Newmont (NEM) 10-Q 27 Apr 10 2010 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information (USD $)
	3 Months Ended Mar. 31, 2010	Apr. 20, 2010	Jun. 30, 2009
Document and Entity Information [Abstract]
Entity Registrant Name	NEWMONT MINING CORP /DE/
Entity Central Index Key	0001164727
Document Type	10-Q
Document Period End Date	2010-03-31
Amendment Flag	false
Document Fiscal Year Focus	2,010
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$20,005,983,973
Entity Common Stock, Shares Outstanding		483,457,696

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) (USD $)
In Millions, except Per Share data	3 Months Ended Mar. 31, 2010		3 Months Ended Mar. 31, 2009
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) [Abstract]
Sales (Note 3)	$2,242		$1,536
Costs and expenses
Costs applicable to sales (Note 3)	875	[1]	739	[1]
Amortization (Note 3)	224		191
Reclamation and remediation (Note 4)	13		12
Exploration	43		41
Advanced projects, research and development (Note 5)	46		31
General and administrative	45		39
Other expense, net (Note 6)	89		73
Total costs and expenses	1,335		1,126
Other income (expense)
Other income, net (Note 7)	48		9
Interest expense, net	(75)		(32)
Total other income (expense)	(27)		(23)
Income before income tax and other items	880		387
Income tax expense (Note 10)	(135)		(105)
Equity loss of affiliates	(2)		(5)
Net income	743		277
Net income attributable to noncontrolling interests (Note 12)	(197)		(88)
Net income attributable to Newmont stockholders	$546		$189
Income per common share, basic and diluted (Note 13)	1.11		0.4
Cash dividends declared per common share	0.1		0.1
[1]Exclusive of Amortization and Reclamation and remediation.

1_CONDENSED CONSOLIDATED STATEM

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $)
In Millions	3 Months Ended Mar. 31, 2010	3 Months Ended Mar. 31, 2009
Operating activities:
Net income	$743	$277
Adjustments:
Amortization	224	191
Reclamation and remediation (Note 4)	13	12
Deferred income taxes	(102)	(19)
Stock based compensation and other benefits	18	14
Other operating adjustments and write-downs	5	36
Net change in operating assets and liabilities (Note 24)	(173)	(130)
Net cash provided from continuing operations	728	381
Net cash provided from (used in) discontinued operations (Note 11)	(13)	4
Net cash provided from operations	715	385
Investing activities:
Additions to property, plant and mine development	(309)	(330)
Investments in marketable debt and equity securities	(3)
Acquisitions, net		(11)
Proceeds from sale of other assets	38
Other	(11)	(13)
Net cash used in investing activities	(285)	(354)
Financing activities:
Proceeds from debt, net		1,369
Repayment of debt	(250)	(1,589)
Sale of subsidiary shares to noncontrolling interests	229
Acquisition of subsidiary shares from noncontrolling interests	(39)
Dividends paid to common stockholders	(49)	(49)
Dividends paid to noncontrolling interests	(220)
Proceeds from stock issuance, net	3	1,239
Change in restricted cash and other	46	13
Net cash provided from (used in) financing activities of continuing operations	(280)	983
Net cash used in financing activities of discontinued operations (Note 11)		(1)
Net cash provided from (used in) financing activities	(280)	982
Effect of exchange rate changes on cash	(1)	1
Net change in cash and cash equivalents	149	1,014
Cash and cash equivalents at beginning of period	3,215	435
Cash and cash equivalents at end of period	$3,364	$1,449

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (USD $)
In Millions	3 Months Ended Mar. 31, 2010	12 Months Ended Dec. 31, 2009
ASSETS
Cash and cash equivalents	$3,364	$3,215
Trade receivables	491	438
Accounts receivable	110	102
Investments (Note 18)	73	56
Inventories (Note 19)	501	493
Stockpiles and ore on leach pads (Note 20)	470	403
Deferred income tax assets	229	215
Other current assets (Note 21)	723	900
Current assets	5,961	5,822
Property, plant and mine development, net	12,456	12,370
Investments (Note 18)	1,232	1,186
Stockpiles and ore on leach pads (Note 20)	1,519	1,502
Deferred income tax assets	1,030	937
Other long-term assets (Note 21)	447	482
Total assets	22,645	22,299
LIABILITIES
Current portion of debt (Note 22)	78	157
Accounts payable	356	396
Employee-related benefits	179	250
Income and mining taxes	280	200
Other current liabilities (Note 23)	1,120	1,317
Current liabilities	2,013	2,320
Debt (Note 22)	4,496	4,652
Reclamation and remediation liabilities (Note 4)	810	805
Deferred income tax liabilities	1,370	1,341
Employee-related benefits	395	381
Other long-term liabilities (Note 23)	156	174
Liabilities of operations held for sale (Note 11)	0	13
Total liabilities	9,240	9,686
Commitments and contingencies (Note 26)
EQUITY
Common stock	773	770
Additional paid-in capital	8,188	8,158
Accumulated other comprehensive income	743	626
Retained earnings	1,646	1,149
Newmont stockholders' equity	11,350	10,703
Noncontrolling interests	2,055	1,910
Total equity	13,405	12,613
Total liabilities and equity	$22,645	$22,299

Basis of Presentation

Basis of Presentation
	3 Months Ended Mar. 31, 2010
Basis of Presentation [Abstract]
BASIS OF PRESENTATION	NOTE 1 BASIS OF PRESENTATION The interim Condensed Consolidated Financial Statements (interim statements) of Newmont Mining Corporation and its subsidiaries (collectively, Newmont or the Company) are unaudited. In the opinion of management, all 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 Newmonts Consolidated Financial Statements for the year ended December31, 2009 filed February25, 2010. The year-end balance sheet data was derived from the audited financial statements, but does not include all disclosures required by U.S. generally accepted accounting principles (GAAP). References to A$ refer to Australian currency, C$ to Canadian currency, IDR to Indonesian currency, NZ$ to New Zealand currency and $ to United States currency.

Summary of Significant Accounti

Summary of Significant Accounting Policies
	3 Months Ended Mar. 31, 2010
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Recently Adopted Accounting Pronouncements Variable Interest Entities In June2009, the Accounting Standards Codification (ASC) guidance for consolidation accounting was updated to require an entity to perform a qualitative analysis to determine whether the enterprises variable interest gives it a controlling financial interest in a Variable Interest Entity (VIE). This qualitative analysis identifies the primary beneficiary of a VIE as the entity that has both of the following characteristics: (i)the power to direct the activities of a VIE that most significantly impact the entitys economic performance and (ii)the obligation to absorb losses or receive benefits from the entity that could potentially be significant to the VIE. The updated guidance also requires ongoing reassessments of the primary beneficiary of a VIE. The Company identified Nusa Tenggara Partnership (NTP), a partnership between Newmont and an affiliate of Sumitomo, that owns a 56% interest in PT Newmont Nusa Tenggara (PTNNT or Batu Hijau), as a VIE due to certain capital structures and contractual relationships. In December 2009, Newmont entered into a transaction with P.T. Pukuafu Indah (PTPI), an unrelated noncontrolling partner of PTNNT, whereby the Company agreed to advance certain funds to PTPI in exchange for a pledge of the noncontrolling partners 20% share of PTNNT dividends, net of withholding tax, and the assignment of its voting rights to the Company. As a result, PTPI was also determined to be a VIE as it has minimal equity capital and the voting rights associated with its interest in PTNNT reside with Newmont. The Company is considered the primary beneficiary of these entities and therefore consolidates them in the Companys financial statements. Adoption of the updated guidance, effective for the Companys fiscal year beginning January1, 2010, had no impact on the Companys condensed consolidated financial position, results of operations or cash flows. Fair Value Accounting In January2010, ASC guidance for fair value measurements and disclosure was updated to require additional disclosures related to transfers in and out of level 1 and 2 fair value measurements and enhanced detail in the level 3 reconciliation. The guidance was amended to clarify the level of disaggregation required for assets and liabilities and the disclosures required for inputs and valuation techniques used to measure the fair value of assets and liabilities that fall in either level 2 or level 3. The updated guidance was effective for the Companys fiscal year beginning January1, 2010, with the exception of the level 3 disaggregation which is effective for the Companys fiscal year beginning January1, 2011. The adoption had no impact on the Companys condensed consolidated financial position, results of operations or cash flows. Refer to Note 16 for further details regarding the Companys assets and liabilities measured at fair value.

Segment Information

Segment Information
	3 Months Ended Mar. 31, 2010
Segment Information [Abstract]
SEGMENT INFORMATION	NOTE 3 SEGMENT INFORMATION The Companys reportable segments are based upon the Companys management organization structure that is focused on the geographic region for the companys operations. The financial information relating to Newmonts segments is as follows: Costs Advanced Applicable to Projects and Pre-Tax Total Capital Sales Sales Amortization Exploration Income Assets Expenditures(1) Three Months Ended March31, 2010 Nevada $ 468 $ 258 $ 62 $ 17 $ 121 $ 3,250 $ 48 La Herradura 44 14 4 1 25 155 14 Hope Bay 3 17 (20 ) 1,965 9 Other North America (1 ) 55 North America 512 272 69 35 125 5,425 71 Yanacocha 460 154 37 7 242 2,621 57 Other South America 5 (5 ) 25 South America 460 154 37 12 237 2,646 57 Boddington Gold 167 80 22 Copper 38 24 6 Total Boddington 205 104 28 1 68 4,108 48 Other Australia/New Zealand 314 156 31 5 126 864 36 Batu Hijau: Gold 165 34 10 Copper 455 91 27 Total Batu Hijau 620 125 37 407 2,988 28 Other Asia Pacific 1 5 17 314 2 Asia Pacific 1,139 385 97 11 618 8,274 114 Africa 131 64 17 7 38 1,195 27 Corporate and Other 4 24 (138 ) 5,105 3 Consolidated $ 2,242 $ 875 $ 224 $ 89 $ 880 $ 22,645 $ 272 (1) Accrual basis which includes a decrease in accrued capital of $37; consolidated capital expenditures on a cash basis were $309. Costs Advanced Applicable to Projects and Pre-Tax Total Capital Sales Sales Amortization

Reclamation and Remediation

Reclamation and Remediation
	3 Months Ended Mar. 31, 2010
Reclamation and Remediation [Abstract]
RECLAMATION AND REMEDIATION	NOTE 4 RECLAMATION AND REMEDIATION At March31, 2010 and December31, 2009, $704 and $698, respectively, were accrued for reclamation obligations relating to mineral properties. In addition, the Company is involved in several matters concerning environmental obligations associated with former, primarily historic, mining activities. Generally, these matters concern developing and implementing remediation plans at the various sites involved. At March31, 2010 and December31, 2009, $157 and $161, respectively, were accrued for such obligations. The following is a reconciliation of reclamation and remediation liabilities: Three Months Ended March 31, 2010 2009 Balance at beginning of period $ 859 $ 757 Additions, changes in estimates and other (3 ) (2 ) Liabilities settled (8 ) (13 ) Accretion expense 13 12 Balance at end of period $ 861 $ 754 The current portion of Reclamation and remediation liabilities of $51 and $54 at March 31, 2010 and December31, 2009, respectively, are included in Other current liabilities (see Note 23). The Companys reclamation and remediation expenses consisted of: Three Months Ended March 31, 2010 2009 Accretion operating $ 11 $ 9 Accretion non-operating 2 3 $ 13 $ 12 Asset retirement cost amortization $ 7 $ 7 Asset retirement cost amortization is a component of Amortization.

Advanced Projects, Research and

Advanced Projects, Research and Development
	3 Months Ended Mar. 31, 2010
Advanced Projects, Research and Development [Abstract]
ADVANCED PROJECTS, RESEARCH AND DEVELOPMENT	NOTE 5 ADVANCED PROJECTS, RESEARCH AND DEVELOPMENT Three Months Ended March 31, 2010 2009 Major projects: Hope Bay $ 10 $ 5 Akyem 3 1 Conga 1 Boddington 3 Other projects: Technical and project services 12 5 Corporate 12 4 Nevada growth 3 6 Other 5 7 $ 46 $ 31

Other Expense, Net

Other Expense, Net
	3 Months Ended Mar. 31, 2010
Other Expense, Net [Abstract]
OTHER EXPENSE, NET	NOTE 6 OTHER EXPENSE, NET Three Months Ended March 31, 2010 2009 Community development $ 48 $ 10 Regional administration 13 12 Peruvian royalty 6 6 Western Australia power plant 6 3 World Gold Council dues 3 3 Workforce reduction 14 Boddington acquisition costs 8 Batu Hijau divestiture 5 Other 13 12 $ 89 $ 73

Other Income, Net

Other Income, Net
	3 Months Ended Mar. 31, 2010
Other Income, Net [Abstract]
OTHER INCOME, NET	NOTE 7 OTHER INCOME, NET Three Months Ended March 31, 2010 2009 Gain on asset sales, net $ 33 $ 1 Canadian Oil Sands Trust income 10 4 Interest income 3 3 Write-down of investments (Note 18) (6 ) Foreign currency exchange losses, net (9 ) (3 ) Other 11 10 $ 48 $ 9

Employee Pension and Other Bene

Employee Pension and Other Benefits Plans
	3 Months Ended Mar. 31, 2010
Employee Pension and Other Benefit Plans [Abstract]
EMPLOYEE PENSION AND OTHER BENEFIT PLANS	NOTE 8 EMPLOYEE PENSION AND OTHER BENEFIT PLANS Three Months Ended March 31, 2010 2009 Pension benefit costs, net Service cost $ 5 $ 5 Interest cost 9 8 Expected return on plan assets (7 ) (7 ) Amortization of loss 4 3 $ 11 $ 9 Three Months Ended March 31, 2010 2009 Other benefit costs, net Service cost $ 1 $ 1 Interest cost 1 1 $ 2 $ 2

Stock Based Compensation

Stock Based Compensation
	3 Months Ended Mar. 31, 2010
Stock Based Compensation [Abstract]
STOCK BASED COMPENSATION	NOTE 9 STOCK BASED COMPENSATION Three Months Ended March 31, 2010 2009 Stock options $ 3 $ 3 Restricted stock units 4 1 Performance leveraged stock units 3 Common stock 1 1 Restricted stock 1 1 Deferred stock 2 3 $ 14 $ 9 No stock option awards were granted during the three months ended March31, 2010 or 2009. At March31, 2010, there was $16 of unrecognized compensation cost related to unvested stock options. This cost is expected to be recognized on a weighted-average basis for a period of approximately 2years. For the three months ended March31, 2010 and 2009, 325,962 and 252,363 restricted stock units, respectively, were granted, at the weighted-average fair market value of $50 and $43, respectively, per underlying share of the Companys common stock. At March31, 2010, there was $24 of unrecognized compensation cost related to unvested restricted stock units. This cost is expected to be recognized on a weighted-average basis for a period of approximately 3years. For the three months ended March31, 2010 and 2009, 64,646 and 39,853 shares of common stock, respectively, were granted under the Companys financial performance share plan at the weighted-average fair market value of $50 and $43, respectively. In addition, for the three months ended March31, 2010 and 2009, 129,302 and 80,172 restricted stock units, respectively, which were included in the restricted stock unit grants above, were awarded under this plan. Beginning in 2010, the Company granted performance leveraged stock units (PSUs) to eligible executives. The actual number of PSUs earned will be determined at the end of a three year performance period (except two partial awards that will be based on a one and two year performance period, respectively), based upon certain measures of shareholder return. At March31, 2010, there was $11 of unrecognized compensation cost related to unvested PSUs. This cost is expected to be recognized on a weighted-average basis for a period of approximately 2years.

Income Taxes

Income Taxes
	3 Months Ended Mar. 31, 2010
Income Taxes [Abstract]
INCOME TAXES	NOTE 10 INCOME TAXES During the first quarter of 2010, the Company recorded estimated income tax expense of $135 resulting in an effective tax rate of 15%. Estimated tax expense during the first quarter of 2009 was $105 for an effective tax rate of 27%. The decrease of 12% in the effective tax rate from 2009 to 2010 was the result of a tax benefit of $127 being recorded from the conversion of non-US tax-paying entities to entities currently subject to U.S. income tax resulting in an increase in net deferred tax assets. The effective tax rates in the first quarter of 2010 and 2009 are different from the United States statutory rate of 35% primarily due to the above mentioned tax benefit in 2010, U.S. percentage depletion and the effect of different income tax rates in countries where earnings are indefinitely reinvested. The Company operates in numerous countries around the world and accordingly it is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates. Some of these tax regimes are defined by contractual agreements with the local government, and others are defined by the general corporate income tax laws of the country. The Company has historically filed, and continues to file, all required income tax returns and paid the taxes reasonably determined to be due. The tax rules and regulations in many countries are highly complex and subject to interpretation. From time to time the Company is subject to a review of its historic income tax filings and in connection with such reviews, disputes can arise with the taxing authorities over the interpretation or application of certain rules to the Companys business conducted within the country involved. At March31, 2010, the Companys total unrecognized tax benefit was $127 for uncertain tax positions taken or expected to be taken on tax returns. Of this, $62 represents the amount of unrecognized tax benefits that, if recognized, would affect the Companys effective income tax rate. As a result of (i)statute of limitations that expire in the next 12months in various jurisdictions, and (ii)possible settlements of audit-related issues with taxing authorities in various jurisdictions with respect to which none of the issues are individually significant, the Company believes that it is reasonably possible that the total amount of its net unrecognized income tax benefits will decrease by approximately $12 to $15 in the next 12months. In March2010, the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act, was signed into law. This law did not have a material effect on the Companys financial statements for the quarter. On January1, 2010, various U.S. tax provisions expired, and as of March31, 2010, the provisions have not been reinstated. These expired tax provisions do not have a material effect on the Companys financial statements.

Discontinued Operations

Discontinued Operations
	3 Months Ended Mar. 31, 2010
Discontinued Operations [Abstract]
DISCONTINUED OPERATIONS	NOTE 11 DISCONTINUED OPERATIONS Discontinued operations include the Kori Kollo, Bolivia operation sold in July2009. The Company has reclassified the 2009 balance sheet amounts and income statement results from the historical presentation to Assets and Liabilities of operations held for sale on the Condensed Consolidated Balance Sheets and to Income from discontinued operations in the Condensed Consolidated Statements of Income. The Condensed Consolidated Statements of Cash Flows have been reclassified for assets held for sale and discontinued operations for all periods presented. For the three months ended March31, 2009, Sales at Kori Kollo were $16 offset by operating costs of $16, resulting in Net income from discontinued operations of $nil. Liabilities of operations held for sale include Other liabilities of $13 at December31, 2009. Net operating cash provided from (used in) discontinued operations was $(13) and $4 in the first quarter of 2010 and 2009, respectively. Net cash used in financing activities of discontinued operations was $1 in the first quarter of 2009 for repayment of debt.

Net Income attributable to Nonc

Net Income attributable to Noncontrolling Interests
	3 Months Ended Mar. 31, 2010
Net Income attributable to Noncontrolling Interests [Abstract]
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	NOTE 12 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS Three Months Ended March 31, 2010 2009 Batu Hijau $ 118 $ 21 Yanacocha 80 67 Other (1 ) $ 197 $ 88 In March2010, the Company (through NTP) completed the sale and transfer of shares for a 7% interest in PTNNT, the Indonesian subsidiary that operates Batu Hijau, to PT Multi Daerah Bersaing (PTMDB) in compliance with divestiture obligations under the Contract of Work, reducing NTPs ownership interest to 56% from 63%. In 2009, the Company (through NTP) completed the sale and transfer of shares for a 17% interest in PTNNT to PTMDB in compliance with divestiture obligations under the Contract of Work, reducing NTPs ownership interest to 63% from 80%. The 2010 and 2009 share transfers resulted in gains of approximately $15 (after tax of $34) and $63 (after tax of $115), respectively, that were recorded in Additional paid-in capital. In December2009, the Company entered into a transaction with PTPI, whereby the Company agreed to advance certain funds to PTPI in exchange for a pledge of the noncontrolling partners 20% share of PTNNT dividends, net of withholding tax, and the assignment of its voting rights to the Company. As a result, PTPI was determined to be a VIE as it has minimal equity capital and the voting rights associated with its 20% interest in PTNNT reside with the Company. Based on the transaction with PTPI, the Company recognized an additional 17% effective economic interest in PTNNT. At March31, 2010, Newmont had a 48.50% effective economic interest in PTNNT. Based on the accounting guidance for variable interest entities, Newmont continues to consolidate PTNNT in its Consolidated Financial Statements. Newmont has a 51.35% ownership interest in Minera Yanacocha SR.L. (Yanacocha), with the remaining interests held by Compaia de Minas Buenaventura, S.A.A. (43.65%) and the International Finance Corporation (5%).

Income Per Common Share

Income Per Common Share
	3 Months Ended Mar. 31, 2010
Income Per Common Share [Abstract]
INCOME PER COMMON SHARE	NOTE 13 INCOME PER COMMON SHARE Basic income per common share is computed by dividing income available to Newmont common stockholders by the weighted average number of common shares outstanding during the period. Diluted income per common share is computed similarly to basic income per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. Three Months Ended March 31, 2010 2009 Net income attributable to Newmont stockholders $ 546 $ 189 Weighted average common shares (millions): Basic 491 472 Effect of employee stock-based awards 1 1 Effect of convertible notes 1 Diluted 493 473 Net income attributable to Newmont stockholders per common share, basic and diluted $ 1.11 $ 0.40 Options to purchase 1.2 and 4.6million shares of common stock at average exercise prices of $55 and $47 were outstanding at March31, 2010 and 2009, respectively, but were not included in the computation of diluted weighted average number of common shares because their effect would have been anti-dilutive under the treasury stock method. In February2009 and July2007, Newmont issued $518 and $1,150, respectively, of convertible notes that, if converted in the future, would have a potentially dilutive effect on the Companys weighted average number of common shares. Under the indenture for the convertible notes, upon conversion Newmont is required to settle the principal amount of the convertible notes in cash and may elect to settle the remaining conversion obligation (stock price in excess of the conversion price) in cash, shares or a combination thereof. The effect of contingently convertible instruments on diluted earnings per share is calculated under the net share settlement method in accordance with accounting guidance for earnings per share. Under the net share settlement method, the Company includes the amount of shares it would take to satisfy the conversion obligation, assuming that all of the convertible notes are surrendered. The average closing price of the Companys common stock for each of the periods presented is used as the basis for determining dilution. The average price of the Companys common stock for the three months ended March31, 2010 exceeded the conversion price of $46.25 and $46.21 for the notes issued in 2009 and 2007, respectively, and therefore, 1.4 million additional shares were included in the computation of diluted weighted average common shares for the three months ended March31, 2010. In connection with the 2007 convertible senior notes offering, the Company entered into Call Spread Transactions which included the purchase of call options and the sale of warrants. As a result of the Call Spread Transactions, the conversion price of $46.21 was effectively increased to $60.27. Should the warrant transactions become dilutive to the Companys earnings per share (if Newmonts share price exceeds $60.27) the

Comprehensive Income

Comprehensive Income
	3 Months Ended Mar. 31, 2010
Comprehensive Income [Abstract]
COMPREHENSIVE INCOME	NOTE 14 COMPREHENSIVE INCOME Three Months Ended March 31, 2010 2009 Net income $ 743 $ 277 Other comprehensive income (loss), net of tax: Unrealized gain on marketable securities 49 93 Foreign currency translation adjustments 56 (47 ) Pension and other benefit liability adjustments 2 1 Change in fair value of cash flow hedge instruments: Net change from periodic revaluations 29 (19 ) Net amount reclassified to income (19 ) 17 Net unrecognized gain (loss)on derivatives 10 (2 ) 117 45 Comprehensive income $ 860 $ 322 Comprehensive income attributable to: Newmont stockholders $ 663 $ 234 Noncontrolling interests 197 88 $ 860 $ 322

Changes in Equity

Changes in Equity
	3 Months Ended Mar. 31, 2010
Change in Equity [Abstract]
CHANGES IN EQUITY	NOTE 15 CHANGES IN EQUITY Three Months Ended March 31, 2010 2009 Common stock: At beginning of period $ 770 $ 709 Common stock offering 55 Stock based compensation 1 1 Shares issued in exchange for exchangeable shares 2 1 At end of period 773 766 Additional paid-in capital: At beginning of period 8,158 6,831 Common stock offering 1,179 Convertible debt issuance 46 Common stock dividends (45 ) Stock based compensation 17 14 Shares issued in exchange for exchangeable shares (2 ) (1 ) Sale of subsidiary shares to noncontrolling interests 15 At end of period 8,188 8,024 Accumulated other comprehensive (loss)income: At beginning of period 626 (253 ) Other comprehensive (loss)income (Note 14) 117 45 At end of period 743 (208 ) Retained earnings: At beginning of period 1,149 4 Net income attributable to Newmont stockholders 546 189 Common stock dividends (49 ) (4 ) At end of period 1,646 189 Noncontrolling interests: At beginning of period 1,910 1,370 Net income attributable to noncontrolling interests 197 88 Dividends paid to noncontrolling interests (220 ) Sale of subsidiary shares to noncontrolling interests, net 168 At end of period 2,055 1,458 Total equity $ 13,405 $ 10,229

Fair Value Accounting

Fair Value Accounting
	3 Months Ended Mar. 31, 2010
Fair Value Accounting [Abstract]
FAIR VALUE ACCOUNTING	NOTE 16 FAIR VALUE ACCOUNTING Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; and Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The following table sets forth the Companys assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair Value at March 31, 2010 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 1,929 $ 1,929 $ $ Marketable equity securities: Extractive industries 1,243 1,243 Other 6 6 Marketable debt securities: Asset backed commercial paper 19 19 Corporate 9 9 Auction rate securities 5 5 Trade receivable from provisional copper and gold concentrate sales, net 363 363 Derivative instruments, net: Foreign exchange forward contracts 151 151 Interest rate swap contracts 8 8 Diesel forward contracts 6 6 $ 3,739 $ 3,550 $ 165 $ 24 Liabilities: 8 5/8% debentures ($222 hedged portion) $ 246 $ $ 246 $ Boddington contingent consideration 85 85 $ 331 $ $ 246 $ 85 The Companys cash equivalent instruments are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The cash equivalent instruments that are valued based on quoted market prices in active markets are primarily money market securities and U.S. Treasury securities. The Companys marketable equity securities are valued using quoted market prices in active markets and as such are classified within Level 1 of the fair value hierarchy. The securities are segregated based on industry. The fair value of the marketable equity securities

Derivative Instruments

Derivative Instruments
	3 Months Ended Mar. 31, 2010
Derivative Instruments [Abstract]
DERIVATIVE INSTRUMENTS	NOTE 17 DERIVATIVE INSTRUMENTS The Companys strategy is to provide shareholders with leverage to changes in gold and copper prices by selling its production at spot market prices. Consequently, the Company does not hedge its gold and copper sales. Newmont continues to manage risks associated with commodity input costs, interest rates and foreign currencies using the derivative market. All of the cash flow and fair value derivative instruments were transacted for risk management purposes and qualify as hedging instruments. The maximum period over which hedged transactions are expected to occur is three years. Cash Flow Hedges The foreign currency and diesel contracts are designated as cash flow hedges, and as such, the effective portion of unrealized changes in market value have been recorded in Accumulated other comprehensive income (loss) and are recorded in earnings during the period in which the hedged transaction affects earnings. Gains and losses from hedge ineffectiveness are recognized in current earnings. Foreign Currency Contracts Newmont utilizes foreign currency contracts to reduce the variability of the US dollar amount of forecasted foreign currency expenditures caused by changes in exchange rates. Newmont hedges a portion of the Companys A$, NZ$ and IDR denominated operating expenditures which results in a blended rate realized each period. The hedging instruments are fixed forward contracts with expiration dates ranging up to three years from the date of issue. The principal hedging objective is reduction in the volatility of realized period-on-period $/A$, $/NZ$ and IDR/$ rates, respectively. Newmont had the following foreign currency derivative contracts outstanding at March31, 2010: Expected Maturity Date Total/ 2010 2011 2012 2013 Average A$ Fixed Forward Contracts: $ (millions) $ 489 $ 432 $ 195 $ 12 $ 1,128 Average rate ($/A$) 0.79 0.77 0.79 0.81 0.78 A$ notional (millions) 618 563 246 15 1,442 Expected hedge ratio 66 % 44 % 20 % 5 % 38 % NZ$ Fixed Forward Contracts: $ (millions) $ 33 $ 23 $ 1 $ $ 57 Average rate ($/NZ$) 0.65 0.67 0.66 0.66 NZ$ notional (millions) 51 34 2 87 Expected hedge ratio 63 % 27 % 5 % 37 % IDR Fixed Forward Contracts: $ (millions) $ 38 $ $ $ $ 38 Average rate (IDR/$) 9,944 9,944 IDR notional (millions) 258,537 258,537 Expected hedge ratio 27 % 27 % Diesel Fixed Forward Contracts Newmont hedges a portion of its operating cost exposure related to diesel consumed at its Nevada operations to reduce the variability in realized diesel prices. The hedging instruments consist of a series of financially settled fixed forward contracts

Investments

Investments
	3 Months Ended Mar. 31, 2010
Investments [Abstract]
INVESTMENTS	NOTE 18 INVESTMENTS At March 31, 2010 Cost/Equity Unrealized Fair/Equity Basis Gain Loss Basis Current: Marketable Equity Securities: Regis Resources $ 5 $ 48 $ $ 53 Other 9 11 20 $ 14 $ 59 $ $ 73 Long-term: Marketable Debt Securities: Asset backed commercial paper $ 25 $ $ (6 ) $ 19 Auction rate securities 7 (2 ) 5 Corporate 7 2 9 39 2 (8 ) 33 Marketable Equity Securities: Canadian Oil Sands Trust 303 621 924 Gabriel Resources Ltd. 76 134 210 Shore Gold Inc. 5 12 17 Other 16 9 25 400 776 1,176 Other investments, at cost 11 11 Investment in Affiliates: La Zanja 12 12 $ 462 $ 778 $ (8 ) $ 1,232 At December 31, 2009 Cost/Equity Unrealized Fair/Equity Basis Gain Loss Basis Current: Marketable Equity Securities: Regis Resources $ 5 $ 29 $ $ 34 Other 10 12 22 $ 15 $ 41 $ $ 56 Long-term: Marketable Debt Securities: Asset backed commercial paper $ 24 $ $ (6 ) $ 18 Auction rate securities 7 (2 ) 5 Corporate 8 2 10 39 2 (8 ) 33 Marketable Equity Securities: Canadian Oil Sands Trust 292 584 876 Gabriel Resources Ltd. 74 136 210 Shore Gold Inc. 4 11 15 Other 11 7 18 381 738 1,119 Other investments, at cost 6 6 Investment in Affiliates: AGR Matthey Joint Venture 20 20 La Zanja 8 8 $ 454 $ 740 $ (8 ) $ 1,186 The AGR Matthey Joint Venture (AGR), in which Newmont held a 40% equity interest, was dissolved on March30, 2010. The remaining interests were held by West Australian Mint (WAM) (40%) and Johnson Matthey Australia (JMA) (20%). Newmont received consideration of $10 from the dissolution and recorded a gain of $2 in the first quarter of 2010. Included in Investments at Mar

Inventories

Inventories
	3 Months Ended Mar. 31, 2010
Inventories [Abstract]
INVENTORIES	NOTE 19 INVENTORIES At March 31, At December 31, 2010 2009 In-process $ 67 $ 80 Concentrate 32 10 Precious metals 9 9 Materials, supplies and other 393 394 $ 501 $ 493

Stockpiles and Ore on Leach Pad

Stockpiles and Ore on Leach Pads
	3 Months Ended Mar. 31, 2010
Stockpiles and Ore on Leach Pads [Abstract]
STOCKPILES AND ORE ON LEACH PADS	NOTE 20 STOCKPILES AND ORE ON LEACH PADS At March 31, At December 31, 2010 2009 Current: Stockpiles $ 255 $ 206 Ore on leach pads 215 197 $ 470 $ 403 Long-term: Stockpiles $ 1,189 $ 1,181 Ore on leach pads 330 321 $ 1,519 $ 1,502 At March31, 2010, stockpiles were primarily located at Batu Hijau ($824), Nevada ($284), Other Australia/New Zealand ($111), Boddington ($100) and Ahafo ($76), while leach pads were primarily located at Yanacocha ($364) and Nevada ($175).

Other Assets

Other Assets
	3 Months Ended Mar. 31, 2010
Other Assets [Abstract]
OTHER ASSETS	NOTE 21 OTHER ASSETS At March 31, At December 31, 2010 2009 Other current assets: Refinery metal inventory and receivable $ 473 $ 671 Derivative instruments (Note 17) 103 92 Prepaid assets 88 70 Other 59 67 $ 723 $ 900 Other long-term assets: Goodwill $ 188 $ 188 Derivative instruments (Note 17) 62 59 Debt issuance costs 46 50 Restricted cash 23 70 Other 128 115 $ 447 $ 482

Debt

Debt
	3 Months Ended Mar. 31, 2010
Debt [Abstract]
DEBT	NOTE 22 DEBT At March 31, 2010 At December 31, 2009 Current Non-Current Current Non-Current Sale-leaseback of refractory ore treatment plant $ 30 $ 134 $ 24 $ 164 8 5/8% debentures, net of discount (due 2011) 218 218 2012 convertible senior notes, net of discount 469 463 2014 convertible senior notes, net of discount 473 468 2017 convertible senior notes, net of discount 421 417 5 1/8% senior notes, net of discount (due 2019) 896 896 5 7/8% senior notes, net of discount (due 2035) 597 597 6 1/4% senior notes, net of discount (due 2039) 1,087 1,087 PTNNT project financing facility 87 133 Yanacocha credit facility 14 45 14 48 Yanacocha senior notes 12 88 8 92 Ahafo project facility 10 65 10 65 Other project financings and capital leases 12 3 14 4 $ 78 $ 4,496 $ 157 $ 4,652 On February23, 2010, PTNNT repaid the $220 remaining balance under the PTNNT project financing facility. As a result, the Company is no longer required to maintain letters of credit to secure 56.25% of the PTNNT project financing facility and PTNNTs assets are no longer pledged as collateral. Scheduled minimum debt repayments are $39 for the remainder of 2010, $290 in 2011, $570 in 2012, $72 in 2013, $540 in 2014 and $3,063 thereafter.

Other Liabilities

Other Liabilities
	3 Months Ended Mar. 31, 2010
Other Liabilities [Abstract]
OTHER LIABILITIES	NOTE 23 OTHER LIABILITIES At March 31, At December 31, 2010 2009 Other current liabilities: Refinery metal payable $ 473 $ 671 Accrued operating costs 190 131 Interest 101 72 Accrued capital expenditures 78 115 Boddington acquisition costs 52 52 Reclamation and remediation costs (Note 4) 51 54 Boddington contingent consideration 23 16 Other 152 206 $ 1,120 $ 1,317 Other long-term liabilities: Boddington contingent consideration $ 62 $ 69 Income and mining taxes 40 38 Other 54 67 $ 156 $ 174

Net Change in Operating Assets

Net Change in Operating Assets and Liabilities
	3 Months Ended Mar. 31, 2010
Net Change in Operating Assets and Liabilities [Abstract]
NET CHANGE IN OPERATING ASSETS AND LIABILITIES	NOTE 24 NET CHANGE IN OPERATING ASSETS AND LIABILITIES Net cash provided from operations attributable to the net change in operating assets and liabilities is composed of the following: Three Months Ended March 31, 2010 2009 Decrease (increase)in operating assets: Trade and accounts receivable $ (52 ) $ 28 Inventories, stockpiles and ore on leach pads (69 ) (34 ) EGR refinery assets 185 (72 ) Other assets (23 ) 5 Increase (decrease)in operating liabilities: Accounts payable and other accrued liabilities (21 ) (116 ) EGR refinery liabilities (185 ) 72 Reclamation liabilities (8 ) (13 ) $ (173 ) $ (130 )

Condensed Consolidating Financi

Condensed Consolidating Financial Statements
	3 Months Ended Mar. 31, 2010
Condensed Consolidating Financial Statements [Abstract]
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS	NOTE 25 CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Newmont USA, a 100% owned subsidiary of Newmont Mining Corporation, has fully and unconditionally guaranteed the 5 7/8%, 5 1/8% and 6 1/4% publicly traded notes and the 2012, 2014 and 2017 convertible senior notes. The following consolidating financial statements are provided for Newmont USA, as guarantor, and for Newmont Mining Corporation, as issuer, as an alternative to providing separate financial statements for the guarantor. The accounts of Newmont Mining Corporation are presented using the equity method of accounting for investments in subsidiaries. Three Months Ended March 31, 2010 Newmont Newmont Mining Mining Newmont Other Corporation Condensed Consolidating Statement of Income Corporation USA Subsidiaries Eliminations Consolidated Sales $ $ 1,592 $ 650 $ $ 2,242 Costs and expenses Costs applicable to sales (1) 551 329 (5 ) 875 Amortization 143 81 224 Reclamation and remediation 9 4 13 Exploration 24 19 43 Advanced projects, research and development 29 17 46 General and administrative 38 1 6 45 Other expense, net 76 14 (1 ) 89 870 465 1,335 Other income (expense) Other income, net 1 47 48 Interest income intercompany 36 2 1 (39 ) Interest expense intercompany (2 ) (37 ) 39 Interest expense, net (62 ) (12 ) (1 ) (75 ) (28 ) (9 ) 10 (27 ) Income (loss)before income tax and other items (28 ) 713 195 880 Income tax expense 141 (233 ) (43 ) (135 ) Equity income (loss)of affiliates 433 67 (502 ) (2 ) Net income (loss) 546 480 219 (502 ) 743 Net loss (income)attributable to noncontrolling interests (243 ) (40 ) 86 (197 ) Net income (loss)attributable to Newmont stockholders $ 546 $ 237 $ 179 $ (416 ) $ 546 (1) Exclusive of Amortization and Reclamation and remediation. Three Months Ended March 31, 2009 Newmont Newmont Mining Mining Newmont Other Corporation Condensed Consolidating Statement of Income Corporation USA Subsidiaries Eliminations Consolidated

Commitments and Contingencies

Commitments and Contingencies
	3 Months Ended Mar. 31, 2010
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 26 COMMITMENTS AND CONTINGENCIES General The Company follows ASC guidance in determining its accruals and disclosures with respect to loss contingencies. Accordingly, estimated losses from loss contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable (greater than a 75% probability) 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 loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred. Operating Segments The Companys operating segments are identified in Note 3. Except as noted in this paragraph, all of the Companys commitments and contingencies specifically described in this Note 26 relate to the Corporate and Other reportable segment. The Nevada Operations matters under Newmont USA Limited relate to the North America reportable segment. The PT Newmont Minahasa Raya matters relate to the Asia Pacific reportable segment. The Yanacocha matters relate to the South America reportable segment. The Newmont Yandal Operations Pty Limited matter relates to the Asia Pacific reportable segment. The PTNNT matters relate to the Asia Pacific reportable segment. Environmental Matters The Companys mining and exploration activities are subject to various 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 so as to protect the public health and 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 costs are based principally on legal and regulatory requirements. At March31, 2010 and December31, 2009, $704 and $698, respectively, were accrued for reclamation costs relating to mineral properties in accordance with asset retirement obligation guidance. The current portions of $34 and $36 at March31, 2010 and December31, 2009, respectively, are included in Other current liabilities. In addition, the Company is involved in several matters concerning environmental obligations associated with former mining activities. Generally, these matters concern developing and implementing remediation plans at the various sites involved. The Company believes that the related environmental obligations associated with these sites are similar in nature with respect to the development of remediation plans, their risk profile and the compliance required to meet general environmental standards. Based upon the Companys best estimate of its liability for these matters, $157 and $161 were accrued for such obligations at March31, 2010 and December31, 2009, respectively. These amounts

Supplementary Data

Supplementary Data
	3 Months Ended Mar. 31, 2010
Supplementary Data [Abstract]
SUPPLEMENTARY DATA	NOTE 27 SUPPLEMENTARY DATA Ratio of Earnings to Fixed Charges The ratio of earnings to fixed charges for the three months ended March31, 2010 was 11.7. The ratio of earnings to fixed charges represents income before income tax expense, equity loss of affiliates and noncontrolling interests in subsidiaries, divided by interest expense. Interest expense includes amortization of capitalized interest and the portion of rent expense representative of interest. Interest expense does not include interest on income tax liabilities. The computation of the ratio of earnings to fixed charges can be found in Exhibit12.1.