Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 21, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-31240 | |
Entity Registrant Name | NEWMONT CORP /DE/ | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-1611629 | |
Entity Address, Address Line One | 6900 E Layton Ave | |
Entity Address, City or Town | Denver | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80237 | |
City Area Code | (303) | |
Local Phone Number | 863-7414 | |
Title of 12(b) Security | Common stock, par value $1.60 per share | |
Trading Symbol | NEM | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 797,435,304 | |
Entity Central Index Key | 0001164727 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Income Statement [Abstract] | |||||
Sales (Note 4) | $ 2,895 | $ 3,170 | $ 8,832 | $ 8,116 | |
Costs and expenses: | |||||
Costs applicable to sales | [1] | 1,367 | 1,269 | 3,895 | 3,659 |
Depreciation and amortization | 570 | 592 | 1,684 | 1,685 | |
Reclamation and remediation (Note 5) | 117 | 38 | 220 | 116 | |
Exploration | 60 | 48 | 147 | 118 | |
Advanced projects, research and development | 40 | 39 | 108 | 92 | |
General and administrative | 61 | 68 | 190 | 205 | |
Care and maintenance (Note 6) | 6 | 26 | 8 | 171 | |
Loss on assets held for sale (Note 7) | 571 | 0 | 571 | 0 | |
Other expense, net (Note 8) | 37 | 92 | 126 | 184 | |
Total costs and expenses | 2,829 | 2,172 | 6,949 | 6,230 | |
Other income (expense): | |||||
Gain on asset and investment sales, net (Note 9) | 3 | 1 | 46 | 593 | |
Other income (loss), net (Note 10) | (74) | (44) | (106) | (35) | |
Interest expense, net of capitalized interest | (66) | (75) | (208) | (235) | |
Total other income (expense) | (137) | (118) | (268) | 323 | |
Income (loss) before income and mining tax and other items | (71) | 880 | 1,615 | 2,209 | |
Income and mining tax benefit (expense) (Note 11) | (222) | (305) | (798) | (446) | |
Equity income (loss) of affiliates (Note 12) | 39 | 53 | 138 | 119 | |
Net income (loss) from continuing operations | (254) | 628 | 955 | 1,882 | |
Net income (loss) from discontinued operations | 11 | 228 | 42 | 145 | |
Net income (loss) | (243) | 856 | 997 | 2,027 | |
Net loss (income) attributable to noncontrolling interests | 246 | (17) | 215 | (22) | |
Net income (loss) attributable to Newmont stockholders | 3 | 839 | 1,212 | 2,005 | |
Net income (loss) attributable to Newmont stockholders: | |||||
Continuing operations | (8) | 611 | 1,170 | 1,860 | |
Discontinued operations | 11 | 228 | 42 | 145 | |
Net income (loss) attributable to Newmont stockholders | $ 3 | $ 839 | $ 1,212 | $ 2,005 | |
Weighted average common shares: | |||||
Basic (in shares) | 799 | 803 | 800 | 804 | |
Effect of employee stock-based awards (in shares) | 1 | 3 | 2 | 2 | |
Diluted (in shares) | 800 | 806 | 802 | 806 | |
Basic: | |||||
Continuing operations (in dollars per share) | $ (0.01) | $ 0.76 | $ 1.47 | $ 2.31 | |
Discontinued operations (in dollars per share) | 0.01 | 0.28 | 0.05 | 0.18 | |
Net income (loss) per common share, basic (in dollars per share) | 0 | 1.04 | 1.52 | 2.49 | |
Diluted: | |||||
Continuing operations (in dollars per share) | [2] | (0.01) | 0.76 | 1.46 | 2.31 |
Discontinued operations (in dollars per share) | [2] | 0.01 | 0.28 | 0.05 | 0.18 |
Net income (loss) per common share, diluted (in dollars per share) | [2] | $ 0 | $ 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. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (243) | $ 856 | $ 997 | $ 2,027 |
Other comprehensive income (loss): | ||||
Change in marketable securities, net of tax of $—, $—, $— and $—, respectively | (1) | 0 | (1) | (5) |
Foreign currency translation adjustments | 2 | (3) | 3 | 3 |
Change in pension and other post-retirement benefits, net of tax of $(2), $(1), $(4) and $(4), respectively | 5 | 2 | 17 | 13 |
Change in fair value of cash flow hedge instruments, net of tax of $(1), $2, $(3) and $(2), respectively | 2 | 3 | 7 | 9 |
Other comprehensive income (loss) | 8 | 2 | 26 | 20 |
Comprehensive income (loss) | (235) | 858 | 1,023 | 2,047 |
Comprehensive income (loss) attributable to: | ||||
Newmont stockholders | 11 | 841 | 1,238 | 2,025 |
Noncontrolling interests | (246) | 17 | (215) | 22 |
Comprehensive income (loss) | $ (235) | $ 858 | $ 1,023 | $ 2,047 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Change in marketable securities, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Change in pension and other post-retirement benefits, tax | (2) | (1) | (4) | (4) |
Change in fair value of cash flow hedge instruments, tax | $ (1) | $ 2 | $ (3) | $ (2) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities: | ||||
Net income (loss) | $ (243) | $ 856 | $ 997 | $ 2,027 |
Adjustments: | ||||
Depreciation and amortization | 570 | 592 | 1,684 | 1,685 |
Loss on assets held for sale (Note 7) | 571 | 0 | 571 | 0 |
Gain on asset and investment sales, net (Note 9) | (3) | (1) | (46) | (593) |
Net loss (income) from discontinued operations | (11) | (228) | (42) | (145) |
Reclamation and remediation | 208 | 107 | ||
Change in fair value of investments (Note 10) | 180 | (191) | ||
Stock-based compensation | 55 | 55 | ||
Equity earnings in affiliates, net of distributions received | (26) | (12) | ||
Deferred income taxes | (10) | (72) | ||
Impairment of investments (Note 10) | 1 | 0 | 1 | 93 |
Charges from pension settlement | 0 | 82 | ||
Charges from debt extinguishment (Note 10) | 0 | 0 | 0 | 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 operations | 2,967 | 3,204 | ||
Net cash provided by (used in) operating activities of discontinued operations | 13 | (8) | ||
Net cash provided by (used in) operating activities | 2,980 | 3,196 | ||
Investing activities: | ||||
Additions to property, plant and mine development | (398) | (296) | (1,212) | (904) |
Acquisitions, net (Note 1) | (328) | 0 | ||
Contributions to equity method investees | (114) | (16) | ||
Proceeds from sales of investments | 107 | 305 | ||
Return of investment from equity method investees | 18 | 43 | ||
Purchases of investments | (18) | (33) | ||
Proceeds from sales of mining operations and other assets, net | 4 | 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 | 0 | (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 | (55) | (155) | (143) | |
Funding from noncontrolling interests | 73 | 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 | 0 | 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 | 4,745 | 4,932 |
Reconciliation of cash, cash equivalents and restricted cash: | ||||
Cash and cash equivalents | 4,636 | 4,828 | 4,636 | 4,828 |
Restricted cash included in Other current assets | 2 | 0 | 2 | 0 |
Restricted cash included in Other non-current assets | 107 | 104 | 107 | 104 |
Total cash, cash equivalents and restricted cash | $ 4,745 | $ 4,932 | $ 4,745 | $ 4,932 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 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 assets | 406 | 436 |
Current assets | 7,472 | 8,505 |
Property, plant and mine development, net | 23,711 | 24,281 |
Investments (Note 14) | 3,173 | 3,197 |
Stockpiles and ore on leach pads (Note 16) | 1,791 | 1,705 |
Deferred income tax assets | 313 | 337 |
Goodwill | 2,771 | 2,771 |
Other non-current assets | 634 | 573 |
Total assets | 39,865 | 41,369 |
LIABILITIES | ||
Accounts payable | 498 | 493 |
Employee-related benefits | 345 | 380 |
Income and mining taxes payable | 305 | 657 |
Lease and other financing obligations | 106 | 106 |
Debt (Note 17) | 492 | 551 |
Other current liabilities (Note 18) | 1,053 | 1,182 |
Current liabilities | 2,799 | 3,369 |
Debt (Note 17) | 4,990 | 5,480 |
Lease and other financing obligations | 550 | 565 |
Reclamation and remediation liabilities (Note 5) | 3,937 | 3,818 |
Deferred income tax liabilities | 2,235 | 2,073 |
Employee-related benefits | 484 | 493 |
Silver streaming agreement | 923 | 993 |
Other non-current liabilities (Note 18) | 661 | 699 |
Total liabilities | 16,579 | 17,490 |
Contingently redeemable noncontrolling interest | 48 | 34 |
EQUITY | ||
Common stock | 1,284 | 1,287 |
Treasury stock | (199) | (168) |
Additional paid-in capital | 18,078 | 18,103 |
Accumulated other comprehensive income (loss) (Note 19) | (190) | (216) |
Retained earnings (accumulated deficit) | 3,739 | 4,002 |
Newmont stockholders' equity | 22,712 | 23,008 |
Noncontrolling interests | 526 | 837 |
Total equity | 23,238 | 23,845 |
Total liabilities and equity | $ 39,865 | $ 41,369 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Millions, $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Treasury Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Accumulated Deficit) | Retained Earnings (Accumulated Deficit)Cumulative Effect, Period of Adoption, Adjustment | Noncontrolling Interests | |
Balance at beginning of period at Dec. 31, 2019 | $ 22,370 | $ (5) | $ 1,298 | $ (120) | $ 18,216 | $ (265) | $ 2,291 | $ (5) | $ 950 | |
Balance at beginning of period (in shares) at Dec. 31, 2019 | 811 | (3) | ||||||||
Changes in Equity | ||||||||||
Net income (loss) | 826 | 822 | 4 | |||||||
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 | (321) | $ (11) | (160) | (150) | ||||||
Repurchase and retirement of common stock (in shares) | (7) | |||||||||
Withholding of employee taxes related to stock-based compensation | (36) | $ (36) | ||||||||
Withholding of employee taxes related to stock-based compensation (in shares) | (1) | |||||||||
Stock options exercised | 4 | 4 | ||||||||
Stock-based awards and related share issuances | 21 | $ 3 | 18 | |||||||
Stock-based awards and related share issuances (in shares) | 2 | |||||||||
Balance at end of period at Mar. 31, 2020 | 22,735 | $ 1,290 | $ (156) | 18,078 | (252) | 2,846 | 929 | |||
Balance at end of period (in shares) at Mar. 31, 2020 | 806 | (4) | ||||||||
Contingently redeemable noncontrolling interest, Balance at beginning of period at Dec. 31, 2019 | 47 | |||||||||
Changes in Contingently Redeemable Noncontrolling Interest | ||||||||||
Net income (loss) | (2) | |||||||||
Contingently redeemable noncontrolling interest, Balance at end of period at Mar. 31, 2020 | 45 | |||||||||
Balance at beginning of period at Dec. 31, 2019 | 22,370 | $ (5) | $ 1,298 | $ (120) | 18,216 | (265) | 2,291 | $ (5) | 950 | |
Balance at beginning of period (in shares) at Dec. 31, 2019 | 811 | (3) | ||||||||
Changes in Equity | ||||||||||
Other comprehensive income (loss) | 20 | |||||||||
Distributions declared to noncontrolling interests | (142) | |||||||||
Balance at end of period at Sep. 30, 2020 | 23,577 | $ 1,292 | $ (165) | 18,156 | (245) | 3,623 | 916 | |||
Balance at end of period (in shares) at Sep. 30, 2020 | 808 | (4) | ||||||||
Contingently redeemable noncontrolling interest, Balance at beginning of period at Dec. 31, 2019 | 47 | |||||||||
Contingently redeemable noncontrolling interest, Balance at end of period at Sep. 30, 2020 | 43 | |||||||||
Balance at beginning of period at Mar. 31, 2020 | 22,735 | $ 1,290 | $ (156) | 18,078 | (252) | 2,846 | 929 | |||
Balance at beginning of period (in shares) at Mar. 31, 2020 | 806 | (4) | ||||||||
Changes in Equity | ||||||||||
Net income (loss) | 349 | 344 | 5 | |||||||
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 exercised | 36 | $ 1 | 35 | |||||||
Stock options exercised (in shares) | 1 | |||||||||
Stock-based awards and related share issuances | 17 | 17 | ||||||||
Balance at end of period at Jun. 30, 2020 | 22,928 | $ 1,291 | $ (159) | 18,130 | (247) | 2,989 | 924 | |||
Balance at end of period (in shares) at Jun. 30, 2020 | 807 | (4) | ||||||||
Contingently redeemable noncontrolling interest, Balance at beginning of period at Mar. 31, 2020 | 45 | |||||||||
Changes in Contingently Redeemable Noncontrolling Interest | ||||||||||
Net income (loss) | (2) | |||||||||
Contingently redeemable noncontrolling interest, Balance at end of period at Jun. 30, 2020 | 43 | |||||||||
Changes in Equity | ||||||||||
Net income (loss) | 856 | 839 | 17 | |||||||
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 issuances | 17 | $ 1 | 16 | |||||||
Stock-based awards and related share issuances (in shares) | 1 | |||||||||
Balance at end of period at Sep. 30, 2020 | 23,577 | $ 1,292 | $ (165) | 18,156 | (245) | 3,623 | 916 | |||
Balance at end of period (in shares) at Sep. 30, 2020 | 808 | (4) | ||||||||
Contingently redeemable noncontrolling interest, Balance at end of period at Sep. 30, 2020 | 43 | |||||||||
Balance at beginning of period at Dec. 31, 2020 | 23,845 | $ 1,287 | $ (168) | 18,103 | (216) | 4,002 | 837 | |||
Balance at beginning of period (in shares) at Dec. 31, 2020 | 804 | (4) | ||||||||
Changes in Equity | ||||||||||
Net income (loss) | 579 | 559 | 20 | |||||||
Other comprehensive income (loss) | 11 | 11 | ||||||||
Dividends declared | [4] | (441) | (441) | |||||||
Distributions declared to noncontrolling interests | [5] | (54) | (54) | |||||||
Cash calls requested from noncontrolling interests | [6] | 28 | 28 | |||||||
Withholding of employee taxes related to stock-based compensation | (28) | $ (28) | ||||||||
Stock options exercised | 1 | 1 | ||||||||
Stock-based awards and related share issuances | 17 | $ 2 | 15 | |||||||
Stock-based awards and related share issuances (in shares) | 1 | |||||||||
Balance at end of period at Mar. 31, 2021 | 23,958 | $ 1,289 | $ (196) | 18,119 | (205) | 4,120 | 831 | |||
Balance at end of period (in shares) at Mar. 31, 2021 | 805 | (4) | ||||||||
Contingently redeemable noncontrolling interest, Balance at beginning of period at Dec. 31, 2020 | [7] | 34 | ||||||||
Contingently redeemable noncontrolling interest, Balance at end of period at Mar. 31, 2021 | [7] | 34 | ||||||||
Balance at beginning of period at Dec. 31, 2020 | 23,845 | $ 1,287 | $ (168) | 18,103 | (216) | 4,002 | 837 | |||
Balance at beginning of period (in shares) at Dec. 31, 2020 | 804 | (4) | ||||||||
Changes in Equity | ||||||||||
Other comprehensive income (loss) | 26 | |||||||||
Repurchase and retirement of common stock | (251) | |||||||||
Balance at end of period at Sep. 30, 2021 | 23,238 | $ 1,284 | $ (199) | 18,078 | (190) | 3,739 | 526 | |||
Balance at end of period (in shares) at Sep. 30, 2021 | 802 | (4) | ||||||||
Contingently redeemable noncontrolling interest, Balance at beginning of period at Dec. 31, 2020 | [7] | 34 | ||||||||
Contingently redeemable noncontrolling interest, Balance at end of period at Sep. 30, 2021 | [7] | 48 | ||||||||
Balance at beginning of period at Mar. 31, 2021 | 23,958 | $ 1,289 | $ (196) | 18,119 | (205) | 4,120 | 831 | |||
Balance at beginning of period (in shares) at Mar. 31, 2021 | 805 | (4) | ||||||||
Changes in Equity | ||||||||||
Net income (loss) | 661 | 650 | 11 | |||||||
Other comprehensive income (loss) | 7 | 7 | ||||||||
Dividends declared | [4] | (443) | (443) | |||||||
Distributions declared to noncontrolling interests | [5] | (43) | (43) | |||||||
Cash calls requested from noncontrolling interests | [6] | 22 | 22 | |||||||
Repurchase and retirement of common stock | [8] | (137) | $ (3) | (49) | (85) | |||||
Repurchase and retirement of common stock (in shares) | [8] | (2) | ||||||||
Withholding of employee taxes related to stock-based compensation | (1) | $ (1) | ||||||||
Stock options exercised | 15 | 15 | ||||||||
Stock-based awards and related share issuances | 21 | $ 1 | 20 | |||||||
Balance at end of period at Jun. 30, 2021 | 24,060 | $ 1,287 | $ (197) | 18,105 | (198) | 4,242 | 821 | |||
Balance at end of period (in shares) at Jun. 30, 2021 | 803 | (4) | ||||||||
Contingently redeemable noncontrolling interest, Balance at beginning of period at Mar. 31, 2021 | [7] | 34 | ||||||||
Contingently redeemable noncontrolling interest, Balance at end of period at Jun. 30, 2021 | [7] | 34 | ||||||||
Changes in Equity | ||||||||||
Net income (loss) | (257) | 3 | (260) | |||||||
Other comprehensive income (loss) | 8 | 8 | ||||||||
Dividends declared | [4] | (441) | (441) | |||||||
Distributions declared to noncontrolling interests | [5] | (58) | (58) | |||||||
Cash calls requested from noncontrolling interests | [6] | 23 | 23 | |||||||
Repurchase and retirement of common stock | [8] | (114) | $ (4) | (45) | (65) | |||||
Repurchase and retirement of common stock (in shares) | [8] | (2) | ||||||||
Withholding of employee taxes related to stock-based compensation | (2) | $ (2) | ||||||||
Withholding of employee taxes related to stock-based compensation (in shares) | 0 | |||||||||
Stock options exercised | 2 | 1 | ||||||||
Stock-based awards and related share issuances | 17 | $ 0 | 17 | |||||||
Stock-based awards and related share issuances (in shares) | 1 | |||||||||
Balance at end of period at Sep. 30, 2021 | 23,238 | $ 1,284 | $ (199) | $ 18,078 | $ (190) | $ 3,739 | $ 526 | |||
Balance at end of period (in shares) at Sep. 30, 2021 | 802 | (4) | ||||||||
Changes in Contingently Redeemable Noncontrolling Interest | ||||||||||
Net income (loss) | [7] | 14 | ||||||||
Contingently redeemable noncontrolling interest, Balance at end of period at Sep. 30, 2021 | [7] | $ 48 | ||||||||
[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. | |||||||||
[4] | 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. | |||||||||
[5] | 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. | |||||||||
[6] | 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. | |||||||||
[7] | 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. | |||||||||
[8] | Repurchase and retirement of common stock of $114 and $251 for the three and nine months ended September 30, 2021, respectively, includes $— and $3 of non-cash common stock forfeitures. |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||||
Cash dividends declared per common share (in dollars per share) | $ 0.55 | $ 0.25 | $ 1.65 | $ 0.64 | |||
Dividends declared and dividends paid, difference due to timing | $ 4 | $ 4 | $ 4 | $ 4 | |||
Distributions declared to noncontrolling interests | 58 | [1] | 53 | [2] | 142 | ||
Distributions to noncontrolling interests | 55 | 155 | 143 | ||||
Cash calls requested from noncontrolling interests | 23 | [3] | 28 | [4] | |||
Funding from noncontrolling interests | 73 | 82 | |||||
Repurchase and retirement of common stock | 114 | [5] | 251 | ||||
Common stock forfeitures | 0 | 3 | |||||
Contingently redeemable noncontrolling interest | 48 | [6] | 43 | 48 | [6] | 43 | |
Merian mine | |||||||
Distributions declared to noncontrolling interests | 58 | 155 | |||||
Distributions to noncontrolling interests | 58 | 155 | |||||
Cash calls requested from noncontrolling interests | 23 | 73 | |||||
Funding from noncontrolling interests | $ 25 | $ 73 | |||||
Yanacocha | |||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 5.00% | 5.00% | |||||
Noncontrolling Interests | |||||||
Distributions declared to noncontrolling interests | $ 58 | [1] | 53 | [2] | |||
Cash calls requested from noncontrolling interests | $ 23 | [3] | 28 | [4] | |||
Noncontrolling Interests | Merian mine | |||||||
Cash calls requested from noncontrolling interests | 28 | 82 | |||||
Funding from noncontrolling interests | $ 27 | $ 82 | |||||
[1] | 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. | ||||||
[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 $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] | 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. | ||||||
[5] | 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. | ||||||
[6] | 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 $48. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The interim Condensed Consolidated Financial Statements (“interim statements”) of Newmont Corporation, a Delaware corporation and its subsidiaries (collectively, “Newmont” or the “Company”) are unaudited. In the opinion of management, all adjustments (including normal recurring adjustments) and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with Newmont’s Consolidated Financial Statements for the year ended December 31, 2020 filed on February 18, 2021 on Form 10-K. The year-end balance sheet data was derived from the audited financial statements and, in accordance with the instructions to Form 10-Q, certain information and footnote disclosures required by United States (“U.S.”) generally accepted accounting principles (“GAAP”) have been condensed or omitted. References to “C$” 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 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 significant 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 reprioritize or abandon a development project can adversely affect the Company’s ability to recover its investment in certain assets and result in impairment charges. The COVID-19 pandemic has had a material impact on the global economy, the scale and duration of which remain uncertain. As 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 into care and maintenance in late June 2021 to protect our employees and nearby communities, align with country mandated travel restrictions and 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 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; Stockpiles and ore on leach pads; Investments; Deferred income tax assets; and Goodwill . 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. Reclassifications Certain amounts in prior years have been reclassified to conform to the current year presentation. Recently Adopted Accounting Pronouncements and Securities and Exchange Commission Rules Accounting for Income Taxes In December 2019, Accounting Standard Update ("ASU") No. 2019-12 was issued to simplify the accounting for income taxes, eliminate certain exceptions within Accounting Standard Codification ("ASC") 740, Income Taxes, and clarify certain aspects of the current guidance to promote consistency among reporting entities. 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. 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 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 May 2020, the SEC finalized its proposed updates to Rule 3-05 within Regulation S-X, Financial statements 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 other related rules and forms (the “Rules”). The Rules include amendments, which among other things: revise significance tests used to determine disclosure requirements; require the financial statements of the acquired 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 amend certain pro forma financial information requirements. The Rules were adopted on January 1, 2021. The adoption did not have a material impact on the Consolidated Financial Statements or disclosures. Recently Issued Accounting Pronouncements 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 expects neither the guidance nor the subsequent update to have a material impact on the Consolidated Financial Statements or disclosures. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company has organized its operations into five 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. Sales Costs Applicable to Sales Depreciation and Amortization Advanced Projects, Research and Development and Exploration Income (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 Musselwhite 64 38 19 1 7 10 Porcupine 128 69 22 2 33 15 Éléonore 104 60 36 1 9 10 Peñasquito: Gold 296 94 49 Silver 143 80 43 Lead 42 18 9 Zinc 122 57 25 Total Peñasquito 603 249 126 2 212 36 Other North America — — 4 1 (11) — North America 986 463 220 12 272 90 Yanacocha 118 92 33 5 (46) 40 Merian 190 80 23 4 81 9 Cerro Negro 114 54 31 2 22 29 Other South America — — 1 9 (588) 1 South America 422 226 88 20 (531) 79 Boddington: Gold 294 151 25 Copper 72 37 6 Total Boddington 366 188 31 2 146 20 Tanami 199 69 25 7 96 65 Other Australia — — 2 4 (2) 2 Australia 565 257 58 13 240 87 Ahafo 220 112 37 6 66 66 Akyem 164 77 31 3 53 15 Other Africa — — — — (2) — Africa 384 189 68 9 117 81 Nevada Gold Mines 538 232 131 8 162 59 Nevada 538 232 131 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. Sales Costs Applicable to Sales Depreciation and Amortization Advanced Projects, Research and Development and Exploration Income (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 Musselwhite 90 46 33 2 1 15 Porcupine 154 61 27 3 59 10 Éléonore 111 53 32 1 19 11 Peñasquito: Gold 238 74 40 Silver 138 45 24 Lead 30 17 9 Zinc 99 49 26 Total Peñasquito 505 185 99 1 197 20 Other North America — — 6 5 (25) — North America 997 406 218 16 298 66 Yanacocha 152 81 26 2 6 23 Merian 204 86 28 3 88 10 Cerro Negro 95 43 34 — (8) 10 Other South America — — 1 7 (11) — South America 451 210 89 12 75 43 Boddington: Gold 348 148 26 Copper 43 28 5 Total Boddington 391 176 31 1 173 22 Tanami 248 62 30 4 135 68 Other Australia — — 1 5 (13) 1 Australia 639 238 62 10 295 91 Ahafo 261 99 40 5 101 32 Akyem 172 58 29 2 77 7 Other Africa — — — 1 (4) — Africa 433 157 69 8 174 39 Nevada Gold Mines 650 258 151 12 223 57 Nevada 650 258 151 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. Sales Costs Applicable to Sales Depreciation and Amortization Advanced Projects, Research and Development and Exploration Income (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: Gold 932 278 147 Silver 486 230 123 Lead 129 55 29 Zinc 385 177 80 Total Peñasquito 1,932 740 379 4 777 100 Other North America — — 12 3 (20) — North America 3,149 1,395 667 44 989 248 Yanacocha 351 174 84 11 (2) 83 Merian 579 244 74 8 238 29 Cerro Negro 340 163 96 4 62 77 Other South America — — 4 24 (618) 1 South America 1,270 581 258 47 (320) 190 Boddington: Gold 882 444 72 Copper 204 102 16 Total Boddington 1,086 546 88 6 446 157 Tanami 617 204 71 18 321 192 Other Australia — — 5 10 (12) 5 Australia 1,703 750 164 34 755 354 Ahafo 596 296 103 14 177 143 Akyem 514 199 91 6 216 35 Other Africa — — — 1 (7) — Africa 1,110 495 194 21 386 178 Nevada Gold Mines 1,600 674 386 22 499 176 Nevada 1,600 674 386 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. Sales Costs Applicable to Sales Depreciation and Amortization Advanced Projects, Research and Development and Exploration Income (Loss) before Income and Mining Tax and Other Items Capital Expenditures (1) Nine Months Ended September 30, 2020 CC&V $ 348 $ 180 $ 59 $ 9 $ 93 $ 27 Red Lake 67 45 2 1 20 4 Musselwhite 114 73 50 5 (42) 41 Porcupine 420 174 80 8 153 27 Éléonore 240 127 79 4 7 27 Peñasquito: Gold 541 188 105 Silver 337 148 82 Lead 92 56 31 Zinc 239 167 90 Total Peñasquito 1,209 559 308 3 275 69 Other North America — — 22 5 (75) 2 North America 2,398 1,158 600 35 431 197 Yanacocha 456 270 98 7 (19) 62 Merian 584 239 75 9 260 27 Cerro Negro 262 115 103 1 (31) 36 Other South America — — 5 20 (37) 2 South America 1,302 624 281 37 173 127 Boddington: Gold 874 421 74 Copper 101 78 14 Total Boddington 975 499 88 3 365 79 Tanami 652 189 79 11 346 138 Other Australia — — 5 11 468 3 Australia 1,627 688 172 25 1,179 220 Ahafo 594 264 105 14 184 91 Akyem 465 164 87 5 195 19 Other Africa — — — 3 (9) — Africa 1,059 428 192 22 370 110 Nevada Gold Mines 1,730 761 429 30 486 183 Nevada 1,730 761 429 30 486 183 Corporate and Other — — 11 61 (430) 34 Consolidated $ 8,116 $ 3,659 $ 1,685 $ 210 $ 2,209 $ 871 ____________________________ (1) Includes a decrease in accrued capital expenditures of $33; consolidated capital expenditures on a cash basis were $904. |
SALES
SALES | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
SALES | SALES The following tables present the Company’s Sales by mining operation, product and inventory type: Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales Three Months Ended September 30, 2021 CC&V $ 83 $ 4 $ 87 Musselwhite 64 — 64 Porcupine 128 — 128 Éléonore 104 — 104 Peñasquito: Gold 31 265 296 Silver (1) — 143 143 Lead — 42 42 Zinc — 122 122 Total Peñasquito 31 572 603 North America 410 576 986 Yanacocha 114 4 118 Merian 190 — 190 Cerro Negro 114 — 114 South America 418 4 422 Boddington: Gold 74 220 294 Copper — 72 72 Total Boddington 74 292 366 Tanami 199 — 199 Australia 273 292 565 Ahafo 220 — 220 Akyem 164 — 164 Africa 384 — 384 Nevada Gold Mines (2) 515 23 538 Nevada 515 23 538 Consolidated $ 2,000 $ 895 $ 2,895 ____________________________ (1) Silver sales from concentrate includes $19 related to non-cash amortization of the silver streaming agreement liability. (2) The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $516 for the three months ended September 30, 2021. Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales Three Months Ended September 30, 2020 CC&V $ 137 $ — $ 137 Musselwhite 90 — 90 Porcupine 154 — 154 Éléonore 111 — 111 Peñasquito: Gold 14 224 238 Silver (1) — 138 138 Lead — 30 30 Zinc — 99 99 Total Peñasquito 14 491 505 North America 506 491 997 Yanacocha 152 — 152 Merian 204 — 204 Cerro Negro 95 — 95 South America 451 — 451 Boddington: Gold 83 265 348 Copper — 43 43 Total Boddington 83 308 391 Tanami 248 — 248 Australia 331 308 639 Ahafo 261 — 261 Akyem 172 — 172 Africa 433 — 433 Nevada Gold Mines (2) 631 19 650 Nevada 631 19 650 Consolidated $ 2,352 $ 818 $ 3,170 ____________________________ (1) Silver sales from concentrate includes $16 related to non-cash amortization of the silver streaming agreement liability. (2) The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $630 for the three months ended September 30, 2020. Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales Nine Months Ended September 30, 2021 CC&V $ 298 $ 4 $ 302 Musselwhite 197 — 197 Porcupine 381 — 381 Éléonore 337 — 337 Peñasquito: Gold 153 779 932 Silver (1) — 486 486 Lead — 129 129 Zinc — 385 385 Total Peñasquito 153 1,779 1,932 North America 1,366 1,783 3,149 Yanacocha 338 13 351 Merian 579 — 579 Cerro Negro 340 — 340 South America 1,257 13 1,270 Boddington: Gold 225 657 882 Copper — 204 204 Total Boddington 225 861 1,086 Tanami 617 — 617 Australia 842 861 1,703 Ahafo 596 — 596 Akyem 514 — 514 Africa 1,110 — 1,110 Nevada Gold Mines (2) 1,545 55 1,600 Nevada 1,545 55 1,600 Consolidated $ 6,120 $ 2,712 $ 8,832 ____________________________ (1) Silver sales from concentrate includes $58 related to non-cash amortization of the silver streaming agreement liability. (2) The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $1,542 for the nine months ended September 30, 2021. Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales Nine Months Ended September 30, 2020 CC&V $ 348 $ — $ 348 Red Lake 67 — 67 Musselwhite 114 — 114 Porcupine 420 — 420 Éléonore 240 — 240 Peñasquito: Gold 36 505 541 Silver (1) — 337 337 Lead — 92 92 Zinc — 239 239 Total Peñasquito 36 1,173 1,209 North America 1,225 1,173 2,398 Yanacocha 456 — 456 Merian 584 — 584 Cerro Negro 262 — 262 South America 1,302 — 1,302 Boddington: Gold 207 667 874 Copper — 101 101 Total Boddington 207 768 975 Tanami 652 — 652 Australia 859 768 1,627 Ahafo 594 — 594 Akyem 465 — 465 Africa 1,059 — 1,059 Nevada Gold Mines (2) 1,675 55 1,730 Nevada 1,675 55 1,730 Consolidated $ 6,120 $ 1,996 $ 8,116 ____________________________ (1) Silver sales from concentrate includes $48 related to non-cash amortization of the silver streaming agreement liability. (2) The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $1,681 for the nine months ended September 30, 2020. Trade Receivables The following table details the receivables included within Trade receivables : At September 30, At December 31, Receivables from Sales: Gold sales from doré production $ 96 $ 59 Sales from concentrate and other production 238 390 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 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 a (decrease) increase of $(11) and $46 for the three months ended September 30, 2021 and 2020, respectively and a (decrease) increase of $(18) and $65 for the nine months ended September 30, 2021 and 2020, respectively. At September 30, 2021, Newmont had the following provisionally priced concentrate sales subject to final pricing over the next several months: Provisionally Priced Sales Average Provisional 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 |
RECLAMATION AND REMEDIATION
RECLAMATION AND REMEDIATION | 9 Months Ended |
Sep. 30, 2021 | |
Environmental Remediation Obligations [Abstract] | |
RECLAMATION AND REMEDIATION | 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 Nine Months Ended 2021 2020 2021 2020 Reclamation adjustments and other $ 56 $ — $ 67 $ — Reclamation accretion 32 34 94 103 Total reclamation expense 88 34 161 103 Remediation adjustments and other 28 3 54 9 Remediation accretion 1 1 5 4 Total remediation expense 29 4 59 13 $ 117 $ 38 $ 220 $ 116 The following are reconciliations of Reclamation and remediation liabilities : 2021 2020 Reclamation balance at January 1, $ 3,719 $ 3,334 Additions, changes in estimates and other (1) 69 (2) Adjustment from the Newmont Goldcorp transaction — 15 Payments, net (70) (49) Accretion expense 94 103 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. 2021 2020 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) Of the $44 addition, $21 is primarily due to revisions to estimated construction costs of the 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 GISTM. The current portion of reclamation liabilities was $157 and $164 at September 30, 2021 and December 31, 2020, respectively, and was included in Other current liabilities . At September 30, 2021 and December 31, 2020, $3,655 and $3,555, respectively, were accrued as 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 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, 2021 and December 31, 2020, $282 and $263, respectively, were accrued as the non-current portion of the environmental remediation 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 45% greater or 0% lower than the amount accrued at September 30, 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, 2021 and December 31, 2020 are $56 and $56 respectively, of non-current restricted cash held for purposes of settling reclamation and remediation obligations. Of the amounts at September 30, 2021, $48 was related to the Ahafo and Akyem mines in Ghana, Africa and $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, 2020, $48 was related to the Ahafo and Akyem mines in Ghana, Africa, $6 related to NGM in Nevada, United States and $2 was related to the Midnite mine site in Washington, United States. Included in Other non-current assets at September 30, 2021 and December 31, 2020 was $38 and $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, 2021, $14 is related to the Midnite mine site and $24 is related to San Jose Reservoir. Of the amounts at December 31, 2020, $14 is related to the Midnite mine site and $24 is related to San Jose Reservoir. Refer to Notes 18 and 21 for further discussion of reclamation and remediation matters. |
CARE AND MAINTENANCE
CARE AND MAINTENANCE | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
CARE AND MAINTENANCE | 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 Nine Months Ended 2021 2020 2021 2020 Musselwhite $ — $ 5 $ — $ 28 Éléonore — — — 26 Peñasquito — — — 38 Yanacocha — 2 — 27 Cerro Negro — 18 — 50 Tanami 6 — 8 — Other — 1 — 2 $ 6 $ 26 $ 8 $ 171 During 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 |
LOSS ON ASSETS HELD FOR SALE
LOSS ON ASSETS HELD FOR SALE | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
LOSS ON ASSETS HELD FOR SALE | 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. |
OTHER EXPENSE, NET
OTHER EXPENSE, NET | 9 Months Ended |
Sep. 30, 2021 | |
Operating Costs and Expenses [Abstract] | |
OTHER EXPENSE, NET | OTHER EXPENSE, NET Three Months Ended Nine Months Ended 2021 2020 2021 2020 COVID-19 specific costs (1) $ 24 $ 32 $ 66 $ 67 Impairment of long-lived and other assets 6 24 18 29 Settlement costs (2) — 26 11 34 Restructuring and severance — 9 10 12 Goldcorp transaction and integration costs — — — 23 Other 7 1 21 19 $ 37 $ 92 $ 126 $ 184 ____________________________ (1) Includes amounts distributed from the Newmont Global Community Support Fund of $1 and $3 for the three and nine months ended September 30, 2021, respectively, and $3 and $9, for three and nine months ended September 30, 2020, respectively. (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, a water related settlement at Yanacocha, and mineral interest settlements at Ahafo and Akyem for the three and nine months ended September 30, 2020. |
GAIN ON ASSET AND INVESTMENT SA
GAIN ON ASSET AND INVESTMENT SALES, NET | 9 Months Ended |
Sep. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
GAIN ON ASSET AND INVESTMENT SALES, NET | GAIN ON ASSET AND INVESTMENT SALES, NET Three Months Ended Nine Months Ended 2021 2020 2021 2020 Sale of TMAC $ — $ — $ 42 $ — Sale of Kalgoorlie — — — 493 Sale of Continental — — — 91 Sale of Red Lake — — — 9 Other 3 1 4 — $ 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. On January 2, 2020, the Company completed 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”). Pursuant to the terms of the agreement, the Company received cash proceeds of $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 the purchase of Newmont’s Kalgoorlie power business for fair market value, of which $23 is recorded within Other current liabilities as of September 30, 2021, and is payable to Northern Star if the power business is sold to another third party. Sale of Continental. On March 4, 2020, the Company completed the sale of its entire interest in Continental Gold, Inc. ("Continental"), including its convertible debt, to Zijin Mining Group. Pursuant to the terms of the agreement, the Company received cash proceeds of $253. |
OTHER INCOME (LOSS), NET
OTHER INCOME (LOSS), NET | 9 Months Ended |
Sep. 30, 2021 | |
Other Income, Nonoperating [Abstract] | |
OTHER INCOME (LOSS), NET | OTHER INCOME (LOSS), NET Three Months Ended Nine Months Ended 2021 2020 2021 2020 Change in fair value of investments $ (96) $ 57 $ (180) $ 191 Foreign currency exchange, net 17 (22) 48 (8) Interest 6 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. |
INCOME AND MINING TAXES
INCOME AND MINING TAXES | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME AND MINING TAXES | 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 Nine Months Ended 2021 2020 2021 2020 Income (loss) before income and mining tax and other items $ (71) $ 880 $ 1,615 $ 2,209 U.S. Federal statutory tax rate 21 % $ (15) 21 % $ 185 21 % $ 339 21 % $ 464 Reconciling items: Percentage depletion 21 (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) Other 1 (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. (3) Tax impact of foreign exchange includes the following: (i) Mexican inflation on tax values, (ii) currency remeasurement 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. |
EQUITY INCOME (LOSS) OF AFFILIA
EQUITY INCOME (LOSS) OF AFFILIATES | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
EQUITY INCOME (LOSS) OF AFFILIATES | EQUITY INCOME (LOSS) OF AFFILIATES Three Months Ended Nine Months Ended 2021 2020 2021 2020 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 ____________________________ (1) In December 2020, the Company contributed its 37.5% ownership interest in Alumbrera in exchange for 18.75% ownership interest in Minera Agua Rica Alumbrera Limited ("MARA"). Following the transaction, the Company no longer holds an investment in Alumbrera and the 18.75% ownership interest acquired in MARA is further discussed in Note 13. Refer to Note 14 for further information about the above equity method investments. |
FAIR VALUE ACCOUNTING
FAIR VALUE ACCOUNTING | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE ACCOUNTING | 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 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, 2021 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 4,636 $ 4,636 $ — $ — Restricted cash 109 109 — — 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 assets 159 — — 159 $ 5,663 $ 5,107 $ 339 $ 217 Liabilities: Debt (2) $ 6,649 $ — $ 6,649 $ — Contingent consideration liabilities 5 — — 5 Cash-settled Goldcorp share awards 5 — 5 — $ 6,659 $ — $ 6,654 $ 5 Fair Value at December 31, 2020 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 5,540 $ 5,540 $ — $ — Restricted cash 108 108 — — 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 assets 119 — — 119 $ 6,866 $ 6,276 $ 418 $ 172 Liabilities: Debt (2) $ 7,586 $ — $ 7,586 $ — Diesel derivative contracts 3 — 3 — Cash-settled Goldcorp share awards 8 — 8 — $ 7,597 $ — $ 7,597 $ — ____________________________ (1) Marketable equity securities includes warrants reported in the Maverix Metals Inc. equity method investment balance of $9 and $14 at September 30, 2021 and December 31, 2020, respectively. (2) Debt is carried at amortized cost. The outstanding carrying value was $5,482 and $6,031 at September 30, 2021 and December 31, 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. 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 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 value based on the negotiated sale price of $68 less costs to sell. The assets are classified as non-recurring within Level 2 of the fair value hierarchy. Refer to Note 7 for further information. The Company’s marketable and other equity securities without readily determinable fair values primarily consists of the Company’s ownership in MARA and warrants in publicly traded companies. 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 estimated fair value of the contingent consideration assets and 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 are not designated for hedge accounting under ASC 815. The 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 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. 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: Description At September 30, 2021 Valuation technique Significant input Range, point estimate or average Marketable and other equity securities $ 58 Discounted cash flow Discount rate 9.50 % 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. Description At December 31, 2020 Valuation technique Significant input Range, point estimate or average Marketable and other equity securities $ 53 Discounted cash flow Discount rate 9.50 % 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 assets Contingent consideration liabilities Total liabilities Fair value at December 31, 2020 $ 119 $ 119 $ — $ — Additions and settlements — — — — Revaluation 40 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) Revaluation 1 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 an 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 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. As a result of the Holt option, the estimated fair value of the Holt royalty obligation and option were $— at September 30, 2020. Changes to the estimated fair value resulting from periodic revaluations and the resulting write down of the 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 21 for further information. The Company’s marketable debt securities for 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. In March 2020, the Company completed the sale of its interest in Continental, which included the convertible debenture. Refer to Note 9 for further information. |
INVESTMENTS
INVESTMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS At September 30, At December 31, 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 Other 3 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 second quarter of 2021. Refer to Note 1 for further 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 . Refer to Note 5 for further information regarding these amounts. Pueblo Viejo As of September 30, 2021 and December 31, 2020, the Company had outstanding shareholder loans to Pueblo Viejo of $259 and $244, with accrued interest of $1 and $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, 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. These purchases, net of subsequent sales, were included in Other income (loss), net and 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, 2021 or December 31, 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. In February 2021, TMAC entered into an agreement to sell all of the company’s outstanding shares of TMAC to Agnico Eagle Mines Ltd for cash consideration of $55. The carrying value of the Company's investment in TMAC was $13 resulting in a gain of $42, recognized in Gain on asset and investment sales, net |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES At September 30, At December 31, Materials and supplies $ 685 $ 673 In-process 153 148 Concentrate (1) 59 39 Precious metals (2) 101 103 $ 998 $ 963 ____________________________ (1) Concentrate includes gold, copper, silver, lead and zinc. (2) Precious metals includes gold and silver doré. At September 30, At December 31, Current: Stockpiles $ 567 $ 514 Ore on leach pads 374 313 $ 941 $ 827 Non-current: Stockpiles $ 1,475 $ 1,446 Ore on leach pads 316 259 $ 1,791 $ 1,705 Total: Stockpiles $ 2,042 $ 1,960 Ore on leach pads 690 572 $ 2,732 $ 2,532 Stockpiles Leach pads At September 30, At December 31, At September 30, At December 31, Stockpiles and ore on leach pads: CC&V $ 5 $ 19 $ 246 $ 226 Musselwhite — 1 — — Porcupine 30 12 — — Éléonore 1 1 — — Peñasquito 324 307 — — Yanacocha 36 37 155 151 Merian 28 29 — — Cerro Negro 2 4 — — Boddington 502 482 — — Tanami 11 7 — — Ahafo 426 422 — — Akyem 137 138 — — Nevada Gold Mines 540 501 289 195 $ 2,042 $ 1,960 $ 690 $ 572 During the three and nine months ended September 30, 2021, the Company recorded write-downs of $18 and $37, respectively, classified as a component of Costs applicable to sales and write-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. 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- |
STOCKPILES AND ORE ON LEACH PAD
STOCKPILES AND ORE ON LEACH PADS | 9 Months Ended |
Sep. 30, 2021 | |
STOCKPILES AND ORE ON LEACH PADS | |
STOCKPILES AND ORE ON LEACH PADS | INVENTORIES At September 30, At December 31, Materials and supplies $ 685 $ 673 In-process 153 148 Concentrate (1) 59 39 Precious metals (2) 101 103 $ 998 $ 963 ____________________________ (1) Concentrate includes gold, copper, silver, lead and zinc. (2) Precious metals includes gold and silver doré. At September 30, At December 31, Current: Stockpiles $ 567 $ 514 Ore on leach pads 374 313 $ 941 $ 827 Non-current: Stockpiles $ 1,475 $ 1,446 Ore on leach pads 316 259 $ 1,791 $ 1,705 Total: Stockpiles $ 2,042 $ 1,960 Ore on leach pads 690 572 $ 2,732 $ 2,532 Stockpiles Leach pads At September 30, At December 31, At September 30, At December 31, Stockpiles and ore on leach pads: CC&V $ 5 $ 19 $ 246 $ 226 Musselwhite — 1 — — Porcupine 30 12 — — Éléonore 1 1 — — Peñasquito 324 307 — — Yanacocha 36 37 155 151 Merian 28 29 — — Cerro Negro 2 4 — — Boddington 502 482 — — Tanami 11 7 — — Ahafo 426 422 — — Akyem 137 138 — — Nevada Gold Mines 540 501 289 195 $ 2,042 $ 1,960 $ 690 $ 572 During the three and nine months ended September 30, 2021, the Company recorded write-downs of $18 and $37, respectively, classified as a component of Costs applicable to sales and write-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. 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- |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Scheduled minimum debt repayments are as follows: Year Ending December 31, 2021 (for the remainder of 2021) $ — 2022 492 2023 414 2024 — 2025 — Thereafter 4,624 $ 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. |
OTHER LIABILITIES
OTHER LIABILITIES | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES At September 30, At December 31, Other current liabilities: Accrued operating costs $ 216 $ 285 Reclamation and remediation liabilities 210 214 Accrued capital expenditures 97 144 Royalties 89 70 Payables to joint venture partners (1) 82 94 Accrued interest 80 61 Silver streaming agreement 79 67 Taxes other than income and mining 40 48 Deposit on Kalgoorlie power business option 23 23 Norte Abierto deferred payments 18 33 Operating leases 18 17 Conga assets contract liability (2) 17 — Galore Creek deferred payments — 73 Other 84 53 $ 1,053 $ 1,182 Other non-current liabilities: Income and mining taxes (3) $ 380 $ 382 Norte Abierto deferred payments 109 123 Operating leases 86 91 Social development and community obligations 25 51 Galore Creek deferred payments 23 23 Other 38 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. |
RECLASSIFICATIONS OUT OF ACCUMU
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended |
Sep. 30, 2021 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Unrealized Gain (Loss) on Investment Securities, net Foreign Currency Translation Adjustments Pension and Other Post-retirement Benefit Adjustments Unrealized Gain (Loss) on Cash flow Hedge Instruments Total 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) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Condensed Consolidated Statements of Operations Three Months Ended Nine Months Ended 2021 2020 2021 2020 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 tax 7 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 tax 3 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, 2020, $— and $8, respectively, was reclassified to Other income (loss), net as a result of tender offers. |
NET CHANGE IN OPERATING ASSETS
NET CHANGE IN OPERATING ASSETS AND LIABILITIES | 9 Months Ended |
Sep. 30, 2021 | |
Increase (Decrease) in Operating Capital [Abstract] | |
NET CHANGE IN OPERATING ASSETS AND LIABILITIES | 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 2021 2020 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 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES General Estimated losses from contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a liability could be incurred and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the contingency and estimated range of loss, if determinable, is made in the financial statements when it is at least reasonably possible that a material loss could be incurred. Operating Segments The Company’s operating and reportable segments are identified in Note 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 matter relates to the North America reportable segment. Environmental Matters Refer to Note 5 for further information regarding reclamation and remediation. Details about two significant matters are discussed below. Minera Yanacocha S.R.L. - 51.35% Newmont Owned 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 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 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. Dawn Mining Company LLC (“Dawn”) - 58.19% Newmont Owned Midnite mine site and Dawn mill site . Dawn previously leased an open pit uranium mine, currently inactive, on the Spokane Indian Reservation in the State of Washington. The mine site is subject to regulation by agencies of the U.S. Department of Interior (the Bureau of Indian Affairs and the Bureau of Land Management), as well as the 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 future EPA oversight costs and Midnite mine site cleanup costs; and (v) Newmont would post a surety bond for work at the site. During 2012, the Department of Interior contributed its share of past EPA costs and future costs related to the cleanup of the Midnite mine site in a lump sum payment of $42, which Newmont classified as restricted assets with interest on the 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”), 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 continues to manage the remediation project during the 2021 construction 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 is approximately $175 at September 30, 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 Evaluación y Fiscalización Ambiental (“OEFA”), conducts periodic reviews of the Yanacocha site. From 2011 to the third quarter of 2021, OEFA issued notices of alleged violations of OEFA standards to Yanacocha and Conga relating to past inspections. The water authority 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 range from zero to 108.11 units and the water authority alleged violations range from zero to 10 units, with each unit having a potential fine equivalent to approximately $.001100 based on current exchange rates, with a total potential fine amount for outstanding matters of $— to $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 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 allowed Yanacocha the opportunity to conduct exploration on the concessions, but were not a purchase of the concessions. The tax authority alleged 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 represented 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 two prior findings in favor of Yanacocha. Yanacocha appealed the Superior Court ruling to the Peru Supreme Court. In January 2019, the Peru Supreme Court issued notice that three judges supported the position of the tax authority and two judges supported the position of Yanacocha. Because four 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 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. 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 $51, $73.3 and $68.6, respectively. In 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 in alleged 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, 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. 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, two individual plaintiffs, who are members of the Ghana Parliament (“Plaintiffs”), filed a writ to invoke the original jurisdiction of the Supreme Court of Ghana. On January 16, 2019, Plaintiffs filed the Statement of Plaintiff’s Case outlining the details of the Plaintiff’s case and subsequently served Newmont Ghana Gold Limited (“NGGL”) and Newmont Golden Ridge Limited (“NGRL”) along with the other named defendants, the Attorney General of Ghana, the Minerals Commission of Ghana and 33 other mining companies with interests in Ghana. The Plaintiffs allege that under article 268 of the 1992 Constitution of Ghana 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. 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 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 continues to vigorously defend this matter, but cannot reasonably predict the outcome. Mexico Tax Matter Tax Reassessment from Mexican Tax Authority . During 2016, the Mexican Tax Authority issued reassessment notices to several of Goldcorp, Inc.’s Mexican subsidiaries. Topics under dispute generally involve transfer pricing, deductibility of mine stripping costs, and gain recognized on certain asset sales. The Company has made significant progress in reaching resolution with the Mexican Tax Authority on these matters. In the second quarter of 2019, a number of issues 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 for an immaterial amount, with dialogue continuing in an effort to resolve the outstanding reassessment. Additionally, the Company continues to work through several audits in which observation letters have been received from the Mexican Tax Authority. The outcome of the 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. 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 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. Deferred payments to Barrick of $127 and $156 as of September 30, 2021 and December 31, 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 . |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Risks and Uncertainties | 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 significant 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 reprioritize or abandon a development project can adversely affect the Company’s ability to recover its investment in certain assets and result in impairment charges. The COVID-19 pandemic has had a material impact on the global economy, the scale and duration of which remain uncertain. As 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 into care and maintenance in late June 2021 to protect our employees and nearby communities, align with country mandated travel restrictions and 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 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; Stockpiles and ore on leach pads; Investments; Deferred income tax assets; and Goodwill . |
Use of Estimates | 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. |
Reclassifications | Reclassifications Certain amounts in prior years have been reclassified to conform to the current year presentation. |
Recently Adopted Accounting Pronouncements and Securities and Exchange Commission Rules and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements and Securities and Exchange Commission Rules Accounting for Income Taxes In December 2019, Accounting Standard Update ("ASU") No. 2019-12 was issued to simplify the accounting for income taxes, eliminate certain exceptions within Accounting Standard Codification ("ASC") 740, Income Taxes, and clarify certain aspects of the current guidance to promote consistency among reporting entities. 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. 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 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 May 2020, the SEC finalized its proposed updates to Rule 3-05 within Regulation S-X, Financial statements 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 other related rules and forms (the “Rules”). The Rules include amendments, which among other things: revise significance tests used to determine disclosure requirements; require the financial statements of the acquired 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 amend certain pro forma financial information requirements. The Rules were adopted on January 1, 2021. The adoption did not have a material impact on the Consolidated Financial Statements or disclosures. Recently Issued Accounting Pronouncements 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 expects neither the guidance nor the subsequent update to have a material impact on the Consolidated Financial Statements or disclosures. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Financial Information of Company's Segments | Sales Costs Applicable to Sales Depreciation and Amortization Advanced Projects, Research and Development and Exploration Income (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 Musselwhite 64 38 19 1 7 10 Porcupine 128 69 22 2 33 15 Éléonore 104 60 36 1 9 10 Peñasquito: Gold 296 94 49 Silver 143 80 43 Lead 42 18 9 Zinc 122 57 25 Total Peñasquito 603 249 126 2 212 36 Other North America — — 4 1 (11) — North America 986 463 220 12 272 90 Yanacocha 118 92 33 5 (46) 40 Merian 190 80 23 4 81 9 Cerro Negro 114 54 31 2 22 29 Other South America — — 1 9 (588) 1 South America 422 226 88 20 (531) 79 Boddington: Gold 294 151 25 Copper 72 37 6 Total Boddington 366 188 31 2 146 20 Tanami 199 69 25 7 96 65 Other Australia — — 2 4 (2) 2 Australia 565 257 58 13 240 87 Ahafo 220 112 37 6 66 66 Akyem 164 77 31 3 53 15 Other Africa — — — — (2) — Africa 384 189 68 9 117 81 Nevada Gold Mines 538 232 131 8 162 59 Nevada 538 232 131 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. Sales Costs Applicable to Sales Depreciation and Amortization Advanced Projects, Research and Development and Exploration Income (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 Musselwhite 90 46 33 2 1 15 Porcupine 154 61 27 3 59 10 Éléonore 111 53 32 1 19 11 Peñasquito: Gold 238 74 40 Silver 138 45 24 Lead 30 17 9 Zinc 99 49 26 Total Peñasquito 505 185 99 1 197 20 Other North America — — 6 5 (25) — North America 997 406 218 16 298 66 Yanacocha 152 81 26 2 6 23 Merian 204 86 28 3 88 10 Cerro Negro 95 43 34 — (8) 10 Other South America — — 1 7 (11) — South America 451 210 89 12 75 43 Boddington: Gold 348 148 26 Copper 43 28 5 Total Boddington 391 176 31 1 173 22 Tanami 248 62 30 4 135 68 Other Australia — — 1 5 (13) 1 Australia 639 238 62 10 295 91 Ahafo 261 99 40 5 101 32 Akyem 172 58 29 2 77 7 Other Africa — — — 1 (4) — Africa 433 157 69 8 174 39 Nevada Gold Mines 650 258 151 12 223 57 Nevada 650 258 151 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. Sales Costs Applicable to Sales Depreciation and Amortization Advanced Projects, Research and Development and Exploration Income (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: Gold 932 278 147 Silver 486 230 123 Lead 129 55 29 Zinc 385 177 80 Total Peñasquito 1,932 740 379 4 777 100 Other North America — — 12 3 (20) — North America 3,149 1,395 667 44 989 248 Yanacocha 351 174 84 11 (2) 83 Merian 579 244 74 8 238 29 Cerro Negro 340 163 96 4 62 77 Other South America — — 4 24 (618) 1 South America 1,270 581 258 47 (320) 190 Boddington: Gold 882 444 72 Copper 204 102 16 Total Boddington 1,086 546 88 6 446 157 Tanami 617 204 71 18 321 192 Other Australia — — 5 10 (12) 5 Australia 1,703 750 164 34 755 354 Ahafo 596 296 103 14 177 143 Akyem 514 199 91 6 216 35 Other Africa — — — 1 (7) — Africa 1,110 495 194 21 386 178 Nevada Gold Mines 1,600 674 386 22 499 176 Nevada 1,600 674 386 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. Sales Costs Applicable to Sales Depreciation and Amortization Advanced Projects, Research and Development and Exploration Income (Loss) before Income and Mining Tax and Other Items Capital Expenditures (1) Nine Months Ended September 30, 2020 CC&V $ 348 $ 180 $ 59 $ 9 $ 93 $ 27 Red Lake 67 45 2 1 20 4 Musselwhite 114 73 50 5 (42) 41 Porcupine 420 174 80 8 153 27 Éléonore 240 127 79 4 7 27 Peñasquito: Gold 541 188 105 Silver 337 148 82 Lead 92 56 31 Zinc 239 167 90 Total Peñasquito 1,209 559 308 3 275 69 Other North America — — 22 5 (75) 2 North America 2,398 1,158 600 35 431 197 Yanacocha 456 270 98 7 (19) 62 Merian 584 239 75 9 260 27 Cerro Negro 262 115 103 1 (31) 36 Other South America — — 5 20 (37) 2 South America 1,302 624 281 37 173 127 Boddington: Gold 874 421 74 Copper 101 78 14 Total Boddington 975 499 88 3 365 79 Tanami 652 189 79 11 346 138 Other Australia — — 5 11 468 3 Australia 1,627 688 172 25 1,179 220 Ahafo 594 264 105 14 184 91 Akyem 465 164 87 5 195 19 Other Africa — — — 3 (9) — Africa 1,059 428 192 22 370 110 Nevada Gold Mines 1,730 761 429 30 486 183 Nevada 1,730 761 429 30 486 183 Corporate and Other — — 11 61 (430) 34 Consolidated $ 8,116 $ 3,659 $ 1,685 $ 210 $ 2,209 $ 871 ____________________________ (1) Includes a decrease in accrued capital expenditures of $33; consolidated capital expenditures on a cash basis were $904. |
SALES (Tables)
SALES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of sales by mining operation, product and by inventory type, and provisional sales | The following tables present the Company’s Sales by mining operation, product and inventory type: Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales Three Months Ended September 30, 2021 CC&V $ 83 $ 4 $ 87 Musselwhite 64 — 64 Porcupine 128 — 128 Éléonore 104 — 104 Peñasquito: Gold 31 265 296 Silver (1) — 143 143 Lead — 42 42 Zinc — 122 122 Total Peñasquito 31 572 603 North America 410 576 986 Yanacocha 114 4 118 Merian 190 — 190 Cerro Negro 114 — 114 South America 418 4 422 Boddington: Gold 74 220 294 Copper — 72 72 Total Boddington 74 292 366 Tanami 199 — 199 Australia 273 292 565 Ahafo 220 — 220 Akyem 164 — 164 Africa 384 — 384 Nevada Gold Mines (2) 515 23 538 Nevada 515 23 538 Consolidated $ 2,000 $ 895 $ 2,895 ____________________________ (1) Silver sales from concentrate includes $19 related to non-cash amortization of the silver streaming agreement liability. (2) The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $516 for the three months ended September 30, 2021. Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales Three Months Ended September 30, 2020 CC&V $ 137 $ — $ 137 Musselwhite 90 — 90 Porcupine 154 — 154 Éléonore 111 — 111 Peñasquito: Gold 14 224 238 Silver (1) — 138 138 Lead — 30 30 Zinc — 99 99 Total Peñasquito 14 491 505 North America 506 491 997 Yanacocha 152 — 152 Merian 204 — 204 Cerro Negro 95 — 95 South America 451 — 451 Boddington: Gold 83 265 348 Copper — 43 43 Total Boddington 83 308 391 Tanami 248 — 248 Australia 331 308 639 Ahafo 261 — 261 Akyem 172 — 172 Africa 433 — 433 Nevada Gold Mines (2) 631 19 650 Nevada 631 19 650 Consolidated $ 2,352 $ 818 $ 3,170 ____________________________ (1) Silver sales from concentrate includes $16 related to non-cash amortization of the silver streaming agreement liability. (2) The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $630 for the three months ended September 30, 2020. Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales Nine Months Ended September 30, 2021 CC&V $ 298 $ 4 $ 302 Musselwhite 197 — 197 Porcupine 381 — 381 Éléonore 337 — 337 Peñasquito: Gold 153 779 932 Silver (1) — 486 486 Lead — 129 129 Zinc — 385 385 Total Peñasquito 153 1,779 1,932 North America 1,366 1,783 3,149 Yanacocha 338 13 351 Merian 579 — 579 Cerro Negro 340 — 340 South America 1,257 13 1,270 Boddington: Gold 225 657 882 Copper — 204 204 Total Boddington 225 861 1,086 Tanami 617 — 617 Australia 842 861 1,703 Ahafo 596 — 596 Akyem 514 — 514 Africa 1,110 — 1,110 Nevada Gold Mines (2) 1,545 55 1,600 Nevada 1,545 55 1,600 Consolidated $ 6,120 $ 2,712 $ 8,832 ____________________________ (1) Silver sales from concentrate includes $58 related to non-cash amortization of the silver streaming agreement liability. (2) The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $1,542 for the nine months ended September 30, 2021. Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales Nine Months Ended September 30, 2020 CC&V $ 348 $ — $ 348 Red Lake 67 — 67 Musselwhite 114 — 114 Porcupine 420 — 420 Éléonore 240 — 240 Peñasquito: Gold 36 505 541 Silver (1) — 337 337 Lead — 92 92 Zinc — 239 239 Total Peñasquito 36 1,173 1,209 North America 1,225 1,173 2,398 Yanacocha 456 — 456 Merian 584 — 584 Cerro Negro 262 — 262 South America 1,302 — 1,302 Boddington: Gold 207 667 874 Copper — 101 101 Total Boddington 207 768 975 Tanami 652 — 652 Australia 859 768 1,627 Ahafo 594 — 594 Akyem 465 — 465 Africa 1,059 — 1,059 Nevada Gold Mines (2) 1,675 55 1,730 Nevada 1,675 55 1,730 Consolidated $ 6,120 $ 1,996 $ 8,116 ____________________________ (1) Silver sales from concentrate includes $48 related to non-cash amortization of the silver streaming agreement liability. (2) The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $1,681 for the nine months ended September 30, 2020. At September 30, 2021, Newmont had the following provisionally priced concentrate sales subject to final pricing over the next several months: Provisionally Priced Sales Average Provisional 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 |
Schedule of receivables included within Trade Receivables | The following table details the receivables included within Trade receivables : At September 30, At December 31, Receivables from Sales: Gold sales from doré production $ 96 $ 59 Sales from concentrate and other production 238 390 Total receivables from Sales $ 334 $ 449 |
RECLAMATION AND REMEDIATION (Ta
RECLAMATION AND REMEDIATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Environmental Remediation Obligations [Abstract] | |
Reclamation and Remediation Expense | The Company’s Reclamation and remediation expense consisted of: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Reclamation adjustments and other $ 56 $ — $ 67 $ — Reclamation accretion 32 34 94 103 Total reclamation expense 88 34 161 103 Remediation adjustments and other 28 3 54 9 Remediation accretion 1 1 5 4 Total remediation expense 29 4 59 13 $ 117 $ 38 $ 220 $ 116 |
Reconciliation of Reclamation Liabilities | 2021 2020 Reclamation balance at January 1, $ 3,719 $ 3,334 Additions, changes in estimates and other (1) 69 (2) Adjustment from the Newmont Goldcorp transaction — 15 Payments, net (70) (49) Accretion expense 94 103 Reclamation balance at September 30, $ 3,812 $ 3,401 ____________________________ |
Reconciliation of Remediation Liabilities | 2021 2020 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 ____________________________ |
CARE AND MAINTENANCE (Tables)
CARE AND MAINTENANCE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Care and Maintenance | The following table includes direct operating costs incurred and reported as Care and maintenance : Three Months Ended Nine Months Ended 2021 2020 2021 2020 Musselwhite $ — $ 5 $ — $ 28 Éléonore — — — 26 Peñasquito — — — 38 Yanacocha — 2 — 27 Cerro Negro — 18 — 50 Tanami 6 — 8 — Other — 1 — 2 $ 6 $ 26 $ 8 $ 171 |
OTHER EXPENSE, NET (Tables)
OTHER EXPENSE, NET (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Operating Costs and Expenses [Abstract] | |
Other Expense, Net | Three Months Ended Nine Months Ended 2021 2020 2021 2020 COVID-19 specific costs (1) $ 24 $ 32 $ 66 $ 67 Impairment of long-lived and other assets 6 24 18 29 Settlement costs (2) — 26 11 34 Restructuring and severance — 9 10 12 Goldcorp transaction and integration costs — — — 23 Other 7 1 21 19 $ 37 $ 92 $ 126 $ 184 ____________________________ (1) Includes amounts distributed from the Newmont Global Community Support Fund of $1 and $3 for the three and nine months ended September 30, 2021, respectively, and $3 and $9, for three and nine months ended September 30, 2020, respectively. (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, a water related settlement at Yanacocha, and mineral interest settlements at Ahafo and Akyem for the three and nine months ended September 30, 2020. |
GAIN ON ASSET AND INVESTMENT _2
GAIN ON ASSET AND INVESTMENT SALES, NET (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of gain on asset and investment sales, net | Three Months Ended Nine Months Ended 2021 2020 2021 2020 Sale of TMAC $ — $ — $ 42 $ — Sale of Kalgoorlie — — — 493 Sale of Continental — — — 91 Sale of Red Lake — — — 9 Other 3 1 4 — $ 3 $ 1 $ 46 $ 593 |
OTHER INCOME (LOSS), NET (Table
OTHER INCOME (LOSS), NET (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Income, Nonoperating [Abstract] | |
Other Income, Net | Three Months Ended Nine Months Ended 2021 2020 2021 2020 Change in fair value of investments $ (96) $ 57 $ (180) $ 191 Foreign currency exchange, net 17 (22) 48 (8) Interest 6 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. |
INCOME AND MINING TAXES (Tables
INCOME AND MINING TAXES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income and Mining Tax Expense Reconciliation | A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Income (loss) before income and mining tax and other items $ (71) $ 880 $ 1,615 $ 2,209 U.S. Federal statutory tax rate 21 % $ (15) 21 % $ 185 21 % $ 339 21 % $ 464 Reconciling items: Percentage depletion 21 (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) Other 1 (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. (3) Tax impact of foreign exchange includes the following: (i) Mexican inflation on tax values, (ii) currency remeasurement 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. |
EQUITY INCOME (LOSS) OF AFFIL_2
EQUITY INCOME (LOSS) OF AFFILIATES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Income (Loss) of Affiliates | Three Months Ended Nine Months Ended 2021 2020 2021 2020 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 ____________________________ |
FAIR VALUE ACCOUNTING (Tables)
FAIR VALUE ACCOUNTING (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | 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, 2021 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 4,636 $ 4,636 $ — $ — Restricted cash 109 109 — — 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 assets 159 — — 159 $ 5,663 $ 5,107 $ 339 $ 217 Liabilities: Debt (2) $ 6,649 $ — $ 6,649 $ — Contingent consideration liabilities 5 — — 5 Cash-settled Goldcorp share awards 5 — 5 — $ 6,659 $ — $ 6,654 $ 5 Fair Value at December 31, 2020 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 5,540 $ 5,540 $ — $ — Restricted cash 108 108 — — 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 assets 119 — — 119 $ 6,866 $ 6,276 $ 418 $ 172 Liabilities: Debt (2) $ 7,586 $ — $ 7,586 $ — Diesel derivative contracts 3 — 3 — Cash-settled Goldcorp share awards 8 — 8 — $ 7,597 $ — $ 7,597 $ — ____________________________ (1) Marketable equity securities includes warrants reported in the Maverix Metals Inc. equity method investment balance of $9 and $14 at September 30, 2021 and December 31, 2020, respectively. (2) Debt is carried at amortized cost. The outstanding carrying value was $5,482 and $6,031 at September 30, 2021 and December 31, 2020, respectively. The fair value measurement of debt was based on an independent third-party pricing source. |
Quantitative and Qualitative 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, 2021 and December 31, 2020: Description At September 30, 2021 Valuation technique Significant input Range, point estimate or average Marketable and other equity securities $ 58 Discounted cash flow Discount rate 9.50 % 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. Description At December 31, 2020 Valuation technique Significant input Range, point estimate or average Marketable and other equity securities $ 53 Discounted cash flow Discount rate 9.50 % 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. |
Changes in the Fair Value of the Company's Level 3 Financial 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 assets Contingent consideration liabilities Total liabilities Fair value at December 31, 2020 $ 119 $ 119 $ — $ — Additions and settlements — — — — Revaluation 40 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) Revaluation 1 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 |
Changes in the Fair Value of the Company's Level 3 Financial Liabilities | 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 assets Contingent consideration liabilities Total liabilities Fair value at December 31, 2020 $ 119 $ 119 $ — $ — Additions and settlements — — — — Revaluation 40 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) Revaluation 1 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 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments | At September 30, At December 31, 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 Other 3 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 second quarter of 2021. Refer to Note 1 for further 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 . Refer to Note 5 for further information regarding these amounts. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | At September 30, At December 31, Materials and supplies $ 685 $ 673 In-process 153 148 Concentrate (1) 59 39 Precious metals (2) 101 103 $ 998 $ 963 ____________________________ (1) Concentrate includes gold, copper, silver, lead and zinc. (2) Precious metals includes gold and silver doré. |
STOCKPILES AND ORE ON LEACH P_2
STOCKPILES AND ORE ON LEACH PADS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
STOCKPILES AND ORE ON LEACH PADS | |
Stockpiles and Ore on Leach Pads | At September 30, At December 31, Current: Stockpiles $ 567 $ 514 Ore on leach pads 374 313 $ 941 $ 827 Non-current: Stockpiles $ 1,475 $ 1,446 Ore on leach pads 316 259 $ 1,791 $ 1,705 Total: Stockpiles $ 2,042 $ 1,960 Ore on leach pads 690 572 $ 2,732 $ 2,532 |
Stockpiles and Ore on Leach Pads, by Segment | Stockpiles Leach pads At September 30, At December 31, At September 30, At December 31, Stockpiles and ore on leach pads: CC&V $ 5 $ 19 $ 246 $ 226 Musselwhite — 1 — — Porcupine 30 12 — — Éléonore 1 1 — — Peñasquito 324 307 — — Yanacocha 36 37 155 151 Merian 28 29 — — Cerro Negro 2 4 — — Boddington 502 482 — — Tanami 11 7 — — Ahafo 426 422 — — Akyem 137 138 — — Nevada Gold Mines 540 501 289 195 $ 2,042 $ 1,960 $ 690 $ 572 |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Minimum Debt Repayments | Scheduled minimum debt repayments are as follows: Year Ending December 31, 2021 (for the remainder of 2021) $ — 2022 492 2023 414 2024 — 2025 — Thereafter 4,624 $ 5,530 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | At September 30, At December 31, Other current liabilities: Accrued operating costs $ 216 $ 285 Reclamation and remediation liabilities 210 214 Accrued capital expenditures 97 144 Royalties 89 70 Payables to joint venture partners (1) 82 94 Accrued interest 80 61 Silver streaming agreement 79 67 Taxes other than income and mining 40 48 Deposit on Kalgoorlie power business option 23 23 Norte Abierto deferred payments 18 33 Operating leases 18 17 Conga assets contract liability (2) 17 — Galore Creek deferred payments — 73 Other 84 53 $ 1,053 $ 1,182 Other non-current liabilities: Income and mining taxes (3) $ 380 $ 382 Norte Abierto deferred payments 109 123 Operating leases 86 91 Social development and community obligations 25 51 Galore Creek deferred payments 23 23 Other 38 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. |
RECLASSIFICATIONS OUT OF ACCU_2
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Change in Accumulated Other Comprehensive Income (Loss) | Unrealized Gain (Loss) on Investment Securities, net Foreign Currency Translation Adjustments Pension and Other Post-retirement Benefit Adjustments Unrealized Gain (Loss) on Cash flow Hedge Instruments Total 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) |
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Condensed Consolidated Statements of Operations Three Months Ended Nine Months Ended 2021 2020 2021 2020 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 tax 7 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 tax 3 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, 2020, $— and $8, respectively, was reclassified to Other income (loss), net as a result of tender offers. |
NET CHANGE IN OPERATING ASSET_2
NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Increase (Decrease) in Operating Capital [Abstract] | |
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 2021 2020 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 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) - USD ($) $ in Millions | May 17, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Oct. 28, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||||
Acquisitions, net | $ 328 | $ 0 | |||
South Arturo | NGM | |||||
Business Acquisition [Line Items] | |||||
Business combination, step acquisition, equity interest in acquiree, percentage | 38.50% | ||||
South Arturo | NGM | Subsequent Event | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, percentage of voting interests acquired | 40.00% | ||||
Maximum contingent consideration | $ 50 | ||||
Goldcorp | |||||
Business Acquisition [Line Items] | |||||
Business combination, step acquisition, equity interest in acquiree, percentage | 14.90% | 14.90% | |||
Business acquisition, percentage of voting interests acquired | 85.10% | ||||
Acquisitions, net | $ 326 | ||||
Business combination, consideration transferred, including equity interest in acquiree held prior to combination | 378 | ||||
Business combination, consideration transferred, equity interests issued and issuable | 52 | ||||
Property, plant and mine development | 590 | ||||
Deferred income tax liabilities | $ 211 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)segment | Sep. 30, 2020USD ($) | ||
Segment Information | |||||
Number of operating segments | segment | 5 | ||||
Number of reportable segments | segment | 5 | ||||
Sales | $ 2,895 | $ 3,170 | $ 8,832 | $ 8,116 | |
Costs applicable to sales | [1] | 1,367 | 1,269 | 3,895 | 3,659 |
Depreciation and amortization | 570 | 592 | 1,684 | 1,685 | |
Advanced projects, research and development | 100 | 87 | 255 | 210 | |
Income (loss) before income and mining tax and other items | (71) | 880 | 1,615 | 2,209 | |
Capital expenditures | 405 | 307 | 1,165 | 871 | |
Additional disclosures | |||||
Increase (decrease) in accrued capital expenditures | 7 | 11 | (47) | (33) | |
Consolidated capital expenditures on a cash basis | 398 | 296 | 1,212 | 904 | |
Operating Segments | North America | |||||
Segment Information | |||||
Sales | 986 | 997 | 3,149 | 2,398 | |
Costs applicable to sales | 463 | 406 | 1,395 | 1,158 | |
Depreciation and amortization | 220 | 218 | 667 | 600 | |
Advanced projects, research and development | 12 | 16 | 44 | 35 | |
Income (loss) before income and mining tax and other items | 272 | 298 | 989 | 431 | |
Capital expenditures | 90 | 66 | 248 | 197 | |
Operating Segments | North America | CC&V | |||||
Segment Information | |||||
Sales | 87 | 137 | 302 | 348 | |
Costs applicable to sales | 47 | 61 | 167 | 180 | |
Depreciation and amortization | 13 | 21 | 47 | 59 | |
Advanced projects, research and development | 5 | 4 | 13 | 9 | |
Income (loss) before income and mining tax and other items | 22 | 47 | 74 | 93 | |
Capital expenditures | 19 | 10 | 36 | 27 | |
Operating Segments | North America | Red Lake | |||||
Segment Information | |||||
Sales | 67 | ||||
Costs applicable to sales | 45 | ||||
Depreciation and amortization | 2 | ||||
Advanced projects, research and development | 1 | ||||
Income (loss) before income and mining tax and other items | 20 | ||||
Capital expenditures | 4 | ||||
Operating Segments | North America | Musselwhite | |||||
Segment Information | |||||
Sales | 64 | 90 | 197 | 114 | |
Costs applicable to sales | 38 | 46 | 114 | 73 | |
Depreciation and amortization | 19 | 33 | 58 | 50 | |
Advanced projects, research and development | 1 | 2 | 5 | 5 | |
Income (loss) before income and mining tax and other items | 7 | 1 | 16 | (42) | |
Capital expenditures | 10 | 15 | 29 | 41 | |
Operating Segments | North America | Porcupine | |||||
Segment Information | |||||
Sales | 128 | 154 | 381 | 420 | |
Costs applicable to sales | 69 | 61 | 196 | 174 | |
Depreciation and amortization | 22 | 27 | 67 | 80 | |
Advanced projects, research and development | 2 | 3 | 14 | 8 | |
Income (loss) before income and mining tax and other items | 33 | 59 | 97 | 153 | |
Capital expenditures | 15 | 10 | 42 | 27 | |
Operating Segments | North America | Éléonore | |||||
Segment Information | |||||
Sales | 104 | 111 | 337 | 240 | |
Costs applicable to sales | 60 | 53 | 178 | 127 | |
Depreciation and amortization | 36 | 32 | 104 | 79 | |
Advanced projects, research and development | 1 | 1 | 5 | 4 | |
Income (loss) before income and mining tax and other items | 9 | 19 | 45 | 7 | |
Capital expenditures | 10 | 11 | 41 | 27 | |
Operating Segments | North America | Peñasquito | |||||
Segment Information | |||||
Sales | 603 | 505 | 1,932 | 1,209 | |
Costs applicable to sales | 249 | 185 | 740 | 559 | |
Depreciation and amortization | 126 | 99 | 379 | 308 | |
Advanced projects, research and development | 2 | 1 | 4 | 3 | |
Income (loss) before income and mining tax and other items | 212 | 197 | 777 | 275 | |
Capital expenditures | 36 | 20 | 100 | 69 | |
Operating Segments | North America | Peñasquito | Gold | |||||
Segment Information | |||||
Sales | 296 | 238 | 932 | 541 | |
Costs applicable to sales | 94 | 74 | 278 | 188 | |
Depreciation and amortization | 49 | 40 | 147 | 105 | |
Operating Segments | North America | Peñasquito | Silver | |||||
Segment Information | |||||
Sales | 143 | 138 | 486 | 337 | |
Costs applicable to sales | 80 | 45 | 230 | 148 | |
Depreciation and amortization | 43 | 24 | 123 | 82 | |
Operating Segments | North America | Peñasquito | Lead | |||||
Segment Information | |||||
Sales | 42 | 30 | 129 | 92 | |
Costs applicable to sales | 18 | 17 | 55 | 56 | |
Depreciation and amortization | 9 | 9 | 29 | 31 | |
Operating Segments | North America | Peñasquito | Zinc | |||||
Segment Information | |||||
Sales | 122 | 99 | 385 | 239 | |
Costs applicable to sales | 57 | 49 | 177 | 167 | |
Depreciation and amortization | 25 | 26 | 80 | 90 | |
Operating Segments | North America | Other North America | |||||
Segment Information | |||||
Sales | 0 | 0 | 0 | 0 | |
Costs applicable to sales | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 4 | 6 | 12 | 22 | |
Advanced projects, research and development | 1 | 5 | 3 | 5 | |
Income (loss) before income and mining tax and other items | (11) | (25) | (20) | (75) | |
Capital expenditures | 0 | 0 | 0 | 2 | |
Operating Segments | South America | |||||
Segment Information | |||||
Sales | 422 | 451 | 1,270 | 1,302 | |
Costs applicable to sales | 226 | 210 | 581 | 624 | |
Depreciation and amortization | 88 | 89 | 258 | 281 | |
Advanced projects, research and development | 20 | 12 | 47 | 37 | |
Income (loss) before income and mining tax and other items | (531) | 75 | (320) | 173 | |
Capital expenditures | 79 | 43 | 190 | 127 | |
Operating Segments | South America | Yanacocha | |||||
Segment Information | |||||
Sales | 118 | 152 | 351 | 456 | |
Costs applicable to sales | 92 | 81 | 174 | 270 | |
Depreciation and amortization | 33 | 26 | 84 | 98 | |
Advanced projects, research and development | 5 | 2 | 11 | 7 | |
Income (loss) before income and mining tax and other items | (46) | 6 | (2) | (19) | |
Capital expenditures | 40 | 23 | 83 | 62 | |
Operating Segments | South America | Merian | |||||
Segment Information | |||||
Sales | 190 | 204 | 579 | 584 | |
Costs applicable to sales | 80 | 86 | 244 | 239 | |
Depreciation and amortization | 23 | 28 | 74 | 75 | |
Advanced projects, research and development | 4 | 3 | 8 | 9 | |
Income (loss) before income and mining tax and other items | 81 | 88 | 238 | 260 | |
Capital expenditures | 9 | 10 | 29 | 27 | |
Operating Segments | South America | Cerro Negro | |||||
Segment Information | |||||
Sales | 114 | 95 | 340 | 262 | |
Costs applicable to sales | 54 | 43 | 163 | 115 | |
Depreciation and amortization | 31 | 34 | 96 | 103 | |
Advanced projects, research and development | 2 | 0 | 4 | 1 | |
Income (loss) before income and mining tax and other items | 22 | (8) | 62 | (31) | |
Capital expenditures | 29 | 10 | 77 | 36 | |
Operating Segments | South America | Other South America | |||||
Segment Information | |||||
Sales | 0 | 0 | 0 | 0 | |
Costs applicable to sales | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 1 | 1 | 4 | 5 | |
Advanced projects, research and development | 9 | 7 | 24 | 20 | |
Income (loss) before income and mining tax and other items | (588) | (11) | (618) | (37) | |
Capital expenditures | 1 | 0 | 1 | 2 | |
Operating Segments | Australia | |||||
Segment Information | |||||
Sales | 565 | 639 | 1,703 | 1,627 | |
Costs applicable to sales | 257 | 238 | 750 | 688 | |
Depreciation and amortization | 58 | 62 | 164 | 172 | |
Advanced projects, research and development | 13 | 10 | 34 | 25 | |
Income (loss) before income and mining tax and other items | 240 | 295 | 755 | 1,179 | |
Capital expenditures | 87 | 91 | 354 | 220 | |
Operating Segments | Australia | Boddington | |||||
Segment Information | |||||
Sales | 366 | 391 | 1,086 | 975 | |
Costs applicable to sales | 188 | 176 | 546 | 499 | |
Depreciation and amortization | 31 | 31 | 88 | 88 | |
Advanced projects, research and development | 2 | 1 | 6 | 3 | |
Income (loss) before income and mining tax and other items | 146 | 173 | 446 | 365 | |
Capital expenditures | 20 | 22 | 157 | 79 | |
Operating Segments | Australia | Boddington | Gold | |||||
Segment Information | |||||
Sales | 294 | 348 | 882 | 874 | |
Costs applicable to sales | 151 | 148 | 444 | 421 | |
Depreciation and amortization | 25 | 26 | 72 | 74 | |
Operating Segments | Australia | Boddington | Copper | |||||
Segment Information | |||||
Sales | 72 | 43 | 204 | 101 | |
Costs applicable to sales | 37 | 28 | 102 | 78 | |
Depreciation and amortization | 6 | 5 | 16 | 14 | |
Operating Segments | Australia | Tanami | |||||
Segment Information | |||||
Sales | 199 | 248 | 617 | 652 | |
Costs applicable to sales | 69 | 62 | 204 | 189 | |
Depreciation and amortization | 25 | 30 | 71 | 79 | |
Advanced projects, research and development | 7 | 4 | 18 | 11 | |
Income (loss) before income and mining tax and other items | 96 | 135 | 321 | 346 | |
Capital expenditures | 65 | 68 | 192 | 138 | |
Operating Segments | Australia | Other Australia | |||||
Segment Information | |||||
Sales | 0 | 0 | 0 | 0 | |
Costs applicable to sales | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 2 | 1 | 5 | 5 | |
Advanced projects, research and development | 4 | 5 | 10 | 11 | |
Income (loss) before income and mining tax and other items | (2) | (13) | (12) | 468 | |
Capital expenditures | 2 | 1 | 5 | 3 | |
Operating Segments | Africa | |||||
Segment Information | |||||
Sales | 384 | 433 | 1,110 | 1,059 | |
Costs applicable to sales | 189 | 157 | 495 | 428 | |
Depreciation and amortization | 68 | 69 | 194 | 192 | |
Advanced projects, research and development | 9 | 8 | 21 | 22 | |
Income (loss) before income and mining tax and other items | 117 | 174 | 386 | 370 | |
Capital expenditures | 81 | 39 | 178 | 110 | |
Operating Segments | Africa | Ahafo | |||||
Segment Information | |||||
Sales | 220 | 261 | 596 | 594 | |
Costs applicable to sales | 112 | 99 | 296 | 264 | |
Depreciation and amortization | 37 | 40 | 103 | 105 | |
Advanced projects, research and development | 6 | 5 | 14 | 14 | |
Income (loss) before income and mining tax and other items | 66 | 101 | 177 | 184 | |
Capital expenditures | 66 | 32 | 143 | 91 | |
Operating Segments | Africa | Akyem | |||||
Segment Information | |||||
Sales | 164 | 172 | 514 | 465 | |
Costs applicable to sales | 77 | 58 | 199 | 164 | |
Depreciation and amortization | 31 | 29 | 91 | 87 | |
Advanced projects, research and development | 3 | 2 | 6 | 5 | |
Income (loss) before income and mining tax and other items | 53 | 77 | 216 | 195 | |
Capital expenditures | 15 | 7 | 35 | 19 | |
Operating Segments | Africa | Other Africa | |||||
Segment Information | |||||
Sales | 0 | 0 | 0 | 0 | |
Costs applicable to sales | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Advanced projects, research and development | 0 | 1 | 1 | 3 | |
Income (loss) before income and mining tax and other items | (2) | (4) | (7) | (9) | |
Capital expenditures | 0 | 0 | 0 | 0 | |
Operating Segments | Nevada | |||||
Segment Information | |||||
Sales | 538 | 650 | 1,600 | 1,730 | |
Costs applicable to sales | 232 | 258 | 674 | 761 | |
Depreciation and amortization | 131 | 151 | 386 | 429 | |
Advanced projects, research and development | 8 | 12 | 22 | 30 | |
Income (loss) before income and mining tax and other items | 162 | 223 | 499 | 486 | |
Capital expenditures | 59 | 57 | 176 | 183 | |
Operating Segments | Nevada | Nevada Gold Mines | |||||
Segment Information | |||||
Sales | 538 | 650 | 1,600 | 1,730 | |
Costs applicable to sales | 232 | 258 | 674 | 761 | |
Depreciation and amortization | 131 | 151 | 386 | 429 | |
Advanced projects, research and development | 8 | 12 | 22 | 30 | |
Income (loss) before income and mining tax and other items | 162 | 223 | 499 | 486 | |
Capital expenditures | 59 | 57 | 176 | 183 | |
Corporate and other | |||||
Segment Information | |||||
Sales | 0 | 0 | 0 | 0 | |
Costs applicable to sales | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 5 | 3 | 15 | 11 | |
Advanced projects, research and development | 38 | 29 | 87 | 61 | |
Income (loss) before income and mining tax and other items | (331) | (185) | (694) | (430) | |
Capital expenditures | $ 9 | $ 11 | $ 19 | $ 34 | |
[1] | Excludes Depreciation and amortization and Reclamation and remediation . |
SALES - Disaggregation of reven
SALES - Disaggregation of revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
SALES | ||||
Sales | $ 2,895 | $ 3,170 | $ 8,832 | $ 8,116 |
Gold sales from doré production | ||||
SALES | ||||
Sales | 2,000 | 2,352 | 6,120 | 6,120 |
Sales from concentrate and other production | ||||
SALES | ||||
Sales | 895 | 818 | 2,712 | 1,996 |
Operating Segments | North America | ||||
SALES | ||||
Sales | 986 | 997 | 3,149 | 2,398 |
Operating Segments | North America | Gold sales from doré production | ||||
SALES | ||||
Sales | 410 | 506 | 1,366 | 1,225 |
Operating Segments | North America | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 576 | 491 | 1,783 | 1,173 |
Operating Segments | North America | CC&V | ||||
SALES | ||||
Sales | 87 | 137 | 302 | 348 |
Operating Segments | North America | CC&V | Gold sales from doré production | ||||
SALES | ||||
Sales | 83 | 137 | 298 | 348 |
Operating Segments | North America | CC&V | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 4 | 0 | 4 | 0 |
Operating Segments | North America | Red Lake | ||||
SALES | ||||
Sales | 67 | |||
Operating Segments | North America | Red Lake | Gold sales from doré production | ||||
SALES | ||||
Sales | 67 | |||
Operating Segments | North America | Red Lake | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 0 | |||
Operating Segments | North America | Musselwhite | ||||
SALES | ||||
Sales | 64 | 90 | 197 | 114 |
Operating Segments | North America | Musselwhite | Gold sales from doré production | ||||
SALES | ||||
Sales | 64 | 90 | 197 | 114 |
Operating Segments | North America | Musselwhite | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | North America | Porcupine | ||||
SALES | ||||
Sales | 128 | 154 | 381 | 420 |
Operating Segments | North America | Porcupine | Gold sales from doré production | ||||
SALES | ||||
Sales | 128 | 154 | 381 | 420 |
Operating Segments | North America | Porcupine | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | North America | Éléonore | ||||
SALES | ||||
Sales | 104 | 111 | 337 | 240 |
Operating Segments | North America | Éléonore | Gold sales from doré production | ||||
SALES | ||||
Sales | 104 | 111 | 337 | 240 |
Operating Segments | North America | Éléonore | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | North America | Peñasquito | ||||
SALES | ||||
Sales | 603 | 505 | 1,932 | 1,209 |
Operating Segments | North America | Peñasquito | Gold sales from doré production | ||||
SALES | ||||
Sales | 31 | 14 | 153 | 36 |
Operating Segments | North America | Peñasquito | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 572 | 491 | 1,779 | 1,173 |
Operating Segments | North America | Penasquito Gold Subsegment | ||||
SALES | ||||
Sales | 296 | 238 | 932 | 541 |
Operating Segments | North America | Penasquito Gold Subsegment | Gold sales from doré production | ||||
SALES | ||||
Sales | 31 | 14 | 153 | 36 |
Operating Segments | North America | Penasquito Gold Subsegment | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 265 | 224 | 779 | 505 |
Operating Segments | North America | Penasquito Silver Subsegment | ||||
SALES | ||||
Sales | 143 | 138 | 486 | 337 |
Operating Segments | North America | Penasquito Silver Subsegment | Gold sales from doré production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | North America | Penasquito Silver Subsegment | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 143 | 138 | 486 | 337 |
Operating Segments | North America | Penasquito Silver Subsegment | Silver streaming agreement | ||||
SALES | ||||
Sales | 19 | 16 | 58 | 48 |
Operating Segments | North America | Penasquito Lead Subsegment | ||||
SALES | ||||
Sales | 42 | 30 | 129 | 92 |
Operating Segments | North America | Penasquito Lead Subsegment | Gold sales from doré production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | North America | Penasquito Lead Subsegment | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 42 | 30 | 129 | 92 |
Operating Segments | North America | Penasquito Zinc Subsegment | ||||
SALES | ||||
Sales | 122 | 99 | 385 | 239 |
Operating Segments | North America | Penasquito Zinc Subsegment | Gold sales from doré production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | North America | Penasquito Zinc Subsegment | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 122 | 99 | 385 | 239 |
Operating Segments | South America | ||||
SALES | ||||
Sales | 422 | 451 | 1,270 | 1,302 |
Operating Segments | South America | Gold sales from doré production | ||||
SALES | ||||
Sales | 418 | 451 | 1,257 | 1,302 |
Operating Segments | South America | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 4 | 0 | 13 | 0 |
Operating Segments | South America | Yanacocha | ||||
SALES | ||||
Sales | 118 | 152 | 351 | 456 |
Operating Segments | South America | Yanacocha | Gold sales from doré production | ||||
SALES | ||||
Sales | 114 | 152 | 338 | 456 |
Operating Segments | South America | Yanacocha | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 4 | 0 | 13 | 0 |
Operating Segments | South America | Merian | ||||
SALES | ||||
Sales | 190 | 204 | 579 | 584 |
Operating Segments | South America | Merian | Gold sales from doré production | ||||
SALES | ||||
Sales | 190 | 204 | 579 | 584 |
Operating Segments | South America | Merian | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | South America | Cerro Negro | ||||
SALES | ||||
Sales | 114 | 95 | 340 | 262 |
Operating Segments | South America | Cerro Negro | Gold sales from doré production | ||||
SALES | ||||
Sales | 114 | 95 | 340 | 262 |
Operating Segments | South America | Cerro Negro | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | Australia | ||||
SALES | ||||
Sales | 565 | 639 | 1,703 | 1,627 |
Operating Segments | Australia | Gold sales from doré production | ||||
SALES | ||||
Sales | 273 | 331 | 842 | 859 |
Operating Segments | Australia | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 292 | 308 | 861 | 768 |
Operating Segments | Australia | Boddington | ||||
SALES | ||||
Sales | 366 | 391 | 1,086 | 975 |
Operating Segments | Australia | Boddington | Gold sales from doré production | ||||
SALES | ||||
Sales | 74 | 83 | 225 | 207 |
Operating Segments | Australia | Boddington | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 292 | 308 | 861 | 768 |
Operating Segments | Australia | Boddington - Gold | ||||
SALES | ||||
Sales | 294 | 348 | 882 | 874 |
Operating Segments | Australia | Boddington - Gold | Gold sales from doré production | ||||
SALES | ||||
Sales | 74 | 83 | 225 | 207 |
Operating Segments | Australia | Boddington - Gold | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 220 | 265 | 657 | 667 |
Operating Segments | Australia | Boddington - Copper | ||||
SALES | ||||
Sales | 72 | 43 | 204 | 101 |
Operating Segments | Australia | Boddington - Copper | Gold sales from doré production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | Australia | Boddington - Copper | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 72 | 43 | 204 | 101 |
Operating Segments | Australia | Tanami | ||||
SALES | ||||
Sales | 199 | 248 | 617 | 652 |
Operating Segments | Australia | Tanami | Gold sales from doré production | ||||
SALES | ||||
Sales | 199 | 248 | 617 | 652 |
Operating Segments | Australia | Tanami | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | Africa | ||||
SALES | ||||
Sales | 384 | 433 | 1,110 | 1,059 |
Operating Segments | Africa | Gold sales from doré production | ||||
SALES | ||||
Sales | 384 | 433 | 1,110 | 1,059 |
Operating Segments | Africa | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | Africa | Ahafo | ||||
SALES | ||||
Sales | 220 | 261 | 596 | 594 |
Operating Segments | Africa | Ahafo | Gold sales from doré production | ||||
SALES | ||||
Sales | 220 | 261 | 596 | 594 |
Operating Segments | Africa | Ahafo | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | Africa | Akyem | ||||
SALES | ||||
Sales | 164 | 172 | 514 | 465 |
Operating Segments | Africa | Akyem | Gold sales from doré production | ||||
SALES | ||||
Sales | 164 | 172 | 514 | 465 |
Operating Segments | Africa | Akyem | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | Nevada | ||||
SALES | ||||
Sales | 538 | 650 | 1,600 | 1,730 |
Operating Segments | Nevada | Gold sales from doré production | ||||
SALES | ||||
Sales | 515 | 631 | 1,545 | 1,675 |
Operating Segments | Nevada | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 23 | 19 | 55 | 55 |
Operating Segments | Nevada | Nevada Gold Mines | ||||
SALES | ||||
Sales | 538 | 650 | 1,600 | 1,730 |
Operating Segments | Nevada | Nevada Gold Mines | Gold sales from doré production | ||||
SALES | ||||
Sales | 515 | 631 | 1,545 | 1,675 |
Operating Segments | Nevada | Nevada Gold Mines | Sales from concentrate and other production | ||||
SALES | ||||
Sales | 23 | 19 | 55 | 55 |
Eliminations | Nevada | Nevada Gold Mines | ||||
SALES | ||||
Sales | $ 516 | $ 630 | $ 1,542 | $ 1,681 |
SALES - Receivables Balance (De
SALES - Receivables Balance (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Receivables from Sales: | ||
Total receivables from Sales | $ 334 | $ 449 |
Gold sales from doré production | ||
Receivables from Sales: | ||
Total receivables from Sales | 96 | 59 |
Sales from concentrate and other production | ||
Receivables from Sales: | ||
Total receivables from Sales | $ 238 | $ 390 |
SALES - Provisional Sales (Deta
SALES - Provisional Sales (Details) oz in Thousands, lb in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)ozlb$ / lb$ / oz | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)ozlb$ / lb$ / oz | Sep. 30, 2020USD ($) | |
Revenue from Contract with Customer [Abstract] | ||||
Increase (decrease) to sales from revenue recognized due to changes in final pricing | $ | $ (11) | $ 46 | $ (18) | $ 65 |
Gold | ||||
SALES | ||||
Provisionally priced sales subject to final pricing (in ounces or pounds) | oz | 218 | 218 | ||
Average provisional price (in dollars per ounce or pound) | $ / oz | 1,744 | 1,744 | ||
Copper | ||||
SALES | ||||
Provisionally priced sales subject to final pricing (in ounces or pounds) | lb | 16 | 16 | ||
Average provisional price (in dollars per ounce or pound) | $ / lb | 4.09 | 4.09 | ||
Silver | ||||
SALES | ||||
Provisionally priced sales subject to final pricing (in ounces or pounds) | oz | 5,000 | 5,000 | ||
Average provisional price (in dollars per ounce or pound) | $ / oz | 21.53 | 21.53 | ||
Lead | ||||
SALES | ||||
Provisionally priced sales subject to final pricing (in ounces or pounds) | lb | 29 | 29 | ||
Average provisional price (in dollars per ounce or pound) | $ / lb | 0.95 | 0.95 | ||
Zinc | ||||
SALES | ||||
Provisionally priced sales subject to final pricing (in ounces or pounds) | lb | 62 | 62 | ||
Average provisional price (in dollars per ounce or pound) | $ / lb | 1.35 | 1.35 |
RECLAMATION AND REMEDIATION - E
RECLAMATION AND REMEDIATION - Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Environmental Remediation Obligations [Abstract] | ||||
Reclamation adjustments and other | $ 56 | $ 0 | $ 67 | $ 0 |
Reclamation accretion | 32 | 34 | 94 | 103 |
Total reclamation expense | 88 | 34 | 161 | 103 |
Remediation adjustments and other | 28 | 3 | 54 | 9 |
Remediation accretion | 1 | 1 | 5 | 4 |
Total remediation expense | 29 | 4 | 59 | 13 |
Reclamation and remediation (Note 5) | $ 117 | $ 38 | $ 220 | $ 116 |
RECLAMATION AND REMEDIATION - R
RECLAMATION AND REMEDIATION - Reconciliation of Obligation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Change in reclamation liability | ||||
Balance at beginning of period | $ 3,719 | $ 3,334 | ||
Additions, changes in estimates and other | 69 | (2) | ||
Payments, net | (70) | (49) | ||
Accretion expense | $ 32 | $ 34 | 94 | 103 |
Balance at end of period | 3,812 | 3,401 | 3,812 | 3,401 |
Higher estimated closure costs arising from new closure requirements | 56 | |||
Higher estimated closure costs related to water management and waste dumps | 13 | |||
Change in remediation liability | ||||
Balance at beginning of period | 313 | 299 | ||
Additions, changes in estimates and other | 44 | 0 | ||
Payments, net | (27) | (18) | ||
Accretion expense | 1 | 1 | 5 | 4 |
Balance at end of period | $ 335 | $ 285 | 335 | 285 |
Revisions to estimated construction costs | 21 | |||
Higher estimated closure cost arising from new closure requirements | 23 | |||
Goldcorp | ||||
Change in reclamation liability | ||||
Adjustment from transactions | $ 0 | $ 15 |
RECLAMATION AND REMEDIATION - A
RECLAMATION AND REMEDIATION - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Reclamation and remediation | ||||
Reclamation obligations, operating properties | $ 3,812 | $ 3,719 | $ 3,401 | $ 3,334 |
Minimum | ||||
Reclamation and remediation | ||||
Loss accrual possible shortfall, as a percent | 0.00% | |||
Maximum | ||||
Reclamation and remediation | ||||
Loss accrual possible shortfall, as a percent | 45.00% | |||
Other current liabilities | ||||
Reclamation and remediation | ||||
Reclamation liabilities, current | $ 157 | 164 | ||
Remediation liabilities, current | 53 | 50 | ||
Reclamation and remediation liabilities | ||||
Reclamation and remediation | ||||
Reclamation obligations, operating properties | 3,655 | 3,555 | ||
Remediation liabilities, non-current | 282 | 263 | ||
Other noncurrent assets | ||||
Reclamation and remediation | ||||
Asset retirement obligation restricted assets | 56 | 56 | ||
Other noncurrent assets | Marketable equity securities | ||||
Reclamation and remediation | ||||
Asset retirement obligation restricted assets | 38 | 38 | ||
Other noncurrent assets | Ahafo and Akyem mines | ||||
Reclamation and remediation | ||||
Asset retirement obligation restricted assets | 48 | 48 | ||
Other noncurrent assets | NGM | ||||
Reclamation and remediation | ||||
Asset retirement obligation restricted assets | 6 | 6 | ||
Other noncurrent assets | Midnite mine | ||||
Reclamation and remediation | ||||
Asset retirement obligation restricted assets | 2 | 2 | ||
Other noncurrent assets | Midnite mine and Dawn mill sites | Marketable equity securities | ||||
Reclamation and remediation | ||||
Asset retirement obligation restricted assets | 14 | 14 | ||
Other noncurrent assets | San Jose Reservoir | Marketable equity securities | ||||
Reclamation and remediation | ||||
Asset retirement obligation restricted assets | $ 24 | $ 24 |
CARE AND MAINTENANCE (Details)
CARE AND MAINTENANCE (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Information | ||||
Care and maintenance | $ 6 | $ 26 | $ 8 | $ 171 |
Musselwhite | ||||
Segment Information | ||||
Care and maintenance | 0 | 5 | 0 | 28 |
Depreciation and amortization | 0 | 7 | ||
Éléonore | ||||
Segment Information | ||||
Care and maintenance | 0 | 0 | 0 | 26 |
Depreciation and amortization | 0 | 16 | ||
Peñasquito | ||||
Segment Information | ||||
Care and maintenance | 0 | 0 | 0 | 38 |
Depreciation and amortization | 0 | 28 | ||
Yanacocha | ||||
Segment Information | ||||
Care and maintenance | 0 | 2 | 0 | 27 |
Depreciation and amortization | 0 | 7 | ||
Cerro Negro | ||||
Segment Information | ||||
Care and maintenance | 0 | 18 | 0 | 50 |
Depreciation and amortization | 9 | 28 | ||
Tanami | ||||
Segment Information | ||||
Care and maintenance | 6 | 0 | 8 | 0 |
Depreciation and amortization | 2 | 3 | ||
Other | ||||
Segment Information | ||||
Care and maintenance | $ 0 | $ 1 | $ 0 | $ 2 |
LOSS ON ASSETS HELD FOR SALE (D
LOSS ON ASSETS HELD FOR SALE (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Disposal group | |||||
Loss on sale | $ 571 | $ 0 | $ 571 | $ 0 | |
Total assets | 39,865 | 39,865 | $ 41,369 | ||
Conga Mill | Held for sale or disposed of by sale, not discontinued operations | |||||
Disposal group | |||||
Cash proceeds | 68 | 68 | |||
Deposit received included in other current liabilities | 17 | 17 | $ 0 | ||
Assets carrying value included in property, plant and mine development, net | 593 | 593 | |||
Loss on sale | 571 | 571 | |||
Total assets | $ 900 | $ 900 |
OTHER EXPENSE, NET (Details)
OTHER EXPENSE, NET (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income And Expense [Line Items] | ||||
COVID-19 specific costs (1) | $ 24 | $ 32 | $ 66 | $ 67 |
Impairment of long-lived and other assets | 6 | 24 | 18 | 29 |
Settlement costs (2) | 0 | 26 | 11 | 34 |
Restructuring and severance | 0 | 9 | 10 | 12 |
Other | 7 | 1 | 21 | 19 |
Other expense, net | 37 | 92 | 126 | 184 |
Amount distributed from Newmont Global Community Support Fund | 1 | 3 | 3 | 9 |
Goldcorp | ||||
Other Income And Expense [Line Items] | ||||
Goldcorp transaction and integration costs | $ 0 | $ 0 | $ 0 | $ 23 |
GAIN ON ASSET AND INVESTMENT _3
GAIN ON ASSET AND INVESTMENT SALES, NET (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Mar. 04, 2020 | Jan. 02, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Gain (Loss) On Sale Of Other Assets [Line Items] | ||||||||
Gain on sale | $ (571) | $ 0 | $ (571) | $ 0 | ||||
Proceeds from sale | 4 | 1,137 | ||||||
Disposed of by sale, not discontinued operations | ||||||||
Gain (Loss) On Sale Of Other Assets [Line Items] | ||||||||
Gain on sale | 3 | 1 | 46 | 593 | ||||
Disposed of by sale, not discontinued operations | TMAC Resources Inc. | ||||||||
Gain (Loss) On Sale Of Other Assets [Line Items] | ||||||||
Gain on sale | 0 | 0 | 42 | 0 | ||||
Disposed of by sale, not discontinued operations | Kalgoorlie | ||||||||
Gain (Loss) On Sale Of Other Assets [Line Items] | ||||||||
Gain on sale | 0 | 0 | 0 | 493 | ||||
Percentage interest sold | 50.00% | |||||||
Proceeds from sale | $ 800 | |||||||
Proceeds allocated to purchaser rights option | $ 25 | |||||||
Deposits | 23 | 23 | $ 23 | |||||
Disposed of by sale, not discontinued operations | Continental | ||||||||
Gain (Loss) On Sale Of Other Assets [Line Items] | ||||||||
Gain on sale | 0 | 0 | 0 | 91 | ||||
Proceeds from sale | $ 253 | |||||||
Disposed of by sale, not discontinued operations | Red Lake | ||||||||
Gain (Loss) On Sale Of Other Assets [Line Items] | ||||||||
Gain on sale | 0 | 0 | 0 | 9 | ||||
Proceeds from sale | $ 375 | |||||||
Total consideration | 429 | |||||||
Consideration, working capital | 15 | |||||||
Maximum contingent consideration | $ 100 | |||||||
Contingent consideration, period | 15 years | |||||||
Value of embedded derivative | 42 | 42 | $ 42 | |||||
Disposed of by sale, not discontinued operations | Other | ||||||||
Gain (Loss) On Sale Of Other Assets [Line Items] | ||||||||
Gain on sale | $ 3 | $ 1 | $ 4 | $ 0 |
OTHER INCOME (LOSS), NET (Detai
OTHER INCOME (LOSS), NET (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income, Nonoperating [Abstract] | ||||
Change in fair value of investments | $ (96) | $ 57 | $ (180) | $ 191 |
Foreign currency exchange, net | 17 | (22) | 48 | (8) |
Interest | 6 | 4 | 12 | 21 |
Impairment of investments (1) | (1) | 0 | (1) | (93) |
Pension settlements (2) | 0 | (83) | 0 | (85) |
Loss from debt extinguishment (3) | 0 | 0 | 0 | (77) |
Other | 0 | 0 | 15 | 16 |
Other income, net | $ (74) | $ (44) | $ (106) | $ (35) |
OTHER INCOME (LOSS), NET - Addi
OTHER INCOME (LOSS), NET - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income, Net [Line Items] | ||||
Charges from debt extinguishment | $ 0 | $ 0 | $ 0 | $ 77 |
Forward starting swaps | ||||
Other Income, Net [Line Items] | ||||
Charges from debt extinguishment | 0 | 8 | ||
Senior Notes | ||||
Other Income, Net [Line Items] | ||||
Charges from debt extinguishment | $ 0 | $ 69 |
INCOME AND MINING TAXES (Detail
INCOME AND MINING TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reconciling item, percentage | ||||
U.S. Federal statutory tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Reconciling items: | ||||
Percentage depletion | 21.00% | (3.00%) | (3.00%) | (2.00%) |
Change in valuation allowance on deferred tax assets | (260.00%) | 1.00% | 13.00% | (5.00%) |
Foreign rate differential | (65.00%) | 9.00% | 12.00% | 9.00% |
Mining and other taxes | (46.00%) | 6.00% | 8.00% | 5.00% |
Tax impact of foreign exchange | 15.00% | 2.00% | (2.00%) | (8.00%) |
Other | 1.00% | (1.00%) | 0.00% | 0.00% |
Income and mining tax expense (benefit) | (313.00%) | 35.00% | 49.00% | 20.00% |
Reconciling item, amount | ||||
Income (loss) before income and mining tax and other items | $ (71) | $ 880 | $ 1,615 | $ 2,209 |
U.S. Federal statutory tax rate | (15) | 185 | 339 | 464 |
Reconciling items: | ||||
Percentage depletion | (15) | (23) | (52) | (50) |
Change in valuation allowance on deferred tax assets | 185 | 6 | 215 | (114) |
Foreign rate differential | 46 | 80 | 201 | 206 |
Mining and other taxes | 33 | 55 | 121 | 110 |
Tax impact of foreign exchange | (11) | 14 | (28) | (173) |
Other | (1) | (12) | 2 | 3 |
Income and mining tax expense (benefit) | $ 222 | $ 305 | $ 798 | $ 446 |
EQUITY INCOME (LOSS) OF AFFIL_3
EQUITY INCOME (LOSS) OF AFFILIATES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity income (loss) of affiliates | $ 39 | $ 53 | $ 138 | $ 119 | |
Pueblo Viejo Mine | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity income (loss) of affiliates | 43 | 52 | 137 | 135 | |
Maverix Metals Inc. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity income (loss) of affiliates | 1 | 1 | 7 | (2) | |
Norte Abierto Project | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity income (loss) of affiliates | (2) | 0 | (2) | (2) | |
NuevaUnión Project | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity income (loss) of affiliates | (2) | 0 | (2) | (2) | |
Alumbrera Mine | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity income (loss) of affiliates | 0 | (3) | 0 | (7) | |
Ownership interest | 37.50% | ||||
TMAC Resources Inc. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity income (loss) of affiliates | 0 | 3 | 0 | (3) | |
Other | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity income (loss) of affiliates | $ (1) | $ 0 | $ (2) | $ 0 | |
MARA Investment | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 18.75% |
FAIR VALUE ACCOUNTING - Recurri
FAIR VALUE ACCOUNTING - Recurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Carrying value | ||
Liabilities: | ||
Debt | $ 5,482 | $ 6,031 |
Level 3 | ||
Assets: | ||
Contingent consideration assets | 159 | 119 |
Liabilities: | ||
Contingent consideration liabilities | 5 | |
Marketable equity and other securities | Level 3 | ||
Assets: | ||
Marketable and other equity securities | 58 | 53 |
Warrants | Maverix Metals Inc. | ||
Assets: | ||
Marketable and other equity securities | 9 | 14 |
Recurring | ||
Assets: | ||
Cash and cash equivalents | 4,636 | 5,540 |
Restricted cash | 109 | 108 |
Assets held for sale (Note 7) | 68 | |
Contingent consideration assets | 159 | 119 |
Total assets | 5,663 | 6,866 |
Liabilities: | ||
Debt | 6,649 | 7,586 |
Contingent consideration liabilities | 5 | |
Cash-settled Goldcorp share awards | 5 | 8 |
Total liabilities | 6,659 | 7,597 |
Recurring | Diesel derivative contracts | ||
Liabilities: | ||
Diesel derivative contracts | 3 | |
Recurring | Level 1 | ||
Assets: | ||
Cash and cash equivalents | 4,636 | 5,540 |
Restricted cash | 109 | 108 |
Assets held for sale (Note 7) | 0 | |
Contingent consideration assets | 0 | 0 |
Total assets | 5,107 | 6,276 |
Liabilities: | ||
Debt | 0 | 0 |
Contingent consideration liabilities | 0 | |
Cash-settled Goldcorp share awards | 0 | 0 |
Total liabilities | 0 | 0 |
Recurring | Level 1 | Diesel derivative contracts | ||
Liabilities: | ||
Diesel derivative contracts | 0 | |
Recurring | Level 2 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Assets held for sale (Note 7) | 68 | |
Contingent consideration assets | 0 | 0 |
Total assets | 339 | 418 |
Liabilities: | ||
Debt | 6,649 | 7,586 |
Contingent consideration liabilities | 0 | |
Cash-settled Goldcorp share awards | 5 | 8 |
Total liabilities | 6,654 | 7,597 |
Recurring | Level 2 | Diesel derivative contracts | ||
Liabilities: | ||
Diesel derivative contracts | 3 | |
Recurring | Level 3 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Assets held for sale (Note 7) | 0 | |
Contingent consideration assets | 159 | 119 |
Total assets | 217 | 172 |
Liabilities: | ||
Debt | 0 | 0 |
Contingent consideration liabilities | 5 | |
Cash-settled Goldcorp share awards | 0 | 0 |
Total liabilities | 5 | 0 |
Recurring | Level 3 | Diesel derivative contracts | ||
Liabilities: | ||
Diesel derivative contracts | 0 | |
Recurring | Trade receivable from provisional sales, net | ||
Assets: | ||
Trade receivable from provisional sales, net | 239 | 379 |
Recurring | Trade receivable from provisional sales, net | Level 1 | ||
Assets: | ||
Trade receivable from provisional sales, net | 0 | 0 |
Recurring | Trade receivable from provisional sales, net | Level 2 | ||
Assets: | ||
Trade receivable from provisional sales, net | 239 | 379 |
Recurring | Trade receivable from provisional sales, net | Level 3 | ||
Assets: | ||
Trade receivable from provisional sales, net | 0 | 0 |
Recurring | Marketable equity and other securities | ||
Assets: | ||
Marketable and other equity securities | 414 | 682 |
Recurring | Marketable equity and other securities | Level 1 | ||
Assets: | ||
Marketable and other equity securities | 338 | 604 |
Recurring | Marketable equity and other securities | Level 2 | ||
Assets: | ||
Marketable and other equity securities | 18 | 25 |
Recurring | Marketable equity and other securities | Level 3 | ||
Assets: | ||
Marketable and other equity securities | 58 | 53 |
Recurring | Marketable debt securities | ||
Assets: | ||
Restricted marketable debt securities | 38 | 38 |
Recurring | Marketable debt securities | Level 1 | ||
Assets: | ||
Restricted marketable debt securities | 24 | 24 |
Recurring | Marketable debt securities | Level 2 | ||
Assets: | ||
Restricted marketable debt securities | 14 | 14 |
Recurring | Marketable debt securities | Level 3 | ||
Assets: | ||
Restricted marketable debt securities | $ 0 | $ 0 |
FAIR VALUE ACCOUNTING - Quantit
FAIR VALUE ACCOUNTING - Quantitative Information (Details) - Level 3 $ in Millions | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Quantitative and Qualitative Information - Unobservable Inputs | ||
Contingent consideration assets | $ 159 | $ 119 |
Contingent consideration liabilities | 5 | |
Marketable equity securities | ||
Quantitative and Qualitative Information - Unobservable Inputs | ||
Marketable and other equity securities | $ 58 | $ 53 |
Discounted cash flow | Minimum | Discount rate | ||
Quantitative and Qualitative Information - Unobservable Inputs | ||
Contingent consideration assets, measurement input | 0.0454 | 0.0453 |
Contingent consideration liabilities, measurement input | 0.0212 | |
Discounted cash flow | Maximum | Discount rate | ||
Quantitative and Qualitative Information - Unobservable Inputs | ||
Contingent consideration assets, measurement input | 0.0919 | 0.0919 |
Contingent consideration liabilities, measurement input | 0.0311 | |
Discounted cash flow | Weighted Average | Discount rate | ||
Quantitative and Qualitative Information - Unobservable Inputs | ||
Contingent consideration assets, measurement input | 0.0792 | 0.0763 |
Contingent consideration liabilities, measurement input | 0.0252 | |
Discounted cash flow | Marketable equity securities | Discount rate | ||
Quantitative and Qualitative Information - Unobservable Inputs | ||
Marketable and other equity securities, measurement input | 0.0950 | 0.0950 |
Discounted cash flow | Marketable equity securities | Long-term price (in dollars per ounce or pound) | Gold | ||
Quantitative and Qualitative Information - Unobservable Inputs | ||
Marketable and other equity securities, measurement input | 1,500 | 1,500 |
Discounted cash flow | Marketable equity securities | Long-term price (in dollars per ounce or pound) | Copper | ||
Quantitative and Qualitative Information - Unobservable Inputs | ||
Marketable and other equity securities, measurement input | 3 | 3 |
FAIR VALUE ACCOUNTING - Changes
FAIR VALUE ACCOUNTING - Changes in the Fair Value of Level 3 Financial Assets and Liabilities (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Summary of changes in Level 3 financial assets | ||
Fair value | $ 119 | $ 77 |
Additions and settlements | 0 | 39 |
Revaluation | 40 | 20 |
Sales | (40) | |
Fair value | 159 | 96 |
Summary of changes in Level 3 financial liabilities | ||
Fair value | 0 | 257 |
Additions and settlements | 0 | (8) |
Revaluation | 5 | (249) |
Sales | 0 | |
Fair value | 5 | 0 |
Contingent consideration liabilities | ||
Summary of changes in Level 3 financial liabilities | ||
Fair value | 0 | |
Additions and settlements | 0 | |
Revaluation | 5 | |
Fair value | 5 | |
Holt royalty obligation | ||
Summary of changes in Level 3 financial liabilities | ||
Fair value | 257 | |
Additions and settlements | (8) | |
Revaluation | (249) | |
Sales | 0 | |
Fair value | 0 | |
Continental convertible debt | ||
Summary of changes in Level 3 financial assets | ||
Fair value | 39 | |
Additions and settlements | 0 | |
Revaluation | 1 | |
Sales | (40) | |
Fair value | 0 | |
Contingent consideration assets | ||
Summary of changes in Level 3 financial assets | ||
Fair value | 119 | 38 |
Additions and settlements | 0 | 39 |
Revaluation | 40 | 19 |
Sales | 0 | |
Fair value | $ 159 | $ 96 |
FAIR VALUE ACCOUNTING - Additio
FAIR VALUE ACCOUNTING - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disposal group | |||||
Gain from discontinued operations | $ 11 | $ 228 | $ 42 | $ 145 | |
Held for sale or disposed of by sale, not discontinued operations | Conga Mill | |||||
Disposal group | |||||
Total consideration | $ 68 | $ 68 | |||
Holt option | Mining and mineral rights | |||||
Disposal group | |||||
Purchase of option for mining and mineral rights | $ 75 | 75 | |||
Holt royalty obligation | |||||
Disposal group | |||||
Fair value of royalty obligation | 0 | 0 | |||
Payments for royalties | 8 | ||||
Holt option and royalty obligation | |||||
Disposal group | |||||
Fair value - asset (liability) | 0 | 0 | |||
Gain from discontinued operations | 218 | 137 | |||
Income tax expense | $ (57) | $ (37) |
INVESTMENTS (Details)
INVESTMENTS (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Feb. 28, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | May 17, 2021 | Dec. 31, 2020 | |
Investments | ||||||||
Investments | $ 3,173 | $ 3,173 | $ 3,197 | |||||
Non-current restricted investments | 38 | 38 | 38 | |||||
Pueblo Viejo Mine | ||||||||
Investments | ||||||||
Share of loans included in investment | 259 | 259 | 244 | |||||
Interest receivable | $ 1 | $ 1 | 4 | |||||
Ownership interest | 40.00% | 40.00% | ||||||
Purchases | $ 154 | $ 170 | $ 476 | $ 463 | ||||
NuevaUnión Project | ||||||||
Investments | ||||||||
Ownership interest | 50.00% | 50.00% | ||||||
Norte Abierto Project | ||||||||
Investments | ||||||||
Ownership interest | 50.00% | 50.00% | ||||||
Maverix Metals Inc. | ||||||||
Investments | ||||||||
Ownership interest | 28.80% | 28.80% | ||||||
TMAC Resources Inc. | ||||||||
Investments | ||||||||
Equity method investments | $ 13 | |||||||
Ownership interest | 0.00% | 0.00% | ||||||
Other-than-temporary impairment charge | $ 93 | |||||||
Cash proceeds on sale | 55 | |||||||
Gain on sale | $ 42 | |||||||
Investments - current | Marketable equity securities | ||||||||
Investments | ||||||||
Marketable securities | $ 157 | $ 157 | 290 | |||||
Investments - noncurrent | ||||||||
Investments | ||||||||
Equity method investments | 2,925 | 2,925 | 2,819 | |||||
Investments | 3,173 | 3,173 | 3,197 | |||||
Investments - noncurrent | Pueblo Viejo Mine | ||||||||
Investments | ||||||||
Equity method investments | 1,311 | 1,311 | 1,202 | |||||
Investments - noncurrent | NuevaUnión Project | ||||||||
Investments | ||||||||
Equity method investments | 948 | 948 | 949 | |||||
Investments - noncurrent | Norte Abierto Project | ||||||||
Investments | ||||||||
Equity method investments | 502 | 502 | 493 | |||||
Investments - noncurrent | Maverix Metals Inc. | ||||||||
Investments | ||||||||
Equity method investments | 161 | 161 | 160 | |||||
Investments - noncurrent | TMAC Resources Inc. | ||||||||
Investments | ||||||||
Equity method investments | 0 | 0 | 13 | |||||
Investments - noncurrent | Other | ||||||||
Investments | ||||||||
Equity method investments | 3 | 3 | 2 | |||||
Investments - noncurrent | Marketable equity securities | ||||||||
Investments | ||||||||
Marketable securities | $ 248 | $ 248 | $ 378 | |||||
Goldcorp | ||||||||
Investments | ||||||||
Business combination, step acquisition, equity interest in acquiree, percentage | 14.90% | 14.90% |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory, net | ||
Materials and supplies | $ 685 | $ 673 |
In-process | 153 | 148 |
Concentrate | 59 | 39 |
Precious metals | 101 | 103 |
Total inventories | $ 998 | $ 963 |
STOCKPILES AND ORE ON LEACH P_3
STOCKPILES AND ORE ON LEACH PADS - Schedules (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Stockpiles And Ore On Leach Pads | ||
Current stockpiles and ore on leach pads | $ 941 | $ 827 |
Non-current stockpiles and ore on leach pads | 1,791 | 1,705 |
Stockpiles and ore on leach pads | 2,732 | 2,532 |
Stockpiles | ||
Stockpiles And Ore On Leach Pads | ||
Current stockpiles and ore on leach pads | 567 | 514 |
Non-current stockpiles and ore on leach pads | 1,475 | 1,446 |
Stockpiles and ore on leach pads | 2,042 | 1,960 |
Stockpiles | CC&V | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 5 | 19 |
Stockpiles | Musselwhite | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 0 | 1 |
Stockpiles | Porcupine | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 30 | 12 |
Stockpiles | Éléonore | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 1 | 1 |
Stockpiles | Peñasquito | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 324 | 307 |
Stockpiles | Yanacocha | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 36 | 37 |
Stockpiles | Merian | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 28 | 29 |
Stockpiles | Cerro Negro | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 2 | 4 |
Stockpiles | Boddington | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 502 | 482 |
Stockpiles | Tanami | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 11 | 7 |
Stockpiles | Ahafo | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 426 | 422 |
Stockpiles | Akyem | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 137 | 138 |
Stockpiles | Nevada Gold Mines | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 540 | 501 |
Ore on leach pads | ||
Stockpiles And Ore On Leach Pads | ||
Current stockpiles and ore on leach pads | 374 | 313 |
Non-current stockpiles and ore on leach pads | 316 | 259 |
Stockpiles and ore on leach pads | 690 | 572 |
Ore on leach pads | CC&V | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 246 | 226 |
Ore on leach pads | Musselwhite | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 0 | 0 |
Ore on leach pads | Porcupine | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 0 | 0 |
Ore on leach pads | Éléonore | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 0 | 0 |
Ore on leach pads | Peñasquito | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 0 | 0 |
Ore on leach pads | Yanacocha | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 155 | 151 |
Ore on leach pads | Merian | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 0 | 0 |
Ore on leach pads | Cerro Negro | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 0 | 0 |
Ore on leach pads | Boddington | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 0 | 0 |
Ore on leach pads | Tanami | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 0 | 0 |
Ore on leach pads | Ahafo | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 0 | 0 |
Ore on leach pads | Akyem | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 0 | 0 |
Ore on leach pads | Nevada Gold Mines | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | $ 289 | $ 195 |
STOCKPILES AND ORE ON LEACH P_4
STOCKPILES AND ORE ON LEACH PADS - Additional Information (Details) - Stockpiles and ore on leach pads - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
CC&V | ||||
Stockpiles And Ore On Leach Pads | ||||
Write-downs of inventory and stockpiles and ore on leach pads | $ 11 | |||
Nevada Gold Mines | ||||
Stockpiles And Ore On Leach Pads | ||||
Write-downs of inventory and stockpiles and ore on leach pads | $ 10 | 16 | $ 39 | |
Yanacocha | ||||
Stockpiles And Ore On Leach Pads | ||||
Write-downs of inventory and stockpiles and ore on leach pads | $ 25 | 25 | 24 | |
Costs applicable to sales | ||||
Stockpiles And Ore On Leach Pads | ||||
Write-downs of inventory and stockpiles and ore on leach pads | 18 | 6 | 37 | 41 |
Depreciation and amortization | ||||
Stockpiles And Ore On Leach Pads | ||||
Write-downs of inventory and stockpiles and ore on leach pads | $ 7 | $ 4 | $ 15 | $ 22 |
DEBT - Minimum Debt Repayments
DEBT - Minimum Debt Repayments (Details) $ in Millions | Sep. 30, 2021USD ($) |
Scheduled minimum debt repayments | |
2021 (for the remainder of 2021) | $ 0 |
2022 | 492 |
2023 | 414 |
2024 | 0 |
2025 | 0 |
Thereafter | 4,624 |
Net carrying amount | $ 5,530 |
DEBT - Additional Information (
DEBT - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | ||
Apr. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2021 | |
Debt | ||||
Redemption of debt | $ 550 | $ 1,160 | ||
Corporate Revolving Credit Facility | ||||
Debt | ||||
Line of credit facility maximum borrowing capacity | $ 3,000 | |||
2030 Senior Notes | Senior Notes | ||||
Debt | ||||
Line of credit facility maximum margin adjustment | 0.05% | |||
2021 Senior Notes | Senior Notes | ||||
Debt | ||||
Interest rate | 3.625% | |||
Redemption of debt | $ 557 | |||
Principal amount of debt redeemed | $ 550 |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Other current liabilities: | ||
Accrued operating costs | $ 216 | $ 285 |
Reclamation and remediation liabilities | 210 | 214 |
Accrued capital expenditures | 97 | 144 |
Royalties | 89 | 70 |
Payables to joint venture partners | 82 | 94 |
Accrued interest | 80 | 61 |
Silver streaming agreement | 79 | 67 |
Taxes other than income and mining | 40 | 48 |
Operating leases | 18 | 17 |
Other | 84 | 53 |
Other current liabilities | 1,053 | 1,182 |
Other non-current liabilities: | ||
Income and mining taxes | 380 | 382 |
Operating leases | 86 | 91 |
Social development and community obligations | 25 | 51 |
Other | 38 | 29 |
Other long-term liabilities, total | 661 | 699 |
Unrecognized tax benefits, interest and penalties | 389 | 367 |
Held for sale or disposed of by sale, not discontinued operations | Conga Mill | ||
Other current liabilities: | ||
Deposits | 17 | 0 |
Disposed of by sale, not discontinued operations | Kalgoorlie | ||
Other current liabilities: | ||
Deposits | 23 | 23 |
Galore Creek | ||
Other current liabilities: | ||
Deferred payments | 0 | 73 |
Other non-current liabilities: | ||
Deferred payments | 23 | 23 |
Norte Abierto Project | ||
Other current liabilities: | ||
Deferred payments | 18 | 33 |
Other non-current liabilities: | ||
Deferred payments | $ 109 | $ 123 |
RECLASSIFICATIONS OUT OF ACCU_3
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Components of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | $ 24,060 | $ 23,958 | $ 23,845 | $ 22,928 | $ 22,735 | $ 22,370 | $ 23,845 | $ 22,370 |
Gain (loss) in other comprehensive income (loss) before reclassifications | 2 | |||||||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 24 | |||||||
Other comprehensive income (loss) | 8 | 7 | 11 | 2 | 5 | 13 | 26 | 20 |
Balance at end of period | 23,238 | 24,060 | 23,958 | 23,577 | 22,928 | 22,735 | 23,238 | 23,577 |
Total | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | (198) | (205) | (216) | (247) | (252) | (265) | (216) | (265) |
Other comprehensive income (loss) | 8 | 7 | 11 | 2 | 5 | 13 | ||
Balance at end of period | (190) | $ (198) | (205) | $ (245) | $ (247) | $ (252) | (190) | $ (245) |
Unrealized Gain (Loss) on Investment Securities, net | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | 0 | 0 | ||||||
Gain (loss) in other comprehensive income (loss) before reclassifications | (1) | |||||||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 0 | |||||||
Other comprehensive income (loss) | (1) | |||||||
Balance at end of period | (1) | (1) | ||||||
Foreign Currency Translation Adjustments | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | 117 | 117 | ||||||
Gain (loss) in other comprehensive income (loss) before reclassifications | 3 | |||||||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 0 | |||||||
Other comprehensive income (loss) | 3 | |||||||
Balance at end of period | 120 | 120 | ||||||
Pension and Other Post-retirement Benefit Adjustments | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | (237) | (237) | ||||||
Gain (loss) in other comprehensive income (loss) before reclassifications | (1) | |||||||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 18 | |||||||
Other comprehensive income (loss) | 17 | |||||||
Balance at end of period | (220) | (220) | ||||||
Unrealized Gain (Loss) on Cash flow Hedge Instruments | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | $ (96) | (96) | ||||||
Gain (loss) in other comprehensive income (loss) before reclassifications | 1 | |||||||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 6 | |||||||
Other comprehensive income (loss) | 7 | |||||||
Balance at end of period | $ (89) | $ (89) |
RECLASSIFICATIONS OUT OF ACCU_4
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassifications (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||||
Other income, net | $ 74 | $ 44 | $ 106 | $ 35 | |
Interest rate contracts | 66 | 75 | 208 | 235 | |
Costs applicable to sales | [1] | 1,367 | 1,269 | 3,895 | 3,659 |
Total before tax | 71 | (880) | (1,615) | (2,209) | |
Tax | (222) | (305) | (798) | (446) | |
Net of tax | 243 | (856) | (997) | (2,027) | |
Loss from debt extinguishment (3) | 0 | 0 | 0 | (77) | |
Interest rate contracts | |||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||||
Loss from debt extinguishment (3) | 0 | (8) | |||
Reclassification Out of Accumulated Other Comprehensive Income | |||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||||
Net of tax | 8 | 72 | 24 | 91 | |
Reclassification Out of Accumulated Other Comprehensive Income | Marketable debt securities adjustments: | |||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||||
Other income, net | 0 | 0 | 0 | (5) | |
Total before tax | 0 | 0 | 0 | (5) | |
Tax | 0 | 0 | 0 | 0 | |
Net of tax | 0 | 0 | 0 | (5) | |
Reclassification Out of Accumulated Other Comprehensive Income | Pension and other post-retirement benefit adjustments: | |||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||||
Total before tax | 7 | 88 | 21 | 104 | |
Tax | (1) | (19) | (3) | (22) | |
Net of tax | 6 | 69 | 18 | 82 | |
Reclassification Out of Accumulated Other Comprehensive Income | Amortization | |||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||||
Other income, net | 7 | 5 | 21 | 19 | |
Reclassification Out of Accumulated Other Comprehensive Income | Settlements | |||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||||
Other income, net | 0 | 83 | 0 | 85 | |
Reclassification Out of Accumulated Other Comprehensive Income | Hedge instruments adjustments: | |||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||||
Total before tax | 3 | 3 | 7 | 18 | |
Tax | (1) | 0 | (1) | (4) | |
Net of tax | 2 | 3 | 6 | 14 | |
Reclassification Out of Accumulated Other Comprehensive Income | Hedge instruments adjustments: | Interest rate contracts | |||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||||
Interest rate contracts | 3 | 3 | 7 | 16 | |
Reclassification Out of Accumulated Other Comprehensive Income | Hedge instruments adjustments: | Operating cash flow hedges | |||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||||
Costs applicable to sales | $ 0 | $ 0 | $ 0 | $ 2 | |
[1] | Excludes Depreciation and amortization and Reclamation and remediation . |
NET CHANGE IN OPERATING ASSET_3
NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
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 |
Net change in operating assets and liabilities | $ (578) | $ 50 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Environmental Matters (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2012 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Loss contingencies | ||||||
Remediation liability | $ 335 | $ 313 | $ 285 | $ 299 | ||
Midnite mine | ||||||
Loss contingencies | ||||||
Environmental remediation, amount paid by third party | $ 42 | |||||
Remediation liability | $ 175 | |||||
Minera Yanacocha | ||||||
Loss contingencies | ||||||
Percent ownership held by Newmont | 51.35% | |||||
Minera Yanacocha | Forecast | ||||||
Loss contingencies | ||||||
Increase in asset retirement obligation | $ 1,600 | |||||
Dawn Mining Company | ||||||
Loss contingencies | ||||||
Percent ownership held by Newmont | 58.19% |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Other Legal Matters - Yanacocha (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2021USD ($) | Feb. 29, 2020USD ($) | Jan. 31, 2019judgevote | Nov. 30, 2015judgment | Sep. 30, 2021USD ($)unit$ / unit | Dec. 31, 2000USD ($) | |
Loss contingencies | ||||||
Potential fine for each unit alleged violations (in dollars per unit) | $ / unit | 0.001100 | |||||
Minera Yanacocha | ||||||
Loss contingencies | ||||||
Percent ownership held by Newmont | 51.35% | |||||
Contractual right to conduct exploration | ||||||
Loss contingencies | ||||||
Intangible asset acquired | $ 29,000,000 | |||||
Intangible asset, useful life | 10 years | |||||
Yanacocha Tax Dispute | ||||||
Loss contingencies | ||||||
Number of rulings overturned | judgment | 2 | |||||
Number of judges supporting tax authority | judge | 3 | |||||
Number of judges supporting Yanacocha position | judge | 2 | |||||
Number of votes required | vote | 4 | |||||
Tax settlement | $ 29,000,000 | |||||
Potential interest disputed | $ 80,150,000 | |||||
Yanacocha Tax Dispute, Filed Action #1 | ||||||
Loss contingencies | ||||||
Potential interest disputed | $ 51,000,000 | |||||
Yanacocha Tax Dispute, Filed Action #2 | ||||||
Loss contingencies | ||||||
Potential interest disputed | 73,300,000 | |||||
Yanacocha Tax Dispute, Filed Action #3 | ||||||
Loss contingencies | ||||||
Potential interest disputed | 68,600,000 | |||||
Minera Yanacocha | Minimum | ||||||
Loss contingencies | ||||||
Potential fine for alleged violations | 0 | |||||
Minera Yanacocha | Maximum | ||||||
Loss contingencies | ||||||
Potential fine for alleged violations | $ 130,000 | |||||
Minera Yanacocha | OEFA | Minimum | ||||||
Loss contingencies | ||||||
Number of units with alleged violations | unit | 0 | |||||
Minera Yanacocha | OEFA | Maximum | ||||||
Loss contingencies | ||||||
Number of units with alleged violations | unit | 108.11 | |||||
Minera Yanacocha | Water Authority | Minimum | ||||||
Loss contingencies | ||||||
Number of units with alleged violations | unit | 0 | |||||
Minera Yanacocha | Water Authority | Maximum | ||||||
Loss contingencies | ||||||
Number of units with alleged violations | unit | 10 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Other Legal Matters - NWG, etc. (Details) $ in Millions, $ in Millions | Aug. 16, 2021USD ($) | Dec. 24, 2018co-defendantplaintiff | Feb. 26, 2014CAD ($) | Sep. 24, 2012USD ($) | Apr. 08, 2008 | Aug. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Sep. 30, 2021 | Sep. 30, 2007 |
Mining and mineral rights | Holt option | ||||||||||
Loss contingencies | ||||||||||
Purchase of option for mining and mineral rights | $ 75 | $ 75 | ||||||||
Mexican Tax Authority | ||||||||||
Loss contingencies | ||||||||||
Tax settlement | $ 96 | |||||||||
Kirkland Royalty Matter | Pending Litigation | ||||||||||
Loss contingencies | ||||||||||
Damages sought | $ 350 | |||||||||
NWG New York Case | Pending Litigation | ||||||||||
Loss contingencies | ||||||||||
Damages sought | $ 750 | |||||||||
NWG Ontario Complaint | Pending Litigation | ||||||||||
Loss contingencies | ||||||||||
Damages sought | $ 1,200 | |||||||||
Ghana Parliament Cases | ||||||||||
Loss contingencies | ||||||||||
Number of plaintiffs | plaintiff | 2 | |||||||||
Number of co-defendants | co-defendant | 33 | |||||||||
Labrador | Pending Litigation | ||||||||||
Loss contingencies | ||||||||||
Uranium mining moratorium term | 3 years | |||||||||
Newmont Corporation, Newmont Canada Corporation, And Newmont Canada FN Holdings ULC | ||||||||||
Loss contingencies | ||||||||||
Noncontrolling interest, ownership percentage by parent | 100.00% | |||||||||
NWG Investments Inc | Jacob Safra | ||||||||||
Loss contingencies | ||||||||||
Noncontrolling interest, ownership percentage by parent | 100.00% | |||||||||
Newmont Ghana Gold Limited and Newmont Golden Ridge Limited | ||||||||||
Loss contingencies | ||||||||||
Noncontrolling interest, ownership percentage by parent | 100.00% | |||||||||
Goldcorp | ||||||||||
Loss contingencies | ||||||||||
Noncontrolling interest, ownership percentage by parent | 100.00% | |||||||||
NWG Investments Inc | NewWest Gold | ||||||||||
Loss contingencies | ||||||||||
Noncontrolling interest, ownership percentage by parent | 86.00% | |||||||||
Fronteer | Aurora | ||||||||||
Loss contingencies | ||||||||||
Noncontrolling interest, ownership percentage by parent | 47.00% |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Other Commitments and Contingences (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Galore Creek | ||
Other commitments | ||
Contingent consideration liabilities | $ 75 | |
Norte Abierto Project | ||
Other commitments | ||
Contingent consideration liabilities | $ 127 | $ 156 |
Uncategorized Items - nem-20210
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |