Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 25, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-31240 | |
Entity Registrant Name | NEWMONT CORP /DE/ | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-1611629 | |
Entity Address, Address Line One | 6900 E Layton Ave | |
Entity Address, City or Town | Denver | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80237 | |
City Area Code | (303) | |
Local Phone Number | 863-7414 | |
Title of 12(b) Security | Common stock, par value $1.60 per share | |
Trading Symbol | NEM | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 793,738,731 | |
Entity Central Index Key | 0001164727 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Income Statement [Abstract] | |||||
Sales | $ 2,634 | $ 2,895 | $ 8,715 | $ 8,832 | |
Costs and expenses: | |||||
Costs Applicable to Sales | [1] | 1,545 | 1,367 | 4,688 | 3,895 |
Depreciation and amortization | 508 | 570 | 1,614 | 1,684 | |
Reclamation and remediation (Note 5) | 53 | 117 | 163 | 220 | |
Exploration | 69 | 60 | 169 | 147 | |
Advanced projects, research and development | 80 | 40 | 169 | 108 | |
General and administrative | 73 | 61 | 210 | 190 | |
Loss on assets held for sale (Note 1) | 0 | 571 | 0 | 571 | |
Other expense, net (Note 6) | 11 | 43 | 68 | 134 | |
Total costs and expenses | 2,339 | 2,829 | 7,081 | 6,949 | |
Other income (expense): | |||||
Other income (loss), net (Note 7) | 56 | (71) | (128) | (60) | |
Interest expense, net of capitalized interest | (55) | (66) | (174) | (208) | |
Total other income (expense) | 1 | (137) | (302) | (268) | |
Income (loss) before income and mining tax and other items | 296 | (71) | 1,332 | 1,615 | |
Income and mining tax benefit (expense) (Note 8) | (96) | (222) | (343) | (798) | |
Equity income (loss) of affiliates (Note 10) | 25 | 39 | 81 | 138 | |
Net income (loss) from continuing operations | 225 | (254) | 1,070 | 955 | |
Net income (loss) from discontinued operations | (5) | 11 | 19 | 42 | |
Net income (loss) | 220 | (243) | 1,089 | 997 | |
Net loss (income) attributable to noncontrolling interests | (7) | 246 | (41) | 215 | |
Net income (loss) attributable to Newmont stockholders | 213 | 3 | 1,048 | 1,212 | |
Net income (loss) attributable to Newmont stockholders: | |||||
Continuing operations | 218 | (8) | 1,029 | 1,170 | |
Discontinued operations | (5) | 11 | 19 | 42 | |
Net income (loss) attributable to Newmont stockholders | $ 213 | $ 3 | $ 1,048 | $ 1,212 | |
Weighted average common shares: | |||||
Basic (in shares) | 794 | 799 | 793 | 800 | |
Effect of employee stock-based awards (in shares) | 1 | 1 | 2 | 2 | |
Diluted (in shares) | 795 | 800 | 795 | 802 | |
Basic: | |||||
Continuing operations (in dollars per share) | $ 0.28 | $ (0.01) | $ 1.30 | $ 1.47 | |
Discontinued operations (in dollars per share) | (0.01) | 0.01 | 0.02 | 0.05 | |
Net income (loss) per common share, basic (in dollars per share) | 0.27 | 0 | 1.32 | 1.52 | |
Diluted: | |||||
Continuing operations (in dollars per share) | [2] | 0.28 | (0.01) | 1.30 | 1.46 |
Discontinued operations (in dollars per share) | [2] | (0.01) | 0.01 | 0.02 | 0.05 |
Net income (loss) per common share, diluted (in dollars per share) | [2] | $ 0.27 | $ 0 | $ 1.32 | $ 1.51 |
[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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 220 | $ (243) | $ 1,089 | $ 997 |
Other comprehensive income (loss): | ||||
Change in marketable securities, net of tax | (1) | (1) | (3) | (1) |
Foreign currency translation adjustments | 5 | 2 | 6 | 3 |
Change in pension and other post-retirement benefits, net of tax | (1) | 5 | 120 | 17 |
Reclassification of (gain) loss on cash flow hedge instruments from accumulated other comprehensive income (loss), net of tax | 1 | 2 | 3 | 7 |
Other comprehensive income (loss) | 4 | 8 | 126 | 26 |
Comprehensive income (loss) | 224 | (235) | 1,215 | 1,023 |
Comprehensive income (loss) attributable to: | ||||
Newmont stockholders | 217 | 11 | 1,174 | 1,238 |
Noncontrolling interests | 7 | (246) | 41 | (215) |
Comprehensive income (loss) | $ 224 | $ (235) | $ 1,215 | $ 1,023 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating activities: | ||||
Net income (loss) | $ 220 | $ (243) | $ 1,089 | $ 997 |
Non-cash adjustments: | ||||
Depreciation and amortization | 508 | 570 | 1,614 | 1,684 |
Loss on assets held for sale (Note 1) | 0 | 571 | 0 | 571 |
Net loss (income) from discontinued operations | 5 | (11) | (19) | (42) |
Reclamation and remediation | 149 | 208 | ||
Deferred income taxes | (145) | (10) | ||
Charges from pension settlement (Note 7) | 130 | 0 | ||
Change in fair value of investments (Note 7) | 91 | 180 | ||
Stock-based compensation | 57 | 55 | ||
Other non-cash adjustments | 34 | (98) | ||
Net change in operating assets and liabilities (Note 16) | (812) | (578) | ||
Net cash provided by (used in) operating activities of continuing operations | 2,188 | 2,967 | ||
Net cash provided by (used in) operating activities of discontinued operations | 22 | 13 | ||
Net cash provided by (used in) operating activities | 2,210 | 2,980 | ||
Investing activities: | ||||
Additions to property, plant and mine development | (529) | (398) | (1,485) | (1,212) |
Purchases of investments | (665) | (18) | ||
Contributions to equity method investees | (152) | (114) | ||
Proceeds from asset and investment sales | 57 | 111 | ||
Return of investment from equity method investees | 52 | 18 | ||
Payment relating to sale of La Zanja (Note 1) | (45) | 0 | ||
Acquisitions, net | (15) | (328) | ||
Other | (4) | 26 | ||
Net cash provided by (used in) investing activities | (2,257) | (1,517) | ||
Financing activities: | ||||
Dividends paid to common stockholders | (1,310) | (1,321) | ||
Acquisition of noncontrolling interests (Note 1) | (348) | 0 | ||
Distributions to noncontrolling interests | (140) | (155) | ||
Funding from noncontrolling interests | 89 | 73 | ||
Repayment of debt (Note 13) | (89) | (550) | ||
Payments on lease and other financing obligations | (50) | (54) | ||
Payments for withholding of employee taxes related to stock-based compensation | (38) | (31) | ||
Repurchases of common stock | 0 | (248) | ||
Other | 9 | (77) | ||
Net cash provided by (used in) financing activities | (1,877) | (2,363) | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (29) | (3) | ||
Net change in cash, cash equivalents and restricted cash | (1,953) | (903) | ||
Cash, cash equivalents and restricted cash at beginning of period | 5,093 | 5,648 | ||
Cash, cash equivalents and restricted cash at end of period | 3,140 | 4,745 | 3,140 | 4,745 |
Reconciliation of cash, cash equivalents and restricted cash: | ||||
Cash and cash equivalents | 3,058 | 4,636 | 3,058 | 4,636 |
Restricted cash included in Other current assets | 18 | 2 | 18 | 2 |
Restricted cash included in Other non-current assets | 64 | 107 | 64 | 107 |
Total cash, cash equivalents and restricted cash | $ 3,140 | $ 4,745 | $ 3,140 | $ 4,745 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 3,058 | $ 4,992 |
Time deposits and other investments (Note 10) | 755 | 82 |
Trade receivables (Note 4) | 289 | 337 |
Inventories (Note 11) | 1,000 | 930 |
Stockpiles and ore on leach pads (Note 12) | 694 | 857 |
Other current assets | 524 | 498 |
Current assets | 6,320 | 7,696 |
Property, plant and mine development, net | 24,150 | 24,124 |
Investments (Note 10) | 3,198 | 3,243 |
Stockpiles and ore on leach pads (Note 12) | 1,839 | 1,775 |
Deferred income tax assets | 208 | 269 |
Goodwill | 2,771 | 2,771 |
Other non-current assets | 657 | 686 |
Total assets | 39,143 | 40,564 |
LIABILITIES | ||
Accounts payable | 570 | 518 |
Employee-related benefits | 337 | 386 |
Income and mining taxes payable | 174 | 384 |
Lease and other financing obligations | 94 | 106 |
Debt (Note 13) | 0 | 87 |
Other current liabilities (Note 14) | 1,149 | 1,173 |
Current liabilities | 2,324 | 2,654 |
Debt (Note 13) | 5,569 | 5,565 |
Lease and other financing obligations | 464 | 544 |
Reclamation and remediation liabilities (Note 5) | 5,825 | 5,839 |
Deferred income tax liabilities | 1,864 | 2,144 |
Employee-related benefits | 364 | 439 |
Silver streaming agreement | 850 | 910 |
Other non-current liabilities (Note 14) | 483 | 608 |
Total liabilities | 17,743 | 18,703 |
Contingently redeemable noncontrolling interest (Note 1) | 0 | 48 |
Commitments and contingencies (Note 17) | ||
EQUITY | ||
Common stock | 1,279 | 1,276 |
Treasury stock | (238) | (200) |
Additional paid-in capital | 17,354 | 17,981 |
Accumulated other comprehensive income (loss) (Note 15) | (7) | (133) |
Retained earnings (accumulated deficit) | 2,831 | 3,098 |
Newmont stockholders' equity | 21,219 | 22,022 |
Noncontrolling interests | 181 | (209) |
Total equity | 21,400 | 21,813 |
Total liabilities and equity | $ 39,143 | $ 40,564 |
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) | (4) | |||||||
Balance at beginning of period (in shares) at Dec. 31, 2020 | 804 | |||||||
Balance at beginning of period at Dec. 31, 2020 | $ 23,845 | $ 1,287 | $ (168) | $ 18,103 | $ (216) | $ 4,002 | $ 837 | |
Changes in Equity | ||||||||
Net income (loss) | 579 | 559 | 20 | |||||
Other comprehensive income (loss) | 11 | 11 | ||||||
Other comprehensive income (loss) | [1] | (441) | (441) | |||||
Distributions declared to noncontrolling interests | (54) | (54) | ||||||
Cash calls requested from noncontrolling interests | 28 | 28 | ||||||
Withholding of employee taxes related to stock-based compensation | (28) | (28) | ||||||
Stock options exercised | 1 | 1 | ||||||
Stock-based awards and related share issuances (in shares) | 1 | |||||||
Stock-based awards and related share issuances | 17 | $ 2 | 15 | |||||
Balance at end of period (in shares) at Mar. 31, 2021 | 805 | |||||||
Balance at end of period at Mar. 31, 2021 | 23,958 | $ 1,289 | (196) | 18,119 | (205) | 4,120 | 831 | |
Contingently redeemable noncontrolling interest, Balance at beginning of period at Dec. 31, 2020 | 34 | |||||||
Contingently redeemable noncontrolling interest, Balance at end of period at Mar. 31, 2021 | [2] | 34 | ||||||
Balance at beginning of period (in shares) at Dec. 31, 2020 | 804 | |||||||
Balance at beginning of period at Dec. 31, 2020 | 23,845 | $ 1,287 | (168) | 18,103 | (216) | 4,002 | 837 | |
Changes in Equity | ||||||||
Other comprehensive income (loss) | 26 | |||||||
Repurchase and retirement of common stock | [3] | (251) | ||||||
Balance at end of period (in shares) at Sep. 30, 2021 | 802 | |||||||
Balance at end of period at Sep. 30, 2021 | 23,238 | $ 1,284 | $ (199) | 18,078 | (190) | 3,739 | 526 | |
Contingently redeemable noncontrolling interest, Balance at beginning of period at Dec. 31, 2020 | 34 | |||||||
Contingently redeemable noncontrolling interest, Balance at end of period at Sep. 30, 2021 | [2] | 48 | ||||||
Changes in Equity | ||||||||
Balance at beginning of period (in shares) | (4) | |||||||
Balance at beginning of period (in shares) at Mar. 31, 2021 | 805 | |||||||
Balance at beginning of period at Mar. 31, 2021 | 23,958 | $ 1,289 | $ (196) | 18,119 | (205) | 4,120 | 831 | |
Changes in Equity | ||||||||
Net income (loss) | 661 | 650 | 11 | |||||
Other comprehensive income (loss) | 7 | 7 | ||||||
Other comprehensive income (loss) | [1] | (443) | (443) | |||||
Distributions declared to noncontrolling interests | (43) | (43) | ||||||
Cash calls requested from noncontrolling interests | 22 | 22 | ||||||
Repurchase and retirement of common stock (in shares) | [3] | (2) | ||||||
Repurchase and retirement of common stock | [3] | (137) | $ (3) | (49) | (85) | |||
Withholding of employee taxes related to stock-based compensation | (1) | (1) | ||||||
Stock options exercised | 15 | 15 | ||||||
Stock-based awards and related share issuances | 21 | $ 1 | 20 | |||||
Balance at end of period (in shares) at Jun. 30, 2021 | 803 | |||||||
Balance at end of period at Jun. 30, 2021 | 24,060 | $ 1,287 | $ (197) | 18,105 | (198) | 4,242 | 821 | |
Contingently redeemable noncontrolling interest, Balance at beginning of period at Mar. 31, 2021 | [2] | 34 | ||||||
Contingently redeemable noncontrolling interest, Balance at end of period at Jun. 30, 2021 | [2] | 34 | ||||||
Changes in Equity | ||||||||
Balance at beginning of period (in shares) | (4) | |||||||
Net income (loss) | (257) | 3 | (260) | |||||
Other comprehensive income (loss) | 8 | 8 | ||||||
Other comprehensive income (loss) | [1] | (441) | (441) | |||||
Distributions declared to noncontrolling interests | (58) | (58) | ||||||
Cash calls requested from noncontrolling interests | 23 | 23 | ||||||
Repurchase and retirement of common stock (in shares) | [3] | (2) | ||||||
Repurchase and retirement of common stock | [3] | (114) | $ (4) | (45) | (65) | |||
Withholding of employee taxes related to stock-based compensation | (2) | $ (2) | ||||||
Stock options exercised | 2 | $ 1 | 1 | |||||
Stock-based awards and related share issuances (in shares) | 1 | |||||||
Stock-based awards and related share issuances | 17 | 17 | ||||||
Balance at end of period (in shares) at Sep. 30, 2021 | 802 | |||||||
Balance at end of period at Sep. 30, 2021 | 23,238 | $ 1,284 | $ (199) | 18,078 | (190) | 3,739 | 526 | |
Changes in Equity | ||||||||
Net income (loss) | [2] | 14 | ||||||
Contingently redeemable noncontrolling interest, Balance at end of period at Sep. 30, 2021 | [2] | 48 | ||||||
Changes in Equity | ||||||||
Balance at beginning of period (in shares) | (4) | |||||||
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) | [4] | (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 (Note 1) | (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 | |||||||
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 | ||||||||
Other comprehensive income (loss) | 126 | |||||||
Balance at end of period (in shares) at Sep. 30, 2022 | 799 | |||||||
Balance at end of period at Sep. 30, 2022 | 21,400 | $ 1,279 | $ (238) | 17,354 | (7) | 2,831 | 181 | |
Contingently redeemable noncontrolling interest, Balance at beginning of period at Dec. 31, 2021 | 48 | |||||||
Contingently redeemable noncontrolling interest, Balance at end of period at Sep. 30, 2022 | 0 | |||||||
Changes in Equity | ||||||||
Balance at beginning of period (in shares) | (6) | |||||||
Balance at beginning of period (in shares) at Mar. 31, 2022 | 799 | |||||||
Balance at beginning of period at Mar. 31, 2022 | 21,631 | $ 1,278 | $ (236) | 17,312 | (12) | 3,107 | 182 | |
Changes in Equity | ||||||||
Net income (loss) | 400 | 387 | 13 | |||||
Other comprehensive income (loss) | 1 | 1 | ||||||
Other comprehensive income (loss) | [4] | (438) | (438) | |||||
Distributions declared to noncontrolling interests | (45) | (45) | ||||||
Cash calls requested from noncontrolling interests | 28 | 28 | ||||||
Stock-based awards and related share issuances | 22 | 22 | ||||||
Balance at end of period (in shares) at Jun. 30, 2022 | 799 | |||||||
Balance at end of period at Jun. 30, 2022 | 21,599 | $ 1,278 | $ (236) | 17,334 | (11) | 3,056 | 178 | |
Contingently redeemable noncontrolling interest, Balance at beginning of period at Mar. 31, 2022 | 0 | |||||||
Contingently redeemable noncontrolling interest, Balance at end of period at Jun. 30, 2022 | 0 | |||||||
Changes in Equity | ||||||||
Balance at beginning of period (in shares) | (6) | |||||||
Net income (loss) | 220 | 213 | 7 | |||||
Other comprehensive income (loss) | 4 | 4 | ||||||
Other comprehensive income (loss) | [4] | (438) | (438) | |||||
Distributions declared to noncontrolling interests | (36) | (36) | ||||||
Cash calls requested from noncontrolling interests | 32 | 32 | ||||||
Withholding of employee taxes related to stock-based compensation | (2) | $ (2) | ||||||
Stock-based awards and related share issuances | 21 | $ 1 | 20 | |||||
Balance at end of period (in shares) at Sep. 30, 2022 | 799 | |||||||
Balance at end of period at Sep. 30, 2022 | 21,400 | $ 1,279 | $ (238) | $ 17,354 | $ (7) | $ 2,831 | $ 181 | |
Contingently redeemable noncontrolling interest, Balance at end of period at Sep. 30, 2022 | $ 0 | |||||||
Changes in Equity | ||||||||
Balance at beginning of period (in shares) | (6) | |||||||
[1]Cash dividends per common share were $0.55 and $1.65 for the three and nine months ended September 30, 2021, respectively.[2]Summit Global Management II VB, a subsidiary of Sumitomo Corporation (“Sumitomo”) held a 5% interest in Yanacocha at September 30, 2021 and had the option to require Yanacocha to repurchase their interest for $48 if certain conditions were not met.[3]Repurchase and retirement of common stock of $114 and $251 for the three and nine months ended September 30, 2021, respectively, includes $— and $3 of non-common stock forfeitures.[4]Cash dividends per common share were $0.55 and $1.65 for the three and nine months ended September 30, 2022. |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||||
Cash dividends declared per common share (in dollars per share) | $ 0.55 | $ 0.55 | $ 1.65 | $ 1.65 | |||
Repurchase and retirement of common stock | [1] | $ 114 | $ 251 | ||||
Common stock forfeitures | [1] | 0 | 3 | ||||
Contingently redeemable noncontrolling interest | $ 0 | $ 48 | [2] | $ 0 | $ 48 | [2] | |
Sumitomo Corporation | |||||||
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) | 5% | 5% | |||||
[1]Repurchase and retirement of common stock of $114 and $251 for the three and nine months ended September 30, 2021, respectively, includes $— and $3 of non-common stock forfeitures.[2]Summit Global Management II VB, a subsidiary of Sumitomo Corporation (“Sumitomo”) held a 5% interest in Yanacocha at September 30, 2021 and had the option to require Yanacocha to repurchase their interest for $48 if certain conditions were not met. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The interim Condensed Consolidated Financial Statements (“interim statements”) of Newmont Corporation, a Delaware corporation and its subsidiaries (collectively, “Newmont” or the “Company”) are unaudited. In the opinion of management, all normal recurring adjustments and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with Newmont’s Consolidated Financial Statements for the year ended December 31, 2021 filed on February 24, 2022 on Form 10-K. The year-end balance sheet data was derived from the audited financial statements and, in accordance with the instructions to Form 10-Q, certain information and footnote disclosures required by GAAP have been condensed or omitted. References to “C$” and "A$" refer to Canadian currency and Australian currency, respectively. Loss on Assets Held for Sale In the third quarter of 2021, the Company entered into a binding agreement to sell certain equipment and assets originally acquired for the Conga project in Peru within our South America segment (the "Conga mill assets") for total cash proceeds of $68. Pursuant to the terms of the agreement, the sale is expected to close upon the delivery of the assets and receipt of the final payment at which time title and control of the assets will transfer. Upon entering the binding agreement, the Conga mill assets were reclassified as held for sale and remeasured at fair value less costs to sell. As a result, a loss of $571 was recognized and included in Loss on assets held for sale on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021. As of September 30, 2022, the Company has received payments of $22 included in Other non-current liabilities on the Condensed Consolidated Balance Sheets. Noncontrolling Interests Net loss (income) attributable to noncontrolling interest is comprised of income, primarily related to Merian, of $7 and $41 for the three and nine months ended September 30, 2022, 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. Net loss (income) attributable to noncontrolling interest of $246 and $215 for the three and nine months ended September 30, 2021, respectively, is primarily comprised of loss recognized at Yanacocha relating to the reclassification of the Conga mill assets as held for sale in the third quarter of 2021. See "Loss on assets held for sale" above for further information. Yanacocha transaction At December 31, 2021, Compañia de Minas Buenaventura S.A.A. (“Buenaventura”) held 43.65% ownership interest in Minera Yanacocha S.R.L. ("Yanacocha"). During the first quarter of 2022, the Company completed the acquisition of Buenaventura’s 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. The Yanacocha Transaction was accounted for as an equity transaction, resulting in a decrease to additional paid-in-capital and no gain or loss recognition. Upon close of the Yanacocha Transaction, the Company’s ownership interest in Yanacocha increased to 95%. The Company acquired the remaining 5% in the second quarter of 2022. Refer to "Contingently redeemable noncontrolling interest" below for further information. Concurrent with the Yanacocha Transaction, the Company sold its 46.94% ownership interest in Minera La Zanja S.R.L. ("La Zanja"), accounted for as an equity method investment with a carrying value of $— as of December 31, 2021. Per the terms of the sale, the Company sold its interest in La Zanja to Buenaventura, the parent company of La Zanja, in exchange for royalties on potential future production from the La Zanja operation and contributed cash of $45 to be used exclusively for reclamation costs at the La Zanja operation. Upon close of the sale during the first quarter of 2022, the Company recognized a $45 loss on sale of its equity interest, included in Other income (loss), net . Contingently redeemable noncontrolling interest In 2018, Summit Global Management II VB, a subsidiary of Sumitomo Corporation (“Sumitomo”) acquired a 5% interest in Yanacocha for $48 in cash. Under the terms of the acquisition, Sumitomo had the option to require Yanacocha to repurchase the interest for the $48, which was placed in escrow. In March 2022, Sumitomo exercised this option, and in June 2022, the Company acquired the remaining 5% ownership interest held by Sumitomo in exchange for cash consideration of $48, resulting in the Company holding 100% ownership interest in Yanacocha. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Risks and Uncertainties The continued impacts from the COVID-19 pandemic, the Russian invasion of Ukraine, and the resulting significant inflation experienced globally, as well as the effects of certain countermeasures taken by central banks, have been and are expected to continue to adversely affect the Company. Although the Company does not currently have operations in Ukraine, Russia or other parts of Europe, impacts arising from Russia’s invasion of Ukraine include the Company’s ability to complete the sale of assets currently classified as held for sale within one year as originally planned. In addition, 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 light of these challenging conditions, the Company is currently evaluating the implications to its long-term business plans, and, as a result, is actively monitoring the risk of potential impairment to certain assets. Specifically, the Company evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company evaluates its goodwill for impairment when events or changes in circumstances indicate that the fair value of a reporting unit is less than its carrying value and annually at December 31 of each year. The estimated cash flows utilized in both the long-lived assets and goodwill impairment evaluations are derived from the Company’s current business plans, which are developed using short-term price forecasts reflective of the current price environment and management’s projections for long-term metal prices and other economic assumptions, which are currently undergoing annual revision. Significant adverse changes in expected long-term cash flows caused by prolonged or otherwise unmitigated increases in operating or capital costs, or declines in anticipated production are considered indicators of impairment at certain mine sites. The adverse changes in market conditions, including inflationary pressures to costs and capital, coupled with the ongoing strategic evaluation regarding the use of capital, could have a negative impact on the Company’s updated business plans, which, along with potential asset retirement cost updates, may result in material long-lived asset or goodwill impairment charges. While the Company’s business plan and annual asset retirement cost updates remain in process and subject to change, and include ongoing assessments of price forecasts, operating and capital costs, evaluation of possible cost mitigation actions, project economics and capital allocation considerations, management has identified certain assets whose recoverability is most sensitive to these factors including: (i) the long-lived assets of CC&V with a carrying value of approximately $470 at September 30, 2022, inclusive of approximately $60 related to the temporarily idled mill processing facility which plans remain under review for future utilization and mine operation, and (ii) goodwill recorded within the Porcupine and Cerro Negro reporting units, with a carrying value of approximately $340 and $460, respectively, at September 30, 2022. Refer to the ” Our long-lived assets and goodwill could become impaired, which could have a material non-cash adverse effect on our results of operations ” risk factor included in Part 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 24, 2022 for further information. Additionally, as further response to the current market conditions, record inflation rates, the rising prices for commodities and raw materials, prolonged supply chain disruptions, competitive labor markets, and consideration of capital allocation, in the third quarter of 2022 the Company announced the delay of the full-funds investment decision for the Yanacocha Sulfides project in Peru. While the Company has extended the timeline of the full-funds decision, assessment of the project remains a priority in Peru 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 September 30, 2022, the Yanacocha operations have total long-lived assets of approximately $890, inclusive of approximately $447 of assets under construction related to Yanacocha Sulfides. Refer also to our risk factor 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 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 24, 2022 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. The total long-lived assets at Conga as of September 30, 2022 was approximately $900. The Company will continue to monitor and evaluate the potential impacts to its business plans, asset retirement cost updates, operations, estimated capital expenditures and timing of other key development projects related to the current and ongoing inflationary pressures and supply chain disruptions. Depending on the duration and extent of COVID-19, ongoing global developments and increasing inflationary pressures, 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, 2021 filed with the SEC on February 24, 2022. 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. Time Deposits and Other Investments The Company's time deposits and other investments primarily include time deposits with an original maturity of more than three months but less than one year. These time deposits are carried at amortized cost. Accrued interest is recorded in Other income (loss), net . Reclassifications Certain amounts and disclosures in prior years have been reclassified to conform to the current year presentation. Recently Adopted Accounting Pronouncements and Securities and Exchange Commission Rules Financial Disclosures of Government Assistance In November 2021, ASU No. 2021-10 was issued which provides guidance for required annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The Company adopted this standard as of January 1, 2022. The adoption did not have a material impact on the consolidated financial statements or disclosures. 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. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. The Company is in the process of reviewing key contracts to identify any contracts that reference the London Interbank Offered Rate ("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. The Company is in the process of evaluating the Corporate AMT and its potential impact on our future U.S. tax expense, cash taxes, and effective tax rate. The impact of the excise tax provision will be dependent on the extent of share repurchases made in future periods but is not anticipated to be material. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company has organized its operations into five geographic regions: North America, South America, Australia, Africa and Nevada, which also represent Newmont’s reportable and operating segments. The results of these operating segments are reviewed by the Company’s chief operating decision maker to make decisions about resources to be allocated to the segments and assess their performance. As a result, these operating segments represent the Company’s reportable segments. Notwithstanding this structure, the Company internally reports information on a mine-by-mine basis for each mining operation and has chosen to disclose this information in the following tables. Income (loss) before income and mining tax and other items from reportable segments does not reflect general corporate expenses, interest (except project-specific interest) or income and mining taxes. Intercompany revenue and expense amounts have been eliminated within each segment in order to report on the basis that management uses internally for evaluating segment performance. Newmont’s business activities that are not considered operating segments are included in Corporate and Other. Although they are not required to be included in this footnote, they are provided for reconciliation purposes. Sales Costs Applicable to Sales Depreciation and Amortization Advanced Projects, Research and Development and Exploration Income (Loss) before Income and Mining Tax and Other Items Capital Expenditures (1) Three Months Ended September 30, 2022 CC&V $ 81 $ 64 $ 19 $ 3 $ (9) $ 12 Musselwhite 74 47 19 2 7 15 Porcupine 127 72 26 4 31 36 Éléonore 94 64 28 — 7 19 Peñasquito: Gold 228 109 38 Silver 105 85 29 Lead 26 15 5 Zinc 105 64 19 Total Peñasquito 464 273 91 5 89 44 Other North America — — 3 1 (29) — North America 840 520 186 15 96 126 Yanacocha 90 74 21 5 (39) 112 Merian 145 89 19 8 31 13 Cerro Negro 114 71 32 8 (8) 36 Other South America — — 1 9 (17) — South America 349 234 73 30 (33) 161 Boddington: Gold 283 148 28 Copper 48 36 7 Total Boddington 331 184 35 1 121 23 Tanami 220 81 26 8 122 78 Other Australia — — 1 5 (2) 3 Australia 551 265 62 14 241 104 Ahafo 263 155 43 7 59 52 Akyem 174 77 32 4 58 7 Other Africa — — — — (3) 3 Africa 437 232 75 11 114 62 Nevada Gold Mines 457 294 109 9 49 75 Nevada 457 294 109 9 49 75 Corporate and Other — — 3 70 (171) 7 Consolidated $ 2,634 $ 1,545 $ 508 $ 149 $ 296 $ 535 ____________________________ (1) Includes (i) a decrease of $14 to accrued capital expenditures associated with leased assets of the Tanami power plant completed in August 2022, which are included in Lease and other financing obligations ; and (ii) an increase in accrued capital expenditures of $20. Consolidated capital expenditures on a cash basis were $529. Sales Costs Applicable to Sales Depreciation and Amortization Advanced Projects, Research and Development and Exploration Income (Loss) before Income and Mining Tax and Other Items Capital Expenditures (1) Three Months Ended September 30, 2021 CC&V $ 87 $ 47 $ 13 $ 5 $ 22 $ 19 Musselwhite 64 38 19 1 7 10 Porcupine 128 69 22 2 33 15 Éléonore 104 60 36 1 9 10 Peñasquito: Gold 296 94 49 Silver 143 80 43 Lead 42 18 9 Zinc 122 57 25 Total Peñasquito 603 249 126 2 212 36 Other North America — — 4 1 (11) — North America 986 463 220 12 272 90 Yanacocha 118 92 33 5 (46) 40 Merian 190 80 23 4 81 9 Cerro Negro 114 54 31 2 22 29 Other South America — — 1 9 (588) 1 South America 422 226 88 20 (531) 79 Boddington: Gold 294 151 25 Copper 72 37 6 Total Boddington 366 188 31 2 146 20 Tanami 199 69 25 7 96 65 Other Australia — — 2 4 (2) 2 Australia 565 257 58 13 240 87 Ahafo 220 112 37 6 66 66 Akyem 164 77 31 3 53 15 Other Africa — — — — (2) — Africa 384 189 68 9 117 81 Nevada Gold Mines 538 232 131 8 162 59 Nevada 538 232 131 8 162 59 Corporate and Other — — 5 38 (331) 9 Consolidated $ 2,895 $ 1,367 $ 570 $ 100 $ (71) $ 405 ____________________________ (1) Includes an increase in accrued capital expenditures of $7; consolidated capital expenditures on a cash basis were $398. Sales Costs Applicable to Sales Depreciation and Amortization Advanced Projects, Research and Development and Exploration Income (Loss) before Income and Mining Tax and Other Items Capital Expenditures (1) Nine Months Ended September 30, 2022 CC&V $ 234 $ 165 $ 51 $ 7 $ (6) $ 30 Musselwhite 207 143 55 5 4 33 Porcupine 366 209 73 11 76 112 Éléonore 275 197 84 1 (7) 42 Peñasquito: (2) Gold 710 323 111 Silver 401 337 115 Lead 98 66 23 Zinc 407 244 76 Total Peñasquito 1,616 970 325 16 286 132 Other North America — — 7 2 (40) — North America 2,698 1,684 595 42 313 349 Yanacocha 345 214 67 11 (26) 258 Merian 518 270 61 17 170 37 Cerro Negro 381 205 113 15 15 96 Other South America — — 3 29 (52) 1 South America 1,244 689 244 72 107 392 Boddington: Gold 1,093 491 89 Copper 223 131 24 Total Boddington 1,316 622 113 4 599 58 Tanami 655 230 74 21 353 256 Other Australia — — 4 13 (11) 8 Australia 1,971 852 191 38 941 322 Ahafo 718 390 116 18 201 189 Akyem 546 220 95 12 214 27 Other Africa — — — 1 (8) 8 Africa 1,264 610 211 31 407 224 Nevada Gold Mines 1,538 853 361 24 293 213 Nevada 1,538 853 361 24 293 213 Corporate and Other — — 12 131 (729) 18 Consolidated $ 8,715 $ 4,688 $ 1,614 $ 338 $ 1,332 $ 1,518 ____________________________ (1) Includes (i) a decrease of $7 to accrued capital expenditures associated with leased assets of the Tanami power plant completed in August 2022, which are included in Lease and other financing obligations ; and (ii) an increase in accrued capital expenditures of $40. Consolidated capital expenditures on a cash basis were $1,485. (2) Costs applicable to sales includes amounts resulting from the profit-sharing agreement completed with the Peñasquito workforce during the second quarter of 2022. Under the agreement, the Company will pay its workforce an uncapped profit-sharing bonus each year, based on the agreed upon terms. Additionally, the terms of the agreement are retroactively applied to profit-sharing related to 2021 site performance, resulting in $70 recorded within Costs applicable to sales in the second quarter of 2022. The amounts related to the 2021 profit-sharing were paid in the third quarter of 2022. Sales Costs Applicable to Sales Depreciation and Amortization Advanced Projects, Research and Development and Exploration Income (Loss) before Income and Mining Tax and Other Items Capital Expenditures (1) Nine Months Ended September 30, 2021 CC&V $ 302 $ 167 $ 47 $ 13 $ 74 $ 36 Musselwhite 197 114 58 5 16 29 Porcupine 381 196 67 14 97 42 Éléonore 337 178 104 5 45 41 Peñasquito: Gold 932 278 147 Silver 486 230 123 Lead 129 55 29 Zinc 385 177 80 Total Peñasquito 1,932 740 379 4 777 100 Other North America — — 12 3 (20) — North America 3,149 1,395 667 44 989 248 Yanacocha 351 174 84 11 (2) 83 Merian 579 244 74 8 238 29 Cerro Negro 340 163 96 4 62 77 Other South America — — 4 24 (618) 1 South America 1,270 581 258 47 (320) 190 Boddington: Gold 882 444 72 Copper 204 102 16 Total Boddington 1,086 546 88 6 446 157 Tanami 617 204 71 18 321 192 Other Australia — — 5 10 (12) 5 Australia 1,703 750 164 34 755 354 Ahafo 596 296 103 14 177 143 Akyem 514 199 91 6 216 35 Other Africa — — — 1 (7) — Africa 1,110 495 194 21 386 178 Nevada Gold Mines 1,600 674 386 22 499 176 Nevada 1,600 674 386 22 499 176 Corporate and Other — — 15 87 (694) 19 Consolidated $ 8,832 $ 3,895 $ 1,684 $ 255 $ 1,615 $ 1,165 ____________________________ (1) Includes a decrease in accrued capital expenditures of $47; consolidated capital expenditures on a cash basis were $1,212. |
SALES
SALES | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
SALES | SALES The following tables present the Company’s Sales by mining operation, product and inventory type: Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales Three Months Ended September 30, 2022 CC&V $ 81 $ — $ 81 Musselwhite 74 — 74 Porcupine 127 — 127 Éléonore 94 — 94 Peñasquito: Gold 23 205 228 Silver (1) — 105 105 Lead — 26 26 Zinc — 105 105 Total Peñasquito 23 441 464 North America 399 441 840 Yanacocha 90 — 90 Merian 145 — 145 Cerro Negro 114 — 114 South America 349 — 349 Boddington: Gold 78 205 283 Copper — 48 48 Total Boddington 78 253 331 Tanami 220 — 220 Australia 298 253 551 Ahafo 263 — 263 Akyem 174 — 174 Africa 437 — 437 Nevada Gold Mines (2) 439 18 457 Nevada 439 18 457 Consolidated $ 1,922 $ 712 $ 2,634 ____________________________ (1) Silver sales from concentrate includes $17 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 $434 for the three months ended September 30, 2022. Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales Three Months Ended September 30, 2021 CC&V $ 83 $ 4 $ 87 Musselwhite 64 — 64 Porcupine 128 — 128 Éléonore 104 — 104 Peñasquito: Gold 31 265 296 Silver (1) — 143 143 Lead — 42 42 Zinc — 122 122 Total Peñasquito 31 572 603 North America 410 576 986 Yanacocha 114 4 118 Merian 190 — 190 Cerro Negro 114 — 114 South America 418 4 422 Boddington: Gold 74 220 294 Copper — 72 72 Total Boddington 74 292 366 Tanami 199 — 199 Australia 273 292 565 Ahafo 220 — 220 Akyem 164 — 164 Africa 384 — 384 Nevada Gold Mines (2) 515 23 538 Nevada 515 23 538 Consolidated $ 2,000 $ 895 $ 2,895 ____________________________ (1) Silver sales from concentrate includes $19 related to non-cash amortization of the silver streaming agreement liability. (2) The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $516 for the three months ended September 30, 2021. Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales Nine Months Ended September 30, 2022 CC&V $ 229 $ 5 $ 234 Musselwhite 207 — 207 Porcupine 366 — 366 Éléonore 275 — 275 Peñasquito: Gold 79 631 710 Silver (1) — 401 401 Lead — 98 98 Zinc — 407 407 Total Peñasquito 79 1,537 1,616 North America 1,156 1,542 2,698 Yanacocha 346 (1) 345 Merian 518 — 518 Cerro Negro 381 — 381 South America 1,245 (1) 1,244 Boddington: Gold 276 817 1,093 Copper — 223 223 Total Boddington 276 1,040 1,316 Tanami 655 — 655 Australia 931 1,040 1,971 Ahafo 718 — 718 Akyem 546 — 546 Africa 1,264 — 1,264 Nevada Gold Mines (2) 1,489 49 1,538 Nevada 1,489 49 1,538 Consolidated $ 6,085 $ 2,630 $ 8,715 ____________________________ (1) Silver sales from concentrate includes $56 related to non-cash amortization of the silver streaming agreement liability. (2) The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $1,485 for the nine months ended September 30, 2022. Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales Nine Months Ended September 30, 2021 CC&V $ 298 $ 4 $ 302 Musselwhite 197 — 197 Porcupine 381 — 381 Éléonore 337 — 337 Peñasquito: Gold 153 779 932 Silver (1) — 486 486 Lead — 129 129 Zinc — 385 385 Total Peñasquito 153 1,779 1,932 North America 1,366 1,783 3,149 Yanacocha 338 13 351 Merian 579 — 579 Cerro Negro 340 — 340 South America 1,257 13 1,270 Boddington: Gold 225 657 882 Copper — 204 204 Total Boddington 225 861 1,086 Tanami 617 — 617 Australia 842 861 1,703 Ahafo 596 — 596 Akyem 514 — 514 Africa 1,110 — 1,110 Nevada Gold Mines (2) 1,545 55 1,600 Nevada 1,545 55 1,600 Consolidated $ 6,120 $ 2,712 $ 8,832 ____________________________ (1) Silver sales from concentrate includes $58 related to non-cash amortization of the silver streaming agreement liability. (2) The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $1,542 for the nine months ended September 30, 2021. Trade Receivables and Provisional Sales At September 30, 2022 and December 31, 2021, 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 a decrease of $39 and $11 for the three months ended September 30, 2022 and 2021, respectively and a decrease of $86 and $18 for the nine months ended September 30, 2022 and 2021, respectively. At September 30, 2022, Newmont had the following provisionally priced concentrate sales subject to final pricing over the next several months: Provisionally Priced Sales Average Provisional Gold (ounces, in thousands) 222 $ 1,667 Copper (pounds, in millions) 26 $ 3.43 Silver (ounces, in millions) 4 $ 18.98 Lead (pounds, in millions) 23 $ 0.87 Zinc (pounds, in millions) 42 $ 1.37 |
RECLAMATION AND REMEDIATION
RECLAMATION AND REMEDIATION | 9 Months Ended |
Sep. 30, 2022 | |
Environmental Remediation Obligations [Abstract] | |
RECLAMATION AND REMEDIATION | RECLAMATION AND REMEDIATION The Company’s mining and exploration activities are subject to various domestic and international laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. The Company conducts its operations to protect public health and the environment and believes its operations are in compliance with applicable laws and regulations in all material respects. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. Estimated future reclamation and remediation costs are based principally on current legal and regulatory requirements. The Company’s Reclamation and remediation expense consisted of: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Reclamation adjustments and other $ 7 $ 56 $ 9 $ 67 Reclamation accretion 43 32 129 94 Reclamation expense 50 88 138 161 Remediation adjustments and other 1 28 20 54 Remediation accretion 2 1 5 5 Remediation expense 3 29 25 59 Reclamation and remediation $ 53 $ 117 $ 163 $ 220 The following are reconciliations of Reclamation and remediation liabilities : Reclamation (1) Remediation (2) 2022 2021 2022 2021 Balance at January 1, $ 5,768 $ 3,719 $ 344 $ 313 Additions, changes in estimates and other 9 69 13 44 Payments, net (128) (70) (42) (27) Accretion expense 129 94 5 5 Balance at September 30, $ 5,778 $ 3,812 $ 320 $ 335 ____________________________ (1) The $69 addition for the nine months ended September 30, 2021 is primarily due to higher estimated closure cost arising from tailings management review and monitoring requirements set forth by the Global Industry Standard on Tailings Management (GISTM) of $56 and higher estimated closure plan costs at NGM for the closed Rain site related to water management and update to waste dumps at Phoenix of $13. (2) The $13 addition for the nine months ended September 30, 2022 is due to expected higher waste disposal costs at Midnite Mine. The $44 addition for the nine months ended September 30, 2021 is primarily due to revisions to estimated construction costs of the water treatment plant at Midnite Mine of $21 and higher estimated closure cost arising from tailings management review and monitoring set forth by the GISTM of $23. At September 30, 2022 At December 31, 2021 Reclamation Remediation Total Reclamation Remediation Total Current (1) $ 201 $ 72 $ 273 $ 213 $ 60 $ 273 Non-current (2) 5,577 248 5,825 5,555 284 5,839 Total (3) $ 5,778 $ 320 $ 6,098 $ 5,768 $ 344 $ 6,112 ____________________________ (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 includes $3,232 and $3,250 related to Yanacocha at September 30, 2022 and December 31, 2021, 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. Depending upon the ultimate resolution of these matters, the Company believes that it is reasonably possible that the liability for these matters could be as much as 54% greater or —% lower than the amount accrued at September 30, 2022. 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 current assets at September 30, 2022 and December 31, 2021 are $16 and $— respectively, of current restricted cash held for purposes of settling reclamation and remediation obligations. Included in Other non-current assets at September 30, 2022 and December 31, 2021 are $62 and $49 respectively, of non-current restricted cash held for purposes of settling reclamation and remediation obligations. The amounts at September 30, 2022 and December 31, 2021 primarily relate to the Ahafo and Akyem mines in Ghana, Africa. Included in Other non-current assets at September 30, 2022 and December 31, 2021 are $34 and $51, respectively, of non-current restricted investments, which are legally pledged for purposes of settling reclamation and remediation obligations. The amounts at September 30, 2022 and December 31, 2021 primarily relate to San Jose Reservoir in Peru, South America. Refer to Note 17 for further discussion of reclamation and remediation matters. |
OTHER EXPENSE, NET
OTHER EXPENSE, NET | 9 Months Ended |
Sep. 30, 2022 | |
Operating Costs and Expenses [Abstract] | |
OTHER EXPENSE, NET | OTHER EXPENSE, NET Three Months Ended Nine Months Ended 2022 2021 2022 2021 COVID-19 specific costs $ 6 $ 24 $ 33 $ 66 Settlement costs 2 — 20 11 Restructuring and severance 2 — 3 10 Impairment of long-lived and other assets 1 6 3 18 Care and maintenance costs — 6 — 8 Other — 7 9 21 Other expense, net $ 11 $ 43 $ 68 $ 134 |
OTHER INCOME (LOSS), NET
OTHER INCOME (LOSS), NET | 9 Months Ended |
Sep. 30, 2022 | |
Other Income, Nonoperating [Abstract] | |
OTHER INCOME (LOSS), NET | OTHER INCOME (LOSS), NET Three Months Ended Nine Months Ended 2022 2021 2022 2021 Pension settlement $ — $ — $ (130) $ — Change in fair value of investments 5 (96) (91) (180) Interest 27 6 43 12 Foreign currency exchange, net 10 17 38 48 Gain (loss) on asset and investment sales, net (1) 9 3 (26) 46 Other (2) 5 (1) 38 14 Other income (loss), net $ 56 $ (71) $ (128) $ (60) ____________________________ (1) For the nine months ended September 30, 2022, primarily consists of the loss recognized on the sale of the La Zanja equity method investment (refer to Note 1 for additional information) partially offset by a gain on the sale of a royalty held at NGM in the third quarter of 2022. For the nine months ended September 30, 2021, primarily consists of the sale of all of the Company’s outstanding shares of TMAC to Agnico Eagle Mines Ltd which resulted in a gain of $42. (2) Includes a reimbursement of certain historical Goldcorp operational expenses related to a legacy project that reached commercial production in the second quarter of 2022. Pension settlement. In March 2022, the Company executed an annuitization to transfer a portion of the pension plan obligations from one of the Company's U.S. qualified defined benefit pension plans to an insurance company using plan assets. As a result, $527 of the previously recognized pension obligations were transferred and a non-cash settlement loss of $130 was recognized in Other income (loss), net, during the first quarter of 2022 due to the recognition of the related unrecognized actuarial losses previously included in Accumulated other comprehensive income (loss) related to these retirees. The remaining pension obligations and plan assets of the associated qualified pension benefit plan were valued at $302 and $348, respectively, resulting in a net funded status of $46 recorded in Other non-current assets |
INCOME AND MINING TAXES
INCOME AND MINING TAXES | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, (1) Nine Months Ended September 30, (1) 2022 2021 2022 2021 Income (loss) before income and mining tax and other items $ 296 $ (71) $ 1,332 $ 1,615 U.S. Federal statutory tax rate 21 % $ 61 21 % $ (15) 21 % $ 279 21 % $ 339 Reconciling items: Percentage depletion (4) (13) 21 (15) (3) (43) (3) (52) Change in valuation allowance on deferred tax assets 6 19 (260) 185 5 68 13 215 Foreign rate differential 10 29 (65) 46 11 148 12 201 Mining and other taxes (net of associated federal benefit) 5 16 (46) 33 6 75 8 121 Tax impact of foreign exchange (2) (7) (22) 15 (11) (4) (48) (2) (28) Mexico Tax Settlement (3) — — — — (9) (125) — — Other 2 6 1 (1) (1) (11) — 2 Income and mining tax expense (benefit) 33 % $ 96 (313) % $ 222 26 % $ 343 49 % $ 798 ____________________________ (1) Tax rates may not recalculate due to rounding. (2) Tax impact of foreign exchange includes the following: (i) Mexican inflation on tax values, (ii) currency translation effects of local currency deferred tax assets and deferred tax liabilities, (iii) the tax impact of local currency foreign exchange gains or losses and (iv) non-taxable or non-deductible USD currency foreign exchange gains or losses. (3) Following the framework established with the Mexican Tax Authority in the fourth quarter of 2021, a full settlement was entered into during the second quarter of 2022, which resulted in a net tax benefit of $125, primarily consisting of a reduction in the related uncertain tax position of $95. The Australian Taxation Office (“ATO”) is conducting a limited review of the Company’s prior year tax returns. The ATO is reviewing an internal reorganization executed in 2011 when Newmont completed a restructure of the shareholding in the Company’s Australian subsidiaries. To date, the Company has responded to inquiries from the ATO and provided them with supporting documentation for the transaction and the Company’s associated tax positions. One aspect of the ATO review relates to an Australian capital gains tax that applies to sales or transfers of stock in certain types of entities. In the fourth quarter of 2017, the ATO notified the Company that it believes the 2011 reorganization is subject to capital gains tax of approximately $85 (including interest and penalties). The Company disputes this conclusion and intends to vigorously defend its position that the transaction is not subject to this tax. In the fourth quarter of 2017, the Company made a $24 payment to the ATO and lodged an Appeal with the Australian Federal Court to preserve its right to contest the ATO conclusions on this matter. The Company reflects this payment as a receivable as it believes that it will ultimately prevail in this dispute. The Company and the ATO continue to provide support to the Court for their respective positions and the Company continues to monitor the status of the ATO’s submissions and the status of the Court proceedings which the Company currently expects to continue throughout 2023. In the third quarter of 2022, the Administración Federal de Ingresos Públicos ("AFIP") in Argentina notified the Company that it completed the 2016 transfer pricing review. The AFIP has questioned the Company’s treatment of intercompany loans and believes they should be akin to capital contributions. These intercompany loans are still in place. The Company disputes this position and continues to believe that the financing meets the qualifications of bona fide debt and intends to vigorously defend this position. To date, no final audit report or assessment has been provided by the AFIP. The matter will be closely monitored and evaluated as more information becomes available. |
FAIR VALUE ACCOUNTING
FAIR VALUE ACCOUNTING | 9 Months Ended |
Sep. 30, 2022 | |
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 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. Refer to Note 15 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, 2021 filed with the SEC on February 24, 2022 for further information on the Company's assets and liabilities included in the fair value hierarchy presented below. Fair Value at September 30, 2022 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents (1) $ 3,058 $ 3,058 $ — $ — Restricted cash 82 82 — — Time deposits and other (Note 10) (2)(3) 656 — 656 — Trade receivable from provisional sales, net 289 — 289 — Marketable and other equity securities (Note 10) (4) 219 213 6 — Restricted marketable debt securities (Note 10) 26 22 4 — Restricted other assets (Note 10) 8 8 — — Contingent consideration assets 169 — — 169 $ 4,507 $ 3,383 $ 955 $ 169 Liabilities: Debt (5) $ 4,931 $ — $ 4,931 $ — Contingent consideration liabilities 5 — — 5 $ 4,936 $ — $ 4,931 $ 5 Fair Value at December 31, 2021 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents (1) $ 4,992 $ 4,992 $ — $ — Restricted cash 101 101 — — Trade receivable from provisional sales, net 297 — 297 — Assets held for sale 68 — 68 — Marketable and other equity securities (Note 10) (3)(4) 335 318 17 — Restricted marketable debt securities (Note 10) 35 28 7 — Restricted other assets (Note 10) 16 16 — — Contingent consideration assets 171 — — 171 $ 6,015 $ 5,455 $ 389 $ 171 Liabilities: Debt (5) $ 6,712 $ — $ 6,712 $ — Contingent consideration liabilities 5 — — 5 Other 6 — 6 — $ 6,723 $ — $ 6,718 $ 5 ____________________________ (1) Cash and cash equivalents at September 30, 2022 include time deposits that have an original maturity of three months or less. (2) Time deposits and other primarily consists of time deposits with an original maturity of more than three months but less than one year and are classified within Level 2 of the fair value hierarchy as they are carried at amortized cost. (3) The Company holds warrants in Maverix Metals Inc. ("Maverix"), expiring in June 2023, of $3 and $8 at September 30, 2022 and December 31, 2021, respectively. At September 30, 2022, the warrants were included in Time deposits and other within the table above. At December 31, 2021, the warrants were included in Marketable and other equity securities within the table above and were reported in the Maverix equity method investment balance. Refer to Note 10 for further information. (4) Excludes certain investments accounted for under the measurement alternative. (5) Debt is carried at amortized cost. The outstanding carrying value was $5,569 and $5,652 at September 30, 2022 and December 31, 2021, respectively. 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 September 30, 2022 and December 31, 2021: Description At September 30, 2022 Valuation Technique Significant Input Range, Point Estimate or Average Contingent consideration assets $ 169 Discounted cash flow Discount rate (1) 5.71 - 9.54 % Contingent consideration liabilities $ 5 Discounted cash flow Discount rate (1) 3.41 - 4.21 % ____________________________ (1) The weighted average discount rates used to calculate the Company’s contingent consideration assets and liabilities are 5.98% and 3.73%, respectively. 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. Description At December 31, 2021 Valuation Technique Significant Input Range, Point Estimate or Average Contingent consideration assets $ 171 Discounted cash flow Discount rate (1) 4.48 - 5.88 % Contingent consideration liabilities $ 5 Discounted cash flow Discount rate (1) 2.48 - 3.35 % ____________________________ (1) The weighted average discount rate used to calculate the Company’s contingent consideration assets and liabilities are 5.63% and 2.83%, respectively. 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. 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, 2021 $ 171 $ 171 $ 5 $ 5 Revaluation (2) (2) — — Fair value at September 30, 2022 $ 169 $ 169 $ 5 $ 5 Contingent Consideration Assets (1) Total Assets Contingent consideration liabilities Total liabilities Fair value at December 31, 2020 $ 119 $ 119 $ — $ — Revaluation 40 40 5 5 Fair value at September 30, 2021 $ 159 $ 159 $ 5 $ 5 ____________________________ (1) In 2022, the (loss) gain recognized on revaluation of $(6) and $4 are included in Other Income (loss), net and Net income (loss) from discontinued operations |
INVESTMENTS
INVESTMENTS | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS At September 30, At December 31, Time deposits and other investments: Time deposits and other (1) $ 656 $ — Marketable and other equity securities (2) 99 82 $ 755 $ 82 Non-current investments: Marketable equity securities (3) $ 187 $ 307 Equity method investments: Pueblo Viejo Mine (40.0%) $ 1,405 $ 1,320 NuevaUnión Project (50.0%) 953 950 Norte Abierto Project (50.0%) 512 505 Maverix Metals, Inc. (28.5% and 28.6%, respectively) 140 160 Other 1 1 3,011 2,936 $ 3,198 $ 3,243 Non-current restricted investments: (4) Marketable debt securities $ 26 $ 35 Other assets 8 16 $ 34 $ 51 ____________________________ (1) At September 30, 2022, Time deposits and other includes time deposits with an original maturity of more than three months but less than one year, entered into in the third quarter of 2022, of $653, and warrants expiring in June 2023 related to Maverix of $3, recorded in the Maverix equity method investment balance at December 31, 2021. (2) Includes $67 related to the Company's ownership interest in MARA which is accounted for under the measurement alternative. As a result of the pending sale, the ownership interest in MARA was reclassified to current at September 30, 2022, previously included in non-current at December 31, 2021. See "Minera Agua Rica Alumbrera Limited" below for additional information. (3) Includes equity interest held in QuestEx Gold & Copper Ltd. (“QuestEx”) at December 31, 2021. During the second quarter of 2022, Skeena Resources Limited ("Skeena") acquired all of the issued and outstanding shares of QuestEx. Concurrently, the Company purchased certain properties acquired by Skeena for total consideration of $20. (4) 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. Marketable and other equity securities Minera Agua Rica Alumbrera Limited At September 30, 2022, the Company held an 18.75% ownership interest in Minera Agua Rica Alumbrera Limited ("MARA"), a joint venture with Glencore International AG (“Glencore”) and Yamana Gold Inc. (“Yamana”) which consisted of the Alumbrera mine and the Agua Rica project, located in Argentina. The ownership interest held by the Company in MARA was accounted for as an equity security and was valued under the measurement alternative. In September 2022, the Company entered into an agreement to sell all of the Company's outstanding shares of MARA to Glencore for a purchase price of $125 upon closing and a $30 deferred payment, which is due upon successfully reaching commercial production and otherwise subject to a 6% annual interest capping the deferred payment at $50. The transaction closed in the fourth quarter of 2022 resulting in a gain of approximately $60 and will be recorded in Other income (loss), net . Equity method investments Income (loss) from the Company's equity method investments is recognized in Equity income (loss) of affiliates, which for the three and nine months ended September 30, 2022 primarily consists of income of $26 and $84, respectively, from the Pueblo Viejo mine. Income (loss) from the Company's equity method investments is recognized in Equity income (loss) of affiliates, which for the three and nine months ended September 30, 2021 primarily consists of income of $43 and $137, respectively, from the Pueblo Viejo mine. See below for further information on the Company's equity method investments. Pueblo Viejo As of September 30, 2022 and December 31, 2021, the Company had outstanding shareholder loans to Pueblo Viejo of $335 and $260, with accrued interest of $4 and $3, 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 September 30, 2022. 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 $146 and $413 for the three and nine months ended September 30, 2022, respectively. Total payments made to Pueblo Viejo for gold and silver purchased were $154 and $476 for the three and nine months ended September 30, 2021, respectively. 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 September 30, 2022 or December 31, 2021. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES At September 30, At December 31, Materials and supplies $ 739 $ 669 In-process 131 132 Concentrate 71 58 Precious metals 59 71 Inventories $ 1,000 $ 930 At September 30, 2022 At December 31, 2021 Stockpiles Ore on Leach Pads Total Stockpiles Ore on Leach Pads Total Current $ 394 $ 300 $ 694 $ 491 $ 366 $ 857 Non-current 1,495 344 1,839 1,442 333 1,775 Total $ 1,889 $ 644 $ 2,533 $ 1,933 $ 699 $ 2,632 During the three and nine months ended September 30, 2022, the Company recorded write-downs of $47 and $85, respectively, classified as a component of Costs applicable to sales and write-downs of $14 and $28, respectively, classified as components of Depreciation and amortization, to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Of the write-downs during the three months ended September 30, 2022, $28 was related to NGM, $17 to Yanacocha, $13 to CC&V and $3 to Akyem. Of the write-downs during the nine months ended September 30, 2022, $67 was related to NGM, $22 to CC&V, $17 to Yanacocha, $4 to Merian and $3 to Akyem. During the three and nine months ended September 30, 2021, the Company recorded write-downs of $18 and $37, respectively, classified as a component of Costs applicable to sales and write-downs of $7 and $15, respectively, classified as components of Depreciation and amortization, to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. All write-downs during the three months ended September 30, 2021 were related to Yanacocha. Of the write-downs during the nine months ended September 30, 2021, $25 was related to Yanacocha, $16 to NGM and $11 to CC&V. Refer to Note 2 for discussion on potential impacts to the Company's long-term business plans and, as a result, the risk of further write-downs in light of the current challenging market conditions including but not limited to significant inflation experienced globally. |
STOCKPILES AND ORE ON LEACH PAD
STOCKPILES AND ORE ON LEACH PADS | 9 Months Ended |
Sep. 30, 2022 | |
STOCKPILES AND ORE ON LEACH PADS | |
STOCKPILES AND ORE ON LEACH PADS | INVENTORIES At September 30, At December 31, Materials and supplies $ 739 $ 669 In-process 131 132 Concentrate 71 58 Precious metals 59 71 Inventories $ 1,000 $ 930 At September 30, 2022 At December 31, 2021 Stockpiles Ore on Leach Pads Total Stockpiles Ore on Leach Pads Total Current $ 394 $ 300 $ 694 $ 491 $ 366 $ 857 Non-current 1,495 344 1,839 1,442 333 1,775 Total $ 1,889 $ 644 $ 2,533 $ 1,933 $ 699 $ 2,632 During the three and nine months ended September 30, 2022, the Company recorded write-downs of $47 and $85, respectively, classified as a component of Costs applicable to sales and write-downs of $14 and $28, respectively, classified as components of Depreciation and amortization, to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Of the write-downs during the three months ended September 30, 2022, $28 was related to NGM, $17 to Yanacocha, $13 to CC&V and $3 to Akyem. Of the write-downs during the nine months ended September 30, 2022, $67 was related to NGM, $22 to CC&V, $17 to Yanacocha, $4 to Merian and $3 to Akyem. During the three and nine months ended September 30, 2021, the Company recorded write-downs of $18 and $37, respectively, classified as a component of Costs applicable to sales and write-downs of $7 and $15, respectively, classified as components of Depreciation and amortization, to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. All write-downs during the three months ended September 30, 2021 were related to Yanacocha. Of the write-downs during the nine months ended September 30, 2021, $25 was related to Yanacocha, $16 to NGM and $11 to CC&V. Refer to Note 2 for discussion on potential impacts to the Company's long-term business plans and, as a result, the risk of further write-downs in light of the current challenging market conditions including but not limited to significant inflation experienced globally. |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Scheduled minimum debt repayments are as follows: Year Ending December 31, 2022 (for the remainder of 2022) $ — 2023 — 2024 — 2025 — 2026 — Thereafter 5,624 Debt $ 5,624 In January 2022, the Company fully redeemed all of the outstanding 3.700% 2023 Goldcorp Senior Notes. The redemption price of $90 equaled the principal amount of the outstanding 2023 Goldcorp Senior Notes of $87 plus accrued and unpaid interest and future coupon payments in accordance with the terms of the 2023 Goldcorp Senior Notes. |
OTHER LIABILITIES
OTHER LIABILITIES | 9 Months Ended |
Sep. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES At September 30, At December 31, Other current liabilities: Reclamation and remediation liabilities $ 273 $ 273 Accrued operating costs 260 201 Accrued capital expenditures 195 155 Payables to NGM (1) 52 114 Other (2) 369 430 $ 1,149 $ 1,173 Other non-current liabilities: Income and mining taxes (3) $ 216 $ 328 Other (4) 267 280 $ 483 $ 608 _________________________ (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 accrued interest on debt, the current portion of the silver streaming agreement liability, royalties, and taxes other than income and mining taxes. (3) Includes unrecognized tax benefits, including penalties and interest. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended |
Sep. 30, 2022 | |
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 (1) Unrealized Gain (Loss) on Cash flow Hedge Instruments Total Balance at December 31, 2021 $ 2 $ 119 $ (166) $ (88) $ (133) Net current-period other comprehensive income (loss): Gain (loss) in other comprehensive income (loss) before reclassifications (3) 6 17 — 20 (Gain) loss reclassified from accumulated other comprehensive income (loss) — — 103 3 106 Other comprehensive income (loss) (3) 6 120 3 126 Balance at September 30, 2022 $ (1) $ 125 $ (46) $ (85) $ (7) __________________________ (1) The $103 loss, reclassified from Accumulated other comprehensive income (loss) primarily relates to the $130 settlement loss, net of $27 tax, recognized as a result of the group annuity purchase in March 2022. Refer to Note 7 for additional information. All other reclassifications from Accumulated other comprehensive income (loss) were immaterial for the nine months ended September 30, 2022. |
NET CHANGE IN OPERATING ASSETS
NET CHANGE IN OPERATING ASSETS AND LIABILITIES | 9 Months Ended |
Sep. 30, 2022 | |
Increase (Decrease) in Operating Capital [Abstract] | |
NET CHANGE IN OPERATING ASSETS AND LIABILITIES | NET CHANGE IN OPERATING ASSETS AND LIABILITIES Net cash provided by (used in) operating activities of continuing operations attributable to the net change in operating assets and liabilities is composed of the following: Nine Months Ended 2022 2021 Decrease (increase) in operating assets: Trade and other receivables $ 133 $ 216 Inventories, stockpiles and ore on leach pads (148) (218) Other assets (176) (189) Increase (decrease) in operating liabilities: Accounts payable 52 (32) Reclamation and remediation liabilities (170) (97) Accrued tax liabilities (307) (229) Other accrued liabilities (196) (29) Net change in operating assets and liabilities $ (812) $ (578) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES General Estimated losses from contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a liability could be incurred and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the contingency and estimated range of loss, if determinable, is made in the financial statements when it is at least reasonably possible that a material loss could be incurred. Operating Segments The Company’s operating and reportable segments are identified in Note 3. Except as noted in this paragraph, all of the Company’s commitments and contingencies specifically described herein are included in Corporate and Other. The Yanacocha matters relate to the South America reportable segment. The Newmont Ghana Gold and Newmont Golden Ridge matters relate to the Africa reportable segment. The CC&V matter and the Mexico tax matter relates to the North America reportable segment. Environmental Matters Refer to Note 5 for further information regarding reclamation and remediation. Details about 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 by January 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 asset retirement obligation at December 31, 2021 included updates primarily to the expected construction of two water treatment plants, a related increase in the annual operating costs over the extended closure period, 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). However, these and other additional risks and contingencies that are the subject of ongoing studies could result in future material increases to the reclamation obligation at Yanacocha, including, but not limited to, the impact of inflationary pressures and supply chain disruptions on existing cost estimates, 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. The ongoing studies, which are progressing in 2022, are intended to evaluate and further understand these risks and determine what, if any, additional modification may be required to the reclamation plan. The Company expects these studies to extend beyond the current year, and as a result, the Company is currently unable to reasonably estimate the impacts these risks, if realized, may have on the reclamation obligation as of September 30, 2022. In conjunction with the Company’s annual update process for all asset retirement obligations, the Company expects to record an adjustment to the Yanacocha reclamation liability in the fourth quarter of 2022 based on engineering progress for the water treatment plants. As related engineering activities have progressed, we are currently evaluating certain estimates for impacts of further design considerations, recent inflation and supply chain disruptions on the estimated construction costs for the water treatment plants as well as post-closure management costs. These potential changes are currently undergoing review and remain subject to significant revision, but if confirmed, could result in a material increase in the reclamation obligation at Yanacocha in the fourth quarter of 2022 with a corresponding non-cash charge to reclamation expense related to operations no longer in production. 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, once implemented through permit modification applications, would involve 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. The Company is currently considering various interim passive water treatment options, with related studies expected to be progressed in 2022, and based on an evaluation of those options, a remediation liability of $10 was recorded as of December 31, 2021. If one of these passive water treatment options is determined not to be a viable long-term water treatment strategy, CC&V may be required to develop and implement alternative 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 a lump sum payment of $42, which Newmont classified as restricted assets. 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 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 submitted in 2020 to the Washington Department of Health to address groundwater issues, and also evaporating the remaining balance of process water at the site. The remediation liability for the Midnite mine site and Dawn mill site is approximately $151, assumed 100% by Newmont, at September 30, 2022. Other Legal Matters Minera Yanacocha S.R.L. - 100% Newmont Owned Administrative Actions . The Peruvian government agency responsible for environmental evaluation and inspection, Organismo Evaluación y Fiscalización Ambiental (“OEFA”), conducts periodic reviews of the Yanacocha site. From 2011 to the third quarter of 2021, OEFA issued notices of alleged violations of OEFA standards to Yanacocha and Conga relating to past inspections. The water authority that is in charge of supervising the proper water administration has also issued notices of alleged regulatory violations in previous years. The experience with OEFA and the water authority is that in the case of a finding of violation, remedial action is often the outcome rather than a significant fine. There are no current alleged OEFA violations and the water authority alleged violations range from zero to 10 units, with each unit having a potential fine equivalent to approximately $.001110 based on current exchange rates, with a total potential fine amount for outstanding matters of $— to $0.01. Yanacocha is responding to all notices of alleged violations, but cannot reasonably predict the outcome of the agency allegations. Conga Project Constitutional Claim . On October 18, 2012, Marco Antonio Arana Zegarra filed a constitutional claim against the Ministry of Energy and Mines and Yanacocha requesting the Court to order the suspension of the Conga project as well as to declare not applicable the October 27, 2010, directorial resolution approving the Conga project EIA. On October 23, 2012, a Cajamarca judge dismissed the claims based on formal grounds finding that: (i) plaintiffs had not exhausted previous administrative proceedings; (ii) the directorial resolution approving the Conga EIA is valid, and was not challenged when issued in the administrative proceedings; (iii) there was inadequate evidence to conclude that the Conga project is a threat to the constitutional right of living in an adequate environment; and (iv) the directorial resolution approving the Conga project EIA does not guarantee that the Conga project will proceed, so there was no imminent threat to be addressed by the Court. The plaintiffs appealed the dismissal of the case. The Civil Court of the Superior Court of Cajamarca confirmed the above mentioned resolution and the plaintiff presented an appeal. On March 13, 2015, the Constitutional Court published its ruling stating that the case should be sent back to the first court with an order to formally admit the case and start the judicial process in order to review the claim and the proofs presented by the plaintiff. Yanacocha has answered the claim. Neither the Company nor Yanacocha can reasonably predict the outcome of this litigation. Newmont Corporation, as well as Newmont Canada Corporation, and Newmont Canada FN Holdings ULC – 100% Newmont Owned Kirkland Lake Gold Inc. (“Kirkland”) owns certain mining and mineral rights in northeastern Ontario, Canada, referred to here as the Holt-McDermott property, on which it suspended operations in April 2020. A subsidiary of the Company has a retained royalty obligation (“Holt royalty obligation”) to Royal Gold, Inc. (“Royal Gold”) for production on the Holt-McDermott property. In August 2020, the Company and Kirkland signed a Strategic Alliance Agreement (the “Kirkland Agreement”). As part of the Kirkland Agreement, the Company purchased an option (the “Holt option”) for $75 from Kirkland for the mining and mineral rights subject to the Holt royalty obligation. The Company has the right to exercise the Holt option and acquire ownership to the mineral interests subject to the Holt royalty obligation in the event Kirkland intends to resume operations and process material subject to the obligation. Kirkland has the right to assume the Company’s Holt royalty obligation at any time, in which case the Holt option would terminate. On August 16, 2021, International Royalty Corporation (“IRC”), a wholly-owned subsidiary of Royal Gold, filed an action in the Supreme Court of Nova Scotia against Newmont Corporation, Newmont Canada Corporation, Newmont Canada FN Holdings ULC, and Kirkland. IRC alleges the Kirkland Agreement is oppressive to the interests of Royal Gold under the Nova Scotia Companies Act and the Canada Business Corporations Act, and that, by entering into the Kirkland Agreement, Newmont breached its contractual obligations to Royal Gold. IRC seeks declaratory relief, and $350 in alleged royalty payments that it claims Newmont expected to pay under the Holt royalty obligation, but for the Kirkland Agreement. Kirkland filed a motion seeking dismissal of the case against it, which the court granted in October 2022. The Company intends to vigorously defend this matter, but cannot reasonably predict the outcome. NWG Investments Inc. v. Fronteer Gold Inc. In April 2011, Newmont acquired Fronteer Gold Inc. (“Fronteer”). Fronteer acquired NewWest Gold Corporation (“NewWest Gold”) in September 2007. At the time of that acquisition, NWG Investments Inc. (“NWG”) owned approximately 86% of NewWest Gold and an individual named Jacob Safra owned or controlled 100% of NWG. Prior to its acquisition of NewWest Gold, Fronteer entered into a June 2007 lock-up agreement with NWG providing that, among other things, NWG would support Fronteer’s acquisition of NewWest Gold. At that time, Fronteer owned approximately 47% of Aurora Energy Resources Inc. (“Aurora”), which, among other things, had a uranium exploration project in Labrador, Canada. NWG contends that, during the negotiations leading up to the lock-up agreement, Fronteer represented to NWG, among other things, that Aurora would commence uranium mining in Labrador by 2013, that this was a firm date, that Aurora faced no current environmental issues in Labrador and that Aurora’s competitors faced delays in commencing uranium mining. NWG further contends that it entered into the lock-up agreement and agreed to support Fronteer’s acquisition of NewWest Gold in reliance upon these purported representations. On October 11, 2007, less than three weeks after the Fronteer-NewWest Gold transaction closed, a member of the Nunatsiavut Assembly introduced a motion calling for the adoption of a moratorium on uranium mining in Labrador. On April 8, 2008, the Nunatsiavut Assembly adopted a three-year moratorium on uranium mining in Labrador. NWG contends that Fronteer was aware during the negotiations of the NWG/Fronteer lock-up agreement that the Nunatsiavut Assembly planned on adopting this moratorium and that its adoption would preclude Aurora from commencing uranium mining by 2013, but Fronteer nonetheless fraudulently induced NWG to enter into the lock-up agreement. On September 24, 2012, NWG served a summons and complaint on the Company, and then amended the complaint to add Newmont Canada Holdings ULC as a defendant. The complaint also named Fronteer Gold Inc. and Mark O’Dea as defendants. The complaint sought rescission of the merger between Fronteer and NewWest Gold and $750 in damages. In August 2013 the Supreme Court of New York, New York County issued an order granting the defendants’ motion to dismiss on forum non conveniens. Subsequently, NWG filed a notice of appeal of the decision and then a notice of dismissal of the appeal on March 24, 2014. On February 26, 2014, NWG filed a lawsuit in Ontario Superior Court of Justice against Fronteer Gold Inc., Newmont Mining Corporation, Newmont Canada Holdings ULC, Newmont FH B.V. and Mark O’Dea. The Ontario complaint is based upon substantially the same allegations contained in the New York lawsuit with claims for fraudulent and negligent misrepresentation. NWG seeks disgorgement of profits since the close of the NWG deal on September 24, 2007 and damages in the amount of C$1,200. Newmont, along with other defendants, served the plaintiff with its statement of defense on October 17, 2014. Newmont intends to vigorously defend this matter, but cannot reasonably predict the outcome. Newmont Ghana Gold Limited and Newmont Golden Ridge Limited - 100% Newmont Owned On December 24, 2018, two individual plaintiffs, who are members of the Ghana Parliament (“Plaintiffs”), filed a writ to invoke the original jurisdiction of the Supreme Court of Ghana. On January 16, 2019, Plaintiffs filed the Statement of Plaintiff’s Case outlining the details of the Plaintiff’s case and subsequently served Newmont Ghana Gold Limited (“NGGL”) and Newmont Golden Ridge Limited (“NGRL”) along with the other named defendants, the Attorney General of Ghana, the Minerals Commission of Ghana and 33 other mining companies with interests in Ghana. The Plaintiffs allege that under article 268 of the 1992 Constitution of Ghana, 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. In connection with the Company's investment in Galore Creek, Newmont will owe NovaGold Resources Inc. $75 upon the earlier of approval to construct a mine, mill and all related infrastructure for the Galore Creek project or the initiation of construction of a mine, mill or any related infrastructure. The amount due is non-interest bearing. The decision for an approval and commencement of construction is contingent on the results of a prefeasibility and feasibility study, neither of which have occurred. As such, this amount has not been accrued. Deferred payments to Barrick of $122 and $124 as of September 30, 2022 and December 31, 2021, respectively, are to be satisfied through funding a portion of Barrick’s share of project expenditures at the Norte Abierto project. These deferred payments to Barrick are included in Other current liabilities and Other non-current liabilities . |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Risks and Uncertainties | Risks and Uncertainties The continued impacts from the COVID-19 pandemic, the Russian invasion of Ukraine, and the resulting significant inflation experienced globally, as well as the effects of certain countermeasures taken by central banks, have been and are expected to continue to adversely affect the Company. Although the Company does not currently have operations in Ukraine, Russia or other parts of Europe, impacts arising from Russia’s invasion of Ukraine include the Company’s ability to complete the sale of assets currently classified as held for sale within one year as originally planned. In addition, 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 light of these challenging conditions, the Company is currently evaluating the implications to its long-term business plans, and, as a result, is actively monitoring the risk of potential impairment to certain assets. Specifically, the Company evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company evaluates its goodwill for impairment when events or changes in circumstances indicate that the fair value of a reporting unit is less than its carrying value and annually at December 31 of each year. The estimated cash flows utilized in both the long-lived assets and goodwill impairment evaluations are derived from the Company’s current business plans, which are developed using short-term price forecasts reflective of the current price environment and management’s projections for long-term metal prices and other economic assumptions, which are currently undergoing annual revision. Significant adverse changes in expected long-term cash flows caused by prolonged or otherwise unmitigated increases in operating or capital costs, or declines in anticipated production are considered indicators of impairment at certain mine sites. The adverse changes in market conditions, including inflationary pressures to costs and capital, coupled with the ongoing strategic evaluation regarding the use of capital, could have a negative impact on the Company’s updated business plans, which, along with potential asset retirement cost updates, may result in material long-lived asset or goodwill impairment charges. While the Company’s business plan and annual asset retirement cost updates remain in process and subject to change, and include ongoing assessments of price forecasts, operating and capital costs, evaluation of possible cost mitigation actions, project economics and capital allocation considerations, management has identified certain assets whose recoverability is most sensitive to these factors including: (i) the long-lived assets of CC&V with a carrying value of approximately $470 at September 30, 2022, inclusive of approximately $60 related to the temporarily idled mill processing facility which plans remain under review for future utilization and mine operation, and (ii) goodwill recorded within the Porcupine and Cerro Negro reporting units, with a carrying value of approximately $340 and $460, respectively, at September 30, 2022. Refer to the ” Our long-lived assets and goodwill could become impaired, which could have a material non-cash adverse effect on our results of operations ” risk factor included in Part 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 24, 2022 for further information. Additionally, as further response to the current market conditions, record inflation rates, the rising prices for commodities and raw materials, prolonged supply chain disruptions, competitive labor markets, and consideration of capital allocation, in the third quarter of 2022 the Company announced the delay of the full-funds investment decision for the Yanacocha Sulfides project in Peru. While the Company has extended the timeline of the full-funds decision, assessment of the project remains a priority in Peru 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 September 30, 2022, the Yanacocha operations have total long-lived assets of approximately $890, inclusive of approximately $447 of assets under construction related to Yanacocha Sulfides. Refer also to our risk factor 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 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 24, 2022 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. The total long-lived assets at Conga as of September 30, 2022 was approximately $900. The Company will continue to monitor and evaluate the potential impacts to its business plans, asset retirement cost updates, operations, estimated capital expenditures and timing of other key development projects related to the current and ongoing inflationary pressures and supply chain disruptions. Depending on the duration and extent of COVID-19, ongoing global developments and increasing inflationary pressures, 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. |
Time Deposits and Other Investments | Time Deposits and Other Investments The Company's time deposits and other investments primarily include time deposits with an original maturity of more than three months but less than one year. These time deposits are carried at amortized cost. Accrued interest is recorded in Other income (loss), net |
Reclassifications | Reclassifications Certain amounts and disclosures in prior years have been reclassified to conform to the current year presentation. |
Recently Adopted Accounting Pronouncements and Securities and Exchange Commission Rules and Recently Issued Accounting Pronouncements and Federal Laws | Recently Adopted Accounting Pronouncements and Securities and Exchange Commission Rules Financial Disclosures of Government Assistance In November 2021, ASU No. 2021-10 was issued which provides guidance for required annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The Company adopted this standard as of January 1, 2022. The adoption did not have a material impact on the consolidated financial statements or disclosures. 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. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. The Company is in the process of reviewing key contracts to identify any contracts that reference the London Interbank Offered Rate ("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. The Company is in the process of evaluating the Corporate AMT and its potential impact on our future U.S. tax expense, cash taxes, and effective tax rate. The impact of the excise tax provision will be dependent on the extent of share repurchases made in future periods but is not anticipated to be material. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Financial Information of Company's Segments | Sales Costs Applicable to Sales Depreciation and Amortization Advanced Projects, Research and Development and Exploration Income (Loss) before Income and Mining Tax and Other Items Capital Expenditures (1) Three Months Ended September 30, 2022 CC&V $ 81 $ 64 $ 19 $ 3 $ (9) $ 12 Musselwhite 74 47 19 2 7 15 Porcupine 127 72 26 4 31 36 Éléonore 94 64 28 — 7 19 Peñasquito: Gold 228 109 38 Silver 105 85 29 Lead 26 15 5 Zinc 105 64 19 Total Peñasquito 464 273 91 5 89 44 Other North America — — 3 1 (29) — North America 840 520 186 15 96 126 Yanacocha 90 74 21 5 (39) 112 Merian 145 89 19 8 31 13 Cerro Negro 114 71 32 8 (8) 36 Other South America — — 1 9 (17) — South America 349 234 73 30 (33) 161 Boddington: Gold 283 148 28 Copper 48 36 7 Total Boddington 331 184 35 1 121 23 Tanami 220 81 26 8 122 78 Other Australia — — 1 5 (2) 3 Australia 551 265 62 14 241 104 Ahafo 263 155 43 7 59 52 Akyem 174 77 32 4 58 7 Other Africa — — — — (3) 3 Africa 437 232 75 11 114 62 Nevada Gold Mines 457 294 109 9 49 75 Nevada 457 294 109 9 49 75 Corporate and Other — — 3 70 (171) 7 Consolidated $ 2,634 $ 1,545 $ 508 $ 149 $ 296 $ 535 ____________________________ (1) Includes (i) a decrease of $14 to accrued capital expenditures associated with leased assets of the Tanami power plant completed in August 2022, which are included in Lease and other financing obligations ; and (ii) an increase in accrued capital expenditures of $20. Consolidated capital expenditures on a cash basis were $529. Sales Costs Applicable to Sales Depreciation and Amortization Advanced Projects, Research and Development and Exploration Income (Loss) before Income and Mining Tax and Other Items Capital Expenditures (1) Three Months Ended September 30, 2021 CC&V $ 87 $ 47 $ 13 $ 5 $ 22 $ 19 Musselwhite 64 38 19 1 7 10 Porcupine 128 69 22 2 33 15 Éléonore 104 60 36 1 9 10 Peñasquito: Gold 296 94 49 Silver 143 80 43 Lead 42 18 9 Zinc 122 57 25 Total Peñasquito 603 249 126 2 212 36 Other North America — — 4 1 (11) — North America 986 463 220 12 272 90 Yanacocha 118 92 33 5 (46) 40 Merian 190 80 23 4 81 9 Cerro Negro 114 54 31 2 22 29 Other South America — — 1 9 (588) 1 South America 422 226 88 20 (531) 79 Boddington: Gold 294 151 25 Copper 72 37 6 Total Boddington 366 188 31 2 146 20 Tanami 199 69 25 7 96 65 Other Australia — — 2 4 (2) 2 Australia 565 257 58 13 240 87 Ahafo 220 112 37 6 66 66 Akyem 164 77 31 3 53 15 Other Africa — — — — (2) — Africa 384 189 68 9 117 81 Nevada Gold Mines 538 232 131 8 162 59 Nevada 538 232 131 8 162 59 Corporate and Other — — 5 38 (331) 9 Consolidated $ 2,895 $ 1,367 $ 570 $ 100 $ (71) $ 405 ____________________________ (1) Includes an increase in accrued capital expenditures of $7; consolidated capital expenditures on a cash basis were $398. Sales Costs Applicable to Sales Depreciation and Amortization Advanced Projects, Research and Development and Exploration Income (Loss) before Income and Mining Tax and Other Items Capital Expenditures (1) Nine Months Ended September 30, 2022 CC&V $ 234 $ 165 $ 51 $ 7 $ (6) $ 30 Musselwhite 207 143 55 5 4 33 Porcupine 366 209 73 11 76 112 Éléonore 275 197 84 1 (7) 42 Peñasquito: (2) Gold 710 323 111 Silver 401 337 115 Lead 98 66 23 Zinc 407 244 76 Total Peñasquito 1,616 970 325 16 286 132 Other North America — — 7 2 (40) — North America 2,698 1,684 595 42 313 349 Yanacocha 345 214 67 11 (26) 258 Merian 518 270 61 17 170 37 Cerro Negro 381 205 113 15 15 96 Other South America — — 3 29 (52) 1 South America 1,244 689 244 72 107 392 Boddington: Gold 1,093 491 89 Copper 223 131 24 Total Boddington 1,316 622 113 4 599 58 Tanami 655 230 74 21 353 256 Other Australia — — 4 13 (11) 8 Australia 1,971 852 191 38 941 322 Ahafo 718 390 116 18 201 189 Akyem 546 220 95 12 214 27 Other Africa — — — 1 (8) 8 Africa 1,264 610 211 31 407 224 Nevada Gold Mines 1,538 853 361 24 293 213 Nevada 1,538 853 361 24 293 213 Corporate and Other — — 12 131 (729) 18 Consolidated $ 8,715 $ 4,688 $ 1,614 $ 338 $ 1,332 $ 1,518 ____________________________ (1) Includes (i) a decrease of $7 to accrued capital expenditures associated with leased assets of the Tanami power plant completed in August 2022, which are included in Lease and other financing obligations ; and (ii) an increase in accrued capital expenditures of $40. Consolidated capital expenditures on a cash basis were $1,485. (2) Costs applicable to sales includes amounts resulting from the profit-sharing agreement completed with the Peñasquito workforce during the second quarter of 2022. Under the agreement, the Company will pay its workforce an uncapped profit-sharing bonus each year, based on the agreed upon terms. Additionally, the terms of the agreement are retroactively applied to profit-sharing related to 2021 site performance, resulting in $70 recorded within Costs applicable to sales in the second quarter of 2022. The amounts related to the 2021 profit-sharing were paid in the third quarter of 2022. Sales Costs Applicable to Sales Depreciation and Amortization Advanced Projects, Research and Development and Exploration Income (Loss) before Income and Mining Tax and Other Items Capital Expenditures (1) Nine Months Ended September 30, 2021 CC&V $ 302 $ 167 $ 47 $ 13 $ 74 $ 36 Musselwhite 197 114 58 5 16 29 Porcupine 381 196 67 14 97 42 Éléonore 337 178 104 5 45 41 Peñasquito: Gold 932 278 147 Silver 486 230 123 Lead 129 55 29 Zinc 385 177 80 Total Peñasquito 1,932 740 379 4 777 100 Other North America — — 12 3 (20) — North America 3,149 1,395 667 44 989 248 Yanacocha 351 174 84 11 (2) 83 Merian 579 244 74 8 238 29 Cerro Negro 340 163 96 4 62 77 Other South America — — 4 24 (618) 1 South America 1,270 581 258 47 (320) 190 Boddington: Gold 882 444 72 Copper 204 102 16 Total Boddington 1,086 546 88 6 446 157 Tanami 617 204 71 18 321 192 Other Australia — — 5 10 (12) 5 Australia 1,703 750 164 34 755 354 Ahafo 596 296 103 14 177 143 Akyem 514 199 91 6 216 35 Other Africa — — — 1 (7) — Africa 1,110 495 194 21 386 178 Nevada Gold Mines 1,600 674 386 22 499 176 Nevada 1,600 674 386 22 499 176 Corporate and Other — — 15 87 (694) 19 Consolidated $ 8,832 $ 3,895 $ 1,684 $ 255 $ 1,615 $ 1,165 ____________________________ (1) Includes a decrease in accrued capital expenditures of $47; consolidated capital expenditures on a cash basis were $1,212. |
SALES (Tables)
SALES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of sales by mining operation, product and by inventory type, and provisional sales | The following tables present the Company’s Sales by mining operation, product and inventory type: Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales Three Months Ended September 30, 2022 CC&V $ 81 $ — $ 81 Musselwhite 74 — 74 Porcupine 127 — 127 Éléonore 94 — 94 Peñasquito: Gold 23 205 228 Silver (1) — 105 105 Lead — 26 26 Zinc — 105 105 Total Peñasquito 23 441 464 North America 399 441 840 Yanacocha 90 — 90 Merian 145 — 145 Cerro Negro 114 — 114 South America 349 — 349 Boddington: Gold 78 205 283 Copper — 48 48 Total Boddington 78 253 331 Tanami 220 — 220 Australia 298 253 551 Ahafo 263 — 263 Akyem 174 — 174 Africa 437 — 437 Nevada Gold Mines (2) 439 18 457 Nevada 439 18 457 Consolidated $ 1,922 $ 712 $ 2,634 ____________________________ (1) Silver sales from concentrate includes $17 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 $434 for the three months ended September 30, 2022. Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales Three Months Ended September 30, 2021 CC&V $ 83 $ 4 $ 87 Musselwhite 64 — 64 Porcupine 128 — 128 Éléonore 104 — 104 Peñasquito: Gold 31 265 296 Silver (1) — 143 143 Lead — 42 42 Zinc — 122 122 Total Peñasquito 31 572 603 North America 410 576 986 Yanacocha 114 4 118 Merian 190 — 190 Cerro Negro 114 — 114 South America 418 4 422 Boddington: Gold 74 220 294 Copper — 72 72 Total Boddington 74 292 366 Tanami 199 — 199 Australia 273 292 565 Ahafo 220 — 220 Akyem 164 — 164 Africa 384 — 384 Nevada Gold Mines (2) 515 23 538 Nevada 515 23 538 Consolidated $ 2,000 $ 895 $ 2,895 ____________________________ (1) Silver sales from concentrate includes $19 related to non-cash amortization of the silver streaming agreement liability. (2) The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $516 for the three months ended September 30, 2021. Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales Nine Months Ended September 30, 2022 CC&V $ 229 $ 5 $ 234 Musselwhite 207 — 207 Porcupine 366 — 366 Éléonore 275 — 275 Peñasquito: Gold 79 631 710 Silver (1) — 401 401 Lead — 98 98 Zinc — 407 407 Total Peñasquito 79 1,537 1,616 North America 1,156 1,542 2,698 Yanacocha 346 (1) 345 Merian 518 — 518 Cerro Negro 381 — 381 South America 1,245 (1) 1,244 Boddington: Gold 276 817 1,093 Copper — 223 223 Total Boddington 276 1,040 1,316 Tanami 655 — 655 Australia 931 1,040 1,971 Ahafo 718 — 718 Akyem 546 — 546 Africa 1,264 — 1,264 Nevada Gold Mines (2) 1,489 49 1,538 Nevada 1,489 49 1,538 Consolidated $ 6,085 $ 2,630 $ 8,715 ____________________________ (1) Silver sales from concentrate includes $56 related to non-cash amortization of the silver streaming agreement liability. (2) The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $1,485 for the nine months ended September 30, 2022. Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales Nine Months Ended September 30, 2021 CC&V $ 298 $ 4 $ 302 Musselwhite 197 — 197 Porcupine 381 — 381 Éléonore 337 — 337 Peñasquito: Gold 153 779 932 Silver (1) — 486 486 Lead — 129 129 Zinc — 385 385 Total Peñasquito 153 1,779 1,932 North America 1,366 1,783 3,149 Yanacocha 338 13 351 Merian 579 — 579 Cerro Negro 340 — 340 South America 1,257 13 1,270 Boddington: Gold 225 657 882 Copper — 204 204 Total Boddington 225 861 1,086 Tanami 617 — 617 Australia 842 861 1,703 Ahafo 596 — 596 Akyem 514 — 514 Africa 1,110 — 1,110 Nevada Gold Mines (2) 1,545 55 1,600 Nevada 1,545 55 1,600 Consolidated $ 6,120 $ 2,712 $ 8,832 ____________________________ (1) Silver sales from concentrate includes $58 related to non-cash amortization of the silver streaming agreement liability. (2) The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $1,542 for the nine months ended September 30, 2021. At September 30, 2022, Newmont had the following provisionally priced concentrate sales subject to final pricing over the next several months: Provisionally Priced Sales Average Provisional Gold (ounces, in thousands) 222 $ 1,667 Copper (pounds, in millions) 26 $ 3.43 Silver (ounces, in millions) 4 $ 18.98 Lead (pounds, in millions) 23 $ 0.87 Zinc (pounds, in millions) 42 $ 1.37 |
RECLAMATION AND REMEDIATION (Ta
RECLAMATION AND REMEDIATION (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Environmental Remediation Obligations [Abstract] | |
Reclamation and Remediation Expense | The Company’s Reclamation and remediation expense consisted of: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Reclamation adjustments and other $ 7 $ 56 $ 9 $ 67 Reclamation accretion 43 32 129 94 Reclamation expense 50 88 138 161 Remediation adjustments and other 1 28 20 54 Remediation accretion 2 1 5 5 Remediation expense 3 29 25 59 Reclamation and remediation $ 53 $ 117 $ 163 $ 220 |
Reconciliation of Reclamation Liabilities | The following are reconciliations of Reclamation and remediation liabilities : Reclamation (1) Remediation (2) 2022 2021 2022 2021 Balance at January 1, $ 5,768 $ 3,719 $ 344 $ 313 Additions, changes in estimates and other 9 69 13 44 Payments, net (128) (70) (42) (27) Accretion expense 129 94 5 5 Balance at September 30, $ 5,778 $ 3,812 $ 320 $ 335 ____________________________ (1) The $69 addition for the nine months ended September 30, 2021 is primarily due to higher estimated closure cost arising from tailings management review and monitoring requirements set forth by the Global Industry Standard on Tailings Management (GISTM) of $56 and higher estimated closure plan costs at NGM for the closed Rain site related to water management and update to waste dumps at Phoenix of $13. (2) The $13 addition for the nine months ended September 30, 2022 is due to expected higher waste disposal costs at Midnite Mine. The $44 addition for the nine months ended September 30, 2021 is primarily due to revisions to estimated construction costs of the water treatment plant at Midnite Mine of $21 and higher estimated closure cost arising from tailings management review and monitoring set forth by the GISTM of $23. At September 30, 2022 At December 31, 2021 Reclamation Remediation Total Reclamation Remediation Total Current (1) $ 201 $ 72 $ 273 $ 213 $ 60 $ 273 Non-current (2) 5,577 248 5,825 5,555 284 5,839 Total (3) $ 5,778 $ 320 $ 6,098 $ 5,768 $ 344 $ 6,112 ____________________________ (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 includes $3,232 and $3,250 related to Yanacocha at September 30, 2022 and December 31, 2021, respectively. |
Reconciliation of Remediation Liabilities | At September 30, 2022 At December 31, 2021 Reclamation Remediation Total Reclamation Remediation Total Current (1) $ 201 $ 72 $ 273 $ 213 $ 60 $ 273 Non-current (2) 5,577 248 5,825 5,555 284 5,839 Total (3) $ 5,778 $ 320 $ 6,098 $ 5,768 $ 344 $ 6,112 ____________________________ (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 includes $3,232 and $3,250 related to Yanacocha at September 30, 2022 and December 31, 2021, respectively. |
OTHER EXPENSE, NET (Tables)
OTHER EXPENSE, NET (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Operating Costs and Expenses [Abstract] | |
Schedule of other expense, net | Three Months Ended Nine Months Ended 2022 2021 2022 2021 COVID-19 specific costs $ 6 $ 24 $ 33 $ 66 Settlement costs 2 — 20 11 Restructuring and severance 2 — 3 10 Impairment of long-lived and other assets 1 6 3 18 Care and maintenance costs — 6 — 8 Other — 7 9 21 Other expense, net $ 11 $ 43 $ 68 $ 134 |
OTHER INCOME (LOSS), NET (Table
OTHER INCOME (LOSS), NET (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Income, Nonoperating [Abstract] | |
Other Income, Net | Three Months Ended Nine Months Ended 2022 2021 2022 2021 Pension settlement $ — $ — $ (130) $ — Change in fair value of investments 5 (96) (91) (180) Interest 27 6 43 12 Foreign currency exchange, net 10 17 38 48 Gain (loss) on asset and investment sales, net (1) 9 3 (26) 46 Other (2) 5 (1) 38 14 Other income (loss), net $ 56 $ (71) $ (128) $ (60) ____________________________ (1) For the nine months ended September 30, 2022, primarily consists of the loss recognized on the sale of the La Zanja equity method investment (refer to Note 1 for additional information) partially offset by a gain on the sale of a royalty held at NGM in the third quarter of 2022. For the nine months ended September 30, 2021, primarily consists of the sale of all of the Company’s outstanding shares of TMAC to Agnico Eagle Mines Ltd which resulted in a gain of $42. (2) Includes a reimbursement of certain historical Goldcorp operational expenses related to a legacy project that reached commercial production in the second quarter of 2022. |
INCOME AND MINING TAXES (Tables
INCOME AND MINING TAXES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, (1) Nine Months Ended September 30, (1) 2022 2021 2022 2021 Income (loss) before income and mining tax and other items $ 296 $ (71) $ 1,332 $ 1,615 U.S. Federal statutory tax rate 21 % $ 61 21 % $ (15) 21 % $ 279 21 % $ 339 Reconciling items: Percentage depletion (4) (13) 21 (15) (3) (43) (3) (52) Change in valuation allowance on deferred tax assets 6 19 (260) 185 5 68 13 215 Foreign rate differential 10 29 (65) 46 11 148 12 201 Mining and other taxes (net of associated federal benefit) 5 16 (46) 33 6 75 8 121 Tax impact of foreign exchange (2) (7) (22) 15 (11) (4) (48) (2) (28) Mexico Tax Settlement (3) — — — — (9) (125) — — Other 2 6 1 (1) (1) (11) — 2 Income and mining tax expense (benefit) 33 % $ 96 (313) % $ 222 26 % $ 343 49 % $ 798 ____________________________ (1) Tax rates may not recalculate due to rounding. (2) Tax impact of foreign exchange includes the following: (i) Mexican inflation on tax values, (ii) currency translation effects of local currency deferred tax assets and deferred tax liabilities, (iii) the tax impact of local currency foreign exchange gains or losses and (iv) non-taxable or non-deductible USD currency foreign exchange gains or losses. (3) Following the framework established with the Mexican Tax Authority in the fourth quarter of 2021, a full settlement was entered into during the second quarter of 2022, which resulted in a net tax benefit of $125, primarily consisting of a reduction in the related uncertain tax position of $95. |
FAIR VALUE ACCOUNTING (Tables)
FAIR VALUE ACCOUNTING (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Refer to Note 15 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, 2021 filed with the SEC on February 24, 2022 for further information on the Company's assets and liabilities included in the fair value hierarchy presented below. Fair Value at September 30, 2022 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents (1) $ 3,058 $ 3,058 $ — $ — Restricted cash 82 82 — — Time deposits and other (Note 10) (2)(3) 656 — 656 — Trade receivable from provisional sales, net 289 — 289 — Marketable and other equity securities (Note 10) (4) 219 213 6 — Restricted marketable debt securities (Note 10) 26 22 4 — Restricted other assets (Note 10) 8 8 — — Contingent consideration assets 169 — — 169 $ 4,507 $ 3,383 $ 955 $ 169 Liabilities: Debt (5) $ 4,931 $ — $ 4,931 $ — Contingent consideration liabilities 5 — — 5 $ 4,936 $ — $ 4,931 $ 5 Fair Value at December 31, 2021 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents (1) $ 4,992 $ 4,992 $ — $ — Restricted cash 101 101 — — Trade receivable from provisional sales, net 297 — 297 — Assets held for sale 68 — 68 — Marketable and other equity securities (Note 10) (3)(4) 335 318 17 — Restricted marketable debt securities (Note 10) 35 28 7 — Restricted other assets (Note 10) 16 16 — — Contingent consideration assets 171 — — 171 $ 6,015 $ 5,455 $ 389 $ 171 Liabilities: Debt (5) $ 6,712 $ — $ 6,712 $ — Contingent consideration liabilities 5 — — 5 Other 6 — 6 — $ 6,723 $ — $ 6,718 $ 5 ____________________________ (1) Cash and cash equivalents at September 30, 2022 include time deposits that have an original maturity of three months or less. (2) Time deposits and other primarily consists of time deposits with an original maturity of more than three months but less than one year and are classified within Level 2 of the fair value hierarchy as they are carried at amortized cost. (3) The Company holds warrants in Maverix Metals Inc. ("Maverix"), expiring in June 2023, of $3 and $8 at September 30, 2022 and December 31, 2021, respectively. At September 30, 2022, the warrants were included in Time deposits and other within the table above. At December 31, 2021, the warrants were included in Marketable and other equity securities within the table above and were reported in the Maverix equity method investment balance. Refer to Note 10 for further information. (4) Excludes certain investments accounted for under the measurement alternative. (5) Debt is carried at amortized cost. The outstanding carrying value was $5,569 and $5,652 at September 30, 2022 and December 31, 2021, respectively. The fair value measurement of debt was based on an independent third-party pricing source. |
Quantitative and Qualitative Information | The following tables set forth a summary of the quantitative and qualitative information related to the significant observable and unobservable inputs used in the calculation of the Company’s Level 3 financial assets and liabilities at September 30, 2022 and December 31, 2021: Description At September 30, 2022 Valuation Technique Significant Input Range, Point Estimate or Average Contingent consideration assets $ 169 Discounted cash flow Discount rate (1) 5.71 - 9.54 % Contingent consideration liabilities $ 5 Discounted cash flow Discount rate (1) 3.41 - 4.21 % ____________________________ (1) The weighted average discount rates used to calculate the Company’s contingent consideration assets and liabilities are 5.98% and 3.73%, respectively. 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. Description At December 31, 2021 Valuation Technique Significant Input Range, Point Estimate or Average Contingent consideration assets $ 171 Discounted cash flow Discount rate (1) 4.48 - 5.88 % Contingent consideration liabilities $ 5 Discounted cash flow Discount rate (1) 2.48 - 3.35 % ____________________________ (1) The weighted average discount rate used to calculate the Company’s contingent consideration assets and liabilities are 5.63% and 2.83%, respectively. 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. |
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, 2021 $ 171 $ 171 $ 5 $ 5 Revaluation (2) (2) — — Fair value at September 30, 2022 $ 169 $ 169 $ 5 $ 5 Contingent Consideration Assets (1) Total Assets Contingent consideration liabilities Total liabilities Fair value at December 31, 2020 $ 119 $ 119 $ — $ — Revaluation 40 40 5 5 Fair value at September 30, 2021 $ 159 $ 159 $ 5 $ 5 ____________________________ (1) In 2022, the (loss) gain recognized on revaluation of $(6) and $4 are included in Other Income (loss), net and Net income (loss) from discontinued operations , respectively. In 2021, the gain recognized on revaluation is primarily 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, 2021 $ 171 $ 171 $ 5 $ 5 Revaluation (2) (2) — — Fair value at September 30, 2022 $ 169 $ 169 $ 5 $ 5 Contingent Consideration Assets (1) Total Assets Contingent consideration liabilities Total liabilities Fair value at December 31, 2020 $ 119 $ 119 $ — $ — Revaluation 40 40 5 5 Fair value at September 30, 2021 $ 159 $ 159 $ 5 $ 5 ____________________________ (1) In 2022, the (loss) gain recognized on revaluation of $(6) and $4 are included in Other Income (loss), net and Net income (loss) from discontinued operations , respectively. In 2021, the gain recognized on revaluation is primarily included in Net income (loss) from discontinued operations. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments | At September 30, At December 31, Time deposits and other investments: Time deposits and other (1) $ 656 $ — Marketable and other equity securities (2) 99 82 $ 755 $ 82 Non-current investments: Marketable equity securities (3) $ 187 $ 307 Equity method investments: Pueblo Viejo Mine (40.0%) $ 1,405 $ 1,320 NuevaUnión Project (50.0%) 953 950 Norte Abierto Project (50.0%) 512 505 Maverix Metals, Inc. (28.5% and 28.6%, respectively) 140 160 Other 1 1 3,011 2,936 $ 3,198 $ 3,243 Non-current restricted investments: (4) Marketable debt securities $ 26 $ 35 Other assets 8 16 $ 34 $ 51 ____________________________ (1) At September 30, 2022, Time deposits and other includes time deposits with an original maturity of more than three months but less than one year, entered into in the third quarter of 2022, of $653, and warrants expiring in June 2023 related to Maverix of $3, recorded in the Maverix equity method investment balance at December 31, 2021. (2) Includes $67 related to the Company's ownership interest in MARA which is accounted for under the measurement alternative. As a result of the pending sale, the ownership interest in MARA was reclassified to current at September 30, 2022, previously included in non-current at December 31, 2021. See "Minera Agua Rica Alumbrera Limited" below for additional information. (3) Includes equity interest held in QuestEx Gold & Copper Ltd. (“QuestEx”) at December 31, 2021. During the second quarter of 2022, Skeena Resources Limited ("Skeena") acquired all of the issued and outstanding shares of QuestEx. Concurrently, the Company purchased certain properties acquired by Skeena for total consideration of $20. (4) Non-current restricted investments are legally pledged for purposes of settling reclamation and remediation obligations and are included in Other non-current assets . Refer to Note 5 for further information regarding these amounts. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | At September 30, At December 31, Materials and supplies $ 739 $ 669 In-process 131 132 Concentrate 71 58 Precious metals 59 71 Inventories $ 1,000 $ 930 |
STOCKPILES AND ORE ON LEACH P_2
STOCKPILES AND ORE ON LEACH PADS (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
STOCKPILES AND ORE ON LEACH PADS | |
Stockpiles and Ore on Leach Pads | At September 30, 2022 At December 31, 2021 Stockpiles Ore on Leach Pads Total Stockpiles Ore on Leach Pads Total Current $ 394 $ 300 $ 694 $ 491 $ 366 $ 857 Non-current 1,495 344 1,839 1,442 333 1,775 Total $ 1,889 $ 644 $ 2,533 $ 1,933 $ 699 $ 2,632 |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Minimum Debt Repayments | Scheduled minimum debt repayments are as follows: Year Ending December 31, 2022 (for the remainder of 2022) $ — 2023 — 2024 — 2025 — 2026 — Thereafter 5,624 Debt $ 5,624 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | At September 30, At December 31, Other current liabilities: Reclamation and remediation liabilities $ 273 $ 273 Accrued operating costs 260 201 Accrued capital expenditures 195 155 Payables to NGM (1) 52 114 Other (2) 369 430 $ 1,149 $ 1,173 Other non-current liabilities: Income and mining taxes (3) $ 216 $ 328 Other (4) 267 280 $ 483 $ 608 _________________________ (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 accrued interest on debt, the current portion of the silver streaming agreement liability, royalties, and taxes other than income and mining taxes. (3) Includes unrecognized tax benefits, including penalties and interest. |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 (1) Unrealized Gain (Loss) on Cash flow Hedge Instruments Total Balance at December 31, 2021 $ 2 $ 119 $ (166) $ (88) $ (133) Net current-period other comprehensive income (loss): Gain (loss) in other comprehensive income (loss) before reclassifications (3) 6 17 — 20 (Gain) loss reclassified from accumulated other comprehensive income (loss) — — 103 3 106 Other comprehensive income (loss) (3) 6 120 3 126 Balance at September 30, 2022 $ (1) $ 125 $ (46) $ (85) $ (7) __________________________ (1) The $103 loss, reclassified from Accumulated other comprehensive income (loss) primarily relates to the $130 settlement loss, net of $27 tax, recognized as a result of the group annuity purchase in March 2022. Refer to Note 7 for additional information. All other reclassifications from Accumulated other comprehensive income (loss) were immaterial for the nine months ended September 30, 2022. |
NET CHANGE IN OPERATING ASSET_2
NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Increase (Decrease) in Operating Capital [Abstract] | |
Net Change in Operating Assets and Liabilities | Net cash provided by (used in) operating activities of continuing operations attributable to the net change in operating assets and liabilities is composed of the following: Nine Months Ended 2022 2021 Decrease (increase) in operating assets: Trade and other receivables $ 133 $ 216 Inventories, stockpiles and ore on leach pads (148) (218) Other assets (176) (189) Increase (decrease) in operating liabilities: Accounts payable 52 (32) Reclamation and remediation liabilities (170) (97) Accrued tax liabilities (307) (229) Other accrued liabilities (196) (29) Net change in operating assets and liabilities $ (812) $ (578) |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) $ in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2018 USD ($) | Oct. 31, 2022 AUD ($) | Jun. 30, 2022 | Dec. 31, 2021 USD ($) | |
Business Acquisition [Line Items] | |||||||||
Net income (loss) attributable to noncontrolling interest | $ 7 | $ (246) | $ 41 | $ (215) | |||||
Distributions to noncontrolling interests | 140 | 155 | |||||||
Foreign Exchange Forward | Subsequent Event | |||||||||
Business Acquisition [Line Items] | |||||||||
Derivative amount | $ 574 | ||||||||
Disposed of by sale, not discontinued operations | |||||||||
Business Acquisition [Line Items] | |||||||||
Loss on sales | (9) | (3) | 26 | (46) | |||||
Disposed of by sale, not discontinued operations | Minera La Zanja | |||||||||
Business Acquisition [Line Items] | |||||||||
Equity method investment, ownership percentage sold | 46.94% | ||||||||
Equity method investments | $ 0 | ||||||||
Contribution paid upon sale of equity method investment | $ 45 | ||||||||
Held for sale or disposed of by sale, not discontinued operations | Conga Mill | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash proceeds | 68 | 68 | |||||||
Loss on sales | 571 | 571 | |||||||
Deposit received included in other current liabilities | $ 22 | $ 22 | |||||||
Minera Yanacocha | Summit Global Management II V B | |||||||||
Business Acquisition [Line Items] | |||||||||
Proceeds from sale of stock | $ 48 | ||||||||
Minera Yanacocha | |||||||||
Business Acquisition [Line Items] | |||||||||
Net income (loss) attributable to noncontrolling interest | $ (246) | $ (215) | |||||||
Noncontrolling interest, ownership percentage by parent | 100% | 95% | 100% | ||||||
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% | 5% | |||||||
Merian | Primary Beneficiary | |||||||||
Business Acquisition [Line Items] | |||||||||
Net income (loss) attributable to noncontrolling interest | $ (7) | $ (41) |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Unusual Risk or Uncertainty [Line Items] | ||
Long-lived assets | $ 24,150 | $ 24,124 |
Goodwill | 2,771 | $ 2,771 |
Cripple Creek And Victor Mine | ||
Unusual Risk or Uncertainty [Line Items] | ||
Long-lived assets | 470 | |
Cripple Creek And Victor Mine | Mill Processing Facility | ||
Unusual Risk or Uncertainty [Line Items] | ||
Long-lived assets | 60 | |
Porcupine | ||
Unusual Risk or Uncertainty [Line Items] | ||
Goodwill | 340 | |
Cerro Negro | ||
Unusual Risk or Uncertainty [Line Items] | ||
Goodwill | 460 | |
Conga Mill | ||
Unusual Risk or Uncertainty [Line Items] | ||
Long-lived assets | 900 | |
Yanacocha | ||
Unusual Risk or Uncertainty [Line Items] | ||
Long-lived assets | 890 | |
Yanacocha | Asset under Construction | ||
Unusual Risk or Uncertainty [Line Items] | ||
Long-lived assets | $ 447 |
SEGMENT INFORMATION - Financial
SEGMENT INFORMATION - Financial Information of Company's Segments (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) segment | Sep. 30, 2021 USD ($) | ||
Segment Information | ||||||
Number of operating segments | segment | 5 | |||||
Number of reportable segments | segment | 5 | |||||
Sales | $ 2,634 | $ 2,895 | $ 8,715 | $ 8,832 | ||
Costs Applicable to Sales | [1] | 1,545 | 1,367 | 4,688 | 3,895 | |
Depreciation and amortization | 508 | 570 | 1,614 | 1,684 | ||
Advanced Projects, Research and Development and Exploration | 149 | 100 | 338 | 255 | ||
Income (loss) before income and mining tax and other items | 296 | (71) | 1,332 | 1,615 | ||
Capital expenditures | 535 | 405 | 1,518 | 1,165 | ||
Additional disclosures | ||||||
Increase (decrease) in accrued capital expenditures | 20 | 7 | 40 | (47) | ||
Consolidated capital expenditures on a cash basis | 529 | 398 | 1,485 | 1,212 | ||
Tanami | ||||||
Additional disclosures | ||||||
Increase (decrease) in accrued capital expenditures | 14 | $ 7 | ||||
Operating Segments | North America | ||||||
Segment Information | ||||||
Sales | 840 | 986 | 2,698 | 3,149 | ||
Costs Applicable to Sales | 520 | 463 | 1,684 | 1,395 | ||
Depreciation and amortization | 186 | 220 | 595 | 667 | ||
Advanced Projects, Research and Development and Exploration | 15 | 12 | 42 | 44 | ||
Income (loss) before income and mining tax and other items | 96 | 272 | 313 | 989 | ||
Capital expenditures | 126 | 90 | 349 | 248 | ||
Operating Segments | North America | CC&V | ||||||
Segment Information | ||||||
Sales | 81 | 87 | 234 | 302 | ||
Costs Applicable to Sales | 64 | 47 | 165 | 167 | ||
Depreciation and amortization | 19 | 13 | 51 | 47 | ||
Advanced Projects, Research and Development and Exploration | 3 | 5 | 7 | 13 | ||
Income (loss) before income and mining tax and other items | (9) | 22 | (6) | 74 | ||
Capital expenditures | 12 | 19 | 30 | 36 | ||
Operating Segments | North America | Musselwhite | ||||||
Segment Information | ||||||
Sales | 74 | 64 | 207 | 197 | ||
Costs Applicable to Sales | 47 | 38 | 143 | 114 | ||
Depreciation and amortization | 19 | 19 | 55 | 58 | ||
Advanced Projects, Research and Development and Exploration | 2 | 1 | 5 | 5 | ||
Income (loss) before income and mining tax and other items | 7 | 7 | 4 | 16 | ||
Capital expenditures | 15 | 10 | 33 | 29 | ||
Operating Segments | North America | Porcupine | ||||||
Segment Information | ||||||
Sales | 127 | 128 | 366 | 381 | ||
Costs Applicable to Sales | 72 | 69 | 209 | 196 | ||
Depreciation and amortization | 26 | 22 | 73 | 67 | ||
Advanced Projects, Research and Development and Exploration | 4 | 2 | 11 | 14 | ||
Income (loss) before income and mining tax and other items | 31 | 33 | 76 | 97 | ||
Capital expenditures | 36 | 15 | 112 | 42 | ||
Operating Segments | North America | Éléonore | ||||||
Segment Information | ||||||
Sales | 94 | 104 | 275 | 337 | ||
Costs Applicable to Sales | 64 | 60 | 197 | 178 | ||
Depreciation and amortization | 28 | 36 | 84 | 104 | ||
Advanced Projects, Research and Development and Exploration | 0 | 1 | 1 | 5 | ||
Income (loss) before income and mining tax and other items | 7 | 9 | (7) | 45 | ||
Capital expenditures | 19 | 10 | 42 | 41 | ||
Operating Segments | North America | Peñasquito | ||||||
Segment Information | ||||||
Sales | 464 | 603 | 1,616 | 1,932 | ||
Costs Applicable to Sales | 273 | 249 | 970 | 740 | ||
Depreciation and amortization | 91 | 126 | 325 | 379 | ||
Advanced Projects, Research and Development and Exploration | 5 | 2 | 16 | 4 | ||
Income (loss) before income and mining tax and other items | 89 | 212 | 286 | 777 | ||
Capital expenditures | 44 | 36 | 132 | 100 | ||
Operating Segments | North America | Peñasquito | Profit-Sharing Agreement | ||||||
Segment Information | ||||||
Costs Applicable to Sales | 70 | |||||
Operating Segments | North America | Peñasquito | Gold | ||||||
Segment Information | ||||||
Sales | 228 | 296 | 710 | 932 | ||
Costs Applicable to Sales | 109 | 94 | 323 | 278 | ||
Depreciation and amortization | 38 | 49 | 111 | 147 | ||
Operating Segments | North America | Peñasquito | Silver | ||||||
Segment Information | ||||||
Sales | 105 | 143 | 401 | 486 | ||
Costs Applicable to Sales | 85 | 80 | 337 | 230 | ||
Depreciation and amortization | 29 | 43 | 115 | 123 | ||
Operating Segments | North America | Peñasquito | Lead | ||||||
Segment Information | ||||||
Sales | 26 | 42 | 98 | 129 | ||
Costs Applicable to Sales | 15 | 18 | 66 | 55 | ||
Depreciation and amortization | 5 | 9 | 23 | 29 | ||
Operating Segments | North America | Peñasquito | Zinc | ||||||
Segment Information | ||||||
Sales | 105 | 122 | 407 | 385 | ||
Costs Applicable to Sales | 64 | 57 | 244 | 177 | ||
Depreciation and amortization | 19 | 25 | 76 | 80 | ||
Operating Segments | North America | Other North America | ||||||
Segment Information | ||||||
Sales | 0 | 0 | 0 | 0 | ||
Costs Applicable to Sales | 0 | 0 | 0 | 0 | ||
Depreciation and amortization | 3 | 4 | 7 | 12 | ||
Advanced Projects, Research and Development and Exploration | 1 | 1 | 2 | 3 | ||
Income (loss) before income and mining tax and other items | (29) | (11) | (40) | (20) | ||
Capital expenditures | 0 | 0 | 0 | 0 | ||
Operating Segments | South America | ||||||
Segment Information | ||||||
Sales | 349 | 422 | 1,244 | 1,270 | ||
Costs Applicable to Sales | 234 | 226 | 689 | 581 | ||
Depreciation and amortization | 73 | 88 | 244 | 258 | ||
Advanced Projects, Research and Development and Exploration | 30 | 20 | 72 | 47 | ||
Income (loss) before income and mining tax and other items | (33) | (531) | 107 | (320) | ||
Capital expenditures | 161 | 79 | 392 | 190 | ||
Operating Segments | South America | Yanacocha | ||||||
Segment Information | ||||||
Sales | 90 | 118 | 345 | 351 | ||
Costs Applicable to Sales | 74 | 92 | 214 | 174 | ||
Depreciation and amortization | 21 | 33 | 67 | 84 | ||
Advanced Projects, Research and Development and Exploration | 5 | 5 | 11 | 11 | ||
Income (loss) before income and mining tax and other items | (39) | (46) | (26) | (2) | ||
Capital expenditures | 112 | 40 | 258 | 83 | ||
Operating Segments | South America | Merian | ||||||
Segment Information | ||||||
Sales | 145 | 190 | 518 | 579 | ||
Costs Applicable to Sales | 89 | 80 | 270 | 244 | ||
Depreciation and amortization | 19 | 23 | 61 | 74 | ||
Advanced Projects, Research and Development and Exploration | 8 | 4 | 17 | 8 | ||
Income (loss) before income and mining tax and other items | 31 | 81 | 170 | 238 | ||
Capital expenditures | 13 | 9 | 37 | 29 | ||
Operating Segments | South America | Cerro Negro | ||||||
Segment Information | ||||||
Sales | 114 | 114 | 381 | 340 | ||
Costs Applicable to Sales | 71 | 54 | 205 | 163 | ||
Depreciation and amortization | 32 | 31 | 113 | 96 | ||
Advanced Projects, Research and Development and Exploration | 8 | 2 | 15 | 4 | ||
Income (loss) before income and mining tax and other items | (8) | 22 | 15 | 62 | ||
Capital expenditures | 36 | 29 | 96 | 77 | ||
Operating Segments | South America | Other South America | ||||||
Segment Information | ||||||
Sales | 0 | 0 | 0 | 0 | ||
Costs Applicable to Sales | 0 | 0 | 0 | 0 | ||
Depreciation and amortization | 1 | 1 | 3 | 4 | ||
Advanced Projects, Research and Development and Exploration | 9 | 9 | 29 | 24 | ||
Income (loss) before income and mining tax and other items | (17) | (588) | (52) | (618) | ||
Capital expenditures | 0 | 1 | 1 | 1 | ||
Operating Segments | Australia | ||||||
Segment Information | ||||||
Sales | 551 | 565 | 1,971 | 1,703 | ||
Costs Applicable to Sales | 265 | 257 | 852 | 750 | ||
Depreciation and amortization | 62 | 58 | 191 | 164 | ||
Advanced Projects, Research and Development and Exploration | 14 | 13 | 38 | 34 | ||
Income (loss) before income and mining tax and other items | 241 | 240 | 941 | 755 | ||
Capital expenditures | 104 | 87 | 322 | 354 | ||
Operating Segments | Australia | Boddington: | ||||||
Segment Information | ||||||
Sales | 331 | 366 | 1,316 | 1,086 | ||
Costs Applicable to Sales | 184 | 188 | 622 | 546 | ||
Depreciation and amortization | 35 | 31 | 113 | 88 | ||
Advanced Projects, Research and Development and Exploration | 1 | 2 | 4 | 6 | ||
Income (loss) before income and mining tax and other items | 121 | 146 | 599 | 446 | ||
Capital expenditures | 23 | 20 | 58 | 157 | ||
Operating Segments | Australia | Boddington: | Gold | ||||||
Segment Information | ||||||
Sales | 283 | 294 | 1,093 | 882 | ||
Costs Applicable to Sales | 148 | 151 | 491 | 444 | ||
Depreciation and amortization | 28 | 25 | 89 | 72 | ||
Operating Segments | Australia | Boddington: | Copper | ||||||
Segment Information | ||||||
Sales | 48 | 72 | 223 | 204 | ||
Costs Applicable to Sales | 36 | 37 | 131 | 102 | ||
Depreciation and amortization | 7 | 6 | 24 | 16 | ||
Operating Segments | Australia | Tanami | ||||||
Segment Information | ||||||
Sales | 220 | 199 | 655 | 617 | ||
Costs Applicable to Sales | 81 | 69 | 230 | 204 | ||
Depreciation and amortization | 26 | 25 | 74 | 71 | ||
Advanced Projects, Research and Development and Exploration | 8 | 7 | 21 | 18 | ||
Income (loss) before income and mining tax and other items | 122 | 96 | 353 | 321 | ||
Capital expenditures | 78 | 65 | 256 | 192 | ||
Operating Segments | Australia | Other Australia | ||||||
Segment Information | ||||||
Sales | 0 | 0 | 0 | 0 | ||
Costs Applicable to Sales | 0 | 0 | 0 | 0 | ||
Depreciation and amortization | 1 | 2 | 4 | 5 | ||
Advanced Projects, Research and Development and Exploration | 5 | 4 | 13 | 10 | ||
Income (loss) before income and mining tax and other items | (2) | (2) | (11) | (12) | ||
Capital expenditures | 3 | 2 | 8 | 5 | ||
Operating Segments | Africa | ||||||
Segment Information | ||||||
Sales | 437 | 384 | 1,264 | 1,110 | ||
Costs Applicable to Sales | 232 | 189 | 610 | 495 | ||
Depreciation and amortization | 75 | 68 | 211 | 194 | ||
Advanced Projects, Research and Development and Exploration | 11 | 9 | 31 | 21 | ||
Income (loss) before income and mining tax and other items | 114 | 117 | 407 | 386 | ||
Capital expenditures | 62 | 81 | 224 | 178 | ||
Operating Segments | Africa | Ahafo | ||||||
Segment Information | ||||||
Sales | 263 | 220 | 718 | 596 | ||
Costs Applicable to Sales | 155 | 112 | 390 | 296 | ||
Depreciation and amortization | 43 | 37 | 116 | 103 | ||
Advanced Projects, Research and Development and Exploration | 7 | 6 | 18 | 14 | ||
Income (loss) before income and mining tax and other items | 59 | 66 | 201 | 177 | ||
Capital expenditures | 52 | 66 | 189 | 143 | ||
Operating Segments | Africa | Akyem | ||||||
Segment Information | ||||||
Sales | 174 | 164 | 546 | 514 | ||
Costs Applicable to Sales | 77 | 77 | 220 | 199 | ||
Depreciation and amortization | 32 | 31 | 95 | 91 | ||
Advanced Projects, Research and Development and Exploration | 4 | 3 | 12 | 6 | ||
Income (loss) before income and mining tax and other items | 58 | 53 | 214 | 216 | ||
Capital expenditures | 7 | 15 | 27 | 35 | ||
Operating Segments | Africa | Other Africa | ||||||
Segment Information | ||||||
Sales | 0 | 0 | 0 | 0 | ||
Costs Applicable to Sales | 0 | 0 | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||
Advanced Projects, Research and Development and Exploration | 0 | 0 | 1 | 1 | ||
Income (loss) before income and mining tax and other items | (3) | (2) | (8) | (7) | ||
Capital expenditures | 3 | 0 | 8 | 0 | ||
Operating Segments | Nevada | ||||||
Segment Information | ||||||
Sales | 457 | 538 | 1,538 | 1,600 | ||
Costs Applicable to Sales | 294 | 232 | 853 | 674 | ||
Depreciation and amortization | 109 | 131 | 361 | 386 | ||
Advanced Projects, Research and Development and Exploration | 9 | 8 | 24 | 22 | ||
Income (loss) before income and mining tax and other items | 49 | 162 | 293 | 499 | ||
Capital expenditures | 75 | 59 | 213 | 176 | ||
Operating Segments | Nevada | Nevada Gold Mines | ||||||
Segment Information | ||||||
Sales | 457 | 538 | 1,538 | 1,600 | ||
Costs Applicable to Sales | 294 | 232 | 853 | 674 | ||
Depreciation and amortization | 109 | 131 | 361 | 386 | ||
Advanced Projects, Research and Development and Exploration | 9 | 8 | 24 | 22 | ||
Income (loss) before income and mining tax and other items | 49 | 162 | 293 | 499 | ||
Capital expenditures | 75 | 59 | 213 | 176 | ||
Corporate and Other | ||||||
Segment Information | ||||||
Sales | 0 | 0 | 0 | 0 | ||
Costs Applicable to Sales | 0 | 0 | 0 | 0 | ||
Depreciation and amortization | 3 | 5 | 12 | 15 | ||
Advanced Projects, Research and Development and Exploration | 70 | 38 | 131 | 87 | ||
Income (loss) before income and mining tax and other items | (171) | (331) | (729) | (694) | ||
Capital expenditures | $ 7 | $ 9 | $ 18 | $ 19 | ||
[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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
SALES | ||||
Sales | $ 2,634 | $ 2,895 | $ 8,715 | $ 8,832 |
Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 1,922 | 2,000 | 6,085 | 6,120 |
Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 712 | 895 | 2,630 | 2,712 |
Operating Segments | North America | ||||
SALES | ||||
Sales | 840 | 986 | 2,698 | 3,149 |
Operating Segments | North America | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 399 | 410 | 1,156 | 1,366 |
Operating Segments | North America | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 441 | 576 | 1,542 | 1,783 |
Operating Segments | North America | CC&V | ||||
SALES | ||||
Sales | 81 | 87 | 234 | 302 |
Operating Segments | North America | CC&V | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 81 | 83 | 229 | 298 |
Operating Segments | North America | CC&V | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 0 | 4 | 5 | 4 |
Operating Segments | North America | Musselwhite | ||||
SALES | ||||
Sales | 74 | 64 | 207 | 197 |
Operating Segments | North America | Musselwhite | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 74 | 64 | 207 | 197 |
Operating Segments | North America | Musselwhite | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | North America | Porcupine | ||||
SALES | ||||
Sales | 127 | 128 | 366 | 381 |
Operating Segments | North America | Porcupine | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 127 | 128 | 366 | 381 |
Operating Segments | North America | Porcupine | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | North America | Éléonore | ||||
SALES | ||||
Sales | 94 | 104 | 275 | 337 |
Operating Segments | North America | Éléonore | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 94 | 104 | 275 | 337 |
Operating Segments | North America | Éléonore | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | North America | Peñasquito | ||||
SALES | ||||
Sales | 464 | 603 | 1,616 | 1,932 |
Operating Segments | North America | Peñasquito | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 23 | 31 | 79 | 153 |
Operating Segments | North America | Peñasquito | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 441 | 572 | 1,537 | 1,779 |
Operating Segments | North America | Gold | ||||
SALES | ||||
Sales | 228 | 296 | 710 | 932 |
Operating Segments | North America | Gold | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 23 | 31 | 79 | 153 |
Operating Segments | North America | Gold | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 205 | 265 | 631 | 779 |
Operating Segments | North America | Silver | ||||
SALES | ||||
Sales | 105 | 143 | 401 | 486 |
Operating Segments | North America | Silver | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | North America | Silver | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 105 | 143 | 401 | 486 |
Operating Segments | North America | Silver | Silver streaming agreement | ||||
SALES | ||||
Sales | 17 | 19 | 56 | 58 |
Operating Segments | North America | Lead | ||||
SALES | ||||
Sales | 26 | 42 | 98 | 129 |
Operating Segments | North America | Lead | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | North America | Lead | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 26 | 42 | 98 | 129 |
Operating Segments | North America | Zinc | ||||
SALES | ||||
Sales | 105 | 122 | 407 | 385 |
Operating Segments | North America | Zinc | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | North America | Zinc | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 105 | 122 | 407 | 385 |
Operating Segments | South America | ||||
SALES | ||||
Sales | 349 | 422 | 1,244 | 1,270 |
Operating Segments | South America | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 349 | 418 | 1,245 | 1,257 |
Operating Segments | South America | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 0 | 4 | (1) | 13 |
Operating Segments | South America | Yanacocha | ||||
SALES | ||||
Sales | 90 | 118 | 345 | 351 |
Operating Segments | South America | Yanacocha | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 90 | 114 | 346 | 338 |
Operating Segments | South America | Yanacocha | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 0 | 4 | (1) | 13 |
Operating Segments | South America | Merian | ||||
SALES | ||||
Sales | 145 | 190 | 518 | 579 |
Operating Segments | South America | Merian | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 145 | 190 | 518 | 579 |
Operating Segments | South America | Merian | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | South America | Cerro Negro | ||||
SALES | ||||
Sales | 114 | 114 | 381 | 340 |
Operating Segments | South America | Cerro Negro | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 114 | 114 | 381 | 340 |
Operating Segments | South America | Cerro Negro | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | Australia | ||||
SALES | ||||
Sales | 551 | 565 | 1,971 | 1,703 |
Operating Segments | Australia | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 298 | 273 | 931 | 842 |
Operating Segments | Australia | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 253 | 292 | 1,040 | 861 |
Operating Segments | Australia | Boddington: | ||||
SALES | ||||
Sales | 331 | 366 | 1,316 | 1,086 |
Operating Segments | Australia | Boddington: | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 78 | 74 | 276 | 225 |
Operating Segments | Australia | Boddington: | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 253 | 292 | 1,040 | 861 |
Operating Segments | Australia | Gold | ||||
SALES | ||||
Sales | 283 | 294 | 1,093 | 882 |
Operating Segments | Australia | Gold | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 78 | 74 | 276 | 225 |
Operating Segments | Australia | Gold | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 205 | 220 | 817 | 657 |
Operating Segments | Australia | Copper | ||||
SALES | ||||
Sales | 48 | 72 | 223 | 204 |
Operating Segments | Australia | Copper | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | Australia | Copper | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 48 | 72 | 223 | 204 |
Operating Segments | Australia | Tanami | ||||
SALES | ||||
Sales | 220 | 199 | 655 | 617 |
Operating Segments | Australia | Tanami | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 220 | 199 | 655 | 617 |
Operating Segments | Australia | Tanami | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | Africa | ||||
SALES | ||||
Sales | 437 | 384 | 1,264 | 1,110 |
Operating Segments | Africa | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 437 | 384 | 1,264 | 1,110 |
Operating Segments | Africa | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | Africa | Ahafo | ||||
SALES | ||||
Sales | 263 | 220 | 718 | 596 |
Operating Segments | Africa | Ahafo | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 263 | 220 | 718 | 596 |
Operating Segments | Africa | Ahafo | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | Africa | Akyem | ||||
SALES | ||||
Sales | 174 | 164 | 546 | 514 |
Operating Segments | Africa | Akyem | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 174 | 164 | 546 | 514 |
Operating Segments | Africa | Akyem | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 0 | 0 | 0 | 0 |
Operating Segments | Nevada | ||||
SALES | ||||
Sales | 457 | 538 | 1,538 | 1,600 |
Operating Segments | Nevada | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 439 | 515 | 1,489 | 1,545 |
Operating Segments | Nevada | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 18 | 23 | 49 | 55 |
Operating Segments | Nevada | Nevada Gold Mines | ||||
SALES | ||||
Sales | 457 | 538 | 1,538 | 1,600 |
Operating Segments | Nevada | Nevada Gold Mines | Gold Sales from Doré Production | ||||
SALES | ||||
Sales | 439 | 515 | 1,489 | 1,545 |
Operating Segments | Nevada | Nevada Gold Mines | Sales from Concentrate and Other Production | ||||
SALES | ||||
Sales | 18 | 23 | 49 | 55 |
Eliminations | Nevada | Nevada Gold Mines | ||||
SALES | ||||
Sales | $ 434 | $ 516 | $ 1,485 | $ 1,542 |
SALES - Provisional Sales (Deta
SALES - Provisional Sales (Details) oz in Thousands, lb in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) lb oz $ / lb $ / oz | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) lb oz $ / lb $ / oz | Sep. 30, 2021 USD ($) | |
Revenue from Contract with Customer [Abstract] | ||||
Increase (decrease) to sales from revenue recognized due to changes in final pricing | $ | $ (39) | $ (11) | $ (86) | $ (18) |
Gold | ||||
SALES | ||||
Provisionally priced sales subject to final pricing (in ounces or pounds) | oz | 222 | 222 | ||
Average provisional price (in dollars per ounce or pound) | $ / oz | 1,667 | 1,667 | ||
Copper | ||||
SALES | ||||
Provisionally priced sales subject to final pricing (in ounces or pounds) | lb | 26 | 26 | ||
Average provisional price (in dollars per ounce or pound) | $ / lb | 3.43 | 3.43 | ||
Silver | ||||
SALES | ||||
Provisionally priced sales subject to final pricing (in ounces or pounds) | oz | 4,000 | 4,000 | ||
Average provisional price (in dollars per ounce or pound) | $ / oz | 18.98 | 18.98 | ||
Lead | ||||
SALES | ||||
Provisionally priced sales subject to final pricing (in ounces or pounds) | lb | 23 | 23 | ||
Average provisional price (in dollars per ounce or pound) | $ / lb | 0.87 | 0.87 | ||
Zinc | ||||
SALES | ||||
Provisionally priced sales subject to final pricing (in ounces or pounds) | lb | 42 | 42 | ||
Average provisional price (in dollars per ounce or pound) | $ / lb | 1.37 | 1.37 |
RECLAMATION AND REMEDIATION - E
RECLAMATION AND REMEDIATION - Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Reclamation and remediation expense | ||||
Reclamation adjustments and other | $ 7 | $ 56 | ||
Reclamation accretion | 43 | 32 | $ 129 | $ 94 |
Reclamation expense | 50 | 88 | ||
Remediation adjustments and other | 1 | 28 | ||
Remediation accretion | 2 | 1 | 5 | 5 |
Remediation expense | 3 | 29 | ||
Reclamation and remediation | $ 53 | $ 117 | 163 | 220 |
Reclamation and remediation | ||||
Reclamation and remediation expense | ||||
Reclamation adjustments and other | 9 | 67 | ||
Reclamation accretion | 129 | 94 | ||
Reclamation expense | 138 | 161 | ||
Remediation adjustments and other | 20 | 54 | ||
Remediation accretion | 5 | 5 | ||
Remediation expense | $ 25 | $ 59 |
RECLAMATION AND REMEDIATION - R
RECLAMATION AND REMEDIATION - Reconciliation of Obligation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Change in reclamation liability | ||||
Balance at beginning of period | $ 5,768 | $ 3,719 | ||
Additions, changes in estimates and other | 9 | 69 | ||
Payments, net | (128) | (70) | ||
Accretion expense | $ 43 | $ 32 | 129 | 94 |
Balance at end of period | 5,778 | 3,812 | 5,778 | 3,812 |
Higher estimated closure costs arising from new closure requirements | 56 | |||
Change in remediation liability | ||||
Balance at beginning of period | 344 | 313 | ||
Additions, changes in estimates and other | 13 | 44 | ||
Payments, net | (42) | (27) | ||
Accretion expense | 2 | 1 | 5 | 5 |
Balance at end of period | $ 320 | $ 335 | 320 | 335 |
Revisions to estimated construction costs | 21 | |||
Higher estimated closure cost arising from tailings management review and monitoring | $ 23 | |||
Midnite mine | ||||
Change in remediation liability | ||||
Additions, changes in estimates and other | $ 13 |
RECLAMATION AND REMEDIATION - L
RECLAMATION AND REMEDIATION - Liability Classifications (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Reclamation and remediation expense | ||||
Reclamation liabilities, current | $ 201 | $ 213 | ||
Reclamation liabilities, non-current | 5,577 | 5,555 | ||
Reclamation obligations, operating properties | 5,778 | 5,768 | $ 3,812 | $ 3,719 |
Remediation liabilities, current | 72 | 60 | ||
Remediation liabilities, non-current | 248 | 284 | ||
Total remediation liabilities | 320 | 344 | $ 335 | $ 313 |
Total reclamation and remediation liabilities, current | 273 | 273 | ||
Total reclamation and remediation liabilities, non-current | 5,825 | 5,839 | ||
Total reclamation and remediation liabilities | 6,098 | 6,112 | ||
Minera Yanacocha | ||||
Reclamation and remediation expense | ||||
Reclamation obligations, operating properties | $ 3,232 | $ 3,250 |
RECLAMATION AND REMEDIATION - A
RECLAMATION AND REMEDIATION - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Other Noncurrent Assets | ||
Reclamation and remediation expense | ||
Asset retirement obligation restricted assets | $ 62 | $ 49 |
Other Noncurrent Assets | Marketable equity securities | ||
Reclamation and remediation expense | ||
Asset retirement obligation restricted assets | 34 | 51 |
Other Current Assets | ||
Reclamation and remediation expense | ||
Asset retirement obligation restricted assets | $ 16 | $ 0 |
Maximum | ||
Reclamation and remediation expense | ||
Loss accrual possible shortfall, as a percent | 54% | |
Minimum | ||
Reclamation and remediation expense | ||
Loss accrual possible shortfall, as a percent | 0% |
OTHER EXPENSE, NET (Details)
OTHER EXPENSE, NET (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Costs and Expenses [Abstract] | ||||
COVID-19 specific costs | $ 6 | $ 24 | $ 33 | $ 66 |
Settlement costs | 2 | 0 | 20 | 11 |
Restructuring and severance | 2 | 0 | 3 | 10 |
Impairment of long-lived and other assets | 1 | 6 | 3 | 18 |
Care and maintenance costs | 0 | 6 | 0 | 8 |
Other | 0 | 7 | 9 | 21 |
Other expense, net | $ 11 | $ 43 | $ 68 | $ 134 |
OTHER INCOME (LOSS), NET (Detai
OTHER INCOME (LOSS), NET (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other Income, Net [Line Items] | ||||
Pension settlement | $ 0 | $ 0 | $ (130) | $ 0 |
Change in fair value of investments | 5 | (96) | (91) | (180) |
Interest | 27 | 6 | 43 | 12 |
Foreign currency exchange, net | 10 | 17 | 38 | 48 |
Other | 5 | (1) | 38 | 14 |
Other income, net | 56 | (71) | (128) | (60) |
Disposed of by sale, not discontinued operations | ||||
Other Income, Net [Line Items] | ||||
Gain (loss) on asset and investment sales, net | $ 9 | $ 3 | $ (26) | $ 46 |
OTHER INCOME (LOSS), NET - Addi
OTHER INCOME (LOSS), NET - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other Income, Net [Line Items] | |||||
Pension settlement | $ 0 | $ 0 | $ (130) | $ 0 | |
Pension Plan | |||||
Other Income, Net [Line Items] | |||||
Payment for settlement | 527 | ||||
Pension settlement | $ (130) | ||||
Pension obligation | 302 | 302 | |||
Plan assets | 348 | 348 | |||
Funded (unfunded) status of plan | $ 46 | $ 46 | |||
T M A C | |||||
Other Income, Net [Line Items] | |||||
Gain on sale | $ 42 |
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 | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Reconciling item, percentage | |||||
U.S. Federal statutory tax rate | 21% | 21% | 21% | 21% | |
Percentage depletion | (4.00%) | 21% | (3.00%) | (3.00%) | |
Change in valuation allowance on deferred tax assets | 6% | (260.00%) | 5% | 13% | |
Foreign rate differential | 10% | (65.00%) | 11% | 12% | |
Mining and other taxes (net of associated federal benefit) | 5% | (46.00%) | 6% | 8% | |
Tax impact of foreign exchange | (7.00%) | 15% | (4.00%) | (2.00%) | |
Mexico Tax Settlement | 0% | 0% | (9.00%) | 0% | |
Other | 2% | 1% | (1.00%) | 0% | |
Income and mining tax expense (benefit) | 33% | (313.00%) | 26% | 49% | |
Reconciling item, amount | |||||
Income (loss) before income and mining tax and other items | $ 296 | $ (71) | $ 1,332 | $ 1,615 | |
U.S. Federal statutory tax rate | 61 | (15) | 279 | 339 | |
Percentage depletion | (13) | (15) | (43) | (52) | |
Change in valuation allowance on deferred tax assets | 19 | 185 | 68 | 215 | |
Foreign rate differential | 29 | 46 | 148 | 201 | |
Mining and other taxes (net of associated federal benefit) | 16 | 33 | 75 | 121 | |
Tax impact of foreign exchange | (22) | (11) | (48) | (28) | |
Mexico Tax Settlement | 0 | 0 | (125) | 0 | |
Other | 6 | (1) | (11) | 2 | |
Income and mining tax expense (benefit) | $ 96 | $ 222 | $ 343 | $ 798 | |
Mexican Tax Authority | |||||
Reconciling item, amount | |||||
Income and mining tax expense (benefit) | $ (125) | ||||
Increase (decrease) in related uncertain tax position | $ 95 |
INCOME AND MINING TAXES - Narra
INCOME AND MINING TAXES - Narrative (Details) - Australian Taxation Office $ in Millions | 3 Months Ended |
Dec. 31, 2017 USD ($) | |
Income Tax Contingency [Line Items] | |
Amount of tax, interest and penalties asserted as disputed amount | $ 85 |
Amount paid to preserve right to contest conclusions of ATO | $ 24 |
FAIR VALUE ACCOUNTING - Recurri
FAIR VALUE ACCOUNTING - Recurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Carrying value | ||
Liabilities: | ||
Debt | $ 5,569 | $ 5,652 |
Level 3 | ||
Assets: | ||
Contingent consideration assets | 169 | 171 |
Liabilities: | ||
Contingent consideration liabilities | 5 | 5 |
Warrants | Maverix | ||
Assets: | ||
Marketable and other equity securities (Note 10) (4) | 3 | 8 |
Recurring | ||
Assets: | ||
Cash and cash equivalents (1) | 3,058 | 4,992 |
Restricted cash | 82 | 101 |
Assets held for sale | 68 | |
Time deposits and other (Note 10) | 656 | |
Contingent consideration assets | 169 | 171 |
Total assets | 4,507 | 6,015 |
Liabilities: | ||
Debt | 4,931 | 6,712 |
Contingent consideration liabilities | 5 | 5 |
Other | 6 | |
Total liabilities | 4,936 | 6,723 |
Recurring | Level 1 | ||
Assets: | ||
Cash and cash equivalents (1) | 3,058 | 4,992 |
Restricted cash | 82 | 101 |
Assets held for sale | 0 | |
Time deposits and other (Note 10) | 0 | |
Contingent consideration assets | 0 | 0 |
Total assets | 3,383 | 5,455 |
Liabilities: | ||
Debt | 0 | 0 |
Contingent consideration liabilities | 0 | 0 |
Other | 0 | |
Total liabilities | 0 | 0 |
Recurring | Level 2 | ||
Assets: | ||
Cash and cash equivalents (1) | 0 | 0 |
Restricted cash | 0 | 0 |
Assets held for sale | 68 | |
Time deposits and other (Note 10) | 656 | |
Contingent consideration assets | 0 | 0 |
Total assets | 955 | 389 |
Liabilities: | ||
Debt | 4,931 | 6,712 |
Contingent consideration liabilities | 0 | 0 |
Other | 6 | |
Total liabilities | 4,931 | 6,718 |
Recurring | Level 3 | ||
Assets: | ||
Cash and cash equivalents (1) | 0 | 0 |
Restricted cash | 0 | 0 |
Assets held for sale | 0 | |
Time deposits and other (Note 10) | 0 | |
Contingent consideration assets | 169 | 171 |
Total assets | 169 | 171 |
Liabilities: | ||
Debt | 0 | 0 |
Contingent consideration liabilities | 5 | 5 |
Other | 0 | |
Total liabilities | 5 | 5 |
Recurring | Trade receivable from provisional sales, net | ||
Assets: | ||
Trade receivable from provisional sales, net | 289 | 297 |
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 | 289 | 297 |
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 and other equity securities (Note 10) (4) | 219 | 335 |
Recurring | Marketable and other equity securities | Level 1 | ||
Assets: | ||
Marketable and other equity securities (Note 10) (4) | 213 | 318 |
Recurring | Marketable and other equity securities | Level 2 | ||
Assets: | ||
Marketable and other equity securities (Note 10) (4) | 6 | 17 |
Recurring | Marketable and other equity securities | Level 3 | ||
Assets: | ||
Marketable and other equity securities (Note 10) (4) | 0 | 0 |
Recurring | Restricted marketable debt securities | ||
Assets: | ||
Restricted marketable debt securities (Note 10) | 26 | 35 |
Recurring | Restricted marketable debt securities | Level 1 | ||
Assets: | ||
Restricted marketable debt securities (Note 10) | 22 | 28 |
Recurring | Restricted marketable debt securities | Level 2 | ||
Assets: | ||
Restricted marketable debt securities (Note 10) | 4 | 7 |
Recurring | Restricted marketable debt securities | Level 3 | ||
Assets: | ||
Restricted marketable debt securities (Note 10) | 0 | 0 |
Recurring | Restricted other assets | ||
Assets: | ||
Restricted marketable debt securities (Note 10) | 8 | 16 |
Recurring | Restricted other assets | Level 1 | ||
Assets: | ||
Restricted marketable debt securities (Note 10) | 8 | 16 |
Recurring | Restricted other assets | Level 2 | ||
Assets: | ||
Restricted marketable debt securities (Note 10) | 0 | 0 |
Recurring | Restricted other assets | Level 3 | ||
Assets: | ||
Restricted marketable debt securities (Note 10) | $ 0 | $ 0 |
FAIR VALUE ACCOUNTING - Quantit
FAIR VALUE ACCOUNTING - Quantitative Information (Details) - Level 3 - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Quantitative and Qualitative Information - Unobservable Inputs | ||
Contingent consideration assets | $ 169 | $ 171 |
Contingent consideration liabilities | $ 5 | $ 5 |
Discounted cash flow | Minimum | Discount rate | ||
Quantitative and Qualitative Information - Unobservable Inputs | ||
Contingent consideration assets, measurement input | 5.71% | 4.48% |
Contingent consideration liabilities, measurement input | 0.0341 | 0.0248 |
Discounted cash flow | Maximum | Discount rate | ||
Quantitative and Qualitative Information - Unobservable Inputs | ||
Contingent consideration assets, measurement input | 9.54% | 5.88% |
Contingent consideration liabilities, measurement input | 0.0421 | 0.0335 |
Discounted cash flow | Weighted Average | Discount rate | ||
Quantitative and Qualitative Information - Unobservable Inputs | ||
Contingent consideration assets, measurement input | 5.98% | 5.63% |
Contingent consideration liabilities, measurement input | 0.0373 | 0.0283 |
FAIR VALUE ACCOUNTING - Changes
FAIR VALUE ACCOUNTING - Changes in the Fair Value of Level 3 Financial Assets and Liabilities (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Summary of changes in Level 3 financial assets | ||
Fair value, beginning of period | $ 171 | $ 119 |
Revaluation | (2) | 40 |
Fair value, end of period | 169 | 159 |
Summary of changes in Level 3 financial liabilities | ||
Fair value, beginning of period | 5 | 0 |
Revaluation | 0 | 5 |
Fair value, end of period | 5 | 5 |
Income (Loss) From Discontinued Operations | ||
Summary of changes in Level 3 financial assets | ||
Revaluation | 4 | |
Other income, net | ||
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 | 5 | 0 |
Revaluation | 0 | 5 |
Fair value, end of period | 5 | 5 |
Contingent consideration assets | ||
Summary of changes in Level 3 financial assets | ||
Fair value, beginning of period | 171 | 119 |
Revaluation | (2) | 40 |
Fair value, end of period | $ 169 | $ 159 |
INVESTMENTS (Details)
INVESTMENTS (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Investments | ||
Total short-term investments | $ 755 | $ 82 |
Investments | 3,198 | 3,243 |
Non-current restricted investments | 34 | $ 51 |
Time deposits, maturity of more than three months but less than one year | 653 | |
Skeena | ||
Investments | ||
Payments to acquire properties | $ 20 | |
Pueblo Viejo Mine | ||
Investments | ||
Ownership interest (as a percent) | 40% | |
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) | 28.50% | 28.60% |
Restricted marketable debt securities | ||
Investments | ||
Non-current restricted investments | $ 26 | $ 35 |
Restricted other assets | ||
Investments | ||
Non-current restricted investments | 8 | 16 |
Warrants | Maverix | ||
Investments | ||
Marketable securities | 3 | 8 |
Investments - current | ||
Investments | ||
Time deposits and other | 656 | 0 |
Marketable and other equity securities | 99 | 82 |
Total short-term investments | 755 | 82 |
Investments - current | MARA Investment | ||
Investments | ||
Marketable and other equity securities | 67 | |
Investments - noncurrent | ||
Investments | ||
Marketable equity securities, noncurrent | 187 | 307 |
Equity method investments | 3,011 | 2,936 |
Investments | 3,198 | 3,243 |
Investments - noncurrent | Pueblo Viejo Mine | ||
Investments | ||
Equity method investments | 1,405 | 1,320 |
Investments - noncurrent | Nueva Union Project | ||
Investments | ||
Equity method investments | 953 | 950 |
Investments - noncurrent | Norte Abierto Project | ||
Investments | ||
Equity method investments | 512 | 505 |
Investments - noncurrent | Maverix | ||
Investments | ||
Equity method investments | 140 | 160 |
Investments - noncurrent | Other | ||
Investments | ||
Equity method investments | $ 1 | $ 1 |
INVESTMENTS - Purchases, Sales,
INVESTMENTS - Purchases, Sales, and Exchanges (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Dec. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Investments | |||||||
Equity income (loss) of affiliates | $ 25 | $ 39 | $ 81 | $ 138 | |||
Pueblo Viejo Revolving Facility | |||||||
Investments | |||||||
Credit facility, amount outstanding | $ 0 | $ 0 | $ 0 | ||||
MARA Investment | |||||||
Investments | |||||||
Ownership interest | 18.75% | 18.75% | 18.75% | ||||
Purchase price | $ 125 | ||||||
Deferred payment | $ 30 | ||||||
Annual interest (in percent) | 6% | ||||||
MARA Investment | Maximum | |||||||
Investments | |||||||
Deferred payment, including interest | $ 50 | ||||||
MARA Investment | Forecast | |||||||
Investments | |||||||
Gain (loss) on asset and investment sales, net | $ 60 | ||||||
Pueblo Viejo Mine | |||||||
Investments | |||||||
Equity income (loss) of affiliates | $ 26 | 43 | $ 84 | 137 | |||
Share of loans included in investment | 335 | 335 | 335 | $ 260 | |||
Interest receivable | $ 4 | $ 4 | $ 4 | 3 | |||
Ownership interest (as a percent) | 40% | 40% | 40% | ||||
Purchases | $ 146 | $ 154 | $ 413 | $ 476 | |||
Due to (from) related party | $ 0 | $ 0 | $ 0 | $ 0 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory, net | ||
Materials and supplies | $ 739 | $ 669 |
In-process | 131 | 132 |
Concentrate | 71 | 58 |
Precious metals | 59 | 71 |
Inventories | $ 1,000 | $ 930 |
STOCKPILES AND ORE ON LEACH P_3
STOCKPILES AND ORE ON LEACH PADS - Schedule (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Stockpiles And Ore On Leach Pads | ||
Current stockpiles and ore on leach pads | $ 694 | $ 857 |
Non-current stockpiles and ore on leach pads | 1,839 | 1,775 |
Stockpiles and ore on leach pads | 2,533 | 2,632 |
Stockpiles | ||
Stockpiles And Ore On Leach Pads | ||
Current stockpiles and ore on leach pads | 394 | 491 |
Non-current stockpiles and ore on leach pads | 1,495 | 1,442 |
Stockpiles and ore on leach pads | 1,889 | 1,933 |
Ore on Leach Pads | ||
Stockpiles And Ore On Leach Pads | ||
Current stockpiles and ore on leach pads | 300 | 366 |
Non-current stockpiles and ore on leach pads | 344 | 333 |
Stockpiles and ore on leach pads | $ 644 | $ 699 |
STOCKPILES AND ORE ON LEACH P_4
STOCKPILES AND ORE ON LEACH PADS - Additional Information (Details) - Stockpiles and ore on leach pads - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
CC&V | ||||
Stockpiles And Ore On Leach Pads | ||||
Write-downs of inventory and stockpiles and ore on leach pads | $ 13 | $ 22 | $ 11 | |
Nevada Gold Mines | ||||
Stockpiles And Ore On Leach Pads | ||||
Write-downs of inventory and stockpiles and ore on leach pads | 28 | 67 | 16 | |
Merian mine | ||||
Stockpiles And Ore On Leach Pads | ||||
Write-downs of inventory and stockpiles and ore on leach pads | 4 | |||
Minera Yanacocha | ||||
Stockpiles And Ore On Leach Pads | ||||
Write-downs of inventory and stockpiles and ore on leach pads | 17 | 17 | 25 | |
Akyem | ||||
Stockpiles And Ore On Leach Pads | ||||
Write-downs of inventory and stockpiles and ore on leach pads | 3 | 3 | ||
Costs applicable to sales | ||||
Stockpiles And Ore On Leach Pads | ||||
Write-downs of inventory and stockpiles and ore on leach pads | 47 | $ 18 | 85 | 37 |
Depreciation and amortization | ||||
Stockpiles And Ore On Leach Pads | ||||
Write-downs of inventory and stockpiles and ore on leach pads | $ 14 | $ 7 | $ 28 | $ 15 |
DEBT - Minimum Debt Repayments
DEBT - Minimum Debt Repayments (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Scheduled minimum debt repayments | |
2022 (for the remainder of 2022) | $ 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 5,624 |
Net carrying amount | $ 5,624 |
DEBT - Additional Information (
DEBT - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | |
Jan. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Instrument [Line Items] | |||
Redemption of debt | $ 89 | $ 550 | |
2023 Senior Notes | Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate, stated percentage | 3.70% | ||
Redemption of debt | $ 90 | ||
Principal amount of debt redeemed | $ 87 |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Other current liabilities: | ||
Reclamation and remediation liabilities | $ 273 | $ 273 |
Accrued operating costs | 260 | 201 |
Accrued capital expenditures | 195 | 155 |
Payables to NGM | 52 | 114 |
Other | 369 | 430 |
Other current liabilities | 1,149 | 1,173 |
Other non-current liabilities: | ||
Income and mining taxes | 216 | 328 |
Other | 267 | 280 |
Other long-term liabilities, total | $ 483 | $ 608 |
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 | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | $ 21,599 | $ 21,631 | $ 21,813 | $ 24,060 | $ 23,958 | $ 23,845 | $ 21,813 | $ 23,845 |
Gain (loss) in other comprehensive income (loss) before reclassifications | 20 | |||||||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 106 | |||||||
Other comprehensive income (loss) | 4 | 1 | 121 | 8 | 7 | 11 | 126 | 26 |
Balance at end of period | 21,400 | $ 21,599 | 21,631 | 23,238 | $ 24,060 | $ 23,958 | 21,400 | 23,238 |
Pension settlement | 0 | $ 0 | 130 | $ 0 | ||||
Valuation tax | 27 | |||||||
Total | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | (133) | (133) | ||||||
Balance at end of period | (7) | (7) | ||||||
Unrealized Gain (Loss) on Investment Securities, net | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | 2 | 2 | ||||||
Gain (loss) in other comprehensive income (loss) before reclassifications | (3) | |||||||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 0 | |||||||
Other comprehensive income (loss) | (3) | |||||||
Balance at end of period | (1) | (1) | ||||||
Foreign Currency Translation Adjustments | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | 119 | 119 | ||||||
Gain (loss) in other comprehensive income (loss) before reclassifications | 6 | |||||||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 0 | |||||||
Other comprehensive income (loss) | 6 | |||||||
Balance at end of period | 125 | 125 | ||||||
Pension and Other Post-retirement Benefit Adjustments (1) | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | (166) | (166) | ||||||
Gain (loss) in other comprehensive income (loss) before reclassifications | 17 | |||||||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 103 | |||||||
Other comprehensive income (loss) | 120 | |||||||
Balance at end of period | (46) | (46) | ||||||
Unrealized Gain (Loss) on Cash flow Hedge Instruments | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | $ (88) | (88) | ||||||
Gain (loss) in other comprehensive income (loss) before reclassifications | 0 | |||||||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 3 | |||||||
Other comprehensive income (loss) | 3 | |||||||
Balance at end of period | $ (85) | $ (85) |
NET CHANGE IN OPERATING ASSET_3
NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Decrease (increase) in operating assets: | ||
Trade and other receivables | $ 133 | $ 216 |
Inventories, stockpiles and ore on leach pads | (148) | (218) |
Other assets | (176) | (189) |
Increase (decrease) in operating liabilities: | ||
Accounts payable | 52 | (32) |
Reclamation and remediation liabilities | (170) | (97) |
Accrued tax liabilities | (307) | (229) |
Other accrued liabilities | (196) | (29) |
Net change in operating assets and liabilities | $ (812) | $ (578) |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Environmental Matters (Details) $ in Millions | 9 Months Ended | |||||
Sep. 30, 2022 USD ($) plant | Mar. 31, 2022 | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2012 USD ($) | |
Loss contingencies | ||||||
Number of operational water treatment plants | plant | 5 | |||||
Number of water treatment plants to be constructed | plant | 2 | |||||
Remediation liability | $ 320 | $ 344 | $ 335 | $ 313 | ||
Cripple Creek And Victor Mine | ||||||
Loss contingencies | ||||||
Remediation liability | $ 10 | |||||
Midnite mine | ||||||
Loss contingencies | ||||||
Department of Interior contribution for past and future cleanup costs | $ 42 | |||||
Midnite mine and Dawn mill sites | ||||||
Loss contingencies | ||||||
Remediation liability | $ 151 | |||||
Remediation liability assumed (in percent) | 100% | |||||
Minera Yanacocha | ||||||
Loss contingencies | ||||||
Noncontrolling interest, ownership percentage by parent | 100% | 95% | ||||
Dawn Mining Company | ||||||
Loss contingencies | ||||||
Noncontrolling interest, ownership percentage by parent | 58.19% | |||||
Cripple Creek And Victor Mine | ||||||
Loss contingencies | ||||||
Noncontrolling interest, ownership percentage by parent | 100% |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Other Legal Matters - Yanacocha (Details) | 9 Months Ended |
Sep. 30, 2022 USD ($) unit $ / unit | |
Loss contingencies | |
Potential fine for each unit alleged violations (in dollars per unit) | $ / unit | 0.001110 |
Minimum | Minera Yanacocha | |
Loss contingencies | |
Potential fine for alleged violations | $ | $ 0 |
Maximum | Minera Yanacocha | |
Loss contingencies | |
Potential fine for alleged violations | $ | $ 0.01 |
Water Authority | Minimum | Minera Yanacocha | |
Loss contingencies | |
Number of units with alleged violations | unit | 0 |
Water Authority | Maximum | Minera Yanacocha | |
Loss contingencies | |
Number of units with alleged violations | unit | 10 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Other Legal Matters - NWG, etc. (Details) $ in Millions, $ in Millions | 1 Months Ended | |||||||
Aug. 16, 2021 USD ($) | Dec. 24, 2018 co-defendant plaintiff | Feb. 26, 2014 CAD ($) | Sep. 24, 2012 USD ($) | Apr. 08, 2008 | Aug. 31, 2020 USD ($) | Sep. 30, 2022 | 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% |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Other Commitments and Contingences (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Norte Abierto Project | ||
Other Commitments [Line Items] | ||
Contingent consideration liabilities | $ 122 | $ 124 |
Galore Creek | ||
Other Commitments [Line Items] | ||
Contingent consideration liabilities | $ 75 |