pricing is ana (decrease) increase of $46$(11) and $4$46 for the three months ended September 30, 20202021 and 2019,2020, respectively and ana (decrease) increase of $65$(18) and $10$65 for the nine months ended September 30, 20202021 and 2019,2020, respectively.
At September 30, 2020,2021, Newmont had goldthe following provisionally priced concentrate sales of 136,000 ounces priced at an average of $1,888 per ounce, copper sales of 10 million pounds priced at an average price of $3.00 per pound, silver sales of 3 million ounces priced at an average of $23.74 per ounce, lead sales of 24 million pounds priced at an average of $0.82 per pound, and zinc sales of 10 million pounds priced at an average of $1.09 per pound, subject to final pricing over the next several months.months:
Provisionally Priced Sales
Subject to Final Pricing		Average Provisional
Price (per ounce/pound)
Gold (ounces/thousands)218 $1,744 
Copper (pounds/millions)16$4.09 
Silver (ounces/millions)5 $21.53 
Lead (pounds/millions)29$0.95 
Zinc (pounds/millions)62$1.35 
NOTE 65     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.
The Company’s Reclamation and remediation expense consisted of:​
​Three Months Ended
September 30,		Nine Months Ended
September 30,
​2020201920202019
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Reclamation adjustments and otherReclamation adjustments and other$0 $14 $0 $14 Reclamation adjustments and other$56 $— $67 $— 
Reclamation accretionReclamation accretion34 39 103 99 Reclamation accretion32 34 94 103 
Total reclamation expenseTotal reclamation expense34 53 103 113 Total reclamation expense88 34 161 103 
​
Remediation adjustments and otherRemediation adjustments and other3 9 9 49 Remediation adjustments and other28 3 54 9 
Remediation accretionRemediation accretion1 0 4 3 Remediation accretion1 1 5 4 
Total remediation expenseTotal remediation expense4 9 13 52 Total remediation expense29 4 59 13 
​$38 $62 $116 $165 
$117 $38 $220 $116 
The following are reconciliations of Reclamation and remediation liabilities:​
​20202019
20212020
Reclamation balance at January 1,Reclamation balance at January 1,$3,334 $2,316 Reclamation balance at January 1,$3,719 $3,334 
Additions, changes in estimates and other (1)Additions, changes in estimates and other (1)(2)18 Additions, changes in estimates and other (1)69 (2)
Adjustment from the Newmont Goldcorp transaction (1)
Adjustment from the Newmont Goldcorp transaction (1)
15 948 
Adjustment from the Newmont Goldcorp transaction (1)
— 15 
Net change from the formation of NGM0 (26)
Other acquisitions and divestitures0 (10)
Payments, netPayments, net(49)(43)Payments, net(70)(49)
Accretion expense Accretion expense 103 99 Accretion expense 94 103 
Reclamation balance at September 30,Reclamation balance at September 30,$3,401 $3,302 Reclamation balance at September 30,$3,812 $3,401 
____________________________
​(1)Of the $69 addition, $56 is primarily due to higher estimated closure cost arising from recent tailings management review and monitoring requirements set forth by the Global Industry Standard on Tailings Management (GISTM) and $13 relates to higher estimated closure plan costs at NGM for the closed Rain site related to water management and update to waste dumps at Phoenix.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
​20202019
Remediation balance at January 1,$299 $279 
Additions, changes in estimates and other 0 37 
Payments, net(18)(21)
Accretion expense 4 3 
Remediation balance at September 30,$285 $298 
20212020
Remediation balance at January 1,$313 $299 
Additions, changes in estimates and other (1)
44 — 
Payments, net(27)(18)
Accretion expense 5 4 
Remediation balance at September 30,$335 $285 
____________________________
(1)AsOf the $44 addition, $21 is primarily due to revisions to estimated construction costs of September 30, 2019, an adjustment of $180 relatingthe water treatment plant at Midnite Mine and $23 is primarily due to higher estimated closure cost arising from recent tailings management review and monitoring requirements set forth by the Newmont Goldcorp transaction, was reclassified from remediation to reclamation, consistent with the presentation in the Consolidated Financial Statements for the year ended December 31, 2019, filed on February 20, 2020 on Form 10-K.GISTM.
The current portion of reclamation liabilities was $120$157 and $125$164 at September 30, 20202021 and December 31, 2019, respectively, and was included in Other current liabilities. The current portion of remediation liabilities was $44 and $44 at September 30, 2020, and December 31, 2019, respectively, and was included in Other current liabilities. At September 30, 20202021 and December 31, 2019, $3,4012020, $3,655 and $3,334,$3,555, respectively, were accrued foras the non-current portion of the reclamation obligations relating to operating properties and formerly operating properties that have entered the closure phase and have no substantive future economic value.value and are included in Reclamation and remediation liabilities.
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 current portion of remediation liabilities was $53 and $50 at September 30, 2021 and December 31, 2020, respectively, and was included in Other current liabilities. At September 30, 20202021 and December 31, 2019, $2852020, $282 and $299,$263, respectively, were accrued for suchas the non-current portion of the environmental remediation obligations.obligations and included in Reclamation and remediation liabilities. Depending upon the ultimate resolution of these matters, the Company believes that it is reasonably possible that the liability for these matters could be as much as 38%45% greater or 0% lower than the amount accrued at September 30, 2020. These amounts are included in Other current liabilities and Reclamation and remediation liabilities.2021. The amounts accrued are reviewed periodically based upon facts and circumstances available at the time. Changes in estimates are recorded in Reclamation and remediation in the period estimates are revised.
Included in Other non-current assets at September 30, 20202021 and December 31, 20192020 are $52$56 and $53$56 respectively, of non-current restricted cash held for purposes of settling reclamation and remediation obligations. Of the amounts at September 30, 2020, $472021, $48 was related to the Ahafo and Akyem mines in Ghana, Africa and $5$6 related to NGM in Nevada, United States and $2 was related to the Midnite mine site in Washington, United States. Of the amounts at December 31, 2019, $472020, $48 was related to the Ahafo and Akyem mines in Ghana, Africa, $5$6 related to NGM in Nevada, United States and $1$2 was related to the Midnite (Dawn) mine site in Washington, United States.
Included in Other non-current assets at September 30, 20202021 and December 31, 20192020 was $37$38 and $55,$38, respectively, of non-current restricted investments, which are legally pledged for purposes of settling reclamation and remediation obligations. Of the amounts at September 30, 2020,2021, $14 is related to the Midnite mine site and Dawn mill sites and $23$24 is related to San Jose Reservoir. Of the amounts at December 31, 2019, $312020, $14 is related to the Midnite mine and Dawn mill sitessite and $24 is related to San Jose Reservoir.
Refer to Notes 2318 and 2621 for further discussion of reclamation and remediation matters.​
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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 76     CARE AND MAINTENANCE
Care and maintenance costs represent direct operating costs and depreciation and amortization costs incurred during the period the sites were temporarily placed into care and maintenance or operating at reduced levels in response to the COVID-19 pandemic. The following table includes direct operating costs incurred and reported as Care and maintenance:
Three Months Ended
September 30, 2020		Nine Months Ended
September 30, 2020		Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
MusselwhiteMusselwhite$5 $28 Musselwhite$— $5 $— $28 
ÉléonoreÉléonore0 26 Éléonore— — — 26 
PeñasquitoPeñasquito0 38 Peñasquito— — — 38 
YanacochaYanacocha2 27 Yanacocha— 2 — 27 
Cerro NegroCerro Negro18 50 Cerro Negro— 18 — 50 
TanamiTanami6 — 8 — 
OtherOther1 2 Other— 1 — 2 
$26 $171 $6 $26 $8 $171 
Additionally, forDuring the three and nine months ended September 30, 2021, the Company recognized non-cash care and maintenance costs included in Depreciation and amortization of $2 and $3 at Tanami, respectively.
During the three and nine months ended September 30, 2020, the Company recognized non-cash care and maintenance costs included in Depreciation and amortization of $0$— and $7 at Musselwhite, $0$— and $16 at Éléonore, $0$— and $28 at Peñasquito, $0$— and $7 at Yanacocha and $9 and $28 at Cerro Negro, respectively.
NOTE 7     LOSS ON ASSETS HELD FOR SALE
The Company has been evaluating alternative uses for the Conga equipment and assets, including sale to a third party. Consequently, in the third quarter of 2021, the Company entered into a binding agreement to sell certain equipment and assets originally acquired for the Conga project in Peru within our South America segment (the "Conga mill assets") for total cash proceeds of $68. Pursuant to the terms of the agreement, the sale is expected to close upon the delivery of the assets and receipt of the final payment at which time title and control of the assets will transfer, currently expected to occur within approximately one year. As of September 30, 2021, the Company has received payments of $17 included in Other current liabilities.
Prior to entering the binding agreement, the Conga mill assets, which were otherwise expected to be used in future operations associated with the long-term development of the Conga project, had a carrying value of $593 included in Property, plant and mine development, net. Upon entering the binding agreement, the Conga mill assets were reclassified as held for sale, included in Other current assets on our Condensed Consolidated Balance Sheet as of September 30, 2021, and remeasured at fair value less costs to sell. Refer to Note 13 for further information. As a result, a loss of $571 was recognized and included in Loss on assets held for sale within the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021.
Subsequent to the loss recognized in the third quarter of 2021, the remaining total assets at Conga as of September 30, 2021 was approximately $900. As of September 30, 2021, the Company has not identified events or changes in circumstances that indicate that the remaining carrying value of the Conga project is not recoverable. Although the Company has entered into the binding agreement to sell the Conga mill assets, it will continue to evaluate long-term options to progress development of the Conga project.
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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 8     OTHER EXPENSE, NET
​Three Months Ended
September 30,		Nine Months Ended
September 30,
​2020201920202019
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
COVID-19 specific costs(1)COVID-19 specific costs(1)$32 $0 $67 $0 COVID-19 specific costs(1)$24 $32 $66 $67 
Settlement costs26 2 34 2 
Impairment of long-lived and other assetsImpairment of long-lived and other assets24 3 29 4 Impairment of long-lived and other assets6 24 18 29 
Settlement costs (2)
Settlement costs (2)
— 26 11 34 
Restructuring and severanceRestructuring and severance— 9 10 12 
Goldcorp transaction and integration costsGoldcorp transaction and integration costs0 26 23 185 Goldcorp transaction and integration costs— — — 23 
Restructuring and severance9 0 12 5 
Nevada JV transaction and implementation costs0 3 0 26 
OtherOther1 4 19 21 Other7 1 21 19 
​$92 $38 $184 $243 
$37 $92 $126 $184 
____________________________
​(1)COVID-19 specific costs. COVID-19 specific costs represent incremental direct costs incurred, including but not limited to contributions toIncludes amounts distributed from the Newmont Global Community Support Fund additional health screenings, incremental travel, securityof $1 and employee related costs as well as various other incremental costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic and to comply with local mandates. The Company established the Newmont Global Community Support Fund on April 9, 2020 to help host communities, governments and employees combat the COVID-19 pandemic. For the three and nine months ended September 30, 2020, amounts distributed from this fund were $3 and $9, respectively.
Settlements. Settlement costs for the three and nine months ended September 30, 2021, respectively, and $3 and $9, for three and nine months ended September 30, 2020, primarily includerespectively.
(2)Primarily comprised of a voluntary contribution made to the Republic of Suriname for the nine months ended September 30, 2021 and costs related to the Cedros community agreement at Peñasquito, in Mexico, a water related settlement at Yanacocha, in Peru,and mineral interest settlements at Ahafo and Akyem in Africa and other related costs. Settlement costs for the three and nine months ended September 30, 2019 include legal and other settlements.
Impairment of long-lived and other assets. Impairment of long-lived and other assets represents non-cash write-downs of long-lived assets and materials and supplies inventories.
Goldcorp transaction and integration costs. Goldcorp transaction and integration costs for the nine months ended September 30, 2020 primarily include severance costs and consulting services related to integration activities. For the three months ended September 30, 2019, Goldcorp transaction and integration costs primarily include integration activities and related consulting services, severance and accelerated share award payments. The nine months ended September 30, 2019 also include banking and legal costs.
Restructuring and severance. Restructuring and severance represents primarily severance and related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented.
Nevada JV transaction and implementation costs. Nevada JV transaction and implementation costs for the three months ended September 30, 2019 primarily represent consulting and severance costs incurred related to the Nevada JV Agreement. The nine months ended September 30, 2019 also include banking, legal and hostile defense fees.2020.
NOTE 9     GAIN ON ASSET AND INVESTMENT SALES, NET
Three Months Ended
September 30,		Nine Months Ended
September 30,		Three Months Ended
September 30,		Nine Months Ended
September 30,
20202019202020192021202020212020
Sale of TMACSale of TMAC$— $— $42 $— 
Sale of KalgoorlieSale of Kalgoorlie$0 $0 $493 $0 Sale of Kalgoorlie— — — 493 
Sale of ContinentalSale of Continental0 0 91 0 Sale of Continental— — — 91 
Sale of Red LakeSale of Red Lake0 0 9 0 Sale of Red Lake— — — 9 
Sale of exploration properties0 0 0 26 
OtherOther1 (1)0 6 Other3 1 4 — 
$1 $(1)$593 $32 $3 $1 $46 $593 
Sale of TMAC. For further information related to the sale of investment holdings in TMAC Resources, Inc. ("TMAC"), refer to Note 14.
Sale of Kalgoorlie. TheOn January 2, 2020, the Company entered into a binding agreement dated December 17, 2019, to sellcompleted the sale of its 50% interest in Kalgoorlie Consolidated Gold Mines (“Kalgoorlie”), included as part of the Australia segment, to Northern Star Resources Limited (“Northern Star”). The Company completed the sale on January 2, 2020, and pursuantPursuant to the terms of the agreement, the Company received cash proceeds of $800 in cash for its interests in Kalgoorlie.$800. The proceeds were inclusive of a $25 payment that gave Northern Star specified exploration tenements, transitional services support and an option to negotiate exclusively for 120 days the purchase of Newmont’s Kalgoorlie power business for fair market value, of which has expired. A portion$23 is recorded within Other current liabilities as of the payment attributable to the optionSeptember 30, 2021, and is refundablepayable to Northern Star if the power business is sold to another third party. As a result of the sale, the Company recognized a gain, within Other Australia, of $493. The assets and liabilities were classified as held for sale for the year ended December 31, 2019.
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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)
Sale of Continental. For further information related toOn March 4, 2020, the Company completed the sale of investment holdingsits entire interest in Continental Gold, Inc. ("Continental") refer, including its convertible debt, to Note 19.Zijin Mining Group. Pursuant to the terms of the agreement, the Company received cash proceeds of $253.
Sale of Red Lake. TheOn March 31, 2020, the Company entered into a binding agreement dated November 25, 2019, to sellcompleted the sale of the Red Lake complex in Ontario, Canada, included as part ofin the Company’s North America segment, to Evolution Mining Limited (“Evolution”). The Company completed the sale on March 31, 2020, and pursuantLimited. Pursuant to the terms of the agreement, the Company received total consideration of $429, including cash proceeds of $375, $15 towards working capital (received in cash in the second quarter of 2020), and the potential to receive contingent payments of up to an additional $100 tied to new mineralization discoveries over a fifteen year period. The contingent payments are considered an embedded derivative with a fair value of $41$42 and $42 at September 30, 2020.2021 and December 31, 2020, respectively. For further information, see Note 18. The proceeds are inclusive of transitional services support for six months subsequent to closing with an option to extend the terms for 3 additional one-month periods. The extension has been exercised for 1 additional one-month period that expires on October 31, 2020. As a result of the sale, the Company recognized a gain of $9. The assets and liabilities were classified as held for sale for the year ended December 31, 2019.
Sale of exploration properties. In June 2019, the Company sold exploration properties, included in the Nevada segment, which resulted in a gain of $26.
On September 21, 2020, the Company entered into a definitive agreement with Maverix Metals Inc. ("Maverix") to sell certain royalty interests with a carrying value of $0 for cash consideration and additional equity ownership in Maverix. The sale closed in October 2020 and the Company received total consideration of approximately $75 from Maverix, consisting of $15 in cash and $60 in equity (12 million common shares at $5.02 per share). In addition, the Company will receive up to $15 in contingent cash payments payable upon completion of certain milestones.
NOTE 10     OTHER INCOME, NET
​Three Months Ended
September 30,		Nine Months Ended
September 30,
​2020201920202019
Change in fair value of investments$57 $19 $191 $75 
Impairment of investments0 (1)(93)(2)
Pension settlements and curtailments(83)(8)(85)(8)
Charges from debt extinguishment0 0 (77)0 
Interest4 10 21 44 
Foreign currency exchange, net(22)11 (8)13 
Other0 1 16 12 
​$(44)$32 $(35)$134 
Change in fair value of investments. Change in fair value of investments primarily represents unrealized holding gains and losses related to the Company's investments in current and non-current marketable equity securities.
Impairment of investments. During the first quarter of 2020, the Company recognized an investment impairment for other-than-temporary declines in the value of TMAC Resources, Inc. ("TMAC"). Referrefer to Note 19 for additional information.
Pension settlements and curtailments. For thethree and nine months ended September 30, 2020, the Company recorded settlement charges of $(83) and $(85), respectively. For the three and nine months ended September 30, 2019, the Company recorded curtailment charges of $(8) and $(8), respectively. Refer to Note 16 for additional information.
Charges from debt extinguishment. For the three and nine months ended September 30, 2020, the Company recorded charges from debt extinguishment of $0 and $69, respectively, related to the debt tender offer of its Senior Notes due March 15, 2022 ("2022 Senior Notes"), its Newmont Senior Notes due March 15, 2023 (“2023 Newmont Senior Notes”) and its Goldcorp Senior Notes due March 15, 2023 (“2023 Goldcorp Senior Notes”). For the three and nine months ended September 30, 2020, the Company recorded a loss of $0 and $8, respectively, related to the associated forward starting swaps, reclassified from Accumulated other comprehensive income (loss). Refer to Note 22 for additional information.
Foreign currency exchange, net. Although the majority of the Company’s balances are denominated in U.S. dollars, foreign currency exchange gains (losses) are recognized on balances to be satisfied in local currencies. These balances primarily relate to the timing of payments for employee-related benefits and other liabilities in Australia, Canada, Mexico, Argentina, Peru and Suriname.13.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
NOTE 10     OTHER INCOME (LOSS), NET
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Change in fair value of investments$(96)$57 $(180)$191 
Foreign currency exchange, net17 (22)48 (8)
Interest6 4 12 21 
Impairment of investments (1)
(1)— (1)(93)
Pension settlements (2)
— (83)— (85)
Loss from debt extinguishment (3)
— — — (77)
Other— — 15 16 
$(74)$(44)$(106)$(35)
____________________________
(1)Primarily represents the other-than-temporary impairment of the TMAC investment recorded in March 2020. Refer to Note 14 for further information.
(2)Pension settlement charges were recognized after determining that settlement accounting was required for certain defined benefit plans in 2020. Settlement payments were made primarily from the plan assets resulting in pension settlement charges of $(83) and $(85) for the three and nine months ended September 30, 2020, respectively.
(3)Represents charges of $— and $69 due to the debt tender offers of various Senior Notes and a related loss of $— and $8 reclassified from Accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2020, respectively.
NOTE 11     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,Nine Months Ended September 30,
​2020201920202019
Income (loss) before income and mining tax and other items​$880 ​$2,778 ​$2,209 ​$3,073 
​
U.S. Federal statutory tax rate21 %$185 21 %$583 21 %$464 21 %$645 
Reconciling items:
Percentage depletion(3)(23)(1)(19)(2)(50)(1)(36)
Change in valuation allowance on deferred tax assets1 6 3 87 (5)(114)(1)4 111 
Foreign rate differential9 80 2 51 9 206 3 89 
Mining and other taxes6 55 (1)(38)5 110 0 (1)
Tax impact of foreign exchange (2)
2 14 (6)(147)(8)(173)(5)(150)
Other(1)(12)2 41 0 3 1 45 
Income and mining tax expense (benefit)35 %$305 20 %$558 20 %$446 23 %$703 
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Income (loss) before income and mining tax and other items$(71)$880 $1,615 $2,209 
U.S. Federal statutory tax rate21 %$(15)21 %$185 21 %$339 21 %$464 
Reconciling items:
Percentage depletion21 (15)(3)(23)(3)(52)(2)(50)
Change in valuation allowance on deferred tax assets(260)185 (1)1 6 13 215 

(5)(114)(2)
Foreign rate differential(65)46 9 80 12 201 9 206 
Mining and other taxes(46)33 6 55 8 121 5 110 
Tax impact of foreign exchange (3)
15 (11)2 14 (2)(28)(8)(173)
Other1 (1)(1)(12)— 2 — 3 
Income and mining tax expense (benefit)(313)%$222 35 %$305 49 %$798 20 %$446 
____________________________
(1)Change in valuation allowance is due to an increase associated with the loss on Conga mill assets held for sale, marketable securities, net operating losses, and tax credits.
(2)Change in valuation allowance is due to a net release on marketable securities, capital losses and other capital assets associated with the sales of Kalgoorlie and Continental Gold, partially offset by increases associated with net operating losses, tax credits, and equity method investments.
(2)(3)Tax impact of foreign exchange includes the following: (i) Mexican inflation on tax values, (ii) currency translationremeasurement effects of local currency deferred tax assets and deferred tax liabilities, (iii) the tax impact of local currency foreign exchange gains or losses and (iv) non-taxable or non-deductible U.S. dollar currency foreign exchange gains or losses.
26
NOTE 12     EQUITY INCOME (LOSS) OF AFFILIATES
​Three Months Ended
September 30,		Nine Months Ended
September 30,
​2020201920202019
Pueblo Viejo Mine$52 $39 $135 $65 
TMAC Resources Inc.3 (1)(3)(3)
Alumbrera Mine(3)0 (7)0 
Maverix Metals Inc.1 0 (2)1 
Norte Abierto Project0 (1)(2)(1)
NuevaUnión Project0 (1)(2)(1)
Continental Gold, Inc.0 (5)0 (5)
Minera La Zanja S.R.L.0 (3)0 (3)
Euronimba Ltd.0 4 0 0 
​$53 $32 $119 $53 
Refer to Note 19 for additional information about the above equity method investments.
NOTE 13     NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS
The details of Net income (loss) from discontinued operations are set forth below:​
​Three Months Ended
September 30,		Nine Months Ended
September 30,
​2020201920202019
Holt royalty obligation and option$218 $(47)$137 $(102)
Batu Hijau contingent consideration and other10 (1)8 2 
Net income (loss) from discontinued operations$228 $(48)$145 $(100)
The Holt Royalty Obligation and Option
In August 2020, the Company and Kirkland Lake Gold Ltd. (“Kirkland”) signed a Strategic Alliance Agreement (the “Kirkland Agreement”). As part of the Kirkland Agreement, the Company purchased an option (the “Holt option”) from Kirkland for the mining and mineral rights subject to the Holt royalty obligation for $75, effectively reducing the Holt royalty obligation to 0. If exercised, the option will allow the Company to prevent Kirkland from mining minerals subject to the Holt royalty obligation.

At September 30, 2020, the estimated fair value of the Holt royalty obligation and option were $0. At December 31, 2019, the estimated fair value of the Holt royalty obligation was $257. Changes to the estimated fair value resulting from periodic revaluations are
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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 12     EQUITY INCOME (LOSS) OF AFFILIATES
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Pueblo Viejo Mine$43 $52 $137 $135 
Maverix Metals Inc.1 1 7 (2)
Norte Abierto Project(2)— (2)(2)
NuevaUnión Project(2)— (2)(2)
Alumbrera Mine (1)
— (3)— (7)
TMAC Resources Inc.— 3 — (3)
Other(1)— (2)— 
$39 $53 $138 $119 
recorded to____________________________
(1) Net income (loss) from discontinued operations, net of tax. During the three and nine months ended September 30,In December 2020, the Company recorded a gain of $218 and $137, net of tax expense of $(57) and $(37), respectively, related tocontributed its 37.5% ownership interest in Alumbrera in exchange for 18.75% ownership interest in Minera Agua Rica Alumbrera Limited ("MARA"). Following the Holt royalty obligation and option. During the three and nine months ended September 30, 2019,transaction, the Company recorded a loss of $(47)no longer holds an investment in Alumbrera and $(102), net of a tax benefit of $0 and $0, respectively, related to the Holt royalty obligation. 18.75% ownership interest acquired in MARA is further discussed in Note 13.
Refer to Note 1814 for additionalfurther information onabout the Holt royalty obligation.​
The Company paid $8 and $7 during the nine months ended September 30, 2020 and 2019, respectively, related to the Holt royalty obligation.
Batu Hijau Contingent Consideration
Consideration received by the Company in conjunction with the sale of PT Newmont Nusa Tenggara in 2016 included certain contingent payment provisions that were determined to be financial instruments that met the definition of a derivative, but do not qualify for hedge accounting, under ASC 815. During the three and nine months ended September 30, 2020, the Company recorded a gain of $10 and $8, net of tax expense of $(3) and $(2), respectively. During the three and nine months ended September 30, 2019, the Company recorded a (loss) gain of $(1) and $2, net of a tax benefit (expense) of $0 and $0, respectively. See contingent consideration assets in Note 18 for additional information.above equity method investments.
NOTE 14     NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
​Three Months Ended
September 30,		Nine Months Ended
September 30,
​2020201920202019
Merian$21 $19 $62 $58 
Yanacocha(4)7 (40)25 
​$17 $26 $22 $83 

NOTE 15     NET INCOME (LOSS) PER COMMON SHARE
Basic net income (loss) per common share is computed by dividing income available to Newmont common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed similarly, except that weighted average common shares is increased to reflect all dilutive instruments, including employee stock awards. The dilutive effects of Newmont’s dilutive securities are calculated using the treasury stock method.
​Three Months Ended
September 30,		Nine Months Ended
September 30,
​2020201920202019
Net income (loss) attributable to Newmont stockholders: ​​​​
Continuing operations$611 $2,226 $1,860 $2,340 
Discontinued operations 228 (48)145 (100)
​$839 $2,178 $2,005 $2,240 
​
Weighted average common shares (millions):​​​​
Basic 803 820 804 708 
Effect of employee stock-based awards 3 2 2 1 
Diluted 806 822 806 709 
​
Net income (loss) per common share attributable to Newmont stockholders:
Basic:
Continuing operations $0.76 $2.72 $2.31 $3.30 
Discontinued operations 0.28 (0.06)0.18 (0.14)
​$1.04 $2.66 $2.49 $3.16 
Diluted:
Continuing operations $0.76 $2.71 $2.31 $3.30 
Discontinued operations 0.28 (0.06)0.18 (0.14)
​$1.04 $2.65 $2.49 $3.16 
​During the three and nine months ended September 30, 2020, the Company repurchased and retired approximately 0 and 7 million shares of its common stock for $0 and $321, respectively. The Company did 0t repurchase or retire any of its common stock during the three and nine months ended September 30, 2019, respectively. During the three and nine months ended September 30, 2020, the Company withheld 0.1 and 0.9 million shares, respectively, for payments of employee withholding taxes related to the
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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)
vesting of stock awards. The Company withheld 0.1 and 1.3 million shares for the three and nine months ended September 30, 2019, respectively.
NOTE 16 EMPLOYEE PENSION AND OTHER BENEFIT PLANS
Three Months Ended
September 30,		Nine Months Ended
September 30,
​2020201920202019
Pension benefit costs (credits), net: (1)
​​​​
Service cost$4 $7 $12 $21 
Interest cost7 11 26 34 
Expected return on plan assets(12)(16)(43)(48)
Amortization, net6 6 21 17 
Settlements and curtailments83 8 85 8 
​$88 $16 $101 $32 

​Three Months Ended
September 30,		Nine Months Ended
September 30,
​2020201920202019
Other benefit costs (credits), net: (1)
​​​​
Service cost$1 $0 $1 $1 
Interest cost0 1 2 3 
Amortization, net(1)0 (2)(5)
​$0 $1 $1 $(1)
____________________________
(1)Service costs are included in Costs applicable to sales or General and administrative and the other components of benefit costs are included in Other income, net.
Settlement accounting is required when annual lump sum payments exceed the annual interest and service costs for a plan and results in a remeasurement of the related pension benefit obligation and plan assets and the recognition of settlement charges in Other Income, net due to the acceleration of a portion of unrecognized actuarial losses. During the three and nine months ended September 30, 2020, pension settlement charges were recognized after determining that settlement accounting was required for certain defined benefit plans. The payments were made primarily from the plan assets resulting in pension settlement charges of $83 and $85, respectively.
NOTE 17 STOCK-BASED COMPENSATION​
​Three Months Ended
September 30,		Nine Months Ended
September 30,
​2020201920202019
Stock-based compensation:​​​​
Restricted stock units$11 $15 $39 $54 
Performance leveraged stock units6 7 16 22 
Goldcorp phantom restricted share units (1)
2 2 7 5 
Goldcorp performance share units (1)
1 1 3 15 
​$20 $25 $65 $96 
____________________________
(1)These awards are classified as liability awards and their fair value is remeasured at the end of each reporting period until vested.
NOTE 1813 FAIR VALUE ACCOUNTING
Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:
Level 1    Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2    Quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, quoted prices or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability
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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)
and model-based valuation techniques (e.g. the Black-Scholes model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and
Level 3    Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).
The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring basis (at least annually) 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.
Fair Value at September 30, 2020
​TotalLevel 1Level 2Level 3
Assets:​​​​
Cash and cash equivalents $4,828 $4,828 $0 $0 
Restricted cash104 104 0 0 
Trade receivable from provisional concentrate sales, net 284 0 284 0 
Marketable equity securities (Note 19) (1)
566 545 21 0 
Restricted marketable debt securities (Note 19)37 23 14 0 
Contingent consideration assets96 0 0 96 
​$5,915 $5,500 $319 $96 
Liabilities:
Debt (2)
$7,550 $0 $7,550 $0 
Diesel derivative contracts5 0 5 0 
Holt royalty obligation (Note 23)0 0 0 0 
Cash-settled Goldcorp share awards14 0 14 0 
​$7,569 $0 $7,569 $0 
Fair Value at September 30, 2021
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents $4,636 $4,636 $— $— 
Restricted cash109 109 — — 
Trade receivable from provisional sales, net 239 — 239 — 
Assets held for sale (Note 7)68 — 68 — 
Marketable and other equity securities (Note 14) (1)
414 338 18 58 
Restricted marketable debt securities (Note 14)38 24 14 — 
Contingent consideration assets159 — — 159 
$5,663 $5,107 $339 $217 
Liabilities:
Debt (2)
$6,649 $— $6,649 $— 
Contingent consideration liabilities5 — — 5 
Cash-settled Goldcorp share awards5 — 5 — 
$6,659 $— $6,654 $5 
​
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​Fair Value at December 31, 2019
​TotalLevel 1Level 2Level 3
Assets:​​​​
Cash and cash equivalents$2,243 $2,243 $0 $0 
Restricted cash106 106 0 0 
Trade receivable from provisional concentrate sales, net 331 0 331 0 
Marketable equity securities (Note 19) (1)
376 357 19 0 
Marketable debt securities (Note 19)39 0 0 39 
Continental conversion option (Note 19)51 0 51 0 
Restricted marketable debt securities (Note 19)54 23 31 0 
Restricted other assets (Note 19)1 1 0 0 
Contingent consideration assets38 0 0 38 
​$3,239 $2,730 $432 $77 
Liabilities:
Debt (2)
$7,068 $0 $7,068 $0 
Diesel derivative contracts1 0 1 0 
Holt royalty obligation (Note 23)257 0 0 257 
Cash-settled Goldcorp share awards12 0 12 0 
​$7,338 $0 $7,081 $257 
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, 2020
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents$5,540 $5,540 $— $— 
Restricted cash108 108 — — 
Trade receivable from provisional sales, net 379 — 379 — 
Marketable and other equity securities (Note 14) (1)
682 604 25 53 
Restricted marketable debt securities (Note 14)38 24 14 — 
Contingent consideration assets119 — — 119 
$6,866 $6,276 $418 $172 
Liabilities:
Debt (2)
$7,586 $— $7,586 $— 
Diesel derivative contracts3 — 3 — 
Cash-settled Goldcorp share awards8 — 8 — 
$7,597 $— $7,597 $— 
____________________________
(1)Marketable equity securities includes warrants reported in the Maverix Metals Inc. equity method investment balance of $13$9 and $14 at both September 30, 20202021 and December 31, 2019.2020, respectively.
(2)Debt is carried at amortized cost. The outstanding carrying value was $6,030$5,482 and $6,138$6,031 at September 30, 20202021 and December 31, 2019,2020, respectively. The fair value measurement of debt was based on an independent third-party pricing source.
The fair values of the derivative instruments in the table above are presented on a net basis. The gross amounts related to the fair value of the derivative instruments above are immaterial. All other fair value disclosures in the above table are presented on a gross basis.​
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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)
The Company’s cash and cash equivalents and restricted cash (which includes restricted cash and cash equivalents) are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets and are primarily money market securities and U.S. Treasury securities.
The Company’s net trade receivables primarily result from provisional metal concentrate sales, which contain an embedded derivative and are subject to final pricing, are valued using quoted market prices based on forward curves for the particular metal. As the contracts themselves are not traded on an exchange, these receivables are classified within Level 2 of the fair value hierarchy.
The Company’s marketable equity securities with readily determinableCompany's assets held for sale consist of the Conga mill assets to be sold under a binding agreement entered into during the third quarter of 2021. The assets were measured to fair values are valued using quoted market prices in active markets and as suchvalue based on the negotiated sale price of $68 less costs to sell. The assets are classified as non-recurring within Level 12 of the fair value hierarchy. The fair value of the marketable equity securities are calculated as the quoted market price of the marketable equity security multiplied by the quantity of shares held by the Company. Refer to Note 7 for further information.
The Company’s marketable and other equity securities without readily determinable fair values are primarily comprisedconsists of the Company’s ownership in MARA and warrants in publicly traded companiescompanies. The ownership in MARA is accounted for under the measurement alternative and is classified as a non-recurring Level 3 investment within the fair value hierarchy. Warrants are valued using a Black-Scholes model using quoted market prices in active markets of the underlying securities. As the contracts themselves are not traded on the exchange, these equity securities are classified within Level 2 of the fair value hierarchy.
The Company’s restricted marketable debt securities are primarily U.S. government issued bonds and international bonds. The Company’s South American debt securities are classified within Level 1 of the fair value hierarchy, using published market prices of actively traded securities. The Company’s North American debt securities are classified within Level 2 of the fair value hierarchy as they are valued using pricing models which are based on prices of similar, actively traded securities.
The Company’s restricted other assets primarily consist of marketable equity securities, which are classified within Level 1 of the fair value hierarchy as their fair values are based on quoted market prices available in active markets.
The estimated fair value of the contingent consideration assets wasand liabilities are determined using discounted cash flow models. The contingent consideration assets and liabilities consist of financial instruments that meet the definition of a derivative, but doare not qualifydesignated for hedge accounting under ASC 815. TheseThe assets and liabilities are classified within Level 3 of the fair value hierarchy. Increases in the discount rate will result in a decrease in the estimated fair value of the contingent consideration.consideration assets and liabilities.
The Company’s derivative instruments consist of fixed forward contracts. These derivative instruments are valued using pricing models, and the Company generally uses similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices, forward curves, measures of volatility, and correlations of such inputs. The Company’s derivatives trade in liquid markets, and as such, model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.
The Company’s liability-classified stock-based compensation awards consist of cash-settled Goldcorp share awards which become payable in cash on the vesting date. These awards are valued each reporting period based on the quoted Newmont stock price. As the awards themselves are not traded on the exchange, they are classified within Level 2 of the fair value hierarchy.
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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)
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, 2021 and December 31, 2020:
DescriptionAt September 30, 2021Valuation techniqueSignificant inputRange, point estimate or average
Marketable and other equity securities$58 Discounted cash flowDiscount rate9.50 %
Long-term gold price$1,500 
Long-term copper price$3.00 
Contingent consideration assets$159 Discounted cash flow
Discount rate (1)
4.54 - 9.19%
Contingent consideration liabilities$5 Discounted cash flow
Discount rate (1)
2.12 - 3.11%
____________________________
(1)The weighted average discount rates used to calculate the Company’s contingent consideration assets and liabilities are 7.92% and 2.52%, respectively. Various other inputs including, but not limited to, metal prices, production profiles and new mineralization discoveries were considered in determining the fair value of the individual contingent consideration assets and liabilities.
DescriptionAt December 31, 2020Valuation techniqueSignificant inputRange, point estimate or average
Marketable and other equity securities$53 Discounted cash flowDiscount rate9.50 %
Long-term gold price$1,500 
Long-term copper price$3.00 
Contingent consideration assets$119 Discounted cash flow
Discount rate (1)
4.53 - 9.19%
____________________________
(1)The weighted average discount rate used to calculate the Company’s contingent consideration assets is 7.63%. Various other inputs including, but not limited to, metal prices, production profiles and new mineralization discoveries were considered in determining the fair value of the individual contingent consideration assets.
The following tables set forth a summary of changes in the fair value of the Company’s recurring Level 3 financial assets and liabilities:
Contingent consideration assets(1)
Total assetsContingent consideration liabilitiesTotal liabilities
Fair value at December 31, 2020$119 $119 $— $— 
Additions and settlements— — — — 
Revaluation40 40 5 5 
Fair value at September 30, 2021$159 $159 $5 $5 
Continental convertible debt(2)
Contingent consideration assets(3)
Total assets
Holt royalty obligation(1)
Total liabilities
Fair value at December 31, 2019$39 $38 $77 $257 $257 
Additions and settlements— 39 39 (8)(8)
Revaluation1 19 20 (249)(249)
Sales(40)— (40)— — 
Fair value at September 30, 2020$— $96 $96 $— $— 
____________________________
(1)The gain (loss) recognized on revaluation is primarily included in Net income (loss) from discontinued operations.
(2)The gain recognized on revaluation is included in Other comprehensive income (loss). The gain recognized on sale is included in Gain on asset and investment sales, net.
(3)Additions of $39 relate to contingent consideration assets received from the sale of Red Lake. Refer to Note 9 for further information. The gain (loss) recognized on revaluation is included in Net income (loss) from discontinued operations.
During the third quarter 2020, the Company purchased the Holtan option from Kirkland for the mining and mineral rights subject to the Holt royalty obligation ("Holt option") for $75, which resulted in a downward revision to future production scenarios of the Holt mine to nil.nil and effectively reduced the Holt royalty obligation to zero. 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 at the Holt mine. Kirkland has the right to assume the Company’s Holt royalty obligation at any time, in which case the Holt option would terminate. The net effect of the Holt option structure is that Kirkland cannot resume operations and process minerals subject to the Holt royalty obligation unless it also assumes the obligation. The
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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)
As a result of the Holt option, the estimated fair value of the Holt royalty obligation was determined using a discounted cash flow model. The royalty obligation is classified within Level 3and option were $— at September 30, 2020. Changes to the estimated fair value resulting from periodic revaluations and the resulting write down of the fair value hierarchy.obligation due to the purchase of the option were recorded to Net income (loss) from discontinued operations, net of tax. During the three and nine months ended September 30, 2020, the Company recorded a gain of $218 and $137, net of tax expense of $(57) and $(37), respectively. Prior to the Holt option purchase, the Company paid $8 during the nine months ended September 30, 2020 related to the Holt royalty obligation. Refer to Note 1321 for additional information on the Holt option.
The Company’s liability-classified stock-based compensation awards consist of cash-settled Goldcorp share awards which become payable in cash on the vesting date. These awards are valued each reporting period based on the quoted Newmont stock price. As the awards themselves are not traded on the exchange, they are classified within Level 2 of the fair value hierarchy.further information.
The Company’s marketable debt securities consistfor the period ended September 30, 2020, consisted of an unrestricted convertible debenture with Continental (the “Continental Convertible Debt”). The estimated fair value of the host debt instrument was determined using a discounted cash flow model, with an internally derived discount rate. It has been classified within Level 3 of the fair value hierarchy. Increases in the discount rate will result in a decrease of the Continental Convertible Debt. In March 2020, the Company completed the sale of its interest in Continental, which included the convertible debenture. Refer to Note 199 for further information.
The Continental conversion option is an embedded derivative
NOTE 14 INVESTMENTS
At September 30,
2021		At December 31,
2020
Current: 
Marketable equity securities$157 $290 
Non-current: 
Marketable and other equity securities (1)
$248 $378 
Equity method investments: 
Pueblo Viejo Mine (40.0%)$1,311 $1,202 
NuevaUnión Project (50.0%)948 949 
Norte Abierto Project (50.0%)502 493 
Maverix Metals Inc. (28.8%)161 160 
TMAC Resources, Inc. (—%)— 13 
Other3 2 
2,925 2,819 
$3,173 $3,197 
Non-current restricted investments: (2)
Marketable debt securities$38 $38 
____________________________
(1)At December 31, 2020, marketable and other equity securities included the 14.9% of equity interest held in GT Gold prior to the acquisition completed in the Continental Convertible Debt agreement. It is valued using a Black-Scholes model using quoted market prices in active marketssecond quarter of the underlying security. As the option itself is not traded on the exchange, this instrument is classified within Level 2 of the fair value hierarchy. In March 2020, the Company completed the sale of its interest in Continental, which included the conversion option.2021. Refer to Note 191 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, 2020 and December 31, 2019:​

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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)
DescriptionAt September 30, 2020Valuation techniqueSignificant inputRange, point estimate or average
Contingent consideration assets$96 Discounted cash flow
Discount rate (1)
5.00 - 14.90%
Holt royalty obligation (2)
$0 Discounted cash flow
Gold production scenarios (in 000's of ounces) (2)
0 
____________________________
(1)The weighted average discount rate used to calculate the Company’s contingent consideration assets is 10.27%. Various other inputs including, but not limited to, metal prices, production profiles and new mineralization discoveries were considered in determining the fair value of the individual contingent consideration assets.
(2)Due to the purchase of the Holt option, production scenarios were reduced to zero. Refer to Note 13 for additional information.
DescriptionAt December 31, 2019Valuation techniqueSignificant inputRange, point estimate or average
Continental convertible debt$39 Discounted cash flowDiscount rate11.06%
Contingent consideration assets$38 Discounted cash flow
Discount rate (1)
14.90%
Holt royalty obligation (2)
$257 Monte Carlo
Discount rate (2)
2.53%
​​Short-term gold price$1,481
​​Long-term gold price$1,300
​Gold production scenarios (in 000's of ounces)298 - 1,613
____________________________
(1)The weighted average discount rate used to calculate the Company’s contingent consideration assets is 14.90%. Various other inputs including, but not limited to, metal prices were considered in determining the fair value of the individual contingent consideration assets.
(2)The Holt royalty obligation discount rate is calculated as a weighted-average Newmont-specific unsecured borrowing rate, which is weighted by relative fair value of various production scenarios.
The following tables set forth a summary of changes in the fair value of the Company’s Level 3 financial assets and liabilities:​
​
Continental convertible debt(1)
Contingent consideration assets(2)
Total assets
Holt royalty obligation(3)
Total liabilities
Fair value at December 31, 2019$39 $38 $77 $257 $257 
Additions and settlements0 39 39 (8)(8)
Revaluation1 19 20 (249)(249)
Sales(40)0 (40)0 0 
Fair value at September 30, 2020$0 $96 $96 $0 $0 

​
Continental convertible debt(4)
Contingent consideration assets(3)
Total assets
Holt royalty obligation(3)
Total liabilities
Fair value at December 31, 2018$0 $26 $26 $161 $161 
Additions and settlements33 0 33 (7)(7)
Revaluation4 2 6 102 102 
Fair value at September 30, 2019$37 $28 $65 $256 $256 
____________________________
(1)The gain recognized on revaluation is included in Other comprehensive income (loss). The gain recognized on sale is included in Gain on asset and investment sales, net.
(2)Additions of $39 relate to contingent consideration assets received from the sale of Red Lake. See Note 9 for additional information. The gain (loss) recognized on revaluation of $9 and $10 are included in Other income, net and Net income (loss) from discontinued operations, respectively.
(3)The gain (loss) recognized is included in Net income (loss) from discontinued operations.
(4)The gain (loss) recognized is included in Other income, net.
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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 19 INVESTMENTS​
​At September 30,
2020		At December 31,
2019
Current: ​​
Marketable equity securities$313 $237 
​
Non-current: 
Marketable equity securities$240 $126 
​
Equity method investments: 
Pueblo Viejo Mine (40.0%)$1,211 $1,230 
NuevaUnión Project (50.0%)944 940 
Norte Abierto Project (50.0%)487 478 
Maverix Metals Inc. (23.4%)89 93 
Alumbrera Mine (37.5%)47 54 
TMAC Resources, Inc. (24.8%)10 114 
Other2 0 
Continental Gold, Inc. (1)
0 164 
​2,790 3,073 
​$3,030 $3,199 
​
Non-current restricted investments: (2)
Marketable debt securities$37 $54 
Other assets0 1 
​$37 $55 
____________________________
(1)During the first quarter of 2020, the Company sold its entire interest in Continental Gold, Inc. See below for more information.
(2)Non-current restricted investments are legally pledged for purposes of settling reclamation and remediation obligations and are included in Other non-current assets. ForRefer to Note 5 for further information regarding these amounts, see Note 6.amounts.​
Pueblo Viejo
As of September 30, 20202021 and December 31, 2019,2020, the Company had outstanding shareholder loans to Pueblo Viejo of $328$259 and $425,$244, with accrued interest of $1 and $7,$4, respectively, included in the Pueblo Viejo equity method investment. Additionally, the Company had 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, 2020.2021.
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 $154 and $476 for the three and nine months ended September 30, 2021, respectively. Total payments made to Pueblo Viejo for gold and silver purchased were $170 and $463 for the three and nine months ended September 30, 2020, respectively. Total payments made to Pueblo Viejo for gold and silver purchased were $141 and $268 for the three and nine months ended September 30, 2019, respectively. These purchases, net of subsequent sales, were included in Other income (loss), netand the net amount is immaterial. There were no amounts due to or due from Pueblo Viejo for gold and silver purchases as of September 30, 20202021 or December 31, 2019.2020.
TMAC Resources, Inc.
During the first quarter of 2020, the Company recorded a non-cash other-than-temporary impairment charge of $93, in Other income (loss), net related to TMAC. The impairment charge was calculated using quoted market prices as of March 31, 2020.
During the second quarter of 2020,In February 2021, TMAC entered into an agreement to sell all of the company’s outstanding shares of TMAC to Shandong Gold Mining Co. Ltd. TMAC shareholders have approved the agreement and the transaction is pending regulatory approval.
Continental Gold, Inc.
During the first quarterAgnico Eagle Mines Ltd for cash consideration of 2019, the Company determined that based on its evolving roles on advisory committees and its support for recent financing events, Newmont had the ability to exercise significant influence over Continental and concluded that the investment qualified as an equity method investment. As a result, the Company reclassified its existing Continental marketable equity security to an equity method investment.$55. The faircarrying value of the marketable equity securityCompany's investment in TMAC was $73, which formed the new basis for the equity method investment.$13 resulting in a gain of $42, recognized in Gain on asset and investment sales, net.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
Additionally, in March 2019, the Company entered into a convertible debt agreement with Continental totaling $50. The debt was convertible into common shares of Continental at a price of C$3.00 per share. The debt was an unrestricted marketable debt security and was classified as available-for-sale. The fair value of the marketable debt security was $39 as of December 31, 2019 and was included in the Continental equity method investment balance. The conversion feature was identified as an embedded derivative, which was bifurcated from the host instrument and included in the Continental equity method investment balance. The fair value of the conversion option was $51 as of December 31, 2019. Changes in the conversion option fair value were included in NOTE 15     INVENTORIESOther Income, net.
At September 30,
2021		At December 31,
2020
Materials and supplies$685 $673 
In-process153 148 
Concentrate (1)
59 39 
Precious metals (2)
101 103 
$998 $963 
During the fourth quarter of 2019, the Company entered into a contractual arrangement to sell its entire interest in Continental, including its convertible debt, to Zijin Mining Group. The Company completed the sale on March 4, 2020, and pursuant to the terms of the agreement, received cash proceeds of $253. As a result of the sale, the Company recognized a gain of $91 included in ____________________________Gain on asset and investment sales, net.
NOTE 20     INVENTORIES​
​At September 30,
2020		At December 31,
2019
Materials and supplies$659 $655 
In-process147 189 
Concentrate (1)
61 96 
Precious metals (2)
116 74 
​$983 $1,014 
____________________________
(1)Concentrate includes gold, copper, silver, lead and zinc.
(2)Precious metals includes gold and silver doré.
NOTE 2116     STOCKPILES AND ORE ON LEACH PADS
​At September 30,
2020		At December 31,
2019
At September 30,
2021		At December 31,
2020
Current:Current:​​Current:
StockpilesStockpiles$488 $493 Stockpiles$567 $514 
Ore on leach padsOre on leach pads317 319 Ore on leach pads374 313 
​$805 $812 
$941 $827 
Non-current:Non-current:​​Non-current:
StockpilesStockpiles$1,442 $1,154 Stockpiles$1,475 $1,446 
Ore on leach padsOre on leach pads248 330 Ore on leach pads316 259 
​$1,690 $1,484 
$1,791 $1,705 
Total:Total:​​Total:
StockpilesStockpiles$1,930 $1,647 Stockpiles$2,042 $1,960 
Ore on leach padsOre on leach pads565 649 Ore on leach pads690 572 
​$2,495 $2,296 
$2,732 $2,532 
​
StockpilesLeach pads
At September 30,
2021		At December 31,
2020		At September 30,
2021		At December 31,
2020
Stockpiles and ore on leach pads:
CC&V$5 $19 $246 $226 
Musselwhite— 1 — — 
Porcupine30 12 — — 
Éléonore1 1 — — 
Peñasquito324 307 — — 
Yanacocha36 37 155 151 
Merian28 29 — — 
Cerro Negro2 4 — — 
Boddington502 482 — — 
Tanami11 7 — — 
Ahafo426 422 — — 
Akyem137 138 — — 
Nevada Gold Mines540 501 289 195 
$2,042 $1,960 $690 $572 
36
TableDuring the three and nine months ended September 30, 2021, the Company recorded write-downs of Contents$18 and $37, respectively, classified as a component of Costs applicable to sales andwrite-downs of $7 and $15, respectively, classified as components of Depreciation and amortization, to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Of the write-downs during the three months ended September 30, 2021, $25 was related to Yanacocha. Of the write-downs during the nine months ended September 30, 2021, $11 was related to CC&V, $16 to NGM and $25 to Yanacocha.
NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
​StockpilesLeach pads
​At September 30,
2020		At December 31,
2019		At September 30,
2020		At December 31,
2019
Stockpiles and ore on leach pads:​​​​
CC&V$11 $6 $227 $239 
Musselwhite16 53 0 0 
Porcupine11 2 0 0 
Éléonore1 1 0 0 
Peñasquito262 193 0 0 
Yanacocha40 55 132 181 
Merian39 45 0 0 
Cerro Negro2 0 0 0 
Boddington485 458 0 0 
Tanami5 4 0 0 
Ahafo430 403 0 0 
Akyem144 126 0 0 
Nevada Gold Mines484 301 206 229 
​$1,930 $1,647 $565 $649 
​During the three and nine months ended September 30, 2020, the Company recorded write-downs of $6 and $41,respectively, classified as a component of Costs applicable to sales and write-downs of $4 and $22, respectively, classified as components of Depreciation and amortization, to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Of the write-downswrite-
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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)
downs during the three months ended September 30, 2020, $10 was related to NGM. Of the write-downs during the nine months ended September 30, 2020, $24 was related to Yanacocha and $39 to NGM.
NOTE 17     DEBT
Scheduled minimum debt repayments are as follows:
Year Ending December 31,
2021 (for the remainder of 2021)$— 
2022492 
2023414 
2024— 
2025— 
Thereafter4,624 
$5,530 
In March 2021, the Company entered into an agreement to amend certain terms of the existing $3,000 revolving credit agreement dated April 4, 2019. Per the amendment, the expiration date of the credit facility was extended to March 30, 2026. The interest rate on the credit facility was amended to include a margin adjustment based on the Company’s environment, social and governance (“ESG”) scores. The maximum adjustment resulting from the ESG scores is plus or minus 0.05%. Facility fees vary based on the credit ratings of the Company’s senior, uncollateralized, non-current debt. There were no material changes to the debt covenants under the amendment. At September 30, 2021, the Company had no borrowings outstanding under the facility.
In April 2021, the Company fully redeemed all of the outstanding 3.625% Senior Notes due June 2021 (“2021 Notes”). The redemption price of $557 equaled the principal amount of the outstanding 2021 Notes of $550 plus accrued and unpaid interest in accordance with the terms of the 2021 Notes. Interest on the 2021 Notes ceased to accrue on the date of redemption.
NOTE 18     OTHER LIABILITIES
At September 30,
2021		At December 31,
2020
Other current liabilities:
Accrued operating costs$216 $285 
Reclamation and remediation liabilities210 214 
Accrued capital expenditures97 144 
Royalties89 70 
Payables to joint venture partners (1)
82 94 
Accrued interest80 61 
Silver streaming agreement79 67 
Taxes other than income and mining40 48 
Deposit on Kalgoorlie power business option23 23 
Norte Abierto deferred payments18 33 
Operating leases18 17 
Conga assets contract liability (2)
17 — 
Galore Creek deferred payments— 73 
Other84 53 
$1,053 $1,182 
Other non-current liabilities:
Income and mining taxes (3)
$380 $382 
Norte Abierto deferred payments109 123 
Operating leases86 91 
Social development and community obligations25 51 
Galore Creek deferred payments23 23 
Other38 29 
$661 $699 
__________________________
(1)Payables to joint venture partners at September 30, 2021 and December 31, 2020 consists of the Company’s proportionate share of total amounts due to NGM for gold and silver purchased, the transition agreement services provided, and CC&V toll milling.
(2)Refer to Note 7 for further information.
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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)
(3)Income and mining taxes at September 30, 2021 and December 31, 2020 includes unrecognized tax benefits, including penalties and interest of $389 and $367, respectively.
NOTE 19     RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Unrealized Gain (Loss) on Investment Securities, netForeign Currency Translation AdjustmentsPension and Other Post-retirement Benefit AdjustmentsUnrealized Gain (Loss) on Cash flow Hedge InstrumentsTotal
Balance at December 31, 2020$— $117 $(237)$(96)$(216)
Net current-period other comprehensive income (loss):
Gain (loss) in other comprehensive income (loss) before reclassifications(1)3 (1)1 2 
(Gain) loss reclassified from accumulated other comprehensive income (loss)— — 18 6 24 
Other comprehensive income (loss)(1)3 17 7 26 
Balance at September 30, 2021$(1)$120 $(220)$(89)$(190)
Details about Accumulated Other Comprehensive Income (Loss) ComponentsAmount Reclassified from Accumulated Other Comprehensive Income (Loss)Affected Line Item in the Condensed Consolidated Statements of Operations
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Marketable debt securities adjustments:
Sale of marketable debt securities$— $— $— $(5)Gain on asset and investment sales, net
Total before tax— — — (5)
Tax— — — — 
Net of tax$— $— $— $(5)
Pension and other post-retirement benefit adjustments:
Amortization$7 $5 $21 $19 Other income (loss), net
Settlements— 83 — 85 Other income (loss), net
Total before tax7 88 21 104 
Tax(1)(19)(3)(22)
Net of tax$6 $69 $18 $82 
Hedge instruments adjustments:
Interest rate contracts$3 $3 $7 $16 
Interest expense, net of capitalized interest(1)
Operating cash flow hedges— — — 2 Costs applicable to sales
Total before tax3 3 7 18 
Tax(1)— (1)(4)
Net of tax$2 $3 $6 $14 
Total reclassifications for the period, net of tax$8 $72 $24 $91 
____________________________
(1)During the three and nine months ended September 30, 2019, the Company recorded write-downs of $12020, $— and $95, classified as a component of Costs applicable$8, respectively, was reclassified to sales andwrite-downs of $0 and $34, respectively, classified as components of Depreciation and amortization, to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Of the write-downs during the three months ended September 30, 2019, $1 was related to NGM. Of the write-downs during the nine months ended September 30, 2019, $12 is related to CC&V, $13 to Yanacocha, $22 to Boddington, $34 to Akyem, $1 to NGM, $44 to Carlin and $3 to Twin Creeks. In July 2019, Carlin and Twin Creeks were contributed to NGM. See Note 1 for additional information.
NOTE 22     DEBT
Scheduled minimum debt repayments are as follows:​
Year Ending December 31,
2020 (for the remainder of 2020)$0 
2021550 
2022492 
2023414 
20240 
Thereafter4,624 
​$6,080 
In March 2020, the Company completed a public offering of $1,000 unsecured Senior Notes due October 1, 2030 (“2030 Senior Notes”). Net proceeds from the 2030 Senior Notes were $985. The 2030 Senior Notes will pay interest semi-annually at a rate of 2.250% per annum. The proceeds from this issuance, supplemented with cash from the Company's balance sheet, were used to fund the debt tender offers of the 2022 Senior Notes, the 2023 Newmont Senior Notes and the 2023 Goldcorp Senior Notes in March 2020.
In March 2020, the Company launched the debt tender offers to purchase portions of its 2022 Senior Notes, 2023 Newmont Senior Notes and 2023 Goldcorp Senior notes. Through the tender offers, the Company purchased approximately $500 of its 2022 Senior Notes, $487 of its 2023 Newmont Senior Notes and $99 of its 2023 Goldcorp Senior Notes. For the three and nine months ended September 30, 2020, the Company recorded charges from debt extinguishment of $0 and $77, respectively, in Other income (loss), net, as a result of which $0 and $69, respectively, represent a net pre-tax loss from extinguishment, and $0 and $8, respectively were reclassified from Accumulated other comprehensive income (loss). This reclassificationrelated to the acceleration of the unrealized losses on the forward starting swap contracts which were previously settled with the issuance of the 2022 Senior Notes.tender offers.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
NOTE 23     OTHER LIABILITIES
​At September 30,
2020		At December 31,
2019
Other current liabilities:​​
Accrued operating costs$166 $210 
Reclamation and remediation liabilities164 169 
Accrued interest85 60 
Accrued capital expenditures83 58 
Payables to joint venture partners78 75 
Galore Creek deferred payments73 0 
Royalties70 60 
Silver streaming agreement65 69 
Taxes other than income and mining41 47 
Norte Abierto deferred payments33 0 
Deposit on Kalgoorlie power business option23 0 
Operating leases17 28 
Holt royalty obligation (1)
0 14 
Other76 90 
​$974 $880 
​​​
Other non-current liabilities:​​
Income and mining taxes (2)
$435 $445 
Norte Abierto deferred payments122 154 
Operating leases93 47 
Social development and community obligations53 54 
Galore Creek deferred payments22 92 
Holt royalty obligation (1)
0 243 
Other27 26 
​$752 $1,061 
____________________________
(1)See Note 13 for additional information on the Holt royalty obligation.
(2)Income and mining taxes at September 30, 2020 and December 31, 2019 includes unrecognized tax benefits, including penalties and interest of $422 and $445, respectively.
NOTE 24     RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)​
​Unrealized Gain (Loss) on Investment Securities, netForeign Currency Translation AdjustmentsPension and Other Post-retirement Benefit AdjustmentsUnrealized Gain (Loss) on Cash flow Hedge InstrumentsTotal
Balance at December 31, 2019$5 $119 $(281)$(108)$(265)
Net current-period other comprehensive income (loss):
Gain (loss) in other comprehensive income (loss) before reclassifications (1)
0 3 (69)(5)(71)
(Gain) loss reclassified from accumulated other comprehensive income (loss)(5)0 82 14 91 
Other comprehensive income (loss)(5)3 13 9 20 
Balance at September 30, 2020$0 $122 $(268)$(99)$(245)
____________________________
(1)During the third quarter 2020, certain defined benefit plans were remeasured resulting in an additional loss of $(69) recognized in other comprehensive income (loss). See Note 16 for additional information.
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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)
Details about Accumulated Other Comprehensive Income (Loss) ComponentsAmount Reclassified from Accumulated Other Comprehensive Income (Loss)Affected Line Item in the Condensed Consolidated Statements of Operations
​Three Months Ended
September 30,		Nine Months Ended
September 30,		​
​2020201920202019​
Marketable debt securities adjustments:
Sale of marketable securities$0 $0 $(5)$0 Gain on asset and investment sales, net
Total before tax0 0 (5)0 
Tax0 0 0 0 
Net of tax$0 $0 $(5)$0 
Pension and other post-retirement benefit adjustments:​​​
Amortization$5 $6 $19 $12 Other income, net
Curtailment0 3 0 3 Other income, net
Settlement83 0 85 0 Other income, net
Total before tax88 9 104 15 ​
Tax(19)0 (22)0 ​
Net of tax$69 $9 $82 $15 ​
​​
Hedge instruments adjustments:​
Interest rate contracts$3 $2 $16 $8 
Interest expense, net (1)
Operating cash flow hedges0 0 2 2 Costs applicable to sales
Total before tax3 2 18 10 ​
Tax0 1 (4)0 ​
Net of tax$3 $3 $14 $10 ​
Total reclassifications for the period, net of tax$72 $12 $91 $25 ​
____________________________
(1)During the three and nine months ended September 30, 2020, $0 and $8, respectively, were reclassified to Other income, net as a result of the tender offers. See Note 22 for additional information.
NOTE 2520     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,
​20202019
Decrease (increase) in operating assets:​​
Trade and other receivables $203 $(217)
Inventories, stockpiles and ore on leach pads (146)(90)
Other assets 19 45 
Increase (decrease) in operating liabilities:
Accounts payable(94)(3)
Reclamation and remediation liabilities (67)(64)
Other accrued liabilities135 (80)
​$50 $(409)

Nine Months Ended
September 30,
20212020
Decrease (increase) in operating assets:
Trade and other receivables $216 $203 
Inventories, stockpiles and ore on leach pads (218)(146)
Other assets (189)19 
Increase (decrease) in operating liabilities:
Accounts payable(32)(94)
Reclamation and remediation liabilities (97)(67)
Accrued tax liabilities(229)73 
Other accrued liabilities(29)62 
$(578)$50 
NOTE 2621     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.
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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)
Operating Segments
The Company’s operating and reportable segments are identified in Note 4.3. 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 South America reportable segment. The Newmont Ghana Gold and Newmont Golden Ridge matters relate to the Africa reportable segment. The Mexico tax matters relatematter relates to the North America reportable segment.
Environmental Matters
Refer to Note 65 for further information regarding reclamation and remediation. Details about certain of the moretwo significant matters are discussed below.
Newmont USA LimitedMinera Yanacocha S.R.L. - 100%51.35% Newmont Owned
Ross-Adams mine site. By letter datedIn early 2015 and again in June 5, 2007,2017, the U.S. Forest ServicePeruvian government agency responsible for certain environmental regulations, the Ministry of the Environment (“USFS”MINAM”) notified Newmont, 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 it had expended approximately $0.3modified 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 Mining Ministry (“MINEM”). The Company did not receive a response or comments to this submission until April 2021 and is now in response coststhe process of updating its compliance achievement plan to address environmental conditions atthese comments. During this interim period, Yanacocha separately submitted an Environmental Impact Assessment (EIA) modification considering the Ross-Adams mine in Prince of Wales, Alaska,ongoing operations and requested Newmont USA Limited pay those costs and perform an Engineering Evaluation/Cost Analysis (“EE/CA”) to assess what future response activities might needthe projects to be completed atdeveloped and obtained authorization from MINEM for such projects. This authorization included a deadline for compliance with the site. Newmont agreedmodified water quality criteria by January 2024. Consequently, part of the Company response to performMINEM will include a request for an extension of time for coming into full compliance with the EE/CA pursuantnew regulations. In the event that MINEM does not grant Yanacocha an extension of the previously authorized timeline for, and agree to, the updated compliance achievement plan, fines and penalties relating to non-compliance may result beyond January 2024.
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 currently conducting detailed studies to better estimate water management and other closure activities that will ensure water quality and quantity discharge requirements, of an Administrative Settlement Agreement and Order on Consent (“ASAOC”) betweenincluding the USFS and Newmont. The EE/CA was providedmodifications promulgated by MINAM, as referenced above, will be met. This also includes performing a comprehensive update to the USFSYanacocha reclamation plan
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in April 2015. Duringmillions, except per share, per ounce and per pound amounts)
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 first quarter of 2016, the USFS confirmed approval of the EE/CA, and Newmont issued written notice to the USFS certifying that all requirements of the ASAOC had been completed. Duringcurrent year, were progressed in the third quarter of 2016, Newmont received a notice2021 as the study team continued to evaluate and revise assumptions and estimated costs of completion of work perpotential changes to the ASAOC from the USFS, which finalized the ASAOC.reclamation plan. The USFS issued an Action Memorandum in April 2018 to select the preferred Removal Action alternative identified in the EE/CA. The parties have now finalized the ASAOC, which the USFS published in the Federal Register for publicpotential changes are currently undergoing review and comment on July 8, 2020. The USFS subsequently issued noticeremain subject to Newmont thatrevision, therefore, the public comments did not require modification or withdrawal ofCompany is unable to reasonably estimate a change to the ASAOC, and therefore it became effectivereclamation obligation as of September 22, 202030, 2021. However, based on the work progressed in the third quarter and the USFS issued Newmontresulting preliminary findings, the Company currently expects to make revisions to the reclamation plan that, should these findings be confirmed, would result in material increases to the cost of water treatment plant construction, water treatment operating costs and other costs associated with the closure plan.
In conjunction with the Company’s annual update process for all asset retirement obligations, the Company expects to record an adjustment to the Yanacocha reclamation liability in the fourth quarter of 2021 based on the planned progress of the closure studies. As related activities are progressed, it is expected that the preliminary findings, if confirmed, could result in a Noticematerial increase in the reclamation obligation at Yanacocha of up to Proceed.approximately $1.6 billion, primarily related to the upfront construction of water treatment plants and the related annual operating costs assumed over the extended closure period, with a corresponding non-cash charge to reclamation expense related to operations no longer in production.
Dawn Mining Company LLC (“Dawn”) - 51%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 U.S. Environmental Protection Agency (“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 otherfuture 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 a lump sum payment of $42, which Newmont classified as restricted assets with interest on the Condensed Consolidated Balance Sheets for all periods presented. In 2016, Newmont completed the remedial design process (with the exception of the new water treatment plant (“WTP”) design, which was awaiting the approval of the new National Pollutant Discharge Elimination System (“NPDES”) permit). Subsequently, the new NPDES permit was received in 2017 and the WTP design commenced in 2018. The EPA is assessing the WTP design. Newmont is managingcontinues to manage the remediation project during the 20202021 construction season with a focus on the Pit 3 aggregate production and the start of Phase 2 remediation activities. In the second quarter of 2020, Newmont submitted to the EPA and US Bank a request to draw down funds from the Department of Interior settlement payment in trust for work conducted by Newmont at the site, according to the terms of the Consent Decree.season.
The Dawn mill site is regulated by the Washington Department of Health and is in the process of being closed. 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 activity will consist primarily of addressing groundwater issues and evaporating the remaining balance of process water on site.
The remediation liability for the Midnite (Dawn) mine site and Dawn mill site is approximately $156$175 at September 30, 2020.2021.
Other Legal Matters
Minera Yanacocha S.R.L. - 51.35% Newmont Owned
Administrative Actions. The Peruvian government agency responsible for environmental evaluation and inspection, Organismo EvaluacionEvaluación y FiscalizacionFiscalización Ambiental (“OEFA”), conducts periodic reviews of the Yanacocha site. From 2011 to the third quarter of 2020,2021, OEFA issued notices of alleged violations of OEFA standards to Yanacocha and Conga relating to past inspections. The water authority
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that is in charge of supervising the proper water administration has also issued notices of alleged regulatory violations in previous years. The experience with OEFA and the water authority is that in the case of a finding of violation, remedial action is often the outcome rather than a significant fine. The alleged OEFA violations currently active in 2020 range from 0zero to 33,676108.11 units and the water authority alleged violations range from 0zero to 10 units, with each unit having a potential fine equivalent to approximately $.001170$.001100 based on current exchange rates, with a total potential fine amount for outstanding matters of $0$— to $40.5.$0.13. Yanacocha is responding to all notices of alleged violations, but cannot reasonably predict the outcome of the agency allegations.
Conga Project Constitutional Claim. On October 18, 2012, Marco Antonio Arana Zegarra filed a constitutional claim against the Ministry of Energy and Mines and Yanacocha requesting the Court to order the suspension of the Conga project as well as to declare not applicable the October 27, 2010, directorial resolution approving the Conga project Environmental Impact Assessment (“EIA”). On October 23, 2012, a Cajamarca judge dismissed the claims based on formal grounds finding that: (i) plaintiffs had not exhausted previous administrative proceedings; (ii) the directorial resolution approving the Conga EIA is valid, and was not challenged when issued in the administrative proceedings; (iii) there was inadequate evidence to conclude that the Conga project is a threat to the constitutional right of living in an adequate environment; and (iv) the directorial resolution approving the Conga project EIA does not
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guarantee that the Conga project will proceed, so there was no imminent threat to be addressed by the Court. The plaintiffs appealed the dismissal of the case. The Civil Court of the Superior Court of Cajamarca confirmed the above mentioned resolution and the plaintiff presented an appeal. On March 13, 2015, the Constitutional Court published its ruling stating that the case should be sent back to the first court with an order to formally admit the case and start the judicial process in order to review the claim and the proofs presented by the plaintiff. Yanacocha has answered the claim. Neither the Company nor Yanacocha can reasonably predict the outcome of this litigation.
Yanacocha Tax Dispute. In 2000, Yanacocha paid Buenaventura and Minas Conga S.R.L. a total of $29 to assume their respective contractual positions in mining concession agreements with Chaupiloma Dos de Cajamarca S.M.R.L. The contractual rights​rights allowed Yanacocha the opportunity to conduct exploration on the concessions, but were not a purchase of the concessions. The tax authority allegesalleged that the payments to Buenaventura and Minas Conga S.R.L. were acquisitions of mining concessions requiring the amortization of the amounts under the Peru Mining Law over the life of the mine. Yanacocha expensed the amounts at issue in the initial year since the payments were not for the acquisition of a concession but rather these expenses representrepresented the payment of an intangible and therefore, were amortizable in a single year or proportionally for up to ten years according to Income Tax Law. In 2010, the tax court in Peru ruled in favor of Yanacocha and the tax authority appealed the issue to the judiciary. The first appellate court confirmed the ruling of the tax court in favor of Yanacocha. However, in November 2015, a Superior Court in Peru made an appellate decision overturning the 2 prior findings in favor of Yanacocha. Yanacocha appealed the Superior Court ruling to the Peru Supreme Court. OnIn January 18, 2019, the Peru Supreme Court issued notice that 3 judges supportsupported the position of the tax authority and 2 judges supportsupported the position of Yanacocha. Because 4 votes are required for a final decision, an additional judge was selected to issue a decision and the parties conducted oral arguments in April 2019. In early February 2020, the additional judge ruled in favor of the tax authority, finalizing a decision of the Peru Supreme Court against Yanacocha. As a result of the decision, the company has recognized the amount of $29 was recognized during the first quarter of 2020, but$29. However, Yanacocha filed two constitutional actions in 2020 and one additional legal claim in 2021, objecting to potential excessive interest and duplicity of criteria of up to $60$51, $73.3 and $81,$68.6, respectively. ItIn March 2021, in one of the constitutional actions, Yanacocha’s request for an injunction to suspend the collection of interest was denied. The matter was sent back to the tax authority, which issued a resolution with an update of the total amount due of approximately $80.15. Yanacocha appealed the tax authority’s resolution and, in October 2021, the tax court denied the appeal. As a result, the administrative case went back to SUNAT for collection and the company paid the amount due in October 2021. The company continues to pursue additional legal options and it is not possible to fully predict the outcome of this litigation.
Newmont Corporation, as well as Newmont Canada Corporation, and Newmont Canada FN Holdings ULC – 100% Newmont Owned
Kirkland Lake Gold Inc. (“Kirkland”) 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, and 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 inalleged royalty payments that it claims Newmont expected to pay under the Holt royalty obligation, but for the Kirkland Agreement. The Company intends to vigorously defend this matter, but cannot reasonably predict the outcome.
NWG Investments Inc. v. Fronteer Gold Inc.
In April 2011, Newmont acquired Fronteer Gold Inc. (“Fronteer”).
Fronteer acquired NewWest Gold Corporation (“NewWest Gold”) in September 2007. At the time of that acquisition, NWG Investments Inc. (“NWG”) owned approximately 86% of NewWest Gold and an individual named Jacob Safra owned or controlled 100% of NWG. Prior to its acquisition of NewWest Gold, Fronteer entered into a June 2007 lock-up agreement with NWG providing that, among other things, NWG would support Fronteer’s acquisition of NewWest Gold. At that time, Fronteer owned approximately 47% of Aurora Energy Resources Inc. (“Aurora”), which, among other things, had a uranium exploration project in Labrador, Canada.
NWG contends that, during the negotiations leading up to the lock-up agreement, Fronteer represented to NWG, among other things, that Aurora would commence uranium mining in Labrador by 2013, that this was a firm date, that Aurora faced no current environmental issues in Labrador and that Aurora’s competitors faced delays in commencing uranium mining. NWG further contends that it entered into the lock-up agreement and agreed to support Fronteer’s acquisition of NewWest Gold in reliance upon these purported representations. On October 11, 2007, less than three weeks after the Fronteer-NewWest Gold transaction closed, a member of the Nunatsiavut Assembly introduced a motion calling for the adoption of a moratorium on uranium mining in Labrador. On April 8,
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2008, the Nunatsiavut Assembly adopted a three-year moratorium on uranium mining in Labrador. NWG contends that Fronteer was aware during the negotiations of the NWG/Fronteer lock-up agreement that the Nunatsiavut Assembly planned on adopting this moratorium and that its adoption would preclude Aurora from commencing uranium mining by 2013, but Fronteer nonetheless fraudulently induced NWG to enter into the lock-up agreement.
On September 24, 2012, NWG served a summons and complaint on the Company, and then amended the complaint to add Newmont Canada Holdings ULC as a defendant. The complaint also named Fronteer Gold Inc. and Mark O’Dea as defendants. The complaint sought rescission of the merger between Fronteer and NewWest Gold and $750 in damages. In August 2013 the Supreme Court of New York, New York County issued an order granting the defendants’ motion to dismiss on forum non conveniens. Subsequently, NWG filed a notice of appeal of the decision and then a notice of dismissal of the appeal on March 24, 2014.
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On February 26, 2014, NWG filed a lawsuit in Ontario Superior Court of Justice against Fronteer Gold Inc., Newmont Mining Corporation, Newmont Canada Holdings ULC, Newmont FH B.V. and Mark O’Dea. The Ontario complaint is based upon substantially the same allegations contained in the New York lawsuit with claims for fraudulent and negligent misrepresentation. NWG seeks disgorgement of profits since the close of the NWG deal on September 24, 2007 and damages in the amount of C$1,200. Newmont, along with other defendants, served the plaintiff with its statement of defense on October 17, 2014. 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, 2 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 that 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 Parliament 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 Parliament 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.
On December 18, 2019, an individual plaintiff filed a writ against NGGL and other named defendants, including the Attorney General of Ghana, the Minerals Commission of Ghana, and other mining companies with interests in Ghana, seeking the same relief sought in the above-referenced case, plus perpetual and interlocutory injunctive relief to cease operations against NGGL and the other mining companies. This case was dismissed on August 21, 2020.
Goldcorp, Inc. - 100% Newmont Owned
Shareholder Action. On October 28, 2016 and February 14, 2017, separate proposed class actions were commenced in the Ontario Superior Court of Justice pursuant to the Class Proceedings Act (Ontario) against the Company and certain of its current and former officers. Both statement of claims alleged common law negligent misrepresentation in Goldcorp, Inc.’s public disclosure concerning the Peñasquito mine and also pleaded an intention to seek leave from the Court to proceed with an allegation of statutory misrepresentation pursuant to the secondary market civil liability provisions under the Securities Act (Ontario). By a consent order, the latter lawsuit will proceed,proceeded, and the former action has been stayed. The active lawsuit purports to be brought on behalf of persons who acquired Goldcorp Inc.’s securities in the secondary market during an alleged class period from October 30, 2014 to August 23, 2016. An amended complaint was filed in the active lawsuit, which removed the individual defendants, and requested leave of the Court to pursue only the statutory cause of action. In July of 2021, plaintiff’s counsel filed a motion to discontinue the active lawsuit. The Company intendscontinues to vigorously defend this matter, but cannot reasonably predict the outcome.
Mexico Tax MattersMatter
Tax Reassessment from Mexican Tax Authority. During 2016, the Mexican Tax Authority issued reassessment notices for 2to several of Goldcorp, Inc.’s Mexican subsidiaries primarily related to a reduction in the amount of deductible interest paid on related party debt by those subsidiaries during their 2008 and 2009 fiscal years, and the disallowance of certain intra company fees and expenses. The 2008 fiscal year notices reassessed an additional $11 of income tax, interest, and penalties. The 2009 fiscal year notices reassessed an additional $102 of income tax, interest and penalties relating to the reduction in the amount of deductible intra group interest payments. Settlement discussions continue to progress on these matters and the Company expects to reach a settlement by the end of the year for significantly less than the reassessment.
A separate Mexican subsidiary of Goldcorp, Inc. received reassessments from the Mexican Tax Authority for fiscal years 2008 and 2009 and audit observations relating to fiscal years 2010 through 2017. Disputed items include the treatment of intercompany charges, interest on related party debt,subsidiaries. Topics under dispute generally involve transfer pricing, deductibility of mine stripping costs, and the gain recognized on certain asset sales. The Company has made significant progress in reaching resolution with the sale of the mine.Mexican Tax Authority on these matters. In the second quarter of 2019, significant progress in settling a number of years and issues was made,were settled, resulting in a $96 payment, which was fully accrued in the financial statements. In the first quarter of 2020, further settlement was reached with the Mexican Tax Authority for 2008 through 2010 for an immaterial amount, with conversationsdialogue continuing for fiscal years 2011, 2012 and 2014in an effort to resolve the outstanding reassessment. Additionally, the Company continues to work through 2017.
several audits in which observation letters have been received from the Mexican Tax Authority. The outcome of thesethe remaining disputes is not readily determinable but could have a material impact on the Company. The Company believes that its tax positions are valid and intends to vigorously defend its tax filing positions.
State of Zacatecas’ Ecological Tax. In December 2016, the State of Zacatecas in Mexico approved new environmental taxes that became effective January 1, 2017. Certain operations at the Company’s Peñasquito mine may be subject to these taxes. Payments are due monthly in arrears with the first payment due on February 17, 2017. Further, the Company believes that there is no legal basis for the taxes and filed legal claims challenging their constitutionality and legality on March 9, 2017. Other companies similarly situated also filed legal claims against the taxes. The Mexican federal government also filed a claim before the National Supreme Court against
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the State of Zacatecas challenging whether the State of Zacatecas had the​ constitutional authority to implement the taxes. On February 11, 2019, the National Supreme Court of Mexico ruled that the State of Zacatecas has the constitutional authority to implement environmental taxes, and that ruling was not subject to appeal. The Company’s case continued, and although there was an initial ruling in favor of the Company, this ruling was appealed by the local tax authorities. On October 15, 2019, the First Collegiate Circuit Court of the Auxiliary Center of the Eleventh Region reversed the favorable ruling (except with respect to 1 issue, which was affirmed in the Company’s favor). While the First Collegiate Circuit Court’s ruling is not subject to further appeal and the Company currently has no legal challenges active with the Mexican courts, the Company is nonetheless not able to calculate the environmental taxes with sufficient reliability given that: (a) the legislation is broadly worded and despite the years of inquiries, the State of Zacatecas has not put forward any guidance on how the tax would be levied; and (b) certain claims by other companies similarly situated are still being resolved by the Supreme Court, the results of which may change the taxes payable by the Company. The Company, along with other companies in the State of Zacatecas, is continuing to meet with governmental authorities to understand how the environmental tax would be levied and has recorded immaterial amounts as potential estimates for the amount of the taxes. Depending on the outcome of the continuing dialogue with the State of Zacatecas government, the amount of ecological taxes due may increase, but are not expected to be material.
Other Commitments and Contingencies
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
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be required to be paid by reason thereof will have a material adverse effect on the Company’s financial condition or results of operations.
In connection with our investment in Galore Creek, Newmont will owe NovaGold Resources Inc. $75 upon the earlier of approval to construct a mine, mill and all related infrastructure for the Galore Creek project or the initiation of construction of a mine, mill or any related infrastructure. The amount due is non-interest bearing. The decision for an approval and commencement of construction is contingent on the results of a prefeasibility and feasibility study, neither of which have occurred. As such, this amount has not been accrued.
As part of the Newmont Goldcorp transaction, Newmont assumed deferredDeferred payments to Barrick of $155$127 and $154$156 as of September 30, 20202021 and December 31, 2019,2020, respectively, are to be satisfied through funding a portion of Barrick’s share of project expenditures at the Norte Abierto project.​ These deferred payments to Barrick are included in Other current liabilities and Other non-current liabilities.
NOTE 27 NEVADA GOLD MINES TRANSACTIONS
On July 1, 2019, Newmont and Barrick consummated the Nevada JV Agreement and established NGM, which combined the Company’s Nevada mining operations with Barrick’s Nevada mining operations. The formation of NGM diversified the Company’s footprint in Nevada and allows the Company to pursue additional efficiencies through integrated mine planning and processing.
As of the effective date, the Company contributed its existing Nevada mining operations, which included Carlin, Phoenix, Twin Creeks and Long Canyon, to NGM in exchange for a 38.5% interest in NGM. The interest received in NGM was accounted for at fair value, and accordingly, the Company recognized a gain of $2,366 during the third quarter of 2019 as Gain on formation of Nevada Gold Mines. The gain represents the difference between the fair value of the Company’s interest in NGM and the carrying value of the Nevada mining operations contributed to NGM.

Sales and Net income (loss) attributable to Newmont stockholders in the Condensed Consolidated Statement of Operations includes NGM revenue of $650 and $1,730 and NGM net income of $208 and $457 for the three and nine months ended September 30, 2020, respectively. Sales and Net income (loss) attributable to Newmont stockholders in the Condensed Consolidated Statement of Operations includes NGM revenue of $492 and NGM net income of $79 for both the three and nine months ended September 30, 2019.

For the three and nine months ended September 30, 2020, the Company billed NGM $2 and $8, respectively, for services provided under the transition services agreement.​ For both the three and nine months ended September 30, 2019, the Company billed NGM $4 for services provided under the transition services agreement.​
In addition, the Company purchases gold from NGM for resale to third parties. Gold purchases from NGM totaled $630 and $1,681 for the three and nine months ended September 30, 2020, respectively. Gold purchases from NGM totaled $488 for both the three and nine months ended September 30, 2019.
For both the three and nine months ended September 30, 2019, the Company billed NGM $102 for services provided under the employee lease agreement. The leasing period expired on December 31, 2019.
Total amounts due to (from) NGM for gold and silver purchased, the transition services agreement services provided and CC&V toll milling were $78 as of September 30, 2020.​ Total amounts due to (from) NGM for gold and silver purchased, the transition services agreement services provided, employees leased to NGM and CC&V toll milling were $120 as of December 31, 2019.​
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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 (“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”). We use certain non-GAAP financial measures in our MD&A. For a detailed description of each of the non-GAAP measures used in this MD&A, please see the discussion under “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis.
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 of our Annual Report on Form 10-K for the year ended December 31, 20192020 filed with the Securities and Exchange Commission (“SEC”) on February 20, 2020.18, 2021.
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 for 13 consecutive yearssince 2007 and have adopted the World Gold Council’s Conflict-Free Gold Policy. In June 2020, Since 2015, Newmont has been ranked as the mining and metal sector's top gold miner by the SAM S&P 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 environmental, social and governance ("ESG") transparency and performance. Additionally, in June 2020, Newmont was added to the Corporate Human Rights Benchmark's ("CHRB") 2019 evaluation and was ranked 12th out of more than 200 companies that were assessed against the CHRB's human rights performance criteria. since 2020.
We are primarily engaged in the exploration for and acquisition of gold andproperties, some of which may contain copper, properties.silver, lead, zinc or other metals. We have significant operations and/or assets in the United States (“U.S.”), Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia and Ghana.
During the first half of 2020, the COVID-19 outbreak escalated to a global pandemic, which has had varying impacts in the jurisdictions in which we operate. In response, the Company temporarily placed five sites into care and maintenance including Musselwhite, Éléonore, Yanacocha and Cerro Negrolate in Marchthe first quarter of 2020, and Peñasquito in April 2020. Duringwith each subsequently resuming operations during the second quarter of 2020, we worked closely with local stakeholders to resume operations at all five mine sites.2020. As of September 30, 2020, Musselwhite, Éléonore and Peñasquito2021, all sites were fully operational, while Yanacocha has ramped up to near normal operations.including Cerro Negro continuesand Tanami. Cerro Negro returned to operatefull capacity during September 2021 after operating for more than a year at reduced levels while managing ongoing COVID-19 relateddue to COVID-related impacts. After temporarily being placed into care and maintenance in late June 2021 to protect our employees and nearby communities, align with country mandated travel restrictions, and collaborating with local authorities and trade unions.manage ongoing COVID-related impacts, Tanami returned to full capacity by the end of July 2021.
Refer to the “Third Quarter 20202021 Highlights”, “Results of Consolidated Operations”, “Liquidity and Capital Resources”,Resources" and “Non-GAAP Financial Measures” and “Accounting Developments”Measures" for further information about the impacts of the COVID-19 pandemic on the Company.
On April 18, 2019During the third quarter of 2021, Nevada Gold Mines LLC ("NGM"), entered into a definitive asset exchange agreement (the “acquisition date”“Exchange Agreement”), Newmont completed with i-80 Gold Corp. The transaction closed during October 2021 and pursuant to the business acquisitionExchange Agreement NGM acquired the remaining 40% interest in the South Arturo Joint Venture, along with an option to acquire additional properties, in exchange for Lone Tree and certain additional assets it currently owns. The valuation of Goldcorp, Inc. (“Goldcorp”), an Ontario corporation. TheNGM's controlling interest in the South Arturo property and related accounting resulting from the asset exchange is still in process. As a result of the transaction, the Company acquired all outstandingcurrently expects to recognize a significant gain, representing its 38.5% interest in NGM's gain, in the fourth quarter of 2021. Refer to Note 1 of the Condensed Consolidated Financial Statements for further information.
In May 2021, we purchased the remaining common shares of Goldcorp in a primarily stock transaction (the “Newmont Goldcorp transaction”GT Gold Corporation (“GT Gold”) for total cash and non-cash consideration, including related transaction costs, of $9,456. The financial information$326. Refer to Note 1 of the Condensed Consolidated Financial Statements for further details regarding this transaction.
In March 2020, we completed the sale of our Red Lake complex in Ontario, Canada, previously included inas part of the following discussion and analysis of financial condition andCompany’s North America segment. As the sale was completed on March 31, 2020, results of operations duringfor Red Lake for the periodnine months ended September 30, 2020 compared toare included within the same periods in 2019, includesdiscussion below; there are no results for the results of operations acquired in the Newmont Goldcorp transaction since April 18, 2019. For further information, see Note 3 to the Condensed Consolidated Financial Statements.
On March 10, 2019, the Company entered into an implementation agreement with Barrick Gold Corporation (“Barrick”) to establish a joint venture (“Nevada JV Agreement”). On July 1, 2019 (the “effective date”), Newmont and Barrick consummated the Nevada JV Agreement and established Nevada Gold Mines LLC (“NGM”). As of the effective date, the Company contributed its Carlin, Phoenix, Twin Creeks and Long Canyon mines ("existing Nevada mining operations") and Barrick contributed certain of its Nevada mining operations and assets. Newmont and Barrick hold economic interests in the joint venture equal to 38.5% and 61.5%, respectively. Barrick acts as the operator of NGM with overall management responsibility and is subject to the supervision and direction of NGM’s Board of Managers. The Company accounts for its interest in NGM using the proportionate consolidation method, thereby recognizing its pro-rata share of the assets, liabilities and operations of NGM. The financial information included in the following discussion and analysis of financial condition and results of operations during the periodthree months ended September 30, 2020 compared toand the same periods in 2019, includes the results of operations of NGM since July 1, 2019. three and nine months ended September 30, 2021 included herein.
For further information seeon asset sales, refer to Note 27 to9 of the Condensed Consolidated Financial Statements.
We continue to focus on improving safety and efficiency at our operations, maintaining leading environmental, social and governance practices, and sustaining our global portfolio of longer-life, lower cost mines to generate the financial flexibility we need to strategically reinvest in the business, strengthen the Company’s investment-grade balance sheet and return cash to shareholders.
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Asset Sales
Kalgoorlie
We entered into a binding agreement dated December 17, 2019, to sell our 50% interest in Kalgoorlie Consolidated Gold Mines (“Kalgoorlie”), previously included as part of the Australia segment, to Northern Star Resources Limited (“Northern Star”). The Company completed the sale on January 2, 2020. As the sale was completed on January 2, 2020, there are no results for Kalgoorlie for the three and nine months ended September 30, 2020 included herein.
Red Lake
We entered into a binding agreement dated November 25, 2019, to sell the Red Lake complex in Ontario, Canada, previously included as part of the Company’s North America segment, to Evolution Mining Limited (“Evolution”). The Company completed the sale on March 31, 2020. As the sale was completed on March 31, 2020, results for Red Lake for the nine months ended September 30, 2020 are included within the discussion below; there are no results for the three months ended September 30, 2020 included herein.
For further information on asset sales, see Note 9 to the Condensed Consolidated Financial Statements.
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)
​20202019
Three Months Ended
September 30,		Increase
(decrease)
20212020
Net income (loss) from continuing operations attributable to Newmont stockholders Net income (loss) from continuing operations attributable to Newmont stockholders $611 $2,226 $(1,615)Net income (loss) from continuing operations attributable to Newmont stockholders $(8)$611 $(619)
Net income (loss) from continuing operations attributable to Newmont stockholders per common share, dilutedNet income (loss) from continuing operations attributable to Newmont stockholders per common share, diluted$0.76 $2.71 $(1.95)Net income (loss) from continuing operations attributable to Newmont stockholders per common share, diluted$(0.01)$0.76 $(0.77)
​
​Nine Months Ended
September 30,		Increase
(decrease)
​20202019
Nine Months Ended
September 30,		Increase
(decrease)
20212020
Net income (loss) from continuing operations attributable to Newmont stockholders Net income (loss) from continuing operations attributable to Newmont stockholders $1,860 $2,340 $(480)Net income (loss) from continuing operations attributable to Newmont stockholders $1,170 $1,860 $(690)
Net income (loss) from continuing operations attributable to Newmont stockholders per common share, dilutedNet income (loss) from continuing operations attributable to Newmont stockholders per common share, diluted$2.31 $3.30 $(0.99)Net income (loss) from continuing operations attributable to Newmont stockholders per common share, diluted$1.46 $2.31 $(0.85)
​The decrease in Net income (loss) from continuing operations attributable to Newmont stockholders for the three months ended September 30, 2020,2021, compared to the same period in 2019,2020, is primarily due to (i) the recognized gainLoss on assets held for sale in connection with the formation of NGM in 2019, (ii)Conga mill assets, lower realized gold prices, lower gold sales volumes, due to the sale of Kalgoorlieunrealized losses on marketable and Red Lake during 2020 and lower ore grade milled at Merian, Ahafo and Akyem, (iii) lower sales volumes,other equity securities, higher Care Costs applicable to sales, and maintenance costs due to certain sites experiencing reduced operations,higher reclamation and other incremental costs in response to the COVID-19 pandemic and (iv) pension settlementremediation charges in 2020, partially offset by (i) higher average realized gold prices, (ii) lower income and mining tax expense (iii)and lower operating costs as a resultimpairment of reduced sales volumes, (iv) lower exploration costs from the temporary reduction of exploration drilling activities as a result of the COVID-19 pandemic, (v) the change in fair value of investments, (vi) lower Goldcorp transaction and integration costs and (vii) lower general and administrative expense costs.long-lived assets.
The decrease in Net income (loss) from continuing operations attributable to Newmont stockholders for the nine months ended September 30, 2020,2021, compared to the same period in 2019,2020, is primarily due to (i) the recognized gainLoss on the formation of NGM in 2019, (ii) lower sales volumes, higher Care and maintenanceassets held for sale costs in connection with the Conga mill assets, lower Gain on asset and investment sales, net in 2021due to certain sites experiencing reduced operations and other incremental costs in response to the COVID-19 pandemic, (iii) lower sales volumes due to the sale of Kalgoorlie and Red Lake during 2020, (iv) higher depreciation and amortization rates from the formation of NGM, (v) the impairment charge of TMAC Resources, Inc. ("TMAC"), (vi) pension settlement charges and (vii) charges from debt extinguishment, partially offset by (i) higher average realized gold prices, (ii) the recognized gain on the sales of Kalgoorlie, Continental Gold, Inc. ("Continental") and Red Lake in 2020, (iii) lowerhigher income and mining tax expense, (iv) lower Goldcorp transaction and integration costs, (v) the change in fair value of investments, (vi) lower exploration costs from the temporary reduction of exploration drilling activities as a result of the COVID-19 pandemic, (vii) lowerhigher reclamation and remediation adjustments, (viii) lower Nevada JV transaction and implementation costs and (ix) lower general and administrative expense costs. For discussion regarding variations in production volumes and unit cost metrics, see Results of Consolidated Operations below.
The details of our Sales are set forth below. See Note 5 to our Condensed Consolidated Financial Statements for additional information.
45
Table of Contents
​Three Months Ended
September 30,		Increase
(decrease)		Percent
Change
​20202019
Gold$2,860 $2,483 $377 15 %
Copper43 40 3 8 
Silver138 78 60 77 
Lead30 25 5 20 
Zinc99 87 12 14 
​$3,170 $2,713 $457 17 %

​Nine Months Ended
September 30,		Increase
(decrease)		Percent
Change
​20202019
Gold$7,347 $6,376 $971 15 %
Copper101 163 (62)(38)
Silver337 109 228 209 
Lead92 38 54 142 
Zinc239 87 152 175 
​$8,116 $6,773 $1,343 20 %
The following analysis summarizes consolidated sales for the three months ended September 30, 2020:
Three Months Ended September 30, 2020
GoldCopperSilverLeadZinc
(ounces)(pounds)(ounces)(pounds)(pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact$2,864 $42 $122 $36 $99 
Provisional pricing mark-to-market19 2 12 (1)14 
Silver streaming amortization— — 16 — — 
Gross after provisional pricing and streaming impact2,883 44 150 35 113 
Treatment and refining charges(23)(1)(12)(5)(14)
Net$2,860 $43 $138 $30 $99 
Consolidated ounces (thousands)/ pounds (millions) sold1,495 14 6,371 42 98 
Average realized price (per ounce/pound): (1)
Gross before provisional pricing and streaming impact$1,917 $2.94 $19.15 $0.87 $1.01 
Provisional pricing mark-to-market12 0.15 2.00 (0.02)0.15 
Silver streaming amortization— — 2.40 — — 
Gross after provisional pricing and streaming impact1,929 3.09 23.55 0.85 1.16 
Treatment and refining charges(16)(0.10)(1.86)(0.12)(0.15)
Net$1,913 $2.99 $21.69 $0.73 $1.01 

(1)Per ounce/pound measures may not recalculate due to rounding.​
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Table of Contents
The following analysis summarizes consolidated sales for the nine months ended September 30, 2020:
​Nine Months Ended September 30, 2020
GoldCopperSilverLeadZinc
​(ounces)(pounds)(ounces)(pounds)(pounds)
Consolidated sales:​​​​
Gross before provisional pricing and streaming impact$7,342 $108 $306 $109 $299 
Provisional pricing mark-to-market48 (3)18 (3)5 
Silver streaming amortization— — 48 — — 
Gross after provisional pricing and streaming impact7,390 105 372 106 304 
Treatment and refining charges(43)(4)(35)(14)(65)
Net$7,347 $101 $337 $92 $239 
Consolidated ounces (thousands)/ pounds (millions) sold4,210 40 20,260 133 313 
Average realized price (per ounce/pound): (1)
​​​
Gross before provisional pricing and streaming impact$1,744 $2.67 $15.08 $0.82 $0.96 
Provisional pricing mark-to-market11 (0.07)0.90 (0.02)0.02 
Silver streaming amortization— — 2.36 — — 
Gross after provisional pricing and streaming impact1,755 2.60 18.34 0.80 0.98 
Treatment and refining charges(10)(0.11)(1.68)(0.11)(0.21)
Net$1,745 $2.49 $16.66 $0.69 $0.77 
____________________________
(1)Per ounce/pound measures may not recalculate due to rounding.​
The following analysis summarizes consolidated sales for the three months ended September 30, 2019:
Three Months Ended September 30, 2019
GoldCopperSilverLeadZinc
(ounces)(pounds)(ounces)(pounds)(pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact$2,485 $44 $70 $29 $112 
Provisional pricing mark-to-market6 (2)— — — 
Silver streaming amortization— — 11 — — 
Gross after provisional pricing and streaming impact2,491 42 81 29 112 
Treatment and refining charges(8)(2)(3)(4)(25)
Net$2,483 $40 $78 $25 $87 
Consolidated ounces (thousands)/ pounds (millions) sold1,682 17 4,552 30 107 
Average realized price (per ounce/pound): (1)
Gross before provisional pricing and streaming impact$1,477 $2.62 $15.25 $0.96 $1.04 
Provisional pricing mark-to-market4 (0.13)— — — 
Silver streaming amortization— — 2.41 — — 
Gross after provisional pricing and streaming impact1,481 2.49 17.66 0.96 1.04 
Treatment and refining charges(5)(0.12)(0.48)(0.12)(0.23)
Net$1,476 $2.37 $17.18 $0.84 $0.81 

(1)Per ounce/pound measures may not recalculate due to rounding.​
47
Table of Contents
The following analysis summarizes consolidated sales for the nine months ended September 30, 2019:
Nine Months Ended September 30, 2019
GoldCopperSilverLeadZinc
(ounces)(pounds)(ounces)(pounds)(pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact$6,384 $173 $96 $44 $112 
Provisional pricing mark-to-market13 (3)— — — 
Silver streaming amortization— — 16 — — 
Gross after provisional pricing and streaming impact6,397 170 112 44 112 
Treatment and refining charges(21)(7)(3)(6)(25)
Net$6,376 $163 $109 $38 $87 
Consolidated ounces (thousands)/ pounds (millions) sold4,656 63 6,719 47 107 
Average realized price (per ounce/pound): (1)
Gross before provisional pricing and streaming impact$1,371 $2.75 $14.35 $0.93 $1.04 
Provisional pricing mark-to-market3 (0.05)— — — 
Silver streaming amortization— — 2.39 — — 
Gross after provisional pricing and streaming impact1,374 2.70 16.74 0.93 1.04 
Treatment and refining charges(4)(0.11)(0.51)(0.12)(0.23)
Net$1,370 $2.59 $16.23 $0.81 $0.81 
____________________________
(1)Per ounce/pound measures may not recalculate due to rounding.​
The change in consolidated sales is due to:​
Three Months Ended September 30,
2020 vs. 2019
GoldCopperSilverLeadZinc
(ounces)(pounds)(ounces)(pounds)(pounds)
Increase (decrease) in consolidated ounces/pounds sold$(278)$(7)$32 $11 $(10)
Increase (decrease) in average realized price670 9 37 (5)11 
Decrease (increase) in treatment and refining charges(15)1 (9)(1)11 
$377 $3 $60 $5 $12 

Nine Months Ended September 30,
2020 vs. 2019
GoldCopperSilverLeadZinc
(ounces)(pounds)(ounces)(pounds)(pounds)
Increase (decrease) in consolidated ounces/pounds sold$(612)$(61)$228 $79 $214 
Increase (decrease) in average realized price1,605 (4)32 (17)(22)
Decrease (increase) in treatment and refining charges(22)3 (32)(8)(40)
$971 $(62)$228 $54 $152 
The increases in gold sales during the three and nine months ended September 30, 2020, compared to the same periods in 2019, are primarily due to higher average realized gold prices,charges partially offset by lower ounces soldhigher realized metal prices, higher sales volumes due to certain operations being placed into care and maintenance or experiencing reduced operations in response to the COVID-19 pandemic in addition to the sale of Red Lakeduring 2020, lower Care and Kalgoorlie during 2020.
​maintenanceThe increase in copper sales during the three months ended September 30, 2020, compared to the same period in 2019, is primarily due to higher average realized copper prices, partially offset by copper being produced as a by-product at Phoenix upon the formation of NGM on July 1, 2019, compared to a co-product for the first six months of 2019. The decrease in copper sales during the nine months ended September 30, 2020, compared to the same period in 2019, is primarily due to copper being produced as a by-product at Phoenix upon the formation of NGM on July 1, 2019, compared to a co-product for the first six months of 2019, lower ore grade milled at Boddington, and lower average realized copper prices.impairment of long-lived assets and investments.
The increases in silver sales duringdetails of our Sales are set forth below. Refer to Note 4 of the three and nine months ended September 30, 2020, compared to the same periods in 2019, are primarily due to higher ounces sold at Peñasquito due to the blockade in the prior year reducing production and sales and nine months of operations in 2020 as compared to six months in 2019 and higher average realized silver prices, partially offset by Peñasquito being placed into care and maintenance during a portion of 2020 due to the COVID-19 pandemic.Condensed Consolidated Financial Statements for further information.
Three Months Ended
September 30,		Increase
(decrease)		Percent
Change
20212020
Gold$2,516 $2,860 $(344)(12)%
Copper72 43 29 67 
Silver143 138 5 4 
Lead42 30 12 40 
Zinc122 99 23 23 
$2,895 $3,170 $(275)(9)%
Nine Months Ended
September 30,		Increase
(decrease)		Percent
Change
20212020
Gold$7,628 $7,347 $281 4 %
Copper204 101 103 102 
Silver486 337 149 44 
Lead129 92 37 40 
Zinc385 239 146 61 
$8,832 $8,116 $716 9 %
4840
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The increases in leadfollowing analysis summarizes consolidated sales duringfor the three andmonths ended September 30, 2021:
Three Months Ended September 30, 2021
GoldCopperSilverLeadZinc
(ounces)(pounds)(ounces)(pounds)(pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact$2,527 $75 $167 $30 $133 
Provisional pricing mark-to-market5 (1)(29)13 1 
Silver streaming amortization— — 19 — — 
Gross after provisional pricing and streaming impact2,532 74 157 43 134 
Treatment and refining charges(16)(2)(14)(1)(12)
Net$2,516 $72 $143 $42 $122 
Consolidated ounces (thousands)/pounds (millions) sold1,416 18 7,792 42 98 
Average realized price (per ounce/pound): (1)
Gross before provisional pricing and streaming impact$1,784 $4.18 $21.52 $0.73 $1.35 
Provisional pricing mark-to-market4 (0.08)(3.79)0.29 0.01 
Silver streaming amortization— — 2.44 — — 
Gross after provisional pricing and streaming impact1,788 4.10 20.17 1.02 1.36 
Treatment and refining charges(10)(0.11)(1.83)(0.03)(0.12)
Net$1,778 $3.99 $18.34 $0.99 $1.24 
____________________________
(1)Per ounce/pound measures may not recalculate due to rounding.
The following analysis summarizes consolidated sales for the nine months ended September 30, 2020, compared to the same periods in 2019, are primarily2021:
Nine Months Ended September 30, 2021
GoldCopperSilverLeadZinc
(ounces)(pounds)(ounces)(pounds)(pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact$7,675 $204 $490 $130 $419 
Provisional pricing mark-to-market(10)5 (20)2 5 
Silver streaming amortization— — 58 — — 
Gross after provisional pricing and streaming impact7,665 209 528 132 424 
Treatment and refining charges(37)(5)(42)(3)(39)
Net$7,628 $204 $486 $129 $385 
Consolidated ounces (thousands)/pounds (millions) sold4,277 49 23,938 134 319 
Average realized price (per ounce/pound): (1)
Gross before provisional pricing and streaming impact$1,794 $4.20 $20.49 $0.98 $1.32 
Provisional pricing mark-to-market(2)0.09 (0.85)0.01 0.01 
Silver streaming amortization— — 2.44 — — 
Gross after provisional pricing and streaming impact1,792 4.29 22.08 0.99 1.33 
Treatment and refining charges(9)(0.10)(1.76)(0.03)(0.12)
Net$1,783 $4.19 $20.32 $0.96 $1.21 
____________________________
(1)Per ounce/pound measures may not recalculate due to higher pounds sold at Peñasquitorounding.
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Table of Contents
The following analysis summarizes consolidated sales for the three months ended September 30, 2020:
Three Months Ended September 30, 2020
GoldCopperSilverLeadZinc
(ounces)(pounds)(ounces)(pounds)(pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact$2,864 $42 $122 $36 $99 
Provisional pricing mark-to-market19 2 12 (1)14 
Silver streaming amortization— — 16 — — 
Gross after provisional pricing and streaming impact2,883 44 150 35 113 
Treatment and refining charges(23)(1)(12)(5)(14)
Net$2,860 $43 $138 $30 $99 
Consolidated ounces (thousands)/pounds (millions) sold1,495 14 6,371 42 98 
Average realized price (per ounce/pound): (1)
Gross before provisional pricing and streaming impact$1,917 $2.94 $19.15 $0.87 $1.01 
Provisional pricing mark-to-market12 0.15 2.00 (0.02)0.15 
Silver streaming amortization— — 2.40 — — 
Gross after provisional pricing and streaming impact1,929 3.09 23.55 0.85 1.16 
Treatment and refining charges(16)(0.10)(1.86)(0.12)(0.15)
Net$1,913 $2.99 $21.69 $0.73 $1.01 
____________________________
(1)Per ounce/pound measures may not recalculate due to rounding.
The following analysis summarizes consolidated sales for the blockade in the prior year reducing production and nine months of operations in 2020 as compared to six months in 2019, partially offset by lower average realized lead prices and Peñasquito being placed into care and maintenance during a portion of 2020ended September 30, 2020:
Nine Months Ended September 30, 2020
GoldCopperSilverLeadZinc
(ounces)(pounds)(ounces)(pounds)(pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact$7,342 $108 $306 $109 $299 
Provisional pricing mark-to-market48 (3)18 (3)5 
Silver streaming amortization— — 48 — — 
Gross after provisional pricing and streaming impact7,390 105 372 106 304 
Treatment and refining charges(43)(4)(35)(14)(65)
Net$7,347 $101 $337 $92 $239 
Consolidated ounces (thousands)/pounds (millions) sold4,210 40 20,260 133 313 
Average realized price (per ounce/pound): (1)
Gross before provisional pricing and streaming impact$1,744 $2.67 $15.08 $0.82 $0.96 
Provisional pricing mark-to-market11 (0.07)0.90 (0.02)0.02 
Silver streaming amortization— — 2.36 — — 
Gross after provisional pricing and streaming impact1,755 2.60 18.34 0.80 0.98 
Treatment and refining charges(10)(0.11)(1.68)(0.11)(0.21)
Net$1,745 $2.49 $16.66 $0.69 $0.77 
____________________________
(1)Per ounce/pound measures may not recalculate due to the COVID-19 pandemic .rounding.
42
Table of Contents
The change in consolidated sales is due to:
Three Months Ended September 30,
2021 vs. 2020
GoldCopperSilverLeadZinc
(ounces)(pounds)(ounces)(pounds)(pounds)
Increase (decrease) in consolidated ounces/pounds sold$(151)$9 $33 $— $— 
Increase (decrease) in average realized price(200)21 (26)8 21 
Decrease (increase) in treatment and refining charges7 (1)(2)4 2 
$(344)$29 $5 $12 $23 
Nine Months Ended September 30,
2021 vs. 2020
GoldCopperSilverLeadZinc
(ounces)(pounds)(ounces)(pounds)(pounds)
Increase (decrease) in consolidated ounces/pounds sold$118 $19 $67 $1 $6 
Increase (decrease) in average realized price157 85 89 25 114 
Decrease (increase) in treatment and refining charges6 (1)(7)11 26 
$281 $103 $149 $37 $146 
The increasedecrease in zincgold sales during the three months ended September 30, 2020,2021, compared to the same period in 2019,2020, is primarily due to higherlower average realized zincgold prices and lower treatment and refining costsounces sold in the current period. Lower ounces sold in the current period is primarily due to (i) lower pounds sold,production at NGM as a result of a mechanical failure in May 2021 which resulted in a partial shutdown of the Goldstrike mill, which was fully repaired by September 2021, (ii) lower leach production, lower mill recovery and lower ore grade milled at CC&V, (iii) lower ore grade milled, lower recovery, and lower throughput at Tanami due to being placed under care and maintenance during July 2021 as a result of the COVID-19 pandemic, and (iv) lower throughput, lower grade milled and lower recovery at Boddington. This was partially offset by lower poundshigher ounces sold dueat Cerro Negro that had experienced reduced operations in response to the timing of zinc shipments.COVID-19 pandemic during the same period in 2020. The increase in zincgold sales during the nine months ended September 30, 2020,2021, compared to the same period in 2019,2020, is primarily due to overall higher pounds sold at Peñasquito due to the blockadeaverage realized gold prices in the priorcurrent year reducing production and nine months of operations in 2020 as compared to six months in 2019, partially offset by lower average realized zinc prices and Peñasquito being placed into care and maintenance during a portion of 2020 due to the COVID-19 pandemic.
For further discussion regarding changes in volumes, see Results of Consolidated Operations below.
The details of our Costs applicable to sales are set forth below. See Note 4 to our Condensed Consolidated Financial Statements for additional information.
​Three Months Ended
September 30,		Increase
(decrease)		Percent
Change
​20202019
Gold$1,130 $1,232 $(102)(8)%
Copper28 28 — — 
Silver45 60 (15)(25)
Lead17 25 (8)(32)
Zinc49 47 2 4 
​$1,269 $1,392 $(123)(9)%

​Nine Months Ended
September 30,		Increase
(decrease)		Percent
Change
​20202019
Gold$3,210 $3,412 $(202)(6)%
Copper78 115 (37)(32)
Silver148 101 47 47 
Lead56 45 11 24 
Zinc167 63 104 165 
​$3,659 $3,736 $(77)(2)%
The decreases in Costs applicable to sales for gold during the three and nine months ended September 30, 2020, compared to the same periods in 2019, are primarily due to lowerhigher ounces sold in the current year due to certain operations being placed into care and maintenance or experiencing reduced operations in response to the COVID-19 pandemic in addition to the sale of Red Lake and Kalgoorlie during 2020, partially offset by higherlower ounces sold at MusselwhiteNGM, CC&V, and PeñasquitoTanami as well as lower mill throughput at Yanacocha as a result of the ramp down of the mill and lower leach recoveries.
The increases in copper, silver, lead and zinc sales during the three and nine months ended September 30, 2021, compared to the same periods in 2020, are primarily due to higher average realized metal prices in the fire at Musselwhite haltingcurrent year and higher volumes sold in the current year due to Peñasquito experiencing reduced operations in response to the prior year andCOVID-19 pandemic during 2020.
For further discussion regarding changes in volumes, see Results of Consolidated Operations below.
The details of our Costs applicable to sales are set forth below. Refer to Note 3 of the blockade at Peñasquito reducing productionCondensed Consolidated Financial Statements for a portionfurther information.
Three Months Ended
September 30,		Increase
(decrease)		Percent
Change
20212020
Gold$1,175 $1,130 $45 4 %
Copper37 28 9 32 
Silver80 45 35 78 
Lead18 17 1 6 
Zinc57 49 8 16 
$1,367 $1,269 $98 8 %
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Table of 2019 andContents
Nine Months Ended
September 30,		Increase
(decrease)		Percent
Change
20212020
Gold$3,331 $3,210 $121 4 %
Copper102 78 24 31 
Silver230 148 82 55 
Lead55 56 (1)(2)
Zinc177 167 10 6 
$3,895 $3,659 $236 6 %
The increase in Costs applicable to sales for gold during the three months ended September 30, 2021, compared to the same periods in 2020, is primarily due to (i) higher ounces sold at PorcupinePeñasquito and Cerro Negro in the current year due to being placed into care and maintenance or experiencing reduced operations in response to the COVID-19 pandemic during 2020, (ii) higher royalty payments, higher power costs and higher maintenance costs at Akyem, (iii) an unfavorable strip ratio as a result of mine sequencing and higher power costs at Ahafo, (iv) higher inventory adjustments and lower by-product credits at Yanacocha, partially offset by lower ounces sold at NGM and CC&V. The increase for the nine months ended September 30, 2021, compared to the same period in 2020, is primarily due to Borden achieving commercial productionhigher ounces sold in the fourthcurrent year due to certain operations being placed into care and maintenance or experiencing reduced operations in response to the COVID-19 pandemic during 2020, partially offset by higher by-product credits and lower sales volumes at Yanacocha, lower sales volumes at NGM, and the sale of Red Lake during the first quarter of 2019.2020.
The increases in Costs applicable to sales for copper during the three and nine months ended September 30, 2021, compared to the same periods in 2020, was in line with the prior year.are primarily due to a higher co-product allocation of costs to copper, increased royalty costs and an unfavorable Australian dollar foreign currency exchange rate, and higher copper pounds sold. The decrease in Costs applicable to salesincrease for copper during the nine months ended September 30, 2020,2021, compared to the same period in 2019, is primarily due to copper being produced as a by-product at Phoenix upon the formation of NGM on July 1, 2019 compared to a co-product for the first six months of 2019,2020, was partially offset by higher milllower maintenance costs at Boddington.
The decreaseincreases in Costs applicable to sales for silver and lead during the three months ended September 30, 2020, compared to the same period in 2019, is due to decreased cost allocations and timing of sales. The increase in Costs applicable to sales for silver and lead during the nine months ended September 30, 2020,2021, compared to the same periodperiods in 2019, is2020, are primarily due to increased production athigher ounces sold in the current year due to Peñasquito due to the blockade in the prior year reducing production and nine months of operations in 2020 as compared to six months in 2019, partially offset by Peñasquito being placed into care and maintenance during a portion of 2020 due to the COVID-19 pandemic.
The increase in Costs applicable to sales for zinclead during the three months ended September 30, 2020,2021, compared to the same period in 2019,2020, is due to increased cost allocation and timing of sales. The increase in Costs applicable to sales for zinc during the nine months ended September 30, 2020, compared to the same periods in 2019, are primarily due to higher pounds sold in the blockade atcurrent year due to Peñasquito in the prior
49
Table of Contents
year reducing production and nine months of operations in 2020 as compared to six months in 2019, partially offset by Peñasquito being placed into care and maintenance during a portion of 2020 due to the COVID-19 pandemic.
For discussion regarding variations The decrease in operations, see Results of Consolidated Operations below.
The details of our Depreciation and amortization are set forth below. See Note 4Costs applicable to our Condensed Consolidated Financial Statements for additional information.
​Three Months Ended
September 30,		Increase
(decrease)		Percent
Change
​20202019
Gold$517 $490 $27 6 %
Copper5 6 (1)(17)
Silver24 16 8 50 
Lead9 7 2 29 
Zinc26 13 13 100 
Other11 16 (5)(31)
​$592 $548 $44 8 %

​Nine Months Ended
September 30,		Increase
(decrease)		Percent
Change
​20202019
Gold$1,425 $1,218 $207 17 %
Copper14 26 (12)(46)
Silver82 26 56 215 
Lead31 13 18 138 
Zinc90 22 68 309 
Other43 42 1 2 
​$1,685 $1,347 $338 25 %

The increases in Depreciation and amortizationsales for gold during the three and nine months ended September 30, 2020, compared to the same periods in 2019, are primarily due to increased sales volumes at Musselwhite and Peñasquito and Borden achieving commercial production in the fourth quarter of 2019. The nine months ended September 30, 2020, compared to the same period in 2019, was also impacted by higher depreciation and amortization rates from the formation of NGM.
Depreciation and amortization for copper during the three months ended September 30, 2020 was in line with the prior year. The decrease in Depreciation and amortization for copperlead during the nine months ended September 30, 2020,2021 compared to the same period in 2019,2020, is primarily due to copper being produced as a by-product at Phoenix upon the formationlower co-product allocation of NGM on July 1, 2019 compared to a co-product for the first six months of 2019.
The increases in Depreciation and amortization for silver and lead during the three and nine months ended September 30, 2020, compared to the same periods in 2019, are primarily due to increased productioncosts at Peñasquito, due to the blockade in the prior year reducing production and nine months of operations in 2020 as compared to six months in 2019, partially offset by higher pounds sold in the current year due to Peñasquito operations being placed into care and maintenance during a portion of 2020 due to the COVID-19 pandemic.
The increaseincreases inDepreciation and amortization Costs applicable to sales for zinc during the three months ended September 30, 2020, compared to the same period in 2019, is primarily due to allocation of costs and timing of sales. The increase in Depreciation and amortization for zinc during the nine months ended September 30, 2020,2021, compared to the same periodperiods in 2019, is2020, are primarily due to increased production athigher pounds sold in the current year due to Peñasquito due to the blockade in the prior year reducing production and nine months of operations in 2020 as compared to six months in 2019, partially offset by Peñasquito being placed into care and maintenance during a portion of 2020 due to the COVID-19 pandemic.
For discussion regarding variations in operations, see Results of Consolidated Operations below.​
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ReclamationThe details of our Depreciation and remediationamortization decreased by $24are set forth below. Refer to Note 3 of the Condensed Consolidated Financial Statements for further information.
Three Months Ended
September 30,		Increase
(decrease)		Percent
Change
20212020
Gold$475 $517 $(42)(8)%
Copper6 5 1 20 
Silver43 24 19 79 
Lead9 9 — — 
Zinc25 26 (1)(4)
Other12 11 1 9 
$570 $592 $(22)(4)%
Nine Months Ended
September 30,		Increase
(decrease)		Percent
Change
20212020
Gold$1,400 $1,425 $(25)(2)%
Copper16 14 2 14 
Silver123 82 41 50 
Lead29 31 (2)(6)
Zinc80 90 (10)(11)
Other36 43 (7)(16)
$1,684 $1,685 $(1)— %
The decreases in Depreciation and $49amortization for gold during the three and nine months ended September 30, 2020,2021, compared to the same periods in 2019,2020, are primarily due to an updatelower production volume at NGM as a result of the project cost estimatespartial shutdown of the Goldstrike mill from May 2021 through September 2021, lower production at CC&V as a result of lower leach pad production, lower mill recovery and lower ore grade milled, partially offset by higher ounces produced due to certain operations being placed into care and maintenance or experiencing reduced operations in response to the prior year at the Dawn, Mule Canyon and Northumberland sites, and water management costs at the Con Mine.​COVID-19 pandemic during 2020.
ExplorationThe increases in Depreciation and amortization expense decreased by $40 and $80for copper during the three and nine months ended September 30, 2020,2021, compared to the same periods in 2019,2020, are primarily due to the temporary reductionhigher sales volumes and higher co-product allocation of exploration drilling activities duecosts to the COVID-19 pandemic.copper partially offset by a longer reserve life at Boddington.
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Table of ContentsThe increases in
Advanced projects, research Depreciation and developmentamortization expense decreased by $4 and $10for silver during the three and nine months ended September 30, 2020, respectively. The decreases2021, compared to the same periods in 2019 were2020, are primarily due to lower spend on various projectshigher ounces produced in the current year due to Peñasquito operations being placed into care and full potential initiatives in Africa. The ninemaintenance during a portion of 2020 due to the COVID-19 pandemic.
Depreciation and amortization for lead remained consistent during the three months ended September 30, 2020,2021, compared to the same period in 2019, was also impacted by2020. The decrease in Depreciation and amortization for lead during the nine months ended September 30, 2021 compared to the same period in 2020, is primarily due to lower spend in Nevada following the formationco-product allocation of NGM,costs at Peñasquito, partially offset by higher pounds produced in the current year due to Peñasquito operations being placed into care and maintenance during a portion of 2020 due to the COVID-19 pandemic.
The decreases in Depreciation and amortization for zinc during the three and nine months ended September 30, 2021, compared to the same periods in 2020, are primarily due to lower co-product allocation of costs at Peñasquito partially offset by higher pounds produced in the current year due to Peñasquito operations being placed into care and maintenance during a portion of 2020 due to the COVID-19 pandemic.
For discussion regarding variations in operations, see Results of Consolidated Operations below.
Reclamation and remediation increased by $79 and $104 during the three and nine months ended September 30, 2021, respectively, compared to the same periods in 2020. The increase during the three months ended September 30, 2021 was primarily due to higher estimated closure costs arising from recent tailings management review and monitoring requirements set forth by the Global Industry Standard on Tailings Management (GISTM). The increase during the nine months ended September 30, 2021, was primarily due to higher estimated closure cost arising from recent tailings management review and monitoring requirements set forth by the GISTM, revisions to estimated construction costs of a water treatment plant at the Midnite mine site and higher estimated closure costs related to water management at NGM for the closed Rain site.
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Exploration expense increased by $12 and $29 during the three and nine months ended September 30, 2021, respectively, compared to the same periods in 2020, primarily due to an increase in various exploration activities in North America, Australia and South America.
Advanced projects, research and development expense remained consistent for the three months ended September 30, 2021, compared to the same period in 2020. Advanced projects, research and development expense increased by $16 during the nine months ended September 30, 2021, compared to the same period in 2020, primarily due to increased spend associated with full potential opportunities in North America.programs.
General and administrative expense decreased by $16$7 and $19$15 during the three and nine months ended September 30, 2020,2021, respectively, compared to the same periods in 2019,2020, primarily due to the progression ofongoing integration activities for therelated to Newmont Goldcorp transaction and other cost reduction efforts. General and administrative expense as a percentage of Sales was 2.1% and 2.5%2.2% for the three and nine months ended September 30, 2020,2021, respectively compared to 3.1%2.1% and 3.3%2.5% in the same periods in 2019.2020.
CareInterest expense, net of capitalized interest decreased by $9 and maintenance was $26 and $171$27 during the three and nine months ended September 30, 2020, respectively. Care and maintenance represents direct operating costs incurred at sites temporarily placed into care and maintenance or operating at reduced levels as a result of the COVID-19 pandemic.
Other expense, net increased by $54 during the three months ended September 30, 2020, compared to the same period in 2019, primarily due to COVID-19 specific costs incurred as a result of the COVID-19 pandemic, higher settlement costs and increased impairments of long-lived and other assets; partially offset by decreases in transaction costs associated with the Newmont Goldcorp transaction. Other expense, net decreased by $59 during the nine months ended September 30, 2020 compared to the same period in 2019 primarily due to decreases in transaction costs associated with the Newmont Goldcorp transaction and the Nevada JV agreement, partially offset by COVID-19 specific costs incurred as a result of the COVID-19 pandemic, higher settlement costs and increased impairments of long-lived and other assets.
Gain on formation of Nevada Gold Mines was $— for both the three and nine months ended September 30, 2020, compared to $2,366 for the same periods in 2019. The gain on formation of NGM represents the difference between the fair value of our 38.5% interest in NGM and the carrying value of the Nevada mining operations contributed.
Gain on asset and investment sales, net was $1 and $593 during the three and nine months ended September 30, 2020, respectively, and was $(1) and $32 during the three and nine months ended September 30, 2019, respectively. The change for the nine months ended September 30, 2020, compared to 2019, is primarily due to the 2020 sales of Kalgoorlie in Australia, the Red Lake complex in Canada and our investment in Continental. See Note 9 for additional information on asset sales and Note 19 for additional information on investment sales.
Other income, net decreased by $76 and $169 during the three and nine months ended September 30, 2020,2021 respectively, compared to the same periods in 2019. The decrease for the three months ended September 30, 2020 is primarily due to pension settlement charges and unrealized foreign exchange losses in the current year compared to unrealized foreign exchange gains in the prior year, partially offset by larger increases in the fair value of investments in the current year. The decrease for the nine months ended September 30, 2020 is primarily due to an other-than-temporary impairment of our investment in TMAC, debt extinguishment charges and pension settlement charges, partially offset by larger increases in the fair value of investments in the current year.
Interest expense, net decreased by $2 during the three months ended September 30, 2020 compared to the same period in 2019 due to lower interest rates as a result of the Company's recent debt refinancing transactions. Interest expense, net increased by $18 during the nine months ended September 30, 2020 compared to the same period in 2019 primarily due to increased debt balances as a resulttransactions and early redemption of the Newmont Goldcorp transaction and a decrease in capitalized interest.2021 Notes. Refer to Note 17 of the Condensed Consolidated Financial Statements for further information on the redemption.
Income and mining tax expense (benefit) was $222 and $305, and $558,$798 and $446 and $703 during the three and nine months ended September 30, 20202021 and 2019,2020, 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 United States dollar 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. SeeRefer to Note 11 toof the Condensed Consolidated Financial Statements for further discussion of income taxes.
51
Three Months Ended 
September 30, 2021September 30, 2020
Income
(Loss)(1)
Effective
Tax Rate		Income Tax
(Benefit)
Provision
Income
(Loss)(1)
Effective
Tax Rate		Income Tax
(Benefit)
Provision
Nevada$160 20 %$32 (2)$220 20 %$45 (2)
CC&V21 14 3 (3)46 15 7 (3)
Corporate & Other(212)7 (15)(4)(18)157 (29)(4)
Total US(31)(65)20 248 9 23 
Australia219 35 76 (5)284 38 107 (5)
Ghana109 34 37 (6)164 37 60 (6)
Suriname74 27 20 (7)80 26 21 (7)
Peru(597)— (1)(8)2 550 11 (8)
Canada(49)4 (2)(9)(63)(33)21 (9)
Mexico211 26 55 (10)175 46 80 (10)
Argentina10 200 20 (11)(20)15 (3)(11)
Other Foreign(17)(29)5 10 — — 
Rate adjustments— N/A(8)(12)— N/A(15)(12)
Consolidated$(71)(313)%(13)$222 $880 35 %(13)$305 
Table of Contents____________________________
​Three Months Ended 
​September 30, 2020September 30, 2019
​
Income
(Loss)(1)
Effective
Tax Rate		Income Tax
(Benefit)
Provision
Income
(Loss)(1)
Effective
Tax Rate		​Income Tax
(Benefit)
Provision
Nevada$220 20 %$45 (2)$88 22 %​$19 (2)
CC&V46 15 7 (3)18 — ​— (3)
Corporate & Other(18)157 (29)(4)2,278 20 ​464 (4)
Total US248 9 23 2,384 20 ​483 
Australia284 38 107 (5)168 37 ​62 (5)
Ghana164 37 60 (6)145 34 ​50 (6)
Suriname80 26 21 (7)69 26 ​18 (7)
Peru2 550 11 (8)48 73 ​35 (8)
Canada(63)(33)21 (9)(75)31 ​(23)(9)
Mexico175 46 80 (10)(5)(620)​31 (10)
Argentina(20)15 (3)(11)18 (506)​(91)(11)
Other Foreign10 — — 26 8 ​2 
Rate adjustments— N/A(15)(12)— N/A​(9)(12)
Consolidated$880 35 %(13)$305 $2,778 20 %(13)$558 
____________________________
(1)Represents income (loss) from continuing operations by geographic location before income taxes and equity in affiliates. These amounts will not reconcile to the Segment Information for the reasons stated in Note 4.3.
(2)Includes deduction for percentage depletion of $(16)$(10) and $(10)$(16) and mining taxes net of $14associated federal benefit of $8 and $7,$14, respectively. Nevada includes the Company’s 38.5% interest in NGM.
(3)Includes deduction for percentage depletion of $(3)$(1) and $(5)$(3), respectively.
(4)Includes valuation allowance of $(24)$36 and $36,$(24), respectively.
(5)Includes mining taxes net of associated federal benefit of $9 and $23 and $13,tax impacts from the exposure to fluctuations in foreign currency of $4 and $—, respectively.
(6)Includes uncertain tax position reserve adjustment of $6$— and $—,$6, respectively.
(7)Includes valuation allowance of $1$— and $1, respectively.
(8)Includes valuation allowance of $133 and $10, respectively.
(9)Includes mining taxes net of associated federal benefit of $—$3 and $7 and$10, valuation allowance of $10$— and $13, respectively.
(9)Includes mining taxes net of associated benefit of $10 and $1, valuation allowance of $2, and $7, uncertain tax position reserve adjustment of $(7)$(4) and $(5)$(7), and tax impacts from the exposure to fluctuations in foreign currency of $6$— and $(9),$6, respectively.
(10)Includes mining taxes net of associated federal benefit of $11 and $(9),$11, valuation allowance of $2$— and $25,$2, uncertain tax position reserve adjustment of $(8)$3 and $13,$(8), and tax impact from the exposure to fluctuations in foreign currency of $(24) and $18, and $(12), respectively.
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(11)Includes valuation allowance of $8$— and $13$8, and tax impacts from the exposure to fluctuations in foreign currency of $(11)$13 and $(117)$(11), respectively.
(12)In accordance with applicable accounting rules, the interim provision for income taxes is adjusted to equal the consolidated tax rate.
(13)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.​
52
Nine Months Ended
September 30, 2021September 30, 2020
Income
(Loss)(1)
Effective
Tax Rate		Income Tax
(Benefit)
Provision
Income
(Loss)(1)
Effective
Tax Rate		Income Tax
(Benefit)
Provision
Nevada$493 18 %$89 (2)$487 20 %$98 (2)
CC&V71 10 7 (3)91 12 11 (3)
Corporate & Other(517)12 (61)(4)(254)30 (76)(4)
Total US47 74 35 324 10 33 
Australia706 36 252 (5)1,141 22 247 (5)
Ghana363 34 123 (6)346 35 122 (6)
Suriname220 29 63 (7)232 27 62 (7)
Peru(562)(9)53 (8)(32)(156)50 (8)
Canada70 41 29 (9)(51)(61)31 (9)
Mexico753 32 239 (10)299 (11)(33)(10)
Argentina(9)(122)11 (11)(71)62 (44)(11)
Other Foreign27 19 5 21 — — 
Rate adjustments— N/A(12)(12)— N/A(22)(12)
Consolidated$1,615 49 %(13)$798 $2,209 20 %(13)$446 
Table of Contents____________________________
​Nine Months Ended
​September 30, 2020September 30, 2019
​
Income
(Loss)(1)
Effective
Tax Rate		Income Tax
(Benefit)
Provision
Income
(Loss)(1)
Effective
Tax Rate		Income Tax
(Benefit)
Provision
Nevada$487 20 %$98 (2)$238 20 %$47 (2)
CC&V91 12 11 (3)21 — — (3)
Corporate & Other(254)30 (76)(4)2,033 22 455 (4)
Total US324 10 33 2,292 22 502 
Australia1,141 22 247 (5)414 40 164 (5)
Ghana346 35 122 (6)292 34 98 (6)
Suriname232 27 62 (7)195 26 50 (7)
Peru(32)(156)50 (8)112 54 61 (8)
Canada(51)(61)31 (9)(105)11 (12)(9)
Mexico299 (11)(33)(10)(182)20 (37)(10)
Argentina(71)62 (44)(11)9 (1,133)(102)(11)
Other Foreign21 — — 46 11 5 
Rate adjustments— N/A(22)(12)— N/A(26)(12)
Consolidated$2,209 20 %(13)$446 $3,073 23 %(13)$703 
____________________________
(1)Represents income (loss) from continuing operations by geographic location before income taxes and equity in affiliates. These amounts will not reconcile to the Segment Information for the reasons stated in Note 4.3.
(2)Includes deduction for percentage depletion of $(40)$(39) and $(25)$(40) and mining taxes net of $36associated federal benefit of $24 and $18,$36, respectively. Nevada includes the Company’s 38.5% interest in NGM.
(3)Includes deduction for percentage depletion of $(8) and $(4)$(8), respectively.
(4)Includes valuation allowance of $(26)$45 and $64$(26) and uncertain tax position reserve adjustment of $—$(1) and $5,$—, respectively.
(5)Includes mining taxes net of associated federal benefit of $55$39 and $41, and$55, valuation allowance of $— and $(148), and tax impacts from the exposure to fluctuations in foreign currency of $9 and $—, respectively.
(6)Includes uncertain tax position reserve adjustment of $6$— and $—,$6, respectively.
(7)Includes valuation allowance of $2$1 and $1,$2, respectively.
(8)Includes mining taxes net of associated federal benefit of $1$7 and $9,$1, valuation allowance of $162 and $27, uncertain tax position reserve adjustment of $(2) and $17,$—, and expense related to prior year tax disputes of $28$— and $—,$28, respectively.
(9)Includes mining tax net of associated federal benefit of $11$10 and $—,$11, valuation allowance of $11$1 and $3,$11, uncertain tax position reserve adjustment of $(12)$(1) and $3,$(12), and tax impacts from the exposure to fluctuations in foreign currency of $(1)$1 and $6,$(1), respectively.
(10)Includes mining tax net of associated federal benefit of $14$39 and $1,$14, valuation allowance of $(2)$1 and $27,$(2), uncertain tax position reserve adjustment of $(13)$24 and $13 and$(13), tax impact from the exposure to fluctuations in foreign currency of $(128)$(28) and $(41)$(128), and tax impact from prior year true-up adjustment of $(25) and $(1), respectively.
(11)Includes valuation allowance of $8$— and $— and$8, tax impacts from the exposure to fluctuations in foreign currency of $(42)$— and $(112)$(42), and tax expense of $11 and $— due to the impact of the rate change on the deferred tax liability, respectively.
(12)In accordance with applicable accounting rules, the interim provision for income taxes is adjusted to equal the consolidated tax rate.
(13)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.​
​
DuringIn the third quarter of 2020, the Nevada legislature passed three resolutions proposing amendments to the Nevada Constitution to modify provisions regarding the Net Proceeds of Minerals tax, which could significantly increasetax. During the mining taxes paid by NGM. These resolutions will require further approval over a multi-year process which would ultimately include a statewide vote. NGM has engaged stakeholders to discuss the potential impactsecond quarter of the resolutions, the fiscal requirements of the State, and the economic contributions of2021, the Nevada mining industry.
On March 18, 2020, the Families First Coronavirus Response Act ("FFCR Act"),legislature enacted a new excise tax on revenue from gold and on March 27, 2020, the Coronavirus Aid, Relief,silver sales and Economic Security Act ("CARES Act") were each enacted in responseas a result will not be making modifications to the COVID-19 pandemic. The FFCR Act andNet Proceeds of Minerals tax. See the CARES Act contain numerous income tax provisions such as the accelerated recoverabilityNevada Results of alternative minimum tax credits and relaxing limitations on the deductibility of interest and on the use of net operating losses. The Company has analyzed this legislation and has determined that it has no effect on the income tax expense. However, due to the provision accelerating the recoverability of alternative minimum tax credits, the Company received a refund of all outstanding alternative minimum tax credits as of September 30, 2020.Operations for additional information.
In addition to the FFCR and CARES Acts, governmentsGovernments in various jurisdictions in which the Company operates passed legislation in response to the COVID-19 pandemic. During the second quarter of 2021, the statutory Federal tax rate in Argentina was increased from 25% to 35%, effective January 1, 2021. The Company has evaluated these provisions and determined there is no impact of the rate change on the incomedeferred tax balance has been included in the tax expense.
Equity income (loss) of affiliates was $53decreased by $14 and $119increased by $19 during the three and nine months ended September 30, 2020,2021, respectively, and was $32 and $53 duringcompared to the three and nine months ended September 30, 2019, respectively. The increases aresame periods in 2020, primarily due to income of $52 and $135, respectively, from the Pueblo Viejo mine, which was acquired as part of the Newmont
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Table of Contents
Goldcorp transaction.mine. For the three and nine months ended September 30, 2020,2021, earnings before income taxes and depreciation and amortization related to the Pueblo Viejo Mine (“Pueblo Viejo EBITDA”) was $115$108 and $298,$336, respectively, and was $80$115 and $154$298 during the three and nine months ended
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Table of Contents
September 30, 2019,2020, respectively. Pueblo Viejo EBITDA is a non-GAAP financial measure. SeeFor further information regarding Pueblo Viejo EBITDA, refer to “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis. For additionalfurther information regarding our Equity income (loss) of affiliates see Note 12.
Net income (loss) from discontinued operations was $228 and $145 for the three and nine months ended September 30, 2020, respectively. The change is primarily due to the change in fair value of the Holt royalty obligation and option. Refer, refer to Note 18 for additional information on12 of the Holt royalty obligation and option. Net income (loss) from discontinued operations was $(48) and $(100) for the three and nine months ended September 30, 2019, respectively. The change was primarily due to an increase in the Holt royalty obligation resulting from an increase in the expected gold price and a decrease in the discount rate.

For additional information regarding our discontinued operations, see Note 13 to our Condensed Consolidated Financial Statements.​
Net loss (income) attributable to noncontrolling interests from continuing operations was $17 and $22 during the three and nine months ended September 30, 2020, respectively, and was $26 and $83 during the three and nine months ended September 30, 2019, respectively. The change is due to net losses at Yanacocha in the current year compared to net income in the prior year.
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:
GoldCopperSilverLeadZincGoldCopperSilverLeadZinc
(ounce)(pound)(ounce)(pound)(pound)(ounce)(pound)(ounce)(pound)(pound)
2021 GEO Price2021 GEO Price$1,200 $2.75 $22.00 $0.90 $1.05 
2020 GEO Price2020 GEO Price$1,200 $2.75 $16.00 $0.95 $1.20 2020 GEO Price$1,200 $2.75 $16.00 $0.95 $1.20 
2019 GEO Price$1,200 $2.75 $15.00 $0.90 $1.05 
In response to the COVID-19 pandemic, we safely placed the Musselwhite, Éléonore, Yanacocha and Cerro Negro mine sites temporarily into care and maintenance during March 2020 and Peñasquito in April 2020. During the second quarter 2020, operations at all five mine sites resumed. Ramp up efforts continued through the third quarter 2020 and as of September 30, 2020, Musselwhite, Éléonore and Peñasquito were fully operational while Yanacocha has ramped up to near normal operations. Cerro Negro continues to operate at reduced levels while managing ongoing COVID-19 related travel restrictions and collaborating with local authorities and trade unions. For the three and nine months ended September 30, 2020, we recognized $26 and $171 of cash and $9 and $86 of non-cash care and maintenance costs included in Care and maintenance and Depreciation and amortization, respectively.
During this period, our other    Our mines continued to operate with robust controls, including heightened levels of health screening and testing to protect both our workforce and the local communities in which we operate. We have adopted a risk-based approach to business travel, are providing flexible and remote working plans for employees and are maintaining effective contact tracing procedures and “social distancing” protocols. For the three and nine months ended September 30, 2020,2021, we incurred $32$24 and $67,$66, respectively, of incremental direct costs related to our response to the COVID-19 pandemic, included in Other expense, net, as a result of these and other actions taken to protect our employees and operations, and to support the local communities in which we operate.operate, of which $23 and $63, respectively, are included in All-in sustaining costs. For the three and nine months ended September 30, 2020, we incurred $32 and $67, respectively, of incremental direct costs related to our response to the COVID-19 pandemic, included in Other expense, net, and were excluded from All-in sustaining costs. All-in sustaining costs is a non-GAAP financial measure. See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis. For further information regarding costs related to our response to the COVID-19 pandemic, refer to Note 8 of the Condensed Consolidated Financial Statements.

Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization (2)
All-In Sustaining Costs (3)(4)
20212020202120202021202020212020
Three Months Ended September 30,
Gold(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
North America384 414 $800 $762 $372 $408 $1,026 $1,003 
South America246 232 958 885 372 373 1,276 1,162 
Australia274 309 788 690 186 188 1,025 889 
Africa210 229 886 693 314 306 1,114 865 
Nevada308 337 768 761 435 445 945 904 
Total/Weighted-Average (5)
1,422 1,521 $830 $756 $344 $353 $1,120 $1,020 
Attributable to Newmont1,364 1,454 
Gold equivalent ounces - other metals(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
North America (6)
275 238 $595 $513 $294 $274 $822 $735 
Australia (7)
40 35 914 840 151 153 1,025 998 
Total/Weighted-Average (5)
315 273 $638 $556 $275 $258 $887 $770 
Attributable gold from equity method investments (8)
(ounces in thousands)
Pueblo Viejo (40%)85 87 
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Table of Contents
Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization (2)
All-In Sustaining Costs (3)
Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization (2)
All-In Sustaining Costs (3)(4)
2020201920202019202020192020201920212020202120202021202020212020
Three Months Ended September 30,
Nine Months Ended September 30,Nine Months Ended September 30,
GoldGold(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)Gold(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
North AmericaNorth America414 325 $762 $945 $408 $394 $1,003 $1,276 North America1,194 1,022 $767 $792 $358 $399 $988 $1,066 
South AmericaSouth America232 375 885 669 373 225 1,162 841 South America726 753 822 824 365 371 1,119 1,111 
AustraliaAustralia309 339 690 768 188 171 889 944 Australia842 861 767 712 175 184 1,040 914 
AfricaAfrica229 267 693 563 306 282 865 741 Africa 617 608 804 707 314 318 1,023 889 
NevadaNevada337 344 761 711 445 434 904 915 Nevada895 992 755 764 433 431 931 936 
Total/Weighted-Average (4)
1,521 1,650 $756 $733 $353 $301 $1,020 $987 
Total/Weighted-Average (5)
Total/Weighted-Average (5)
4,274 4,236 $779 $762 $336 $349 $1,064 $1,046 
Attributable to NewmontAttributable to Newmont1,454 1,550 Attributable to Newmont4,099 4,019 
Gold equivalent ounces - other metalsGold equivalent ounces - other metals(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)Gold equivalent ounces - other metals(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
North America (5)(6)
North America (5)(6)
238 203 $513 $756 $274 $206 $735 $1,226 
North America (5)(6)
820 656 $564 $539 $283 $295 $781 $840 
Australia (6)(7)
Australia (6)(7)
35 33 840 758 153 145 998 907 
Australia (6)(7)
115 94 913 842 148 154 1,155 1,032 
Total/Weighted-Average273 236 $556 $747 $258 $192 $770 $1,155 
Total/Weighted-Average (5)
Total/Weighted-Average (5)
935 750 $606 $575 $267 $278 $863 $862 
Attributable gold from equity method investments (8)
Attributable gold from equity method investments (8)
(ounces in thousands)
Attributable gold from equity method investments (8)
(ounces in thousands)
Pueblo Viejo (40%)Pueblo Viejo (40%)87 94 Pueblo Viejo (40%)254 256 

____________________________
​Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization (2)
All-In Sustaining Costs (3)
​20202019202020192020201920202019
Nine Months Ended September 30,​​​​​​​​
Gold(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
North America1,022 657 $792 $976 $399 $378 $1,066 $1,290 
South America753 1,027 824 638 371 229 1,111 803 
Australia861 1,038 712 749 184 164 914 911 
Africa 608 775 707 586 318 299 889 776 
Nevada992 1,102 764 761 431 317 936 956 
Total/Weighted-Average (4)
4,236 4,599 $762 $733 $349 $271 $1,046 $974 
Attributable to Newmont4,019 4,292 
​​​​​​​​​
Gold equivalent ounces - other metals(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
North America (5)
656 256 $539 $980 $295 $284 $840 $1,471 
Australia (6)
94 104 842 819 154 155 1,032 966 
Nevada (7)
— 35 — 750 — 243 — 894 
Total/Weighted-Average750 395 $575 $908 $278 $241 $862 $1,259 
​​​​​​​​​
Attributable gold from equity method investments (8)
(ounces in thousands)​​​​​​
Pueblo Viejo (40%)256 169 ​​​​​​
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)For the three months ended September 30, 2021 and 2020, Depreciation and amortization includes $— and $9 at South America and $2 and $— at Australia, respectively, in care and maintenance costs at South America.costs. For the nine months ended September 30, 2021 and 2020, Depreciation and amortization includes $— and $51 at North America, $— and $35 at South America and $3 and $— at Australia, respectively, in care and maintenance costs at North America and South America, respectively.costs.
(3)All-in sustaining costs is a non-GAAP financial measure. See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis. For the three months ended September 30, 2021 and 2020, All-in sustaining costs includes $— and $5 at North America and $— and $21 at South America and $6 and $— at Australia, respectively, in care and maintenance costs recorded in Care and maintenance at North America and South America, respectively.. For the nine months ended September 30, 2021 and 2020, All-in sustaining costs includes $— and $92 at North America and $— and $79 at South America and $8 and $— at Australia, respectively, in care and maintenance costs recorded in Care and maintenance.
(4)For the three months ended September 30, 2021, All-in sustaining costs include incremental direct costs related to our response to the COVID-19 pandemic, recorded in Other expense, net of$6, $11, $5, and $1 at North America, and South America, Australia, and Africa, respectively. For the nine months ended September 30, 2021, All-in sustaining costs include incremental direct costs related to our response to the COVID-19 pandemic, recorded in Other expense, net of $19 , $34, $6, and $4 at North America, South America, Australia, and Africa, respectively. For the three and nine months ended September 30, 2020, COVID-19 incremental costs were excluded from All-in sustaining costs.
(4)(5)All-in sustaining costs and Depreciation and amortization include expense for other regional projects.
(5)(6)For the three months ended September 30, 2021, the Peñasquito mine in North America produced 7,970 thousand ounces of silver, 44 million pounds of lead and 109 million pounds of zinc. For the three months ended September 30, 2020, the Peñasquito mine in North America produced 7,370 thousand ounces of silver, 46 million pounds of lead and 103 million pounds of zinc. For the threenine months ended September 30, 2019,2021, the Peñasquito mine in North America produced 7,41523,560 thousand ounces of silver, 51138 million pounds of lead and 83325 million pounds of zinc. For the nine months ended September 30, 2020, the Peñasquito mine in North America produced 20,421 thousand ounces of silver, 130 million pounds of lead and 281 million pounds of zinc. For the nine months ended September 30, 2019, the Peñasquito mine in North America produced 9,158 thousand ounces of silver, 63 million pounds of
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lead and 108 million pounds of zinc. The Peñasquito mine in North America was acquired during the second quarter of 2019 as part of the Newmont Goldcorp transaction.
(6)(7)For the three months ended September 30, 20202021 and 2019,2020, the Boddington mine in Australia produced 1517 million and 1415 million pounds of copper, respectively. For the nine months ended September 30, 20202021 and 2019,2020, the Boddington mine in Australia produced 4150 million and 4541 million pounds of copper, respectively.
(7)For the nine months ended September 30, 2019, the Phoenix mine in Nevada produced 15 million pounds of copper. The Phoenix mine site was contributed to NGM, effective July 1, 2019, at which point copper became a by-product.
(8)Income and expenses of equity method investments are included in Equity income (loss) of affiliates. Refer to Note 12 toof the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Three months ended September 30, 20202021 compared to 20192020
Consolidated gold production decreased 8%7% primarily due to impactlower leach production, lower mill recovery and lower ore grade milled at CC&V in North America, the ramp down of COVID-19the mill and lower leach pad production at Yanacocha and Cerro Negro operations in South America, lower throughput, lower grade milled and Éléonore operations in North America, in addition to the sale of Red Lake in North America and Kalgoorlielower recovery at Boddington in Australia, lower throughput at Tanami in Australia as the mine was placed under care and maintenance in the current year, lower ore grade milled at Ahafo in Africa and lower throughput at NGM in Nevada, partially offset by higher productionthroughput and higher recovery at Peñasquito in North America and higher mill throughput at Cerro Negro in South America due to no community-led blockadethe mine being placed under care and maintenance in response to the third quarter of 2020 compared to 2019 and ramp up of production at Musselwhite in North America.COVID-19 pandemic during 2020.
Consolidated gold equivalent ounces – other metals production increased 16%15% primarily due to no community-led blockadehigher mill throughput and higher recovery at Peñasquito in the third quarterNorth America.
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Table of 2020 comparedContents
Costs applicable to 2019sales per consolidated gold ounce increased 10% primarily due to overall lower gold ounces sold at Porcupine in North America, higher inventory adjustments and unfavorable by-product credits at Yanacocha in South America, unfavorable Australian dollar foreign currency exchange rate, higher mining costs due to lower grades mined at Tanami in Australia, an unfavorable strip ratio and higher power costs at Ahafo in Africa, and higher royalty payments, higher power costs and maintenance costs at Akyem in Africa, partially offset by a higher strip ratio at Merian in South America. Costs applicable to sales per consolidated gold equivalent ounce – other metals increased 15% primarily due to higher co-product allocation of costs to other metals at Peñasquito in North America and Boddington in Australia and higher concentrate selling expenses at Peñasquito in North America, partially offset by overall higher gold equivalent ounces sold.
Depreciation and amortization per consolidated gold ounce decreased 3% primarily due to lower depreciation and amortization rates, partially offset by lower gold ounces sold and higher inventory adjustments. Depreciation and amortization per consolidated gold equivalent ounce – other metals increased 7% primarily due to higher co-product allocation of costs to other metals, partially offset by higher gold equivalent ounces – other metals sold.
All-in sustaining costs per consolidated gold ounce increased 10% primarily due higher costs applicable to sales per gold ounce and higher sustaining capital costs, partially offset by lower treatment and refining costs. All-in sustaining costs per consolidated gold equivalent ounce – other metals increased 15% primarily due to higher costs applicable to sales and higher sustaining capital costs.
Nine Months Ended September 30, 2021 compared to 2020
Consolidated gold production increased 1% primarily due to Musselwhite, Éléonore, and Peñasquito in North America and Cerro Negro in South America being placed in care and maintenance in the prior year or operated at reduced levels as a result of ongoing COVID-19 restrictions, partially offset by the ramp down of the mill and lower leach pad production at Yanacocha in South America and lower mill availability and lower mill throughput and lower grades mined at NGM.
Consolidated gold equivalent ounces – other metals production increased 25% primarily due to higher mill throughput as the Peñasquito mine in North America was put under care and maintenance in the prior year and higher ore grade, higher mill throughput and higher recovery rates at Boddington in Australia.
Costs applicable to sales per consolidated gold ounce increased 3%2% primarily due to lower gold ounces sold at Porcupine in North America, an unfavorable Australian dollar foreign currency exchange rate and lower gold ounces sold at Tanami in Australia, lower gold ounces sold, an unfavorable strip ratio and higher strip ratios at Yanacocha and Merian operations in South America, lower surface gradespower costs at Ahafo, and higher strip ratioroyalty payments at Akyem in Africa, partially offset by higher gold ounces sold at Peñasquito in addition to capitalization of pre-production stripping costsNorth America and higher by-product credits at NGMYanacocha in 2019.South America. Costs applicable to sales per consolidated gold equivalent ounce – other metals decreased 26%increased 5% primarily due to higher gold equivalent ounces – other metals sold at Peñasquito in North America, partially offset by an unfavorable Australian dollar foreign currency exchange rate, higher co-product allocation of costs to copper and lowerhigher copper-price driven royalties, partially offset by higher gold equivalent ounces - other metals sold and lower maintenance costs at Boddington in Australia.Australia, in addition to lower ore grade milled at Peñasquito in North America.
Depreciation and amortization per consolidated gold ounce increased 17%decreased 4% primarily due to care and maintenance costs this year and Borden, Ahafo Mill Expansion and Quecher Main achieving commercial production in the fourth quarter of 2019. Included in Depreciation and amortization is $9 relating to care and maintenance costs.higher gold ounces sold. Depreciation and amortization per consolidated gold equivalent ounce – other metals increased 34%decreased 4% primarily due to the impact of COVID-19 on operations at Peñasquito in North America, partially offset by higher gold equivalent ounces - other metals sold.sold and care and maintenance costs in the prior year.
All-in sustaining costs per consolidated gold ounce increased 3%2% primarily due to higher costs applicable to sales per gold ounce, higher sustaining capital spend and incremental COVID-19 costs, partially offset by care and maintenance costs partially offset by lower sustaining capital spend.in the prior year. All-in sustaining costs per consolidated gold equivalent ounce – other metals decreased 33% primarily due to lower costs applicable to sales per gold equivalent ounce – other metals and lower sustaining capital spend.
Nine months ended September 30, 2020 compared to 2019
Consolidated gold production decreased 8% primarily due to Yanacocha and Cerro Negro operationswas in South America, and Éléonore operations in North America being placed into care and maintenance and lower ore grade mined at Ahafo and Akyem in Africa, in addition toline with the sale of Red Lake in North America and Kalgoorlie in Australia, partially offset by nine months of operations at Éléonore, Porcupine and Peñasquito in North America and Cerro Negro in South America as compared to six months in 2019.
Consolidated gold equivalent ounces – other metals production increased 90% primarily due to nine months of operations in 2020 at Peñasquito in North America as compared to six months in 2019 and no community-led blockade in the third quarter of 2020 compared to 2019, partially offset by the classification of copper as a by-product at Phoenix following the formation of NGM and lower ore grade milled at Boddington in Australia.
Costs applicable to sales per consolidated gold ounce increased 4% primarily due to lower gold ounces sold, lower ore grade mined and higher strip ratio at Yanacocha and Merian in South America, lower ore grade mined at Ahafo in Africa, partially offset by lower stockpile and leach pad inventory adjustments. Costs applicable to sales per consolidated gold equivalent ounce – other metals decreased 37% primarily due to higher gold equivalent ounces – other metals sold and the impact of the blockade in 2019 at Peñasquito in North America, in addition to the classification of copper as a by-product at Phoenix in Nevada following the formation of NGM.
Depreciation and amortization per consolidated gold ounce increased 29% primarily due to care and maintenance costs in 2020, higher amortization rates from the formation of NGM and Borden, Ahafo Mill Expansion and Quecher Main achieving commercial production in the fourth quarter of 2019. Included in Depreciation and amortization is $86 relating to care and maintenance costs. Depreciation and amortization per consolidated gold equivalent ounce – other metals increased 15% primarily due to Peñasquito in North America being placed on care and maintenance in the second quarter of 2020 due to the COVID-19 pandemic, partially offset by higher gold equivalent - other metals sold.prior year.
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All-in sustaining costs per consolidated gold ounce increased 7% primarily due to care and maintenance costs and higher costs applicable to sales per gold ounce. All-in sustaining costs per consolidated gold equivalent ounce – other metals decreased 32% primarily due to lower costs applicable to sales per gold equivalent ounce – other metals, partially offset by care and maintenance costs and higher sustaining capital spend.
North America Operations
​Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization (2)
All-In Sustaining Costs (3)
​20202019202020192020201920202019
Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization (2)
All-In Sustaining Costs (3)(4)
20212020202120202021202020212020
Three Months Ended September 30,Three Months Ended September 30,​​​​​​​​Three Months Ended September 30,
GoldGold(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)Gold(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
CC&VCC&V74 82 $867 $890 $296 $291 $1,081 $1,087 CC&V47 74 $959 $867 $260 $296 $1,421 $1,081 
Red Lake (4)
— 25 — 1,479 — 704 — 1,872 
MusselwhiteMusselwhite45 — 985 — 713 — 1,260 — Musselwhite36 45 1,058 985 531 713 1,379 1,260 
PorcupinePorcupine80 77 736 739 334 270 911 843 Porcupine73 80 972 736 315 334 1,139 911 
ÉléonoreÉléonore57 82 924 827 547 329 1,118 932 Éléonore56 57 1,024 924 614 547 1,243 1,118 
PeñasquitoPeñasquito158 59 570 1,131 302 286 835 1,681 Peñasquito172 158 548 570 290 302 706 835 
Total/Weighted-Average (5)
Total/Weighted-Average (5)
414 325 $762 $945 $408 $394 $1,003 $1,276 
Total/Weighted-Average (5)
384 414 $800 $762 $372 $408 $1,026 $1,003 
​​​​​​​​​
Gold equivalent ounces - other metalsGold equivalent ounces - other metals(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)Gold equivalent ounces - other metals(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Peñasquito (6)
Peñasquito (6)
238 203 $513 $756 $274 $206 $735 $1,226 
Peñasquito (6)
275 238 $595 $513 $294 $274 $819 $735 
Total/Weighted-Average (5)
Total/Weighted-Average (5)
275 238 $595 $513 $294 $274 $822 $735 

Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization (2)
All-In Sustaining Costs (3)(4)
20212020202120202021202020212020
Nine Months Ended September 30,
Gold(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
CC&V167 203 $992 $901 $281 $295 $1,271 $1,085 
Red Lake— 38 — 1,066 — 44 — 1,182 
Musselwhite105 63 1,044 1,172 529 813 1,366 1,945 
Porcupine214 244 927 722 318 333 1,144 862 
Éléonore188 131 956 925 558 573 1,253 1,345 
Peñasquito520 343 513 606 272 336 663 845 
Total/Weighted-Average (5)
1,194 1,022 $767 $792 $358 $399 $988 $1,066 
Gold equivalent ounces - other metals(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Peñasquito (6)
820 656 $564 $539 $283 $295 $778 $840 
Total/Weighted-Average (5)
820 656 $564 $539 $283 $295 $781 $840 

____________________________
Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization (2)
All-In Sustaining Costs (3)
20202019202020192020201920202019
Nine Months Ended September 30,
Gold(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
CC&V203 240 $901 $903 $295 $294 $1,085 $1,076 
Red Lake (4)
38 65 1,066 1,298 44 629 1,182 1,734 
Musselwhite63 3 1,172 3,570 813 3,129 1,945 7,131 
Porcupine244 130 722 877 333 290 862 1,027 
Éléonore131 148 925 861 573 308 1,345 1,002 
Peñasquito343 71 606 1,226 336 305 845 1,714 
Total/Weighted-Average (5)
1,022 657 $792 $976 $399 $378 $1,066 $1,290 
Gold equivalent ounces - other metals(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Peñasquito (6)
656 256 $539 $980 $295 $284 $840 $1,471 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)For the threenine months ended September 30, 2020, there were no care2021 and maintenance costs included in Depreciation and amortization at North America. For the nine months ended September 30, 2020, Depreciation and amortization includes $— and $7 at Musselwhite, $— and $16 at Éléonore and $— and $28 at Peñasquito, respectively, in care and maintenance costs at Musselwhite, Éléonore and Peñasquito, respectively.costs.
(3)All-in sustaining costs is a non-GAAP financial measure. See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis. For the three months ended September 30, 2021 and 2020, All-in sustaining costs includes $— and $5 at Musselwhite, respectively, in care and maintenance costs recorded in Care and maintenance at Musselwhite.. For the nine months ended September 30, 2021 and 2020, All-in sustaining costs includes $— and $28 at Musselwhite, $— and $26 at Éléonore and $— and $38 at Peñasquito, respectively, in care and maintenance costs recorded in Care and maintenance at Musselwhite, Éléonore and Peñasquito, respectively..
(4)The sale ofFor the Red Lake complexthree and nine months ended September 30, 2021, All-in sustaining costs include $6 and $19, respectively, in incremental direct costs related to Evolution closed on March 31, 2020. Referour response to Note 9 for more information on asset sales.the COVID-19 pandemic, recorded in Other expense, net. For the three and nine months ended September 30, 2020, COVID-19 incremental costs were excluded from All-in sustaining costs.
(5)All-in sustaining costs and Depreciation and amortization include expense for other regional projects.
(6)For the three months ended September 30, 2021, Peñasquito produced 7,970 thousand ounces of silver, 44 million pounds of lead and 109 million pounds of zinc. For the three months ended September 30, 2020, Peñasquito produced 7,370 thousand ounces of silver, 46 million pounds of lead and 103 million pounds of zinc. For the threenine months ended September 30, 2019,2021, Peñasquito produced 7,41523,560 thousand ounces of silver, 51138 million pounds of lead and 83325 million pounds of zinc. For the nine months ended September 30, 2020, Peñasquito produced 20,421 thousand ounces of silver, 130 million pounds of lead and 281 million pounds of zinc. For the nine months ended September 30, 2019, Peñasquito produced 9,158 thousand ounces of silver, 63 million pounds of lead and 108 million pounds of zinc. The Peñasquito mine was acquired during the second quarter of 2019 as part of the Newmont Goldcorp transaction.
Three months ended September 30, 20202021 compared to 20192020
CC&V, USA. Gold production decreased 10%36% primarily drivendue to lower leach production, lower mill recovery and lower ore grade milled. Costs applicable to sales per gold ounce increased 11% primarily due to lower production. Depreciation and amortization per gold ounce decreased 12% primarily due to lower depreciation and amortization rates. All-in sustaining costs per gold ounce increased 31% primarily due to higher sustaining capital spend and higher costs applicable to sales per gold ounce.
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Musselwhite, Canada. Gold production decreased 20% primarily due to lower throughput as a result of processing a higher amount of stockpile in the prior year as the site was ramping up from being in care and maintenance, partially offset by timing of leach recoveries from Valley Leach Fill 2.higher ore grades milled. Costs applicable to sales per gold ounce increased 7% primarily due to lower gold ounces sold. Depreciation and amortization per gold ounce decreased 26% primarily due to higher ore grade mined. All-in sustaining costs per gold ounce increased 9% primarily due to higher costs applicable to sales per ounce sold and higher sustaining capital spend, partially offset by care and maintenance costs in the prior year.
Porcupine, Canada. Gold production decreased 9% primarily due to lower ore grade milled, partially offset by higher throughput. Costs applicable to sales per gold ounce increased 32% primarily due to lower ore grade mined. Depreciation and amortization per gold ounce decreased 6% primarily due to a longer reserve life. All-in sustaining costs per gold ounce increased 25% primarily due to higher costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend.
Éléonore, Canada. Gold production decreased 2% primarily due to lower throughput due to labor shortages, partially offset by higher ore grade milled. Costs applicable to sales per gold ounce increased 11% primarily due to higher contracted service costs to compensate for labor shortages. Depreciation and amortization per gold ounce increased 12% primarily due to higher depreciation rates due to a change in the mine life. All-in sustaining costs per gold ounce increased 11% primarily due to higher costs applicable to sales per ounce.
Peñasquito, Mexico. Gold production increased 9% and gold equivalent ounces - other metals production increased 16% primarily due to higher throughput and higher recovery. Costs applicable to sales per gold ounce decreased 3%4% primarily driven by lower fuel costsdue to higher gold ounces sold and lower inventory adjustments.co-product allocation of costs to gold. DepreciationCosts applicable to sales
57
Table per gold equivalent ounce – other metals increased 16% primarily due to higher concentrate selling expenses and higher co-product allocation of Contentscosts to other metals, partially offset by higher gold equivalent ounces – other metals sold.
Depreciation and amortization per gold ounce increased 2%decreased 4% primarily due to lowerhigher gold ounces sold and lower co-product allocation of costs to gold ounces. Depreciation and amortization per gold equivalent ounce – other metals increased 7% primarily due to higher co-product allocation of costs to the other metals, partially offset by higher gold equivalent ounces – other metals sold. All-in sustaining costs per gold ounce decreased 1%15% primarily due to lower costs applicable to sales per gold ounce partially offset by higher advanced projects spend.
Musselwhite, Canada. The replacement of the underground conveyor system is in progress with construction activity at full capacity. We recognized $5 of cash care and maintenance costs included in Care and maintenance at Musselwhite in the third quarter of 2020. Due to the impact of the conveyor fire in March 2019, Musselwhite had no gold production or sales in the third quarter of 2019.
Porcupine, Canada. Gold production increased 4% primarily driven by higher ore grade mined from Borden, which achieved commercial production in the fourth quarter of 2019, a higher draw down of in-circuit inventory as compared to the prior year and higher mill recovery from the lead nitrate circuit. Costs applicable to sales per gold ounce was in line with the prior year. Depreciation and amortization per gold ounce increased 24% primarily driven by Borden reaching commercial production in the fourth quarter of 2019 and lower gold ounces sold.treatment and refining costs. All-in sustaining costs per gold equivalent ounce – other metals increased 8%11% primarily driven bydue to higher costs applicable to sales and higher sustaining capital costs, partially offset by lower treatment and advanced projects spend.refining costs.
Nine Months Ended September 30, 2021 compared to 2020
Éléonore, Canada.CC&V, USA. Gold production decreased 30%18% primarily driven by COVID-19 impact on the operationsdue to lower leach pad recoveries, lower ore grades milled and lower ore tons mined.mill recoveries. Costs applicable to sales per gold ounce increased 12%10% primarily driven by lower ore tons and grade mined, partially offset by lower costs due to less activity.lower gold ounces sold and higher inventory adjustments. Depreciation and amortization per gold ounce decreased 5% primarily due to lower depreciation rates as a result of changes in mine life. All-in sustaining costs per gold ounce increased 66%17% primarily due to higher costs applicable to sales per gold ounce and higher sustaining capital spend.
Musselwhite, Canada. Gold production increased 67% primarily due to the mine being placed under care and maintenance in the prior year as a result of ongoing COVID-19 restrictions and higher ore grades milled. Costs applicable to sales per gold ounce decreased 11% primarily driven by lowerhigher gold ounces sold. Depreciation and amortization per gold ounce decreased 35% primarily driven by higher gold ounces sold. All-in sustaining costs per gold ounce decreased 30% primarily due to lower costs applicable to sales per gold ounce and care and maintenance costs in the prior year, partially offset by higher sustaining capital spend.
Porcupine, Canada. Gold production decreased 12% primarily due to lower mill throughput and lower ore grade milled. Costs applicable to sales per gold ounce increased 20%28% primarily drivendue to lower gold ounces sold. Depreciation and amortization per gold ounce decreased 5% primarily due to a longer reserve life. All-in sustaining costs per gold ounce increased 33% primarily due to higher costs applicable to sales per gold ounce and higher sustaining capital spend.
Éléonore, Canada. Gold production increased 44% primarily due to higher throughput as a result of the mine being placed under care and maintenance in the prior year as a result of ongoing COVID-19 restrictions and higher ore grade milled. Costs applicable to sales per gold ounce increased 3% primarily due to higher contract labor to compensate for labor shortages, partially offset by higher gold ounces sold. Depreciation and amortization per gold ounce decreased 3% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 7% primarily due to care and maintenance costs in the prior year, partially offset by higher costs applicable to sales per gold ounce and higher sustaining capital spend.
Peñasquito, Mexico. Gold production increased 168%52% primarily driven by no community-led blockadedue to higher throughput as a result of mine being placed under care and maintenance in the third quarterprior year as a result of 2020 compared to 2019.ongoing COVID-19 restrictions, higher ore grade milled and higher recovery. Gold equivalent ounces – other metals production increased 17%25% primarily driven by no community-led blockadedue to the mine being placed under care and maintenance in the third quarterprior year as a result of 2020 compared to 2019.ongoing COVID-19 restrictions, partially offset by lower ore grade milled. Costs applicable to sales per gold ounce decreased 50%15% primarily driven by higher gold ounces sold. Costs applicable to sales per gold equivalent ounce – other metals decreased 32%increased 5% primarily driven by higher gold equivalent ounces - other metals sold.due to lower ore grades milled. Depreciation and amortization per gold ounce increased 6%decreased 19% primarily driven by the impact of COVID-19 on the operations,due to higher gold ounces sold, partially offset by higher gold ounces sold.co-product allocation of costs to gold. Depreciation and amortization per gold equivalent ounce – other metals increased 33%decreased 4% primarily driven by impact of COVID-19 on the operations, partially offset bydue to higher gold equivalent ounces -– other metals sold.sold and lower co-product allocation of costs to other metals. All-in sustaining costs per gold ounce decreased 50% primarily driven by lower costs applicable to sales per gold ounce and lower sustaining capital spend. All-in sustaining costs per gold equivalent ounce – other metals decreased 40% primarily driven by lower costs applicable to sales per gold equivalent ounce - other metals and lower sustaining capital spend.
Nine months ended September 30, 2020 compared to 2019
CC&V, USA. Gold production decreased 15% primarily driven by timing of leach recoveries from Valley Leach Fill 2 and lower ore grades milled, partially offset by higher leach production from Valley Leach Fill 1. Costs applicable to sales per gold ounce was in line with the prior year. Depreciation and amortization per gold ounce was in line with the prior year. All-in sustaining costs per gold ounce increased 1%22% primarily due to lower gold ounces sold.
Musselwhite, Canada. Musselwhite was acquired during the second quarter of 2019 as part of the Newmont Goldcorp transaction. Processing activities resumed in February 2020, primarily from surface stockpiles. Underground mine development and rehabilitation of the underground conveyor following the fire in March 2019 continued during the first half of 2020; however, the ramp up of Musselwhite operations and the construction of the conveyor was temporarily halted and the operations were placed on care and maintenance on March 22, 2020 in response to the COVID-19 pandemic. Milling activities at Musselwhite began ramping-up in June 2020 and replacement of the underground conveyor system is in progress with construction activity at full capacity. We recognized $28 of cash and$7 of non-cash care and maintenance costs included in Care and maintenance and Depreciation and amortization, respectively, at Musselwhite in 2020. Gold production significantly increased primarily driven by processing activities restarting in 2020 following the conveyor fire in March 2019, partially offset by the site being placed on care and maintenance. Costs applicable to sales per gold ounce decreased 67% primarily driven by higher gold ounces sold. Depreciation and amortization per gold ounce decreased 74% primarily driven by higher gold ounces sold, partially offset by the impact of the site being placed on care and maintenance. All-in sustaining costs per gold ounce decreased 73% primarily driven by higher gold ounces sold, partially offset by care and maintenance costs.
Porcupine, Canada. Porcupine was acquired during the second quarter of 2019 as part of the Newmont Goldcorp transaction. Gold production increased 88% primarily driven by nine months of operations in 2020 as compared to six months in 2019, in addition to Borden achieving commercial production in the fourth quarter of 2019. Costs applicable to sales per gold ounce decreased 18% primarily driven by higher gold ounces sold. Depreciation and amortization per gold ounce increased 15% primarily driven by Borden reaching commercial production in the fourth quarter of 2019, partially offset by higher gold ounces sold. All-in sustaining costs per gold ounce decreased 16% primarily driven by lower costs applicable to sales per gold ounce.
Éléonore, Canada. Éléonore was acquired during the second quarter of 2019 as part of the Newmont Goldcorp transaction. On March 23, 2020, the Éléonore operations were temporarily halted as the operations were placed on care and maintenance due to the Quebec government’s restriction on non-essential travel in response to the COVID-19 pandemic. The Quebec government lifted restrictions on April 13, 2020 and we commenced engagement with the Cree First Nation Grand Council and the Cree Health Board to determine an acceptable path forward to protect its workforce and communities. Éléonore began ramping-up operations and milling
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activities resumed in May 2020. We recognized $26 of cash and $16 of non-cash care and maintenance costs included in Care and maintenance and Depreciation and amortization, respectively, at Éléonore in 2020. Gold production decreased 11% primarily driven by the operations being placed into care and maintenance, partially offset by nine months of operations in 2020 as compared to six months in 2019. Costs applicable to sales per gold ounce increased 7% primarily driven by lower ore grade mined and lower gold ounces sold. Depreciation and amortization per gold ounce increased 86% primarily driven by the impact of the site being placed on care and maintenance and higher amortization rates from changes in reserves and the mine plan. All-in sustaining costs per gold ounce increased 34% primarily driven by care and maintenance costs.
Peñasquito, Mexico. Peñasquito was acquired during the second quarter of 2019 as part of the Newmont Goldcorp transaction. The Peñasquito operations were temporarily halted on April 12, 2020 as the mine was placed on care and maintenance due to the Mexico federal government issuing a decree mandating the temporary suspension of all non-essential activities, including mining, in response to the COVID-19 pandemic. On May 18, 2020, production ramp up activities began with a phased approach consistent with the Mexican government’s regulations following the designation of mining as an essential activity. Milling activities resumed in May 2020 and production commenced in June 2020, prior to which, the site implemented required hygiene protocols and mobilized key operations and maintenance teams for training. We recognized $38 of cash and $28 of non-cash care and maintenance costs included in Care and maintenance and Depreciation and amortization, respectively, at Peñasquito in 2020. Gold production increased 383% primarily driven by nine months of operations in 2020 as compared to six months in 2019 and no community-led blockade in the third quarter of 2020 compared to 2019, partially offset by the site being placed on care and maintenance in the second quarter of 2020 due to the COVID-19 pandemic. Gold equivalent ounces – other metals production increased 156% primarily driven by nine months of operations in 2020 as compared to six months in 2019 and no community-led blockade in the third quarter of 2020 compared to 2019, partially offset by the site being placed on care and maintenance in the second quarter of 2020 due to the COVID-19 pandemic. Costs applicable to sales per gold ounce decreased 51% primarily driven by higher gold ounces sold. Costs applicable to sales per gold equivalent ounce – other metals decreased 45% primarily driven by higher gold equivalent ounces - other metals sold. Depreciation and amortization per gold ounce increased 10% primarily driven by the impact of the site being placed on care and maintenance in the second quarter of 2020 due to the COVID-19 pandemic, partially offset by higher gold ounces sold. Depreciation and amortization per gold equivalent ounce – other metals increased 4% primarily driven by the site being placed on care and maintenance in the second quarter of 2020 due to the COVID-19 pandemic, partially offset by higher gold equivalent - other metals sold. All-in sustaining costs per gold ounce decreased 51% primarily driven by lower costs applicable to sales per gold ounce, care and maintenance costs in the prior year and lower treatment and refining costs, partially offset by care and maintenancehigher sustaining capital costs. All-in sustaining costs per gold equivalent ounce – other metals decreased 43%7% primarily driven by lower costs applicabledue to sales perhigher gold equivalent ounce -ounces – other metals sold and lower treatment and refining costs, partially offset by care and maintenance costs.higher sustaining capital spend.
South America Operations
​Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization (2)
All-In Sustaining Costs (3)
​20202019202020192020201920202019
Three Months Ended September 30,(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Yanacocha80 143 $1,009 $720 $329 $226 $1,325 $881 
Merian106 124 809 616 252 191 917 761 
Cerro Negro46 108 850 663 670 235 1,346 860 
Total / Weighted Average (4)
232 375 $885 $669 $373 $225 $1,162 $841 
Yanacocha (48.65%)(40)(68)
Merian (25.00%)(27)(32)
Attributable to Newmont165 275 
​​​​​​​​​
Attributable gold from equity method investments (5)
(ounces in thousands)​​​​​​
Pueblo Viejo (40%)87 94 ​​​​​​
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Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization (2)
All-In Sustaining Costs (3)(4)
20212020202120202021202020212020
Three Months Ended September 30,(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Yanacocha65 80 $1,388 $1,009 $494 $329 $1,908 $1,325 
Merian105 106 758 809 221 252 884 917 
Cerro Negro76 46 846 850 480 670 1,231 1,346 
Total / Weighted Average (5)
246 232 $958 $885 $372 $373 $1,276 $1,162 
Yanacocha (48.65%)(32)(40)
Merian (25.00%)(26)(27)
Attributable to Newmont188 165 
Attributable gold from equity method investments (6)
(ounces in thousands)
Pueblo Viejo (40%)85 87 

​Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization (2)
All-In Sustaining Costs (3)
​20202019202020192020201920202019
Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization (2)
All-In Sustaining Costs (3)(4)
20212020202120202021202020212020
Nine Months Ended September 30,Nine Months Ended September 30,(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)Nine Months Ended September 30,(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
YanacochaYanacocha270 426 $1,012 $710 $369 $200 $1,358 $895 Yanacocha194 270 $890 $1,012 $428 $369 $1,385 $1,358 
MerianMerian339 398 710 555 219 176 811 672 Merian324 339 758 710 230 219 886 811 
Cerro NegroCerro Negro144 203 748 648 670 340 1,271 833 Cerro Negro208 144 861 748 509 670 1,198 1,271 
Total / Weighted Average (4)(5)
Total / Weighted Average (4)(5)
753 1,027 $824 $638 $371 $229 $1,111 $803 
Total / Weighted Average (4)(5)
726 753 $822 $824 $365 $371 $1,119 $1,111 
Yanacocha (48.65%)Yanacocha (48.65%)(132)(207)Yanacocha (48.65%)(94)(132)
Merian (25.00%)Merian (25.00%)(85)(100)Merian (25.00%)(81)(85)
Attributable to NewmontAttributable to Newmont536 720 Attributable to Newmont551 536 
​​​​​​​​​
Attributable gold from equity method investments (5)(6)
Attributable gold from equity method investments (5)(6)
(ounces in thousands)​​​​​​
Attributable gold from equity method investments (5)(6)
(ounces in thousands)
Pueblo Viejo (40%)Pueblo Viejo (40%)256 169 ​​​​​​Pueblo Viejo (40%)254 256 

___________________________
___________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)For the three months ended September 30, 2021 and 2020, Depreciation and amortization includes $— and $9 at Cerro Negro, respectively, in care and maintenance costs at Cerro Negro.costs. For the nine months ended September 30, 2021 and 2020, Depreciation and amortization includes $— and $7 at Yanacocha and $— and $28 at Cerro Negro, respectively, in care and maintenance costs at Yanacocha and Cerro Negro, respectively.costs.
(3)All-in sustaining costs is a non-GAAP financial measure. See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis. For the three months ended September 30, 2021 and 2020, All-in sustaining costs includes $— and $2 at Yanacocha, $— and $18 at Cerro Negro and $— and $1 at Other South America, respectively, in care and maintenance costs recorded in Care and maintenance at Yanacocha, Cerro Negro and Other South America, respectively.. For the nine months ended September 30, 2021 and 2020, All-in sustaining costs includes $— and $27 at Yanacocha, $— and $50 at Cerro Negro and $— and $2 at Other South America, respectively, in care and maintenance costs recorded in Care and maintenance at Yanacocha, Cerro Negro and Other South America, respectively..
(4)For the three and nine months ended September 30, 2021, All-in sustaining costs include $11 and $34, respectively, in incremental direct costs related to our response to the COVID-19 pandemic, recorded in Other expense, net. For the three and nine months ended September 30, 2020, COVID-19 incremental costs were excluded from All-in sustaining costs.
(5)All-in sustaining costs and Depreciation and amortization include expense for other regional projects.
(5)(6)Income and expenses of equity method investments are included in Equity income (loss) of affiliates. Refer to Note 12 to ourof the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Three months ended September 30, 20202021 compared to 20192020
Yanacocha, Peru. Yanacocha operations continued to ramp up operations to normal levels in the third quarter of 2020. We recognized $2 of cash care and maintenance costs included in Care and maintenance at Yanacocha in the third quarter of 2020. During the third quarter of 2020, goldGold production decreased 44%19% primarily due to lowerthe ramp down of the mill, partially offset by higher leach production as the operation ramped up from the quarantine in the second quarter of 2020 due to the COVID-19 pandemic, and lower ore grade milled as a result of lower ore grade mined and lower recovery.pad production. Costs applicable to sales per gold ounce increased 40%38% primarily due to higher strip ratioinventory adjustments and lower ore grade mined, partially offset by higherunfavorable by-product credits. Depreciation and amortization per gold ounce increased 46%50% primarily due to lower gold ounces sold and higher
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inventory adjustments in the current year. All-in sustaining costs per gold ounce increased 44% primarily due to higher costs applicable to sales per gold ounce, higher reclamation costs and incremental COVID-19 costs.
Merian, Suriname. Gold production decreased 1% primarily due to lower mill throughput and a lower drawdown of in-circuit inventory compared to last year, partially offset by higher ore grade milled. Costs applicable to sales per gold ounce decreased 6% primarily due to a lower strip ratio and higher ounces mined. Depreciation and amortization per gold ounce decreased 12% due to lower capitalization of mining equipment. All-in sustaining costs per gold ounce decreased 4% primarily due to lower costs applicable to sales per gold ounce and lower sustaining capital spend, partially offset by higher advanced projects, exploration and incremental COVID-19 costs.
Cerro Negro, Argentina. Gold production increased 65% primarily due to higher mill throughput primarily due to the mine being placed under care and maintenance in response to the COVID-19 pandemic during 2020, partially offset by lower ore grade mined. Costs applicable to sales per gold ounce was in line with the prior year. Depreciation and amortization per gold ounce decreased 28% primarily due to higher gold ounces sold and lower depreciation and amortization ratesrates. All-in sustaining costs per gold ounce decreased 9% primarily due to care and maintenance costs in the prior year, partially offset by higher sustaining capital costs.
Pueblo Viejo, Dominican Republic. Attributable gold production decreased 2% primarily due to lower ore grade milled, partially offset by higher mill throughput and a drawdown of in-circuit inventory compared to a buildup in the prior year. Refer to Note 12 of the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Nine Months Ended September 30, 2021 compared to 2020
Yanacocha, Peru. Gold production decreased 28% primarily due to lower mill throughput as a result of Quecher Main achieving commercialthe ramp down of the mill and lower leach pad production as a result of lower leach recoveries. Costs applicable to sales per gold ounce decreased 12% primarily due to higher by-product credits as a result of the timing of silver sale shipments that were previously delayed from the prior year due to COVID-19 and higher ore grade mined, partially offset by higher worker participation costs in the fourth quartercurrent year. Depreciation and amortization per gold ounce increased 16% primarily due to gold ounces sold. All-in sustaining costs per gold ounce increased 2% primarily due to higher reclamation costs and incremental COVID-19 costs, partially offset by lower costs applicable to sales per gold ounce and care and maintenance costs in the prior year.
Merian, Suriname. Gold production decreased 4% primarily due to lower ore grade milled and a lower drawdown of 2019in-circuit inventory, partially offset by higher mill throughput and higher recoveries. Costs applicable to sales per gold ounce increased 7% primarily due to higher direct operating costs. Depreciation and amortization per gold ounce increased 5% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 50%9% primarily due to higher costs applicable to sales per gold ounce, incremental COVID-19 costs and higher sustaining capital costs.
Cerro Negro, Argentina. Gold production increased 44% primarily due to the mine being placed under care and maintenance costs.
Merian, Suriname. Gold production decreased 15% primarily duein response to the COVID-19 pandemic during 2020, partially offset by lower ore recoveries, lower ore grade milled, partially offset bymined, and a draw-down asbuilt of in-circuit inventory compared to a build-up of in-circuit ouncesdrawdown in the prior year. Costs applicable to sales per gold ounce increased 31%15% primarily due to higher direct operating costs as a result of COVID-19 restrictions and higher strip ratio,royalty payments, partially offset by higher gold price-driven royalties and lower gold ounces sold. Depreciation and amortization per gold ounce increased 32%decreased 24% primarily due to lowerhigher gold ounces sold, and higher amortization rates frompartially offset by asset additions. All-in sustaining costs per gold ounce increased 20%decreased 6% primarily due to care and maintenance costs in the prior year, partially offset by higher sustaining capital spend, higher costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend.
Cerro Negro, Argentina. Cerro Negro continued to operate at reduced levels while managing ongoing COVID-19 related travel restrictions and collaborating with local authorities and trade unions. We recognized $18 of cash and $9 of non-cash care and maintenance costs included in Care and maintenance and Depreciation and amortization, respectively, at Cerro Negro in the third quarter of 2020. Gold production decreased 57% primarily due to the impact on operations of governmental COVID-19 restrictions, resulting in limited ore availability. Costs applicable to sales per gold ounce increased 28% primarily driven by lower gold ounces sold and lower by-product credits. Depreciation and amortization per gold ounce increased 185% primarily driven by the impact of COVID-19 on the operations resulting in lower gold ounces sold. All-in sustaining costs per gold ounce increased 57% primarily driven by care and maintenance costs and higher costs applicable to sales per gold ounces.reclamation costs.
Pueblo Viejo, Dominican Republic. GoldAttributable gold production decreased 7%1% primarily driven bydue to lower ore grade milled.milled and lower recovery, partially offset by higher mill throughput and a drawdown of in-circuit inventory compared to a buildup in the prior year. Refer to Note 12 to ourof the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Nine months ended September 30, 2020 compared to 2019
Yanacocha, Peru. On March 16, 2020 the Yanacocha operations were temporarily halted as the operations were placed on care and maintenance due to government travel restrictions in-country in response to the COVID-19 pandemic. While in care and
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maintenance, limited personnel remained on-site to perform essential work, including security, water treatment, environmental protection and gold production continued from leach pads. In May 2020, milling operations resumed following the confirmation that the Peru economic reactivation plan allowed surface mining. We recognized $27 of cash and $7 of non-cash care and maintenance costs included in Care and maintenance and Depreciation and amortization, respectively, at Yanacocha in 2020. Gold production decreased 37% primarily due to lower ore grade milled as a result of lower ore grade mined, in addition to the site being placed on care and maintenance which negatively impacted mill throughput and leach pad production. Costs applicable to sales per gold ounce increased 43% primarily due to lower ore grade mined, higher strip ratio and higher leach pad inventory adjustments. Depreciation and amortization per gold ounce increased 85% primarily due to higher amortization rates as a result of Quecher Main achieving commercial production in the fourth quarter of 2019, the impact of the site being placed on care and maintenance and higher leach pad inventory adjustments. All-in sustaining costs per gold ounce increased 52% primarily due to higher costs applicable to sales per gold ounce and care and maintenance costs.
Merian, Suriname. Gold production decreased 15% primarily due to lower ore grade milled as a result of lower ore grade mined. Costs applicable to sales per gold ounce increased 28% primarily due to lower ore grade mined, higher strip ratio and higher gold price-driven royalties. Depreciation and amortization per gold ounce increased 24% due to lower gold ounces sold and higher amortization rates from asset additions. All-in sustaining costs per gold ounce increased 21% primarily due to higher costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend.
Cerro Negro, Argentina. Cerro Negro was acquired during the second quarter of 2019 as part of the Newmont Goldcorp transaction. On March 20, 2020 the Cerro Negro operations were temporarily halted as the operations were placed on care and maintenance due to Argentina suspending all commercial flights and inter-province transportation in response to the COVID-19 pandemic. Essential activities to maintain infrastructure, continue environmental management, provide security and perform ground control requirements continued while the operations were in care and maintenance. In early May, the operations began implementing a safe restart plan, remobilizing its workforce and limited milling activities resumed. We recognized $50 of cash and $28 of non-cash care and maintenance costs included in Care and maintenance and Depreciation and amortization, respectively, at Cerro Negro in 2020. Gold production decreased 29% primarily driven by the operations being placed into care and maintenance, partially offset by nine months of operations in 2020 as compared to six months in 2019. Costs applicable to sales per gold ounce increased 15% primarily driven by lower gold ounces sold. Depreciation and amortization per gold ounce increased 97% primarily driven by the impact of the site being placed on care and maintenance and lower gold ounces sold. All-in sustaining costs per gold ounce increased 53% primarily driven by care and maintenance costs and higher costs applicable to sales per gold ounce.
Pueblo Viejo, Dominican Republic. Our equity method investment in Pueblo Viejo was acquired during the second quarter of 2019 as part of the Newmont Goldcorp transaction. Gold production increased 51% primarily due to nine months of operations in 2020 as compared to six months in 2019. Refer to Note 12 to our Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Australia Operations
​Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization
All-In Sustaining Costs (2)
​20202019202020192020201920202019
Three Months Ended September 30,​​​​​​​​
Gold(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Boddington178 167 $846 $813 $150 $151 $985 $958 
Tanami131 114 478 573 228 220 723 758 
Kalgoorlie (3)
— 58 — 996 — 109 — 1,141 
Total/Weighted-Average (4)
309 339 $690 $768 $188 $171 $889 $944 
​​​​​​​​​
Gold equivalent ounces - other metals(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Boddington (5)
35 33 $840 $758 $153 $145 $998 $907 
Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization (2)
All-In Sustaining Costs (3)(4)
20212020202120202021202020212020
Three Months Ended September 30,
Gold(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Boddington162 178 $906 $846 $150 $150 $1,030 $985 
Tanami112 131 613 478 225 228 986 723 
Total/Weighted-Average (5)
274 309 $788 $690 $186 $188 $1,025 $889 
Gold equivalent ounces - other metals(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Boddington (6)
40 35 $914 $840 $151 $153 $1,013 $998 
Total/Weighted-Average (5)
40 35 $914 $840 $151 $153 $1,025 $998 

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​Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization
All-In Sustaining Costs (2)
​20202019202020192020201920202019
Nine Months Ended September 30,​​​​​​​​
Gold(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Boddington488 507 $873 $825 $154 $153 $1,046 $949 
Tanami373 361 505 549 210 191 707 725 
Kalgoorlie (3)
— 170 — 942 — 110 — 1,090 
Total/Weighted-Average (4)
861 1,038 $712 $749 $184 $164 $914 $911 
​​​​​​​​​
Gold equivalent ounces - other metals(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Boddington (5)
94 104 $842 $819 $154 $155 $1,032 $966 
Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization (2)
All-In Sustaining Costs (3)(4)
20212020202120202021202020212020
Nine Months Ended September 30,
Gold(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Boddington502 488 $885 $873 $143 $154 $1,115 $1,046 
Tanami340 373 595 505 207 210 897 707 
Total/Weighted-Average (5)
842 861 $767 $712 $175 $184 $1,040 $914 
Gold equivalent ounces - other metals(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Boddington (6)
115 94 $913 $842 $148 $154 $1,141 $1,032 
Total/Weighted-Average (5)
115 94 $913 $842 $148 $154 $1,155 $1,032 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)For the three months ended September 30, 2021 and 2020, Depreciation and amortization includes $2 and $— at Tanami in care and maintenance costs. For the nine months ended September 30, 2021 and 2020, Depreciation and amortization includes $3 and $— at Tanami in care and maintenance costs.
(3)All-in sustaining costs is a non-GAAP financial measure. See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis.
(3) For the three months ended September 30, 2021 and 2020, All-in sustaining costs includes $6 and $— at Tanami in care and maintenance costs recorded in The sale of our 50% interestCare and maintenance. For the nine months ended September 30, 2021 and 2020, All-in sustaining costs includes $8 and $— at Tanami in Kalgoorlie was completed on January 2, 2020. Refer to Note 9 for more information on asset sales.care and maintenance costs recorded in Care and maintenance.
(4)For the three and nine months ended September 30, 2021, All-in sustaining costs include $5 and $6, respectively, in incremental direct costs related to our response to the COVID-19 pandemic, recorded in Other expense, net. For the three and nine months ended September 30, 2020, COVID-19 incremental costs were excluded from All-in sustaining costs.
(5)All-in sustaining costs and Depreciation and amortization include expense for other regional projects.
(5)(6)For the three months ended March 31,September 30, 2021 and 2020, and 2019, Boddington produced 1517 million and 1415 million pounds of copper, respectively. For the nine months ended September 30, 20202021 and 2019,2020, Boddington produced 4150 million and 4541 million pounds of copper, respectively.
Three months ended September 30, 20202021 compared to 20192020
Boddington, Australia. Gold production increased 7%decreased 9% primarily due to higher milllower throughput, lower grade milled and recovery rate improvements.lower recovery. Gold equivalent ounces – other metals production increased 6%14% primarily due to higher millore grade milled, partially offset by lower throughput and recovery rate improvements.lower recovery. Costs applicable to sales per gold ounce increased 4%7% primarily due to lower gold ounces sold and an unfavorable Australian dollar foreign currency exchange rate, and higher gold price driven-royalties, partially offset by a lower maintenance costs.co-product allocation of costs to gold and lower royalties. Costs applicable to sales per gold equivalent ounce – other metals increased 11%9% primarily due to higher co-product allocation of costs to copper, increased royalty costs and unfavorable Australian dollar foreign currency exchange rate, and lowerpartially offset by higher gold equivalent ounces - other metals sold, partially offset by lower maintenance costs.sold. Depreciation and amortization per gold ounce decreased 1% primarily due to higher gold ounces produced. Depreciation and amortization per gold equivalent ounce – other metals increased 6% primarily due to lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce increased 3% 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 10% primarily driven by higher costs applicable to sales per gold equivalent ounce - other metals.
Tanami, Australia. Gold production increased 15% primarily due to higher ore grade milled as a result of higher ore grade mined, partially offset by lower throughput. Costs applicable to sales per gold ounce decreased 17% primarily due to higher gold ounces sold and lower operating costs, partially offset by unfavorable Australian dollar foreign currency exchange rate and higher gold-price driven royalties. Depreciation and amortization per gold ounce increased 4% primarily due to higher amortization rates from asset additions, partially offset by higher gold ounces sold. All-in sustaining costs per gold ounce decreased 5% primarily due to lower costs applicable to sales per gold ounce, partially offset by higher sustaining capital spend.
Nine months ended September 30, 2020 compared to 2019
Boddington, Australia. Gold production decreased 4% primarily due to lower ore grade milled as a result of lower ore grade mined. Gold equivalent ounces – other metals production decreased 10% primarily due to lower ore grade milled as a result of lower ore grade mined. Costs applicable to sales per gold ounce increased 6% primarily due to lower gold ounces sold, higher mill maintenance costs, higher co-product allocation of costs to gold and higher gold price-driven royalties, partially offset by a favorable Australian dollar foreign currency exchange rate and no stockpile inventory adjustments. Costs applicable to sales per gold equivalent ounce – other metals increased 3% primarily due to lower gold equivalent ounces - other metals sold and higher mill maintenance costs, partially offset by a favorable Australian dollar foreign currency exchange rate, no stockpile inventory adjustments and lower co-product allocation of costs to copper. Depreciation and amortization per gold ounce increased 1% primarily due to lower gold ounces sold, partially offset by no stockpile inventory adjustments.in line with prior year. Depreciation and amortization per gold equivalent ounce – other metals decreased 1% primarily due to lowera longer reserve life and higher gold equivalent ounces - other metals sold, partially offset by higher co-product allocation of costs to copper. All-in sustaining costs per gold ounce increased 5% primarily due to higher costs applicable to sales per gold ounce, partially offset by lower sustaining capital. All-in sustaining costs per gold equivalent ounce – other metals increased 2% primarily driven by higher costs applicable to sales per gold equivalent ounce - other metals, partially offset by lower sustaining capital.
Tanami, Australia. Gold production decreased 15% primarily due to lower throughput as the mine was placed under care and no stockpile inventory adjustments,maintenance during July 2021 as a result of COVID-19 restrictions, lower ore grade milled and lower recovery, partially offset by a higher drawdown of in-circuit inventory. Costs applicable to sales per gold ounce increased 28% primarily due to unfavorable Australian dollar foreign currency exchange rate, lower gold ounces sold and higher mining costs per ounce due to lower ore tons mined and lower grades mined. Depreciation and amortization per gold ounce decreased 1% primarily due to higher reserves, partially offset by lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce increased 10%36% primarily due to higher costs applicable to sales per gold ounce and higher COVID and non-productive costs as a result of placing the mine under care and maintenance.
Nine Months Ended September 30, 2021 compared to 2020
Boddington, Australia. Gold production increased 3% primarily due to higher ore grade milled and higher mill throughput, partially offset by lower recovery. Gold equivalent ounces – other metals production increased 22% primarily due to higher ore grade milled, higher mill throughput and higher recovery. Costs applicable to sales per gold ounce increased 1% primarily due to an unfavorable Australian dollar foreign currency exchange rate, partially offset by higher gold ounces sold, lower maintenance costs and lower co-product allocation of costs to gold. Costs applicable to sales per gold equivalent ounce – other metals increased 8% primarily due to an unfavorable Australian dollar foreign currency exchange rate, higher co-product allocation of costs to copper and higher royalties, partially offset by higher gold equivalent ounces - other metals sold and lower maintenance costs. Depreciation and amortization per gold ounce decreased 7% primarily due to a longer reserve life, higher gold ounces sold and a lower co-product allocation of costs to gold. Depreciation and amortization per gold equivalent ounce – other metals decreased 4% primarily due to a longer reserve life and higher gold equivalent ounces - other metals sold, partially offset by higher co-product allocation of costs to
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copper. All-in sustaining costs per gold ounce increased 7% primarily due to higher sustaining capital spend.spend and higher costs applicable to sales per gold ounce. All-in sustaining costs per gold equivalent ounce – other metals increased 7%11% primarily due to higher costs applicable to sales per gold equivalent ounces - other metals and higher sustaining capital spend.
Tanami, Australia. Gold production increased 3%decreased 9% primarily due to higher milllower ore grade milled, lower throughput as the mine was placed under care and maintenance during July 2021 as a result of higher ore tons mined, partially offset byCOVID-19 restrictions and lower ore grade milled as a result of lower ore grade mined.recovery. Costs applicable to sales per gold ounce decreased 8%
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increased 18% primarily due to a favorableunfavorable Australian dollar foreign currency exchange rate lower power costs and higherlower gold ounces sold, partially offset by higher gold-price driven royalties.lower paste backfill spend. Depreciation and amortization per gold ounce increased 10%decreased 1% primarily due to incremental depreciation from the Tanami Power Plant achieving commercial production in March 2019, in addition to other asset additions.a longer reserve life, partially offset by lower gold ounces sold. All-in sustaining costs per gold ounce decreased 2%increased 27% primarily due to lowerhigher costs applicable to sales per gold ounce partially offset byand higher sustaining capital spend.
Africa Operations
​Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization
All-In Sustaining Costs (2)
​20202019202020192020201920202019
Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization
All-In Sustaining Costs (2)(3)
20212020202120202021202020212020
Three Months Ended September 30,Three Months Ended September 30,(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)Three Months Ended September 30,(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
AhafoAhafo139 162 $733 $617 $291 $256 $912 $811 Ahafo124 139 $912 $733 $300 $291 $1,100 $912 
AkyemAkyem90 105 634 484 328 319 775 612 Akyem86 90 851 634 331 328 1,104 775 
Total / Weighted Average (3)(4)
Total / Weighted Average (3)(4)
229 267 $693 $563 $306 $282 $865 $741 
Total / Weighted Average (3)(4)
210 229 $886 $693 $314 $306 $1,114 $865 

Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization
All-In Sustaining Costs (2)(3)
20212020202120202021202020212020
Nine Months Ended September 30,(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Ahafo333 342 $896 $783 $311 $311 $1,105 $983 
Akyem284 266 698 612 317 326 902 750 
Total / Weighted Average (4)
617 608 $804 $707 $314 $318 $1,023 $889 

____________________________
​Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization
All-In Sustaining Costs (2)
​20202019202020192020201920202019
Nine Months Ended September 30,(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Ahafo342 458 $783 $621 $311 $253 $983 $820 
Akyem266 317 612 537 326 363 750 691 
Total / Weighted Average (3)
608 775 $707 $586 $318 $299 $889 $776 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)All-in sustaining costs is a non-GAAP financial measure. See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis.
(3)For the three and nine months ended September 30, 2021, All-in sustaining costs include $1 and $4, respectively, in incremental direct costs related to our response to the COVID-19 pandemic, recorded in Other expense, net. For the three and nine months ended September 30, 2020, COVID-19 incremental costs were excluded from All-in sustaining costs.
(4)All-in sustaining costs and Depreciation and amortization include expense for other regional projects.
Three months ended September 30, 20202021 compared to 20192020
Ahafo, Ghana. Gold production decreased 14%11% primarily due to lower ore gradegrades milled, as a result of lower ore grade mined from the Subika pit, partially offset by higher throughput due to the Ahafo Mill Expansion project achieving commercial production in the fourth quarter of 2019.mill throughput. Costs applicable to sales per gold ounce increased 19%24% primarily due to lower ore grade minedgold ounces sold, an unfavorable strip ratio as a result of mine sequencing and higher gold price-related royalties.power costs, partially offset by lower maintenance costs. Depreciation and amortization per gold ounce increased 3% primarily due to lower gold ounces mined. All-in sustaining costs per gold ounce increased 21% primarily due to higher costs applicable to sales per gold ounce and incremental COVID-19 costs, partially offset by lower sustaining capital costs.
Akyem, Ghana. Gold production decreased 4% primarily due to lower ore grades milled and lower recovery, partially offset by higher mill throughput. Costs applicable to sales per gold ounce increased 34% primarily due to higher royalty payments, higher power costs and higher maintenance costs. Depreciation and amortization per gold ounce increased 1% primarily due to higher depreciation and amortization rates. All-in sustaining costs per gold ounce increased 42% primarily due to higher costs applicable to sales, higher sustaining capital costs, higher reclamation costs, and higher exploration costs.
Nine Months Ended September 30, 2021 compared to 2020
Ahafo, Ghana. Gold production decreased 3% primarily due to lower ore grades milled, partially offset by higher mill throughput and a draw-down of in-circuit inventory compared to a build-up in the prior year. Costs applicable to sales per gold ounce increased 14% primarily due to higher amortization from the Ahafo Mill Expansion, which achieved commercial production in the fourth quarter of 2019, and lower gold ounces sold.sold, an unfavorable strip ratio as a result of mine sequencing and higher power costs, partially offset by lower mining consumables spend. Depreciation and amortization per gold ounce was in line with the prior year. All-in sustaining costs per gold ounce increased 12% primarily due to higher costs applicable to sales per gold ounce, higher advanced project and higher reclamationexploration expenses and incremental COVID-19 costs, partially offset by lower advanced projects spend and lower sustaining capital spend.costs.
Akyem, Ghana. Gold production decreased 14%increased 7% primarily due to lowerhigher ore grade milled, partially offset by higherlower mill throughput.throughput, lower recovery and a lower drawdown of in-circuit inventory. Costs applicable to sales per gold ounce increased 31% 14%
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primarily driven bydue to higher strip ratio, lower gold ounces soldroyalty payments, higher power costs and higher gold price-related royalties.maintenance costs. Depreciation and amortization per gold ounce increaseddecreased 3% primarily due to lower gold ounces sold, partially offset by lower amortization rates due to a longer reserve life. All-in sustaining costs per gold ounce increased 27% primarily due to higher costs applicable to sales per gold ounce and higher sustaining capital spend, partially offset by lower reclamation costs.
Nine months ended September 30, 2020 compared to 2019
Ahafo, Ghana. Gold production decreased 25% primarily due to lower ore grade milled as a result of lower ore grade mined from the Subika pit, partially offset by higher throughput due to the Ahafo Mill Expansion project achieving commercial production in the fourth quarter of 2019. Costs applicable to sales per gold ounce increased 26% primarily due to lower ore grade mined, higher strip ratio, higher mill maintenance costs and higher gold price-related royalties. Depreciation and amortization per gold ounce increased 23% primarily due to higher amortization from the Ahafo Mill Expansion, which achieved commercial production in the fourth quarter of 2019, and lower gold ounces sold. All-in sustaining costs per gold ounce increased 20% primarily due to higher costs applicable to sales per gold ounce, partially offset by lower advanced projects spend and lower sustaining capital spend.
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 14% primarily due to lower gold ounces sold and higher gold price-related royalties, partially offset by no stockpile inventory adjustment. Depreciation and amortization per gold ounce decreased 10% primarily due to lower amortization rates due to a longer reserve life and no stockpile inventory adjustment, partially offset by lower gold ounces sold. All-in sustaining costs per gold ounce increased 9% primarily due tospend, higher costs applicable to sales per gold ounce partially offset by lowerand higher reclamation and sustaining capital spend.costs.
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Nevada Operations
​Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization
All-In Sustaining Costs (2)
​20202019202020192020201920202019
Three Months Ended September 30,​​​​​​​​
Gold(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Nevada Gold Mines337 344 $761 $701 $445 $446 $904 $920 
Carlin— — — 854 — 266 — 854 
Phoenix— — — 1,094 — 354 — 1,187 
Twin Creeks— — — 340 — 109 — 340 
Long Canyon— — — 692 — 670 — 692 
Total/Weighted-Average (3)
337 344 $761 $711 $445 $434 $904 $915 
Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization
All-In Sustaining Costs (2)
20212020202120202021202020212020
Three Months Ended September 30,
Gold(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Nevada Gold Mines308 337 $768 $761 $435 $445 $945 $904 
Total/Weighted-Average (3)
308 337 $768 $761 $435 $445 $945 $904 

Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization
All-In Sustaining Costs (2)
20212020202120202021202020212020
Nine Months Ended September 30,
Gold(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Nevada Gold Mines895 992 $755 $764 $433 $431 $931 $936 
Total/Weighted-Average (3)
895 992 $755 $764 $433 $431 $931 $936 

____________________________
​Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization
All-In Sustaining Costs (2)
​20202019202020192020201920202019
Nine Months Ended September 30,​​​​​​​​
Gold(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Nevada Gold Mines992 344 $764 $701 $431 $446 $936 $920 
Carlin— 404 — 878 — 261 — 1,076 
Phoenix— 96 — 981 — 281 — 1,149 
Twin Creeks— 162 — 661 — 178 — 830 
Long Canyon— 96 — 376 — 377 — 466 
Total/Weighted-Average (3)
992 1,102 $764 $761 $431 $317 $936 $956 
​​​​​​​​​
Gold equivalent ounces - other metals(ounces in thousands)($ per ounce sold)($ per ounce sold)($ per ounce sold)
Phoenix (4)
— 35 $— $750 $— $243 $— $894 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)All-in sustaining costs is a non-GAAP financial measure. See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis.
(3)All-in sustaining costs and Depreciation and amortization include expense for other regional projects.
(4)For the nine months ended September 30, 2019, the Phoenix mine in Nevada produced 15 million pounds of copper. The Phoenix mine site was contributed to NGM, effective July 1, 2019, at which point copper became a by-product.​
Three months ended September 30, 20202021 compared to 20192020
Nevada Gold Mines. Attributable gold production decreased 2%9% primarily due to 25% lower production at Carlin as lowera result of a mechanical failure in May 2021 which resulted in a partial shutdown of the Goldstrike mill, which was fully repaired by September. This was partially offset by 15% higher production at Cortez as a result of higher ore grades processed and higher leach recoveries and 7% higher production at Turquoise Ridge (including Twin Creeks) and Cortezas a result of 21% and 10%, respectively, was only partially offset by 79% higher production at Long Canyon and 19% higher production at Phoenix. Production at Carlin (including Goldstrike) comprised over half of Nevada Gold Mines production and was consistent with the comparable period last year. The lower production at Turquoise Ridge was due to lower mill throughput and ore grade while the lower production at Cortez was due to the timing of leach recoveries. Higher production at Long Canyon was driven by higher grades mined and Phoenix production was also higher from higher grades, as well as higher mill recoveries.throughput.
Costs applicable to sales per gold ounce increased 9%1% primarily due to 49%4% higher costs applicable to sales perdue to lower gold ounceounces sold, partially offset by lower mill throughput at Cortez fromCarlin and 5% higher waste stripping, which was capitalized as pre-production stripping last year, and 20% higher costs at Turquoise Ridge impacted by the lower ore grade and production. Long Canyon costs applicable to sales per gold ounce was 28% lower, primarilyat Turquoise Ridge due to the higher production, while 43%a reduction of stockpile inventory. This was partially offset by 15% lower costs applicable to sales at Phoenix due to higher by-product credits from higher copper prices and 22% lower costs applicable to sales at Long Canyon due to a favorable strip ratio.
Depreciation and amortizationper gold ounce decreased 2% primarily due to 7% lower amortization at Carlin driven by higher stockpile balances processed and lower amortization rates partially offset by lower ounces sold, 11% and 8% lower depreciation and amortization per ounce at Cortez and Phoenix, respectively, driven by higher gold ounces sold, and 17% lower depreciation and amortization per ounce at Long Canyon as a result of lower ounces mined. This was partially offset by 6% higher depreciation and amortization per ounce at Turquoise Ridge driven by a reduction in stockpile inventories.
All-in sustaining costs per gold ounce increased 5% primarily due higher costs applicable to sales at Carlin and Turquoise Ridge and higher sustaining capital spend at Carlin, Turquoise Ridge and Phoenix, partially offset by lower costs applicable to sales at Phoenix were favorably impactedand Long Canyon.
Nine Months Ended September 30, 2021 compared to 2020
Nevada Gold Mines. Attributable gold production decreased 10% primarily due to 18% lower production at Carlin as a result of lower availability of the Goldstrike mill and ore blending, 9% lower production at Cortez as a result of lower underground grades mined, lower mill throughput and the timing of leach recoveries and 16% lower production at Phoenix as a result of lower mill grades processed and lower mill throughput. This was partially offset by 17% higher volumes. production at Long Canyon as a result of higher leach tons and higher grade processed and 6% higher production at Turquoise Ridge as a result of higher underground tons and higher grades mined.
Costs applicable to sales per gold ounce decreased 1% primarily due to 36% lower costs applicable to sales at Phoenix as a result of higher by-product credits from higher copper prices and 50% lower costs applicable to sales at Long Canyon as a result of higher gold ounces sold and a favorable strip ratio. This was partially offset by 4% and 10% higher costs applicable to sales at Carlin were consistentand Cortez, respectively, primarily driven by lower gold ounces sold, partially offset by lower mill throughput at Carlin.
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In 2021, the Nevada state legislature passed Assembly Bill 495 (the “Bill”) to enact a new tax on mining companies engaged in the business of extracting gold and silver in the state of Nevada. The Bill imposes a new excise tax on business entities with the comparable period last year, increasing 4% impacted by slightly lower production.​annual gross revenues over $20, with tax rates ranging from 0.75% to 1.1%. The excise tax is included in Cost applicable to sales.
Depreciation and amortization per gold ounce was in line with the prior year. Lower depreciation and amortization per gold ounce at Carlin and Turquoise Ridge of 18% and 12%, respectively, was due primarily to lower amortization rates. This was mostly offset by higher depreciation and amortization per gold ounce at Cortez of 21%, driven by lower production.
All-in sustaining costs per gold ounce decreased 2%1% primarily due to favorable resultslower costs applicable to sales at Phoenix and Long Canyon, which were lowerpartially offset by 48% and 26%, respectively. Both Phoenix and Long Canyon were favorably impacted by lowerhigher costs applicable to sales. These favorable results were only partially offset by 31% higher all-in sustaining costs per gold ouncesales at CortezCarlin and 16% higher all-in
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sustaining costs per gold ounce at Turquoise Ridge, both impacted by lower volumes. Carlin was consistent with the comparable period last year.
Nine months ended September 30, 2020 compared to 2019
Nevada Gold Mines. Attributable gold production increased 188% primarily due to nine months of operations in 2020 as compared to three months of operations in 2019. Cost metrics were impacted by nine months of operations in 2020 as compared to three months of operations in 2019.​
Carlin, USA. The Carlin mine site was included in the transaction with Barrick that closed on July 1, 2019 establishing the Nevada Gold Mines joint venture.
Phoenix, USA. The Phoenix mine site was included in the transaction with Barrick that closed on July 1, 2019 establishing the Nevada Gold Mines joint venture.
Twin Creeks, USA. The Twin Creeks mine site was included in the transaction with Barrick that closed on July 1, 2019 establishing the Nevada Gold Mines joint venture.
Long Canyon, USA. The Long Canyon mine site was included in the transaction with Barrick that closed on July 1, 2019 establishing the Nevada Gold Mines joint venture.Cortez.
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 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, including the Australian dollar, the Canadian dollar, the Mexican peso, the Argentine peso, the Peruvian sol, the Surinamese dollar and the Surinamese dollar.Ghanaian Cedi. Approximately 45%50% and 35%51% of Costs applicable to sales were paid in currencies other than the U.S. dollar during the three and nine months ended September 30, 2020 and 2019,2021, respectively, including approximately 18% denominated in the Australian Dollar, 11% denominated in the Mexican Peso and 11% denominated in the Canadian Dollar in the current year. as follows:
Three Months Ended
September 30, 2021		Nine Months Ended
September 30, 2021
Australian Dollar17 %18 %
Canadian Dollar13 %13 %
Mexican Peso12 %13 %
Argentine Peso4 %3 %
Peruvian Sol3 %3 %
Surinamese Dollar1 %1 %
Ghanaian Cedi— %— %
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 $9 per ounce$5 during the three months ended September 30, 2020,2021, compared to the same period in 2019,2020, primarily in Argentina. Approximately 45%Argentina and 33% of Costs applicable to sales were paid in currencies other than the U.S. dollar during the nine months ended September 30, 2020 and 2019, respectively, including approximately 18% denominated in the Australian Dollar, 11% denominated in the Canadian Dollar and 10% denominated in the Mexican Peso in the current year.Suriname. Variations in the local currency exchange rates in relation to the U.S. dollar at our foreign mining operations decreasedincreased Costs applicable to sales by by $19$9 per ounce during the nine months ended September 30, 2020,2021 compared to the same period in 2019,2020, primarily in Argentina.Australia and Canada.
Our Cerro Negro mine, which was acquired as part of the Newmont Goldcorp transaction and is located in Argentina, is a U.S. dollar functional currency entity. Argentina has been considered a hyperinflationary environment with a cumulative inflation rate of over 100% for the last three years. On September 1, 2019,In recent years, Argentina’s central bank enacted a number of foreign currency controls in an effort to stabilize the local currency, with additional controls enacted on May 29, 2020 (“currency controls”). These currency controls include conversion requirements of exportincluding requiring the Company to convert U.S. dollar proceeds from metal sales to local currency limits on exchanges to foreign currencies and the reintroduction of affidavits to verify foreign currency transactions comply with regulations. Since the currency controls were enacted, the Company is required to convert metal sales proceeds to the Argentine Peso within 60 days from shipment date or five business days from receipt of cash, at Cerro Negro and obtain central bank approval for anywhichever happens first, as well as restricting payments to foreign-related entities denominated in foreign currency, such as dividends or distributions to the parent company. Additionally, the Company is requiredand related companies and royalties and other payments to foreign beneficiaries. These restrictions directly impact Cerro Negro's ability to pay foreign obligations using offshore funds prior to accessing the onshore foreign exchange market. While we have balances denominated in Argentine pesos that relate to accounts payable and employee-related liabilities and tax receivables and liabilities, the majorityprincipal portions of Cerro Negro’s activity has historically been 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. Most recently, on September 16, 2020, Argentina’s central bank enacted a new resolution requiring companies to refinance, with at least a two year term, sixty percent of any debt maturing between October 15, 2020 and March 31, 2021. However, this resolution does not apply to intercompany debt to the Company. We continue to monitor the foreign currency exposure risk and we do not hold any external debt at Cerro Negro. Therefore, this newly enacted resolution, as well as other previously enactedthe limitations of repatriating cash to the United States. Currently, these currency controls are not expected to have a significantmaterial impact on our financial statements.

Our Merian mine, is located in the country of Suriname, whichis a U.S. dollar functional currency entity. Suriname has experienced significant swings in inflation rates for the last three years. On March 24, 2020, Suriname's central bank enactedIn 2021, the Act Controlling Currency Transactions and Transactions Bureaus in an effortCentral Bank took steps to stabilize the local currency, (the "Act"), which was subsequently halted by an interim orderwhile the government introduced new legislation to narrow the gap between government revenues and deemed unconstitutional by the Surinamese court. This Act includes a provision on the repatriationspending. The measures to increase government revenue mainly consist of export earnings and restrictions on imports;tax increases; however, Newmont and the Republic of Suriname have a Mineral Agreement in place superseding these provisions. Therefore, we do not expect there to be a current or future impact to our operations or financial statements. Additionally, on September 21, 2020, the central bankthat supersedes such measures. The Central Bank of Suriname recently adopted a controlled floating rate system and concurrently announced a significant devaluation of the Surinamese dollar. While we have employee-related liabilities denominated in Surinamese dollars, which are impacted by this devaluation, thedollar devalued significantly. The majority of
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Merian’s activity has historically been denominated in U.S. dollars.dollars resulting in an immaterial impact on our financial statements. Therefore, thefuture devaluation of the Surinamese dollar is not expected to have a significantmaterial impact on our financial statements.
Liquidity and Capital Resources
Liquidity Overview
We have a disciplined cash 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.
During 2020, the
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The COVID-19 pandemic has had a material impact on the global economy, the scale and duration of which remain uncertain. In an effort to protect the health and safety of our workforce, their families and neighboring communities in which we operate, we put five mine sites temporarily into care and maintenance during March and April 2020, while the remaining sites continued to operate. We worked closely with local stakeholders to resume operations at all five mine sites during the second quarter of 2020. As of September 30, 2020, Musselwhite, Éléonore and Peñasquito were fully operational while Yanacocha has ramped up to near normal operations. Cerro Negro continues to operate at reduced levels while managing ongoing COVID-19 related travel restrictions and collaborating with local authorities and trade unions.
We have not had significant shipping delays for produced metals, and third-party refineries that were previously closed have since reopened. Depending on the duration and extent of the impact of the COVID-19 pandemic, additional sites could be placed into care and maintenance; transportation industry disruptions could occur, including limitations on shipping produced metals; refineries or smelters could be temporarily closed; our supply chain could be disrupted; or we could incur credit related losses of certain financial assets, which could materially impact the Company’s results of operations, cash flows and financial condition. As of September 30, 2020,2021, we believe our available liquidity totals $7,756, consisting of our cash and cash equivalents of $4,828 and borrowing capacity of $2,928 available under our unsecured revolving credit facility, which we believe allows us to manage the near-term impacts of the COVID-19 pandemic on our business.
InDecember 2019, our Board of Directors authorized a stock repurchase program for up to $1 billion of common stock to be repurchased in the next 12 months. Through September 30, 2020, we have executed trades totaling $800 of common stock repurchases, of which $321 were settled as of September 30, 2020 and $479 were settled as of December 31, 2019. The Company’s management and board of directors also continue to monitor the timing of future share buybacks as it monitors the ongoing evolution of the COVID-19 pandemic.
In January 2020, we announced a plan to increase our quarterly dividend from $0.14 per share to $0.25 per share. In July 2020, the Board approved and declared the second quarter dividend of $0.25 per share, for a total of $201 paid in the third quarter of 2020. In October 2020, the Board approved an additional increase to our quarterly dividend from $0.25 per share to $0.40 per share to be paid in the fourth quarter of 2020. The $0.15 per share increase to the Company’s base quarterly dividend of $0.25 per share is supported by a framework to return 40 to 60 percent of incremental attributable free cash flow to shareholders that is generated above a $1,200 per ounce gold price. Newmont’s dividend framework shares incremental free cash flow with shareholders at higher gold prices. This framework is non-binding and will be periodically reviewed and reassessed by the board of directors. 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, COVID-19 impacts and other factors deemed relevant by the board.

At September 30, 2020,2021, the Company had $4,828$4,636 in Cash and cash equivalents, of which $1,382$1,468 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. Cash and cash equivalents denominated in Argentine Peso are subject to regulatory restrictions. See Foreign Currency Exchange Rates above for further information. At September 30, 2020, $4382021, $406 of the consolidated cash and cash equivalents was attributable to noncontrolling interests primarily related to our Peru and Suriname operations, which is being held locally to fund those operations. At September 30, 2020, $1,1352021, $1,241 in consolidated cash and cash equivalents ($706845 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 are adequate to fund our operations and corporate activities.
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, pay dividends and meet other liquidity requirements for the foreseeable future. At September 30, 2020,2021, our borrowing capacity on our revolving credit facility was $2,928$3,000 and we had no borrowings outstanding under the revolving credit facility. We do not expect any limitations on our ability to access our revolving credit facility as a result of the COVID-19 pandemic. We continue to remain compliant with covenants and there have been no impacts to-date, nor do we anticipate any negative impacts from COVID-19, on our ability to access funds available on this facility.
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Our financial position was as follows:
​At September 30,
2020		At December 31,
2019
At September 30,
2021		At December 31,
2020
DebtDebt$6,030 $6,138 Debt$5,482 $6,031 
Lease and other financing obligationsLease and other financing obligations647 696 Lease and other financing obligations656 671 
Less: Cash and cash equivalentsLess: Cash and cash equivalents(4,828)(2,243)Less: Cash and cash equivalents(4,636)(5,540)
Net debtNet debt$1,849 $4,591 Net debt$1,502 $1,162 
Borrowing capacity on revolving credit facilityBorrowing capacity on revolving credit facility$2,928 $2,940 Borrowing capacity on revolving credit facility$3,000 $2,928 
Total liquidity (1)
Total liquidity (1)
$7,756 $5,183 
Total liquidity (1)
$7,636 $8,468 
____________________________
(1)Total liquidity is calculated as the total of our Cash and cash equivalents and the borrowing capacity on our revolving credit facility.
Cash Flows
Our Condensed Consolidated Statements of Cash Flows are summarized as follows:
​Nine Months Ended September 30,
​20202019
Net cash provided by (used in) operating activities of continuing operations$3,204 $1,668 
Net cash provided by (used in) operating activities of discontinued operations(8)(7)
Net cash provided by (used in) operating activities$3,196 $1,661 
​​​
Net cash provided by (used in) investing activities of continuing operations$577 $(817)
Net cash provided by (used in) investing activities of discontinued operations(75)— 
Net cash provided by (used in) investing activities$502 $(817)
​​​
Net cash provided by (used in) financing activities$(1,119)$(1,506)
Net cash provided by (used in) operating activities of continuing operations was $3,204$2,967 during the nine months ended September 30, 2020, an increase2021, a decrease in cash provided of $1,536$237 from the nine months ended September 30, 2019,2020, primarily due to ahigher tax payments and an increase in prepaid assets, partially offset by higher average realized gold price, an increase in collections on accounts receivable and a decrease in payments on other accrued liabilities balances, partially offset by lower sales volumes due to the sale of Kalgoorlie and Red Lake during 2020, lower sales volumes at certain sites experiencing reduced operations and incremental direct costs incurred in 2020 as a result of actions taken to protect against the impacts of the COVID-19 pandemic.metal prices.
Net cash provided by (used in) investing activities of continuing operations was $577$(1,517) during the nine months ended September 30, 2020, an increase2021, a decrease in cash provided of $1,394$2,094 from the nine months ended September 30, 2019,2020, primarily due to proceeds from the salesales of the Kalgoorlie, and Red Lake operations, the sale of our investment inand Continental Gold in 2020, the acquisition of GT Gold in 2021, and lowerhigher capital expenditures in 2020, partially offset by net cash and cash equivalents acquired in the Newmont Goldcorp transaction in 2019.2021.
Net cash provided by (used in) investing activities of discontinued operations was $(75)$— during the nine months ended September 30, 2020, an increase2021, a decrease in cash used of $75 from the nine months ended September 30, 2019,2020, due to the payment for the option to acquire mining and mineral rights subject to the Holt royalty obligation as part of the Kirkland Agreement.Agreement in 2020.
Net cash provided by (used in) financing activities was $(1,119)$(2,363) during the nine months ended September 30, 2020, a decrease2021, an increase in cash used of $387$1,244 from the nine months ended September 30, 2019,2020, primarily due to the issuancean increase in dividends paid to stockholders and higher net repayments of 2.25% 2030 Senior Notesdebt in 2020, the 2019 payment of a one-time special dividend related to the Newmont Goldcorp transaction, lower debt payments in 2020 and cash received for Newmont stock options exercised in 2020,2021, partially offset by 2020lower repurchases of common stock in 2021.
Capital Resources
In October 2021, the Board declared a dividend of $0.55 per share on third quarter 2021 earnings, determined under the dividend framework established and approved by the Board in 2020 to share buyback planincremental free cash flow with shareholders at higher gold prices. The framework returns 40 to 60 percent of incremental attributable free cash flow to shareholders that is generated above a $1,200 per ounce gold price. This framework is non-binding and higher regularis periodically reviewed and reassessed by the Board of Directors.
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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 dividends paidrequirements, future prospects, COVID-19 impacts and other factors deemed relevant by the Board.
InJanuary 2021, the Company announced that the Board of Directors authorized a new stock repurchase program for up to $1 billion of common stock to be repurchased in 2020.the next 18 months. Through September 30, 2021, we have executed and settled trades totaling $248 of common stock repurchases under the plan.
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. For example, the Board of Directors approved full funding for the Ahafo North project in Africa in July 2021. Total capital spend on the Ahafo North project is expected to range from $750 to $850, which we expect to fund from existing liquidity and 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. In addition, with the successful consummation of the Newmont Goldcorp transaction, the Company is focused on reprioritizationcontinues to evaluate strategic priorities and deployment of developmentcapital to projects in itsthe pipeline to ensure that it executes on its capital priorities and provides long-termlong term value to shareholders. The Company’s decision to reprioritize, sell or abandon a development project, which may include returning mining concessions to local stakeholders,host governments, could result in a future impairment charge.
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For the nine months ended September 30, 20202021 and 2019,2020, we had Additions to property, plant and mine development as follows:​
​20202019
​Development ProjectsSustaining CapitalTotalDevelopment ProjectsSustaining CapitalTotal
20212020
Development ProjectsSustaining CapitalTotalDevelopment ProjectsSustaining CapitalTotal
North AmericaNorth America$41 $156 $197 $66 $172 $238 North America$25 $223 $248 $41 $156 $197 
South AmericaSouth America62 65 127 125 84 209 South America108 82 190 62 65 127 
AustraliaAustralia81 139 220 43 125 168 Australia166 188 354 81 139 220 
AfricaAfrica37 73 110 98 88 186 Africa91 87 178 37 73 110 
NevadaNevada59 124 183 39 160 199 Nevada48 128 176 59 124 183 
Corporate and otherCorporate and other3 31 34 13 9 22 Corporate and other3 16 19 3 31 34 
Accrual basisAccrual basis$283 $588 $871 $384 $638 $1,022 Accrual basis$441 $724 $1,165 $283 $588 $871 
Decrease (increase) in non-cash adjustmentsDecrease (increase) in non-cash adjustments33 11 Decrease (increase) in non-cash adjustments47 33 
Cash basis Cash basis $904 $1,033 Cash basis $1,212 $904 
​    For the nine months ended September 30, 2021, development projects primarily included Pamour in North America; Yanacocha Sulfides, Quecher Main and Cerro Negro expansion projects in South America; Tanami Expansion 2 and Power Generation Civil Upgrade in Australia; Subika Mining Method Change and Ahafo North in Africa; and Goldrush Complex and Turquoise Ridge 3rd shaft in Nevada. For the nine months ended September 30, 2020, development projects primarily included Musselwhite Materials Handling and Éléonore Lower Mine Material Handling System in North America; Quecher Main and Yanacocha Sulfides in South America; Tanami Expansion 2 in Australia; Subika Mining Method Change and Ahafo North in Africa; and Goldrush Complex, Turquoise Ridge 3rd shaft and Range Front Declines at Cortez in Nevada. For the nine months ended September 30, 2019, development projects included Borden and Musselwhite Materials Handling in North America; Quecher Main and Yanacocha Sulfides projects in South America; Tanami Expansion 2 project in Australia; Ahafo North, Subika Underground, and the Ahafo Mill Expansion in Africa; and Turquoise Ridge joint venture 3rd shaft in Nevada.​
For the nine months ended September 30, 20202021 and 2019,2020, sustaining capital included the following:
•North America. Capital expenditures primarily related to underground mine development, tailings facility construction, mining equipment and capitalized component purchases;
•South America. Capital expenditures primarily related to capitalized component purchases, mining equipment, reserves drilling conversion, underground mine development, tailings facility construction and infrastructure improvements;
•Australia. Capital expenditures primarily related to haul truck purchases for the Autonomous Haulage System, equipment and capitalized component purchases, underground mine development and tailings, water storage and support facilities;
•Africa. Capital expenditures primarily related to underground mine development, capitalized component purchases, water treatment plant construction and tailings facility expansion; and
•Nevada. Capital expenditures primarily related to surface and underground mine development, tailings facility construction and equipment and capitalized component purchases.​
Refer to our global project pipeline discussion above for additional details. Refer to Note 4 to our3 of the Condensed Consolidated Financial Statements and Part I, Item 2 Non-GAAP Financial Measures All-In Sustaining Costs for further information.
Debt
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Debt
Debt and Corporate Revolving Credit Facilities
Facilities. There were no material changes to our debt and corporate revolving credit facilities since December 31, 2019,2020, except as noted in Note 22 to17 of the Condensed Consolidated Financial Statements.
As part of the amended terms to the revolving credit agreement, the interest rate includes a margin adjustment based on the Company’s ESG scores. The ESG scores are comprised of (i) the S&P Global ESG Score defined per the amendment as the overall score in respect of ESG factors, as calculated and assigned to the Company from time to time by S&P Global Inc. and (ii) MSCI ESG Rating defined per the amendment as the overall score in respect of ESG factors, as calculated and assigned to the Borrower from time to time by MSCI ESG Research LLC, a division of MSCI Inc. The maximum adjustment resulting from the ESG scores is plus or minus 0.05% and is not expected to have a material impact on Interest expense, net of capitalized interest.
Refer to Part II, Item 7 in our annual report on Form 10-K, for the year ended December 31, 2019,2020, for information regarding our debt and corporate revolving credit facilities.
Debt Covenants
Covenants. There were no material changes to our debt covenants, except as noted in Note 22 to the Condensed Consolidated Financial Statements.covenants. Refer to Part II, Item 7 in our annual report on Form 10-K, for the year ended December 31, 2019,2020, for information regarding our debt covenants.
At September 30, 2020,2021, we were in compliance with all existing debt covenants and provisions related to potential defaults.
Supplemental Guarantor Information
In September 2018, weInformation. The Company filed a shelf registration statement with the SEC on Form S-3 under the Securities Act, of 1933, as amended, which enables us to issue an indeterminate number or amount of common stock, preferred stock, depository shares, debt
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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.subsidiaries (Newmont, as issuer, and Newmont USA, as guarantor, are collectively referred to here-within as the “Obligor Group”). These guarantees are full and unconditional, and no othernone of our other subsidiaries guaranteesguarantee any security issued and outstanding. There are no restrictions on the ability of Newmont, as issuer, or Newmont USA, as guarantor (collectively, the “Obligor Group”), to obtain funds from its subsidiaries by dividend, loan or otherwise.​ Additionally, theThe 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 by dividend, loan, or otherwise, except to the extent of any rights of noncontrolling interests.interests or regulatory restrictions limiting repatriation of cash. Net assets attributable to noncontrolling interests were $916$526 and $950$837 at September 30, 20202021 and December 31, 2019,2020, respectively. All noncontrolling interests relate to non-guarantor subsidiaries.

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. Newmont USA’s primary investments are comprised of its 38.5% interest in NGM and 51.35% interest in Yanacocha. Prior to July 1, 2019, Newmont USA included certain operations from our existing Nevada mining operations, which were contributed in exchange for our 38.5% interest in NGM. For further information regarding these operations, see Note 4 toand our Condensed Consolidated Financial Statements and Part I, Item 2, Management’s Discussion and Analysis, Results of Consolidated Operations. For further information regarding Newmont’s other operations, see ourrefer to Note 3 of the Condensed Consolidated Financial Statements and Part I, Item 2, Management’s Discussion and Analysis, Results of Consolidated Operations.
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, 20202021 and December 31, 2019.2020.
Obligor GroupNewmont USAObligor GroupNewmont USA
September 30,
2020		December 31,
2019		September 30,
2020		December 31,
2019		September 30,
2021		December 31,
2020		September 30,
2021		December 31,
2020
Current intercompany assetsCurrent intercompany assets$10,972 $11,407 $4,368 $3,669 Current intercompany assets$12,613 $11,641 $5,174 $4,882 
Non-current intercompany assetsNon-current intercompany assets$2,154 $2,286 $330 $472 Non-current intercompany assets$2,207 $2,120 $364 $282 
Current intercompany liabilitiesCurrent intercompany liabilities$8,190 $9,167 $1,828 $1,814 Current intercompany liabilities$11,210 $8,840 $1,904 $1,934 
Current external debtCurrent external debt$474 $— $— $— Current external debt$492 $473 $— $— 
Non-current external debtNon-current external debt$5,380 $5,815 $— $— Non-current external debt$4,892 $5,382 $— $— 
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, 2020,2021, Newmont USA had approximately $5,854$5,384 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:
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•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, 2020,2021, 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, 2020,2021, (i) Newmont’s total consolidated indebtedness was approximately $6,677,$6,138, none of which was secured (other than $647$656 of Lease and other financing obligations), and (ii) Newmont’s non-guarantor subsidiaries had $6,052$5,848 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 Newmont’sour debt, subjectrefer to the subsidiary guarantees, see Note 22 to our17 of the Condensed Consolidated Financial Statements.
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Contractual Obligations
ThereAs of September 30, 2021, there have been no material changes, outside the ordinary course of business, in our contractual obligations since December 31, 2019, except as noted in Note 22 to the Condensed Consolidated Financial Statements.2020. Refer to Part II, Item 7 in our annual report on Form 10-K, for the year ended December 31, 20192020 for information regarding our contractual obligations.
Off-Balance Sheet Arrangements
In September 2013, the Company entered into a Letter of Credit Facility Agreement (“LC Agreement”) with BNP Paribas, New York Branch ("BNP") which established a $175 letter of credit facility for a three year period, subsequently extended to September 30, 2020, to support reclamation obligations. In September 2020, the LC Agreement terminated and the Company entered into an Uncommitted Letter of Credit Facility Agreement with BNP which established a $175 uncommitted letter of credit facility for a one-year period to support reclamation obligations.

There have been no other material changes in our off-balance sheet arrangements since December 31, 2019. Refer to Part II, Item 7 in our annual report on Form 10-K, for the year ended December 31, 2019, for information regarding our off-balance sheet arrangements.​
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.
In early 2015 and again in June 2017, the Peruvian government agency responsible for certain environmental regulations, the Ministry of the Environment (“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 and stipulated that these revised criteria would become enforceable from December 2023. Since announcement of the revised regulations, the Company has been 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. These ongoing studies were progressed in the third quarter of 2021 as the study team continued to evaluate and revise assumptions and estimated costs of potential changes to the reclamation plan. The potential changes are currently undergoing review and remain subject to revision. However, based on the work progressed in the third quarter and the resulting preliminary findings, the Company currently expects to make revisions to the reclamation plan that, should these findings be confirmed, would result in material increases to the cost of water treatment plant construction and water treatment operating costs associated with the closure plan, which could result in a material increase in the reclamation obligation at Yanacocha. Refer to Note 21 of the Condensed Consolidated Financial Statements for further information.
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 Policies” 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” for the year ended December 31, 2019,2020, filed February 20, 202018, 2021 on Form 10-K.
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 moreadditional information on the Company’s reclamation and remediation liabilities, seerefer to Notes 65 and 26 to21 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 U.S. generally accepted accounting principles (“GAAP”). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Unless otherwise noted, we present the Non-GAAP financial measures of our continuing operations in the tables below. For additional information regarding our discontinued operations, see Note 13 to the Condensed Consolidated Financial Statements.
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Earnings before interest, taxes and depreciation and amortization and Adjusted earnings before interest, taxes and depreciation and amortization
Management uses Earnings before interest, taxes and depreciation and amortization (“EBITDA”) and EBITDA adjusted for non-core or certain items that have a disproportionate impact on our results for a particular period (“Adjusted EBITDA”) as non-GAAP measures to evaluate the Company’s operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be considered an alternative to, net income (loss), operating income (loss), or cash flow from operations as those terms are defined by GAAP, and do not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements by other companies, our calculation of Adjusted EBITDA is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. Management’s determination of the components of Adjusted EBITDA are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows:
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Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Net income (loss) attributable to Newmont stockholders$3 $839 $1,212 $2,005 
Net income (loss) attributable to noncontrolling interests(246)17 (215)22 
Net (income) loss from discontinued operations
(11)(228)(42)(145)
Equity loss (income) of affiliates(39)(53)(138)(119)
Income and mining tax expense (benefit)222 305 798 446 
Depreciation and amortization570 592 1,684 1,685 
Interest expense, net of capitalized interest66 75 208 235 
EBITDA$565 $1,547 $3,507 $4,129 
Adjustments:
Loss on assets held for sale (1)
$571 $— $571 $— 
Change in fair value of investments (2)
96 (57)180 (191)
Reclamation and remediation charges (3)
79 — 109 — 
(Gain) loss on asset and investment sales (4)
(3)(1)(46)(593)
Impairment of long-lived and other assets (5)
6 24 18 29 
Settlement costs (6)
— 26 11 34 
Restructuring and severance (7)
— 9 10 12 
COVID-19 specific costs (8)
1 32 3 67 
Impairment of investments (9)
1 — 1 93 
Pension settlements (10)
— 83 — 85 
Loss on debt extinguishment (11)
— — — 77 
Goldcorp transaction and integration costs (12)
— — — 23 
Adjusted EBITDA (13)
$1,316 $1,663 $4,364 $3,765 
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​Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
Net income (loss) attributable to Newmont stockholders$839 $2,178 $2,005 $2,240 
Net income (loss) attributable to noncontrolling interests17 26 22 83 
Net (income) loss from discontinued operations (1)
(228)48 (145)100 
Equity loss (income) of affiliates(53)(32)(119)(53)
Income and mining tax expense (benefit)305 558 446 703 
Depreciation and amortization592 548 1,685 1,347 
Interest expense, net75 77 235 217 
EBITDA$1,547 $3,403 $4,129 $4,637 
Adjustments:
(Gain) loss on asset and investment sales (2)
$(1)$1 $(593)$(32)
Change in fair value of investments (3)
(57)(19)(191)(75)
Impairment of investments (4)
— 1 93 2 
Pension settlements and curtailments (5)
83 8 85 8 
Loss on debt extinguishment (6)
— — 77 — 
COVID-19 specific costs (7)
32 — 67 — 
Settlement costs (8)
26 2 34 2 
Impairment of long-lived and other assets (9)
24 3 29 4 
Goldcorp transaction and integration costs (10)
— 26 23 185 
Restructuring and severance (11)
9 — 12 5 
Reclamation and remediation charges (12)
— 17 — 49 
Nevada JV transaction and integration costs (13)
— 3 — 26 
Gain on formation of Nevada Gold Mines (14)
— (2,366)— (2,366)
Adjusted EBITDA (15)
$1,663 $1,079 $3,765 $2,445 
____________________________
(1)Loss on assets held for sale, included in Loss on assets held for sale, represents the loss recognized due to the reclassification of the Conga mill assets as held for sale during the third quarter of 2021. The assets were remeasured to fair value less costs to sell. Refer to Note 7 of the Condensed Consolidated Financial Statements for further information.
(2)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. For additionalfurther information regarding our discontinued operations, seeinvestments, refer to Note 13 to our14 of the Condensed Consolidated Financial Statements.
(2)(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. Refer to Note 5 of the Condensed Consolidated Financial Statement for further information.
(4)(Gain) loss on asset and investment sales, included in Gain on asset and investment sales, net, primarily represents a $493 gain on the sale of KalgoorlieTMAC in January 2020, a $91 gain2021 and gains on the sale of Kalgoorlie and Continental and a $9 gain on the sale of Red Lake in March 2020 and represents a gain on the sale of exploration land in 2019.2020. For additionalfurther information, seerefer to Note 9 to ourof the Condensed Consolidated Financial Statements.
(3)Change in fair value of investments, included in Other income, net, primarily represents unrealized holding gains and losses on marketable equity securities and our investment instruments. For additional information regarding our investments, see Note 19 to our Condensed Consolidated Financial Statements.
(4)(5)Impairment of investments, included in Other income, net, primarily represents the other-than-temporary impairment of the TMAC investment recorded in March 2020.
(5)Pension settlementslong-lived and curtailments, included in Other income, net, primarily represents pension settlements in 2020 and pension curtailments in 2019.
(6)Loss on debt extinguishment, included in Other income, net, primarily represents losses on the extinguishment of a portion of the 2022 Senior Notes and 2023 Senior Notes during March and April 2020.
(7)COVID-19 specific costs,other assets, included in Other expense, net, represents incremental direct costs incurred as a resultnon-cash write-downs of actions taken to protect against the impacts of the COVID-19 pandemic.various assets that are no longer in use and materials and supplied inventories.
(8)(6)Settlement costs, included in Other expense, net,, are primarily representscomprised of a voluntary contribution made to the Republic of Suriname and other certain costs associated with legal and other settlements for 2021 and costs related to the Cedros community agreement at PenasquitoPeñasquito in Mexico, a water related settlement at Yanacocha in Peru, mineral interest settlements at Ahafo and Akyem in Africa and other related costs and certain costs associated with legal and other settlements for 2019.2020.
(9)Impairment of long-lived and other assets, included in Other expense, net, represents non-cash write-downs of long-lived assets and materials and supplies inventories.
(10)Goldcorp transaction and integration costs, included in Other expense, net, primarily represents costs incurred related to the Newmont Goldcorp transaction completed during 2019 as well as subsequent integration costs.
(11)(7)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.
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(8)Reclamation and remediation charges,COVID-19 specific costs, included in ReclamationOther expense, net, primarily include amounts distributed from Newmont Global Community Support Fund to help host communities, governments and remediationemployees combat the COVID-19 pandemic. For the three and nine months ended September 30, 2021, Adjusted EBITDA has not been adjusted for $23 and $63 of incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational sites. Refer to Note 8 of the Condensed Consolidated Financial Statements for further information.
(9)Impairment of investments, included in Other income (loss), net, primarily represents the other-than-temporary impairment of the TMAC investment recorded in 2020.
(10)Pension settlements, included in Other income (loss), net, represent revisions to remediation plans atpension settlement charges in 2020.
(11)Loss on debt extinguishment, included in Other income (loss), net, primarily represents losses on the Company’s former historic mining operations in 2019, including adjustments related toextinguishment of a reviewportion of the project cost estimates at the Dawn remediation site, as well as increased water management costs at the Con Mine.2022 Senior Notes and 2023 Senior Notes during 2020.
(13)(12)Nevada JVGoldcorp transaction and integration costs, included in Other expense, net, primarily representsrepresent subsequent integration costs incurred during 2020 related to the Nevada JV Agreement, including hostile defense fees, during 2019.Newmont Goldcorp transaction.
(14)Gain on formation of Nevada Gold Mines, included in Gain on formation of Nevada Gold Mines, represents the difference between the fair value of our 38.5% interest in NGM and the carrying value of the Nevada mining operations contributed.
(15)(13)Adjusted EBITDA has not been adjusted for $26 and $171 of cash care and maintenance costs, included in Care and maintenance, which primarily represent costs incurred associated with certain mine sites being temporarily placed into care and maintenance in response to the COVID-19 pandemic. Cash care and maintenance costs were $6 and $8 during the three and nine months ended September 30, 2021, respectively, relating to our Tanami mine site. Cash care and maintenance costs were $26 and $171 during the three and nine months ended September 30, 2020, respectively, relating to our Musselwhite, Éléonore, Peñasquito, Yanacocha, and Cerro Negro mine sites being temporarily placedsites.
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into care and maintenance in response to the COVID-19 pandemic during a portion of the three and nine months ended September 30, 2020, respectively.
Additionally, the Company uses Pueblo Viejo EBITDA as a non-GAAP measure to evaluate the operating performance of its investment in the Pueblo Viejo mine. Pueblo Viejo EBITDA does not represent, and should not be considered an alternative to, Equity income (loss) of affiliates, as defined by GAAP, and does not necessarily indicate whether cash distributions from Pueblo Viejo will match Pueblo Viejo EBITDA or earnings from affiliates. Although the Company has the ability to exert significant influence, it does not have direct control over the operations or resulting revenues and expenses, nor does it proportionately consolidate its investment in Pueblo Viejo. The Company believes that Pueblo Viejo EBITDA provides useful information to investors and others in understanding and evaluating the operating results of its investment in Pueblo Viejo, in the same manner as management and the Board of Directors. Equity income (loss) of affiliates is reconciled to Pueblo Viejo EBITDA as follows:​
​Three Months Ended
September 30,		Nine Months Ended
September 30,
​2020201920202019
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Equity income (loss) of affiliatesEquity income (loss) of affiliates$53 $32 $119 $53 Equity income (loss) of affiliates$39 $53 $138 $119 
Equity (income) loss of affiliates, excluding Pueblo Viejo (1)
Equity (income) loss of affiliates, excluding Pueblo Viejo (1)
(1)7 16 12 
Equity (income) loss of affiliates, excluding Pueblo Viejo (1)
4 (1)(1)16 
Equity income (loss) of affiliates, Pueblo Viejo (1)
Equity income (loss) of affiliates, Pueblo Viejo (1)
52 39 135 65 
Equity income (loss) of affiliates, Pueblo Viejo (1)
43 52 137 135 
Reconciliation of Pueblo Viejo on attributable basis:Reconciliation of Pueblo Viejo on attributable basis:Reconciliation of Pueblo Viejo on attributable basis:
Income and mining tax expense (benefit)Income and mining tax expense (benefit)45 20 111 44 Income and mining tax expense (benefit)37 45 117 111 
Depreciation and amortizationDepreciation and amortization18 21 52 45 Depreciation and amortization28 18 82 52 
Pueblo Viejo EBITDAPueblo Viejo EBITDA$115 $80 $298 $154 Pueblo Viejo EBITDA$108 $115 $336 $298 
____________________________
(1)SeeRefer to Note 12 toof the Condensed Consolidated Financial Statements.​
Adjusted net income (loss)
Management uses Adjusted net income (loss) to evaluate the Company’s operating performance and for planning and forecasting future business operations. The Company believes the use of Adjusted net income (loss) allows investors and analystsothers to understand the results of the continuing operations of the Company and its direct and indirect subsidiaries relating to the sale of products, by excluding certain items that have a disproportionate impact on our results for a particular period. Adjustments to continuing operations are presented before tax and net of our partners’ noncontrolling interests, when applicable. The tax effect of adjustments is presented in the Tax effect of adjustments line and is calculated using the applicable regional tax rate. Management’s determination of the components of Adjusted net income (loss) are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows:
​Three Months Ended
September 30, 2020		Nine Months Ended
September 30, 2020
​
per share data (1)
per share data (1)
basicdilutedbasicdiluted
Net income (loss) attributable to Newmont stockholders$839 $1.04 $1.04 $2,005 $2.49 $2.49 
Net loss (income) attributable to Newmont stockholders from discontinued operations (2)
(228)(0.28)(0.28)(145)(0.18)(0.18)
Net income (loss) attributable to Newmont stockholders from continuing operations611 0.76 0.76 1,860 2.31 2.31 
(Gain) loss on asset and investment sales (3)
(1)— — (593)(0.73)(0.73)
Change in fair value of investments (4)
(57)(0.07)(0.07)(191)(0.24)(0.24)
Impairment of investments (5)
— — — 93 0.11 0.11 
Pension settlement (6)
83 0.10 0.10 85 0.10 0.10 
Loss on debt extinguishment (7)
— — — 77 0.09 0.09 
COVID-19 specific costs, net (8)
27 0.03 0.03 62 0.08 0.08 
Settlement costs, net (9)
23 0.03 0.03 31 0.04 0.04 
Impairment of long-lived and other assets (10)
24 0.03 0.03 29 0.04 0.04 
Goldcorp transaction and integration costs (11)
— — — 23 0.03 0.03 
Restructuring and severance, net (12)
9 0.01 0.01 11 0.01 0.01 
Tax effect of adjustments (13)
(32)(0.03)(0.04)93 0.11 0.11 
Valuation allowance and other tax adjustments, net (14)
10 0.01 0.01 (296)(0.35)(0.36)
Adjusted net income (loss) (15)
$697 $0.87 $0.86 $1,284 $1.60 $1.59 
​​​
Weighted average common shares (millions): (16)
​803 806 804 806 
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Three Months Ended
September 30, 2021		Nine Months Ended
September 30, 2021
per share data (1)
per share data (1)
basicdilutedbasicdiluted
Net income (loss) attributable to Newmont stockholders$3 $— $— $1,212 $1.52 $1.51 
Net loss (income) attributable to Newmont stockholders from discontinued operations(11)(0.01)(0.01)(42)(0.05)(0.05)
Net income (loss) attributable to Newmont stockholders from continuing operations(8)(0.01)(0.01)1,170 1.47 1.46 
Loss on assets held for sale, net (2)
372 0.47 0.46 372 0.47 0.46 
Change in fair value of investments (3)
96 0.12 0.12 180 0.23 0.23 
Reclamation and remediation charges (4)
79 0.10 0.10 109 0.14 0.14 
(Gain) loss on asset and investment sales (5)
(3)— — (46)(0.05)(0.05)
Impairment of long-lived and other assets (6)
6 0.01 0.01 18 0.02 0.02 
Settlement costs (7)
— — — 11 0.01 0.01 
Restructuring and severance, net (8)
— — — 9 0.01 0.01 
COVID-19 specific costs (9)
1 — — 3 — — 
Impairment of investments1 — — 1 — — 
Tax effect of adjustments (10)
(167)(0.22)(0.21)(197)(0.27)(0.25)
Valuation allowance and other tax adjustments, net (11)
106 0.13 0.13 117 0.15 0.15 
Adjusted net income (loss) (12)
$483 $0.60 $0.60 $1,747 $2.18 $2.18 
Weighted average common shares (millions): (13)
799 800 800 802 
____________________________
(1)Per share measures may not recalculate due to rounding.
(2)Loss on assets held for sale, net, included in Loss on assets held for sale, represents the loss recognized due to the reclassification of the Conga mill assets as held for sale during the third quarter of 2021. The assets were remeasured to fair value less costs to sell. Amounts are presented net of income (loss) attributable to noncontrolling interests of $(199) and $(199), respectively. Refer to Note 7 of the Condensed Consolidated Financial Statements 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 and other equity securities. For additionalfurther information regarding our discontinued operations, seeinvestments, refer to Note 13 to our14 of the Condensed Consolidated Financial Statements.
(3)(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 5 of the Condensed Consolidated Financial Statement for further information.
(5)(Gain) loss on asset and investment sales, included in Gain on asset and investment sales, net, primarily represents a $493 gain on the sale of Kalgoorlie in January 2020, a $91 gain on the sale of Continental and a $9 gain on the sale of Red Lake in March 2020.TMAC. For additionalfurther information, seerefer to Note 9 to ourof the Condensed Consolidated Financial Statements.
(4)Change in fair value of investments, included in Other income, net, primarily represents unrealized holding gains and losses on marketable equity securities and our investment instruments. For additional information regarding our investments, see Note 19 to our Condensed Consolidated Financial Statements.
(5)Impairment of investments, included in Other income, net, primarily represents the other-than-temporary impairment of the TMAC investment recorded in March 2020.
(6)Pension settlements, included in Other income, net, represents pension settlement charges in 2020.
(7)Loss on debt extinguishment, included in Other income, net, primarily represents losses on the extinguishment of a portion of the 2022 Senior Notes and 2023 Senior Notes during March and April 2020.
(8)COVID-19 specific costs, net, included in Other expense, net, represents incremental direct costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic. Amounts are presented net of income (loss) attributable to noncontrolling interests of $(5) and $(5), respectively.
(9)Settlement costs, net, included in Other expense, net, primarily represents costs related to the Cedros community agreement at Penasquito in Mexico, a water related settlement at Yanacocha in Peru, mineral interest settlements at Ahafo and Akyem in Africa and other related costs. Amounts are presented net of income (loss) attributable to noncontrolling interests of $(3) and $(3), respectively.
(10)Impairment of long-lived and other assets, included in Other expense, net, represents non-cash write-downs of long-livedvarious assets that are no longer in use and materials and supplies inventories.
(11)(7)Goldcorp transaction and integrationSettlement costs, included in Other expense, net,, primarily represents costs incurred relatedare comprised of a voluntary contribution made to the Newmont Goldcorp transaction completed during 2019 as well as subsequent integration costs.Republic of Suriname.
(12)(8)Restructuring and severance, net, included in Other expense, net, primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company. Amounts are presented net of income (loss) attributable to noncontrolling interests of $— and $(1), respectively.
(9)COVID-19 specific costs included in Other expense, net, primarily include amounts distributed from the Newmont Global Community Fund to help host communities, governments and employees combat the COVID-19 pandemic. Adjusted net income (loss) has not been adjusted for $23 and $63, respectively, of incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational sites. Refer to Note 8 of the Condensed Consolidated Financial Statements for further information.
(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, net, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, alternative minimum 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, 2021 is due to increases or (decreases) to net operating losses, tax credit carryovers and other deferred tax assets subject to valuation allowance of $185 and $215 respectively, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(11) and $(28) respectively, changes to the reserve for uncertain tax positions of $(1) and $21 respectively, and other tax adjustments of $2 and $(17), respectively. Total amount is presented net of income (loss) attributable to noncontrolling interests of $(69) and $(74), respectively.
(12)Adjusted net income (loss) has not been adjusted for cash care and maintenance costs, included in Care and maintenance, which represent costs incurred associated with our Tanami mine site being temporarily placed into care and maintenance in response to the COVID-19 pandemic during a portion of the three and nine months ended September 30, 2021. Cash care and maintenance costs were $6 and $8 during the three and nine months ended September 30, 2021, respectively.
(13)Adjusted net income (loss) per diluted share is calculated using diluted common shares in accordance with U.S. GAAP. For the three months ended September 30, 2021, potentially dilutive shares of 1 million were excluded from the computation ofdiluted loss per common share attributable to
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Newmont stockholders in the Condensed Consolidated Statement of Operations as they were antidilutive. These shares were included in the computation of adjusted net income per diluted share for the three months ended September 30, 2021.

Three Months Ended
September 30, 2020		Nine Months Ended
September 30, 2020
per share data (1)
per share data (1)
basicdilutedbasicdiluted
Net income (loss) attributable to Newmont stockholders$839 $1.04 $1.04 $2,005 $2.49 $2.49 
Net loss (income) attributable to Newmont stockholders from discontinued operations(228)(0.28)(0.28)(145)(0.18)(0.18)
Net income (loss) attributable to Newmont stockholders from continuing operations611 0.76 0.76 1,860 2.31 2.31 
Gain (loss) on asset and investment sales (2)
(1)— — (593)(0.73)(0.73)
Change in fair value of investments (3)
(57)(0.07)(0.07)(191)(0.24)(0.24)
Impairment of investments (4)
— — — 93 0.11 0.11 
Pension settlements (5)
83 0.10 0.10 85 0.10 0.10 
Loss on debt extinguishment (6)
— — — 77 0.09 0.09 
COVID-19 specific costs, net (7)
27 0.03 0.03 62 0.08 0.08 
Settlement costs, net (8)
23 0.03 0.03 31 0.04 0.04 
Impairment of long-lived and other assets (9)
24 0.03 0.03 29 0.04 0.04 
Goldcorp transaction and integration costs (10)
— — — 23 0.03 0.03 
Restructuring and severance, net (11)
9 0.01 0.01 11 0.01 0.01 
Tax effect of adjustments (12)
(32)(0.03)(0.04)93 0.11 0.11 
Valuation allowance and other tax adjustments, net (13)
10 0.01 0.01 (296)(0.35)(0.36)
Adjusted net income (loss) (14)
$697 $0.87 $0.86 $1,284 $1.60 $1.59 
Weighted average common shares (millions): (15)
803 806 804 806 
____________________________
(1)Per share measures may not recalculate due to rounding.
(2)(Gain) loss on asset and investment sales, included in Gain on asset and investment sales, net, primarily represents gains on the sale of Kalgoorlie, Continental, and Red Lake. For further information, refer to Note 9 of the Condensed Consolidated Financial Statements.
(3)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 equity securities and our investment instruments. For further information regarding our investments, refer to Note 14 of the Condensed Consolidated Financial Statements.
(4)Impairment of investments, included in Other income (loss), net, represents the other-than-temporary impairment of the TMAC investment.
(5)Pension settlements, included in Other income (loss), net, represent pension settlement charges.
(6)Loss on debt extinguishment, included in Other income (loss), net, primarily represents losses on the extinguishment of a portion of the 2022 Senior Notes and 2023 Senior Notes.
(7)COVID-19 specific costs, net, included in Other expense, net, represent incremental direct costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic. Amounts are presented net of income (loss) attributable to noncontrolling interests of $(5) and $(5), respectively.
(8)Settlement costs, net, included in Other expense, net, primarily represents costs related to the Cedros community agreement at Peñasquito in Mexico, a water related settlement at Yanacocha in Peru, mineral interest settlements at Ahafo and Akyem in Africa and other related costs. Amounts are presented net of income (loss) attributable to noncontrolling interests of $(3) and $(3), respectively
(9)Impairment of long-lived and other assets, included in Other expense, net, represents non-cash write-downs of various assets no longer in use and materials and supplies inventories.
(10)Goldcorp transaction and integration costs, included in Other expense, net, primarily represent subsequent integration costs incurred during 2020 related to the Newmont Goldcorp transaction.
(11)Restructuring and severance, net, included in Other expense, net, primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company. Amounts are presented net of income (loss) attributable to noncontrolling interests of $— and $(1), respectively.
(12)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (3)(2) through (12)(11), as described above, and are calculated using the applicable regional tax rate.
(14)(13)Valuation allowance and other tax adjustments, net, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, alternative minimum 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, 2020 is due to a net increase or (decrease) to net operating losses, tax credit carryovers and other deferred tax assets subject to valuation allowance of $7 and $(113), respectively, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $14 and $(173), respectively, changes to the reserve for uncertain tax positions of $(10) and $(19), respectively, and other tax adjustments of $3 and $35, respectively. Total amount is presented net of income (loss) attributable to noncontrolling interests of $(4) and $(26), respectively.
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(14)Adjusted net income (loss) has not been adjusted for $25 and $158 of cash and $9 and $83 of non-cash care and maintenance costs, included in Care and maintenanceandDepreciation and amortization, respectively, which primarily represent costs associated with our Musselwhite, Éléonore, Peñasquito, Yanacocha and Cerro Negro sites being temporarily placed into care and maintenance in response to the COVID-19 pandemic during a portion of the three and nine months ended September 30, 2020, respectively. Amounts are presented net of income (loss) attributable to noncontrolling interests of $1, $13, $— and $3, respectively.
(16)(15)Adjusted net income (loss) per diluted share is calculated using diluted common shares, which are calculated in accordance with U.S. GAAP.
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Three Months Ended
September 30, 2019		Nine Months Ended
September 30, 2019
per share data (1)
per share data (1)
basicdilutedbasicdiluted
Net income (loss) attributable to Newmont stockholders$2,178 $2.66 $2.65 $2,240 $3.16 $3.16 
Net loss (income) attributable to Newmont stockholders from discontinued operations (2)
48 0.06 0.06 100 0.14 0.14 
Net income (loss) attributable to Newmont stockholders from continuing operations2,226 2.72 2.71 2,340 3.30 3.30 
Gain on formation of Nevada Gold Mines (3)
(2,366)(2.88)(2.88)(2,366)(3.34)(3.34)
Goldcorp transaction and integration costs (4)
26 0.03 0.03 185 0.26 0.26 
Change in fair value of investments (5)
(19)(0.02)(0.02)(75)(0.10)(0.10)
Reclamation and remediation charges (6)
17 0.02 0.02 49 0.07 0.07 
Loss (gain) on asset and investment sales, net (7)
1 — — (30)(0.04)(0.04)
Nevada JV transaction and integration costs (8)
3 — — 26 0.05 0.05 
Pension curtailment (9)
8 0.01 0.01 8 0.02 0.02 
Restructuring and severance (10)
— — — 5 0.01 0.01 
Impairment of long-lived and other assets, net (11)
2 — — 3 — — 
Settlement costs (12)
2 — — 2 — — 
Impairment of investments (13)
1 — — 2 — — 
Tax effect of adjustments (14)
439 0.54 0.54 426 0.60 0.60 
Valuation allowance and other tax adjustments, net (15)
(48)(0.06)(0.05)(15)(0.04)(0.04)
Adjusted net income (loss)$292 $0.36 $0.36 $560 $0.79 $0.79 
​
Weighted average common shares (millions): (16)
820 822 708 709 
____________________________
(1)Per share measures may not recalculate due to rounding.
(2)For additional information regarding our discontinued operations, see Note 13 to our Condensed Consolidated Financial Statements.
(3)Gain on formation of Nevada Gold Mines, included in Gain on formation of Nevada Gold Mines, represents the difference between the fair value of our 38.5% interest in NGM and the carrying value of the Nevada mining operations contributed.
(4)Goldcorp transaction and integration costs, included in Other expense, net, primarily represents costs incurred related to the Newmont Goldcorp transaction during 2019.
(5)Change in fair value of investments, included in Other income, net, primarily represents unrealized holding gains and losses on marketable equity securities and our investment instruments in Continental. For additional information regarding our investment, see Note 19 to our Condensed Consolidated Financial Statements.
(6)Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to remediation plans at the Company’s former historic mining operations, including adjustments related to a review of the project cost estimates at the Dawn remediation site and increased water management costs at the Con Mine.
(7)Loss (gain) on asset and investment sales, net, included in Other income, net, primarily represents a gain on the sale of exploration property in North America in 2019. Amounts are presented net of income (loss) attributable to noncontrolling interest of $— and $2, respectively.
(8)Nevada JV transaction and integration costs, included in Other expense, net, primarily represents costs incurred related to the Nevada JV Agreement, including hostile defense fees, during 2019.
(9)Pension curtailment, included in Other income, net, primarily represents curtailment charges recognized due to a significant amount of employees being terminated as a result of establishing NGM.
(10)Restructuring and severance, included in Other expense, net, primarily represents certain costs associated with severance and legal costs.
(11)Impairment of long-lived and other assets, net, included in Other expense, net, represents non-cash write-downs of long-lived assets. Amounts are presented net of income (loss) attributable to noncontrolling interests of $(1) and $(1), respectively.
(12)Settlement costs, included in Other expense, net, primarily represents certain costs associated with legal and other settlements.
(13)Impairment of investments, included in Other income, net, represents other-than-temporary impairments of other investments.
(14)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (3) through (13), as described above, and are calculated using the applicable regional tax rate.
(15)Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, alternative minimum 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 in the three and nine months ended September 30, 2019 is due to increases or (decreases) to net operating losses, tax credit carryovers and other deferred tax assets subject to valuation allowance of $87 and $111 respectively, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(147) and $(150), respectively, additions to the reserve for uncertain tax positions of $7 and $21, respectively and other tax adjustments of $8 and $5, respectively. Amounts are presented net of income (loss) attributable to noncontrolling interests of $(3) and $(2), respectively.
(16)Adjusted net income (loss) per diluted share is calculated using diluted common shares, which are calculated in accordance with U.S. GAAP.
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Free Cash Flow
Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations. Free Cash Flow is Net cash provided by (used in) operating activities less Net cash provided by (used in) operating activities of discontinued operations less Additions to property, plant and mine development as presented on the Condensed Consolidated Statements of Cash Flows. The Company believes Free Cash Flow is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies.
The presentation of non-GAAP Free Cash Flow is not meant to be considered in isolation or as an alternative to net income as an indicator of the Company’s performance, or as an alternative to cash flows from operating activities as a measure of liquidity as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. The Company’s definition of Free Cash Flow is limited in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, the Company believes it is important to view Free Cash Flow as a measure that provides supplemental information to the Company’s Condensed Consolidated Statements of Cash Flows.
The following table sets forth a reconciliation of Free Cash Flow, a non-GAAP financial measure, 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,
​20202019
Nine Months Ended September 30,
20212020
Net cash provided by (used in) operating activitiesNet cash provided by (used in) operating activities$3,196 $1,661 Net cash provided by (used in) operating activities$2,980 $3,196 
Less: Net cash used in (provided by) operating activities of discontinued operationsLess: Net cash used in (provided by) operating activities of discontinued operations8 7 Less: Net cash used in (provided by) operating activities of discontinued operations(13)8 
Net cash provided by (used in) operating activities of continuing operationsNet cash provided by (used in) operating activities of continuing operations3,204 1,668 Net cash provided by (used in) operating activities of continuing operations2,967 3,204 
Less: Additions to property, plant and mine developmentLess: Additions to property, plant and mine development(904)(1,033)Less: Additions to property, plant and mine development(1,212)(904)
Free Cash FlowFree Cash Flow$2,300 $635 Free Cash Flow$1,755 $2,300 
​​​
Net cash provided by (used in) investing activities (1)
Net cash provided by (used in) investing activities (1)
$502 $(817)
Net cash provided by (used in) investing activities (1)
$(1,517)$502 
Net cash provided by (used in) financing activitiesNet cash provided by (used in) financing activities$(1,119)$(1,506)Net cash provided by (used in) financing activities$(2,363)$(1,119)
____________________________
(1)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.​
Costs applicable to sales per ounce/gold equivalent ounce
Costs applicable to sales per ounce/gold equivalent ounce are non-GAAP financial measures. These measures 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. Costs applicable to sales per ounce/gold equivalent ounce statistics are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently.
The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures.
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Costs applicable to sales per ounce
​Three Months Ended
September 30,		Nine Months Ended
September 30,
​2020201920202019
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Costs applicable to sales (1)(2)
Costs applicable to sales (1)(2)
$1,130 $1,232 $3,210 $3,412 
Costs applicable to sales (1)(2)
$1,175 $1,130 $3,331 $3,210 
Gold sold (thousand ounces)Gold sold (thousand ounces)1,495 1,682 4,210 4,656 Gold sold (thousand ounces)1,416 1,495 4,277 4,210 
Costs applicable to sales per ounce (3)
Costs applicable to sales per ounce (3)
$756 $733 $762 $733 
Costs applicable to sales per ounce (3)
$830 $756 $779 $762 
____________________________
(1)Includes by-product credits of $27 and $154 during the three and nine months ended September 30, 2021, respectively, and $34 and $78 during the three and nine months ended September 30, 2020, respectively, and $31 and $60 during the three and nine months ended September 30, 2019, 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,
​2020201920202019
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Costs applicable to sales (1)(2)
Costs applicable to sales (1)(2)
$139 $160 $449 $324 
Costs applicable to sales (1)(2)
$192 $139 $564 $449 
Gold equivalent ounces - other metals (thousand ounces) (3)
Gold equivalent ounces - other metals (thousand ounces) (3)
248 213 780 357 
Gold equivalent ounces - other metals (thousand ounces) (3)
301 248 930 780 
Costs applicable to sales per ounce (4)
Costs applicable to sales per ounce (4)
$556 $747 $575 $908 
Costs applicable to sales per ounce (4)
$638 $556 $606 $575 
____________________________
(1)Includes by-product credits of $2 and $5 during the three and nine months ended September 30, 2021, respectively, and $1 and $2 during the three and nine months ended September 30, 2020, respectively, and $— and $2 during the three and nine months ended September 30, 2019, 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 ($1,200/oz.), Copper ($2.75/lb.), Silver $16/($22.00/oz.), Lead ($0.90/lb.) and Zinc ($1.05/lb.) pricing for 2021 and Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($16.00/oz.), Lead ($0.95/lb.) and Zinc ($1.20/lb.) pricing for 2020 and Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($15/oz.), Lead ($0.90/lb.) and Zinc ($1.05/lb.) pricing for 2019.2020.
(4)Per ounce measures may not recalculate due to rounding.​
All-In Sustaining Costs
Newmont has developed a metric that expands on GAAP measures, such as cost of goods sold, and non-GAAP measures, such as costs applicable to sales per ounce, to provide visibility into the economics of our mining operations related to expenditures, operating performance and the ability to generate cash flow from our continuing operations.
Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all of the expenditures incurred to discover, develop and sustain production. Therefore, we believe that all-in sustaining costs is a non-GAAP measure that provides additional information to management, investors and analysts that aidaids in the understanding of the economics of our operations and performance compared to other producers and provides investors visibility by better defining the total costs associated with production.
All-in sustaining cost (“AISC”) amounts are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks such as in International Financial Reporting Standards (“IFRS”), or by reflecting the benefit from selling non-gold metals as a reduction to AISC. Differences may also arise related to definitional differences of sustaining versus development (i.e. non-sustaining) activities based upon each company’s internal policies.
The following disclosure provides information regarding the adjustments made in determining the all-in sustaining costs measure:
Costs applicable to sales. Includes all direct and indirect costs related to current production incurred to execute the current mine plan. We exclude certain exceptional or unusual amounts from Costs applicable to sales (“CAS”), such as significant revisions to recovery amounts. CAS includes by-product credits from certain metals obtained during the process of extracting and processing the primary ore-body. CAS is accounted for on an accrual basis and excludes Depreciation and amortization and Reclamation and remediation, which is consistent with our presentation of CAS on the Condensed Consolidated Statements of Operations. In determining AISC, only the CAS associated with producing and selling an ounce of gold is included in the measure. Therefore, the amount of gold CAS included in AISC is derived from the CAS presented in the Company’s Condensed Consolidated Statements of Operations less the amount of CAS attributable to the production of other metals at our Peñasquito Boddington, and PhoenixBoddington mines. The other metals CAS at those mine sites is disclosed in Note 4 to3 of the Condensed Consolidated Financial Statements. The allocation of CAS between gold and other
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other metals at the Peñasquito Boddington, and PhoenixBoddington mines is based upon the relative sales value of gold and other metals produced during the period.
Reclamation costs. Includes accretion expense related to reclamation liabilities and the amortization of the related Asset Retirement Cost (“ARC”) for the Company’s operating properties. Accretion related to the reclamation liabilities and the amortization of the ARC assets for reclamation does not reflect annual cash outflows but are calculated in accordance with GAAP. The accretion and amortization reflect the periodic costs of reclamation associated with current production and are therefore included in the measure. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Peñasquito Boddington, and PhoenixBoddington mines.
Advanced projects, research and development and exploration. Includes incurred expenses related to projects that are designed to sustain current production and exploration. We note that as current resources are depleted, exploration and advanced projects are necessary for us to replace the depleting reserves or enhance the recovery and processing of the current reserves to sustain production at existing operations. As these costs relate to sustaining our production, and are considered a continuing cost of a mining company, these costs are included in the AISC measure. These costs are derived from the Advanced projects, research and development and Exploration amounts presented in the Condensed Consolidated Statements of Operations less incurred expenses related to the development of new operations, or related to major projects at existing operations where these projects will materially benefit the operation in the future. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Peñasquito and Boddington mines. We also allocate these costs incurred at the Other North America, Other Australia and Phoenix mines.Corporate and Other locations using the proportion of CAS between gold and other metals.
General and administrative. Includes costs related to administrative tasks not directly related to current production, but rather related to supportsupporting our corporate structure and fulfillfulfilling our obligations to operate as a public company. Including these expenses in the AISC metric provides visibility of the impact that general and administrative activities have on current operations and profitability on a per ounce basis. We allocate these costs to gold and other metals at the Other North America, Other Australia and Corporate and Other locations using the proportion of CAS between gold and other metals.
Care and maintenance and Other expense, net. Care and maintenance includes direct operating and development capital costs incurred at the mine sites during the period that these sites were temporarily placed into care and maintenance in response to the COVID-19 pandemic. For Other expense, net we exclude certain exceptional or unusual expenses, such as restructuring, as these are not indicative to sustaining our current operations. Furthermore, this adjustment to Other expense, net is also consistent with the nature of the adjustments made to Net income (loss) attributable to Newmont stockholders as disclosed in the Company’s non-GAAP financial measure Adjusted net income (loss). The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Peñasquito and Boddington mines. We also allocate these costs incurred at the Other North America, Other Australia and Phoenix mines.Corporate and Other locations using the proportion of CAS between gold and other metals.
Treatment and refining costs. Includes costs paid to smelters for treatment and refining of our concentrates to produce the salable metal. These costs are presented net as a reduction of Sales on ourthe Condensed Consolidated Statements of Operations. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Peñasquito Boddington, and PhoenixBoddington mines.
Sustaining capital and finance lease payments. We determined sustaining capital and finance lease payments as those capital expenditures and finance lease payments that are necessary to maintain current production and execute the current mine plan. We determined development (i.e. non-sustaining) capital expenditures and finance lease payments to be those payments used to develop new operations or related to projects at existing operations where those projects will materially benefit the operation and are excluded from the calculation of AISC. The classification of sustaining and development capital projects and finance leases is based on a systematic review of our project portfolio in light of the nature of each project. Sustaining capital and finance lease payments are relevant to the AISC metric as these are needed to maintain the Company’s current operations and provide improved transparency related to our ability to finance these expenditures from current operations. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Peñasquito and Boddington mines. We also allocate these costs incurred at the Other North America, Other Australia and Phoenix mines.Corporate and Other locations using the proportion of CAS between gold and other metals.
​
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Three Months Ended
September 30, 2020
Costs Applicable to Sales(1)(2)(3)
Reclamation Costs(4)
Advanced Projects, Research and Development and Exploration(5)
General and Administrative
Care and Maintenance and Other Expense, Net(6)(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)
Three Months Ended
September 30, 2021		Three Months Ended
September 30, 2021
Costs Applicable to Sales(1)(2)(3)
Reclamation Costs(4)
Advanced Projects, Research and Development and Exploration(5)
General and Administrative
Care and Maintenance and Other Expense, Net(6)(7)(8)
Treatment and Refining Costs
Sustaining Capital and Lease Related Costs(9)(10)
All-In Sustaining CostsOunces (000) Sold
All-In Sustaining Costs Per oz.(11)
GoldGold​​​​​​​​​Gold
CC&VCC&V$61 $1 $3 $— $— $— $10 $75 71 $1,081 CC&V$47 $2 $2 $— $— $— $19 $70 49 $1,421 
MusselwhiteMusselwhite46 1 2 — 2 — 7 58 47 1,260 Musselwhite38 — 1 — — — 10 49 35 1,379 
PorcupinePorcupine61 — 3 — — — 10 74 81 911 Porcupine69 2 2 — — — 9 82 72 1,139 
ÉléonoreÉléonore53 1 — — — — 10 64 57 1,118 Éléonore60 1 — — 1 — 10 72 58 1,243 
PeñasquitoPeñasquito74 2 — — — 18 13 107 130 835 Peñasquito94 1 — — 1 9 16 121 170 706 
Other North AmericaOther North America— — 4 1 2 — — 7 — — Other North America— — — 1 — — — 1 — — 
North AmericaNorth America295 5 12 1 4 18 50 385 386 1,003 North America308 6 5 1 2 9 64 395 384 1,026 
​​​​​​​​​​
YanacochaYanacocha81 13 2 1 4 — 6 107 80 1,325 Yanacocha92 20 1 — 9 1 4 127 67 1,908 
Merian Merian 86 1 — — — — 10 97 106 917 Merian 80 2 2 — 1 — 9 94 106 884 
Cerro NegroCerro Negro43 1 — — 16 — 8 68 51 1,346 Cerro Negro54 1 1 — 6 — 16 78 63 1,231 
Other South AmericaOther South America— — 1 2 1 — — 4 — — Other South America— — — 3 — — — 3 — — 
South AmericaSouth America210 15 3 3 21 — 24 276 237 1,162 South America226 23 4 3 16 1 29 302 236 1,276 
​​​​​​​​​​
BoddingtonBoddington148 3 1 — — 3 17 172 175 985 Boddington151 2 2 — — 4 13 172 167 1,030 
TanamiTanami62 — 3 — — — 29 94 130 723 Tanami69 — 1 — 12 — 29 111 111 986 
Other AustraliaOther Australia— — — 3 1 — 1 5 — — Other Australia— — — 2 — — 1 3 — — 
AustraliaAustralia210 3 4 3 1 3 47 271 305 889 Australia220 2 3 2 12 4 43 286 278 1,025 
​​​​​​​​​​
AhafoAhafo99 3 1 1 — — 20 124 136 912 Ahafo112 2 1 — 2 — 19 136 123 1,100 
AkyemAkyem58 5 — — — — 7 70 91 775 Akyem77 6 1 — — — 15 99 92 1,104 
Other AfricaOther Africa— — — 2 — — — 2 — — Other Africa— — — 2 — — — 2 — — 
AfricaAfrica157 8 1 3 — — 27 196 227 865 Africa189 8 2 2 2 — 34 237 215 1,114 
​​​​​​​​​​
Nevada Gold MinesNevada Gold Mines258 4 6 3 — 2 34 307 340 904 Nevada Gold Mines232 2 4 2 1 2 43 286 303 945 
NevadaNevada232 2 4 2 1 2 43 286 303 945 
Corporate and OtherCorporate and Other— — 31 43 — — 6 80 — — 
Total GoldTotal Gold$1,175 $41 $49 $53 $33 $16 $219 $1,586 1,416 $1,120 
Gold equivalent ounces - other metals (12)
Gold equivalent ounces - other metals (12)
PeñasquitoPeñasquito$155 $2 $— $— $2 $27 $26 $212 261 $819 
Other North AmericaOther North America— — — 1 1 — — 2 — — 
North AmericaNorth America155 2 — 1 3 27 26 214 261 822 
BoddingtonBoddington37 — — — — 2 1 40 40 1,013 
Other AustraliaOther Australia— — — — — — 1 1 — — 
AustraliaAustralia37 — — — — 2 2 41 40 1,025 
Corporate and OtherCorporate and Other— — 4 7 — — 1 12 — — 
Total Gold Equivalent OuncesTotal Gold Equivalent Ounces$192 $2 $4 $8 $3 $29 $29 $267 301 $887 
Nevada258 4 6 3 — 2 34 307 340 904 
​​​​​​​​​​
Corporate and Other— — 24 55 — — 10 89 — — 
Total Gold$1,130 $35 $50 $68 $26 $23 $192 $1,524 1,495 $1,020 
​​​​​​​​​​
Gold equivalent ounces - other metals (11)
​​​​​​​​​
Peñasquito$111 $2 $— $— $1 $31 $14 $159 215 $735 
Boddington28 — — — — 1 3 32 33 998 
Total Gold Equivalent Ounces$139 $2 $— $— $1 $32 $17 $191 248 $770 
​
ConsolidatedConsolidated$1,269 $37 $50 $68 $27 $55 $209 $1,715 Consolidated$1,367 $43 $53 $61 $36 $45 $248 $1,853 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.remediation.
(2)Includes by-product credits of $29 and excludes co-product revenues of $379.
(3)Includes stockpile and leach pad inventory adjustments of $18 at Yanacocha.
(4)Reclamation costs include operating accretion and amortization of asset retirement costs of $20 and $23, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $13 and $84, respectively.
(5)Advanced projects, research and development and exploration excludes development expenditures of $3 at CC&V, $1 at Éléonore, $2 at Peñasquito, $1 at Other North America, $4 at Yanacocha, $2 at Merian, $1 at Cerro Negro, $9 at Other South America, $6 at Tanami, $4 at Other
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Australia, $5 at Ahafo, $2 at Akyem, $4 at NGM and $3 at Corporate and Other, totaling $47 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(6)Care and maintenance includes $6 at Tanami of cash care and maintenance costs associated with the site temporarily being placed into care and maintenance or operating at reduced levels in response to the COVID-19 pandemic, during the period ended September 30, 2021 that we would have continued to incur if the site were not temporarily placed into care and maintenance.
(7)Other expense, net includes incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational sites of $6 for North America, $11 for South America, $5 for Australia and $1 for Africa, totaling $23.
(8)Other expense, net is adjusted for impairment of long-lived and other assets of $6, and distributions from the Newmont Global Community Support Fund of $1.
(9)Includes sustaining capital expenditures of $76 for North America, $29 for South America, $42 for Australia, $33 for Africa, $43 for Nevada, and $7 for Corporate and Other, totaling $230 and excludes development capital expenditures, capitalized interest and the change in accrued capital totaling $168. The following are major development projects: Pamour, Yanacocha Sulfides, Quecher Main, Cerro Negro expansion projects, Tanami Expansion 2, Power Generation Civil Upgrade, Subika Mining Method Change, Ahafo North, Goldrush Complex and Turquoise Ridge 3rd shaft.
(10)Includes finance lease payments for sustaining projects of $18.
(11)Per ounce measures may not recalculate due to rounding.
(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 ($1,200/oz.), Copper ($2.75/lb.), Silver ($22.00/oz.), Lead ($0.90/lb.) and Zinc ($1.05/lb.) pricing for 2021.
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Three Months Ended
September 30, 2020
Costs Applicable to Sales(1)(2)(3)
Reclamation Costs(4)
Advanced Projects, Research and Development and Exploration(5)
General and Administrative
Care and Maintenance and Other Expense, Net(6)(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$61 $1 $3 $— $— $— $10 $75 71 $1,081 
Musselwhite46 1 2 — 2 — 7 58 47 1,260 
Porcupine61 — 3 — — — 10 74 81 911 
Éléonore53 1 — — — — 10 64 57 1,118 
Peñasquito74 2 — — — 18 13 107 130 835 
Other North America— — 4 1 2 — — 7 — — 
North America295 5 12 1 4 18 50 385 386 1,003 
Yanacocha81 13 2 1 4 — 6 107 80 1,325 
Merian 86 1 — — — — 10 97 106 917 
Cerro Negro43 1 — — 16 — 8 68 51 1,346 
Other South America— — 1 2 1 — — 4 — — 
South America210 15 3 3 21 — 24 276 237 1,162 
Boddington148 3 1 — — 3 17 172 175 985 
Tanami62 — 3 — — — 29 94 130 723 
Other Australia— — — 3 1 — 1 5 — — 
Australia210 3 4 3 1 3 47 271 305 889 
Ahafo99 3 1 1 — — 20 124 136 912 
Akyem58 5 — — — — 7 70 91 775 
Other Africa— — — 2 — — — 2 — — 
Africa157 8 1 3 — — 27 196 227 865 
Nevada Gold Mines258 4 6 3 — 2 34 307 340 904 
Nevada258 4 6 3 — 2 34 307 340 904 
Corporate and Other— — 24 55 — — 10 89 — — 
Total Gold$1,130 $35 $50 $68 $26 $23 $192 $1,524 1,495 $1,020 
Gold equivalent ounces - other metals (11)
Peñasquito$111 $2 $— $— $1 $31 $14 $159 215 $735 
Boddington28 — — — — 1 3 32 33 998 
Total Gold Equivalent Ounces$139 $2 $— $— $1 $32 $17 $191 248 $770 
Consolidated$1,269 $37 $50 $68 $27 $55 $209 $1,715 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $35 and excludes co-product revenues of $310.
(3)Includes stockpile and leach pad inventory adjustments of $6 at NGM.
(4)Reclamation costs include operating accretion and amortization of asset retirement costs of $23 and $14, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $12 and $3, respectively.
(5)Advanced projects, research and development and Exploration excludes development expenditures of $1 at CC&V, $1 at Éléonore, $1 at Peñasquito, $1 at Other North America, $3 at Merian, $6 at Other South America, $1 at Tanami, $5 at Other Australia, $4 at Ahafo, $2 at Akyem, $1 at Other Africa, $6 at NGM and $5 at Corporate and Other, totaling $37 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(6)Care and maintenance includes $5 at Musselwhite, $2 at Yanacocha, $18 at Cerro Negro and $1 at Other South America of cash care and maintenance costs associated with the sites temporarily being placed into care and maintenance or operating at reduced levels in response to the COVID-19 pandemic, during the period ended September 30, 2020 that we would have continued to incur if the site were not temporarily placed into care and maintenance.
(7)Other expense, net is adjusted for incremental costs of responding to the COVID-19 pandemic of $32, settlement costs of $26, impairment of long-lived and other assets of $24 and restructuring and severance of $9.
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(8)Includes sustaining capital expenditures of $55 for North America, $24 for South America, $47 for Australia, $26 for Africa, $34 for Nevada, and $10 for Corporate and Other, totaling $196 and excludes development capital expenditures, capitalized interest and the change in accrued capital totaling $100. The following are major development projects: Musselwhite Materials Handling, Éléonore Lower Mine Material Handling System, Quecher Main, Yanacocha Sulfides, Tanami Expansion 2, Subika Mining Method Change, Ahafo North, Goldrush Complex, Turquoise Ridge 3rd shaft and Range Front Declines at Cortez.
(9)Includes finance lease payments for sustaining projects of $13.
(10)Per ounce measures may not recalculate due to rounding.
(11)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 ($1,200/oz.), Copper ($2.75/lb.), Silver $16.00/($16.00/oz.), Lead ($0.95/lb.) and Zinc ($1.20/lb.) pricing for 2020.
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Three Months Ended
September 30, 2019
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 oz.(9)
Nine Months Ended
September 30, 2021		Nine Months Ended
September 30, 2021
Costs Applicable to Sales(1)(2)(3)
Reclamation Costs(4)
Advanced Projects, Research and Development and Exploration(5)
General and Administrative
Care and Maintenance and Other Expense, Net(6)(7)(8)
Treatment and Refining Costs
Sustaining Capital and Lease Related Costs(9)(10)
All-In Sustaining CostsOunces (000) Sold
All-In Sustaining Costs Per oz.(11)
GoldGold​​​​​​​​​Gold
CC&VCC&V$65 $— $2 $— $— $— $13 $80 73 $1,087 CC&V$167 $5 $7 $— $— $— $35 $214 168 $1,271 
Red Lake45 2 2 — — — 8 57 31 1,872 
MusselwhiteMusselwhite8 1 2 — — — 10 21 — — Musselwhite114 1 5 — 1 — 28 149 109 1,366 
PorcupinePorcupine62 1 — — — — 8 71 84 843 Porcupine196 4 11 — — — 31 242 212 1,144 
ÉléonoreÉléonore69 — — — — — 9 78 83 932 Éléonore178 2 2 — 4 — 47 233 186 1,253 
PeñasquitoPeñasquito39 1 — — — 1 18 59 35 1,681 Peñasquito278 5 1 — 5 24 46 359 541 663 
Other North AmericaOther North America— — — 23 1 — 1 25 — — Other North America— — — 3 1 — — 4 — — 
North AmericaNorth America288 5 6 23 1 1 67 391 306 1,276 North America933 17 26 3 11 24 187 1,201 1,216 988 
​
YanacochaYanacocha107 13 4 1 — — 6 131 149 881 Yanacocha174 56 3 — 25 1 12 271 196 1,385 
Merian Merian 78 1 2 — — — 16 97 127 761 Merian 244 4 5 — 4 — 29 286 322 886 
Cerro NegroCerro Negro78 — 11 — — — 12 101 118 860 Cerro Negro163 4 2 — 16 — 41 226 189 1,198 
Other South AmericaOther South America— — — 2 — — — 2 — — Other South America— — — 7 2 — — 9 — — 
South AmericaSouth America263 14 17 3 — — 34 331 394 841 South America581 64 10 7 47 1 82 792 707 1,119 
​
BoddingtonBoddington146 3 1 — — 3 19 172 178 958 Boddington444 8 5 — — 10 93 560 502 1,115 
TanamiTanami64 — 2 — — — 18 84 112 758 Tanami204 1 3 — 15 — 84 307 342 897 
Kalgoorlie60 2 2 — — — 5 69 61 1,141 
Other AustraliaOther Australia— — 3 2 — — 2 7 — — Other Australia— — — 7 1 — 4 12 — — 
AustraliaAustralia270 5 8 2 — 3 44 332 351 944 Australia648 9 8 7 16 10 181 879 844 1,040 
​
AhafoAhafo98 1 5 — — — 23 127 157 811 Ahafo296 6 4 — 5 — 55 366 331 1,105 
AkyemAkyem51 8 — — — — 5 64 107 612 Akyem199 21 2 — 1 — 34 257 286 902 
Other AfricaOther Africa— — — 3 1 — — 4 — — Other Africa— — 1 6 — — — 7 — — 
AfricaAfrica149 9 5 3 1 — 28 195 264 741 Africa495 27 7 6 6 — 89 630 617 1,023 
​​​​​​​​​​
Nevada Gold MinesNevada Gold Mines235 10 5 3 2 2 50 307 334 920 Nevada Gold Mines674 7 10 7 3 2 128 831 893 931 
Carlin8 — — — — — — 8 11 854 
Phoenix15 — — — — 2 — 17 13 1,187 
Twin Creeks3 — — — — — — 3 8 340 
Long Canyon1 — — — — — — 1 1 692 
Other Nevada— — — — — — — — — — 
NevadaNevada262 10 5 3 2 4 50 336 367 915 Nevada674 7 10 7 3 2 128 831 893 931 
​
Corporate and OtherCorporate and Other— — 18 50 — — 8 76 — — Corporate and Other— — 70 134 — — 14 218 — — 
Total GoldTotal Gold$1,232 $43 $59 $84 $4 $8 $231 $1,661 1,682 $987 Total Gold$3,331 $124 $131 $164 $83 $37 $681 $4,551 4,277 $1,064 
​
Gold equivalent ounces - other metals (10)
Gold equivalent ounces - other metals (12)
Gold equivalent ounces - other metals (12)
PeñasquitoPeñasquito$132 $3 $1 $— $— $32 $45 $213 173 $1,226 Peñasquito$462 $7 $1 $— $8 $84 $74 $636 819 $778 
Other North AmericaOther North America— — — 2 1 — — 3 — — 
North AmericaNorth America462 7 1 2 9 84 74 639 819 781 
BoddingtonBoddington28 — — — — 2 3 33 37 907 Boddington102 1 1 — — 5 18 127 111 1,141 
Phoenix— — — — — — — — 3 — 
Other AustraliaOther Australia— — — 1 — — 1 2 — — 
AustraliaAustralia102 1 1 1 — 5 19 129 111 1,155 
Corporate and OtherCorporate and Other— — 10 23 — — 2 35 — — 
Total Gold Equivalent OuncesTotal Gold Equivalent Ounces$160 $3 $1 $— $— $34 $48 $246 213 $1,155 Total Gold Equivalent Ounces$564 $8 $12 $26 $9 $89 $95 $803 930 $863 
​
ConsolidatedConsolidated$1,392 $46 $60 $84 $4 $42 $279 $1,907 Consolidated$3,895 $132 $143 $190 $92 $126 $776 $5,354 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $31$159 and excludes co-product revenues of $230.$1,204.
(3)Includes stockpile and leach pad inventory adjustments of $1$9 at CC&V, $18 at Yanacocha and $10 at NGM.
(4)Reclamation costs include operating accretion and amortization of asset retirement costs of $25$60 and $21,$72, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $14$39 and $23,$121, respectively.
(5)Advanced projects, research and development and exploration excludes development expenditures of $6 at CC&V, $3 at Porcupine, $3 at Éléonore, $2 at Peñasquito, $3 at Other North America, $8 at Yanacocha, $3 at Merian, $2 at Cerro Negro, $24 at Other South America, $15 at Tanami, $10
80
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(5)Advanced projects, research and development and Exploration excludes development expenditures of $1 at Musselwhite, $4 at Porcupine, $2 at Éléonore, $1 at Peñasquito, $2 at Other North America, $2 at Yanacocha, $1 at Merian, $4 at Cerro Negro, $9 at Other South America, $6 at Other Australia, $3$10 at Ahafo, $4 at Akyem, $1 at Other Africa, $8$12 at NGM and $23$7 at Corporate and Other, totaling $71$112 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(6)Care and maintenance includes $8 at Tanami of cash care and maintenance costs associated with the site temporarily being placed into care and maintenance or operating at reduced levels in response to the COVID-19 pandemic, during the period ended September 30, 2021 that we would have continued to incur if the site were not temporarily placed into care and maintenance.
(6)(7)Other expense, net includes incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational sites of $19 for North America, $34 for South America, $6 for Australia and $4 for Africa, totaling $63.
(8)Other expense, net is adjusted for Goldcorp transaction and integration costs of $26, Nevada JV transaction and integration costs of $3, impairment of long-lived and other assets of $3 and$18, settlement costs of $2.$11, restructuring and severance costs of $10 and distributions from the Newmont Global Community Support Fund of $3.
(7)(9)Includes sustaining capital expenditures of $98$223 for North America, $34$82 for South America, $44$188 for Australia, $27$87 for Africa, $50$128 for Nevada, and $8$16 for Corporate and Other, totaling $261$724 and excludes development capital expenditures, capitalized interest and the increasechange in accrued capital totaling $167.$488. The following are major development projects: Musselwhite Materials Handling, Borden,Pamour, Yanacocha Sulfides, Quecher Main, Yanacocha Sulfides,Cerro Negro expansion projects, Tanami Expansion 2, Power Generation Civil Upgrade, Subika Mining Method Change,Ahafo North, Ahafo Mill ExpansionGoldrush Complex and Turquoise Ridge joint venture 3rd shaft.
(8)(10)Includes finance lease payments for sustaining projects of $18 and excludes finance lease payments for development projects of $3.$52.
(9)(11)Per ounce measures may not recalculate due to rounding.
(10)(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 ($1,200/oz.), Copper ($2.75/lb.), Silver ($15.00/22.00/oz.), Lead ($0.90/lb.) and Zinc ($1.05/lb.) pricing for 2019.2021.

Nine Months Ended
September 30, 2020
Costs Applicable to Sales(1)(2)(3)
Reclamation Costs(4)
Advanced Projects, Research and Development and Exploration(5)
General and Administrative
Care and Maintenance and Other Expense, Net(6)(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$180 $4 $5 $— $— $— $27 $216 200 $1,085 
Red Lake45 — 1 — — — 4 50 42 1,182 
Musselwhite73 2 5 — 24 — 16 120 62 1,945 
Porcupine174 2 7 — — — 25 208 241 862 
Éléonore127 2 3 — 26 — 27 185 137 1,345 
Peñasquito188 4 — — 19 27 24 262 311 845 
Other North America— — 4 9 3 — 1 17 — — 
North America787 14 25 9 72 27 124 1,058 993 1,066 
​​​​​​​​​​
Yanacocha270 42 5 1 30 — 14 362 266 1,358 
Merian 239 3 3 1 — — 27 273 337 811 
Cerro Negro115 2 1 — 54 — 24 196 154 1,271 
Other South America— — 1 7 2 — — 10 — — 
South America624 47 10 9 86 — 65 841 757 1,111 
​​​​​​​​​​
Boddington421 9 3 — — 8 64 505 482 1,046 
Tanami189 1 7 — — — 68 265 375 707 
Other Australia— — — 9 1 — 3 13 — — 
Australia610 10 10 9 1 8 135 783 857 914 
​​​​​​​​​​
Ahafo264 7 2 1 2 — 56 332 338 983 
Akyem164 17 1 — 1 — 18 201 268 750 
Other Africa— — — 5 — — — 5 — — 
Africa428 24 3 6 3 — 74 538 606 889 
​​​​​​​​​​
Nevada Gold Mines761 11 16 8 6 8 124 934 997 936 
Nevada761 11 16 8 6 8 124 934 997 936 
​​​​​​​​​​
Corporate and Other— — 53 164 3 — 31 251 — — 
Total Gold$3,210 $106 $117 $205 $171 $43 $553 $4,405 4,210 $1,046 
​​​​​​​​​​
Gold equivalent ounces - other metals (11)
​​​​​​​​​
Peñasquito$371 $6 $1 $— $19 $114 $67 $578 688 $840 
Boddington78 1 — — — 4 12 95 92 1,032 
Total Gold Equivalent Ounces$449 $7 $1 $— $19 $118 $79 $673 780 $862 
​
Consolidated$3,659 $113 $118 $205 $190 $161 $632 $5,078 
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Nine Months Ended
September 30, 2020
Costs Applicable to Sales(1)(2)(3)
Reclamation Costs(4)
Advanced Projects, Research and Development and Exploration(5)
General and Administrative
Care and Maintenance and Other Expense, Net(6)(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$180 $4 $5 $— $— $— $27 $216 200 $1,085 
Red Lake45 — 1 — — — 4 50 42 1,182 
Musselwhite73 2 5 — 24 — 16 120 62 1,945 
Porcupine174 2 7 — — — 25 208 241 862 
Éléonore127 2 3 — 26 — 27 185 137 1,345 
Peñasquito188 4 — — 19 27 24 262 311 845 
Other North America— — 4 9 3 — 1 17 — — 
North America787 14 25 9 72 27 124 1,058 993 1,066 
Yanacocha270 42 5 1 30 — 14 362 266 1,358 
Merian 239 3 3 1 — — 27 273 337 811 
Cerro Negro115 2 1 — 54 — 24 196 154 1,271 
Other South America— — 1 7 2 — — 10 — — 
South America624 47 10 9 86 — 65 841 757 1,111 
Boddington421 9 3 — — 8 64 505 482 1,046 
Tanami189 1 7 — — — 68 265 375 707 
Other Australia— — — 9 1 — 3 13 — — 
Australia610 10 10 9 1 8 135 783 857 914 
Ahafo264 7 2 1 2 — 56 332 338 983 
Akyem164 17 1 — 1 — 18 201 268 750 
Other Africa— — — 5 — — — 5 — — 
Africa428 24 3 6 3 — 74 538 606 889 
Nevada Gold Mines761 11 16 8 6 8 124 934 997 936 
Nevada761 11 16 8 6 8 124 934 997 936 
Corporate and Other— — 53 164 3 — 31 251 — — 
Total Gold$3,210 $106 $117 $205 $171 $43 $553 $4,405 4,210 $1,046 
Gold equivalent ounces - other metals (11)
Peñasquito$371 $6 $1 $— $19 $114 $67 $578 688 $840 
Boddington78 1 — — — 4 12 95 92 1,032 
Total Gold Equivalent Ounces$449 $7 $1 $— $19 $118 $79 $673 780 $862 
Consolidated$3,659 $113 $118 $205 $190 $161 $632 $5,078 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $80 and excludes co-product revenues of $769.
(3)Includes stockpile and leach pad inventory adjustments of $18 at Yanacocha and $23 at NGM.
(4)Reclamation costs include operating accretion and amortization of asset retirement costs of $69 and $44, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $38 and $9, respectively.
(5)Advanced projects, research and development and Exploration excludes development expenditures of $4 at CC&V, $1 at Porcupine, $1 at Éléonore, $2 at Peñasquito,$1 $1 at Other North America, $2 at Yanacocha, $6 at Merian, $19 at Other South America, $4 at Tanami, $11 at Other Australia, $12 at Ahafo, $4 at Akyem, $3 at Other Africa, $14 at NGM and $8 at Corporate and Other, totaling $92 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(6)Care and maintenance includes $28 at Musselwhite, $26 at Éléonore, $38 at Peñasquito, $27 at Yanacocha, $50 at Cerro Negro and $2 at Other South America of cash care and maintenance costs associated with the sites temporarily being placed into care and maintenance or operating at reduced levels in response to the COVID-19 pandemic, during the period ended September 30, 2020 that we would have continued to incur if the site were not temporarily placed into care and maintenance.
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(7)Other expense, net is adjusted for incremental costs of responding to the COVID-19 pandemic of $67, settlement costs of $34, impairment of long-lived and other assets of $29, Goldcorp transaction and integration costs of $23 and restructuring and severance costs of $12.
(8)Includes sustaining capital expenditures of $156 for North America, $65 for South America, $139 for Australia, $73 for Africa, $124 for Nevada, and $31 for Corporate and Other, totaling $588 and excludes development capital expenditures, capitalized interest and the change in accrued capital totaling $316. The following are major development projects: Musselwhite Materials Handling, Éléonore Lower Mine Material Handling System, Quecher Main, Yanacocha Sulfides, Tanami Expansion 2, Subika Mining Method Change,Ahafo North, Goldrush Complex, Turquoise Ridge 3rd shaft and Range Front Declines at Cortez.
(9)Includes finance lease payments for sustaining projects of $44.
(10)Per ounce measures may not recalculate due to rounding.
(11)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 ($1,200/oz.), Copper ($2.75/lb.), Silver $16.00/($16.00/oz.), Lead ($0.95/lb.) and Zinc ($1.20/lb.) pricing for 2020.
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Nine Months Ended
September 30, 2019
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 oz.(9)
Gold​​​​​​​​​
CC&V$208 $3 $6 $1 $2 $— $28 $248 230 $1,076 
Red Lake88 2 5 — — — 22 117 68 1,734 
Musselwhite20 1 5 — — — 14 40 6 7,131 
Porcupine125 2 2 — — — 18 147 143 1,027 
Éléonore144 — 2 — — 1 21 168 167 1,002 
Peñasquito66 1 — — — 1 25 93 54 1,714 
Other North America— — 1 43 1 — 4 49 — — 
North America651 9 21 44 3 2 132 862 668 1,290 
​
Yanacocha300 43 7 1 7 — 20 378 422 895 
Merian 220 3 4 1 — — 39 267 397 672 
Cerro Negro141 1 13 — 1 — 25 181 218 833 
Other South America— — — 7 — — — 7 — — 
South America661 47 24 9 8 — 84 833 1,037 803 
​
Boddington431 9 1 — — 10 45 496 522 949 
Tanami198 2 5 — — — 56 261 361 725 
Kalgoorlie160 3 2 — — — 20 185 170 1,090 
Other Australia— — 4 7 1 — 5 17 — — 
Australia789 14 12 7 1 10 126 959 1,053 911 
​
Ahafo281 3 14 — 1 — 71 370 451 820 
Akyem172 25 3 — 1 — 20 221 321 691 
Other Africa— — — 7 1 — — 8 — — 
Africa453 28 17 7 3 — 91 599 772 776 
​​​​​​​​
Nevada Gold Mines235 10 5 3 2 2 50 307 334 920 
Carlin358 3 9 3 1 — 64 438 408 1,076 
Phoenix116 3 — 1 — 7 10 137 118 1,149 
Twin Creeks113 1 3 1 — — 23 141 170 830 
Long Canyon36 1 — 1 — — 7 45 96 466 
Other Nevada— — 5 — — — 4 9 — — 
Nevada858 18 22 9 3 9 158 1,077 1,126 956 
​
Corporate and Other— — 46 148 3 — 9 206 — — 
Total Gold$3,412 $116 $142 $224 $21 $21 $600 $4,536 4,656 $974 
​​​​​​​​​​
Gold equivalent ounces - other metals (10)
​​​​​​​​​
Peñasquito$209 $3 $2 $— $— $34 $65 $313 213 $1,471 
Boddington87 2 — — — 6 8 103 106 966 
Phoenix28 2 — — — 1 3 34 38 894 
Total Gold Equivalent Ounces$324 $7 $2 $— $— $41 $76 $450 357 $1,259 
​
Consolidated$3,736 $123 $144 $224 $21 $62 $676 $4,986 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $62 and excludes co-product revenues of $397.
(3)Includes stockpile and leach pad inventory adjustments of $10 at CC&V, $10 at Yanacocha, $19 at Boddington, $20 at Akyem, $1 at NGM, $33 at Carlin and $2 at Twin Creeks.
(4)Reclamation costs include operating accretion and amortization of asset retirement costs of $63 and $60, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $39 and $63, respectively.
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(5)Advanced projects, research and development and Exploration excludes development expenditures of $3 at CC&V, $1 at Musselwhite, $4 at Porcupine, $2 at Éléonore, $1 at Peñasquito, $2 at Other North America, $9 at Yanacocha, $2 at Merian, $6 at Cerro Negro, $29 at Other South America, $3 at Tanami, $2 at Kalgoorlie, $12 at Other Australia, $10 at Ahafo, $9 at Akyem, $4 at Other Africa, $8 at NGM, $6 at Carlin, $1 at Phoenix, $2 at Twin Creeks, $12 at Long Canyon, $2 at Other Nevada and $26 at Corporate and Other, totaling $156 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 Goldcorp transaction and integration costs of $185, Nevada JV transaction and integration costs of $26, restructuring and severance costs of $5, impairment of long-lived and other assets of $4 and settlement costs of $2.
(7)Includes sustaining capital expenditures of $172 for North America, $84 for South America, $125 for Australia, $88 for Africa, $160 for Nevada and $9 for Corporate and Other, totaling $638 and excludes development capital expenditures, capitalized interest and the increase in accrued capital totaling $395. The following are major development projects: Musselwhite Materials Handling, Borden, Quecher Main, Yanacocha Sulfides, Tanami Expansion 2, Ahafo North, Subika Underground, Ahafo Mill Expansion and Turquoise Ridge joint venture 3rd shaft.
(8)Includes finance lease payments for sustaining projects of $38 and excludes finance lease payments for development projects of $22.
(9)Per ounce measures may not recalculate due to rounding.
(10)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 ($1,200/oz.), Copper ($2.75/lb.), Silver ($15.00/oz.), Lead ($0.90/lb.) and Zinc ($1.05/lb.) pricing for 2019.
Accounting Developments
For a discussion of Recently Adopted and Recently Issued Accounting Pronouncements, seerefer to Note 2 toof the Condensed Consolidated Financial Statements.​
COVID-19 Assessment
In light of the COVID-19 pandemic described above we have reviewed and evaluated our long-lived assets for events or changes in circumstances that indicate that the related carrying amounts may not be recoverable. As of September 30, 2020, we determined that no impairment indicators existed at the balance sheet date, as the pandemic-related restrictions are viewed as temporary and are not expected to have a material impact on the Company’s ability to recover the carrying amounts of its long-lived assets, including those assets temporarily placed on care and maintenance during 2020.
Additionally, we reassessed whether the COVID-19 pandemic required an interim goodwill impairment analysis of our reporting units and determined that no impairment indicators were present as of September 30, 2020. While five of our mines had been placed in care and maintenance during the first and second quarters of 2020, as of September 30, 2020, Musselwhite, Éléonore and Peñasquito were fully operational while Yanacocha has ramped up to near normal operations. Cerro Negro continues to operate at reduced levels while managing ongoing COVID-19 related travel restrictions and collaborating with local authorities and trade unions. No impairment indicators were present as there has not been deterioration in gold prices and COVID-19 related impacts were not expected to have a material impact on the fair value of the Company's reporting units.
We have been closely monitoring the COVID-19 pandemic and its impacts and potential impacts on our business. However, because of the changing developments with respect to the spread of COVID-19 and the unprecedented nature of the pandemic, we are unable to predict the extent and duration of any potential adverse financial impact of COVID-19 on our business, financial condition and results of operations. Future developments could impact our assessment and result in material impairments to our long-lived assets or goodwill.
Refer to our Management’s Discussion and Analysis of Accounting Developments and Critical Accounting Policies included in Part II of our Annual Report on Form 10-K for the year ended December 31, 20192020 filed with the Securities and Exchange Commission (“SEC”) on February 20, 202018, 2021 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)” 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 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;
•estimates of future cash flows and the sensitivity of cash flows to gold and other metal prices;
•estimates of future capital expenditures, construction, production or closure activities and other cash needs, for specific operations and on a consolidated basis, and expectations as to the funding or timing thereof;
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•estimates as to the projected development of certain ore deposits, including the timing of such development, the costs of such development and other capital costs, financing plans for these deposits and expected production commencement dates;
•estimates of reserves and statements regarding future exploration results and reserve 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 debt repayments or debt tender transactions;
•estimates regarding future exploration expenditures, results and reserves;
•statements regarding fluctuations in financial and currency markets;
•estimates regarding potential cost savings, productivity, operating performance and ownership and cost structures;
•expectations regarding future or recent acquisitions and joint ventures, including, without limitation, projected benefits, synergies, value creation, integration, timing and costs and related valuations and other matters;
•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 political, economic or governmental conditions and environments;
•statements regarding the impacts of changes in the legal and regulatory environment in which we operate;
•estimates of future costs, accruals for reclamation costs and other liabilities for certain environmental matters;
•estimates of income taxes and expectations relating to tax contingencies or tax audits;
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•estimates of pension and other post-retirement costs; and
•expectations regarding the impacts of COVID-19, COVID variants and other health and safety conditions.conditions; and
•expectations as to whether and for how long certain sites will be placed into care and maintenance including as a result of COVID-19 occurrences and related restrictions.

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 and uncertainties include, but are not limited to:
•the price of gold, copper and other metal prices and commodities;
•the cost of operations;
•currency fluctuations;
•geological and metallurgical assumptions;
•operating performance of equipment, processes and facilities;
•the impact of COVID-19, including, without limitation, impacts on employees, operations, regulations resulting in potential business interruptions and travel restrictions, commodity prices, costs, supply chain and the U.S. and the global economy;
•labor relations;
•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;
•domestic and international economic and political conditions;
•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, 2019, in the section titled Part II, Item 1A, Risk Factors in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 andas 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.​
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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 U.S. dollar; 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.
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. value, as well as significantly impact our carrying value of long-lived assets and goodwill. Refer to Part II, Item 7 in our annual report on Form 10-K, for the year ended December 31, 2020 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. As partThe significant
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assumptions in determining the stockpile, leach pad and product inventory adjustments for each mine site reporting unit at September 30, 20202021 included production cost and capitalized expenditure assumptions unique to each operation, a short-term and long-term gold price of $1,909$1,790 and $1,500 per ounce, respectively, a short-term and long-term copper price of $2.96$4.25 and $3.00 per pound, respectively, a short-term and long-term silver price of $24.26$24.36 and $18.00$20.00 per ounce, respectively, a short-term and long-term lead price of $0.85$1.06 and $1.05 per pound, respectively, a short-term and long-term zinc price of $1.06$1.36 and $1.30 per pound, respectively, a short-term and long-term U.S. to Australian dollar exchange rate of $0.72$0.73 and $0.77, respectively, a short-term and long-term U.S. to Canadian dollar exchange rate of $0.75$0.79 and $0.80, respectively, a short-term and long-term U.S. dollar to Mexican Peso exchange rate of $0.05 and $0.05, respectively and a short-term and long-term U.S. dollar to Argentinian Peso exchange rate of $0.01 and $0.02,$0.01, respectively.
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.
Foreign Currency
In addition to our operations in the United States, we have significant operations and/or assets in Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia and Ghana. All of our operations sell their gold, copper, silver, lead and zinc production based on U.S. dollar 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 U.S. dollar can increase or decrease profit margins, cash flow and Costs applicable to sales per ounce/ pound to the extent costs are paid in local currency at foreign operations.
Commodity Price Exposure
Our provisional metalconcentrate 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 doesis not qualifydesignated for hedge accounting, is marked to market through earnings each period prior to final settlement.
At September 30, 2020,We perform an analysis on the provisional concentrate sales to determine the potential impact to Net income (loss) attributable to Newmont had goldstockholders for each 10% change to the average price on the provisional concentrate sales of 136,000 ounces priced at an average of $1,888 per ounce, subject to final pricing over the next several months. Each $25 change inRefer below for our analysis as of September 30, 2021.
Provisionally Priced Sales
Subject to Final Pricing		Average Provisional
Price (per ounce/pound)		Effect of 10% change in Average Price (millions)
Market Closing
Settlement Price (1)
(per ounce/pound)
Gold (ounces/thousands)218 $1,744 $25 $1,743 
Copper (pounds/millions)16$4.09 $5 $4.10 
Silver (ounces/millions)5 $21.53 $8 $22.04 
Lead (pounds/millions)29$0.95 $2 $0.96 
Zinc (pounds/millions)62$1.35 $6 $1.37 
____________________________
(1)The closing settlement price as of September 30, 2021 is determined utilizing the priceLondon Metal Exchange for provisionally priced gold sales would have an approximate $2 effect on our Net income (loss) attributable to Newmont stockholders. Thecopper, lead and zinc and the London Bullion Market Association P.M. closing settlement price at September 30, 2020 for gold was $1,887 per ounce.and silver.
At September 30, 2020, Newmont had copper sales of 10 million pounds priced at an average of $3.00 per pound, subject to final pricing over the next several months. Each $0.10 change in the price for provisionally priced copper sales would have an approximate $1 effect on our Net income (loss) attributable to Newmont stockholders. The LME closing settlement price at September 30, 2020 for copper was $3.00 per pound.​
At September 30, 2020, Newmont had silver sales of 3 million ounces priced at an average of $23.74 per ounce, subject to final pricing over the next several months. Each $0.50 change in the price for provisionally priced silver sales would have an approximate $1 effect on our Net income (loss) attributable to Newmont stockholders. The London Bullion Market Association closing settlement price at September 30, 2020 for silver was $23.42 per ounce.
At September 30, 2020, Newmont had lead sales of 24 million pounds priced at an average of $0.82 per pound, subject to final pricing over the next several months. Each $0.05 change in the price for provisionally priced lead sales would have an approximate $1 effect on our Net income (loss) attributable to Newmont stockholders. The LME closing settlement price at September 30, 2020 for lead was $0.82 per pound.
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At September 30, 2020, Newmont had zinc sales of 10 million pounds priced at an average of $1.09 per pound, subject to final pricing over the next several months. Each $0.05 change in the price for provisionally priced zinc sales would have an approximate $— effect on our Net income (loss) attributable to Newmont stockholders. The LME closing settlement price at September 30, 2020 for zinc was $1.09 per pound.
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 Securities Exchange Act of 1934, as amended (the “Exchange Act”)). 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.
There were no changes in the Company’s internal control over financial reporting that occurred during the three months ended September 30, 2020,2021, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.​
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PART II—OTHER INFORMATION
ITEM 1.       LEGAL PROCEEDINGS.
Information regarding legal proceedings is contained in Note 26 to21 of the Condensed Consolidated Financial Statements contained in this Reportreport and is incorporated herein by reference.​
ITEM 1A.       RISK FACTORS.
There were no material changes fromIn addition to the other information set forth in this report and the risk factor noted below, you should carefully consider the factors set forth underdiscussed in Part I, Item 1A.IA., “Risk Factors”"Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and as set forth under Part II, Item 1A., "Risk Factors"2020. The risks described in our QuarterlyAnnual 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.

Our operations at Yanacocha and the development of our Conga project in Peru are subject to political and social unrest risks.

Minera Yanacocha S.R.L. (“Yanacocha”), in which we own a 51.35% interest, and whose properties include the mining operations at Yanacocha and the Conga project in Peru, has been the target of local political and community protests, some of which blocked the road between the Yanacocha mine and Conga project complexes in the City of Cajamarca in Peru and resulted in vandalism and equipment damage. While recently roadblocks and protests have diminished and focused on Form 10-Qlocal political activism and labor disputes, we cannot predict whether similar or more significant incidents will occur in the future. The recurrence of significant political or community opposition or protests could continue to adversely affect the Conga Project’s development, other new projects in the area and the continued operation of Yanacocha.
Construction activities on our Conga project were suspended in 2011, at the request of Peru’s central government following protests in Cajamarca by anti-mining activists led by the regional president. At the request of the Peruvian central government, the environmental impact assessment prepared in connection with the project was reviewed by independent experts in an effort to resolve allegations around the environmental viability of Conga. This review concluded that the environmental impact assessment complied with international standards and provided recommendations to improve water management. Due to the uncertainty surrounding the project’s development timeline, we have allocated our exploration and development capital to other projects in our portfolio. As a result, the Conga project is currently in care and maintenance and we will continue to evaluate long-term options to progress development of the Conga project. Should the Company be unable to develop the Conga project or conclude that future development is not in the best interest of the business, a future impairment charge may result.
The prior Central Government of Peru supported responsible mining as a vehicle for the three monthgrowth and future development of Peru in 2020. However, following the most recent presidential election, we are unable to predict whether the Central government will continue to take similar positions in the future. In a close and contested election, Pedro Castillo was declared the president-elect of Peru in July 2021, which resulted in a period ended March 31, 2020.of protests, unrest and uncertainty around the political and social environment in Peru and Cajamarca. Castillo’s election platform had been considered to be less supportive of mining in the past, and raised concerns with respect to foreign investment and mining. However, the new Central Government’s legislative priorities and agenda remain to be established. Most recently, in October 2021, Castillo replaced members of his cabinet amid concerns of political instability, including the appointment of a new Prime Minister and ministers of mining, work, and interior. Additionally, previous regional governments of Cajamarca and other political parties actively opposed certain mining projects in the past, including by protests, community demands and road blockages, which may occur again in the future. We are unable to predict the positions that will be taken by the Central or regional government and neighboring communities in the future and whether such positions or changes in law will affect current operations and new projects at Yanacocha or Conga. Risks related to mining and foreign investment under the new administration include, without limitation, risks to mining concessions, land tenure and permitting, increased taxes and royalties, nationalization of mining assets and increased labor regulations, environmental and other regulatory requirements. Any change in government positions or laws on these issues could adversely affect the assets and operations of Yanacocha or Conga, which could have a material adverse effect on our results of operations and financial position. Additionally, the inability to develop Conga or operate at Yanacocha could have an adverse impact on our growth and production in the region.
In addition, in early 2015 and again in June 2017, the Peruvian government agency responsible for certain environmental regulations, the Ministry of the Environment (“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 Mining Ministry (“MINEM”). The Company did not receive a response or comments to this submission until April 2021 and is now in the process of updating its compliance achievement plan to address these comments. During this interim period, Yanacocha separately submitted an Environmental Impact Assessment (EIA) modification considering the ongoing operations and the projects to be developed and obtained authorization from MINEM for such projects. This authorization included a
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deadline for compliance with the modified water quality criteria by January 2024. Consequently, part of the Company response to MINEM will include a request for an extension of time for coming into full compliance with the new regulations. In the event that MINEM does not grant Yanacocha an extension of the previously authorized timeline for, and agree to, the updated compliance achievement plan, fines and penalties relating to non-compliance may result beyond January 2024. 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 currently 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, were progressed in the third quarter of 2021 as the study team continued to evaluate and revise assumptions and estimated costs of potential changes to the reclamation plan. The potential changes are currently undergoing review and remain subject to revision, therefore, the Company is unable to reasonably estimate a change to the reclamation obligation as of September 30, 2021. However, based on the work progressed in the third quarter and the resulting preliminary findings, the Company currently expects to make revisions to the reclamation plan that, should these findings be confirmed, would result in material increases to the cost of water treatment plant construction, water treatment operating costs and other costs associated with the closure plan.
In conjunction with the Company’s annual update process for all asset retirement obligations, the Company currently expects to record an adjustment to the Yanacocha reclamation liability in the fourth quarter of 2021 based on the planned progress of the closure studies. As related activities are progressed, it is expected that the preliminary findings, if confirmed, could result in a material increase in the reclamation obligation at Yanacocha of up to approximately $1.6 billion, primarily related to the upfront construction of water treatment plants and the related annual operating costs assumed over the extended closure period, with a corresponding non-cash charge to reclamation expense related to operations no longer in production. Work to refine the associated cost estimates and additional study work remain to be completed. Further, the ongoing Yanacocha closure studies are expected to continue beyond 2021. As a result, future material increases or decreases to the asset retirement obligation could occur as additional analyses are completed and further refinements to water quality and volume modeling are completed. Additionally, revisions to the Yanacocha reclamation plan may change in connection with the Company’s ultimate submission and review of the plan with Peruvian regulators.
ITEM 2.       UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.​
​(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)
Maximum Number (or Approximate Dollar Value) of Shares that may yet be Purchased under the Plans or Programs(2)
July 1, 2020 through July 31, 202060,069 $60.47 — $199,429,824 
August 1, 2020 through August 31, 20206,536 $61.39 — $199,429,824 
September 1, 2020 through September 30, 20204,325 $56.33 — $199,429,824 
(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)
Maximum Dollar Value of Shares that may yet be Purchased under the Plans or Programs(2)
July 1, 2021 through July 31, 2021712,151 $60.72 683,713 $824,304,908 
August 1, 2021 through August 31, 20217,127 $54.95 — $824,304,908 
September 1, 2021 through September 30, 20211,331,801 $54.56 1,330,900 $751,694,456 
____________________________
(1)The total number of shares purchased (and the average price paid per share) reflectsreflects: (i) shares purchased pursuant to the repurchase program described in (2) below; and (ii) represents shares delivered to the Company from stock awards held by employees upon vesting for the purpose of covering the recipients’ tax withholding obligations, totaling 60,06928,438 shares, 6,5367,127 shares and 4,325901 shares for the fiscal months of July, August and September 2020,2021, respectively.
(2)The Company’sIn January 2021, the Company announced that the Board of Directors authorized a stock repurchase program under which the Company was authorized to repurchase shares of outstanding common stock to return cashoffset the dilutive impact of employee stock award vesting and to provide returns to shareholders, in the current year, provided that the aggregate value of shares of common stock repurchased under the new program does not exceed $1 billion, and no shares of common stock may be repurchased under thesuch program after December 31, 2020. The Company repurchased 11,790,190 shares in the fourth quarter of 2019 and 7,136,823 shares in the first quarter of 2020 under the stock repurchase program.will expire on July 15, 2022. The extent to which the Company repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including trading volume, market conditions, legal requirements, business conditions and other factors. The repurchase program 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.​
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.
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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. This is why Newmont engaged its Rapid Response process early in connection with the on-going COVID-19 pandemic and proactively took conservative steps to prevent further transmission of the Coronavirus. These include but not limited to:
•Strict social distancing protocolsRefer to the “Third Quarter 2021 Highlights”, “Results of Consolidated Operations”, “Liquidity and suspensionCapital Resources” and “Non-GAAP Financial Measures” for further information about the impacts of large indoor gatherings;
•Flexible and remote working plans for employees;
•Enhancing temperature and questionnaire screening at entry to sites;

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•Increased inventory of hand sanitizer, soap and hygiene supplies;
•Providing logistical and healthcare support to nearby communities where needed;
•Restricting all non-essential travel;
•Restricting entrance to sites to business-critical visits, essential deliveries and critical contract workers;
•Implementing strict physical distancing protocols in planes, buses, light vehicles, offices and dining facilities;
•Increased frequency of deep cleaning and sanitization of surfaces; and
•Mandatory self-quarantine for anyone who has traveled internationally, has flu-like symptoms or who has had direct contact with any person known to have COVID-19.the COVID-19 pandemic on the Company.
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 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. As of the date of filing, Newmont has received no citations by MSHA in connection with COVID-19 related regulations or requirements.
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.
Change of Address
Effective October 15, 2020, the Company moved its corporate headquarters to 6900 E Layton Avenue, Denver, Colorado 80237. The Company’s telephone and fax numbers remain the same, phone: 303-863-7414, fax: 303-837-5837.
Compensatory Arrangements of Certain Officers
On October 28, 2020, the Company’s Board of Directors approved an increase in annual base salary for Tom Palmer, President and Chief Executive Officer, to $1,300,000, effective October 1, 2020, in consideration of Mr. Palmer’s performance in the role of Chief Executive Officer since his appointment one year ago in October 2019 and to remain competitive in the market. Mr. Palmer will continue to be eligible for annual short-term incentives and long term incentives pursuant to the terms of the Senior Executive Compensation Program of the Company at the E1 level and other executive benefits as previously disclosed by the Company.None.
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ITEM 6.       EXHIBITS.​​​
Exhibit
Number
Description
​​
10.1*-
10.2*10.1-
10.3*-
10.4*-
10.5*-
22-
​​
31.1-
​​
31.2-
​​
32.1-
​​
32.2-
​​
95-
​​
101-101.INSXBRL Instance - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
​101.SCHXBRL Taxonomy Extension Schema
​101.CALXBRL Taxonomy Extension Calculation
​101.DEFXBRL Taxonomy Extension Definition
​101.LABXBRL Taxonomy Extension Labels
​101.PREXBRL Taxonomy Extension Presentation
​​​
104Cover Page Interactive Data File (embedded within the XBRL document)

*This exhibit relates to compensatory plans or arrangements.​​
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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 29, 202028, 2021/s/ NANCY K. BUESE
​Nancy K. Buese
​Executive Vice President and Chief Financial Officer
​(Principal Financial Officer)
​​
Date: October 29, 202028, 2021/s/ JOHN W. KITLENBRIAN C. TABOLT
​John W. KitlenBrian C. Tabolt
​Vice President, Controller and Chief Accounting Officer
​(Principal Accounting Officer)

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