Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 20, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-31240 | |
Entity Registrant Name | NEWMONT CORPORATION | |
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 $1.60 per share | |
Trading Symbol | NEM | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 794,712,201 | |
Entity Central Index Key | 0001164727 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Income Statement [Abstract] | |||
Sales | $ 2,679 | $ 3,023 | |
Costs and expenses: | |||
Costs Applicable to Sales | [1] | 1,482 | 1,435 |
Depreciation and amortization | 461 | 547 | |
Reclamation and remediation (Note 5) | 66 | 61 | |
Exploration | 48 | 38 | |
Advanced projects, research and development | 35 | 44 | |
General and administrative | 74 | 64 | |
Other expense, net (Note 6) | 8 | 35 | |
Total costs and expenses | 2,174 | 2,224 | |
Other income (expense): | |||
Other income (loss), net (Note 7) | 99 | (109) | |
Interest expense, net of capitalized interest | (65) | (62) | |
Total other income (expense) | 34 | (171) | |
Income (loss) before income and mining tax and other items | 539 | 628 | |
Income and mining tax benefit (expense) (Note 8) | (213) | (214) | |
Equity income (loss) of affiliates (Note 10) | 25 | 39 | |
Net income (loss) from continuing operations | 351 | 453 | |
Net income (loss) from discontinued operations | 12 | 16 | |
Net income (loss) | 363 | 469 | |
Net loss (income) attributable to noncontrolling interests (Note 1) | (12) | (21) | |
Net income (loss) attributable to Newmont stockholders | 351 | 448 | |
Net income (loss) attributable to Newmont stockholders: | |||
Continuing operations | 339 | 432 | |
Discontinued operations | 12 | 16 | |
Net income (loss) attributable to Newmont stockholders | $ 351 | $ 448 | |
Weighted average common shares: | |||
Basic (in shares) | 794 | 793 | |
Effect of employee stock-based awards (in shares) | 1 | 1 | |
Diluted (in shares) | 795 | 794 | |
Basic: | |||
Continuing operations (in dollars per share) | $ 0.42 | $ 0.54 | |
Discontinued operations (in dollars per share) | 0.02 | 0.02 | |
Net income (loss) per common share, basic (in dollars per share) | 0.44 | 0.56 | |
Diluted: | |||
Continuing operations (in dollars per share) | 0.42 | 0.54 | |
Discontinued operations (in dollars per share) | 0.02 | 0.02 | |
Net income (loss) per common share, diluted (in dollars per share) | $ 0.44 | $ 0.56 | |
[1] Excludes Depreciation and amortization and Reclamation and remediation . |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 363 | $ 469 |
Other comprehensive income (loss): | ||
Change in marketable securities, net of tax | (1) | (1) |
Foreign currency translation adjustments | (1) | (1) |
Change in pension and other post-retirement benefits, net of tax | (1) | 122 |
Reclassification of (gain) loss on cash flow hedge instruments from accumulated other comprehensive income (loss), net of tax | (3) | 1 |
Other comprehensive income (loss) | (6) | 121 |
Comprehensive income (loss) | 357 | 590 |
Comprehensive income (loss) attributable to: | ||
Newmont stockholders | 345 | 569 |
Noncontrolling interests | 12 | 21 |
Comprehensive income (loss) | $ 357 | $ 590 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 2,657 | $ 2,877 |
Time deposits and other investments (Note 10) | 847 | 880 |
Trade receivables (Note 4) | 348 | 366 |
Inventories (Note 11) | 1,067 | 979 |
Stockpiles and ore on leach pads (Note 12) | 905 | 774 |
Other current assets | 735 | 639 |
Current assets | 6,559 | 6,515 |
Property, plant and mine development, net | 24,097 | 24,073 |
Investments (Note 10) | 3,216 | 3,278 |
Stockpiles and ore on leach pads (Note 12) | 1,691 | 1,716 |
Deferred income tax assets | 170 | 173 |
Goodwill | 1,971 | 1,971 |
Other non-current assets | 670 | 756 |
Total assets | 38,374 | 38,482 |
LIABILITIES | ||
Accounts payable | 648 | 633 |
Employee-related benefits | 302 | 399 |
Income and mining taxes payable | 213 | 199 |
Lease and other financing obligations | 96 | 96 |
Other current liabilities (Note 14) | 1,493 | 1,599 |
Current liabilities | 2,752 | 2,926 |
Debt (Note 13) | 5,572 | 5,571 |
Lease and other financing obligations | 451 | 465 |
Reclamation and remediation liabilities (Note 5) | 6,603 | 6,578 |
Deferred income tax liabilities | 1,800 | 1,809 |
Employee-related benefits | 395 | 342 |
Silver streaming agreement | 805 | 828 |
Other non-current liabilities (Note 14) | 437 | 430 |
Total liabilities | 18,815 | 18,949 |
Commitments and contingencies (Note 17) | ||
EQUITY | ||
Common stock | 1,281 | 1,279 |
Treasury stock | (261) | (239) |
Additional paid-in capital | 17,386 | 17,369 |
Accumulated other comprehensive income (loss) (Note 15) | 23 | 29 |
Retained earnings (accumulated deficit) | 948 | 916 |
Newmont stockholders' equity | 19,377 | 19,354 |
Noncontrolling interests | 182 | 179 |
Total equity | 19,559 | 19,533 |
Total liabilities and equity | $ 38,374 | $ 38,482 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities: | ||
Net income (loss) | $ 363 | $ 469 |
Non-cash adjustments: | ||
Depreciation and amortization | 461 | 547 |
Net loss (income) from discontinued operations | (12) | (16) |
Reclamation and remediation | 61 | 57 |
Change in fair value of investments (Note 7) | (41) | (39) |
(Gain) loss on asset and investment sales, net (Note 7) | (36) | 35 |
Stock-based compensation | 19 | 18 |
Deferred income taxes | 15 | (41) |
Charges from pension settlement (Note 7) | 0 | 130 |
Other non-cash adjustments | 13 | (6) |
Net change in operating assets and liabilities (Note 16) | (362) | (465) |
Net cash provided by (used in) operating activities of continuing operations | 481 | 689 |
Net cash provided by (used in) operating activities of discontinued operations | 0 | 5 |
Net cash provided by (used in) operating activities | 481 | 694 |
Investing activities: | ||
Proceeds from maturities of investments | 557 | 0 |
Additions to property, plant and mine development | (526) | (437) |
Purchases of investments | (525) | (4) |
Proceeds from asset and investment sales | 181 | 9 |
Contributions to equity method investees | (41) | (52) |
Return of investment from equity method investees | 0 | 13 |
Other | 12 | (48) |
Net cash provided by (used in) investing activities | (342) | (519) |
Financing activities: | ||
Dividends paid to common stockholders | (318) | (436) |
Funding from noncontrolling interests | 41 | 32 |
Distributions to noncontrolling interests | (34) | (59) |
Payments for withholding of employee taxes related to stock-based compensation | (22) | (36) |
Payments on lease and other financing obligations | (16) | (19) |
Acquisition of noncontrolling interests (Note 1) | 0 | (300) |
Repayment of debt | 0 | (89) |
Other | (1) | 12 |
Net cash provided by (used in) financing activities | (350) | (895) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (8) | 3 |
Net change in cash, cash equivalents and restricted cash | (219) | (717) |
Cash, cash equivalents and restricted cash at beginning of period | 2,944 | 5,093 |
Cash, cash equivalents and restricted cash at end of period | 2,725 | 4,376 |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | 2,657 | 4,272 |
Restricted cash included in Other current assets | 1 | 50 |
Restricted cash included in Other non-current assets | 67 | 54 |
Total cash, cash equivalents and restricted cash | $ 2,725 | $ 4,376 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Accumulated Deficit) | Noncontrolling Interests | |
Changes in Equity | ||||||||
Balance at beginning of period (in shares) | (5) | |||||||
Balance at beginning of period (in shares) at Dec. 31, 2021 | 797 | |||||||
Balance at beginning of period at Dec. 31, 2021 | $ 21,813 | $ 1,276 | $ (200) | $ 17,981 | $ (133) | $ 3,098 | $ (209) | |
Changes in Equity | ||||||||
Net income (loss) | 469 | 448 | 21 | |||||
Other comprehensive income (loss) | 121 | 121 | ||||||
Other comprehensive income (loss) | [1] | (439) | (439) | |||||
Distributions declared to noncontrolling interests | (59) | (59) | ||||||
Cash calls requested from noncontrolling interests | 30 | 30 | ||||||
Withholding of employee taxes related to stock-based compensation (in shares) | (1) | |||||||
Withholding of employee taxes related to stock-based compensation | (36) | $ (36) | ||||||
Acquisition of noncontrolling interests | (300) | (699) | 399 | |||||
Stock options exercised | 14 | 14 | ||||||
Stock-based awards and related share issuances (in shares) | 2 | |||||||
Stock-based awards and related share issuances | 18 | $ 2 | 16 | |||||
Balance at end of period (in shares) at Mar. 31, 2022 | 799 | |||||||
Balance at end of period at Mar. 31, 2022 | 21,631 | $ 1,278 | $ (236) | 17,312 | (12) | 3,107 | 182 | |
Contingently redeemable noncontrolling interest, Balance at beginning of period at Dec. 31, 2021 | 48 | |||||||
Contingently Redeemable Noncontrolling Interest | ||||||||
Reclassification of contingently redeemable noncontrolling interests (Note 1) | (48) | |||||||
Contingently redeemable noncontrolling interest, Balance at end of period at Mar. 31, 2022 | 0 | |||||||
Changes in Equity | ||||||||
Balance at beginning of period (in shares) | (6) | |||||||
Balance at beginning of period (in shares) | (6) | |||||||
Balance at beginning of period (in shares) at Dec. 31, 2022 | 799 | |||||||
Balance at beginning of period at Dec. 31, 2022 | 19,533 | $ 1,279 | $ (239) | 17,369 | 29 | 916 | 179 | |
Changes in Equity | ||||||||
Net income (loss) | 363 | 351 | 12 | |||||
Other comprehensive income (loss) | (6) | (6) | ||||||
Other comprehensive income (loss) | [2] | (319) | (319) | |||||
Distributions declared to noncontrolling interests | (40) | (40) | ||||||
Cash calls requested from noncontrolling interests | 31 | 31 | ||||||
Withholding of employee taxes related to stock-based compensation (in shares) | (1) | |||||||
Withholding of employee taxes related to stock-based compensation | (22) | $ (22) | ||||||
Stock-based awards and related share issuances (in shares) | 1 | |||||||
Stock-based awards and related share issuances | 19 | $ 2 | 17 | |||||
Balance at end of period (in shares) at Mar. 31, 2023 | 800 | |||||||
Balance at end of period at Mar. 31, 2023 | $ 19,559 | $ 1,281 | $ (261) | $ 17,386 | $ 23 | $ 948 | $ 182 | |
Changes in Equity | ||||||||
Balance at beginning of period (in shares) | (7) | |||||||
[1]Cash dividends paid per common share were $0.55 for the three months ended March 31, 2022.[2]Cash dividends paid per common share were $0.40 for the three months ended March 31, 2023. |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared per common share (in dollars per share) | $ 0.40 | $ 0.55 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2023 | |
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,” “we,” “us,” or the “Company”) are unaudited. In the opinion of management, all normal recurring adjustments and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with Newmont’s Consolidated Financial Statements for the year ended December 31, 2022 filed on February 23, 2023 on Form 10-K. The year-end balance sheet data was derived from the audited financial statements and, in accordance with the instructions to Form 10-Q, certain information and footnote disclosures required by GAAP have been condensed or omitted. Noncontrolling interests For the three months ended March 31, 2023, Net loss (income) attributable to noncontrolling interest is comprised of income of $12, all of which is related to Suriname Gold project C.V. (“Merian”). For the three months ended March 31, 2022, Net loss (income) attributable to noncontrolling interest is comprised of income of $20 and $1 related to Merian and Minera Yanacocha S.R.L. ("Yanacocha"), respectively. Newmont consolidates Merian through its wholly-owned subsidiary, Newmont Suriname LLC., in its Condensed Consolidated Financial Statements as the primary beneficiary of Merian, which is a variable interest entity. Yanacocha transaction In February 2022, the Company completed the acquisition of Compañia de Minas Buenaventura S.A.A. (“Buenaventura”) 43.65% noncontrolling interest in Yanacocha (the "Yanacocha Transaction") for $300 cash consideration, certain royalties on any production from other future potential projects, and contingent payments of up to $100 tied to higher metal prices, achieving commercial production at the Yanacocha Sulfides project and resolution on the outstanding Yanacocha tax dispute. Concurrently, the Company sold its 46.94% ownership interest in Minera La Zanja S.R.L. ("La Zanja") for a $45 loss on sale of its equity interest, included in Other income (loss), net |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Risks and Uncertainties The Company continues to experience the impacts from geopolitical and macroeconomic pressures. With the resulting volatile environment, the Company continues to monitor inflationary conditions, the effects of certain countermeasures taken by central banks, and the potential for further supply chain disruptions relating to the Russian invasion of Ukraine and the COVID-19 pandemic, as well as an uncertain and evolving labor market. Additionally, in early 2023 the banking industry experienced adversity including bank failures, take-overs, and entrance into receivership or insolvency, amongst other events. While the Company has not experienced any impacts from these recent events, further instability in the banking system could put the liquidity of Newmont and third parties with which we do business at risk. The Company maintains strict adherence to its cash investment policies which focus on highly rated investments and capital preservation mechanisms to achieve the Company’s strategic objectives. These factors could have further potential short- and, possibly, long-term material adverse impacts on the Company including, but not limited to, volatility in commodity prices and the prices for gold and other metals, changes in the equity and debt markets or country specific factors adversely impacting discount rates, significant cost inflation impacts on production, capital and asset retirement costs, logistical challenges, workforce interruptions and financial market disruptions, as well as potential impacts to estimated costs and timing of projects. In the third quarter of 2022, the Company announced the delay of the full-funds investment decision for the Yanacocha Sulfides project in Peru in response to the current market conditions. While the Company has extended the timeline of the full-funds decision, assessment of the project remains a priority as the Company continues to advance engineering and long-term procurement activities. The delay of the Yanacocha Sulfides project is intended to focus funds on current operations and other capital commitments while management assesses execution and project options, up to and including transitioning Yanacocha operations into full closure. To the extent that assessment determines that the project is no longer sufficiently profitable or economically feasible under the Company’s internal requirements, it would result in negative modifications to our proven and probable reserves. Additionally, should the Company ultimately decide to forgo the development of Yanacocha Sulfides, the current carrying value of the assets under construction and other long-lived assets of the Yanacocha operations could become impaired and the timing of certain closure activities would be accelerated. As of March 31, 2023, the Yanacocha operations have total long-lived assets of approximately $1,065, inclusive of approximately $683 of assets under construction related to Yanacocha Sulfides. Refer also to our risk factors under the titles "Estimates relating to projects and mine plans of existing operations are uncertain and we may incur higher costs and lower economic returns than estimated ” and "Our long-lived assets and goodwill could become impaired, which could have a material non-cash adverse effect on our results of operations ” included in Part I of the Company's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 23, 2023, for further information. Additionally, the Company continues to hold the Conga project in Peru, which we do not currently anticipate developing in the next ten years as we continue to assess Yanacocha Sulfides; accordingly, the Conga project remains in care and maintenance. Should we be unable to develop the Conga project or conclude that future development is not in the best interest of the business, we may consider other alternatives for the project, which may result in a future impairment charge for the remaining assets. The total assets at Conga were $898 at March 31, 2023. The Company will continue to monitor and evaluate the potential impacts of the current and ongoing inflationary pressures and supply chain disruptions. Depending on the duration and extent of ongoing global developments and inflationary conditions, these factors 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 . Refer to Note 17 below for further information on risks and uncertainties that could have a potential impact on the Company as well as Note 2 of the Consolidated Financial Statements included in Part II of the Company's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 23, 2023. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. The Company must make these estimates and assumptions because certain information used is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. Actual results could differ from these estimates. Reclassifications Certain amounts and disclosures in prior years have been reclassified to conform to the current year presentation. Recently Issued Accounting Pronouncements and Federal Laws Effects of Reference Rate Reform In March 2020, ASU No. 2020-04 was issued which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform. In January 2021, ASU No. 2021-01 was issued which broadened the scope of ASU No. 2020-04 to include certain derivative instruments. In December 2022, ASU No. 2022-06 was issued which deferred the sunset date of ASU No. 2020-04. The guidance is effective for all entities as of March 12, 2020 through December 31, 2024. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. The Company is in the process of reviewing key contracts to identify any contracts that reference the LIBOR and to implement adequate fallback provisions if not already implemented to mitigate the risks or impacts from the transition. No material impacts are expected to the consolidated financial statements or disclosures. Inflation Reduction Act In August 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the "IRA") into law. The IRA introduced an excise tax on stock repurchases of 1% of the fair market value of stock repurchases net of stock issued during the tax year and a corporate alternative minimum tax (the "Corporate AMT") of 15% on the adjusted financial statement income ("AFSI") of corporations with average AFSI exceeding $1 billion over a three-year period. The excise tax on stock repurchases is effective on net stock repurchases made after December 31, 2022 and the Corporate AMT is effective for tax periods beginning in fiscal year 2023. While waiting on pending Department of Treasury regulatory guidance, the Company is continuing to monitor developments. Based upon information known to date, the IRA had no material impact on our current consolidated financial statements and is not expected to have a material impact on future consolidated financial statements, disclosures, or cash flows. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company regularly reviews its segment reporting for alignment with its strategic goals and operational structure as well as for evaluation of business performance and allocation of resources by Newmont’s Chief Operating Decision Maker ("CODM"). In January 2023, Newmont reassessed and revised its operating strategies and the accountabilities of the senior leadership team in light of the continuing volatile and uncertain market conditions. Following these changes, the Company reevaluated its segments to reflect certain changes in the financial information regularly reviewed by the CODM. As a result, the Company determined that its reportable segments were each of its 12 mining operations and its 38.5% interest in Nevada Gold Mines ("NGM"), which is accounted for using the proportionate consolidation method. Segment results for the prior periods have been recast to reflect the change in reportable segments. In the following tables, Income (loss) before income and mining tax and other items from reportable segments does not reflect general corporate expenses, interest (except project-specific interest) or income and mining taxes. Intercompany revenue and expense amounts have been eliminated within each segment in order to report on the basis that management uses internally for evaluating segment performance. The Company's business activities and operating segments that are not considered reportable, including all equity method investments, are reported in Corporate and Other, which has been provided for reconciliation purposes. The financial information relating to the Company’s segments is as follows: 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 March 31, 2023 CC&V $ 91 $ 51 $ 7 $ 3 $ 27 $ 10 Musselwhite 83 58 19 1 6 14 Porcupine 123 70 29 4 15 22 Éléonore 129 75 27 1 26 14 Peñasquito: Gold 110 67 20 Silver 117 82 25 Lead 32 22 7 Zinc 117 86 24 Total Peñasquito 376 257 76 3 22 35 Merian 159 85 18 3 53 14 Cerro Negro 116 70 31 2 7 35 Yanacocha 100 56 16 3 — 63 Boddington: Gold 381 167 28 Copper 110 53 9 Total Boddington 491 220 37 2 233 37 Tanami 123 61 19 4 40 74 Ahafo 249 130 39 6 71 90 Akyem 148 63 29 3 49 10 Nevada Gold Mines 491 286 106 7 85 84 Corporate and Other — — 8 41 (95) 6 Consolidated $ 2,679 $ 1,482 $ 461 $ 83 $ 539 $ 508 ____________________________ (1) Includes a decrease in accrued capital expenditures of $18. Consolidated capital expenditures on a cash basis were $526. 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 March 31, 2022 CC&V $ 68 $ 52 $ 16 $ 1 $ (3) $ 4 Musselwhite 60 43 16 1 (3) 6 Porcupine 114 66 22 3 17 36 Éléonore 94 62 29 — (1) 10 Peñasquito: Gold 252 87 39 Silver 156 97 44 Lead 44 22 10 Zinc 210 86 35 Total Peñasquito 662 292 128 5 241 40 Merian 195 87 22 3 81 11 Cerro Negro 122 63 39 3 8 28 Yanacocha 127 67 25 1 7 56 Boddington: Gold 381 162 28 Copper 99 46 8 Total Boddington 480 208 36 1 233 18 Tanami 186 65 22 6 78 84 Ahafo 202 106 31 4 67 59 Akyem 169 67 30 4 67 12 Nevada Gold Mines 544 257 125 6 153 66 Corporate and Other — — 6 44 (317) 16 Consolidated $ 3,023 $ 1,435 $ 547 $ 82 $ 628 $ 446 ____________________________ (1) Includes an increase in accrued capital expenditures of $9; consolidated capital expenditures on a cash basis were $437. |
SALES
SALES | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 CC&V $ 91 $ — $ 91 Musselwhite 83 — 83 Porcupine 123 — 123 Éléonore 129 — 129 Peñasquito: Gold 15 95 110 Silver (1) — 117 117 Lead — 32 32 Zinc — 117 117 Total Peñasquito 15 361 376 Merian 159 — 159 Cerro Negro 116 — 116 Yanacocha 94 6 100 Boddington: Gold 93 288 381 Copper — 110 110 Total Boddington 93 398 491 Tanami 123 — 123 Ahafo 249 — 249 Akyem 148 — 148 Nevada Gold Mines (2) 473 18 491 Consolidated $ 1,896 $ 783 $ 2,679 ____________________________ (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 $481 for the three months ended March 31, 2023. Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales Three Months Ended March 31, 2022 CC&V $ 63 $ 5 $ 68 Musselwhite 60 — 60 Porcupine 114 — 114 Éléonore 94 — 94 Peñasquito: Gold 31 221 252 Silver (1) — 156 156 Lead — 44 44 Zinc — 210 210 Total Peñasquito 31 631 662 Merian 195 — 195 Cerro Negro 122 — 122 Yanacocha 127 — 127 Boddington: Gold 91 290 381 Copper — 99 99 Total Boddington 91 389 480 Tanami 186 — 186 Ahafo 202 — 202 Akyem 169 — 169 Nevada Gold Mines (2) 529 15 544 Consolidated $ 1,983 $ 1,040 $ 3,023 ____________________________ (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 $526 for the three months ended March 31, 2022. Trade Receivables and Provisional Sales At March 31, 2023 and December 31, 2022, Trade receivables primarily consisted of sales from provisionally priced concentrate and other production. The impact to Sales from revenue recognized due to the changes in pricing on provisional sales is an increase of $22 and $58 for the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023, Newmont had the following provisionally priced concentrate sales subject to final pricing over the next several months: Gold Copper Silver Lead Zinc (ounces, (pounds, (ounces, (pounds, (pounds, Provisionally priced sales subject to final pricing (1) 132 37 3,493 19 59 Average provisional price, per measure $ 1,969 $ 4.05 $ 24.08 $ 0.96 $ 1.33 ____________________________ (1) Includes provisionally priced by-product sales subject to final pricing, which are recognized within Costs applicable to sales. |
RECLAMATION AND REMEDIATION
RECLAMATION AND REMEDIATION | 3 Months Ended |
Mar. 31, 2023 | |
Environmental Remediation Obligations [Abstract] | |
RECLAMATION AND REMEDIATION | RECLAMATION AND REMEDIATIONThe 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 2023 2022 Reclamation adjustments and other $ 2 $ 1 Reclamation accretion 60 43 Reclamation expense 62 44 Remediation adjustments and other 2 16 Remediation accretion 2 1 Remediation expense 4 17 Reclamation and remediation $ 66 $ 61 The following are reconciliations of Reclamation and remediation liabilities : Reclamation Remediation (1) 2023 2022 2023 2022 Balance at January 1, $ 6,731 $ 5,768 $ 373 $ 344 Additions, changes in estimates and other — — — 13 Payments, net (41) (32) (5) (6) Accretion expense 60 43 2 1 Balance at March 31, $ 6,750 $ 5,779 $ 370 $ 352 ____________________________ (1) The $13 addition for the three months ended March 31, 2022 is due to expected higher waste disposal costs at Midnite Mine. At March 31, 2023 At December 31, 2022 Reclamation Remediation Total Reclamation Remediation Total Current (1) $ 473 $ 44 $ 517 $ 482 $ 44 $ 526 Non-current (2) 6,277 326 6,603 6,249 329 6,578 Total (3) $ 6,750 $ 370 $ 7,120 $ 6,731 $ 373 $ 7,104 ____________________________ (1) The current portion of reclamation and remediation liabilities are included in Other current liabilities . (2) The non-current portion of reclamation and remediation liabilities are included in Reclamation and remediation liabilities. (3) Total reclamation liabilities include $3,721 and $3,722 related to Yanacocha at March 31, 2023 and December 31, 2022, respectively. The Company is also involved in several matters concerning environmental remediation obligations associated with former, primarily historic, mining activities. Generally, these matters concern developing and implementing remediation plans at the various sites involved. The amounts accrued are reviewed periodically based upon facts and circumstances available at the time. Changes in estimates are recorded in Other current liabilities and Reclamation and remediation liabilities in the period estimates are revised. Included in Other non-current assets at March 31, 2023 and December 31, 2022 are $62 and $62 respectively, of non-current restricted cash held for purposes of settling reclamation and remediation obligations. The amounts at March 31, 2023 and December 31, 2022 primarily relate to the Ahafo and Akyem mines. Included in Other non-current assets at March 31, 2023 and December 31, 2022 are $34 and $35, respectively, of non-current restricted investments, which are legally pledged for purposes of settling reclamation and remediation obligations. The amounts at March 31, 2023 and December 31, 2022 primarily relate to San Jose Reservoir at Yanacocha. Refer to Note 17 for further discussion of reclamation and remediation matters. |
OTHER EXPENSE, NET
OTHER EXPENSE, NET | 3 Months Ended |
Mar. 31, 2023 | |
Operating Costs and Expenses [Abstract] | |
OTHER EXPENSE, NET | OTHER EXPENSE, NET Three Months Ended 2023 2022 Impairment charges $ 4 $ — Restructuring and severance 2 1 COVID-19 specific costs (1) — 17 Settlement costs — 13 Other 2 4 Other expense, net $ 8 $ 35 ____________________________ (1) Beginning January 1, 2023, COVID-19 specific costs incurred in the ordinary course of business are recognized in Costs applicable to sales . |
OTHER INCOME (LOSS), NET
OTHER INCOME (LOSS), NET | 3 Months Ended |
Mar. 31, 2023 | |
Other Income, Nonoperating [Abstract] | |
OTHER INCOME (LOSS), NET | OTHER INCOME (LOSS), NET Three Months Ended 2023 2022 Change in fair value of investments $ 41 $ 39 Gain (loss) on asset and investment sales, net (1) 36 (35) Interest 36 5 Foreign currency exchange, net (11) 1 Pension settlement (2) — (130) Other (3) 11 Other income (loss), net $ 99 $ (109) ____________________________ (1) For the three months ended March 31, 2023, primarily consists of the gain recognized on the exchange of the previously held Maverix Metals, Inc. ("Maverix") investment for the Triple Flag Precious Metals Corporation ("Triple Flag") investment in January 2023, partially offset by the loss on the sale of the Triple Flag investment in March 2023. Refer to Note 10 for further information. For the three months ended March 31, 2022, primarily consists of the loss recognized on the sale of the La Zanja equity method investment. Refer to Note 1 for further information. (2) Primarily relates to the non-cash pension settlement charges of $130 resulting from the Company executing an annuitization to transfer a portion of the pension plan obligations from the Company's U.S. qualified defined benefit pension plans to an insurance company using plan assets during the first quarter of 2022. |
INCOME AND MINING TAXES
INCOME AND MINING TAXES | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, (1) 2023 2022 Income (loss) before income and mining tax and other items $ 539 $ 628 U.S. federal statutory tax rate 21 % $ 113 21 % $ 132 Reconciling items: Foreign rate differential 8 43 11 69 Mining and other taxes (net of associated federal benefit) 5 29 6 37 Other 6 28 (4) (24) Income and mining tax expense (benefit) 40 % $ 213 34 % $ 214 ____________________________ (1) Tax rates may not recalculate due to rounding. |
FAIR VALUE ACCOUNTING
FAIR VALUE ACCOUNTING | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE ACCOUNTING | FAIR VALUE ACCOUNTINGThe following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Refer to Note 13 of the Consolidated Financial Statements included in Part II of the Company's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 23, 2023 for further information on the Company's assets and liabilities included in the fair value hierarchy presented below. Fair Value at March 31, 2023 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents (1) $ 2,657 $ 2,657 $ — $ — Restricted cash 68 68 — — Time deposits and other (Note 10) 815 — 815 — Trade receivable from provisional sales, net 348 — 348 — Marketable equity securities (Note 10) 299 288 11 — Restricted marketable debt securities (Note 10) 26 22 4 — Restricted other assets (Note 10) 8 8 — — Contingent consideration assets 187 — — 187 Derivative assets 12 — 12 — $ 4,420 $ 3,043 $ 1,190 $ 187 Liabilities: Debt (2) $ 5,320 $ — $ 5,320 $ — Contingent consideration liabilities 5 — — 5 $ 5,325 $ — $ 5,320 $ 5 Fair Value at December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents (1) $ 2,877 $ 2,877 $ — $ — Restricted cash 67 67 — — Time deposits and other (Note 10) 846 — 846 — Trade receivable from provisional sales, net 364 — 364 — Long-lived assets 25 — — 25 Marketable equity securities (Note 10) 260 250 10 — Restricted marketable debt securities (Note 10) 27 23 4 — Restricted other assets (Note 10) 8 8 — — Contingent consideration assets 188 — — 188 Derivative assets 20 — 20 — $ 4,682 $ 3,225 $ 1,244 $ 213 Liabilities: Debt (2) $ 5,136 $ — $ 5,136 $ — Contingent consideration liabilities 3 — — 3 $ 5,139 $ — $ 5,136 $ 3 ____________________________ (1) Cash and cash equivalents include time deposits that have an original maturity of three months or less. (2) Debt is carried at amortized cost. The outstanding carrying value was $5,572 and $5,571 at March 31, 2023 and December 31, 2022, respectively. Refer to Note 13 for further information. The fair value measurement of debt was based on an independent third-party pricing source. 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 March 31, 2023 and December 31, 2022: Description At March 31, 2023 Valuation Technique Significant Input Range, Point Estimate or Average Contingent consideration assets $ 187 Monte Carlo (1) Discount rate (2) 8.76 - 29.59 % Contingent consideration liabilities $ 5 Discounted cash flow Discount rate (2) 5.56 - 7.08 % Description At December 31, 2022 Valuation Technique Significant Input Range, Point Estimate or Average Long-lived assets $ 25 Market-based approach Various (3) Various (3) Contingent consideration assets $ 188 Monte Carlo (1) Discount rate (2) 8.75 - 29.59 % Contingent consideration liabilities $ 3 Discounted cash flow Discount rate (2) 5.56 - 7.08 % ____________________________ (1) A Monte Carlo valuation model is used for the fair value measurement of the Batu Hijau contingent consideration asset. All other contingent consideration assets are valued using a probability-weighted discounted cash flow where the significant input is the discount rate. (2) The weighted average discount rate used to calculate the Company’s contingent consideration assets and liabilities is 11.85% and 6.47%, respectively, at March 31, 2023 and 11.86% and 6.07%, respectively, at December 31, 2022. Various other inputs including, but not limited to, metal prices and production profiles were considered in determining the fair value of the individual contingent consideration assets and liabilities. (3) At December 31, 2022, the Company recognized an impairment charge on the long-lived assets at CC&V, which resulted in a remaining long-lived asset balance of $25. The impairment was determined using the income approach and included the following significant inputs (i) updated cash flow information from the Company's business and closure plans at December 31, 2022, (ii) a short-term gold price of $1,750, (iii) a long-term gold price of $1,600, (iv) current estimates of reserves, resources, and exploration potential, and (v) a country specific pre-tax discount rate of 6.75%. The Company performed a nonrecurring fair value measurement and estimated the fair value of the remaining asset balance using a market-based approach based on the appraised value in an assumed sale to a third-party market participant. 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, 2022 $ 188 $ 188 $ 3 $ 3 Revaluation (1) (1) 2 2 Fair value at March 31, 2023 $ 187 $ 187 $ 5 $ 5 Contingent Consideration Assets (1) Total Assets Contingent consideration liabilities Total liabilities Fair value at December 31, 2021 $ 171 $ 171 $ 5 $ 5 Revaluation 8 8 — — Fair value at March 31, 2022 $ 179 $ 179 $ 5 $ 5 ____________________________ (1) In 2023, the (loss) gain recognized on revaluation of $(7) and $6 is included in Other Income (loss), net and Net income (loss) from discontinued operations , respectively. In 2022, the gain recognized on revaluation is included in Net income (loss) from discontinued operations |
INVESTMENTS
INVESTMENTS | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS At March 31, At December 31, Time deposits and other investments: Time deposits and other (1) $ 815 $ 846 Marketable equity securities 32 34 $ 847 $ 880 Non-current investments: Marketable equity securities $ 267 $ 226 Equity method investments: Pueblo Viejo Mine (40.0%) $ 1,466 $ 1,435 NuevaUnión Project (50.0%) 960 956 Norte Abierto Project (50.0%) 523 518 Maverix Metals, Inc. (—% and 28.5%, respectively) (2) — 143 2,949 3,052 $ 3,216 $ 3,278 Non-current restricted investments: (3) Marketable debt securities $ 26 $ 27 Other assets 8 8 $ 34 $ 35 ____________________________ (1) At March 31, 2023 and December 31, 2022, Time deposits and other primarily includes time deposits with an original maturity of more than three months but less than one year of $797 and $829, respectively, and related accrued interest of $7 and $9, respectively. (2) In January 2023, Maverix was fully acquired by Triple Flag. The Company's ownership interest in the newly combined company was subsequently sold in March 2023. Refer to "Maverix Metals, Inc." below for further information. (3) Non-current restricted investments are legally pledged for purposes of settling reclamation and remediation obligations and are included in Other non-current assets . Refer to Note 5 for further information regarding these amounts. Equity method investments Income (loss) from the Company's equity method investments is recognized in Equity income (loss) of affiliates, which for the three months ended March 31, 2023 and March 31, 2022 primarily consists of income of $21 and $35, respectively, from the Pueblo Viejo mine. See below for further information on the Company's equity method investments. Pueblo Viejo As of March 31, 2023 and December 31, 2022, the Company had outstanding shareholder loans to Pueblo Viejo of $374 and $356, with accrued interest of $4 and $8, respectively, included in the Pueblo Viejo equity method investment. Additionally, the Company has an unfunded commitment to Pueblo Viejo in the form of a revolving loan facility ("Revolving Facility"). There were no borrowings outstanding under the Revolving Facility as of March 31, 2023. 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 $117 and $138 for the three months ended March 31, 2023 and March 31, 2022, respectively. These purchases, net of subsequent sales, are included in Other income (loss), net and the net amount is immaterial. There were no amounts due to or due from Pueblo Viejo for gold and silver purchases as of March 31, 2023 or December 31, 2022. Maverix Metals, Inc. In January 2023, Triple Flag acquired all of the issued and outstanding common shares of Maverix, resulting in Newmont holding a 7.5% ownership interest in the combined company. Prior to close, Newmont held 28.5% of Maverix’s outstanding common shares. In March 2023, the Company sold all of its common shares in Triple Flag. As a result, a net gain of $36 was recognized in the first quarter of 2023, which is included in Other income, net |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES At March 31, At December 31, Materials and supplies $ 779 $ 750 In-process 134 123 Concentrate 85 47 Precious metals 69 59 Inventories $ 1,067 $ 979 At March 31, 2023 At December 31, 2022 Stockpiles Ore on Leach Pads Total Stockpiles Ore on Leach Pads Total Current $ 580 $ 325 $ 905 $ 480 $ 294 $ 774 Non-current 1,372 319 1,691 1,391 325 1,716 Total $ 1,952 $ 644 $ 2,596 $ 1,871 $ 619 $ 2,490 |
STOCKPILES AND ORE ON LEACH PAD
STOCKPILES AND ORE ON LEACH PADS | 3 Months Ended |
Mar. 31, 2023 | |
STOCKPILES AND ORE ON LEACH PADS | |
STOCKPILES AND ORE ON LEACH PADS | INVENTORIES At March 31, At December 31, Materials and supplies $ 779 $ 750 In-process 134 123 Concentrate 85 47 Precious metals 69 59 Inventories $ 1,067 $ 979 At March 31, 2023 At December 31, 2022 Stockpiles Ore on Leach Pads Total Stockpiles Ore on Leach Pads Total Current $ 580 $ 325 $ 905 $ 480 $ 294 $ 774 Non-current 1,372 319 1,691 1,391 325 1,716 Total $ 1,952 $ 644 $ 2,596 $ 1,871 $ 619 $ 2,490 |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Scheduled minimum debt repayments are as follows: At March 31, Year Ending December 31, 2023 (for the remainder of 2023) $ — 2024 — 2025 — 2026 — 2027 — Thereafter 5,624 Total face value of debt 5,624 Unamortized premiums, discounts, and issuance costs (52) Debt $ 5,572 |
OTHER LIABILITIES
OTHER LIABILITIES | 3 Months Ended |
Mar. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES At March 31, At December 31, Other current liabilities: Reclamation and remediation liabilities $ 517 $ 526 Accrued operating costs 338 370 Accrued capital expenditures 203 221 Payables to NGM (1) 57 73 Other (2) 378 409 $ 1,493 $ 1,599 Other non-current liabilities: Income and mining taxes (3) $ 217 $ 206 Other (4) 220 224 $ 437 $ 430 _________________________ (1) Primarily consists of amounts due to NGM representing Barrick's 61.5% proportionate share of the amount owed to NGM for gold and silver purchased by Newmont. Newmont’s 38.5% share of such amounts is eliminated upon proportionate consolidation of its interest in NGM. Receivables for Newmont's 38.5% proportionate share related to NGM's activities with Barrick are presented within Other current assets. (2) Primarily consists of the current portion of the silver streaming agreement liability, royalties, taxes other than income and mining taxes, and accrued interest on debt. (3) Primarily consists of unrecognized tax benefits, including penalties and interest. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended |
Mar. 31, 2023 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 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, 2022 $ (1) $ 126 $ (27) $ (69) $ 29 Net current-period other comprehensive income (loss): Gain (loss) in other comprehensive income (loss) before reclassifications (1) (1) (3) (4) (9) (Gain) loss reclassified from accumulated other comprehensive income (loss) — — 2 1 3 Other comprehensive income (loss) (1) (1) (1) (3) (6) Balance at March 31, 2023 $ (2) $ 125 $ (28) $ (72) $ 23 |
NET CHANGE IN OPERATING ASSETS
NET CHANGE IN OPERATING ASSETS AND LIABILITIES | 3 Months Ended |
Mar. 31, 2023 | |
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: Three Months Ended 2023 2022 Decrease (increase) in operating assets: Trade and other receivables $ (25) $ (21) Inventories, stockpiles and ore on leach pads (171) (44) Other assets 19 (3) Increase (decrease) in operating liabilities: Accounts payable 19 (46) Reclamation and remediation liabilities (46) (38) Accrued tax liabilities 1 (165) Other accrued liabilities (159) (148) Net change in operating assets and liabilities $ (362) $ (465) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2023 | |
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 Yanacocha reportable segment. The Newmont Ghana Gold and Newmont Golden Ridge matters relate to the Ahafo and Akyem reportable segments, respectively. The CC&V matter relates to the CC&V reportable segment. The Mexico tax matter relates to the Peñasquito reportable segment. Environmental Matters Refer to Note 5 for further information regarding reclamation and remediation. Details about certain significant matters are discussed below. Minera Yanacocha S.R.L. - 100% Newmont Owned In early 2015 and again in June 2017, the Peruvian government agency responsible for certain environmental regulations, 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 MINEM. The Company did not receive a response or comments to this submission until April 2021. 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. In May 2022, Yanacocha submitted a proposed modification to this plan requesting an extension of time for coming into full compliance with the new regulations in 2027. 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 noncompliance 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 conducting detailed studies to better estimate water management and other closure activities that will ensure water quality and quantity discharge requirements, including the modifications promulgated by MINAM, as referenced above, will be met. This also includes performing a comprehensive update to the Yanacocha reclamation plan to address changes in closure activities and estimated closure costs while preserving optionality for potential future projects at Yanacocha. These ongoing studies, which will extend beyond the current year, continue to evaluate and revise assumptions and estimated costs of changes to the reclamation plan. While certain estimated costs remain subject to revision, the Company’s current asset retirement obligation includes plans for the construction and post-closure management of two new water treatment plants and initial consideration of known risks (including the associated risk that these water treatment estimates could change in the future as more work is completed). The ultimate construction costs of the two water treatment plants remain highly uncertain as ongoing study work and assessment of opportunities that incorporates the latest design considerations remain in progress. These and other additional risks and contingencies that are the subject of ongoing studies, including, but not limited to, a comprehensive review of the Company's tailings storage facility management, review of Yanacocha’s water balance and storm water management system, and review of post-closure management costs, could result in future material increases to the reclamation obligation at Yanacocha. Yanacocha experienced heavy rainfall in early 2022, above average historical levels, which resulted in significant water balance stress and required active emergency management. Yanacocha has been in communication with Organismo Evaluación y Fiscalización Ambiental (“OEFA”), under MINAM, and local government regarding the emergency measures undertaken and contingency planning. Yanacocha was able to prevent any offsite release of untreated water, but did need to accumulate untreated water in mine pits. If accumulation in pits or other emergency measures are deemed a violation of existing permits, it could result in fines and penalties for unauthorized discharge. Such fines and penalties, if ultimately assessed, are currently unknown and otherwise cannot be reasonably estimated at this time. Extended periods of rainfall, more extreme storm events or increased overall rainfall beyond historical or planned levels may also result in flooding or stress of mine pits and maintenance and storage facilities (e.g., tailings water), unpermitted off-site discharges, delays to planned study work, increased cost related to water infrastructure adjustments and potential negative impacts to permitting and operations. Cripple Creek & Victor Gold Mining Company LLC - 100% Newmont Owned In December 2021, Cripple Creek & Victor Gold Mining Company LLC (“CC&V”, a wholly-owned subsidiary of the Company) entered into a Settlement Agreement (“Settlement Agreement”) with the Water Quality Control Division of the Colorado Department of Public Health and Environment (the “Division”) with a mutual objective of resolving issues associated with the new discharge permits issued by the Division in January 2021 for the historic Carlton Tunnel. The Carlton Tunnel was a historic tunnel completed in 1941 with the purpose of draining the southern portion of the mining district, subsequently consolidated by CC&V. CC&V has held discharge permits for the Carlton Tunnel since 1983, but the January 2021 new permits contained new water quality limits. The Settlement Agreement involves the installation of interim passive water treatment and ongoing monitoring over the next three years, and then more long-term water treatment installed with target compliance by November 2027. In 2022, the Company studied various interim passive water treatment options, reported the study results to the Division, and based on an evaluation of additional semi-passive options that involve the usage of power at the portal, updated the remediation liability to $20. CC&V continues to study alternative long-term remediation plans for water discharged from the Carlton Tunnel. Depending on the remediation plans that may ultimately be agreed with the Division, a material adjustment to the remediation liability may be required. Dawn Mining Company LLC (“Dawn”) - 58.19% Newmont Owned Midnite mine site and Dawn mill site . Dawn previously leased an open pit uranium mine, currently inactive, on the Spokane Indian Reservation in the State of Washington. The mine site is subject to regulation by agencies of the U.S. Department of Interior (the Bureau of Indian Affairs and the Bureau of Land Management), as well as the EPA. As per the Consent Decree approved by the U.S. District Court for the Eastern District of Washington on January 17, 2012, the following actions were required of Newmont, Dawn, the Department of the Interior and the EPA: (i) Newmont and Dawn would design, construct and implement the cleanup plan selected by the EPA in 2006 for the Midnite mine site; (ii) Newmont and Dawn would reimburse the EPA for its past costs associated with overseeing the work; (iii) the Department of the Interior would contribute a lump sum amount toward past EPA costs and future costs related to the cleanup of the Midnite mine site; (iv) Newmont and Dawn would be responsible for all future EPA oversight costs and Midnite mine site cleanup costs; and (v) Newmont would post a surety bond for work at the site. During 2012, the Department of Interior contributed its share of past EPA costs and future costs related to the cleanup of the Midnite mine site. In 2016, Newmont completed the remedial design process, with the exception of the new WTP design which was awaiting the approval of the new NPDES permit. Subsequently, the new NPDES permit was received in 2017 and the WTP design commenced in 2018. The EPA completed their assessment and approval of the WTP design in 2021 and Newmont has selected contractors for the construction of the new water treatment plant and effluent pipeline. Construction of the effluent pipeline began in 2021, and construction of the new WTP began in 2022. The Dawn mill site is regulated by the Washington Department of Health (the "WDOH") and is in the process of being closed in accordance with the federal Uranium Mill Tailings Radiation Control Act, and associated Washington state regulations. Remediation at the Dawn mill site began in 2013. The Tailing Disposal Area 1-4 reclamation earthworks component was completed during 2017 with the embankment erosion protection completed in the second quarter of 2018. The remaining closure activities will consist primarily of finalizing an Alternative Concentration Limit application (the "ACL application") submitted in 2020 to the WDOH to address groundwater issues, and also evaporating the remaining balance of process water at the site. In the fourth quarter of 2022, the WDOH provided comments on the ACL application, which Newmont is evaluating and conducting studies to better understand and respond to the comments provided by the WDOH. These studies and the related comment process will extend beyond the current year and could result in future material increases to the remediation obligation. The remediation liability for the Midnite mine site and Dawn mill site is approximately $185, assumed 100% by Newmont, at March 31, 2023. Goldcorp Canada Ltd. - 100% Newmont Owned Porcupine mine site. The Porcupine complex is comprised of active open pit and underground mining operations as well as inactive, legacy sites from its extensive history of mining gold in and around the city of Timmins, Ontario since the early 1900s. As a result of these primarily historic mining activities, there are mine hazards in the area that could require some form of reclamation. The Company is conducting studies to better catalog, prioritize, and update its existing information of these historical mine hazards, to inform its closure plans and estimated closure costs. These studies will extend beyond the current year and could result in future material increases to the reclamation obligation at Porcupine. Other Legal Matters Newmont Corporation, as well as Newmont Canada Corporation, and Newmont Canada FN Holdings ULC – 100% Newmont Owned Kirkland Lake Gold Inc., which was acquired by Agnico Eagle Mines Limited in 2022 (still referred to herein as “Kirkland” for ease of reference), owns certain mining and mineral rights in northeastern Ontario, Canada, referred to here as the Holt-McDermott property, on which it suspended operations in April 2020. A subsidiary of the Company has a retained royalty obligation (“Holt royalty obligation”) to Royal Gold, Inc. (“Royal Gold”) for production on the Holt-McDermott property. In August 2020, the Company and Kirkland signed a Strategic Alliance Agreement (the “Kirkland Agreement”). As part of the Kirkland Agreement, the Company purchased an option (the “Holt option”) for $75 from Kirkland for the mining and mineral rights subject to the Holt royalty obligation. The Company has the right to exercise the Holt option and acquire ownership to the mineral interests subject to the Holt royalty obligation in the event Kirkland intends to resume operations and process material subject to the obligation. Kirkland has the right to assume the Company’s Holt royalty obligation at any time, in which case the Holt option would terminate. On August 16, 2021, International Royalty Corporation (“IRC”), a wholly-owned subsidiary of Royal Gold, filed an action in the Supreme Court of Nova Scotia against Newmont Corporation, Newmont Canada Corporation, Newmont Canada FN Holdings ULC (collectively "Newmont"), and certain Kirkland defendants (collectively "Kirkland"). IRC alleges the Kirkland Agreement is oppressive to the interests of Royal Gold under the Nova Scotia Companies Act and the Canada Business Corporations Act, and that, by entering into the Kirkland Agreement, Newmont breached its contractual obligations to Royal Gold. IRC seeks declaratory relief, and $350 in alleged royalty payments that it claims Newmont expected to pay under the Holt royalty obligation, but for the Kirkland Agreement. Kirkland filed a motion seeking dismissal of the case against it, which the court granted in October 2022. Newmont submitted its statement of defense on February 27, 2023. Newmont 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, along with the other defendants, filed a motion to dismiss based on delay on November 29, 2022. Newmont intends to vigorously defend this matter, but cannot reasonably predict the outcome. Newmont Ghana Gold Limited and Newmont Golden Ridge Limited - 100% Newmont Owned On December 24, 2018, two individual plaintiffs, who are members of the Ghana Parliament (“Plaintiffs”), filed a writ to invoke the original jurisdiction of the Supreme Court of Ghana. On January 16, 2019, Plaintiffs filed the Statement of Plaintiff’s Case outlining the details of the Plaintiff’s case and subsequently served Newmont Ghana Gold Limited (“NGGL”) and Newmont Golden Ridge Limited (“NGRL”) along with the other named defendants, the Attorney General of Ghana, the Minerals Commission of Ghana and 33 other mining companies with interests in Ghana. The Plaintiffs allege that under article 268 of the 1992 Constitution of Ghana, the mining company defendants are not entitled to carry out any exploitation of minerals or other natural resources in Ghana, unless their respective transactions, contracts or concessions are ratified or exempted from ratification by the Parliament of Ghana. Newmont’s current mining leases are both ratified by Parliament; NGGL June 13, 2001 mining lease, ratified by Parliament on October 21, 2008, and NGRL January 19, 2010 mining lease; ratified by Parliament on December 3, 2015. The writ alleges that any mineral exploitation prior to Parliamentary ratification is unconstitutional. The Plaintiffs seek several remedies including: (i) a declaration as to the meaning of constitutional language at issue; (ii) an injunction precluding exploitation of minerals for any mining company without prior Parliamentary ratification; (iii) a declaration that all revenue as a result of violation of the Constitution shall be accounted for and recovered via cash equivalent; and (iv) an order that the Attorney General and Minerals Commission submit all un-ratified mining leases, undertakings or contracts to Parliament for ratification. Newmont intends to vigorously defend this matter, but cannot reasonably predict the outcome. 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. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Risks and Uncertainties | Risks and Uncertainties The Company continues to experience the impacts from geopolitical and macroeconomic pressures. With the resulting volatile environment, the Company continues to monitor inflationary conditions, the effects of certain countermeasures taken by central banks, and the potential for further supply chain disruptions relating to the Russian invasion of Ukraine and the COVID-19 pandemic, as well as an uncertain and evolving labor market. Additionally, in early 2023 the banking industry experienced adversity including bank failures, take-overs, and entrance into receivership or insolvency, amongst other events. While the Company has not experienced any impacts from these recent events, further instability in the banking system could put the liquidity of Newmont and third parties with which we do business at risk. The Company maintains strict adherence to its cash investment policies which focus on highly rated investments and capital preservation mechanisms to achieve the Company’s strategic objectives. These factors could have further potential short- and, possibly, long-term material adverse impacts on the Company including, but not limited to, volatility in commodity prices and the prices for gold and other metals, changes in the equity and debt markets or country specific factors adversely impacting discount rates, significant cost inflation impacts on production, capital and asset retirement costs, logistical challenges, workforce interruptions and financial market disruptions, as well as potential impacts to estimated costs and timing of projects. In the third quarter of 2022, the Company announced the delay of the full-funds investment decision for the Yanacocha Sulfides project in Peru in response to the current market conditions. While the Company has extended the timeline of the full-funds decision, assessment of the project remains a priority as the Company continues to advance engineering and long-term procurement activities. The delay of the Yanacocha Sulfides project is intended to focus funds on current operations and other capital commitments while management assesses execution and project options, up to and including transitioning Yanacocha operations into full closure. To the extent that assessment determines that the project is no longer sufficiently profitable or economically feasible under the Company’s internal requirements, it would result in negative modifications to our proven and probable reserves. Additionally, should the Company ultimately decide to forgo the development of Yanacocha Sulfides, the current carrying value of the assets under construction and other long-lived assets of the Yanacocha operations could become impaired and the timing of certain closure activities would be accelerated. As of March 31, 2023, the Yanacocha operations have total long-lived assets of approximately $1,065, inclusive of approximately $683 of assets under construction related to Yanacocha Sulfides. Refer also to our risk factors under the titles "Estimates relating to projects and mine plans of existing operations are uncertain and we may incur higher costs and lower economic returns than estimated ” and "Our long-lived assets and goodwill could become impaired, which could have a material non-cash adverse effect on our results of operations ” included in Part I of the Company's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 23, 2023, for further information. Additionally, the Company continues to hold the Conga project in Peru, which we do not currently anticipate developing in the next ten years as we continue to assess Yanacocha Sulfides; accordingly, the Conga project remains in care and maintenance. Should we be unable to develop the Conga project or conclude that future development is not in the best interest of the business, we may consider other alternatives for the project, which may result in a future impairment charge for the remaining assets. The total assets at Conga were $898 at March 31, 2023. The Company will continue to monitor and evaluate the potential impacts of the current and ongoing inflationary pressures and supply chain disruptions. Depending on the duration and extent of ongoing global developments and inflationary conditions, these factors 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 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 and disclosures in prior years have been reclassified to conform to the current year presentation. |
Recently Issued Accounting Pronouncements and Federal Laws | Recently Issued Accounting Pronouncements and Federal Laws Effects of Reference Rate Reform In March 2020, ASU No. 2020-04 was issued which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform. In January 2021, ASU No. 2021-01 was issued which broadened the scope of ASU No. 2020-04 to include certain derivative instruments. In December 2022, ASU No. 2022-06 was issued which deferred the sunset date of ASU No. 2020-04. The guidance is effective for all entities as of March 12, 2020 through December 31, 2024. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. The Company is in the process of reviewing key contracts to identify any contracts that reference the LIBOR and to implement adequate fallback provisions if not already implemented to mitigate the risks or impacts from the transition. No material impacts are expected to the consolidated financial statements or disclosures. Inflation Reduction Act In August 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the "IRA") into law. The IRA introduced an excise tax on stock repurchases of 1% of the fair market value of stock repurchases net of stock issued during the tax year and a corporate alternative minimum tax (the "Corporate AMT") of 15% on the adjusted financial statement income ("AFSI") of corporations with average AFSI exceeding $1 billion over a three-year period. The excise tax on stock repurchases is effective on net stock repurchases made after December 31, 2022 and the Corporate AMT is effective for tax periods beginning in fiscal year 2023. While waiting on pending Department of Treasury regulatory guidance, the Company is continuing to monitor developments. Based upon information known to date, the IRA had no material impact on our current consolidated financial statements and is not expected to have a material impact on future consolidated financial statements, disclosures, or cash flows. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Financial Information of Company's Segments | The financial information relating to the Company’s segments is as follows: 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 March 31, 2023 CC&V $ 91 $ 51 $ 7 $ 3 $ 27 $ 10 Musselwhite 83 58 19 1 6 14 Porcupine 123 70 29 4 15 22 Éléonore 129 75 27 1 26 14 Peñasquito: Gold 110 67 20 Silver 117 82 25 Lead 32 22 7 Zinc 117 86 24 Total Peñasquito 376 257 76 3 22 35 Merian 159 85 18 3 53 14 Cerro Negro 116 70 31 2 7 35 Yanacocha 100 56 16 3 — 63 Boddington: Gold 381 167 28 Copper 110 53 9 Total Boddington 491 220 37 2 233 37 Tanami 123 61 19 4 40 74 Ahafo 249 130 39 6 71 90 Akyem 148 63 29 3 49 10 Nevada Gold Mines 491 286 106 7 85 84 Corporate and Other — — 8 41 (95) 6 Consolidated $ 2,679 $ 1,482 $ 461 $ 83 $ 539 $ 508 ____________________________ (1) Includes a decrease in accrued capital expenditures of $18. Consolidated capital expenditures on a cash basis were $526. 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 March 31, 2022 CC&V $ 68 $ 52 $ 16 $ 1 $ (3) $ 4 Musselwhite 60 43 16 1 (3) 6 Porcupine 114 66 22 3 17 36 Éléonore 94 62 29 — (1) 10 Peñasquito: Gold 252 87 39 Silver 156 97 44 Lead 44 22 10 Zinc 210 86 35 Total Peñasquito 662 292 128 5 241 40 Merian 195 87 22 3 81 11 Cerro Negro 122 63 39 3 8 28 Yanacocha 127 67 25 1 7 56 Boddington: Gold 381 162 28 Copper 99 46 8 Total Boddington 480 208 36 1 233 18 Tanami 186 65 22 6 78 84 Ahafo 202 106 31 4 67 59 Akyem 169 67 30 4 67 12 Nevada Gold Mines 544 257 125 6 153 66 Corporate and Other — — 6 44 (317) 16 Consolidated $ 3,023 $ 1,435 $ 547 $ 82 $ 628 $ 446 ____________________________ (1) Includes an increase in accrued capital expenditures of $9; consolidated capital expenditures on a cash basis were $437. |
SALES (Tables)
SALES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 CC&V $ 91 $ — $ 91 Musselwhite 83 — 83 Porcupine 123 — 123 Éléonore 129 — 129 Peñasquito: Gold 15 95 110 Silver (1) — 117 117 Lead — 32 32 Zinc — 117 117 Total Peñasquito 15 361 376 Merian 159 — 159 Cerro Negro 116 — 116 Yanacocha 94 6 100 Boddington: Gold 93 288 381 Copper — 110 110 Total Boddington 93 398 491 Tanami 123 — 123 Ahafo 249 — 249 Akyem 148 — 148 Nevada Gold Mines (2) 473 18 491 Consolidated $ 1,896 $ 783 $ 2,679 ____________________________ (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 $481 for the three months ended March 31, 2023. Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales Three Months Ended March 31, 2022 CC&V $ 63 $ 5 $ 68 Musselwhite 60 — 60 Porcupine 114 — 114 Éléonore 94 — 94 Peñasquito: Gold 31 221 252 Silver (1) — 156 156 Lead — 44 44 Zinc — 210 210 Total Peñasquito 31 631 662 Merian 195 — 195 Cerro Negro 122 — 122 Yanacocha 127 — 127 Boddington: Gold 91 290 381 Copper — 99 99 Total Boddington 91 389 480 Tanami 186 — 186 Ahafo 202 — 202 Akyem 169 — 169 Nevada Gold Mines (2) 529 15 544 Consolidated $ 1,983 $ 1,040 $ 3,023 ____________________________ (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 $526 for the three months ended March 31, 2022. At March 31, 2023, Newmont had the following provisionally priced concentrate sales subject to final pricing over the next several months: Gold Copper Silver Lead Zinc (ounces, (pounds, (ounces, (pounds, (pounds, Provisionally priced sales subject to final pricing (1) 132 37 3,493 19 59 Average provisional price, per measure $ 1,969 $ 4.05 $ 24.08 $ 0.96 $ 1.33 ____________________________ (1) Includes provisionally priced by-product sales subject to final pricing, which are recognized within Costs applicable to sales. |
RECLAMATION AND REMEDIATION (Ta
RECLAMATION AND REMEDIATION (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Environmental Remediation Obligations [Abstract] | |
Reclamation and Remediation Expense | The Company’s Reclamation and remediation expense consisted of: Three Months Ended 2023 2022 Reclamation adjustments and other $ 2 $ 1 Reclamation accretion 60 43 Reclamation expense 62 44 Remediation adjustments and other 2 16 Remediation accretion 2 1 Remediation expense 4 17 Reclamation and remediation $ 66 $ 61 |
Reconciliation of Reclamation Liabilities | The following are reconciliations of Reclamation and remediation liabilities : Reclamation Remediation (1) 2023 2022 2023 2022 Balance at January 1, $ 6,731 $ 5,768 $ 373 $ 344 Additions, changes in estimates and other — — — 13 Payments, net (41) (32) (5) (6) Accretion expense 60 43 2 1 Balance at March 31, $ 6,750 $ 5,779 $ 370 $ 352 ____________________________ (1) The $13 addition for the three months ended March 31, 2022 is due to expected higher waste disposal costs at Midnite Mine. At March 31, 2023 At December 31, 2022 Reclamation Remediation Total Reclamation Remediation Total Current (1) $ 473 $ 44 $ 517 $ 482 $ 44 $ 526 Non-current (2) 6,277 326 6,603 6,249 329 6,578 Total (3) $ 6,750 $ 370 $ 7,120 $ 6,731 $ 373 $ 7,104 ____________________________ (1) The current portion of reclamation and remediation liabilities are included in Other current liabilities . (2) The non-current portion of reclamation and remediation liabilities are included in Reclamation and remediation liabilities. (3) Total reclamation liabilities include $3,721 and $3,722 related to Yanacocha at March 31, 2023 and December 31, 2022, respectively. |
Reconciliation of Remediation Liabilities | At March 31, 2023 At December 31, 2022 Reclamation Remediation Total Reclamation Remediation Total Current (1) $ 473 $ 44 $ 517 $ 482 $ 44 $ 526 Non-current (2) 6,277 326 6,603 6,249 329 6,578 Total (3) $ 6,750 $ 370 $ 7,120 $ 6,731 $ 373 $ 7,104 ____________________________ (1) The current portion of reclamation and remediation liabilities are included in Other current liabilities . (2) The non-current portion of reclamation and remediation liabilities are included in Reclamation and remediation liabilities. (3) Total reclamation liabilities include $3,721 and $3,722 related to Yanacocha at March 31, 2023 and December 31, 2022, respectively. |
OTHER EXPENSE, NET (Tables)
OTHER EXPENSE, NET (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Operating Costs and Expenses [Abstract] | |
Schedule of other expense, net | Three Months Ended 2023 2022 Impairment charges $ 4 $ — Restructuring and severance 2 1 COVID-19 specific costs (1) — 17 Settlement costs — 13 Other 2 4 Other expense, net $ 8 $ 35 ____________________________ (1) Beginning January 1, 2023, COVID-19 specific costs incurred in the ordinary course of business are recognized in Costs applicable to sales . |
OTHER INCOME (LOSS), NET (Table
OTHER INCOME (LOSS), NET (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Income, Nonoperating [Abstract] | |
Other Income, Net | Three Months Ended 2023 2022 Change in fair value of investments $ 41 $ 39 Gain (loss) on asset and investment sales, net (1) 36 (35) Interest 36 5 Foreign currency exchange, net (11) 1 Pension settlement (2) — (130) Other (3) 11 Other income (loss), net $ 99 $ (109) ____________________________ (1) For the three months ended March 31, 2023, primarily consists of the gain recognized on the exchange of the previously held Maverix Metals, Inc. ("Maverix") investment for the Triple Flag Precious Metals Corporation ("Triple Flag") investment in January 2023, partially offset by the loss on the sale of the Triple Flag investment in March 2023. Refer to Note 10 for further information. For the three months ended March 31, 2022, primarily consists of the loss recognized on the sale of the La Zanja equity method investment. Refer to Note 1 for further information. (2) Primarily relates to the non-cash pension settlement charges of $130 resulting from the Company executing an annuitization to transfer a portion of the pension plan obligations from the Company's U.S. qualified defined benefit pension plans to an insurance company using plan assets during the first quarter of 2022. |
INCOME AND MINING TAXES (Tables
INCOME AND MINING TAXES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, (1) 2023 2022 Income (loss) before income and mining tax and other items $ 539 $ 628 U.S. federal statutory tax rate 21 % $ 113 21 % $ 132 Reconciling items: Foreign rate differential 8 43 11 69 Mining and other taxes (net of associated federal benefit) 5 29 6 37 Other 6 28 (4) (24) Income and mining tax expense (benefit) 40 % $ 213 34 % $ 214 ____________________________ (1) Tax rates may not recalculate due to rounding. |
FAIR VALUE ACCOUNTING (Tables)
FAIR VALUE ACCOUNTING (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 (at least annually) and nonrecurring basis by level within the fair value hierarchy. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Refer to Note 13 of the Consolidated Financial Statements included in Part II of the Company's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 23, 2023 for further information on the Company's assets and liabilities included in the fair value hierarchy presented below. Fair Value at March 31, 2023 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents (1) $ 2,657 $ 2,657 $ — $ — Restricted cash 68 68 — — Time deposits and other (Note 10) 815 — 815 — Trade receivable from provisional sales, net 348 — 348 — Marketable equity securities (Note 10) 299 288 11 — Restricted marketable debt securities (Note 10) 26 22 4 — Restricted other assets (Note 10) 8 8 — — Contingent consideration assets 187 — — 187 Derivative assets 12 — 12 — $ 4,420 $ 3,043 $ 1,190 $ 187 Liabilities: Debt (2) $ 5,320 $ — $ 5,320 $ — Contingent consideration liabilities 5 — — 5 $ 5,325 $ — $ 5,320 $ 5 Fair Value at December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents (1) $ 2,877 $ 2,877 $ — $ — Restricted cash 67 67 — — Time deposits and other (Note 10) 846 — 846 — Trade receivable from provisional sales, net 364 — 364 — Long-lived assets 25 — — 25 Marketable equity securities (Note 10) 260 250 10 — Restricted marketable debt securities (Note 10) 27 23 4 — Restricted other assets (Note 10) 8 8 — — Contingent consideration assets 188 — — 188 Derivative assets 20 — 20 — $ 4,682 $ 3,225 $ 1,244 $ 213 Liabilities: Debt (2) $ 5,136 $ — $ 5,136 $ — Contingent consideration liabilities 3 — — 3 $ 5,139 $ — $ 5,136 $ 3 ____________________________ (1) Cash and cash equivalents include time deposits that have an original maturity of three months or less. (2) Debt is carried at amortized cost. The outstanding carrying value was $5,572 and $5,571 at March 31, 2023 and December 31, 2022, respectively. Refer to Note 13 for further information. 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 March 31, 2023 and December 31, 2022: Description At March 31, 2023 Valuation Technique Significant Input Range, Point Estimate or Average Contingent consideration assets $ 187 Monte Carlo (1) Discount rate (2) 8.76 - 29.59 % Contingent consideration liabilities $ 5 Discounted cash flow Discount rate (2) 5.56 - 7.08 % Description At December 31, 2022 Valuation Technique Significant Input Range, Point Estimate or Average Long-lived assets $ 25 Market-based approach Various (3) Various (3) Contingent consideration assets $ 188 Monte Carlo (1) Discount rate (2) 8.75 - 29.59 % Contingent consideration liabilities $ 3 Discounted cash flow Discount rate (2) 5.56 - 7.08 % ____________________________ (1) A Monte Carlo valuation model is used for the fair value measurement of the Batu Hijau contingent consideration asset. All other contingent consideration assets are valued using a probability-weighted discounted cash flow where the significant input is the discount rate. (2) The weighted average discount rate used to calculate the Company’s contingent consideration assets and liabilities is 11.85% and 6.47%, respectively, at March 31, 2023 and 11.86% and 6.07%, respectively, at December 31, 2022. Various other inputs including, but not limited to, metal prices and production profiles were considered in determining the fair value of the individual contingent consideration assets and liabilities. (3) At December 31, 2022, the Company recognized an impairment charge on the long-lived assets at CC&V, which resulted in a remaining long-lived asset balance of $25. The impairment was determined using the income approach and included the following significant inputs (i) updated cash flow information from the Company's business and closure plans at December 31, 2022, (ii) a short-term gold price of $1,750, (iii) a long-term gold price of $1,600, (iv) current estimates of reserves, resources, and exploration potential, and (v) a country specific pre-tax discount rate of 6.75%. The Company performed a nonrecurring fair value measurement and estimated the fair value of the remaining asset balance using a market-based approach based on the appraised value in an assumed sale to a third-party market participant. |
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, 2022 $ 188 $ 188 $ 3 $ 3 Revaluation (1) (1) 2 2 Fair value at March 31, 2023 $ 187 $ 187 $ 5 $ 5 Contingent Consideration Assets (1) Total Assets Contingent consideration liabilities Total liabilities Fair value at December 31, 2021 $ 171 $ 171 $ 5 $ 5 Revaluation 8 8 — — Fair value at March 31, 2022 $ 179 $ 179 $ 5 $ 5 ____________________________ (1) In 2023, the (loss) gain recognized on revaluation of $(7) and $6 is included in Other Income (loss), net and Net income (loss) from discontinued operations , respectively. In 2022, the gain 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, 2022 $ 188 $ 188 $ 3 $ 3 Revaluation (1) (1) 2 2 Fair value at March 31, 2023 $ 187 $ 187 $ 5 $ 5 Contingent Consideration Assets (1) Total Assets Contingent consideration liabilities Total liabilities Fair value at December 31, 2021 $ 171 $ 171 $ 5 $ 5 Revaluation 8 8 — — Fair value at March 31, 2022 $ 179 $ 179 $ 5 $ 5 ____________________________ (1) In 2023, the (loss) gain recognized on revaluation of $(7) and $6 is included in Other Income (loss), net and Net income (loss) from discontinued operations , respectively. In 2022, the gain recognized on revaluation is included in Net income (loss) from discontinued operations |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments | At March 31, At December 31, Time deposits and other investments: Time deposits and other (1) $ 815 $ 846 Marketable equity securities 32 34 $ 847 $ 880 Non-current investments: Marketable equity securities $ 267 $ 226 Equity method investments: Pueblo Viejo Mine (40.0%) $ 1,466 $ 1,435 NuevaUnión Project (50.0%) 960 956 Norte Abierto Project (50.0%) 523 518 Maverix Metals, Inc. (—% and 28.5%, respectively) (2) — 143 2,949 3,052 $ 3,216 $ 3,278 Non-current restricted investments: (3) Marketable debt securities $ 26 $ 27 Other assets 8 8 $ 34 $ 35 ____________________________ (1) At March 31, 2023 and December 31, 2022, Time deposits and other primarily includes time deposits with an original maturity of more than three months but less than one year of $797 and $829, respectively, and related accrued interest of $7 and $9, respectively. (2) In January 2023, Maverix was fully acquired by Triple Flag. The Company's ownership interest in the newly combined company was subsequently sold in March 2023. Refer to "Maverix Metals, Inc." below for further information. (3) Non-current restricted investments are legally pledged for purposes of settling reclamation and remediation obligations and are included in Other non-current assets . Refer to Note 5 for further information regarding these amounts. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | At March 31, At December 31, Materials and supplies $ 779 $ 750 In-process 134 123 Concentrate 85 47 Precious metals 69 59 Inventories $ 1,067 $ 979 |
STOCKPILES AND ORE ON LEACH P_2
STOCKPILES AND ORE ON LEACH PADS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
STOCKPILES AND ORE ON LEACH PADS | |
Stockpiles and Ore on Leach Pads | At March 31, 2023 At December 31, 2022 Stockpiles Ore on Leach Pads Total Stockpiles Ore on Leach Pads Total Current $ 580 $ 325 $ 905 $ 480 $ 294 $ 774 Non-current 1,372 319 1,691 1,391 325 1,716 Total $ 1,952 $ 644 $ 2,596 $ 1,871 $ 619 $ 2,490 |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Minimum Debt Repayments | Scheduled minimum debt repayments are as follows: At March 31, Year Ending December 31, 2023 (for the remainder of 2023) $ — 2024 — 2025 — 2026 — 2027 — Thereafter 5,624 Total face value of debt 5,624 Unamortized premiums, discounts, and issuance costs (52) Debt $ 5,572 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | At March 31, At December 31, Other current liabilities: Reclamation and remediation liabilities $ 517 $ 526 Accrued operating costs 338 370 Accrued capital expenditures 203 221 Payables to NGM (1) 57 73 Other (2) 378 409 $ 1,493 $ 1,599 Other non-current liabilities: Income and mining taxes (3) $ 217 $ 206 Other (4) 220 224 $ 437 $ 430 _________________________ (1) Primarily consists of amounts due to NGM representing Barrick's 61.5% proportionate share of the amount owed to NGM for gold and silver purchased by Newmont. Newmont’s 38.5% share of such amounts is eliminated upon proportionate consolidation of its interest in NGM. Receivables for Newmont's 38.5% proportionate share related to NGM's activities with Barrick are presented within Other current assets. (2) Primarily consists of the current portion of the silver streaming agreement liability, royalties, taxes other than income and mining taxes, and accrued interest on debt. (3) Primarily consists of unrecognized tax benefits, including penalties and interest. |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022 $ (1) $ 126 $ (27) $ (69) $ 29 Net current-period other comprehensive income (loss): Gain (loss) in other comprehensive income (loss) before reclassifications (1) (1) (3) (4) (9) (Gain) loss reclassified from accumulated other comprehensive income (loss) — — 2 1 3 Other comprehensive income (loss) (1) (1) (1) (3) (6) Balance at March 31, 2023 $ (2) $ 125 $ (28) $ (72) $ 23 |
NET CHANGE IN OPERATING ASSET_2
NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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: Three Months Ended 2023 2022 Decrease (increase) in operating assets: Trade and other receivables $ (25) $ (21) Inventories, stockpiles and ore on leach pads (171) (44) Other assets 19 (3) Increase (decrease) in operating liabilities: Accounts payable 19 (46) Reclamation and remediation liabilities (46) (38) Accrued tax liabilities 1 (165) Other accrued liabilities (159) (148) Net change in operating assets and liabilities $ (362) $ (465) |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Feb. 28, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | |
Business Acquisition [Line Items] | ||||
Net income (loss) attributable to noncontrolling interest | $ 12 | $ 21 | ||
Distributions to noncontrolling interests | 34 | 59 | ||
Minera Yanacocha | ||||
Business Acquisition [Line Items] | ||||
Ownership interest (as a percent) | 100% | |||
Disposed of by sale, not discontinued operations | Minera La Zanja | ||||
Business Acquisition [Line Items] | ||||
Equity method investment, ownership percentage sold | 46.94% | |||
Contribution paid upon sale of equity method investment | $ 45 | |||
Minera Yanacocha | Primary Beneficiary | ||||
Business Acquisition [Line Items] | ||||
Net income (loss) attributable to noncontrolling interest | $ 1 | |||
Minera Yanacocha | Buenaventura | ||||
Business Acquisition [Line Items] | ||||
Distributions to noncontrolling interests | 300 | |||
Purchase of noncontrolling interest, contingent consideration | $ 100 | |||
Minera Yanacocha | Buenaventura | ||||
Business Acquisition [Line Items] | ||||
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) | 43.65% | |||
Minera Yanacocha | Summit Global Management II V B | ||||
Business Acquisition [Line Items] | ||||
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) | 5% | |||
Merian | Primary Beneficiary | ||||
Business Acquisition [Line Items] | ||||
Net income (loss) attributable to noncontrolling interest | $ 12 | $ 20 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Unusual Risk or Uncertainty [Line Items] | ||
Long-lived assets | $ 24,097 | $ 24,073 |
Total assets | 38,374 | $ 38,482 |
Conga | ||
Unusual Risk or Uncertainty [Line Items] | ||
Total assets | 898 | |
Yanacocha | ||
Unusual Risk or Uncertainty [Line Items] | ||
Long-lived assets | 1,065 | |
Yanacocha | Asset under Construction | ||
Unusual Risk or Uncertainty [Line Items] | ||
Long-lived assets | $ 683 |
SEGMENT INFORMATION - Additiona
SEGMENT INFORMATION - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2023 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 12 |
Ownership interest (as a percent) | 38.50% |
SEGMENT INFORMATION - Financial
SEGMENT INFORMATION - Financial Information of Company's Segments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Segment Information | |||
Sales | $ 2,679 | $ 3,023 | |
Costs Applicable to Sales | [1] | 1,482 | 1,435 |
Depreciation and amortization | 461 | 547 | |
Advanced Projects, Research and Development and Exploration | 83 | 82 | |
Income (loss) before income and mining tax and other items | 539 | 628 | |
Capital expenditures | 508 | 446 | |
Additional disclosures | |||
Increase (decrease) in accrued capital expenditures | (18) | 9 | |
Consolidated capital expenditures on a cash basis | 526 | 437 | |
Operating Segments | North America Segment | CC&V | |||
Segment Information | |||
Sales | 91 | 68 | |
Costs Applicable to Sales | 51 | 52 | |
Depreciation and amortization | 7 | 16 | |
Advanced Projects, Research and Development and Exploration | 3 | 1 | |
Income (loss) before income and mining tax and other items | 27 | (3) | |
Capital expenditures | 10 | 4 | |
Operating Segments | North America Segment | Musselwhite | |||
Segment Information | |||
Sales | 83 | 60 | |
Costs Applicable to Sales | 58 | 43 | |
Depreciation and amortization | 19 | 16 | |
Advanced Projects, Research and Development and Exploration | 1 | 1 | |
Income (loss) before income and mining tax and other items | 6 | (3) | |
Capital expenditures | 14 | 6 | |
Operating Segments | North America Segment | Porcupine | |||
Segment Information | |||
Sales | 123 | 114 | |
Costs Applicable to Sales | 70 | 66 | |
Depreciation and amortization | 29 | 22 | |
Advanced Projects, Research and Development and Exploration | 4 | 3 | |
Income (loss) before income and mining tax and other items | 15 | 17 | |
Capital expenditures | 22 | 36 | |
Operating Segments | North America Segment | Éléonore | |||
Segment Information | |||
Sales | 129 | 94 | |
Costs Applicable to Sales | 75 | 62 | |
Depreciation and amortization | 27 | 29 | |
Advanced Projects, Research and Development and Exploration | 1 | 0 | |
Income (loss) before income and mining tax and other items | 26 | (1) | |
Capital expenditures | 14 | 10 | |
Operating Segments | North America Segment | Peñasquito | |||
Segment Information | |||
Sales | 376 | 662 | |
Costs Applicable to Sales | 257 | 292 | |
Depreciation and amortization | 76 | 128 | |
Advanced Projects, Research and Development and Exploration | 3 | 5 | |
Income (loss) before income and mining tax and other items | 22 | 241 | |
Capital expenditures | 35 | 40 | |
Operating Segments | North America Segment | Peñasquito | Gold | |||
Segment Information | |||
Sales | 110 | 252 | |
Costs Applicable to Sales | 67 | 87 | |
Depreciation and amortization | 20 | 39 | |
Operating Segments | North America Segment | Peñasquito | Silver | |||
Segment Information | |||
Sales | 117 | 156 | |
Costs Applicable to Sales | 82 | 97 | |
Depreciation and amortization | 25 | 44 | |
Operating Segments | North America Segment | Peñasquito | Lead | |||
Segment Information | |||
Sales | 32 | 44 | |
Costs Applicable to Sales | 22 | 22 | |
Depreciation and amortization | 7 | 10 | |
Operating Segments | North America Segment | Peñasquito | Zinc | |||
Segment Information | |||
Sales | 117 | 210 | |
Costs Applicable to Sales | 86 | 86 | |
Depreciation and amortization | 24 | 35 | |
Operating Segments | South America Segment | Merian | |||
Segment Information | |||
Sales | 159 | 195 | |
Costs Applicable to Sales | 85 | 87 | |
Depreciation and amortization | 18 | 22 | |
Advanced Projects, Research and Development and Exploration | 3 | 3 | |
Income (loss) before income and mining tax and other items | 53 | 81 | |
Capital expenditures | 14 | 11 | |
Operating Segments | South America Segment | Cerro Negro | |||
Segment Information | |||
Sales | 116 | 122 | |
Costs Applicable to Sales | 70 | 63 | |
Depreciation and amortization | 31 | 39 | |
Advanced Projects, Research and Development and Exploration | 2 | 3 | |
Income (loss) before income and mining tax and other items | 7 | 8 | |
Capital expenditures | 35 | 28 | |
Operating Segments | South America Segment | Yanacocha | |||
Segment Information | |||
Sales | 100 | 127 | |
Costs Applicable to Sales | 56 | 67 | |
Depreciation and amortization | 16 | 25 | |
Advanced Projects, Research and Development and Exploration | 3 | 1 | |
Income (loss) before income and mining tax and other items | 0 | 7 | |
Capital expenditures | 63 | 56 | |
Operating Segments | Australia Segment | Boddington: | |||
Segment Information | |||
Sales | 491 | 480 | |
Costs Applicable to Sales | 220 | 208 | |
Depreciation and amortization | 37 | 36 | |
Advanced Projects, Research and Development and Exploration | 2 | 1 | |
Income (loss) before income and mining tax and other items | 233 | 233 | |
Capital expenditures | 37 | 18 | |
Operating Segments | Australia Segment | Boddington: | Gold | |||
Segment Information | |||
Sales | 381 | 381 | |
Costs Applicable to Sales | 167 | 162 | |
Depreciation and amortization | 28 | 28 | |
Operating Segments | Australia Segment | Boddington: | Copper | |||
Segment Information | |||
Sales | 110 | 99 | |
Costs Applicable to Sales | 53 | 46 | |
Depreciation and amortization | 9 | 8 | |
Operating Segments | Australia Segment | Tanami | |||
Segment Information | |||
Sales | 123 | 186 | |
Costs Applicable to Sales | 61 | 65 | |
Depreciation and amortization | 19 | 22 | |
Advanced Projects, Research and Development and Exploration | 4 | 6 | |
Income (loss) before income and mining tax and other items | 40 | 78 | |
Capital expenditures | 74 | 84 | |
Operating Segments | Africa Segment | Ahafo | |||
Segment Information | |||
Sales | 249 | 202 | |
Costs Applicable to Sales | 130 | 106 | |
Depreciation and amortization | 39 | 31 | |
Advanced Projects, Research and Development and Exploration | 6 | 4 | |
Income (loss) before income and mining tax and other items | 71 | 67 | |
Capital expenditures | 90 | 59 | |
Operating Segments | Africa Segment | Akyem | |||
Segment Information | |||
Sales | 148 | 169 | |
Costs Applicable to Sales | 63 | 67 | |
Depreciation and amortization | 29 | 30 | |
Advanced Projects, Research and Development and Exploration | 3 | 4 | |
Income (loss) before income and mining tax and other items | 49 | 67 | |
Capital expenditures | 10 | 12 | |
Operating Segments | Nevada Segment | Nevada Gold Mines | |||
Segment Information | |||
Sales | 491 | 544 | |
Costs Applicable to Sales | 286 | 257 | |
Depreciation and amortization | 106 | 125 | |
Advanced Projects, Research and Development and Exploration | 7 | 6 | |
Income (loss) before income and mining tax and other items | 85 | 153 | |
Capital expenditures | 84 | 66 | |
Corporate and Other | |||
Segment Information | |||
Sales | 0 | 0 | |
Costs Applicable to Sales | 0 | 0 | |
Depreciation and amortization | 8 | 6 | |
Advanced Projects, Research and Development and Exploration | 41 | 44 | |
Income (loss) before income and mining tax and other items | (95) | (317) | |
Capital expenditures | $ 6 | $ 16 | |
[1] Excludes Depreciation and amortization and Reclamation and remediation . |
SALES - Schedule of sales by mi
SALES - Schedule of sales by mining operation, product and inventory type (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
SALES | ||
Sales | $ 2,679 | $ 3,023 |
Gold Sales from Doré Production | ||
SALES | ||
Sales | 1,896 | 1,983 |
Sales from Concentrate and Other Production | ||
SALES | ||
Sales | 783 | 1,040 |
Operating Segments | North America Segment | CC&V | ||
SALES | ||
Sales | 91 | 68 |
Operating Segments | North America Segment | CC&V | Gold Sales from Doré Production | ||
SALES | ||
Sales | 91 | 63 |
Operating Segments | North America Segment | CC&V | Sales from Concentrate and Other Production | ||
SALES | ||
Sales | 0 | 5 |
Operating Segments | North America Segment | Musselwhite | ||
SALES | ||
Sales | 83 | 60 |
Operating Segments | North America Segment | Musselwhite | Gold Sales from Doré Production | ||
SALES | ||
Sales | 83 | 60 |
Operating Segments | North America Segment | Musselwhite | Sales from Concentrate and Other Production | ||
SALES | ||
Sales | 0 | 0 |
Operating Segments | North America Segment | Porcupine | ||
SALES | ||
Sales | 123 | 114 |
Operating Segments | North America Segment | Porcupine | Gold Sales from Doré Production | ||
SALES | ||
Sales | 123 | 114 |
Operating Segments | North America Segment | Porcupine | Sales from Concentrate and Other Production | ||
SALES | ||
Sales | 0 | 0 |
Operating Segments | North America Segment | Éléonore | ||
SALES | ||
Sales | 129 | 94 |
Operating Segments | North America Segment | Éléonore | Gold Sales from Doré Production | ||
SALES | ||
Sales | 129 | 94 |
Operating Segments | North America Segment | Éléonore | Sales from Concentrate and Other Production | ||
SALES | ||
Sales | 0 | 0 |
Operating Segments | North America Segment | Peñasquito | ||
SALES | ||
Sales | 376 | 662 |
Operating Segments | North America Segment | Peñasquito | Gold Sales from Doré Production | ||
SALES | ||
Sales | 15 | 31 |
Operating Segments | North America Segment | Peñasquito | Sales from Concentrate and Other Production | ||
SALES | ||
Sales | 361 | 631 |
Operating Segments | North America Segment | Gold | ||
SALES | ||
Sales | 110 | 252 |
Operating Segments | North America Segment | Gold | Gold Sales from Doré Production | ||
SALES | ||
Sales | 15 | 31 |
Operating Segments | North America Segment | Gold | Sales from Concentrate and Other Production | ||
SALES | ||
Sales | 95 | 221 |
Operating Segments | North America Segment | Silver | ||
SALES | ||
Sales | 117 | 156 |
Operating Segments | North America Segment | Silver | Gold Sales from Doré Production | ||
SALES | ||
Sales | 0 | 0 |
Operating Segments | North America Segment | Silver | Sales from Concentrate and Other Production | ||
SALES | ||
Sales | 117 | 156 |
Operating Segments | North America Segment | Silver | Silver streaming agreement | ||
SALES | ||
Sales | 16 | 19 |
Operating Segments | North America Segment | Lead | ||
SALES | ||
Sales | 32 | 44 |
Operating Segments | North America Segment | Lead | Gold Sales from Doré Production | ||
SALES | ||
Sales | 0 | 0 |
Operating Segments | North America Segment | Lead | Sales from Concentrate and Other Production | ||
SALES | ||
Sales | 32 | 44 |
Operating Segments | North America Segment | Zinc | ||
SALES | ||
Sales | 117 | 210 |
Operating Segments | North America Segment | Zinc | Gold Sales from Doré Production | ||
SALES | ||
Sales | 0 | 0 |
Operating Segments | North America Segment | Zinc | Sales from Concentrate and Other Production | ||
SALES | ||
Sales | 117 | 210 |
Operating Segments | South America Segment | Merian | ||
SALES | ||
Sales | 159 | 195 |
Operating Segments | South America Segment | Merian | Gold Sales from Doré Production | ||
SALES | ||
Sales | 159 | 195 |
Operating Segments | South America Segment | Merian | Sales from Concentrate and Other Production | ||
SALES | ||
Sales | 0 | 0 |
Operating Segments | South America Segment | Cerro Negro | ||
SALES | ||
Sales | 116 | 122 |
Operating Segments | South America Segment | Cerro Negro | Gold Sales from Doré Production | ||
SALES | ||
Sales | 116 | 122 |
Operating Segments | South America Segment | Cerro Negro | Sales from Concentrate and Other Production | ||
SALES | ||
Sales | 0 | 0 |
Operating Segments | South America Segment | Yanacocha | ||
SALES | ||
Sales | 100 | 127 |
Operating Segments | South America Segment | Yanacocha | Gold Sales from Doré Production | ||
SALES | ||
Sales | 94 | 127 |
Operating Segments | South America Segment | Yanacocha | Sales from Concentrate and Other Production | ||
SALES | ||
Sales | 6 | 0 |
Operating Segments | Australia Segment | Boddington: | ||
SALES | ||
Sales | 491 | 480 |
Operating Segments | Australia Segment | Boddington: | Gold Sales from Doré Production | ||
SALES | ||
Sales | 93 | 91 |
Operating Segments | Australia Segment | Boddington: | Sales from Concentrate and Other Production | ||
SALES | ||
Sales | 398 | 389 |
Operating Segments | Australia Segment | Gold | ||
SALES | ||
Sales | 381 | 381 |
Operating Segments | Australia Segment | Gold | Gold Sales from Doré Production | ||
SALES | ||
Sales | 93 | 91 |
Operating Segments | Australia Segment | Gold | Sales from Concentrate and Other Production | ||
SALES | ||
Sales | 288 | 290 |
Operating Segments | Australia Segment | Copper | ||
SALES | ||
Sales | 110 | 99 |
Operating Segments | Australia Segment | Copper | Gold Sales from Doré Production | ||
SALES | ||
Sales | 0 | 0 |
Operating Segments | Australia Segment | Copper | Sales from Concentrate and Other Production | ||
SALES | ||
Sales | 110 | 99 |
Operating Segments | Australia Segment | Tanami | ||
SALES | ||
Sales | 123 | 186 |
Operating Segments | Australia Segment | Tanami | Gold Sales from Doré Production | ||
SALES | ||
Sales | 123 | 186 |
Operating Segments | Australia Segment | Tanami | Sales from Concentrate and Other Production | ||
SALES | ||
Sales | 0 | 0 |
Operating Segments | Africa Segment | Ahafo | ||
SALES | ||
Sales | 249 | 202 |
Operating Segments | Africa Segment | Ahafo | Gold Sales from Doré Production | ||
SALES | ||
Sales | 249 | 202 |
Operating Segments | Africa Segment | Ahafo | Sales from Concentrate and Other Production | ||
SALES | ||
Sales | 0 | 0 |
Operating Segments | Africa Segment | Akyem | ||
SALES | ||
Sales | 148 | 169 |
Operating Segments | Africa Segment | Akyem | Gold Sales from Doré Production | ||
SALES | ||
Sales | 148 | 169 |
Operating Segments | Africa Segment | Akyem | Sales from Concentrate and Other Production | ||
SALES | ||
Sales | 0 | 0 |
Operating Segments | Nevada Segment | Nevada Gold Mines | ||
SALES | ||
Sales | 491 | 544 |
Operating Segments | Nevada Segment | Nevada Gold Mines | Gold Sales from Doré Production | ||
SALES | ||
Sales | 473 | 529 |
Operating Segments | Nevada Segment | Nevada Gold Mines | Sales from Concentrate and Other Production | ||
SALES | ||
Sales | 18 | 15 |
Eliminations | Nevada Segment | Nevada Gold Mines | ||
SALES | ||
Sales | $ 481 | $ 526 |
SALES - Provisional Sales (Deta
SALES - Provisional Sales (Details) oz in Thousands, lb in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) oz lb $ / lb $ / oz | Mar. 31, 2022 USD ($) | |
Revenue from Contract with Customer [Abstract] | ||
Increase (decrease) to sales from provisional pricing mark-to-market | $ | $ 22 | $ 58 |
Gold | ||
SALES | ||
Provisionally priced sales subject to final pricing (in ounces or pounds) | oz | 132 | |
Average provisional price (in dollars per ounce or pound) | $ / oz | 1,969 | |
Copper | ||
SALES | ||
Provisionally priced sales subject to final pricing (in ounces or pounds) | lb | 37 | |
Average provisional price (in dollars per ounce or pound) | $ / lb | 4.05 | |
Silver | ||
SALES | ||
Provisionally priced sales subject to final pricing (in ounces or pounds) | oz | 3,493 | |
Average provisional price (in dollars per ounce or pound) | $ / oz | 24.08 | |
Lead | ||
SALES | ||
Provisionally priced sales subject to final pricing (in ounces or pounds) | lb | 19 | |
Average provisional price (in dollars per ounce or pound) | $ / lb | 0.96 | |
Zinc | ||
SALES | ||
Provisionally priced sales subject to final pricing (in ounces or pounds) | lb | 59 | |
Average provisional price (in dollars per ounce or pound) | $ / lb | 1.33 |
RECLAMATION AND REMEDIATION - E
RECLAMATION AND REMEDIATION - Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reclamation and remediation expense | ||
Reclamation accretion | $ 60 | $ 43 |
Remediation accretion | 2 | 1 |
Reclamation and remediation | 66 | 61 |
Reclamation and remediation | ||
Reclamation and remediation expense | ||
Reclamation adjustments and other | 2 | 1 |
Reclamation accretion | 60 | 43 |
Reclamation expense | 62 | 44 |
Remediation adjustments and other | 2 | 16 |
Remediation accretion | 2 | 1 |
Remediation expense | $ 4 | $ 17 |
RECLAMATION AND REMEDIATION - R
RECLAMATION AND REMEDIATION - Reconciliation of Obligation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Change in reclamation liability | ||
Balance at beginning of period | $ 6,731 | $ 5,768 |
Additions, changes in estimates and other | 0 | 0 |
Payments, net | (41) | (32) |
Accretion expense | 60 | 43 |
Balance at end of period | 6,750 | 5,779 |
Change in remediation liability | ||
Balance at beginning of period | 373 | 344 |
Additions, changes in estimates and other | 0 | 13 |
Payments, net | (5) | (6) |
Accretion expense | 2 | 1 |
Balance at end of period | $ 370 | $ 352 |
RECLAMATION AND REMEDIATION - L
RECLAMATION AND REMEDIATION - Liability Classifications (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Reclamation and remediation expense | ||||
Reclamation liabilities, current | $ 473 | $ 482 | ||
Reclamation liabilities, non-current | 6,277 | 6,249 | ||
Reclamation obligations, operating properties | 6,750 | 6,731 | $ 5,779 | $ 5,768 |
Remediation liabilities, current | 44 | 44 | ||
Remediation liabilities, non-current | 326 | 329 | ||
Total remediation liabilities | 370 | 373 | $ 352 | $ 344 |
Total reclamation and remediation liabilities, current | 517 | 526 | ||
Total reclamation and remediation liabilities, non-current | 6,603 | 6,578 | ||
Total reclamation and remediation liabilities | 7,120 | 7,104 | ||
Minera Yanacocha | ||||
Reclamation and remediation expense | ||||
Reclamation obligations, operating properties | $ 3,721 | $ 3,722 |
RECLAMATION AND REMEDIATION - A
RECLAMATION AND REMEDIATION - Additional Information (Details) - Other Noncurrent Assets - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Reclamation and remediation expense | ||
Asset retirement obligation restricted assets | $ 62 | $ 62 |
Marketable equity securities | Yanacocha | ||
Reclamation and remediation expense | ||
Asset retirement obligation restricted assets | $ 34 | $ 35 |
OTHER EXPENSE, NET (Details)
OTHER EXPENSE, NET (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating Costs and Expenses [Abstract] | ||
Impairment charges | $ 4 | $ 0 |
Restructuring and severance | 2 | 1 |
COVID-19 specific costs | 0 | 17 |
Settlement costs | 0 | 13 |
Other | 2 | 4 |
Other expense, net | $ 8 | $ 35 |
OTHER INCOME (LOSS), NET (Detai
OTHER INCOME (LOSS), NET (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other Income, Net [Line Items] | ||
Change in fair value of investments | $ 41 | $ 39 |
Interest | 36 | 5 |
Foreign currency exchange, net | (11) | 1 |
Pension settlement | 0 | (130) |
Other | (3) | 11 |
Other income (loss), net | 99 | (109) |
Pension Plan | ||
Other Income, Net [Line Items] | ||
Pension settlement | (130) | |
Disposed of by sale, not discontinued operations | ||
Other Income, Net [Line Items] | ||
Gain (loss) on asset and investment sales, net | $ 36 | $ (35) |
INCOME AND MINING TAXES - Recon
INCOME AND MINING TAXES - Reconciliation Of U.S. Federal Statutory Tax Rate To Company’s Effective Income Tax Rate (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reconciling item, percentage | ||
U.S. federal statutory tax rate | 21% | 21% |
Foreign rate differential | 8% | 11% |
Mining and other taxes (net of associated federal benefit) | 5% | 6% |
Other | 6% | (4.00%) |
Income and mining tax expense (benefit) | 40% | 34% |
Reconciling item, amount | ||
Income (loss) before income and mining tax and other items | $ 539 | $ 628 |
U.S. federal statutory tax rate | 113 | 132 |
Foreign rate differential | 43 | 69 |
Mining and other taxes (net of associated federal benefit) | 29 | 37 |
Other | 28 | (24) |
Income and mining tax expense (benefit) | $ 213 | $ 214 |
FAIR VALUE ACCOUNTING - Recurri
FAIR VALUE ACCOUNTING - Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Carrying value | ||
Liabilities: | ||
Debt | $ 5,572 | $ 5,571 |
Level 3 | ||
Assets: | ||
Long-lived assets | 25 | |
Contingent consideration assets | 187 | 188 |
Liabilities: | ||
Contingent consideration liabilities | 5 | 3 |
Recurring | ||
Assets: | ||
Cash and cash equivalents | 2,657 | 2,877 |
Restricted cash | 68 | 67 |
Time deposits and other (Note 10) | 815 | 846 |
Long-lived assets | 25 | |
Contingent consideration assets | 187 | 188 |
Derivative assets | 12 | 20 |
Total assets | 4,420 | 4,682 |
Liabilities: | ||
Debt | 5,320 | 5,136 |
Contingent consideration liabilities | 5 | 3 |
Total liabilities | 5,325 | 5,139 |
Recurring | Level 1 | ||
Assets: | ||
Cash and cash equivalents | 2,657 | 2,877 |
Restricted cash | 68 | 67 |
Time deposits and other (Note 10) | 0 | 0 |
Long-lived assets | 0 | |
Contingent consideration assets | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets | 3,043 | 3,225 |
Liabilities: | ||
Debt | 0 | 0 |
Contingent consideration liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
Recurring | Level 2 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Time deposits and other (Note 10) | 815 | 846 |
Long-lived assets | 0 | |
Contingent consideration assets | 0 | 0 |
Derivative assets | 12 | 20 |
Total assets | 1,190 | 1,244 |
Liabilities: | ||
Debt | 5,320 | 5,136 |
Contingent consideration liabilities | 0 | 0 |
Total liabilities | 5,320 | 5,136 |
Recurring | Level 3 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Time deposits and other (Note 10) | 0 | 0 |
Long-lived assets | 25 | |
Contingent consideration assets | 187 | 188 |
Derivative assets | 0 | 0 |
Total assets | 187 | 213 |
Liabilities: | ||
Debt | 0 | 0 |
Contingent consideration liabilities | 5 | 3 |
Total liabilities | 5 | 3 |
Recurring | Trade receivable from provisional sales, net | ||
Assets: | ||
Trade receivable from provisional sales, net | 348 | 364 |
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 | 348 | 364 |
Recurring | Trade receivable from provisional sales, net | Level 3 | ||
Assets: | ||
Trade receivable from provisional sales, net | 0 | 0 |
Recurring | Marketable and other equity securities | ||
Assets: | ||
Marketable equity securities (Note 10) | 299 | 260 |
Recurring | Marketable and other equity securities | Level 1 | ||
Assets: | ||
Marketable equity securities (Note 10) | 288 | 250 |
Recurring | Marketable and other equity securities | Level 2 | ||
Assets: | ||
Marketable equity securities (Note 10) | 11 | 10 |
Recurring | Marketable and other equity securities | Level 3 | ||
Assets: | ||
Marketable equity securities (Note 10) | 0 | 0 |
Recurring | Restricted marketable debt securities | ||
Assets: | ||
Restricted investments | 26 | 27 |
Recurring | Restricted marketable debt securities | Level 1 | ||
Assets: | ||
Restricted investments | 22 | 23 |
Recurring | Restricted marketable debt securities | Level 2 | ||
Assets: | ||
Restricted investments | 4 | 4 |
Recurring | Restricted marketable debt securities | Level 3 | ||
Assets: | ||
Restricted investments | 0 | 0 |
Recurring | Restricted other assets | ||
Assets: | ||
Restricted investments | 8 | 8 |
Recurring | Restricted other assets | Level 1 | ||
Assets: | ||
Restricted investments | 8 | 8 |
Recurring | Restricted other assets | Level 2 | ||
Assets: | ||
Restricted investments | 0 | 0 |
Recurring | Restricted other assets | Level 3 | ||
Assets: | ||
Restricted investments | $ 0 | $ 0 |
FAIR VALUE ACCOUNTING - Quantit
FAIR VALUE ACCOUNTING - Quantitative Information (Details) $ in Millions | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) $ / oz |
North America Segment | Cripple Creek And Victor Mine | ||
Quantitative and Qualitative Information - Unobservable Inputs | ||
Property, plant, and mine development, net | $ 25 | |
Valuation, Income Approach | Discount rate | North America Segment | ||
Quantitative and Qualitative Information - Unobservable Inputs | ||
Long-lived and other assets, measurement input | 0.0675 | |
Valuation, Income Approach | Measurement Input, Short-Term Gold Price | ||
Quantitative and Qualitative Information - Unobservable Inputs | ||
Long-lived and other assets, measurement input | $ / oz | 1,750 | |
Valuation, Income Approach | Measurement Input, Long-Term Gold Price | ||
Quantitative and Qualitative Information - Unobservable Inputs | ||
Long-lived and other assets, measurement input | $ / oz | 1,600 | |
Level 3 | ||
Quantitative and Qualitative Information - Unobservable Inputs | ||
Long-lived assets | $ 25 | |
Contingent consideration assets | $ 187 | 188 |
Contingent consideration liabilities | $ 5 | $ 3 |
Level 3 | Monte Carlo | Minimum | Discount rate | ||
Quantitative and Qualitative Information - Unobservable Inputs | ||
Contingent consideration assets, measurement input | 8.76% | 8.75% |
Level 3 | Monte Carlo | Maximum | Discount rate | ||
Quantitative and Qualitative Information - Unobservable Inputs | ||
Contingent consideration assets, measurement input | 29.59% | 29.59% |
Level 3 | Discounted cash flow | Minimum | Discount rate | ||
Quantitative and Qualitative Information - Unobservable Inputs | ||
Contingent consideration liabilities, measurement input | 0.0556 | 0.0556 |
Level 3 | Discounted cash flow | Maximum | Discount rate | ||
Quantitative and Qualitative Information - Unobservable Inputs | ||
Contingent consideration liabilities, measurement input | 0.0708 | 0.0708 |
Level 3 | Discounted cash flow | Weighted Average | Discount rate | ||
Quantitative and Qualitative Information - Unobservable Inputs | ||
Contingent consideration assets, measurement input | 11.85% | 11.86% |
Contingent consideration liabilities, measurement input | 0.0647 | 0.0607 |
FAIR VALUE ACCOUNTING - Changes
FAIR VALUE ACCOUNTING - Changes in the Fair Value of Level 3 Financial Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Summary of changes in Level 3 financial assets | ||
Fair value, beginning of period | $ 188 | $ 171 |
Revaluation | (1) | 8 |
Fair value, end of period | 187 | 179 |
Summary of changes in Level 3 financial liabilities | ||
Fair value, beginning of period | 3 | 5 |
Revaluation | 2 | 0 |
Fair value, end of period | 5 | 5 |
Other income, net | ||
Summary of changes in Level 3 financial assets | ||
Revaluation | (7) | |
Income (Loss) From Discontinued Operations | ||
Summary of changes in Level 3 financial assets | ||
Revaluation | 6 | |
Contingent Consideration Liabilities | ||
Summary of changes in Level 3 financial liabilities | ||
Fair value, beginning of period | 3 | 5 |
Revaluation | 2 | 0 |
Fair value, end of period | 5 | 5 |
Contingent consideration assets | ||
Summary of changes in Level 3 financial assets | ||
Fair value, beginning of period | 188 | 171 |
Revaluation | (1) | 8 |
Fair value, end of period | $ 187 | $ 179 |
INVESTMENTS (Details)
INVESTMENTS (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Jan. 31, 2023 | Dec. 31, 2022 |
Investments | |||
Total short-term investments | $ 847 | $ 880 | |
Total equity method investments | 3,216 | 3,278 | |
Non-current restricted investments | 34 | 35 | |
Time deposits, maturity of more than three months but less than one year | 797 | 829 | |
Interest receivable | $ 7 | 9 | |
Pueblo Viejo Mine | |||
Investments | |||
Ownership interest (as a percent) | 40% | ||
Interest receivable | $ 4 | $ 8 | |
Nueva Union Project | |||
Investments | |||
Ownership interest (as a percent) | 50% | ||
Norte Abierto Project | |||
Investments | |||
Ownership interest (as a percent) | 50% | ||
Maverix | |||
Investments | |||
Ownership interest (as a percent) | 0% | 28.50% | 28.50% |
Restricted marketable debt securities | |||
Investments | |||
Non-current restricted investments | $ 26 | $ 27 | |
Restricted other assets | |||
Investments | |||
Non-current restricted investments | 8 | 8 | |
Investments - current | |||
Investments | |||
Time deposits and other | 815 | 846 | |
Marketable equity securities, current | 32 | 34 | |
Total short-term investments | 847 | 880 | |
Investments - noncurrent | |||
Investments | |||
Marketable equity securities, noncurrent | 267 | 226 | |
Equity method investments | 2,949 | 3,052 | |
Total equity method investments | 3,216 | 3,278 | |
Investments - noncurrent | Pueblo Viejo Mine | |||
Investments | |||
Equity method investments | 1,466 | 1,435 | |
Investments - noncurrent | Nueva Union Project | |||
Investments | |||
Equity method investments | 960 | 956 | |
Investments - noncurrent | Norte Abierto Project | |||
Investments | |||
Equity method investments | 523 | 518 | |
Investments - noncurrent | Maverix | |||
Investments | |||
Equity method investments | $ 0 | $ 143 |
INVESTMENTS - Additional Inform
INVESTMENTS - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Jan. 31, 2023 | Dec. 31, 2022 | |
Investments | ||||
Equity income (loss) of affiliates | $ 25 | $ 39 | ||
Interest receivable | 7 | $ 9 | ||
Pueblo Viejo Revolving Facility | ||||
Investments | ||||
Credit facility, amount outstanding | 0 | |||
Pueblo Viejo Mine | ||||
Investments | ||||
Equity income (loss) of affiliates | 21 | 35 | ||
Share of loans included in investment | 374 | 356 | ||
Interest receivable | $ 4 | 8 | ||
Ownership interest (as a percent) | 40% | |||
Purchases | $ 117 | $ 138 | ||
Due to (from) related party | $ 0 | $ 0 | ||
Maverix | ||||
Investments | ||||
Ownership interest (as a percent) | 0% | 28.50% | 28.50% | |
Gain on sale of equity method investment | $ 36 | |||
Triple Flag | ||||
Investments | ||||
Ownership interest (as a percent) | 7.50% |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory, net | ||
Materials and supplies | $ 779 | $ 750 |
In-process | 134 | 123 |
Concentrate | 85 | 47 |
Precious metals | 69 | 59 |
Inventories | $ 1,067 | $ 979 |
STOCKPILES AND ORE ON LEACH P_3
STOCKPILES AND ORE ON LEACH PADS - Schedule (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Stockpiles And Ore On Leach Pads | ||
Current stockpiles and ore on leach pads | $ 905 | $ 774 |
Non-current stockpiles and ore on leach pads | 1,691 | 1,716 |
Stockpiles and ore on leach pads | 2,596 | 2,490 |
Stockpiles | ||
Stockpiles And Ore On Leach Pads | ||
Current stockpiles and ore on leach pads | 580 | 480 |
Non-current stockpiles and ore on leach pads | 1,372 | 1,391 |
Stockpiles and ore on leach pads | 1,952 | 1,871 |
Ore on Leach Pads | ||
Stockpiles And Ore On Leach Pads | ||
Current stockpiles and ore on leach pads | 325 | 294 |
Non-current stockpiles and ore on leach pads | 319 | 325 |
Stockpiles and ore on leach pads | $ 644 | $ 619 |
DEBT - Minimum Debt Repayments
DEBT - Minimum Debt Repayments (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Scheduled minimum debt repayments | |
2023 (for the remainder of 2023) | $ 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Thereafter | 5,624 |
Total face value of debt | 5,624 |
Unamortized premiums, discounts, and issuance costs | (52) |
Net carrying amount | $ 5,572 |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Other current liabilities: | ||
Reclamation and remediation liabilities | $ 517 | $ 526 |
Accrued operating costs | 338 | 370 |
Accrued capital expenditures | 203 | 221 |
Payables to NGM | 57 | 73 |
Other | 378 | 409 |
Other current liabilities | 1,493 | 1,599 |
Other non-current liabilities: | ||
Income and mining taxes | 217 | 206 |
Other | 220 | 224 |
Other long-term liabilities, total | $ 437 | $ 430 |
Nevada Gold Mines | ||
Other non-current liabilities: | ||
Ownership interest (as a percent) | 38.50% | 38.50% |
Barrick Gold Corporation | Nevada Gold Mines | ||
Other non-current liabilities: | ||
Ownership interest (as a percent) | 61.50% | 61.50% |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Components of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | $ 19,533 | $ 21,813 |
Gain (loss) in other comprehensive income (loss) before reclassifications | (9) | |
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 3 | |
Other comprehensive income (loss) | (6) | 121 |
Balance at end of period | 19,559 | $ 21,631 |
Total | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | 29 | |
Balance at end of period | 23 | |
Unrealized Gain (Loss) on Investment Securities, net | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (1) | |
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 | (2) | |
Foreign Currency Translation Adjustments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | 126 | |
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 | 125 | |
Pension and Other Post-retirement Benefit Adjustments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (27) | |
Gain (loss) in other comprehensive income (loss) before reclassifications | (3) | |
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 2 | |
Other comprehensive income (loss) | (1) | |
Balance at end of period | (28) | |
Unrealized Gain (Loss) on Cash Flow Hedge Instruments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (69) | |
Gain (loss) in other comprehensive income (loss) before reclassifications | (4) | |
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 1 | |
Other comprehensive income (loss) | (3) | |
Balance at end of period | $ (72) |
NET CHANGE IN OPERATING ASSET_3
NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Decrease (increase) in operating assets: | ||
Trade and other receivables | $ (25) | $ (21) |
Inventories, stockpiles and ore on leach pads | (171) | (44) |
Other assets | 19 | (3) |
Increase (decrease) in operating liabilities: | ||
Accounts payable | 19 | (46) |
Reclamation and remediation liabilities | (46) | (38) |
Accrued tax liabilities | 1 | (165) |
Other accrued liabilities | (159) | (148) |
Net change in operating assets and liabilities | $ (362) | $ (465) |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Environmental Matters (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 USD ($) plant | Dec. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Loss contingencies | ||||
Number of operational water treatment plants | plant | 5 | |||
Number of water treatment plants to be constructed | plant | 2 | |||
Remediation liability | $ 370 | $ 373 | $ 352 | $ 344 |
Cripple Creek And Victor Mine | ||||
Loss contingencies | ||||
Remediation liability | $ 20 | |||
Midnite mine and Dawn mill sites | ||||
Loss contingencies | ||||
Remediation liability | $ 185 | |||
Remediation liability assumed (in percent) | 100% | |||
Minera Yanacocha | ||||
Loss contingencies | ||||
Noncontrolling interest, ownership percentage by parent | 100% | |||
Cripple Creek And Victor Mine | ||||
Loss contingencies | ||||
Noncontrolling interest, ownership percentage by parent | 100% | |||
Dawn Mining Company | ||||
Loss contingencies | ||||
Noncontrolling interest, ownership percentage by parent | 58.19% | |||
Goldcorp | ||||
Loss contingencies | ||||
Noncontrolling interest, ownership percentage by parent | 100% |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Other Legal Matters - NWG, etc. (Details) $ in Millions | 1 Months Ended | |||||||
Aug. 16, 2021 USD ($) | Dec. 24, 2018 co-defendant plaintiff | Feb. 26, 2014 USD ($) | Sep. 24, 2012 USD ($) | Apr. 08, 2008 | Aug. 31, 2020 USD ($) | Mar. 31, 2023 | Sep. 30, 2007 | |
Pending Litigation | Labrador | ||||||||
Loss contingencies | ||||||||
Uranium mining moratorium term | 3 years | |||||||
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 | |||||||
Mining and mineral rights | Holt option | ||||||||
Loss contingencies | ||||||||
Purchase of option for mining and mineral rights | $ 75 | |||||||
Newmont Corporation, Newmont Canada Corporation, And Newmont Canada FN Holdings ULC | ||||||||
Loss contingencies | ||||||||
Noncontrolling interest, ownership percentage by parent | 100% | |||||||
NewWest Gold | N W G Investments Inc | ||||||||
Loss contingencies | ||||||||
Noncontrolling interest, ownership percentage by parent | 86% | |||||||
N W G Investments Inc | Jacob Safra | ||||||||
Loss contingencies | ||||||||
Noncontrolling interest, ownership percentage by parent | 100% | |||||||
Aurora | Fronteer | ||||||||
Loss contingencies | ||||||||
Noncontrolling interest, ownership percentage by parent | 47% | |||||||
Newmont Ghana Gold Limited and Newmont Golden Ridge Limited | ||||||||
Loss contingencies | ||||||||
Noncontrolling interest, ownership percentage by parent | 100% |