Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 29, 2019 | |
Document And Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report 1 | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report 1 | false | |
Entity File Number | 001-31240 | |
Entity Registrant Name | NEWMONT GOLDCORP CORP /DE/ | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-1611629 | |
Entity Address, Address Line One | 6363 South Fiddler’s Green Circle | |
Entity Address, Address Line Two | Greenwood Village | |
Entity Address, State or Province | CO | |
Entity Address, City or Town | Greenwood Village, Colorado | |
Entity Address, Postal Zip Code | 80111 | |
City Area Code | 303 | |
Local Phone Number | 863-7414 | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common stock, par value $1.60 per share | |
Trading Symbol | nem | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 819,838,680 | |
Entity Central Index Key | 0001164727 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Sales (Note 6) | $ 2,713 | $ 1,726 | $ 6,773 | $ 5,205 | |
Costs and expenses | |||||
Depreciation and amortization | 548 | 299 | 1,347 | 879 | |
Advanced projects, research and development | 43 | 37 | 102 | 107 | |
General and administrative | 84 | 59 | 224 | 181 | |
Impairment of long-lived assets (Note 8) | 3 | 366 | 4 | 366 | |
Other expense, net (Note 9) | 35 | 5 | 239 | 29 | |
Total costs and expenses | 2,255 | 1,840 | 6,015 | 4,789 | |
Other income (expense): | |||||
Gain on formation of Nevada Gold Mines (Note 4) | 2,366 | 2,366 | |||
Other income, net (Note 10) | 31 | 37 | 166 | 197 | |
Interest expense, net of capitalized interest | (77) | (51) | (217) | (153) | |
Total other income (expense) | 2,320 | (14) | 2,315 | 44 | |
Income (loss) before income and mining tax and other items | 2,778 | (128) | 3,073 | 460 | |
Income and mining tax benefit (expense) (Note 11) | (558) | (3) | (703) | (126) | |
Equity income (loss) of affiliates (Note 12) | 32 | (9) | 53 | (25) | |
Net income (loss) from continuing operations | 2,252 | (140) | 2,423 | 309 | |
Net income (loss) from discontinued operations (Note 13) | (48) | 16 | (100) | 56 | |
Net income (loss) | 2,204 | (124) | 2,323 | 365 | |
Net loss (income) attributable to noncontrolling interests: | |||||
Continuing operations | (26) | (21) | (83) | (26) | |
Net loss (income) attributable to noncontrolling interests (Note 14) | (26) | (21) | (83) | (26) | |
Net income (loss) attributable to Newmont stockholders: | |||||
Net income (loss) attributable to Newmont stockholders | 2,178 | (145) | 2,240 | 339 | |
Continuing operations | 2,226 | (161) | 2,340 | 283 | |
Discontinued operations | $ (48) | $ 16 | $ (100) | $ 56 | |
Net income (loss) per common share, Basic (Note 15): | |||||
Continuing operations (in dollars per share) | $ 2.72 | $ (0.31) | $ 3.30 | $ 0.53 | |
Discontinued operations (in dollars per share) | (0.06) | 0.04 | (0.14) | 0.11 | |
Net income (loss) per common share, basic (in dollars per share) | 2.66 | (0.27) | 3.16 | 0.64 | |
Net income (loss) per common share - Diluted: | |||||
Continuing operations (in dollars per share) | 2.71 | (0.31) | 3.30 | 0.53 | |
Discontinued operations (in dollars per share) | (0.06) | 0.04 | (0.14) | 0.10 | |
Net income (loss) per common share, diluted (in dollars per share) | $ 2.65 | $ (0.27) | $ 3.16 | $ 0.63 | |
Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||
Costs and expenses | |||||
Costs applicable to sales (1) | [1] | $ 1,392 | $ 995 | $ 3,736 | $ 2,989 |
Reclamation and remediation | |||||
Costs and expenses | |||||
Costs applicable to sales (1) | 62 | 31 | 165 | 96 | |
Exploration | |||||
Costs and expenses | |||||
Costs applicable to sales (1) | $ 88 | $ 48 | $ 198 | $ 142 | |
[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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||
Net income (loss) | $ 2,204 | $ (124) | $ 2,323 | $ 365 |
Other comprehensive income (loss): | ||||
Change in marketable securities, net of tax of $-, $-, $-, and $-, respectively | 2 | 3 | 1 | |
Foreign currency translation adjustments | (5) | 4 | 7 | |
Change in pension and other post-retirement benefits, net of tax of $-, $(1), $-, and $(4), respectively | (9) | 5 | (3) | 14 |
Change in fair value of cash flow hedge instruments, net of tax of $(1), and $-, respectively | 4 | 12 | ||
PRE-ADOPTION Change in fair value of cash flow hedge instruments, net of tax of (1) and $(4), respectively | 3 | 12 | ||
Other comprehensive income (loss) | (8) | 12 | 19 | 27 |
Comprehensive income (loss) | 2,196 | (112) | 2,342 | 392 |
Comprehensive income (loss) attributable to: | ||||
Comprehensive income (loss) attributable to Newmont stockholders | 2,170 | (133) | 2,259 | 366 |
Noncontrolling interests | 26 | 21 | 83 | 26 |
Comprehensive income (loss) | $ 2,196 | $ (112) | $ 2,342 | $ 392 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2018 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||
Change in pension and other post-retirement benefits, tax | $ (1) | $ (4) | |
Change in fair value of cash flow hedge instruments, tax | $ (1) | ||
PRE-ADOPTION Change in fair value of cash flow hedge instruments, tax | $ (1) | $ (4) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating activities: | ||
Net income (loss) | $ 2,323 | $ 365 |
Adjustments: | ||
Depreciation and amortization | 1,347 | 879 |
Stock-based compensation (Note 17) | 76 | 57 |
Reclamation and remediation | 151 | 85 |
Loss (income) from discontinued operations (Note 13) | 100 | (56) |
Deferred income taxes | 422 | (100) |
Impairment of long-lived assets (Note 8) | 4 | 366 |
Gain on asset and investment sales, net (Note 10) | (32) | (100) |
Gain on formation of Nevada Gold Mines (Note 4) | (2,366) | |
Write-downs of inventory and stockpiles and ore on leach pads | 108 | 220 |
Other operating adjustments | (56) | 46 |
Net change in operating assets and liabilities (Note 29) | (409) | (667) |
Net cash provided by (used in) operating activities of continuing operations | 1,668 | 1,095 |
Net cash provided by (used in) operating activities of discontinued operations (Note 13) | (7) | (8) |
Net cash provided by (used in) operating activities | 1,661 | 1,087 |
Investing activities: | ||
Additions to property, plant and mine development | (1,033) | (763) |
Acquisitions, net | 127 | (138) |
Purchases of investments | (94) | (17) |
Return of investment from equity method investees, net | 83 | |
Proceeds from sales of investments | 59 | 16 |
Proceeds from sales of other assets | 29 | 23 |
Other | 12 | (5) |
Net cash provided by (used in) investing activities | (817) | (884) |
Financing activities: | ||
Repayment of debt | (1,250) | |
Dividends paid to common stockholders | (775) | (226) |
Proceeds from issuance of debt, net | 690 | |
Distributions to noncontrolling interests | (137) | (107) |
Funding from noncontrolling interests | 75 | 77 |
Payments for withholding of employee taxes related to stock-based compensation | (48) | (39) |
Payments on lease and other financing obligations, post-adoption | (37) | |
Payments on lease and other financing obligations, pre-adoption | (3) | |
Proceeds from sale of noncontrolling interests | 48 | |
Repurchases of common stock | (96) | |
Other | (24) | |
Net cash provided by (used in) financing activities | (1,506) | (346) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (4) | (4) |
Net change in cash, cash equivalents and restricted cash | (666) | (147) |
Cash, cash equivalents and restricted cash at beginning of period | 3,489 | 3,298 |
Cash, cash equivalents and restricted cash at end of period | 2,823 | 3,151 |
Discontinued operations disposed of by sale | ||
Adjustments: | ||
Loss (income) from discontinued operations (Note 13) | 100 | (56) |
Holt Royalty obligation | Holloway Mining Company | Discontinued operations disposed of by sale | ||
Adjustments: | ||
Loss (income) from discontinued operations (Note 13) | $ 102 | $ (55) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Reconciliation of cash, cash equivalents and restricted cash: | |
Cash and cash equivalents | $ 2,712 |
Restricted cash included in Other current assets | $ 19 |
Location of current restricted cash | us-gaap:OtherAssetsCurrent |
Restricted cash included in Other noncurrent assets | $ 92 |
Location of noncurrent restricted cash | us-gaap:OtherAssetsNoncurrent |
Total cash, cash equivalents and restricted cash | $ 2,823 |
Cash and cash equivalents acquired in business combination | 127 |
Goldcorp [Member] | |
Reconciliation of cash, cash equivalents and restricted cash: | |
Cash and cash equivalents acquired in business combination | 121 |
Nevada Gold Mines LLC NGM [Member] | |
Reconciliation of cash, cash equivalents and restricted cash: | |
Cash and cash equivalents acquired in business combination | $ 6 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 2,712 | $ 3,397 |
Trade receivables (Note 6) | 383 | 254 |
Investments (Note 20) | 157 | 48 |
Inventories (Note 21) | 1,102 | 630 |
Stockpiles and ore on leach pads (Note 22) | 760 | 697 |
Other current assets (Note 24) | 584 | 251 |
Current assets | 5,698 | 5,277 |
Property, plant and mine development, net (Note 23) | 26,197 | 12,258 |
Investments (Note 20) | 3,295 | 271 |
Stockpiles and ore on leach pads (Note 22) | 1,521 | 1,866 |
Deferred income tax assets | 440 | 401 |
Goodwill (Note 4) | 3,078 | 58 |
Other non-current assets (Note 24) | 534 | 584 |
Total assets | 40,763 | 20,715 |
LIABILITIES | ||
Debt (Note 25) | 626 | 626 |
Accounts payable | 532 | 303 |
Employee-related benefits | 356 | 305 |
Income and mining taxes payable | 132 | 71 |
Lease and other financing obligations, current (Note 26) | 97 | 27 |
Other current liabilities (Note 27) | 868 | 455 |
Current liabilities | 2,611 | 1,787 |
Debt (Note 25) | 6,139 | 3,418 |
Lease and other financing obligations, noncurrent (Note 26) | 600 | 190 |
Reclamation and remediation liabilities (Note 7) | 3,441 | 2,481 |
Deferred income tax liabilities | 2,965 | 612 |
Employee-related benefits | 454 | 401 |
Silver streaming agreement (Note 6) | 1,069 | |
Other non-current liabilities (Note 27) | 1,000 | 314 |
Total liabilities | 18,279 | 9,203 |
Contingently redeemable noncontrolling interest (Note 14) | 49 | 47 |
EQUITY | ||
Common stock | 1,317 | 855 |
Treasury stock | (118) | (70) |
Additional paid-in capital | 18,460 | 9,618 |
Accumulated other comprehensive income (loss) (Note 28) | (265) | (284) |
Retained Earnings (accumulated deficit | 2,036 | 383 |
Newmont stockholders' equity | 21,430 | 10,502 |
Noncontrolling interests | 1,005 | 963 |
Total equity | 22,435 | 11,465 |
Total liabilities and equity | $ 40,763 | $ 20,715 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Millions, $ in Millions | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Accumulated Deficit) | Noncontrolling Interests | Total |
Changes in Equity | |||||||
Cumulative effect adjustment | $ 115 | $ (115) | |||||
Balance at beginning of period at Dec. 31, 2017 | $ 855 | $ (30) | $ 9,592 | (292) | 410 | $ 984 | $ 11,519 |
Balance at beginning of period, shares at Dec. 31, 2017 | 534 | (1) | |||||
Changes in Equity | |||||||
Net income (loss) | 192 | (1) | 191 | ||||
Other comprehensive income (loss) | 8 | 8 | |||||
Dividends declared | (76) | (76) | |||||
Distributions declared to noncontrolling interests | (31) | (31) | |||||
Cash calls requested from noncontrolling interests | 28 | 28 | |||||
Repurchase and retirement of common stock | $ (3) | (30) | (31) | (64) | |||
Repurchase and retirement of common stock (in shares) | (2) | ||||||
Withholding of employee taxes related to stock-based compensation | $ (39) | (39) | |||||
Withholding of employee taxes related to stock-based compensation (in shares) | (1) | ||||||
Stock-based awards and related share issuances | $ 5 | 14 | 19 | ||||
Stock-based awards and related share issuances, shares | 3 | ||||||
Balance at end of period at Mar. 31, 2018 | $ 857 | $ (69) | 9,576 | (169) | 380 | 980 | 11,555 |
Balance at end of period, shares at Mar. 31, 2018 | 535 | (2) | |||||
Contingently redeemable noncontrolling interest, Balance at end of period at Sep. 30, 2018 | 49 | ||||||
Balance at beginning of period at Dec. 31, 2017 | $ 855 | $ (30) | 9,592 | (292) | 410 | 984 | 11,519 |
Balance at beginning of period, shares at Dec. 31, 2017 | 534 | (1) | |||||
Changes in Equity | |||||||
Other comprehensive income (loss) | 27 | ||||||
Repurchase and retirement of common stock | $ (96) | ||||||
Repurchase and retirement of common stock (in shares) | (2.7) | ||||||
Withholding of employee taxes related to stock-based compensation (in shares) | 1 | ||||||
Balance at end of period at Sep. 30, 2018 | $ 855 | $ (69) | 9,600 | (150) | 361 | 977 | $ 11,574 |
Balance at end of period, shares at Sep. 30, 2018 | 535 | (2) | |||||
Changes in Contingently Redeemable Noncontrolling Interest | |||||||
Sale of noncontrolling interest | 48 | ||||||
Contingently redeemable noncontrolling interest, Balance at end of period at Jun. 30, 2018 | 48 | ||||||
Balance at beginning of period at Mar. 31, 2018 | $ 857 | $ (69) | 9,576 | (169) | 380 | 980 | 11,555 |
Balance at beginning of period, shares at Mar. 31, 2018 | 535 | (2) | |||||
Changes in Equity | |||||||
Net income (loss) | 292 | 6 | 298 | ||||
Other comprehensive income (loss) | 7 | 7 | |||||
Dividends declared | (74) | (74) | |||||
Distributions declared to noncontrolling interests | (38) | (38) | |||||
Cash calls requested from noncontrolling interests | 24 | 24 | |||||
Repurchase and retirement of common stock | (6) | (6) | |||||
Stock-based awards and related share issuances | 19 | 19 | |||||
Balance at end of period at Jun. 30, 2018 | $ 857 | $ (69) | 9,595 | (162) | 592 | 972 | 11,785 |
Balance at end of period, shares at Jun. 30, 2018 | 535 | (2) | |||||
Changes in Contingently Redeemable Noncontrolling Interest | |||||||
Net income (loss) | 1 | ||||||
Contingently redeemable noncontrolling interest, Balance at end of period at Sep. 30, 2018 | 49 | ||||||
Changes in Equity | |||||||
Net income (loss) | (145) | 20 | (125) | ||||
Other comprehensive income (loss) | 12 | 12 | |||||
Dividends declared | (76) | (76) | |||||
Distributions declared to noncontrolling interests | (38) | (38) | |||||
Cash calls requested from noncontrolling interests | 23 | 23 | |||||
Repurchase and retirement of common stock | $ (2) | (14) | (10) | $ (26) | |||
Repurchase and retirement of common stock (in shares) | (1) | (0.8) | |||||
Stock-based awards and related share issuances | 19 | $ 19 | |||||
Stock-based awards and related share issuances, shares | 1 | ||||||
Balance at end of period at Sep. 30, 2018 | $ 855 | $ (69) | 9,600 | (150) | 361 | 977 | 11,574 |
Balance at end of period, shares at Sep. 30, 2018 | 535 | (2) | |||||
Changes in Equity | |||||||
Cumulative effect adjustment | (9) | (9) | |||||
Contingently redeemable noncontrolling interest, Balance at beginning of period at Dec. 31, 2018 | 47 | ||||||
Changes in Contingently Redeemable Noncontrolling Interest | |||||||
Net income (loss) | 1 | ||||||
Contingently redeemable noncontrolling interest, Balance at end of period at Mar. 31, 2019 | 48 | ||||||
Balance at beginning of period at Dec. 31, 2018 | $ 855 | $ (70) | 9,618 | (284) | 383 | 963 | 11,465 |
Balance at beginning of period, shares at Dec. 31, 2018 | 535 | (2) | |||||
Changes in Equity | |||||||
Net income (loss) | 87 | 31 | 118 | ||||
Other comprehensive income (loss) | 15 | 15 | |||||
Dividends declared | (76) | (76) | |||||
Distributions declared to noncontrolling interests | (44) | (44) | |||||
Cash calls requested from noncontrolling interests | 22 | 22 | |||||
Withholding of employee taxes related to stock-based compensation | $ (39) | (39) | |||||
Withholding of employee taxes related to stock-based compensation (in shares) | (1) | ||||||
Stock-based awards and related share issuances | $ 5 | 14 | 19 | ||||
Stock-based awards and related share issuances, shares | 2 | ||||||
Balance at end of period at Mar. 31, 2019 | $ 860 | $ (109) | 9,632 | (269) | 385 | 972 | 11,471 |
Balance at end of period, shares at Mar. 31, 2019 | 537 | (3) | |||||
Contingently redeemable noncontrolling interest, Balance at beginning of period at Dec. 31, 2018 | 47 | ||||||
Contingently redeemable noncontrolling interest, Balance at end of period at Sep. 30, 2019 | 49 | ||||||
Balance at beginning of period at Dec. 31, 2018 | $ 855 | $ (70) | 9,618 | (284) | 383 | 963 | 11,465 |
Balance at beginning of period, shares at Dec. 31, 2018 | 535 | (2) | |||||
Changes in Equity | |||||||
Other comprehensive income (loss) | 19 | 19 | |||||
Cash calls requested from noncontrolling interests | $ 73 | ||||||
Withholding of employee taxes related to stock-based compensation (in shares) | 1.3 | ||||||
Balance at end of period at Sep. 30, 2019 | $ 1,317 | $ (118) | 18,460 | (265) | 2,036 | 1,005 | $ 22,435 |
Balance at end of period, shares at Sep. 30, 2019 | 823 | (3) | |||||
Contingently redeemable noncontrolling interest, Balance at beginning of period at Mar. 31, 2019 | 48 | ||||||
Contingently redeemable noncontrolling interest, Balance at end of period at Jun. 30, 2019 | 48 | ||||||
Balance at beginning of period at Mar. 31, 2019 | $ 860 | $ (109) | 9,632 | (269) | 385 | 972 | 11,471 |
Balance at beginning of period, shares at Mar. 31, 2019 | 537 | (3) | |||||
Changes in Equity | |||||||
Net income (loss) | (25) | 25 | |||||
Other comprehensive income (loss) | 12 | 12 | |||||
Shares issued and other non-cash consideration for Goldcorp acquisition | $ 457 | 8,972 | 9,429 | ||||
Stock issued in acquisition, shares | 285 | ||||||
Dividends declared | (205) | (385) | (590) | ||||
Distributions declared to noncontrolling interests | (49) | (49) | |||||
Cash calls requested from noncontrolling interests | 23 | 23 | |||||
Withholding of employee taxes related to stock-based compensation | $ (6) | (6) | |||||
Stock-based awards and related share issuances | 35 | 35 | |||||
Stock-based awards and related share issuances, shares | 1 | ||||||
Balance at end of period at Jun. 30, 2019 | $ 1,317 | $ (115) | 18,434 | (257) | (25) | 971 | 20,325 |
Balance at end of period, shares at Jun. 30, 2019 | 823 | (3) | |||||
Changes in Contingently Redeemable Noncontrolling Interest | |||||||
Net income (loss) | 1 | ||||||
Contingently redeemable noncontrolling interest, Balance at end of period at Sep. 30, 2019 | 49 | ||||||
Changes in Equity | |||||||
Net income (loss) | 2,178 | 25 | 2,203 | ||||
Other comprehensive income (loss) | (8) | (8) | |||||
Noncontrolling interest attributable to the formation of Nevada Gold Mine | 25 | 25 | |||||
Dividends declared | (114) | (114) | |||||
Distributions declared to noncontrolling interests | (44) | (44) | |||||
Cash calls requested from noncontrolling interests | 28 | 28 | |||||
Cancellation of shares due to expiration of certain exchange rights | 4 | (3) | 1 | ||||
Withholding of employee taxes related to stock-based compensation | $ (3) | $ (3) | |||||
Withholding of employee taxes related to stock-based compensation (in shares) | 0.1 | ||||||
Stock-based awards and related share issuances | 22 | $ 22 | |||||
Balance at end of period at Sep. 30, 2019 | $ 1,317 | $ (118) | $ 18,460 | $ (265) | $ 2,036 | $ 1,005 | $ 22,435 |
Balance at end of period, shares at Sep. 30, 2019 | 823 | (3) |
CONDENSED CONSOLIDATED STATEM_7
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Noncontrolling interests | |||||
Cash dividends declared per common share | $ 0.14 | $ 0.14 | $ 0.42 | $ 0.42 | |
Special dividends declared per common share | $ 0.88 | ||||
Dividends payable | $ 5 | $ 5 | |||
Cash calls requested from noncontrolling interests | 28 | $ 23 | $ 23 | 73 | |
Payments of distributions to noncontrolling interests | 137 | $ 107 | |||
Vested shares | 6 | ||||
Noncontrolling Interests | |||||
Noncontrolling interests | |||||
Cash calls requested from noncontrolling interests | $ 28 | $ 23 | $ 23 | ||
Staatsolie [Member] | |||||
Noncontrolling interests | |||||
Payments of distributions to noncontrolling interests | 71 | 77 | |||
Nevada Gold Mines LLC NGM [Member] | |||||
Noncontrolling interests | |||||
Payments of distributions to noncontrolling interests | 4 | ||||
Merian | |||||
Noncontrolling interests | |||||
Cash calls requested from noncontrolling interests | 69 | $ 75 | |||
Nevada Gold Mines [Member] | |||||
Noncontrolling interests | |||||
Cash calls requested from noncontrolling interests | $ 4 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2019 | |
BASIS OF PRESENTATION | |
BASIS OF PRESENTATION | NOTE 1 BASIS OF PRESENTATION The interim Condensed Consolidated Financial Statements (“interim statements”) of Newmont Goldcorp Corporation, a Delaware corporation, formerly Newmont Mining Corporation, and its subsidiaries (collectively, “Newmont,” “Newmont Goldcorp” or the “Company”) are unaudited. In the opinion of management, all adjustments (including normal recurring adjustments) and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with Newmont’s Consolidated Financial Statements for the year ended December 31, 2018 filed on February 21, 2019 on Form 10-K. The year-end balance sheet data was derived from the audited financial statements and, in accordance with the instructions to Form 10-Q, certain information and footnote disclosures required by United States (“U.S.”) generally accepted accounting principles (“GAAP”) have been condensed or omitted. References to “C$” refer to Canadian currency. On January 14, 2019, the Company entered into a definitive agreement (as amended by the first amendment to the arrangement agreement, dated as of February 19, 2019, the “Arrangement Agreement”) to acquire all outstanding shares of Goldcorp, Inc. (“Goldcorp”), an Ontario corporation. On April 18, 2019 (“acquisition date”), pursuant to the Arrangement Agreement, Newmont completed the business acquisition of Goldcorp. Under the terms of the Arrangement Agreement, the Company acquired all outstanding common shares of Goldcorp in a primarily stock transaction (the “Newmont Goldcorp transaction”) for total cash and non-cash consideration of $9,456. For further information, see Note 3. On March 10, 2019, the Company entered into an implementation agreement with Barrick Gold Corporation (“Barrick”) to establish a joint venture (“Nevada JV Agreement”). On July 1, 2019 (the “effective date”), Newmont and Barrick consummated the Nevada JV Agreement and established Nevada Gold Mines LLC (“NGM”), which combined certain mining operations and assets located in Nevada, historically included in the Company’s North America reportable segment, and certain of Barrick’s Nevada mining operations and assets. In connection with the closing of the Nevada JV Agreement, Newmont and Barrick entered into an Amended and Restated Limited Liability Company Agreement of NGM, which is the primary operating document governing NGM. Pursuant to the terms of the Nevada JV Agreement, Newmont and Barrick hold economic interests in the joint venture equal to 38.5% and 61.5%, respectively. Barrick acts as the operator of NGM with overall management responsibility and is subject to the supervision and direction of NGM’s Board of Managers, which is comprised of two managers appointed by Newmont and three managers appointed by Barrick. Newmont and Barrick have an equal number of representatives on NGM’s technical, exploration and finance advisory committees. For further information, see Note 4. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Risks and Uncertainties As a global mining company, the Company’s revenue, profitability and future rate of growth are substantially dependent on prevailing metal prices, primarily for gold, but also for copper, silver, lead and zinc. Historically, the commodity markets have been very volatile, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and on the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Property, plant and mine development net; Inventories; Stockpiles and ore on leach pads; Investments; Deferred income tax assets Goodwill In addition to changes in commodity prices, other factors such as changes in mine plans, increases in costs, geotechnical failures, changes in social, environmental or regulatory requirements and management’s decision to reprioritize or abandon a development project can adversely affect the Company’s ability to recover its investment in certain assets and result in impairment charges. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. The Company must make these estimates and assumptions because certain information used is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. Actual results could differ from these estimates. Reclassifications Certain amounts in prior years have been reclassified to conform to the 2019 presentation, including Goodwill of $58, which was reclassified from Other non-current Goodwill Business Combinations The Company recognizes and measures the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, while transaction and integration costs related to business combinations are expensed as incurred. Any excess of the purchase consideration when compared to the fair value of the net tangible and intangible assets acquired, if any, is recorded as goodwill. For material acquisitions, the Company engages independent appraisers to assist with the determination of the fair value of assets acquired, liabilities assumed, noncontrolling interest, if any, and goodwill, based on recognized business valuation methodologies. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, and noncontrolling interest, if any, in a business combination. The income valuation method represents the present value of future cash flows over the life of the asset using: (i) discrete financial forecasts, which rely on management’s estimates of reserve quantities and exploration potential, costs to produce and develop reserves, revenues, and operating expenses; (ii) long-term growth rates; (iii) appropriate discount rates; and (iv) expected future capital requirements (“income valuation method”). The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets (“market valuation method”). The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset (“cost valuation method”). If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition date, and not later than one year from the acquisition date, the Company will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period the adjustments arises. Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition. Goodwill is allocated to reporting units and tested for impairment annually and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. The fair value of a reporting unit is determined using both the income and market valuation methods. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Company recognizes its pro rata share of Goodwill and any subsequent goodwill impairment losses recorded by unincorporated joint ventures in which it has an undivided interest. Leases The Company adopted Accounting Standards Codification (“ASC”) 842, Leases, on January 1, 2019. Changes to the Company’s accounting policy as a result of adoption are discussed below. The Company determines if a contractual arrangement represents or contains a lease at inception. Operating leases are included in Other non-current assets Other current non-current liabilities leases are included in Property, plant and mine development, net Lease and other financing obligations Operating and finance lease right-of-use ("ROU") assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. Leases acquired in a business combination are also measured based on the present value of the remaining leases payments, as if the acquired lease were a new lease at the acquisition date. When the rate implicit to the lease cannot be readily determined, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. Operating lease ROU assets also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company has lease arrangements that include both lease and non-lease components. The Company accounts for each separate lease component and its associated non-lease components as a single lease component for the majority of its asset classes. Additionally, for certain lease arrangements that involve leases of similar assets, the Company applies a portfolio approach to effectively account for the underlying ROU assets and lease liabilities. Recently Adopted Accounting Pronouncements Leases In February 2016, Accounting Standards Update (“ASU”) No. 2016-02 was issued which, together with subsequent amendments, is included in ASC 842, Leases. The standard was issued to increase transparency and comparability among organizations by requiring the recognition of ROU assets and lease liabilities on the balance sheet for all leases with an initial term greater than one year. Certain qualitative and quantitative disclosures are also required. The Company adopted this standard as of January 1, 2019 using the modified retrospective approach. Upon adoption, the Company recognized a cumulative-effect adjustment of $9 to the opening balance of retained earnings. The comparative information has not been adjusted and continues to be reported under the accounting standard in effect for those periods. The new standard offers a number of optional practical expedients of which the Company elected the following: Transition elections: Ongoing accounting policy elections Based on contracts outstanding at January 1, 2019, the adoption of the new standard resulted in the recognition of additional operating lease ROU assets and lease liabilities of $46 and $47, respectively, and finance lease ROU assets and lease liabilities of $85 and $93, respectively. Additionally, the Company reclassified $19 from Other non-current assets Other current liabilities Other non-current liabilities Property, plant and mine development, net; Lease and other financing obligations Lease and other financing obligations Recently Issued Accounting Pronouncements Current Expected Credit Loss In June 2016, ASU No. 2016-13 was issued which, together with subsequent amendments, changes how entities will record credit losses from an “incurred loss” approach to an “expected loss” approach. This update is effective in fiscal years, including interim periods, beginning after December 15, 2019, and early adoption is permitted. The Company is currently undergoing its assessment of the new guidance and the impact it will have on the Condensed Consolidated Financial Statements and related disclosures. The Company expects to complete its analysis in 2019. Based on procedures performed as at September 30, 2019, management does not expect to establish material additional reserves for its cash and cash equivalents, debt securities and trade receivables. The Company anticipates adopting the new guidance as of January 1, 2020. Fair Value Disclosure Requirements In August 2018, ASU No. 2018-13 was issued to modify and enhance the disclosure requirements for fair value measurements. This update is effective in fiscal years, including interim periods, beginning after December 15, 2019, and early adoption is permitted. The Company has evaluated this guidance and will enhance and modify required disclosures, which are not expected to be significant. The Company anticipates adopting the new guidance as of January 1, 2020. Defined Benefit Plan Disclosure Requirements In August 2018, ASU No. 2018-14 was issued to modify and enhance the required disclosures for defined benefit plans. This update is effective in fiscal years, including interim periods, ending after December 15, 2020, and early adoption is permitted. The Company has evaluated this guidance and will enhance and modify required disclosures, which are not expected to be significant. The Company anticipates early adopting the new guidance as of December 31, 2019. Capitalization of Certain Cloud Computing Implementation Costs In August 2018, ASU No. 2018-15 was issued which allows for the capitalization for certain implementation costs incurred in a cloud computing arrangement that is considered a service contract. This update is effective in fiscal years, including interim periods, beginning after December 15, 2019, and early adoption is permitted. The Company has evaluated this guidance and does not expect it to have a material impact on the Consolidated Financial Statements and disclosures. The Company anticipates adopting the new guidance as of January 1, 2020. |
BUSINESS ACQUISITION
BUSINESS ACQUISITION | 9 Months Ended |
Sep. 30, 2019 | |
Goldcorp [Member] | |
Business Acquisition [Line Items] | |
BUSINESS ACQUISITION | NOTE 3 BUSINESS ACQUISITION On April 18, 2019 (“acquisition date”), pursuant to the Arrangement Agreement, Newmont completed the business acquisition of Goldcorp, in which Newmont was the acquirer. The acquisition of Goldcorp increased the Company’s gold and other metal reserves and expanded the operating jurisdictions. The acquisition date fair value of the consideration transferred consisted of the following: Newmont stock issued (285 million shares at $33.04 per share) $ 9,423 Cash paid to Goldcorp shareholders 17 Other non-cash consideration 16 Total consideration $ 9,456 The Company retained an independent appraiser to determine the fair value of assets acquired and liabilities assumed. In accordance with the acquisition method of accounting, the purchase price of Goldcorp has been allocated to the acquired assets and assumed liabilities based on their estimated acquisition date fair values. The fair value estimates were based on income, market and cost valuation methods. The excess of the total consideration over the estimated fair value of the amounts initially assigned to the identifiable assets acquired and liabilities assumed has been recorded as goodwill, which is not deductible for income tax purposes. The goodwill balance is mainly attributable to: (i) the acquisition of existing operating mines with access to an assembled workforce that cannot be duplicated at the same costs by new entrants; (ii) operating synergies anticipated from the integration of the operations of Newmont and Goldcorp; (iii) the application of Newmont’s Full Potential program and potential strategic and financial benefits that include, the increase in reserve base, the benefits of additional revenue from other products such as silver, lead, zinc, and copper; and (iv) the financial flexibility to execute capital priorities. As of September 30, 2019, the Company had not yet fully completed the analysis to assign fair values to all assets acquired and liabilities assumed, and therefore the purchase price allocation for Goldcorp is preliminary. The preliminary purchase price allocation will be subject to further refinement and may result in material changes to the estimated fair value of assets acquired and liabilities assumed. The purchase price allocation adjustments can be made throughout the end of Newmont’s measurement period, which is not to exceed one year from the acquisition date. The following table summarizes the preliminary purchase price allocation for the Goldcorp transaction as of September 30, 2019: Assets: Cash and cash equivalents (1) $ 117 Trade receivables 95 Investments (1) 179 Equity method investments (2) 2,843 Inventories 534 Stockpiles and ore on leach pads 57 Property, plant & mine development (3) 11,281 Goodwill (4) 2,752 Deferred income tax assets 121 Other assets (1) 509 Total assets 18,488 Liabilities: Debt (5) 3,304 Accounts payable 249 Employee-related benefits (6) 148 Income and mining taxes payable 17 Lease and other financing obligations (7) 414 Reclamation and remediation liabilities (8) 948 Deferred income tax liabilities (9) 1,837 Silver streaming agreement (10) 1,165 Other liabilities (11) 950 Total liabilities 9,032 Net assets acquired $ 9,456 (1) During the period, $21 and $39 of Cash and cash equivalents and Investments , respectively, were determined to be restricted and were reclassified to restricted cash and restricted investments, respectively, and included in Other assets in conformity with Newmont policy. (2) The preliminary fair value of the equity method investments was determined by applying the income valuation method. The income valuation method relies on a discounted cash flow model and projected financial results. Discount rates for the discounted cash flow models are based on capital structures for similar market participants and included various risk premiums that account for risks associated with the specific investments. During the quarter, $317 of goodwill was reclassified from Equity method Investments to Goodwill as the equity method investee is not expected to benefit from the synergies of the acquisition. (3) The preliminary fair value of property, plant and mine development is based on applying the income and cost valuation methods and includes a provision for the estimated fair value of asset retirement obligations related to the long-lived tangible assets . During the quarter, measurement period adjustments of $39 increased Property, plant and mine development , primarily due to further refinements of estimates . (4) Preliminary goodwill attributable to the North America and South America reportable segments is $2,249 and $503 , respectively. During the third quarter of 2019, the Company identified and recorded measurement period adjustments to our preliminary purchase price allocation that was disclosed in prior periods, as a result of additional analysis performed. These adjustments primarily include increased Reclamation and remediation liabilities , reclassification of Goodwill from Equity method investments , updates to the Silver streaming liability estimate and the addition of legally required severance obligation estimates that existed at the date of acquisition, which resulted in Goodwill increasing by $654 during the quarter. (5) The preliminary fair value of the Goldcorp senior notes is measured using a market approach, based on quoted prices for the acquired debt; $1,250 of borrowings under the term loan and revolving credit agreements approximate fair value. (6) During the quarter, Employee-related benefits increased by $61 due to the addition of legally required severance obligations that existed at the date of acquisition. (7) During the quarter, measurement period adjustments of $55 increased Lease and other financing obligations , primarily due to further refinements of estimates. (8) The preliminary fair value of reclamation and remediation liabilities is based on the expected amounts and timing of cash flows for closure activities and discounted to present value using a credit-adjusted risk-free rate as of the acquisition date. Key assumptions include the costs and timing of key closure activities based on the life of mine plans, including estimates and timing of monitoring and water management costs (if applicable) after the completion of initial closure activities. During the quarter, measurement period adjustments of $271 were made to Reclamation and remediation liabilities , as a result of additional analysis performed by the Company and third party specialists to further understand the various closure requirements that existed as of the acquisition date. (9) Deferred income tax assets and liabilities represent the future tax benefit or future tax expense associated with the differences between the preliminary fair value allocated to assets (excluding goodwill) and liabilities and the historical carryover tax basis of these assets and liabilities. No deferred tax liability is recognized for the basis difference inherent in the preliminary fair value allocated to goodwill. During the quarter, measurement period adjustments of $59 decreased Deferred income tax liabilities , primarily due to the tax impact of the other measurement period adjustments described above and recorded during the quarter. (10) The preliminary fair value of the acquired silver streaming intangible liability is valued by using the income valuation method. Key assumptions in the income valuation method include long-term silver prices, level of silver production over the life of mine and discount rates. During the quarter, measurement period adjustments were identified to refine the impact of exploration potential that existed at the date of acquisition, which increased the Silver streaming liability by $63 . (11) Other liabilities includes the preliminary balance of $453 related to unrecognized tax benefits, interest and penalties. Based on this preliminary amount, the acquisition of Goldcorp increased Newmont’s unrecognized tax benefits, interest and penalties, which were $14 at December 31, 2018. The measurement period adjustments discussed above had an immaterial impact to the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2019, respectively. Sales Net income (loss) attributable to Newmont stockholders and $1,159 and Goldcorp net income (loss) of $72 and $(17) from the acquisition date to the three and nine months ending September 30, 2019. Pro Forma Financial Information The following unaudited pro forma financial information presents consolidated results assuming the Goldcorp acquisition occurred on January 1, 2018. Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Sales $ 2,713 $ 2,359 $ 7,501 $ 7,485 Net income (loss) (1) 2,178 (210) 2,101 380 (1) Included in Net income (loss) are $26 and $228 of Goldcorp transaction and integration costs for the three and nine months ended September 30, 2019. |
NEVADA GOLD MINES JOINT VENTURE
NEVADA GOLD MINES JOINT VENTURE | 9 Months Ended |
Sep. 30, 2019 | |
Nevada Gold Mines LLC NGM [Member] | |
Business Acquisition [Line Items] | |
NEVADA GOLD MINES JOINT VENTURE | NOTE 4 NEVADA GOLD MINES JOINT VENTUR E On July 1, 2019, Newmont and Barrick consummated the Nevada JV Agreement and established NGM, which combined the Company’s Nevada mining operations with Barrick’s Nevada mining operations. The formation of NGM diversifies the Company’s footprint in Nevada and allows the Company to pursue additional efficiencies through integrated mine planning and processing. As of the effective date, the Company contributed its existing Nevada mining operations, which included Carlin, Phoenix, Twin Creeks and Long Canyon, to NGM in exchange for a 38.5% interest in NGM. The interest received in NGM was accounted for at fair value, and accordingly, the Company recognized a gain of $2,366 during the third quarter of 2019 as Gain on formation of Nevada Gold Mines Fair value of 38.5% interest received in NGM, including noncontrolling interest $ 7,341 Less: carrying value of Nevada mining operations contributed (4,950) Less: noncontrolling interest (25) Gain on formation of Nevada Gold Mines $ 2,366 The Company accounts for its interest in NGM using the proportionate consolidation method, which is an exception available to entities in the extractive industries, thereby recognizing its pro-rata share of the assets, liabilities and operations of NGM. NGM retained an independent appraiser to determine the fair value of the Company’s interest in NGM as of the effective date. The fair value estimates were based on income, market and cost valuation methods. The following table summarizes the fair value of the 38.5% interest received in NGM as of the effective date: Assets: Inventories $ 134 Stockpiles and ore on leach pads (1) 500 Property, plant & mine development (2) 7,075 Goodwill (3) 268 Other assets 83 Total assets 8,060 Liabilities: Accounts payable 97 Income and mining taxes payable 16 Lease and other financing obligations 1 Reclamation and remediation liabilities (4) 284 Deferred income tax liabilities (5) 278 Other liabilities 43 Total liabilities 719 Fair value of 38.5% interest received in NGM, including noncontrolling interest $ 7,341 (1) The fair value of the stockpiles and ore on leach pads was determined by applying the income valuation approach adjusted for estimated future costs to complete and normal profit margin. (2) The fair value of property, plant and mine development is based on applying the income and cost valuation methods and includes a provision for the estimated fair value of asset retirement obligations related to the long-lived tangible assets. (3) Goodwill represents the Company’s proportionate share of goodwill recognized by NGM at formation and primarily represents the value assigned to the assembled workforce acquired and the impact of deferred tax liabilities recognized in relation to Nevada net proceeds taxes. The Company’s proportionate share of goodwill recognized by NGM is included in the Nevada reportable segment. (4) The fair value of reclamation and remediation liabilities is based on the expected amounts and timing of cash flows for closure activities and discounted to present value using a credit-adjusted risk-free rate as of the acquisition date. Key assumptions include the costs and timing of key closure activities based on the life of mine plans, including estimates and timing of monitoring and water management costs (if applicable) after the completion of initial closure activities. (5) Deferred income tax liabilities represent the future tax expense relating to the Nevada net proceeds tax associated with the differences between the fair value allocated to assets (excluding goodwill) and liabilities and the historical carryover tax basis of these assets and liabilities. No deferred tax liability is recognized for the basis difference inherent in the fair value allocated to goodwill. Sales Net income (loss) attributable to Newmont stockholders In connection with the formation of NGM on July 1, 2019, Newmont and The Bank of New York Mellon Trust Company, N.A. executed the first supplemental indenture to the indenture dated, March 22, 2005 (“First Supplemental Indenture”), pursuant to which the Company has issued $600 of 5.875% notes due in 2035 (“2035 Notes”). Under the terms of the First Supplemental Indenture, NGM had agreed to provide a full and unconditional guarantee of the Company’s 2035 Notes, subject to the terms and conditions set forth in the Indenture. On August 23, 2019, the Company successfully completed a consent solicitation for its 2035 Notes. In connection with the consent solicitation, a second supplemental indenture (“Second Supplemental Indenture”) was executed that released NGM as a guarantor of the Company’s 2035 Notes. See Note 25 for additional information regarding the First Supplemental Indenture and the Second Supplemental Indenture On July 1, 2019 the Company entered into a transition services agreement (“TSA”) with NGM. The TSA agreement governs specific transition services that the Company provides to NGM. The agreement expires on the earlier of the date on which the last transition service terminates and February 28, 2021. From the effective date to the period ending September 30, 2019, the Company billed NGM $4 for services provided under the TSA. On July 1, 2019 the Company entered into an employee lease agreement with NGM due to the length of time necessary for NGM to establish employment related functions and programs. Under the terms of the agreement, NGM may lease the services and skills of certain personnel that remain employed by Newmont. The leasing period will expire at December 31, 2019 or a later agreed upon date if additional time is required to establish the employment related functions and programs. Following the expiration of the leasing period, the leased employees who accept NGM’s offer of employment, will cease employment with Newmont and commence employment with NGM. The costs associated with the employee lease agreement are billed to NGM on a monthly basis. From the effective date to the period ending September 30, 2019, the Company billed NGM $102 for services provided under the employee lease agreement. On July 1, 2019 the Company also entered into a toll milling agreement with NGM for processing sulfide concentrate produced at CC&V. Under the terms of the agreement, CC&V will deliver a minimum of 4,000 tons and a maximum of 8,333 tons of concentrate per month for milling to NGM, with NGM and CC&V each covering 50% of the cost of transportation. CC&V will pay $20 per ton towards milling costs and reimburse NGM for doré refining and transportation costs. CC&V continues to hold title to the concentrate sent to NGM for processing and receives bullion credits for gold recovered and NGM utilizes the concentrate as a fuel source for the NGM roaster. The agreement expires on December 31, 2020. From the effective date to the period ending September 30, 2019, the Company’s payments for services provided under the toll milling agreement were immaterial. In addition, the Company purchases gold and silver from NGM for resale to third parties. Gold purchases from NGM totaled $488 for the three and nine months ended September 30, 2019. Total amounts due to (from) NGM for gold and silver purchased, the TSA services provided, employees leased to NGM and CC&V toll milling outlined above were $85 as of September 30, 2019. In connection with entering into the Nevada JV Agreement, Newmont entered into a mutual two-year standstill agreement with Barrick, which expires on July 1, 2021. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2019 | |
SEGMENT INFORMATION | |
SEGMENT INFORMATION | NOTE 5 SEGMENT INFORMATION The Company regularly reviews its segment reporting for alignment with its strategic goals and operational structure as well as for evaluation of business performance and allocation of resources by Newmont’s Chief Operating Decision Maker ("CODM"). In the second quarter of 2019, following the close of the Newmont Goldcorp transaction on April 18, 2019, and in anticipation of the formation of NGM effective July 1, 2019, the Company revised its operating segments to reflect certain changes in the financial information regularly reviewed by the CODM. The Company determined that its operations are now organized in five geographic regions; North America, South America, Australia, Africa and Nevada, which also represent Newmont’s reportable and operating segments. For the periods prior to the second quarter of 2019, the Company’s operations were organized in four geographic regions; North America, South America, Australia and Africa. Segment results for the prior periods have been recasted to reflect the change in reportable segments. As a result of the Newmont Goldcorp transaction, the Company acquired the Red Lake, Musselwhite, Porcupine, Éléonore and Peñasquito mines, which are now included in the North America reportable segment, and the Cerro Negro mine, which is now included in the South America reportable segment. Additionally, the Company acquired certain equity method investments that include Pueblo Viejo, Norte Abierto, Nueva Unión and Alumbrera. Pueblo Viejo is included in the South America reportable segment within Other South America. All other equity method investments are included in Corporate and other. Refer to Note 3 for further information. The Company’s newly formed Nevada reportable segment includes Carlin, Phoenix, Twin Creeks and Long Canyon mines, while the CC&V mine continues to be included in the North America reportable segment. The mines in the Nevada reportable segment were previously included in the North America reportable segment. In the third quarter of 2019, the Company added NGM to the Nevada reportable segment, which reflects the Company’s 38.5% ownership interest in the joint venture from the effective date to the period ended September 30, 2019. Refer to Note 4 for further information. Notwithstanding the revised reportable segments 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 included within the reportable segments are included in Corporate and Other. Although they are not required to be included in this footnote, they are provided for reconciliation purposes. The financial information relating to the Company’s segments is as follows: Advanced Income (Loss) Costs Depreciation Projects, Research before Income Applicable and and Development and Mining Tax Capital Sales to Sales Amortization and Exploration and Other Items Expenditures (1) Three Months Ended September 30, 2019 CC&V $ 108 $ 65 $ 22 $ 2 $ 19 $ 12 Red Lake 44 45 21 2 (28) 8 Musselwhite — 8 9 3 (21) 17 Porcupine 123 62 22 4 34 26 Éléonore 124 69 28 2 25 13 Peñasquito: Gold 54 39 10 Silver 78 60 16 Lead 25 25 7 Zinc 87 47 13 Total Peñasquito 244 171 46 2 14 52 Other North America — — 8 2 (76) 3 North America 643 420 156 17 (33) 131 Yanacocha 219 107 33 6 55 46 Merian 188 78 25 3 84 16 Cerro Negro 175 78 28 15 52 18 Other South America — — 3 9 (18) — South America 582 263 89 33 173 80 Boddington: Gold 266 146 27 Copper 38 28 6 Total Boddington 304 174 33 1 100 22 Tanami 165 64 25 2 81 29 Kalgoorlie 90 60 6 2 21 9 Other Australia — — 1 9 (12) 2 Australia 559 298 65 14 190 62 Ahafo 231 98 40 8 90 62 Akyem 157 51 35 4 66 6 Other Africa — — — 1 (4) — Africa 388 149 75 13 152 68 Nevada Gold Mines 492 235 149 13 85 80 Carlin (2) 14 8 3 — 5 — Phoenix: (2) Gold 19 15 4 Copper 2 — — Total Phoenix 21 15 4 — 2 — Twin Creeks (2) 12 3 2 — 8 — Long Canyon (2) 2 1 1 — (2) — Other Nevada — — 1 — — — Nevada 541 262 160 13 98 80 Corporate and Other — — 3 41 2,198 6 Consolidated $ 2,713 $ 1,392 $ 548 $ 131 $ 2,778 $ 427 (1) Includes a decrease in accrued capital expenditures of $1 ; consolidated capital expenditures on a cash basis were $428 . (2) Amounts relate to sales of finished goods inventory retained and not contributed to NGM on the effective date, pursuant to the Nevada JV Agreement. Advanced Income (Loss) Costs Depreciation Projects, Research before Income Applicable and and Development and Mining Tax Capital Sales to Sales Amortization and Exploration and Other Items Expenditures (1) Three Months Ended September 30, 2018 CC&V $ 99 $ 68 $ 22 $ 4 $ 6 $ 6 Other North America — — — — — — North America 99 68 22 4 6 6 Yanacocha 189 116 30 10 23 41 Merian 157 67 22 2 62 13 Other South America — — 3 9 (16) — South America 346 183 55 21 69 54 Boddington: Gold 229 146 27 Copper 56 33 6 Total Boddington 285 179 33 — 73 14 Tanami 148 71 19 2 53 21 Kalgoorlie 92 56 6 2 53 4 Other Australia — — 1 4 8 2 Australia 525 306 59 8 187 41 Ahafo 125 62 23 4 34 70 Akyem 130 44 32 4 48 11 Other Africa — — — 1 (3) — Africa 255 106 55 9 79 81 Carlin 281 205 59 8 (30) 46 Phoenix: Gold 44 39 9 Copper 14 10 3 Total Phoenix 58 49 12 1 (7) 9 Twin Creeks 111 57 14 4 (263) 17 Long Canyon 51 21 20 7 4 4 Other Nevada — — — 6 (36) 4 Nevada 501 332 105 26 (332) 80 Corporate and Other — — 3 17 (137) 3 Consolidated $ 1,726 $ 995 $ 299 $ 85 $ (128) $ 265 (1) Includes a decrease in accrued capital expenditures of $9 ; consolidated capital expenditures on a cash basis were $274 . Advanced Income (Loss) Costs Depreciation Projects, Research before Income Applicable and and Development and Mining Tax Capital Sales to Sales Amortization and Exploration and Other Items Expenditures (1) Nine Months Ended September 30, 2019 CC&V $ 313 $ 208 $ 68 $ 9 $ 23 $ 26 Red Lake 93 88 42 5 (55) 22 Musselwhite 7 20 17 6 (38) 34 Porcupine 201 125 41 6 21 48 Éléonore 234 144 52 4 29 31 Peñasquito: Gold 80 66 16 Silver 109 101 26 Lead 38 45 13 Zinc 87 63 22 Total Peñasquito 314 275 77 3 (66) 71 Other North America — — 15 3 (101) 6 North America (2) 1,162 860 312 36 (187) 238 Yanacocha 576 300 84 16 136 134 Merian 542 220 70 6 245 39 Cerro Negro 310 141 74 19 59 35 Other South America — — 10 29 (47) 1 South America (2) 1,428 661 238 70 393 209 Boddington: Gold 721 431 80 Copper 119 87 17 Total Boddington 840 518 97 1 221 53 Tanami 490 198 69 8 220 86 Kalgoorlie 233 160 18 4 50 24 Other Australia — — 5 16 (25) 5 Australia 1,563 876 189 29 466 168 Ahafo 615 281 114 24 196 161 Akyem 436 172 117 12 129 25 Other Africa — — — 4 (12) — Africa 1,051 453 231 40 313 186 Nevada Gold Mines 492 235 149 13 85 80 Carlin (3) 533 358 107 15 49 64 Phoenix: (3) Gold 152 116 33 Copper 44 28 9 Total Phoenix 196 144 42 1 30 13 Twin Creeks (3) 222 113 31 5 81 30 Long Canyon (3) 126 36 36 12 38 7 Other Nevada — — 2 7 (9) 5 Nevada (4) 1,569 886 367 53 274 199 Corporate and Other (2) — — 10 72 1,814 22 Consolidated $ 6,773 $ 3,736 $ 1,347 $ 300 $ 3,073 $ 1,022 (1) Includes a decrease in accrued capital expenditures of $11 ; consolidated capital expenditures on a cash basis were $1,033 . (2) As a result of the Newmont Goldcorp transaction, total assets for the North America and South America reportable segments increased to $13,420 and $7,908 , respectively; while total assets for Corporate and other increased to $4,747 as of September 30, 2019. Refer to Note 3 for further information. (3) Amounts include sales of finished goods inventory retained and not contributed to NGM on the effective date, pursuant to the Nevada JV Agreement. (4) As a result of the formation of NGM, total assets for the Nevada reportable segment increased to $ 8,226 . Refer to Note 4 for further information. Advanced Income (Loss) Costs Depreciation Projects, Research before Income Applicable and and Development and Mining Tax Capital Sales to Sales Amortization and Exploration and Other Items Expenditures (1) Nine Months Ended September 30, 2018 CC&V $ 270 $ 149 $ 51 $ 7 $ 57 $ 24 Other North America — — — — — — North America 270 149 51 7 57 24 Yanacocha 479 322 82 32 (8) 81 Merian 455 195 64 11 182 62 Other South America — — 10 24 (45) 1 South America 934 517 156 67 129 144 Boddington: Gold 659 404 74 Copper 168 96 18 Total Boddington 827 500 92 — 239 40 Tanami 449 221 54 12 163 68 Kalgoorlie 331 178 18 8 154 17 Other Australia — — 4 8 4 3 Australia 1,607 899 168 28 560 128 Ahafo 395 242 78 12 56 196 Akyem 401 173 115 11 93 32 Other Africa — — — 3 (8) — Africa 796 415 193 26 141 228 Carlin 829 582 154 23 25 118 Phoenix Gold 207 145 34 Copper 61 40 11 Total Phoenix 268 185 45 3 29 27 Twin Creeks 335 187 45 9 (199) 57 Long Canyon 166 55 58 19 34 9 Other Nevada — — 1 19 (51) 8 Nevada 1,598 1,009 303 73 (162) 219 Corporate and Other — — 8 48 (265) 9 Consolidated $ 5,205 $ 2,989 $ 879 $ 249 $ 460 $ 752 (1) Includes a decrease in accrued capital expenditures of $11 ; consolidated capital expenditures on a cash basis were $763 . |
SALES
SALES | 9 Months Ended |
Sep. 30, 2019 | |
SALES | |
Sales | NOTE 6 SALES The following table presents the Company’s Sales Sales Gold Sales from from Doré Concentrate Production Production Total Sales Three Months Ended September 30, 2019 CC&V $ 108 $ — $ 108 Red Lake 44 — 44 Musselwhite — — — Porcupine 123 — 123 Éléonore 124 — 124 Peñasquito Gold 2 52 54 Silver (1) — 78 78 Lead — 25 25 Zinc — 87 87 Total Peñasquito 2 242 244 North America 401 242 643 Yanacocha 219 — 219 Merian 188 — 188 Cerro Negro 175 — 175 South America 582 — 582 Boddington Gold 62 204 266 Copper — 38 38 Total Boddington 62 242 304 Tanami 165 — 165 Kalgoorlie 90 — 90 Australia 317 242 559 Ahafo 231 — 231 Akyem 157 — 157 Africa 388 — 388 Nevada Gold Mines 483 9 492 Carlin (2) 14 — 14 Phoenix: (2) Gold — 19 19 Copper — 2 2 Total Phoenix — 21 21 Twin Creeks (2) 12 — 12 Long Canyon (2) 2 — 2 Nevada 511 30 541 Consolidated $ 2,199 $ 514 $ 2,713 (1) Silver sales from concentrate includes $11 related to non-cash amortization of the Silver streaming agreement liability. (2) Amounts relate to sales of finished goods inventory retained and not contributed to NGM on the effective date, pursuant to the Nevada JV Agreement. Sales Gold Sales from Sales from Doré Concentrate from Cathode Production Production Production Total Sales Three Months Ended September 30, 2018 CC&V $ 99 $ — $ — $ 99 North America 99 — — 99 Yanacocha 189 — — 189 Merian 157 — — 157 South America 346 — — 346 Boddington Gold 59 170 — 229 Copper — 56 — 56 Total Boddington 59 226 — 285 Tanami 148 — — 148 Kalgoorlie 92 — — 92 Australia 299 226 — 525 Ahafo 125 — — 125 Akyem 130 — — 130 Africa 255 — — 255 Carlin 281 — — 281 Phoenix Gold 21 23 — 44 Copper — 4 10 14 Total Phoenix 21 27 10 58 Twin Creeks 111 — — 111 Long Canyon 51 — — 51 Nevada 464 27 10 501 Consolidated $ 1,463 $ 253 $ 10 $ 1,726 Sales Gold Sales from Sales from Doré Concentrate from Cathode Production Production Production Total Sales Nine Months Ended September 30, 2019 CC&V $ 313 $ — $ — $ 313 Red Lake 93 — — 93 Musselwhite 7 — — 7 Porcupine 201 — — 201 Éléonore 234 — — 234 Peñasquito Gold 2 78 — 80 Silver (1) — 109 — 109 Lead — 38 — 38 Zinc — 87 — 87 Total Peñasquito 2 312 — 314 North America 850 312 — 1,162 Yanacocha 576 — — 576 Merian 542 — — 542 Cerro Negro 310 — — 310 South America 1,428 — — 1,428 Boddington Gold 176 545 — 721 Copper — 119 — 119 Total Boddington 176 664 — 840 Tanami 490 — — 490 Kalgoorlie 233 — — 233 Australia 899 664 — 1,563 Ahafo 615 — — 615 Akyem 436 — — 436 Africa 1,051 — — 1,051 Nevada Gold Mines 483 9 — 492 Carlin (2) 533 — — 533 Phoenix: (2) Gold 52 100 — 152 Copper — 16 28 44 Total Phoenix 52 116 28 196 Twin Creeks (2) 222 — — 222 Long Canyon (2) 126 — — 126 Nevada 1,416 125 28 1,569 Consolidated $ 5,644 $ 1,101 $ 28 $ 6,773 (1) Silver sales from concentrate includes $16 related to non-cash amortization of the Silver streaming agreement liability. (2) Amounts include sales of finished goods inventory retained and not contributed to NGM on the effective date, pursuant to the Nevada JV Agreement. Sales Gold Sales from Sales from Doré Concentrate from Cathode Production Production Production Total Sales Nine Months Ended September 30, 2018 CC&V $ 270 $ — $ — $ 270 North America 270 — — 270 Yanacocha 479 — — 479 Merian 455 — — 455 South America 934 — — 934 Boddington Gold 182 477 — 659 Copper — 168 — 168 Total Boddington 182 645 — 827 Tanami 449 — — 449 Kalgoorlie 331 — — 331 Australia 962 645 — 1,607 Ahafo 395 — — 395 Akyem 401 — — 401 Africa 796 — — 796 Carlin 829 — — 829 Phoenix: Gold 92 115 — 207 Copper — 25 36 61 Total Phoenix 92 140 36 268 Twin Creeks 335 — — 335 Long Canyon 166 — — 166 Nevada 1,422 140 36 1,598 Consolidated $ 4,384 $ 785 $ 36 $ 5,205 Trade Receivables The following table details the receivables included within Trade receivables At September 30, At December 31, 2019 2018 Receivables from Sales: Gold sales from doré $ 44 $ 40 Sales from concentrate production 339 211 Sales from cathode production — 3 Total receivables from Sales $ 383 $ 254 The impact to Sales The impact to Sales Silver Streaming Agreement As a part of the acquisition of Goldcorp on April 18, 2019, the Company assumed the Silver streaming agreement Sales |
RECLAMATION AND REMEDIATION
RECLAMATION AND REMEDIATION | 9 Months Ended |
Sep. 30, 2019 | |
RECLAMATION AND REMEDIATION ABSTRACT | |
RECLAMATION AND REMEDIATION | NOTE 7 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 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Reclamation adjustments $ 14 $ — $ 14 $ — Reclamation accretion 38 26 96 75 Total reclamation expense 52 26 110 75 Remediation adjustments 9 3 49 17 Remediation accretion 1 2 6 4 Total remediation expense 10 5 55 21 $ 62 $ 31 $ 165 $ 96 Reclamation and remediation adjustments The following are reconciliations of Reclamation and remediation liabilities : 2019 2018 Reclamation balance at January 1, $ 2,316 $ 2,144 Additions, changes in estimates and other 18 6 Additions from the Newmont Goldcorp transaction 768 — Net change from the formation of NGM (26) — Other acquisitions and divestitures (10) — Payments, net (28) (22) Accretion expense 96 75 Reclamation balance at September 30, $ 3,134 $ 2,203 2019 2018 Remediation balance at January 1, $ 279 $ 304 Additions, changes in estimates and other 37 6 Additions from the Newmont Goldcorp transaction 180 — Net change from the formation of NGM — — Other acquisitions and divestitures — — Payments, net (36) (29) Accretion expense 6 4 Remediation balance at September 30, $ 466 $ 285 The current portion of reclamation liabilities was $71 and $65 at September 30, 2019 and December 31, 2018, respectively, and was included in Other current liabilities Other current liabilities The Company is also involved in several matters concerning environmental remediation obligations associated with former, primarily historic, mining activities. Generally, these matters concern developing and implementing remediation plans at the various sites involved. At September 30, 2019 and December 31, 2018, $466 and $279, respectively, were accrued for such environmental remediation obligations. 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 22% greater or 0% lower than the amount accrued at September 30, 2019. These amounts are included in Other current liabilities Reclamation and remediation liabilities Reclamation and remediation Included in Other non-current assets Included in Other non-current assets Refer to Notes 25 and 31 for further discussion of reclamation and remediation matters. |
IMPAIRMENT OF LONG-LIVED ASSETS
IMPAIRMENT OF LONG-LIVED ASSETS | 9 Months Ended |
Sep. 30, 2019 | |
IMPAIRMENT OF LONG-LIVED ASSETS | |
IMPAIRMENT OF LONG-LIVED ASSETS | NOTE 8 IMPAIRMENT OF LONG-LIVED ASSETS Impairment of long-lived assets for the three and nine months ended September 30, 2019, respectively. The 2019 impairments were primarily related to non-cash write-downs of obsolete assets at South America, Africa, and Corporate and Other. Impairment of long-lived assets Costs applicable to sales Depreciation and amortization |
OTHER EXPENSE, NET
OTHER EXPENSE, NET | 9 Months Ended |
Sep. 30, 2019 | |
OTHER EXPENSE, NET | |
OTHER EXPENSE, NET | NOTE 9 OTHER EXPENSE, NET Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Goldcorp transaction and integration costs $ 26 $ — $ 185 $ — Nevada JV transaction and implementation costs 3 — 26 — Restructuring and other 2 1 7 16 Other 4 4 21 13 $ 35 $ 5 $ 239 $ 29 Goldcorp transaction and integration costs . Goldcorp transaction and integration costs primarily include integration activities and related consulting services, severance and accelerated share award payments for the three months ended September 30, 2019. The nine months ended September 30, 2019 also include banking and legal costs. Nevada JV transaction and implementation costs . Nevada JV transaction and implementation costs primarily represent consulting and severance costs incurred related to the Nevada JV Agreement for the three months ended September 30, 2019. The nine months ended September 30, 2019 also include banking, legal and hostile defense fees. Restructuring and other . Restructuring and other represents certain costs associated with severance, legal and other settlements for all periods presented. |
OTHER INCOME, NET
OTHER INCOME, NET | 9 Months Ended |
Sep. 30, 2019 | |
OTHER INCOME, NET. | |
OTHER INCOME, NET | NOTE 10 OTHER INCOME, NET Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Change in fair value of investments $ 19 $ (26) $ 75 $ (21) Interest 10 15 44 39 Gain (loss) on asset and investment sales, net (1) 1 32 100 Foreign currency exchange, net 11 16 13 37 Insurance proceeds — 25 — 25 Restructuring and other (8) — (8) — Impairment of investments (1) — (2) — Other 1 6 12 17 $ 31 $ 37 $ 166 $ 197 Gain (loss) on asset and investment sales, net. Foreign currency exchange, net. Insurance proceeds. |
INCOME AND MINING TAXES
INCOME AND MINING TAXES | 9 Months Ended |
Sep. 30, 2019 | |
INCOME AND MINING TAXES | |
INCOME AND MINING TAXES | NOTE 11 INCOME AND MINING TAXES A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Income (loss) before income and mining tax and other items $ 2,778 $ (128) $ 3,073 $ 460 U.S. Federal statutory tax rate 21 % $ 583 21 % $ (27) 21 % $ 645 21 % $ 97 Reconciling items: Percentage depletion (1) (19) 16 (21) (1) (36) (10) (46) Change in valuation allowance on deferred tax assets 3 87 (10) 13 4 111 4 16 Adjustment to provisional expense related to the Tax Cuts and Job Act — — — — — — (10) (45) Foreign rate differential 2 51 (29) 37 3 89 18 83 Effect of foreign earnings, net of credits 1 19 5 (6) — 11 (2) (9) Mining and other taxes (1) (38) (13) 17 — (1) 10 47 U.S. tax effect of noncontrolling interest attributable to non-U.S. investees — (7) 8 (11) (1) (16) (5) (23) Tax impact of foreign exchange (1) (6) (147) — — (5) (150) — — Other 1 29 — 1 2 50 1 6 Income and mining tax expense 20 % $ 558 (2) % $ 3 23 % $ 703 27 % $ 126 (1) 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 U.S. dollar currency foreign exchange gains or losses. . |
EQUITY INCOME (LOSS) OF AFFILIA
EQUITY INCOME (LOSS) OF AFFILIATES | 9 Months Ended |
Sep. 30, 2019 | |
EQUITY INCOME (LOSS) OF AFFILIATES | |
EQUITY INCOME (LOSS) OF AFFILIATES | NOTE 12 EQUITY INCOME (LOSS) OF AFFILIATES On April 18, 2019, as a part of the Newmont Goldcorp transaction, the Company acquired interests in the Pueblo Viejo Mine, the NuevaUnión Project, the Norte Abierto Project and the Alumbrera Mine. The Company determined these investments qualified as equity method investments. Adjustments to equity method investments, including the Company’s share of recognized earnings or losses, are included in Equity income (loss) of affiliates Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Pueblo Viejo Mine $ 39 $ — $ 65 $ — Continental Gold, Inc. (5) — (5) — Minera La Zanja S.R.L. (3) (3) (3) (7) TMAC Resources Inc. (1) (4) (3) (13) NuevaUnión Project (1) — (1) — Norte Abierto Project (1) — (1) — Maverix Metals Inc. — — 1 — Euronimba Ltd. 4 (2) — (5) $ 32 $ (9) $ 53 $ (25) Pueblo Viejo Newmont holds a 40.0% interest in the Pueblo Viejo mine located in the Dominican Republic. The remaining interest is held by Barrick. The mine commenced operations in September 2014 and is operated by Barrick. See Note 20 for additional information. Continental Newmont holds a right to maintain a 19.9% interest in Continental Gold, Inc. (“Continental”). On July 12, 2019, Newmont exercised its right to maintain its pro-rata ownership of 19.9% in Continental. As of September 30, 2019, Newmont’s interest in Continental was 19.9%. The Company accounts for Continental on a quarter lag and adjusts for any material differences between IFRS to U.S. GAAP. Continental owns the Buritica project located in Columbia. See Note 20 for additional information. NuevaUnión Newmont holds a 50.0% interest in the NuevaUnión project located in Chile. The remaining interest is held by Teck Resources. The project is currently under development and is jointly managed by Newmont and Teck Resources. Norte Abierto Newmont holds a 50.0% interest in the Norte Abierto project located in Chile. The remaining interest is held by Barrick. The project is currently under development and is jointly managed by Newmont and Barrick. As part of the Newmont Goldcorp transaction, Newmont assumed deferred payments to Barrick of $154 as of September 30, 2019 to be satisfied through funding a portion of Barrick’s share of project expenditures at the Norte Abierto project. Alumbrera Newmont holds a 37.5% interest in the Alumbrera mine located in Argentina. The remaining interest is held by Glencore and Yamana Gold. The mine commenced operations in 1998 and is operated by Glencore. The Company, Glencore, and Yamana signed an Integration Agreement in March 2019 through which the parties seek to combine the Agua Rica project with Alumbrera. The Agua Rica project is wholly owned by Yamana while Alumbrera is 50% owned by Glencore, 37.5% owned by Newmont and 12.5% owned by Yamana. The terms would result in Newmont holding an 18.75% interest in the combined assets. |
NET INCOME (LOSS) FROM DISCONTI
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS | 9 Months Ended |
Sep. 30, 2019 | |
DISCONTINUED OPERATIONS | |
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS | NOTE 13 NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS The details of Net income (loss) from discontinued operations Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Holt royalty obligation $ (47) $ 19 $ (102) $ 55 Batu Hijau contingent consideration and other (1) (1) (3) 2 1 Net income (loss) from discontinued operations $ (48) $ 16 $ (100) $ 56 (1) See Note 19 for details on the Batu Hijau contingent consideration. The Holt Royalty Obligation At September 30, 2019 and December 31, 2018, the estimated fair value of the Holt royalty obligation was $256 and $161, respectively. Changes to the estimated fair value resulting from periodic revaluations are recorded to Net income (loss) from discontinued operations During the nine months ended September 30, 2019 and 2018, the Company paid $7 and $8, respectively, related to the Holt royalty obligation. Refer to Note 18 for additional information on the Holt royalty obligation. |
NET INCOME (LOSS) ATTRIBUTABLE
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 9 Months Ended |
Sep. 30, 2019 | |
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | NOTE 14 NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Merian $ 19 $ 14 $ 58 $ 42 Yanacocha 7 7 25 (16) $ 26 $ 21 $ 83 $ 26 Newmont has a 75.0% economic interest in Suriname Gold Project C.V. (“Merian”), with the remaining interests held by Staatsolie Maatschappij Suriname N.V. (“Staatsolie”), a company wholly owned by the Republic of Suriname. Newmont consolidates Merian, through its wholly-owned subsidiary, Newmont Suriname LLC., in its Condensed Consolidated Financial Statements as the primary beneficiary in the variable interest entity. In June 2018, Yanacocha sold a 5% ownership interest to Summit Global Management II VB, a subsidiary of Sumitomo Corporation (“Sumitomo”), in exchange for $48 in cash, which resulted in Newmont’s ownership in Yanacocha decreasing from 54.05% to 51.35%, with the remaining interest held by Compañia de Minas Buenaventura, S.A.A. (“Buenaventura”) (which decreased from 45.95% to 43.65%). Under the terms of the transaction, Sumitomo has the option to require Yanacocha to repurchase the interest for $48 if the Yanacocha Sulfides project does not adequately progress by June 2022 or if the project is approved with an incremental rate of return below a contractually agreed upon rate. Consequently, Sumitomo’s interest has been classified outside of permanent equity as Contingently redeemable noncontrolling interest NGM has a 60.0% ownership interest in South Arturo, with the remaining 40% interests held by Premier Gold Mines. Newmont’s 38.5% portion of NGM’s net income attributable to noncontrolling interest in South Arturo was immaterial for the three and nine months ended September 30, 2019. The following summarizes the assets and liabilities of Merian, (including noncontrolling interests): At September 30, At December 31, 2019 2018 Current assets: Cash and cash equivalents $ 49 $ 40 Trade receivables 36 38 Inventories 85 82 Stockpiles and ore on leach pads 37 35 Other current assets (1) 2 5 209 200 Non-current assets: Property, plant and mine development, net 738 766 Stockpiles and ore on leach pads 5 — Other non-current assets (2) 8 4 Total assets $ 960 $ 970 Current liabilities: Accounts payable $ 17 $ 23 Other current liabilities (3) 28 27 45 50 Non-current liabilities: Reclamation and remediation liabilities 26 25 Other non-current liabilities (4) 5 1 Total liabilities $ 76 $ 76 (1) Other current assets include other receivables, prepaid assets and other current assets. (2) Other non-current assets include intangibles and operating ROU assets . (3) Other current liabilities include employee-related benefits and other current liabilities. (4) Other non-current liabilities include employee-related benefits and operating lease liabilities. . |
NET INCOME (LOSS) PER COMMON SH
NET INCOME (LOSS) PER COMMON SHARE | 9 Months Ended |
Sep. 30, 2019 | |
NET INCOME (LOSS) PER COMMON SHARE | |
NET INCOME (LOSS) PER COMMON SHARE | NOTE 15 NEWMONT EQUITY AND NET INCOME (LOSS) PER COMMON SHARE In order to consummate the Newmont Goldcorp transaction, the Company amended its Restated Certificate of Incorporation to increase Newmont’s authorized number of shares of common stock from 750 million to 1.28 billion, as approved by Newmont shareholders at the April 11, 2019 special meeting of stockholders. Basic net income (loss) per common share is computed by dividing income available to Newmont common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed similarly, except that weighted average common shares is increased to reflect all dilutive instruments, including employee stock awards. The dilutive effects of Newmont’s dilutive securities are calculated using the treasury stock method and only those instruments that result in a reduction in net income per share are included in the calculation. Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net income (loss) attributable to Newmont stockholders: Continuing operations $ 2,226 $ (161) $ 2,340 $ 283 Discontinued operations (48) 16 (100) 56 $ 2,178 $ (145) $ 2,240 $ 339 Weighted average common shares (millions): Basic 820 533 708 533 Effect of employee stock-based awards 2 2 1 2 Diluted 822 535 709 535 Net income (loss) per common share attributable to Newmont stockholders: Basic: Continuing operations $ 2.72 $ (0.31) $ 3.30 $ 0.53 Discontinued operations (0.06) 0.04 (0.14) 0.11 $ 2.66 $ (0.27) $ 3.16 $ 0.64 Diluted: Continuing operations $ 2.71 $ (0.31) $ 3.30 $ 0.53 Discontinued operations (0.06) 0.04 (0.14) 0.10 $ 2.65 $ (0.27) $ 3.16 $ 0.63 The Company reported a loss from continuing operations attributable to Newmont stockholders for the three months ended September 30, 2018. Therefore, the potentially dilutive effects for the three months ended September 30, 2018 were not included in the computation of diluted loss per common share attributable to Newmont stockholders because their inclusion would have been anti-dilutive to the computation. The Company repurchased and retired approximately 0.8 million and 2.7 million shares of its common stock for $26 and $96 during the three and nine months ended September 30, 2018, respectively, of which approximately 0.7 million shares related to common stock that were held by participants in the Retirement Savings Plan of Newmont and the Retirement Savings Plan for Hourly-Rated Employees of Newmont. During the three and nine months ended September 30, 2019, the Company withheld 0.1 million and 1.3 million shares, respectively, for payments of employee withholding taxes related to the vesting of stock awards. The Company withheld a nominal amount and 1.0 million shares for the three and nine months ended September 30, 2018, respectively, for payments of employee withholding taxes related to the vesting of stock awards. |
EMPLOYEE PENSION AND OTHER BENE
EMPLOYEE PENSION AND OTHER BENEFIT PLANS | 9 Months Ended |
Sep. 30, 2019 | |
EMPLOYEE PENSION AND OTHER BENEFIT PLANS | |
EMPLOYEE PENSION AND OTHER BENEFIT PLANS | NOTE 16 EMPLOYEE PENSION AND OTHER BENEFIT PLANS Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Pension benefit costs (credits), net (1) Service cost $ 7 $ 7 $ 21 $ 23 Interest cost 11 10 34 31 Expected return on plan assets (16) (17) (48) (51) Amortization, net 6 8 17 24 Curtailment 8 — 8 — $ 16 $ 8 $ 32 $ 27 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Other benefit costs (credits), net (1) Service cost $ — $ — $ 1 $ 1 Interest cost 1 — $ 3 $ 2 Amortization, net — (2) (5) (6) $ 1 $ (2) $ (1) $ (3) (1) Service costs are included in Costs applicable to sales or General and administrative and the other components of benefit costs and curtailments are included in Other income, net. . |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2019 | |
STOCK-BASED COMPENSATION | |
STOCK BASED COMPENSATION | NOTE 17 STOCK-BASED COMPENSATION Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Stock-based compensation: Restricted stock units $ 15 $ 12 $ 54 $ 34 Performance leveraged stock units 7 7 22 23 Goldcorp performance share units 1 — 15 — Goldcorp phantom restricted share units 2 — 5 — $ 25 $ 19 $ 96 $ 57 On April 18, 2019, in connection with the Newmont Goldcorp transaction, we exchanged certain equity settled Goldcorp share awards and also assumed certain other cash-settled Goldcorp share awards. Goldcorp Restricted Share Units Goldcorp restricted share units (“Goldcorp RSUs”): The Company exchanged 4.1 million outstanding Goldcorp RSUs with an acquisition date fair value of $45 for 1.4 million Newmont RSUs. The Company allocated $4 to purchase consideration based on the portion of pre-acquisition services provided. The Company will recognize the remaining $41 in earnings ratably over the requisite service period, with a corresponding increase to equity. At the acquisition date the Goldcorp RSUs had an expected life of 1.4 years. Goldcorp Options Goldcorp options (“Goldcorp options”): The Company exchanged 3.6 million outstanding Goldcorp options with an acquisition date fair value of $2 for 1.2 million Newmont options with the right to exercise each Newmont option for one share of Newmont common stock. The full $2 acquisition date fair value of Goldcorp options was allocated to purchase consideration based on all services being provided prior to the acquisition. At the acquisition date the Goldcorp options had an expected life of 0.6 years. Goldcorp Performance Share Units Goldcorp performance share units (“Goldcorp PSUs”): The Company assumed 2.4 million Goldcorp PSUs with an acquisition date fair value of $28. The Company allocated adjust their fair value at the end of each reporting period until paid. At the acquisition date the Goldcorp PSUs had an expected life of 1.9 years. Goldcorp Phantom Restricted Share Units Goldcorp phantom restricted share units (“Goldcorp Phantom RSUs”): The Company assumed 1.3 million Goldcorp Phantom RSUs with an acquisition date fair value of $14. The Company allocated $1 to purchase consideration based on the portion of pre-acquisition services provided. The Company agreed to settle the Goldcorp Phantom RSUs in cash using the closing price of Newmont shares on the vesting date. The Company will recognize the remaining $13 acquisition date fair value in earnings ratably over the requisite service period. The Company will re-measure the liability for these awards and adjust their fair value at the end of each reporting period until paid. At the acquisition date the Goldcorp Phantom RSUs had an expected life of 1.6 years. At September 30, 2019, the Company included Employee-related benefits of $10 related to the cash-settled Goldcorp PSUs and Goldcorp Phantom RSUs on its Condensed Consolidated Balance Sheet. |
FAIR VALUE ACCOUNTING
FAIR VALUE ACCOUNTING | 9 Months Ended |
Sep. 30, 2019 | |
FAIR VALUE ACCOUNTING | |
FAIR VALUE ACCOUNTING | NOTE 18 Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, quoted prices or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability and model-based valuation techniques (e.g. the Black-Scholes model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair Value at September 30, 2019 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 2,712 $ 2,712 $ — $ — Restricted cash (Note 24) 111 111 — — Trade receivable from provisional concentrate sales, net 339 — 339 — Marketable equity securities (Note 20) (1) 310 298 12 — Marketable debt securities (Note 20) 37 — — 37 Continental conversion option (Note 20) 29 — 29 — Restricted marketable debt securities (Note 20) 51 23 28 — Restricted other assets (Note 20) 1 1 — — Batu Hijau contingent consideration 28 — — 28 $ 3,618 $ 3,145 $ 408 $ 65 Liabilities: Debt (2) $ 7,700 $ — $ 7,700 $ — Diesel derivative contracts 2 — 2 — Holt royalty obligation (Note 27) 256 — — 256 Cash-settled Goldcorp share awards 10 — 10 — $ 7,968 $ — $ 7,712 $ 256 Fair Value at December 31, 2018 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 3,397 $ 3,397 $ — $ — Restricted cash (Note 24) 92 92 — — Trade receivable from provisional concentrate sales, net 209 — 209 — Marketable equity securities (Note 20) (1) 127 114 13 — Restricted marketable debt securities (Note 20) 51 21 30 — Restricted other assets (Note 20) 6 6 — — Batu Hijau contingent consideration 26 — — 26 $ 3,908 $ 3,630 $ 252 $ 26 Liabilities: Debt (2) $ 4,229 $ — $ 4,229 $ — Diesel derivative contracts 5 — 5 — Holt royalty obligation (Note 27) 161 — — 161 $ 4,395 $ — $ 4,234 $ 161 (1) Marketable equity securities includes warrants reported in the Maverix Metals Inc. equity method investment balance of $9 at both September 30, 2019 and December 31, 2018. (2) Debt, exclusive of capital leases, is carried at amortized cost. The outstanding carrying value was $6,765 and $4,044 at September 30, 2019 and December 31, 2018, respectively. The fair value measurement of debt was based on an independent third party pricing source. The fair values of the derivative instruments in the table above are presented on a net basis. The gross amounts related to the fair value of the derivative instruments above are included in Note 19. All other fair value disclosures in the above table are presented on a gross basis. The Company’s cash and cash equivalents and restricted cash and restricted cash equivalents are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The cash and cash equivalent instruments and restricted cash are valued based on quoted market prices in active markets and are primarily money market securities and U.S. Treasury securities. The Company’s net trade receivables from provisional metal concentrate sales, which contain an embedded derivative and are subject to final pricing, are valued using quoted market prices based on forward curves for the particular metal. As the contracts themselves are not traded on an exchange, these receivables are classified within Level 2 of the fair value hierarchy. The Company’s marketable equity securities with readily determinable fair values are valued using quoted market prices in active markets and as such are classified within Level 1 of the fair value hierarchy. The fair value of the marketable equity securities are calculated as the quoted market price of the marketable equity security multiplied by the quantity of shares held by the Company. The Company’s marketable equity securities without readily determinable fair values are primarily comprised of warrants in publicly traded companies and are valued using a Black-Scholes model using quoted market prices in active markets of the underlying securities. As the contracts themselves are not traded on the exchange, these equity securities are classified within Level 2 of the fair value hierarchy. The Company’s marketable debt securities consist of an unrestricted convertible debenture with Continental (the “Continental Convertible Debt”). The estimated fair value was determined using a discounted cash flow model, with an internally derived discount rate. It has been classified within Level 3 of the fair value hierarchy. The Continental conversion option is an embedded derivative in the Continental Convertible Debt agreement, further discussed in Note 20. It is valued using a Black-Scholes model using quoted market prices in active markets of the underlying security. As the option itself is not traded on the exchange, this instrument is classified within Level 2 of the fair value hierarchy. The Company’s restricted marketable debt securities are primarily U.S. government issued bonds and international bonds. The Company’s South American debt securities are classified within Level 1 of the fair value hierarchy, using published market prices of actively traded securities. The Company’s North American debt securities are classified within Level 2 of the fair value hierarchy as they are valued using pricing models which are based on prices of similar, actively traded securities. The Company’s restricted other assets primarily consist of marketable equity securities, which are classified within Level 1 of the fair value hierarchy as their fair values are based on quoted prices available in active markets. The Company’s derivative instruments are valued using pricing models, and the Company generally uses similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices, forward curves, measures of volatility, and correlations of such inputs. The Company’s derivatives trade in liquid markets, and as such, model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. The estimated value of the Batu Hijau contingent consideration was determined using (i) a discounted cash flow model, (ii) a Monte Carlo valuation model to simulate future copper prices using the Company’s long-term copper price, and (iii) estimated production and/or development dates for Batu Hijau Phase 7 and the Elang projects in Indonesia. The contingent consideration is classified within Level 3 of the fair value hierarchy. The estimated fair value of the Holt royalty obligation was determined using (i) a discounted cash flow model, (ii) a Monte Carlo valuation model to simulate future gold prices using the Company’s long-term gold price, (iii) various gold production scenarios from reserve and resource information and (iv) a weighted average discount rate. The royalty obligation is classified within Level 3 of the fair value hierarchy. The Company’s liability-classified stock-based compensation awards consist of cash-settled Goldcorp share awards which become payable in cash on the vesting date. These awards are valued each reporting period based on the quoted Newmont stock price. As the awards themselves are not traded on the exchange, they are classified within Level 2 of the fair value hierarchy. The following tables set forth a summary of the quantitative and qualitative information related to the unobservable inputs used in the calculation of the Company’s Level 3 financial assets and liabilities at September 30, 2019 and December 31, 2018: At September 30, Range/Weighted Description 2019 Valuation technique Unobservable input average Continental Convertible Debt $ 37 Discounted cash flow Discount rate 12.94 % Batu Hijau contingent consideration $ 28 Monte Carlo Discount rate 16.60 % Short-term copper price $ 2.63 Long-term copper price $ 3.00 Holt royalty obligation $ 256 Monte Carlo Discount rate 2.67 % Short-term gold price $ 1,472 Long-term gold price $ 1,300 Gold production scenarios (in 000's of ounces) 314 - 1,629 At December 31, Range/Weighted Description 2018 Valuation technique Unobservable input average Batu Hijau contingent consideration $ 26 Monte Carlo Discount rate 16.60 % Short-term copper price $ 2.80 Long-term copper price $ 3.00 Holt royalty obligation $ 161 Monte Carlo Discount rate 4.11 % Short-term gold price $ 1,228 Long-term gold price $ 1,300 Gold production scenarios (in 000's of ounces) 302 - 1,544 The following tables set forth a summary of changes in the fair value of the Company’s Level 3 financial assets and liabilities: Continental Batu Hijau Holt Convertible Contingent Total Royalty Total Debt (1) Consideration (2) Assets Obligation (2) Liabilities Fair value at December 31, 2018 $ — $ 26 $ 26 $ 161 $ 161 Additions and settlements 33 — 33 (7) (7) Revaluation 4 2 6 102 102 Fair value at September 30, 2019 $ 37 $ 28 $ 65 $ 256 $ 256 Batu Hijau Holt Contingent Total Royalty Total Consideration (2) Assets Obligation (2) Liabilities Fair Value at December 31, 2017 $ 23 $ 23 $ 243 $ 243 Settlements — — (8) (8) Revaluation — — (70) (70) Fair value at September 30, 2018 $ 23 $ 23 $ 165 $ 165 (1) The gain (loss) recognized is included in Other income, net. (2) The gain (loss) recognized is included in Net income (loss) from discontinued operations. During the third quarter of 2018, the Company performed a non-recurring fair value measurement (i.e. Level 3 of the fair value hierarchy) in connection with recoverability and impairment tests performed at certain North American exploration properties due to the Company’s decision to focus on advancing other projects and at Emigrant due to a change in the mine plan that resulted in a decrease in mine life. The estimated fair value of the North American exploration properties was determined using comparable transactions. The estimated fair value of Emigrant’s existing operations was determined using (i) a country specific discount rate of 5.2%, (ii) a short-term gold price of $1,213 based on the third quarter average of the London PM fix, (iii) a long-term gold price of $1,300, and (iv) updated cash flow information from the Company’s business plan. For further information regarding the impairment charges, see Note 8. . |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 9 Months Ended |
Sep. 30, 2019 | |
DERIVATIVE INSTRUMENTS | |
DERIVATIVE INSTRUMENTS | NOTE 19 DERIVATIVE INSTRUMENTS The Company’s strategy is to provide shareholders with leverage to changes in metal prices by selling its production at market prices. Consequently, the Company does not hedge its metal sales. The Company has and will continue to manage certain risks associated with commodity input costs, interest rates and foreign currencies using the derivative market. Cash Flow Hedges The Company uses hedge programs to mitigate the variability of its operating costs primarily related to diesel price fluctuations. Newmont’s hedge portfolio consists of a series of financially settled fixed forward contracts, which run through the first quarter of 2022 in South America and the second quarter of 2022 in Australia. The following diesel contracts were transacted for risk management purposes and qualify as cash flow hedges. The unrealized changes in market value have been recorded in Accumulated other comprehensive income (loss) The Company had the following diesel derivative contracts outstanding at September 30, 2019: Expected Maturity Date 2019 2020 2021 2022 Total/ Diesel Fixed Forward Contracts: South America Diesel gallons (millions) 1 3 1 — 5 Average rate ($/gallon) 1.91 1.86 1.86 1.82 1.87 Australia Diesel barrels (thousands) 20 129 102 7 258 Average rate ($/barrel) 80.49 78.91 81.15 75.93 79.84 Derivative Instrument Fair Values The fair value of the Company’s derivative instruments designated as cash flow hedges at September 30, 2019 was $2, and was classified in Other non-current liabilities Other current liabilities Other non-current liabilities As of September 30, 2019 and December 31, 2018, all hedging instruments held by the Company were subject to enforceable master netting arrangements held with various financial institutions. In general, the terms of the Company’s agreements provide for offsetting of amounts payable or receivable between it and the counterparty, at the election of both parties, for transactions that occur on the same date, in the same commodity and in the same currency. The Company’s agreements also provide that in the event of an early termination, the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. The Company’s accounting policy is to not offset these positions in its accompanying balance sheets. As of September 30, 2019 and December 31, 2018, the potential effect of netting derivative assets against liabilities due to the master netting agreement was not significant. Batu Hijau Contingent Consideration Consideration received by the Company in conjunction with the sale of PT Newmont Nusa Tenggara included the Contingent Payment and the Elang Development deferred payment deeds, which were determined to be financial instruments that met the definition of a derivative, but do not qualify for hedge accounting, under ASC 815. Contingent consideration of $28 and $26 was included in Other non-current assets Continental Conversion Option In March 2019, Newmont entered into a $50 convertible debt agreement with Continental. The debt is convertible into common shares of Continental at a price of C$3.00 per share. The conversion feature has been identified as an embedded derivative, which has been bifurcated from the host instrument and included in the Continental equity method investment balance. The value of the conversion option was $29 as of September 30, 2019. See Notes 18 and 20 for additional information. Provisional Sales The Company sells gold, copper, silver, lead and zinc concentrates on a provisional basis. Provisional concentrate sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the concentrates at the prevailing indices’ prices at the time of sale. The embedded derivative, which is not designated for hedge accounting treatment, is marked to market through earnings each period prior to final settlement. The impact to Sales At September 30, 2019, Newmont had gold sales of 112,000 ounces priced at an average of $1,491 per ounce, silver sales of 2 million ounces priced at an average of $17.57 per ounce, lead sales of 24 million pounds priced at an average of $0.94 per pound, zinc sales of 64 million pounds priced at an average of $1.06 per pound and copper sales of 15 million pounds priced at an average price of $2.61 per pound, subject to final pricing over the next several months. |
INVESTMENTS
INVESTMENTS | 9 Months Ended |
Sep. 30, 2019 | |
INVESTMENTS | |
INVESTMENTS | NOTE 20 INVESTMENTS At September 30, 2019 At December 31, 2018 Current: Marketable equity securities $ 157 $ 48 Non-current: Marketable equity securities $ 144 $ 70 144 70 Equity method investments: Pueblo Viejo Mine (40.0%) 1,302 — NuevaUnión Project (50.0%) 929 — Norte Abierto Project (50.0%) 475 — Continental Gold, Inc. (19.9%) 141 — TMAC Resources Inc. (28.1%) 110 109 Alumbrera Mine (37.5%) 103 — Maverix Metals Inc. (27.8%) 87 85 Minera La Zanja S.R.L. (46.9%) 4 7 3,151 201 $ 3,295 $ 271 Non-current restricted investments: (1) Marketable debt securities $ 51 $ 51 Other assets 1 6 $ 52 $ 57 (1) Non-current restricted investments are legally pledged for purposes of settling reclamation and remediation obligations and are included in Other non-current assets . For further information regarding these amounts, see Note 7. On April 18, 2019, as a part of the Newmont Goldcorp transaction, the Company acquired interests in the Pueblo Viejo Mine, the NuevaUnión Project, the Norte Abierto Project and the Alumbrera Mine. See Note 12 for additional information. In June 2009, Goldcorp entered into a $400 shareholder loan agreement with Pueblo Viejo with a term of fifteen years . In April 2012, additional funding of $300 was issued to Pueblo Viejo with a term of twelve years . Both loans bear interest at 95% of LIBOR plus 2.95% payable semi-annually in arrears on February 28 and August 31 of each year. The loans have no set repayment terms. At September 30, 2019, the carrying amount of the Company’s share of shareholder loans to Pueblo Viejo was $423, which is included in the Pueblo Viejo equity method investment. At September 30, 2019, $15 in interest receivable relating to the shareholder loans was also included in the Pueblo Viejo equity method investment. In September 2019, the Company and Barrick entered into a $70 revolving loan facility (“Revolving Facility”) to provide short-term financing to Pueblo Viejo. The Company will fund 40% of the borrowings based on its pro-rata share ownership interest in Pueblo Viejo. The Revolver Facility bears interest at LIBOR plus 2.09% and expires on December 31, 2020. There were no borrowings outstanding under the Revolving Facility as of September 30, 2019. In addition, 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 $141 and $268 for the three and nine months ended September 30, 2019, respectively, and is included in Other income, net of subsequent sales. There were no amounts due to or due from Pueblo Viejo for gold and silver purchases as of September 30, 2019 and December 31, 2018. During the first quarter of 2019, the Company determined that based on its evolving roles on advisory committees and its support for recent financing events, Newmont now has the ability to exercise significant influence over Continental and concluded that the investment now qualifies as an equity method investment. As a result, the Company reclassified its existing Continental marketable equity security to an equity method investment. The fair value of the marketable equity security was $73, which formed the new basis for the equity method investment. Additionally, in March 2019, the Company entered into a convertible debt agreement with Continental totaling $50. The debt is convertible into common shares of Continental at a price of C$3.00 per share. The debt is an unrestricted marketable debt security and is classified as available-for-sale. The fair value of the marketable debt security was $37 as of September 30, 2019 and is included in the Continental equity method investment balance. The conversion feature has been identified as an embedded derivative, which has been bifurcated from the host instrument and included in the Continental equity method investment balance. The fair value of the conversion option was $29 as of September 30, 2019. Changes in the conversion option fair value are included in Other Income, net In June 2018, Newmont sold $11 of restricted marketable debt securities as a result of remediation work completed at the Midnite Mine. In June 2018, Newmont exchanged certain royalty interests for cash consideration of $17, received in July 2018, and non-cash consideration comprised of 60 million common shares in Maverix and 10 million common share warrants in Maverix, with fair values upon closing of $78 and $5, respectively. Following the transaction, Newmont held a 27.98% equity ownership in Maverix. The Company determined the Maverix investment qualified as an equity method investment. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2019 | |
Inventories | |
INVENTORIES | |
INVENTORIES | NOTE 21 INVENTORIES At September 30, At December 31, 2019 2018 Materials and supplies $ 685 $ 439 In-process 193 104 Concentrate and copper cathode (1) 112 61 Precious metals (2) 112 26 $ 1,102 $ 630 (1) Concentrate includes gold, copper, silver, lead and zinc . (2) Precious metals includes gold and silver doré. . |
STOCKPILES AND ORE ON LEACH PAD
STOCKPILES AND ORE ON LEACH PADS | 9 Months Ended |
Sep. 30, 2019 | |
Stockpiles and ore on leach pads | |
STOCKPILES AND ORE ON LEACH PADS | |
STOCKPILES AND ORE ON LEACH PADS | NOTE 22 STOCKPILES AND ORE ON LEACH PADS At September 30, At December 31, 2019 2018 Current: Stockpiles $ 414 $ 395 Ore on leach pads 346 302 $ 760 $ 697 Non-current: Stockpiles $ 1,285 $ 1,429 Ore on leach pads 236 437 $ 1,521 $ 1,866 Total: Stockpiles $ 1,699 $ 1,824 Ore on leach pads 582 739 $ 2,281 $ 2,563 Stockpiles Leach pads At September 30, At December 31, At September 30, At December 31, 2019 2018 2019 2018 Stockpiles and ore on leach pads: CC&V $ 16 $ 23 $ 247 $ 278 Musselwhite 25 — — — Porcupine 1 — — — Éléonore 2 — — — Peñasquito 128 — — — Yanacocha 55 71 158 173 Merian 42 35 — — Cerro Negro 1 — — — Boddington 460 458 — — Tanami 1 2 — — Kalgoorlie 108 121 — — Ahafo 416 417 — — Akyem 107 82 — — Nevada Gold Mines 337 — 177 — Carlin — 263 — 186 Phoenix — 32 — 32 Twin Creeks — 320 — 25 Long Canyon — — — 45 $ 1,699 $ 1,824 $ 582 $ 739 During the three and nine months ended September 30, 2019, the Company recorded write-downs of $1 and $95, respectively, classified as a component of Costs applicable to sales Depreciation and amortization During the three and nine months ended September 30, 2018, the Company recorded write-downs of $59 and $211, respectively, classified as a component of Costs applicable to sales, Depreciation and amortization |
PROPERTY, PLANT AND MINE DEVELO
PROPERTY, PLANT AND MINE DEVELOPMENT | 9 Months Ended |
Sep. 30, 2019 | |
PROPERTY, PLANT AND MINE DEVELOPMENT | |
PROPERTY, PLANT AND MINE DEVELOPMENT | NOTE 23 PROPERTY, PLANT AND MINE DEVELOPMENT Depreciable At September 30, 2019 At December 31, 2018 Life Accumulated Net Book Accumulated Net Book (in years) Cost Depreciation Value Cost Depreciation Value Land $ 204 $ — $ 204 $ 222 $ — $ 222 Facilities and equipment (1) 1 - 27 17,857 (8,348) 9,509 16,661 (10,683) 5,978 Mine development 1 - 17 3,414 (1,989) 1,425 5,598 (3,314) 2,284 Mineral interests 1 - 17 13,840 (1,069) 12,771 2,658 (1,114) 1,544 Construction-in-progress 2,288 — 2,288 2,230 — 2,230 $ 37,603 $ (11,406) $ 26,197 $ 27,369 $ (15,111) $ 12,258 (1) At September 30, 2019 and December 31, 2018, Facilities and equipment include finance lease right of use assets of $765 and $-, respectively. Depreciable At September 30, 2019 At December 31, 2018 Life Accumulated Net Book Accumulated Net Book Mineral Interests (in years) Cost Depreciation Value Cost Depreciation Value Production stage 1 - 17 $ 9,889 $ (1,069) $ 8,820 $ 1,654 $ (1,114) $ 540 Development stage (1) 845 — 845 59 — 59 Exploration stage (1) 3,106 — 3,106 945 — 945 $ 13,840 $ (1,069) $ 12,771 $ 2,658 $ (1,114) $ 1,544 (1) These amounts are currently non-depreciable as these mineral interests have not reached production stage. . |
OTHER ASSETS
OTHER ASSETS | 9 Months Ended |
Sep. 30, 2019 | |
OTHER ASSETS ABSTRACT | |
OTHER ASSETS | NOTE 24 OTHER ASSETS At September 30, At December 31, 2019 2018 Other current assets: Tax and other receivables $ 377 $ 92 Prepaid assets 183 154 Restricted cash 19 1 Other 5 4 $ 584 $ 251 Other non-current assets: Operating leases $ 97 $ — Restricted cash 92 91 Intangible assets 62 97 Restricted investments 52 57 Income tax receivable 45 47 Prepaid royalties 44 214 Taxes receivable other than income and mining taxes 41 23 Other 101 55 $ 534 $ 584 |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2019 | |
DEBT | |
DEBT | NOTE 25 DEBT Scheduled minimum debt repayments are as follows: Year Ending December 31, 2019 (for the remainder of 2019) $ 626 2020 — 2021 550 2022 992 2023 1,000 Thereafter 3,624 $ 6,792 In September 2019, the Company completed a public offering of $700 unsecured Senior Notes due October 2029 (“2029 Notes”). Net proceeds from the 2029 Notes were $690. The 2029 Notes will pay interest semi-annually at a rate of 2.80% per annum. The proceeds from this issuance were primarily used to repay the outstanding balance on the 2019 Senior Notes of $626 on October 1, 2019. On April 4, 2019, the Company entered into a $3,000 revolving credit facility (“New Credit Agreement”) with a syndicate of financial institutions that expires in April 2024. The New Credit Agreement provides for borrowings in U.S. dollars and contains a letter of credit sub-facility. Facility fees vary based on the credit ratings of the Company’s senior, uncollateralized, non-current debt. Borrowings under the facility bear interest at a market based rate plus a margin determined by our credit rating. The New Credit Agreement replaces the Company’s existing credit agreement dated as of May 20, 2011, as amended and restated as of May 25, 2017 (“Existing Credit Agreement”). Outstanding letters of credit under the Existing Credit Agreement of approximately $71 were transferred to the New Credit Agreement of which $60 remains outstanding as of September 30, 2019. Debt covenants under the New Credit Agreement are substantially the same as the Existing Credit Agreement. Upon closing of the Newmont Goldcorp transaction, the Company paid the outstanding principal balances of Goldcorp’s term loan of $400 and Goldcorp’s revolving credit facility of $850. On August 23, 2019, the Company successfully completed a consent solicitation for its notes due in 2035. In connection with the consent solicitation, certain amendments were executed to the indenture. In addition to releasing NGM as a guarantor of the Company’s notes due in 2035, certain provisions were amended to conform with the Company’s other outstanding indentures. The provision amendment was accounted for as a debt modification. For further information, see Note 4. Prior to the closing of the Newmont Goldcorp transaction, Goldcorp held a series of letters of credit, several of which represented guarantees for reclamation obligations. Newmont Goldcorp continues to hold these letters of credit. At September 30, 2019, the Company had letters of credit outstanding in the amount of $410 of which $334 represented guarantees for reclamation obligations. This decrease of $2 from the $336, as of June 30, 2019, is due to the change in exchange rate. None of these letters of credit have been drawn on for reclamation obligations, as of September 30, 2019. |
LEASE AND OTHER FINANCING OBLIG
LEASE AND OTHER FINANCING OBLIGATIONS | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
LEASE AND OTHER FINANCING OBLIGATIONS | NOTE 26 LEASE AND OTHER FINANCING OBLIGATIONS The Company primarily has operating and finance leases for corporate and regional offices, processing facilities and mining equipment. These leases have a remaining lease term of less than 1 year to 38 years, some of which may include options to extend the lease for up to 15 years, and some of which may include options to terminate the lease within 3 years. Certain of our leases include payments that vary based on the Company’s level of usage and operations. These variable payments are not included within ROU assets and lease liabilities in the Condensed Consolidated Balance Sheets. Additionally, short-term leases, which have an initial term of 12 months or less, are not recorded in the Condensed Consolidated Balance Sheets. Total lease cost includes the following components: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Operating lease cost $ 6 $ 18 Finance lease cost Amortization of ROU assets 25 50 Interest on lease liabilities 10 24 35 74 Variable lease cost 112 227 Short-term lease cost 33 47 $ 186 $ 366 Other information related to leases includes the following: Nine Months Ended September 30, 2019 Supplemental Cash Flow Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows relating to operating leases $ 23 Operating cash flows relating to finance leases $ 23 Financing cash flows relating to finance leases $ 37 Supplemental Non-cash Information: Lease obligations arising from obtaining ROU assets: (1) Operating leases $ 124 Finance leases $ 714 (1) Operating and financing lease obligations assumed in relation to the Newmont Goldcorp transaction were $58 and $414 , respectively. Operating and financing lease obligations assumed in relation to the formation of NGM were $11 and $1 , respectively. Information related to lease terms and discount rates is as follows: Weighted Average Remaining Lease Term: Operating leases 6 years Finance leases 12 years Weighted Average Discount Rate: Operating leases 5.04% Finance leases 5.61% Future minimum lease payments under non-cancellable leases as of September 30, 2019, were as follows: Operating Financing Year Ending December 31, Leases Leases 2019 (for the remainder of 2019) $ 11 $ 26 2020 35 99 2021 22 95 2022 14 85 2023 8 79 Thereafter 29 598 Total future minimum lease payments 119 982 Less: Imputed interest (16) (285) Total $ 103 $ 697 In December 2017, the Company began the Tanami Power project which included the construction of a gas pipeline to the Tanami site, and construction and operation of two on-site power stations under agreements that qualified for build-to-suit lease accounting. As of December 31, 2018, the financing obligations under the build-to-suit arrangements were $210, of which $24 was classified as current. During the first quarter of 2019, construction of the gas pipeline and power stations was completed. Upon completion, the build-to-suit arrangements failed to qualify for sale-leaseback accounting. Finance lease obligations recognized on both arrangements totaled $186 as of September 30, 2019, of which $26 was classified as current. As of September 30, 2019, we have an additional operating lease for corporate office space that has not yet commenced. At commencement, the Company anticipates that this lease will result in an additional lease liability of $78. The operating lease is anticipated to commence in 2020 and has a lease term of 13 years. |
OTHER LIABILITIES
OTHER LIABILITIES | 9 Months Ended |
Sep. 30, 2019 | |
OTHER LIABILITIES | |
OTHER LIABILITIES | NOTE 27 OTHER LIABILITIES At September 30, At December 31, 2019 2018 Other current liabilities: Accrued operating costs $ 279 $ 129 Reclamation and remediation liabilities 159 114 Silver streaming agreement 80 — Accrued interest 74 52 Accrued capital expenditures 60 61 Royalties 53 63 Operating leases 38 — Taxes other than income and mining 37 8 Holt royalty obligation 13 12 Other 75 16 $ 868 $ 455 Other non-current liabilities: Income and mining taxes (1) $ 372 $ 17 Holt royalty obligation 243 149 Norte Abierto deferred payments 154 — Galore Creek deferred payments 91 89 Operating leases 65 — Social development obligations 17 18 Power supply agreements — 28 Other 58 13 $ 1,000 $ 314 (1) Income and mining taxes includes a balance of $372 related to unrecognized tax benefits, interest and penalties. This includes the initial increase to the preliminary unrecognized tax benefits of $453 from Goldcorp. In the second quarter of 2019, a settlement was reached with the Mexican Tax Authority, reducing the initial unrecognized tax benefit from Goldcorp to $358 . |
RECLASSIFICATIONS OUT OF AOCI
RECLASSIFICATIONS OUT OF AOCI | 9 Months Ended |
Sep. 30, 2019 | |
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NOTE 28 RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Pension and Unrealized Gain Unrealized Gain Foreign Other (Loss) on (Loss) on Currency Post-retirement Cash flow Investment Translation Benefit Hedge Securities, net Adjustments Adjustments Instruments Total Balance at December 31, 2018 $ — $ 118 $ (262) $ (140) $ (284) Net current-period other comprehensive income (loss): Gain (loss) in other comprehensive income (loss) before reclassifications 3 7 (18) 2 (6) (Gain) loss reclassified from accumulated other comprehensive income (loss) — — 15 10 25 Other comprehensive income (loss) 3 7 (3) 12 19 Balance at September 30, 2019 $ 3 $ 125 $ (265) $ (128) $ (265) Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Condensed Consolidated Statements of Operations Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Pension and other post-retirement benefit adjustments: Amortization $ 6 $ 6 $ 12 $ 18 Other income, net Curtailment 3 — 3 — Other income, net Total before tax 9 6 15 18 Tax — (1) — (4) Net of tax $ 9 $ 5 $ 15 $ 14 Hedge instruments adjustments: Operating cash flow hedges $ — $ (1) $ 2 $ — Costs applicable to sales Interest rate contracts 2 2 8 8 Interest expense, net Total before tax 2 1 10 8 Tax 1 — — (2) Net of tax $ 3 $ 1 $ 10 $ 6 Total reclassifications for the period, net of tax $ 12 $ 6 $ 25 $ 20 |
NET CHANGE IN OPERATING ASSETS
NET CHANGE IN OPERATING ASSETS AND LIABILITIES | 9 Months Ended |
Sep. 30, 2019 | |
NET CHANGE IN OPERATING ASSETS AND LIABILITIES | |
NET CHANGE IN OPERATING ASSETS AND LIABILITIES | NOTE 29 NET CHANGE IN OPERATING ASSETS AND LIABILITIES Net cash provided by (used in) operating activities of continuing operations Nine Months Ended September 30, 2019 2018 Decrease (increase) in operating assets: Trade and other receivables $ (217) $ (18) Inventories, stockpiles and ore on leach pads (90) (274) Other assets 45 (23) Increase (decrease) in operating liabilities: Accounts payable (3) (78) Reclamation and remediation liabilities (64) (51) Other accrued liabilities (80) (223) $ (409) $ (667) |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | 9 Months Ended |
Sep. 30, 2019 | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | NOTE 30 CONDENSED CONSOLIDATING FINANCIAL STATEMENTS The following Condensed Consolidating Financial Statements are presented to satisfy disclosure requirements of Rule 3-10(e) of Regulation S-X resulting from the inclusion of Newmont USA Limited (“Newmont USA”), a wholly-owned subsidiary of Newmont, as a co-registrant with Newmont on debt securities issued under a shelf registration statement on Form S-3 filed under the Securities Act of 1933 under which securities of Newmont (including debt securities guaranteed by Newmont USA) may be issued (the “Shelf Registration Statement”). In accordance with Rule 3-10(e) of Regulation S-X, Newmont USA, as the subsidiary guarantor, is 100% owned by Newmont, the guarantees are full and unconditional, and no other subsidiary of Newmont guaranteed any security issued under the Shelf Registration Statement. There are no restrictions on the ability of Newmont or Newmont USA to obtain funds from its subsidiaries by dividend or loan. Three Months Ended September 30, 2019 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Goldcorp Goldcorp Newmont Other Corporation Condensed Consolidating Statement of Operation Corporation USA Subsidiaries Eliminations Consolidated Sales $ — $ 47 $ 2,666 $ — $ 2,713 Costs and expenses: Costs applicable to sales (1) — 27 1,365 — 1,392 Depreciation and amortization 1 12 535 — 548 Reclamation and remediation — 8 54 — 62 Exploration — — 88 — 88 Advanced projects, research and development — 5 38 — 43 General and administrative — 16 68 — 84 Impairment of long-lived assets — — 3 — 3 Other expense, net 1 17 17 — 35 2 85 2,168 — 2,255 Other income (expense): Gain on formation of Nevada Gold Mines — 2,366 — — 2,366 Other income, net (13) (3) 47 — 31 Interest income - intercompany 37 13 23 (73) — Interest expense - intercompany (2) — (71) 73 — Interest expense, net (67) — (10) — (77) (45) 2,376 (11) — 2,320 Income (loss) before income and mining tax and other items (47) 2,338 487 — 2,778 Income and mining tax benefit (expense) — (470) (88) — (558) Equity income (loss) of affiliates 2,225 108 32 (2,333) 32 Net income (loss) from continuing operations 2,178 1,976 431 (2,333) 2,252 Net income (loss) from discontinued operations — — (48) — (48) Net income (loss) 2,178 1,976 383 (2,333) 2,204 Net loss (income) attributable to noncontrolling interests: — — (26) — (26) Net income (loss) attributable to Newmont stockholders $ 2,178 $ 1,976 $ 357 $ (2,333) $ 2,178 Comprehensive income (loss) $ 2,170 $ 1,960 $ 399 $ (2,333) $ 2,196 Comprehensive loss (income) attributable to noncontrolling interests — — (26) — (26) Comprehensive income (loss) attributable to Newmont stockholders $ 2,170 $ 1,960 $ 373 $ (2,333) $ 2,170 (1) Excludes Depreciation and amortization and Reclamation and remediation. Three Months Ended September 30, 2018 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Goldcorp Goldcorp Newmont Other Corporation Condensed Consolidating Statement of Operation Corporation USA Subsidiaries Eliminations Consolidated Sales $ — $ 417 $ 1,309 $ — $ 1,726 Costs and expenses: Costs applicable to sales (1) — 293 702 — 995 Depreciation and amortization 1 85 213 — 299 Reclamation and remediation — 4 27 — 31 Exploration — 13 35 — 48 Advanced projects, research and development — 8 29 — 37 General and administrative — 20 39 — 59 Impairment of long-lived assets — 336 30 — 366 Other expense, net — — 5 — 5 1 759 1,080 — 1,840 Other income (expense): Other income, net (32) 9 60 — 37 Interest income - intercompany 16 14 12 (42) — Interest expense - intercompany (10) — (32) 42 — Interest expense, net (45) (3) (3) — (51) (71) 20 37 — (14) Income (loss) before income and mining tax and other items (72) (322) 266 — (128) Income and mining tax benefit (expense) 16 79 (98) — (3) Equity income (loss) of affiliates (89) (13) (9) 102 (9) Net income (loss) from continuing operations (145) (256) 159 102 (140) Net income (loss) from discontinued operations — — 16 — 16 Net income (loss) (145) (256) 175 102 (124) Net loss (income) attributable to noncontrolling interests — — (21) — (21) Net income (loss) attributable to Newmont stockholders $ (145) $ (256) $ 154 $ 102 $ (145) Comprehensive income (loss) $ (133) $ (246) $ 165 $ 102 $ (112) Comprehensive loss (income) attributable to noncontrolling interests — — (21) — (21) Comprehensive income (loss) attributable to Newmont stockholders $ (133) $ (246) $ 144 $ 102 $ (133) (1) Excludes Depreciation and amortization and Reclamation and remediation. Nine Months Ended September 30, 2019 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Goldcorp Goldcorp Newmont Other Corporation Condensed Consolidating Statement of Operation Corporation USA Subsidiaries Eliminations Consolidated Sales $ — $ 881 $ 5,892 $ — $ 6,773 Costs and expenses: Costs applicable to sales (1) — 577 3,159 — 3,736 Depreciation and amortization 3 185 1,159 — 1,347 Reclamation and remediation — 16 149 — 165 Exploration — 20 178 — 198 Advanced projects, research and development — 14 88 — 102 General and administrative — 53 171 — 224 Impairment of long-lived assets — 1 3 — 4 Other expense, net 4 149 86 — 239 7 1,015 4,993 — 6,015 Other income (expense): Gain on formation of Nevada Gold Mines — 2,366 — — 2,366 Other income, net 15 39 112 — 166 Interest income - intercompany 84 44 50 (178) — Interest expense - intercompany (5) — (173) 178 — Interest expense, net (183) (2) (32) — (217) (89) 2,447 (43) — 2,315 Income (loss) before income and mining tax and other items (96) 2,313 856 — 3,073 Income and mining tax benefit (expense) — (478) (225) — (703) Equity income (loss) of affiliates 2,336 63 53 (2,399) 53 Net income (loss) from continuing operations 2,240 1,898 684 (2,399) 2,423 Net income (loss) from discontinued operations — — (100) — (100) Net income (loss) 2,240 1,898 584 (2,399) 2,323 Net loss (income) attributable to noncontrolling interests — — (83) — (83) Net income (loss) attributable to Newmont stockholders $ 2,240 $ 1,898 $ 501 $ (2,399) $ 2,240 Comprehensive income (loss) $ 2,259 $ 1,892 $ 590 $ (2,399) $ 2,342 Comprehensive loss (income) attributable to noncontrolling interests — — (83) — (83) Comprehensive income (loss) attributable to Newmont stockholders $ 2,259 $ 1,892 $ 507 $ (2,399) $ 2,259 (1) Excludes Depreciation and amortization and Reclamation and remediation. Nine Months Ended September 30, 2018 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Goldcorp Goldcorp Newmont Other Corporation Condensed Consolidating Statement of Operation Corporation USA Subsidiaries Eliminations Consolidated Sales $ — $ 1,348 $ 3,857 $ — $ 5,205 Costs and expenses: Costs applicable to sales (1) — 898 2,091 — 2,989 Depreciation and amortization 3 247 629 — 879 Reclamation and remediation — 11 85 — 96 Exploration — 39 103 — 142 Advanced projects, research and development — 22 85 — 107 General and administrative — 61 120 — 181 Impairment of long-lived assets — 336 30 — 366 Other expense, net — 2 27 — 29 3 1,616 3,170 — 4,789 Other income (expense): Other income, net (29) 36 190 — 197 Interest income - intercompany 67 36 33 (136) — Interest expense - intercompany (29) — (107) 136 — Interest expense, net (142) (5) (6) — (153) (133) 67 110 — 44 Income (loss) before income and mining tax and other items (136) (201) 797 — 460 Income and mining tax benefit (expense) 29 58 (213) — (126) Equity income (loss) of affiliates 446 (90) (25) (356) (25) Net income (loss) from continuing operations 339 (233) 559 (356) 309 Net income (loss) from discontinued operations — — 56 — 56 Net income (loss) 339 (233) 615 (356) 365 Net loss (income) attributable to noncontrolling interests — — (26) — (26) Net income (loss) attributable to Newmont stockholders $ 339 $ (233) $ 589 $ (356) $ 339 Comprehensive income (loss) $ 366 $ (223) $ 605 $ (356) $ 392 Comprehensive loss (income) attributable to noncontrolling interests — — (26) — (26) Comprehensive income (loss) attributable to Newmont stockholders $ 366 $ (223) $ 579 $ (356) $ 366 (1) Excludes Depreciation and amortization and Reclamation and remediation. Nine Months Ended September 30, 2019 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Goldcorp Goldcorp Newmont Other Corporation Condensed Consolidating Statement of Cash Flows Corporation USA Subsidiaries Eliminations Consolidated Operating activities: Net cash provided by (used in) operating activities of continuing operations $ 233 $ 107 $ 1,683 $ (355) $ 1,668 Net cash provided by (used in) operating activities of discontinued operations — — (7) — (7) Net cash provided by (used in) operating activities 233 107 1,676 (355) 1,661 Investing activities: Additions to property, plant and mine development — (99) (934) — (1,033) Acquisitions, net (17) — 144 — 127 Purchases of investments (72) (4) (18) — (94) Return of investment from equity method investees — — 83 — 83 Proceeds from sales of investments — 6 53 — 59 Proceeds from sales of other assets — 20 9 — 29 Other — — 12 — 12 Net cash provided by (used in) investing activities (89) (77) (651) — (817) Financing activities: Repayment of debt — — (1,250) — (1,250) Dividends paid to common stockholders (775) — (355) 355 (775) Proceeds from issuance of debt, net 690 — — — 690 Distributions to noncontrolling interests — — (137) — (137) Funding from noncontrolling interests — — 75 — 75 Payments for withholding of employee taxes related to stock-based compensation — (48) — — (48) Payments on lease and other financing obligations — — (37) — (37) Net intercompany borrowings (repayments) (35) 21 14 — — Other (24) — — — (24) Net cash provided by (used in) financing activities (144) (27) (1,690) 355 (1,506) Effect of exchange rate changes on cash, cash equivalents and restricted cash — — (4) — (4) Net change in cash, cash equivalents and restricted cash — 3 (669) — (666) Cash, cash equivalents and restricted cash at beginning of period — — 3,489 — 3,489 Cash, cash equivalents and restricted cash at end of period $ — $ 3 $ 2,820 $ — $ 2,823 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $ — $ — $ 2,712 $ — $ 2,712 Restricted cash included in Other current assets — — 19 — 19 Restricted cash included in Other noncurrent assets — 3 89 — 92 Total cash, cash equivalents and restricted cash $ — $ 3 $ 2,820 $ — $ 2,823 Nine Months Ended September 30, 2018 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Goldcorp Goldcorp Newmont Other Corporation Condensed Consolidating Statement of Cash Flows Corporation USA Subsidiaries Eliminations Consolidated Operating activities: Net cash provided by (used in) operating activities of continuing operations $ (123) $ 339 $ 879 $ — $ 1,095 Net cash provided by (used in) operating activities of discontinued operations — — (8) — (8) Net cash provided by (used in) operating activities (123) 339 871 — 1,087 Investing activities: Additions to property, plant and mine development — (203) (560) — (763) Acquisitions, net — — (138) — (138) Purchases of investments (4) — (13) — (17) Proceeds from sales of investments — 12 4 — 16 Proceeds from sales of other assets — — 23 — 23 Other — 1 (6) — (5) Net cash provided by (used in) investing activities (4) (190) (690) — (884) Financing activities: Repayment of debt — — — — — Dividends paid to common stockholders (226) — — — (226) Distributions to noncontrolling interests — — (107) — (107) Funding from noncontrolling interests — — 77 — 77 Payments for withholding of employee taxes related to stock-based compensation — (39) — — (39) Payments on lease and other financing obligations — — (3) (3) Proceeds from sale of noncontrolling interests — — 48 — 48 Repurchases of common stock (96) — — — (96) Net intercompany borrowings (repayments) 449 (109) (340) — — Other — (1) 1 — — Net cash provided by (used in) financing activities 127 (149) (324) — (346) Effect of exchange rate changes on cash, cash equivalents and restricted cash — — (4) — (4) Net change in cash, cash equivalents and restricted cash — — (147) — (147) Cash, cash equivalents and restricted cash at beginning of period — — 3,298 — 3,298 Cash, cash equivalents and restricted cash at end of period $ — $ — $ 3,151 $ — $ 3,151 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $ — $ — $ 3,068 $ — $ 3,068 Restricted cash included in Other current assets — — 1 — 1 Restricted cash included in Other noncurrent assets — — 82 — 82 Total cash, cash equivalents and restricted cash $ — $ — $ 3,151 $ — $ 3,151 At September 30, 2019 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Goldcorp Goldcorp Newmont Other Corporation Condensed Consolidating Balance Sheet Corporation USA Subsidiaries Eliminations Consolidated Assets: Cash and cash equivalents $ — $ — $ 2,712 $ — $ 2,712 Trade receivables — 26 357 — 383 Intercompany receivable 7,539 3,292 6,005 (16,836) — Investments — — 157 — 157 Inventories — — 1,102 — 1,102 Stockpiles and ore on leach pads — — 760 — 760 Other current assets — 29 555 — 584 Current assets 7,539 3,347 11,648 (16,836) 5,698 Property, plant and mine development, net 11 42 26,169 (25) 26,197 Investments 157 2 3,136 — 3,295 Investments in subsidiaries 24,482 6,746 — (31,228) — Stockpiles and ore on leach pads — — 1,521 — 1,521 Deferred income tax assets — — 440 — 440 Goodwill — — 3,078 — 3,078 Non-current intercompany receivable 1,801 547 — (2,348) — Other non-current assets — 60 474 — 534 Total assets $ 33,990 $ 10,744 $ 46,466 $ (50,437) $ 40,763 Liabilities: Debt $ 626 $ — $ — $ — $ 626 Accounts payable — 16 516 — 532 Intercompany payable 6,039 1,923 8,874 (16,836) — Employee-related benefits 3 83 270 — 356 Income and mining taxes — — 132 — 132 Lease and other financing obligations — — 97 — 97 Other current liabilities 75 84 709 — 868 Current liabilities 6,743 2,106 10,598 (16,836) 2,611 Debt 5,814 — 325 — 6,139 Lease and other financing obligations — — 600 — 600 Reclamation and remediation liabilities — 22 3,419 — 3,441 Deferred income tax liabilities — 470 2,495 — 2,965 Employee-related benefits 3 207 244 — 454 Non-current intercompany payable — — 2,373 (2,373) — Silver streaming agreement — — 1,069 — 1,069 Other non-current liabilities — 13 987 — 1,000 Total liabilities 12,560 2,818 22,110 (19,209) 18,279 Contingently redeemable noncontrolling interest — — 49 — 49 Equity: Newmont stockholders’ equity 21,430 7,926 23,302 (31,228) 21,430 Noncontrolling interests — — 1,005 — 1,005 Total equity 21,430 7,926 24,307 (31,228) 22,435 Total liabilities and equity $ 33,990 $ 10,744 $ 46,466 $ (50,437) $ 40,763 At December 31, 2018 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Goldcorp Goldcorp Newmont Other Corporation Condensed Consolidating Balance Sheet Corporation USA Subsidiaries Eliminations Consolidated Assets: Cash and cash equivalents $ — $ — $ 3,397 $ — $ 3,397 Trade receivables — 63 191 — 254 Intercompany receivable 6,351 5,027 8,296 (19,674) — Investments — — 48 — 48 Inventories — 180 450 — 630 Stockpiles and ore on leach pads — 195 502 — 697 Other current assets — 30 221 — 251 Current assets 6,351 5,495 13,105 (19,674) 5,277 Property, plant and mine development, net 14 2,680 9,593 (29) 12,258 Investments 62 4 205 — 271 Investments in subsidiaries 13,083 — 3 (13,086) — Stockpiles and ore on leach pads — 658 1,208 — 1,866 Deferred income tax assets — — 401 — 401 Goodwill — — 58 — 58 Non-current intercompany receivable 653 704 6 (1,363) — Other non-current assets — 271 313 — 584 Total assets $ 20,163 $ 9,812 $ 24,892 $ (34,152) $ 20,715 Liabilities: Debt $ 626 $ — $ — $ — $ 626 Accounts payable — 83 220 — 303 Intercompany payable 5,554 2,741 11,379 (19,674) — Employee-related benefits — 138 167 — 305 Income and mining taxes — 19 52 — 71 Lease and other financing obligations — 1 26 — 27 Other current liabilities 52 135 268 — 455 Current liabilities 6,232 3,117 12,112 (19,674) 1,787 Debt 3,418 — — — 3,418 Lease and other financing obligations — 3 187 — 190 Reclamation and remediation liabilities — 325 2,156 — 2,481 Deferred income tax liabilities — 90 522 — 612 Employee-related benefits 3 236 162 — 401 Non-current intercompany payable 7 — 1,385 (1,392) — Other non-current liabilities 1 637 298 (622) 314 Total liabilities 9,661 4,408 16,822 (21,688) 9,203 Contingently redeemable noncontrolling interest — — 47 — 47 Equity: Newmont stockholders’ equity 10,502 5,404 7,060 (12,464) 10,502 Noncontrolling interests — — 963 — 963 Total equity 10,502 5,404 8,023 (12,464) 11,465 Total liabilities and equity $ 20,163 $ 9,812 $ 24,892 $ (34,152) $ 20,715 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2019 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES (Environmental) | NOTE 31 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 5. 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 Fronteer matters relate to the Nevada reportable segment. The Newmont Ghana Gold and Newmont Golden Ridge matters relate to the Africa reportable segment. The Mexico tax matter relates to the North America reportable segment. Environmental Matters Refer to Notes 7 and Note 25 for further information regarding reclamation and remediation. Details about certain of the more significant matters are discussed below. Newmont USA Limited - 100% Newmont Owned Ross-Adams mine site. Dawn Mining Company LLC (“Dawn”) - 51% Newmont Owned Midnite mine site and Dawn mill site 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 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 other EPA oversight costs and Midnite mine site cleanup costs; and (v) Newmont would post a surety bond for work at the site. During 2012, the Department of Interior contributed its share of past EPA costs and future costs related to the cleanup of the Midnite mine site in a lump sum payment of $42, which Newmont classified as restricted assets with interest on the Condensed Consolidated Balance Sheets for all periods presented. In 2016, Newmont completed the remedial design process (with the exception of the new water treatment plant (“WTP”) design which was awaiting the approval of the new National Pollutant Discharge Elimination System (“NPDES”) permit). Subsequently, the new NPDES permit was received in 2017 and the WTP design commenced in 2018. Newmont is managing the remediation project to complete Phase 1 remedial actions during the 2019 construction season with a focus on completing the Pit 4 backfill and preparations for Phase 2 remediation activities. Phase 2 remediation activities will be initiated in 2020. The Dawn mill site is regulated by the Washington Department of Health and is in the process of being closed. Remediation at the Dawn mill site began in 2013. The Tailing Disposal Area 1-4 reclamation earthworks component was completed during 2017 with the embankment erosion protection completed in the second quarter of 2018. The remaining closure activity will consist primarily of addressing groundwater issues. The remediation liability for the Midnite mine site and Dawn mill site is approximately $164 at September 30, 2019. Other Legal Matters Minera Yanacocha S.R.L. - 51.35% Newmont Owned Administrative Actions Conga Project Constitutional Claim Yanacocha Tax Dispute. allowed Yanacocha the opportunity to conduct exploration on the concessions, but not a purchase of the concessions. The tax authority alleges that the payments to Buenaventura and Minas Conga S.R.L. were acquisitions of mining concessions requiring the amortization of the amounts under the Peru Mining Law over the life of the mine. Yanacocha expensed the amounts at issue in the initial year since the payments were not for the acquisition of a concession but rather these expenses represent the payment of an intangible and therefore, amortizable in a single year or proportionally for up to ten years according to Income Tax Law. In 2010, the tax court in Peru ruled in favor of Yanacocha and the tax authority appealed the issue to the judiciary. The first appellate court confirmed the ruling of the tax court in favor of Yanacocha. However, in November, 2015, a Superior Court in Peru made an appellate decision overturning the two prior findings in favor of Yanacocha. Yanacocha has appealed the Superior Court ruling to the Peru Supreme Court. On January 18, 2019, the Peru Supreme Court issued notice that three judges support the position of the tax authority and two judges support the position of Yanacocha. Because four votes are required for a final decision, an additional judge has been selected to issue a decision and the parties conducted oral arguments in April 2019. The potential liability in this matter is in the form of fines and interest in an amount up to $86. It is not possible to fully predict the outcome of this litigation. 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 On December 24, 2018, two individual plaintiffs, who are members of the Ghana Parliament (“Plaintiffs”) filed, a writ to invoke the original jurisdiction of the Supreme Court of Ghana. On January 16, 2019, Plaintiffs filed the Statement of Plaintiff’s Case outlining the details of the Plaintiff’s case and subsequently served Newmont Ghana Gold Limited (“NGGL”) and Newmont Golden Ridge Limited (“NGRL”) along with the other named defendants, the Attorney General of Ghana, the Minerals Commission of Ghana and 33 other mining companies with interests in Ghana. The Plaintiffs allege that under article 268 of the 1992 Constitution of Ghana that the mining company defendants are not entitled to carry out any exploitation of minerals or other natural resources in Ghana, unless their respective transactions, contracts or concessions are ratified or exempted from ratification by the Parliament of Ghana. Newmont’s current mining leases are both ratified by Parliament, NGGL June 13, 2001 mining lease, ratified by Parliament October 21, 2008 and NGRL January 19, 2010 mining lease ratified by Parliament December 3, 2015. The writ alleges that any mineral exploitation prior to Parliament ratification is unconstitutional. The Plaintiffs seek several remedies including: (i) declaration as to meaning of constitutional language at issue; (ii) an injunction precluding exploitation of minerals for any mining company without prior Parliament ratification; (iii) declaration that all revenue as a result of violation of the Constitution shall be accounted for and recovered via cash equivalent, and; (iv) an order that the Attorney General and Minerals Commission submit all un-ratified mining leases, undertakings or contracts to Parliament for ratification. Newmont intends to vigorously defend this matter, but cannot reasonably predict the outcome. Goldcorp, Inc. 100% Newmont Owned Shareholder Action. Mexico Tax Matters Tax Reassessment from Mexican Tax Authority . During 2016, the Mexican Tax Authority issued reassessment notices for State of Zacatecas’ Ecological Tax. constitutional authority to implement the taxes. On February 11, 2019, the National Supreme Court of Mexico ruled that the State of Zacatecas has the constitutional authority to implement environmental taxes, and that ruling was not subject to appeal. The Company’s case continued, and although there was an initial ruling in favor of the Company, this ruling was appealed by the local tax authorities. On October 15, 2019, the First Collegiate Circuit Court of the Auxiliary Center of the Eleventh Region reversed the favorable ruling (except with respect to one issue, which was affirmed in the Company’s favor). While the First Collegiate Circuit Court’s ruling is not subject to appeal, the Company is considering other potential defense mechanisms to challenge the taxes. As the Company is not able to estimate the amount of the taxes with sufficient reliability, no amounts have been recorded for any potential liability. Other Commitments and Contingencies Newmont is from time to time involved in various legal proceedings related to its business. Except in the above described proceedings, management does not believe that adverse decisions in any pending or threatened proceeding or that amounts that may be required to be paid by reason thereof will have a material adverse effect on the Company’s financial condition or results of operations. In connection with our investment in Galore Creek, Newmont will owe NovaGold Resources Inc. $75 upon the earlier of approval to construct a mine, mill and all related infrastructure for the Galore Creek project or the initiation of construction of a mine, mill or any related infrastructure. The amount due is non-interest bearing. The decision for an approval and commencement of construction is contingent on the results of a prefeasibility and feasibility study, neither of which have occurred. As such, this amount has not been accrued. As part of the Newmont Goldcorp transaction, Newmont assumed deferred payments to Barrick of $154 as of September 30, 2019 to be satisfied through funding a portion of Barrick’s share of project expenditures at the Norte Abierto project. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Risks and Uncertainties | Risks and Uncertainties As a global mining company, the Company’s revenue, profitability and future rate of growth are substantially dependent on prevailing metal prices, primarily for gold, but also for copper, silver, lead and zinc. Historically, the commodity markets have been very volatile, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and on the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Property, plant and mine development net; Inventories; Stockpiles and ore on leach pads; Investments; Deferred income tax assets Goodwill In addition to changes in commodity prices, other factors such as changes in mine plans, increases in costs, geotechnical failures, changes in social, environmental or regulatory requirements and management’s decision to reprioritize or abandon a development project can adversely affect the Company’s ability to recover its investment in certain assets and result in impairment charges. |
Use of Estimates | The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. The Company must make these estimates and assumptions because certain information used is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. Actual results could differ from these estimates. |
Reclassifications | Reclassifications Certain amounts in prior years have been reclassified to conform to the 2019 presentation, including Goodwill of $58, which was reclassified from Other non-current Goodwill |
Business Combinations | Business Combinations The Company recognizes and measures the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, while transaction and integration costs related to business combinations are expensed as incurred. Any excess of the purchase consideration when compared to the fair value of the net tangible and intangible assets acquired, if any, is recorded as goodwill. For material acquisitions, the Company engages independent appraisers to assist with the determination of the fair value of assets acquired, liabilities assumed, noncontrolling interest, if any, and goodwill, based on recognized business valuation methodologies. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, and noncontrolling interest, if any, in a business combination. The income valuation method represents the present value of future cash flows over the life of the asset using: (i) discrete financial forecasts, which rely on management’s estimates of reserve quantities and exploration potential, costs to produce and develop reserves, revenues, and operating expenses; (ii) long-term growth rates; (iii) appropriate discount rates; and (iv) expected future capital requirements (“income valuation method”). The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets (“market valuation method”). The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset (“cost valuation method”). If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition date, and not later than one year from the acquisition date, the Company will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period the adjustments arises. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition. Goodwill is allocated to reporting units and tested for impairment annually and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. The fair value of a reporting unit is determined using both the income and market valuation methods. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Company recognizes its pro rata share of Goodwill and any subsequent goodwill impairment losses recorded by unincorporated joint ventures in which it has an undivided interest. |
Leases | Leases The Company adopted Accounting Standards Codification (“ASC”) 842, Leases, on January 1, 2019. Changes to the Company’s accounting policy as a result of adoption are discussed below. The Company determines if a contractual arrangement represents or contains a lease at inception. Operating leases are included in Other non-current assets Other current non-current liabilities leases are included in Property, plant and mine development, net Lease and other financing obligations Operating and finance lease right-of-use ("ROU") assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. Leases acquired in a business combination are also measured based on the present value of the remaining leases payments, as if the acquired lease were a new lease at the acquisition date. When the rate implicit to the lease cannot be readily determined, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. Operating lease ROU assets also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company has lease arrangements that include both lease and non-lease components. The Company accounts for each separate lease component and its associated non-lease components as a single lease component for the majority of its asset classes. Additionally, for certain lease arrangements that involve leases of similar assets, the Company applies a portfolio approach to effectively account for the underlying ROU assets and lease liabilities. |
Recently Adopted and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements Leases In February 2016, Accounting Standards Update (“ASU”) No. 2016-02 was issued which, together with subsequent amendments, is included in ASC 842, Leases. The standard was issued to increase transparency and comparability among organizations by requiring the recognition of ROU assets and lease liabilities on the balance sheet for all leases with an initial term greater than one year. Certain qualitative and quantitative disclosures are also required. The Company adopted this standard as of January 1, 2019 using the modified retrospective approach. Upon adoption, the Company recognized a cumulative-effect adjustment of $9 to the opening balance of retained earnings. The comparative information has not been adjusted and continues to be reported under the accounting standard in effect for those periods. The new standard offers a number of optional practical expedients of which the Company elected the following: Transition elections: Ongoing accounting policy elections Based on contracts outstanding at January 1, 2019, the adoption of the new standard resulted in the recognition of additional operating lease ROU assets and lease liabilities of $46 and $47, respectively, and finance lease ROU assets and lease liabilities of $85 and $93, respectively. Additionally, the Company reclassified $19 from Other non-current assets Other current liabilities Other non-current liabilities Property, plant and mine development, net; Lease and other financing obligations Lease and other financing obligations Recently Issued Accounting Pronouncements Current Expected Credit Loss In June 2016, ASU No. 2016-13 was issued which, together with subsequent amendments, changes how entities will record credit losses from an “incurred loss” approach to an “expected loss” approach. This update is effective in fiscal years, including interim periods, beginning after December 15, 2019, and early adoption is permitted. The Company is currently undergoing its assessment of the new guidance and the impact it will have on the Condensed Consolidated Financial Statements and related disclosures. The Company expects to complete its analysis in 2019. Based on procedures performed as at September 30, 2019, management does not expect to establish material additional reserves for its cash and cash equivalents, debt securities and trade receivables. The Company anticipates adopting the new guidance as of January 1, 2020. Fair Value Disclosure Requirements In August 2018, ASU No. 2018-13 was issued to modify and enhance the disclosure requirements for fair value measurements. This update is effective in fiscal years, including interim periods, beginning after December 15, 2019, and early adoption is permitted. The Company has evaluated this guidance and will enhance and modify required disclosures, which are not expected to be significant. The Company anticipates adopting the new guidance as of January 1, 2020. Defined Benefit Plan Disclosure Requirements In August 2018, ASU No. 2018-14 was issued to modify and enhance the required disclosures for defined benefit plans. This update is effective in fiscal years, including interim periods, ending after December 15, 2020, and early adoption is permitted. The Company has evaluated this guidance and will enhance and modify required disclosures, which are not expected to be significant. The Company anticipates early adopting the new guidance as of December 31, 2019. Capitalization of Certain Cloud Computing Implementation Costs In August 2018, ASU No. 2018-15 was issued which allows for the capitalization for certain implementation costs incurred in a cloud computing arrangement that is considered a service contract. This update is effective in fiscal years, including interim periods, beginning after December 15, 2019, and early adoption is permitted. The Company has evaluated this guidance and does not expect it to have a material impact on the Consolidated Financial Statements and disclosures. The Company anticipates adopting the new guidance as of January 1, 2020. |
BUSINESS ACQUISITION (Tables)
BUSINESS ACQUISITION (Tables) - Goldcorp [Member] | 9 Months Ended |
Sep. 30, 2019 | |
Business Acquisition [Line Items] | |
Schedule of acquisition date transaction components | Newmont stock issued (285 million shares at $33.04 per share) $ 9,423 Cash paid to Goldcorp shareholders 17 Other non-cash consideration 16 Total consideration $ 9,456 |
Summary of purchase price allocation | Assets: Cash and cash equivalents (1) $ 117 Trade receivables 95 Investments (1) 179 Equity method investments (2) 2,843 Inventories 534 Stockpiles and ore on leach pads 57 Property, plant & mine development (3) 11,281 Goodwill (4) 2,752 Deferred income tax assets 121 Other assets (1) 509 Total assets 18,488 Liabilities: Debt (5) 3,304 Accounts payable 249 Employee-related benefits (6) 148 Income and mining taxes payable 17 Lease and other financing obligations (7) 414 Reclamation and remediation liabilities (8) 948 Deferred income tax liabilities (9) 1,837 Silver streaming agreement (10) 1,165 Other liabilities (11) 950 Total liabilities 9,032 Net assets acquired $ 9,456 (1) During the period, $21 and $39 of Cash and cash equivalents and Investments , respectively, were determined to be restricted and were reclassified to restricted cash and restricted investments, respectively, and included in Other assets in conformity with Newmont policy. (2) The preliminary fair value of the equity method investments was determined by applying the income valuation method. The income valuation method relies on a discounted cash flow model and projected financial results. Discount rates for the discounted cash flow models are based on capital structures for similar market participants and included various risk premiums that account for risks associated with the specific investments. During the quarter, $317 of goodwill was reclassified from Equity method Investments to Goodwill as the equity method investee is not expected to benefit from the synergies of the acquisition. (3) The preliminary fair value of property, plant and mine development is based on applying the income and cost valuation methods and includes a provision for the estimated fair value of asset retirement obligations related to the long-lived tangible assets . During the quarter, measurement period adjustments of $39 increased Property, plant and mine development , primarily due to further refinements of estimates . (4) Preliminary goodwill attributable to the North America and South America reportable segments is $2,249 and $503 , respectively. During the third quarter of 2019, the Company identified and recorded measurement period adjustments to our preliminary purchase price allocation that was disclosed in prior periods, as a result of additional analysis performed. These adjustments primarily include increased Reclamation and remediation liabilities , reclassification of Goodwill from Equity method investments , updates to the Silver streaming liability estimate and the addition of legally required severance obligation estimates that existed at the date of acquisition, which resulted in Goodwill increasing by $654 during the quarter. (5) The preliminary fair value of the Goldcorp senior notes is measured using a market approach, based on quoted prices for the acquired debt; $1,250 of borrowings under the term loan and revolving credit agreements approximate fair value. (6) During the quarter, Employee-related benefits increased by $61 due to the addition of legally required severance obligations that existed at the date of acquisition. (7) During the quarter, measurement period adjustments of $55 increased Lease and other financing obligations , primarily due to further refinements of estimates. (8) The preliminary fair value of reclamation and remediation liabilities is based on the expected amounts and timing of cash flows for closure activities and discounted to present value using a credit-adjusted risk-free rate as of the acquisition date. Key assumptions include the costs and timing of key closure activities based on the life of mine plans, including estimates and timing of monitoring and water management costs (if applicable) after the completion of initial closure activities. During the quarter, measurement period adjustments of $271 were made to Reclamation and remediation liabilities , as a result of additional analysis performed by the Company and third party specialists to further understand the various closure requirements that existed as of the acquisition date. (9) Deferred income tax assets and liabilities represent the future tax benefit or future tax expense associated with the differences between the preliminary fair value allocated to assets (excluding goodwill) and liabilities and the historical carryover tax basis of these assets and liabilities. No deferred tax liability is recognized for the basis difference inherent in the preliminary fair value allocated to goodwill. During the quarter, measurement period adjustments of $59 decreased Deferred income tax liabilities , primarily due to the tax impact of the other measurement period adjustments described above and recorded during the quarter. (10) The preliminary fair value of the acquired silver streaming intangible liability is valued by using the income valuation method. Key assumptions in the income valuation method include long-term silver prices, level of silver production over the life of mine and discount rates. During the quarter, measurement period adjustments were identified to refine the impact of exploration potential that existed at the date of acquisition, which increased the Silver streaming liability by $63 . (11) Other liabilities includes the preliminary balance of $453 related to unrecognized tax benefits, interest and penalties. Based on this preliminary amount, the acquisition of Goldcorp increased Newmont’s unrecognized tax benefits, interest and penalties, which were $14 at December 31, 2018. |
Schedule of pro-forma financial information | Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Sales $ 2,713 $ 2,359 $ 7,501 $ 7,485 Net income (loss) (1) 2,178 (210) 2,101 380 (1) Included in Net income (loss) are $26 and $228 of Goldcorp transaction and integration costs for the three and nine months ended September 30, 2019. |
NEVADA GOLD MINES JOINT VENTU_2
NEVADA GOLD MINES JOINT VENTURE (Tables) - Nevada Gold Mines LLC NGM [Member] | 9 Months Ended |
Sep. 30, 2019 | |
Business Acquisition [Line Items] | |
Schedule of acquisition date transaction components | Fair value of 38.5% interest received in NGM, including noncontrolling interest $ 7,341 Less: carrying value of Nevada mining operations contributed (4,950) Less: noncontrolling interest (25) Gain on formation of Nevada Gold Mines $ 2,366 |
Summary of purchase price allocation | Assets: Inventories $ 134 Stockpiles and ore on leach pads (1) 500 Property, plant & mine development (2) 7,075 Goodwill (3) 268 Other assets 83 Total assets 8,060 Liabilities: Accounts payable 97 Income and mining taxes payable 16 Lease and other financing obligations 1 Reclamation and remediation liabilities (4) 284 Deferred income tax liabilities (5) 278 Other liabilities 43 Total liabilities 719 Fair value of 38.5% interest received in NGM, including noncontrolling interest $ 7,341 (1) The fair value of the stockpiles and ore on leach pads was determined by applying the income valuation approach adjusted for estimated future costs to complete and normal profit margin. (2) The fair value of property, plant and mine development is based on applying the income and cost valuation methods and includes a provision for the estimated fair value of asset retirement obligations related to the long-lived tangible assets. (3) Goodwill represents the Company’s proportionate share of goodwill recognized by NGM at formation and primarily represents the value assigned to the assembled workforce acquired and the impact of deferred tax liabilities recognized in relation to Nevada net proceeds taxes. The Company’s proportionate share of goodwill recognized by NGM is included in the Nevada reportable segment. (4) The fair value of reclamation and remediation liabilities is based on the expected amounts and timing of cash flows for closure activities and discounted to present value using a credit-adjusted risk-free rate as of the acquisition date. Key assumptions include the costs and timing of key closure activities based on the life of mine plans, including estimates and timing of monitoring and water management costs (if applicable) after the completion of initial closure activities. (5) Deferred income tax liabilities represent the future tax expense relating to the Nevada net proceeds tax associated with the differences between the fair value allocated to assets (excluding goodwill) and liabilities and the historical carryover tax basis of these assets and liabilities. No deferred tax liability is recognized for the basis difference inherent in the fair value allocated to goodwill. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
SEGMENT INFORMATION | |
Financial Information of Company's Segments | Advanced Income (Loss) Costs Depreciation Projects, Research before Income Applicable and and Development and Mining Tax Capital Sales to Sales Amortization and Exploration and Other Items Expenditures (1) Three Months Ended September 30, 2019 CC&V $ 108 $ 65 $ 22 $ 2 $ 19 $ 12 Red Lake 44 45 21 2 (28) 8 Musselwhite — 8 9 3 (21) 17 Porcupine 123 62 22 4 34 26 Éléonore 124 69 28 2 25 13 Peñasquito: Gold 54 39 10 Silver 78 60 16 Lead 25 25 7 Zinc 87 47 13 Total Peñasquito 244 171 46 2 14 52 Other North America — — 8 2 (76) 3 North America 643 420 156 17 (33) 131 Yanacocha 219 107 33 6 55 46 Merian 188 78 25 3 84 16 Cerro Negro 175 78 28 15 52 18 Other South America — — 3 9 (18) — South America 582 263 89 33 173 80 Boddington: Gold 266 146 27 Copper 38 28 6 Total Boddington 304 174 33 1 100 22 Tanami 165 64 25 2 81 29 Kalgoorlie 90 60 6 2 21 9 Other Australia — — 1 9 (12) 2 Australia 559 298 65 14 190 62 Ahafo 231 98 40 8 90 62 Akyem 157 51 35 4 66 6 Other Africa — — — 1 (4) — Africa 388 149 75 13 152 68 Nevada Gold Mines 492 235 149 13 85 80 Carlin (2) 14 8 3 — 5 — Phoenix: (2) Gold 19 15 4 Copper 2 — — Total Phoenix 21 15 4 — 2 — Twin Creeks (2) 12 3 2 — 8 — Long Canyon (2) 2 1 1 — (2) — Other Nevada — — 1 — — — Nevada 541 262 160 13 98 80 Corporate and Other — — 3 41 2,198 6 Consolidated $ 2,713 $ 1,392 $ 548 $ 131 $ 2,778 $ 427 (1) Includes a decrease in accrued capital expenditures of $1 ; consolidated capital expenditures on a cash basis were $428 . (2) Amounts relate to sales of finished goods inventory retained and not contributed to NGM on the effective date, pursuant to the Nevada JV Agreement. Advanced Income (Loss) Costs Depreciation Projects, Research before Income Applicable and and Development and Mining Tax Capital Sales to Sales Amortization and Exploration and Other Items Expenditures (1) Three Months Ended September 30, 2018 CC&V $ 99 $ 68 $ 22 $ 4 $ 6 $ 6 Other North America — — — — — — North America 99 68 22 4 6 6 Yanacocha 189 116 30 10 23 41 Merian 157 67 22 2 62 13 Other South America — — 3 9 (16) — South America 346 183 55 21 69 54 Boddington: Gold 229 146 27 Copper 56 33 6 Total Boddington 285 179 33 — 73 14 Tanami 148 71 19 2 53 21 Kalgoorlie 92 56 6 2 53 4 Other Australia — — 1 4 8 2 Australia 525 306 59 8 187 41 Ahafo 125 62 23 4 34 70 Akyem 130 44 32 4 48 11 Other Africa — — — 1 (3) — Africa 255 106 55 9 79 81 Carlin 281 205 59 8 (30) 46 Phoenix: Gold 44 39 9 Copper 14 10 3 Total Phoenix 58 49 12 1 (7) 9 Twin Creeks 111 57 14 4 (263) 17 Long Canyon 51 21 20 7 4 4 Other Nevada — — — 6 (36) 4 Nevada 501 332 105 26 (332) 80 Corporate and Other — — 3 17 (137) 3 Consolidated $ 1,726 $ 995 $ 299 $ 85 $ (128) $ 265 (1) Includes a decrease in accrued capital expenditures of $9 ; consolidated capital expenditures on a cash basis were $274 . Advanced Income (Loss) Costs Depreciation Projects, Research before Income Applicable and and Development and Mining Tax Capital Sales to Sales Amortization and Exploration and Other Items Expenditures (1) Nine Months Ended September 30, 2019 CC&V $ 313 $ 208 $ 68 $ 9 $ 23 $ 26 Red Lake 93 88 42 5 (55) 22 Musselwhite 7 20 17 6 (38) 34 Porcupine 201 125 41 6 21 48 Éléonore 234 144 52 4 29 31 Peñasquito: Gold 80 66 16 Silver 109 101 26 Lead 38 45 13 Zinc 87 63 22 Total Peñasquito 314 275 77 3 (66) 71 Other North America — — 15 3 (101) 6 North America (2) 1,162 860 312 36 (187) 238 Yanacocha 576 300 84 16 136 134 Merian 542 220 70 6 245 39 Cerro Negro 310 141 74 19 59 35 Other South America — — 10 29 (47) 1 South America (2) 1,428 661 238 70 393 209 Boddington: Gold 721 431 80 Copper 119 87 17 Total Boddington 840 518 97 1 221 53 Tanami 490 198 69 8 220 86 Kalgoorlie 233 160 18 4 50 24 Other Australia — — 5 16 (25) 5 Australia 1,563 876 189 29 466 168 Ahafo 615 281 114 24 196 161 Akyem 436 172 117 12 129 25 Other Africa — — — 4 (12) — Africa 1,051 453 231 40 313 186 Nevada Gold Mines 492 235 149 13 85 80 Carlin (3) 533 358 107 15 49 64 Phoenix: (3) Gold 152 116 33 Copper 44 28 9 Total Phoenix 196 144 42 1 30 13 Twin Creeks (3) 222 113 31 5 81 30 Long Canyon (3) 126 36 36 12 38 7 Other Nevada — — 2 7 (9) 5 Nevada (4) 1,569 886 367 53 274 199 Corporate and Other (2) — — 10 72 1,814 22 Consolidated $ 6,773 $ 3,736 $ 1,347 $ 300 $ 3,073 $ 1,022 (1) Includes a decrease in accrued capital expenditures of $11 ; consolidated capital expenditures on a cash basis were $1,033 . (2) As a result of the Newmont Goldcorp transaction, total assets for the North America and South America reportable segments increased to $13,420 and $7,908 , respectively; while total assets for Corporate and other increased to $4,747 as of September 30, 2019. Refer to Note 3 for further information. (3) Amounts include sales of finished goods inventory retained and not contributed to NGM on the effective date, pursuant to the Nevada JV Agreement. (4) As a result of the formation of NGM, total assets for the Nevada reportable segment increased to $ 8,226 . Refer to Note 4 for further information. Advanced Income (Loss) Costs Depreciation Projects, Research before Income Applicable and and Development and Mining Tax Capital Sales to Sales Amortization and Exploration and Other Items Expenditures (1) Nine Months Ended September 30, 2018 CC&V $ 270 $ 149 $ 51 $ 7 $ 57 $ 24 Other North America — — — — — — North America 270 149 51 7 57 24 Yanacocha 479 322 82 32 (8) 81 Merian 455 195 64 11 182 62 Other South America — — 10 24 (45) 1 South America 934 517 156 67 129 144 Boddington: Gold 659 404 74 Copper 168 96 18 Total Boddington 827 500 92 — 239 40 Tanami 449 221 54 12 163 68 Kalgoorlie 331 178 18 8 154 17 Other Australia — — 4 8 4 3 Australia 1,607 899 168 28 560 128 Ahafo 395 242 78 12 56 196 Akyem 401 173 115 11 93 32 Other Africa — — — 3 (8) — Africa 796 415 193 26 141 228 Carlin 829 582 154 23 25 118 Phoenix Gold 207 145 34 Copper 61 40 11 Total Phoenix 268 185 45 3 29 27 Twin Creeks 335 187 45 9 (199) 57 Long Canyon 166 55 58 19 34 9 Other Nevada — — 1 19 (51) 8 Nevada 1,598 1,009 303 73 (162) 219 Corporate and Other — — 8 48 (265) 9 Consolidated $ 5,205 $ 2,989 $ 879 $ 249 $ 460 $ 752 (1) Includes a decrease in accrued capital expenditures of $11 ; consolidated capital expenditures on a cash basis were $763 . |
SALES (Tables)
SALES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
SALES | |
Schedule of sales by mining operation, product and by inventory type | Sales Gold Sales from from Doré Concentrate Production Production Total Sales Three Months Ended September 30, 2019 CC&V $ 108 $ — $ 108 Red Lake 44 — 44 Musselwhite — — — Porcupine 123 — 123 Éléonore 124 — 124 Peñasquito Gold 2 52 54 Silver (1) — 78 78 Lead — 25 25 Zinc — 87 87 Total Peñasquito 2 242 244 North America 401 242 643 Yanacocha 219 — 219 Merian 188 — 188 Cerro Negro 175 — 175 South America 582 — 582 Boddington Gold 62 204 266 Copper — 38 38 Total Boddington 62 242 304 Tanami 165 — 165 Kalgoorlie 90 — 90 Australia 317 242 559 Ahafo 231 — 231 Akyem 157 — 157 Africa 388 — 388 Nevada Gold Mines 483 9 492 Carlin (2) 14 — 14 Phoenix: (2) Gold — 19 19 Copper — 2 2 Total Phoenix — 21 21 Twin Creeks (2) 12 — 12 Long Canyon (2) 2 — 2 Nevada 511 30 541 Consolidated $ 2,199 $ 514 $ 2,713 (1) Silver sales from concentrate includes $11 related to non-cash amortization of the Silver streaming agreement liability. (2) Amounts relate to sales of finished goods inventory retained and not contributed to NGM on the effective date, pursuant to the Nevada JV Agreement. Sales Gold Sales from Sales from Doré Concentrate from Cathode Production Production Production Total Sales Three Months Ended September 30, 2018 CC&V $ 99 $ — $ — $ 99 North America 99 — — 99 Yanacocha 189 — — 189 Merian 157 — — 157 South America 346 — — 346 Boddington Gold 59 170 — 229 Copper — 56 — 56 Total Boddington 59 226 — 285 Tanami 148 — — 148 Kalgoorlie 92 — — 92 Australia 299 226 — 525 Ahafo 125 — — 125 Akyem 130 — — 130 Africa 255 — — 255 Carlin 281 — — 281 Phoenix Gold 21 23 — 44 Copper — 4 10 14 Total Phoenix 21 27 10 58 Twin Creeks 111 — — 111 Long Canyon 51 — — 51 Nevada 464 27 10 501 Consolidated $ 1,463 $ 253 $ 10 $ 1,726 Sales Gold Sales from Sales from Doré Concentrate from Cathode Production Production Production Total Sales Nine Months Ended September 30, 2019 CC&V $ 313 $ — $ — $ 313 Red Lake 93 — — 93 Musselwhite 7 — — 7 Porcupine 201 — — 201 Éléonore 234 — — 234 Peñasquito Gold 2 78 — 80 Silver (1) — 109 — 109 Lead — 38 — 38 Zinc — 87 — 87 Total Peñasquito 2 312 — 314 North America 850 312 — 1,162 Yanacocha 576 — — 576 Merian 542 — — 542 Cerro Negro 310 — — 310 South America 1,428 — — 1,428 Boddington Gold 176 545 — 721 Copper — 119 — 119 Total Boddington 176 664 — 840 Tanami 490 — — 490 Kalgoorlie 233 — — 233 Australia 899 664 — 1,563 Ahafo 615 — — 615 Akyem 436 — — 436 Africa 1,051 — — 1,051 Nevada Gold Mines 483 9 — 492 Carlin (2) 533 — — 533 Phoenix: (2) Gold 52 100 — 152 Copper — 16 28 44 Total Phoenix 52 116 28 196 Twin Creeks (2) 222 — — 222 Long Canyon (2) 126 — — 126 Nevada 1,416 125 28 1,569 Consolidated $ 5,644 $ 1,101 $ 28 $ 6,773 (1) Silver sales from concentrate includes $16 related to non-cash amortization of the Silver streaming agreement liability. (2) Amounts include sales of finished goods inventory retained and not contributed to NGM on the effective date, pursuant to the Nevada JV Agreement. Sales Gold Sales from Sales from Doré Concentrate from Cathode Production Production Production Total Sales Nine Months Ended September 30, 2018 CC&V $ 270 $ — $ — $ 270 North America 270 — — 270 Yanacocha 479 — — 479 Merian 455 — — 455 South America 934 — — 934 Boddington Gold 182 477 — 659 Copper — 168 — 168 Total Boddington 182 645 — 827 Tanami 449 — — 449 Kalgoorlie 331 — — 331 Australia 962 645 — 1,607 Ahafo 395 — — 395 Akyem 401 — — 401 Africa 796 — — 796 Carlin 829 — — 829 Phoenix: Gold 92 115 — 207 Copper — 25 36 61 Total Phoenix 92 140 36 268 Twin Creeks 335 — — 335 Long Canyon 166 — — 166 Nevada 1,422 140 36 1,598 Consolidated $ 4,384 $ 785 $ 36 $ 5,205 |
Schedule of receivables included within Trade Receivables | At September 30, At December 31, 2019 2018 Receivables from Sales: Gold sales from doré $ 44 $ 40 Sales from concentrate production 339 211 Sales from cathode production — 3 Total receivables from Sales $ 383 $ 254 |
RECLAMATION AND REMEDIATION (Ta
RECLAMATION AND REMEDIATION (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
RECLAMATION AND REMEDIATION ABSTRACT | |
Reclamation and Remediation Expense | Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Reclamation adjustments $ 14 $ — $ 14 $ — Reclamation accretion 38 26 96 75 Total reclamation expense 52 26 110 75 Remediation adjustments 9 3 49 17 Remediation accretion 1 2 6 4 Total remediation expense 10 5 55 21 $ 62 $ 31 $ 165 $ 96 |
Reconciliation of Reclamation Liabilities | 2019 2018 Reclamation balance at January 1, $ 2,316 $ 2,144 Additions, changes in estimates and other 18 6 Additions from the Newmont Goldcorp transaction 768 — Net change from the formation of NGM (26) — Other acquisitions and divestitures (10) — Payments, net (28) (22) Accretion expense 96 75 Reclamation balance at September 30, $ 3,134 $ 2,203 |
Reconciliation of Remediation Liabilities | 2019 2018 Remediation balance at January 1, $ 279 $ 304 Additions, changes in estimates and other 37 6 Additions from the Newmont Goldcorp transaction 180 — Net change from the formation of NGM — — Other acquisitions and divestitures — — Payments, net (36) (29) Accretion expense 6 4 Remediation balance at September 30, $ 466 $ 285 |
OTHER EXPENSE, NET (Tables)
OTHER EXPENSE, NET (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
OTHER EXPENSE, NET | |
Other Expense, Net | Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Goldcorp transaction and integration costs $ 26 $ — $ 185 $ — Nevada JV transaction and implementation costs 3 — 26 — Restructuring and other 2 1 7 16 Other 4 4 21 13 $ 35 $ 5 $ 239 $ 29 |
OTHER INCOME, NET (Tables)
OTHER INCOME, NET (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
OTHER INCOME, NET. | |
Other Income, Net | Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Change in fair value of investments $ 19 $ (26) $ 75 $ (21) Interest 10 15 44 39 Gain (loss) on asset and investment sales, net (1) 1 32 100 Foreign currency exchange, net 11 16 13 37 Insurance proceeds — 25 — 25 Restructuring and other (8) — (8) — Impairment of investments (1) — (2) — Other 1 6 12 17 $ 31 $ 37 $ 166 $ 197 |
INCOME AND MINING TAXES (Tables
INCOME AND MINING TAXES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
INCOME AND MINING TAXES | |
Income and Mining Tax Expense Reconciliation | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Income (loss) before income and mining tax and other items $ 2,778 $ (128) $ 3,073 $ 460 U.S. Federal statutory tax rate 21 % $ 583 21 % $ (27) 21 % $ 645 21 % $ 97 Reconciling items: Percentage depletion (1) (19) 16 (21) (1) (36) (10) (46) Change in valuation allowance on deferred tax assets 3 87 (10) 13 4 111 4 16 Adjustment to provisional expense related to the Tax Cuts and Job Act — — — — — — (10) (45) Foreign rate differential 2 51 (29) 37 3 89 18 83 Effect of foreign earnings, net of credits 1 19 5 (6) — 11 (2) (9) Mining and other taxes (1) (38) (13) 17 — (1) 10 47 U.S. tax effect of noncontrolling interest attributable to non-U.S. investees — (7) 8 (11) (1) (16) (5) (23) Tax impact of foreign exchange (1) (6) (147) — — (5) (150) — — Other 1 29 — 1 2 50 1 6 Income and mining tax expense 20 % $ 558 (2) % $ 3 23 % $ 703 27 % $ 126 (1) 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 U.S. dollar currency foreign exchange gains or losses. |
EQUITY INCOME (LOSS) OF AFFIL_2
EQUITY INCOME (LOSS) OF AFFILIATES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
EQUITY INCOME (LOSS) OF AFFILIATES | |
Equity Income (Loss) of Affiliates | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Pueblo Viejo Mine $ 39 $ — $ 65 $ — Continental Gold, Inc. (5) — (5) — Minera La Zanja S.R.L. (3) (3) (3) (7) TMAC Resources Inc. (1) (4) (3) (13) NuevaUnión Project (1) — (1) — Norte Abierto Project (1) — (1) — Maverix Metals Inc. — — 1 — Euronimba Ltd. 4 (2) — (5) $ 32 $ (9) $ 53 $ (25) |
NET INCOME (LOSS) FROM DISCON_2
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
DISCONTINUED OPERATIONS | |
Schedule of Net income (loss) from discontinued operations | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Holt royalty obligation $ (47) $ 19 $ (102) $ 55 Batu Hijau contingent consideration and other (1) (1) (3) 2 1 Net income (loss) from discontinued operations $ (48) $ 16 $ (100) $ 56 (1) See Note 19 for details on the Batu Hijau contingent consideration. |
NET INCOME (LOSS) ATTRIBUTABL_2
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |
Schedule of Net Income (Loss) Attributable to Noncontrolling Interests | Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Merian $ 19 $ 14 $ 58 $ 42 Yanacocha 7 7 25 (16) $ 26 $ 21 $ 83 $ 26 |
Schedule summarizing the consolidated assets and liabilities of VIE | At September 30, At December 31, 2019 2018 Current assets: Cash and cash equivalents $ 49 $ 40 Trade receivables 36 38 Inventories 85 82 Stockpiles and ore on leach pads 37 35 Other current assets (1) 2 5 209 200 Non-current assets: Property, plant and mine development, net 738 766 Stockpiles and ore on leach pads 5 — Other non-current assets (2) 8 4 Total assets $ 960 $ 970 Current liabilities: Accounts payable $ 17 $ 23 Other current liabilities (3) 28 27 45 50 Non-current liabilities: Reclamation and remediation liabilities 26 25 Other non-current liabilities (4) 5 1 Total liabilities $ 76 $ 76 (1) Other current assets include other receivables, prepaid assets and other current assets. (2) Other non-current assets include intangibles and operating ROU assets . (3) Other current liabilities include employee-related benefits and other current liabilities. (4) Other non-current liabilities include employee-related benefits and operating lease liabilities. |
NET INCOME (LOSS) PER COMMON _2
NET INCOME (LOSS) PER COMMON SHARE (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
NET INCOME (LOSS) PER COMMON SHARE | |
Summary of Income (Loss) per Common Share, Basic and Diluted | Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net income (loss) attributable to Newmont stockholders: Continuing operations $ 2,226 $ (161) $ 2,340 $ 283 Discontinued operations (48) 16 (100) 56 $ 2,178 $ (145) $ 2,240 $ 339 Weighted average common shares (millions): Basic 820 533 708 533 Effect of employee stock-based awards 2 2 1 2 Diluted 822 535 709 535 Net income (loss) per common share attributable to Newmont stockholders: Basic: Continuing operations $ 2.72 $ (0.31) $ 3.30 $ 0.53 Discontinued operations (0.06) 0.04 (0.14) 0.11 $ 2.66 $ (0.27) $ 3.16 $ 0.64 Diluted: Continuing operations $ 2.71 $ (0.31) $ 3.30 $ 0.53 Discontinued operations (0.06) 0.04 (0.14) 0.10 $ 2.65 $ (0.27) $ 3.16 $ 0.63 |
EMPLOYEE PENSION AND OTHER BE_2
EMPLOYEE PENSION AND OTHER BENEFIT PLANS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
EMPLOYEE PENSION AND OTHER BENEFIT PLANS | |
Schedule of components of the net periodic pension and other benefits costs | Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Pension benefit costs (credits), net (1) Service cost $ 7 $ 7 $ 21 $ 23 Interest cost 11 10 34 31 Expected return on plan assets (16) (17) (48) (51) Amortization, net 6 8 17 24 Curtailment 8 — 8 — $ 16 $ 8 $ 32 $ 27 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Other benefit costs (credits), net (1) Service cost $ — $ — $ 1 $ 1 Interest cost 1 — $ 3 $ 2 Amortization, net — (2) (5) (6) $ 1 $ (2) $ (1) $ (3) (1) Service costs are included in Costs applicable to sales or General and administrative and the other components of benefit costs and curtailments are included in Other income, net. |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
STOCK-BASED COMPENSATION | |
Schedule of stock based compensation by award | Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Stock-based compensation: Restricted stock units $ 15 $ 12 $ 54 $ 34 Performance leveraged stock units 7 7 22 23 Goldcorp performance share units 1 — 15 — Goldcorp phantom restricted share units 2 — 5 — $ 25 $ 19 $ 96 $ 57 |
FAIR VALUE ACCOUNTING (Tables)
FAIR VALUE ACCOUNTING (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
FAIR VALUE ACCOUNTING | |
Fair Value Measurement of Assets and Liabilities | Fair Value at September 30, 2019 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 2,712 $ 2,712 $ — $ — Restricted cash (Note 24) 111 111 — — Trade receivable from provisional concentrate sales, net 339 — 339 — Marketable equity securities (Note 20) (1) 310 298 12 — Marketable debt securities (Note 20) 37 — — 37 Continental conversion option (Note 20) 29 — 29 — Restricted marketable debt securities (Note 20) 51 23 28 — Restricted other assets (Note 20) 1 1 — — Batu Hijau contingent consideration 28 — — 28 $ 3,618 $ 3,145 $ 408 $ 65 Liabilities: Debt (2) $ 7,700 $ — $ 7,700 $ — Diesel derivative contracts 2 — 2 — Holt royalty obligation (Note 27) 256 — — 256 Cash-settled Goldcorp share awards 10 — 10 — $ 7,968 $ — $ 7,712 $ 256 Fair Value at December 31, 2018 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 3,397 $ 3,397 $ — $ — Restricted cash (Note 24) 92 92 — — Trade receivable from provisional concentrate sales, net 209 — 209 — Marketable equity securities (Note 20) (1) 127 114 13 — Restricted marketable debt securities (Note 20) 51 21 30 — Restricted other assets (Note 20) 6 6 — — Batu Hijau contingent consideration 26 — — 26 $ 3,908 $ 3,630 $ 252 $ 26 Liabilities: Debt (2) $ 4,229 $ — $ 4,229 $ — Diesel derivative contracts 5 — 5 — Holt royalty obligation (Note 27) 161 — — 161 $ 4,395 $ — $ 4,234 $ 161 (1) Marketable equity securities includes warrants reported in the Maverix Metals Inc. equity method investment balance of $9 at both September 30, 2019 and December 31, 2018. (2) Debt, exclusive of capital leases, is carried at amortized cost. The outstanding carrying value was $6,765 and $4,044 at September 30, 2019 and December 31, 2018, respectively. The fair value measurement of debt was based on an independent third party pricing source. |
Fair Value Inputs Assets Liabilities Quantitative Information | At September 30, Range/Weighted Description 2019 Valuation technique Unobservable input average Continental Convertible Debt $ 37 Discounted cash flow Discount rate 12.94 % Batu Hijau contingent consideration $ 28 Monte Carlo Discount rate 16.60 % Short-term copper price $ 2.63 Long-term copper price $ 3.00 Holt royalty obligation $ 256 Monte Carlo Discount rate 2.67 % Short-term gold price $ 1,472 Long-term gold price $ 1,300 Gold production scenarios (in 000's of ounces) 314 - 1,629 At December 31, Range/Weighted Description 2018 Valuation technique Unobservable input average Batu Hijau contingent consideration $ 26 Monte Carlo Discount rate 16.60 % Short-term copper price $ 2.80 Long-term copper price $ 3.00 Holt royalty obligation $ 161 Monte Carlo Discount rate 4.11 % Short-term gold price $ 1,228 Long-term gold price $ 1,300 Gold production scenarios (in 000's of ounces) 302 - 1,544 |
Changes in the Fair Value of the Company's Level 3 Financial Assets | Continental Batu Hijau Holt Convertible Contingent Total Royalty Total Debt (1) Consideration (2) Assets Obligation (2) Liabilities Fair value at December 31, 2018 $ — $ 26 $ 26 $ 161 $ 161 Additions and settlements 33 — 33 (7) (7) Revaluation 4 2 6 102 102 Fair value at September 30, 2019 $ 37 $ 28 $ 65 $ 256 $ 256 Batu Hijau Holt Contingent Total Royalty Total Consideration (2) Assets Obligation (2) Liabilities Fair Value at December 31, 2017 $ 23 $ 23 $ 243 $ 243 Settlements — — (8) (8) Revaluation — — (70) (70) Fair value at September 30, 2018 $ 23 $ 23 $ 165 $ 165 (1) The gain (loss) recognized is included in Other income, net. (2) The gain (loss) recognized is included in Net income (loss) from discontinued operations. |
Changes in the Fair Value of the Company's Level 3 Financial Liabilities | Continental Batu Hijau Holt Convertible Contingent Total Royalty Total Debt (1) Consideration (2) Assets Obligation (2) Liabilities Fair value at December 31, 2018 $ — $ 26 $ 26 $ 161 $ 161 Additions and settlements 33 — 33 (7) (7) Revaluation 4 2 6 102 102 Fair value at September 30, 2019 $ 37 $ 28 $ 65 $ 256 $ 256 Batu Hijau Holt Contingent Total Royalty Total Consideration (2) Assets Obligation (2) Liabilities Fair Value at December 31, 2017 $ 23 $ 23 $ 243 $ 243 Settlements — — (8) (8) Revaluation — — (70) (70) Fair value at September 30, 2018 $ 23 $ 23 $ 165 $ 165 (1) The gain (loss) recognized is included in Other income, net. (2) The gain (loss) recognized is included in Net income (loss) from discontinued operations. |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
DERIVATIVE INSTRUMENTS | |
Outstanding Derivative Contracts | Expected Maturity Date 2019 2020 2021 2022 Total/ Diesel Fixed Forward Contracts: South America Diesel gallons (millions) 1 3 1 — 5 Average rate ($/gallon) 1.91 1.86 1.86 1.82 1.87 Australia Diesel barrels (thousands) 20 129 102 7 258 Average rate ($/barrel) 80.49 78.91 81.15 75.93 79.84 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
INVESTMENTS | |
Schedule of investments | At September 30, 2019 At December 31, 2018 Current: Marketable equity securities $ 157 $ 48 Non-current: Marketable equity securities $ 144 $ 70 144 70 Equity method investments: Pueblo Viejo Mine (40.0%) 1,302 — NuevaUnión Project (50.0%) 929 — Norte Abierto Project (50.0%) 475 — Continental Gold, Inc. (19.9%) 141 — TMAC Resources Inc. (28.1%) 110 109 Alumbrera Mine (37.5%) 103 — Maverix Metals Inc. (27.8%) 87 85 Minera La Zanja S.R.L. (46.9%) 4 7 3,151 201 $ 3,295 $ 271 Non-current restricted investments: (1) Marketable debt securities $ 51 $ 51 Other assets 1 6 $ 52 $ 57 (1) Non-current restricted investments are legally pledged for purposes of settling reclamation and remediation obligations and are included in Other non-current assets . For further information regarding these amounts, see Note 7. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
INVENTORIES | |
Summary of Inventories | At September 30, At December 31, 2019 2018 Materials and supplies $ 685 $ 439 In-process 193 104 Concentrate and copper cathode (1) 112 61 Precious metals (2) 112 26 $ 1,102 $ 630 (1) Concentrate includes gold, copper, silver, lead and zinc . (2) Precious metals includes gold and silver doré. |
STOCKPILES AND ORE ON LEACH P_2
STOCKPILES AND ORE ON LEACH PADS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
STOCKPILES AND ORE ON LEACH PADS | |
Stockpiles and Ore on Leach Pads | At September 30, At December 31, 2019 2018 Current: Stockpiles $ 414 $ 395 Ore on leach pads 346 302 $ 760 $ 697 Non-current: Stockpiles $ 1,285 $ 1,429 Ore on leach pads 236 437 $ 1,521 $ 1,866 Total: Stockpiles $ 1,699 $ 1,824 Ore on leach pads 582 739 $ 2,281 $ 2,563 |
Stockpiles and Ore on Leach Pads, by Segment | Stockpiles Leach pads At September 30, At December 31, At September 30, At December 31, 2019 2018 2019 2018 Stockpiles and ore on leach pads: CC&V $ 16 $ 23 $ 247 $ 278 Musselwhite 25 — — — Porcupine 1 — — — Éléonore 2 — — — Peñasquito 128 — — — Yanacocha 55 71 158 173 Merian 42 35 — — Cerro Negro 1 — — — Boddington 460 458 — — Tanami 1 2 — — Kalgoorlie 108 121 — — Ahafo 416 417 — — Akyem 107 82 — — Nevada Gold Mines 337 — 177 — Carlin — 263 — 186 Phoenix — 32 — 32 Twin Creeks — 320 — 25 Long Canyon — — — 45 $ 1,699 $ 1,824 $ 582 $ 739 |
PROPERTY, PLANT AND MINE DEVE_2
PROPERTY, PLANT AND MINE DEVELOPMENT (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
PROPERTY, PLANT AND MINE DEVELOPMENT | |
Property, Plant and Mine Development | Depreciable At September 30, 2019 At December 31, 2018 Life Accumulated Net Book Accumulated Net Book (in years) Cost Depreciation Value Cost Depreciation Value Land $ 204 $ — $ 204 $ 222 $ — $ 222 Facilities and equipment (1) 1 - 27 17,857 (8,348) 9,509 16,661 (10,683) 5,978 Mine development 1 - 17 3,414 (1,989) 1,425 5,598 (3,314) 2,284 Mineral interests 1 - 17 13,840 (1,069) 12,771 2,658 (1,114) 1,544 Construction-in-progress 2,288 — 2,288 2,230 — 2,230 $ 37,603 $ (11,406) $ 26,197 $ 27,369 $ (15,111) $ 12,258 (1) At September 30, 2019 and December 31, 2018, Facilities and equipment include finance lease right of use assets of $765 and $-, respectively. Depreciable At September 30, 2019 At December 31, 2018 Life Accumulated Net Book Accumulated Net Book Mineral Interests (in years) Cost Depreciation Value Cost Depreciation Value Production stage 1 - 17 $ 9,889 $ (1,069) $ 8,820 $ 1,654 $ (1,114) $ 540 Development stage (1) 845 — 845 59 — 59 Exploration stage (1) 3,106 — 3,106 945 — 945 $ 13,840 $ (1,069) $ 12,771 $ 2,658 $ (1,114) $ 1,544 (1) These amounts are currently non-depreciable as these mineral interests have not reached production stage. |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
OTHER ASSETS ABSTRACT | |
Schedule of other assets | At September 30, At December 31, 2019 2018 Other current assets: Tax and other receivables $ 377 $ 92 Prepaid assets 183 154 Restricted cash 19 1 Other 5 4 $ 584 $ 251 Other non-current assets: Operating leases $ 97 $ — Restricted cash 92 91 Intangible assets 62 97 Restricted investments 52 57 Income tax receivable 45 47 Prepaid royalties 44 214 Taxes receivable other than income and mining taxes 41 23 Other 101 55 $ 534 $ 584 |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
DEBT | |
Schedule of minimum debt repayments | Year Ending December 31, 2019 (for the remainder of 2019) $ 626 2020 — 2021 550 2022 992 2023 1,000 Thereafter 3,624 $ 6,792 |
LEASE AND OTHER FINANCING OBL_2
LEASE AND OTHER FINANCING OBLIGATIONS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Lease Cost and Other Information Related to Leases | Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Operating lease cost $ 6 $ 18 Finance lease cost Amortization of ROU assets 25 50 Interest on lease liabilities 10 24 35 74 Variable lease cost 112 227 Short-term lease cost 33 47 $ 186 $ 366 Other information related to leases includes the following: Nine Months Ended September 30, 2019 Supplemental Cash Flow Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows relating to operating leases $ 23 Operating cash flows relating to finance leases $ 23 Financing cash flows relating to finance leases $ 37 Supplemental Non-cash Information: Lease obligations arising from obtaining ROU assets: (1) Operating leases $ 124 Finance leases $ 714 (1) Operating and financing lease obligations assumed in relation to the Newmont Goldcorp transaction were $58 and $414 , respectively. Operating and financing lease obligations assumed in relation to the formation of NGM were $11 and $1 , respectively. |
Schedule of lease terms and discount rates | Weighted Average Remaining Lease Term: Operating leases 6 years Finance leases 12 years Weighted Average Discount Rate: Operating leases 5.04% Finance leases 5.61% |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Financing Year Ending December 31, Leases Leases 2019 (for the remainder of 2019) $ 11 $ 26 2020 35 99 2021 22 95 2022 14 85 2023 8 79 Thereafter 29 598 Total future minimum lease payments 119 982 Less: Imputed interest (16) (285) Total $ 103 $ 697 |
Finance Lease, Liability, Maturity [Table Text Block] | Operating Financing Year Ending December 31, Leases Leases 2019 (for the remainder of 2019) $ 11 $ 26 2020 35 99 2021 22 95 2022 14 85 2023 8 79 Thereafter 29 598 Total future minimum lease payments 119 982 Less: Imputed interest (16) (285) Total $ 103 $ 697 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
OTHER LIABILITIES | |
Other Liabilities | At September 30, At December 31, 2019 2018 Other current liabilities: Accrued operating costs $ 279 $ 129 Reclamation and remediation liabilities 159 114 Silver streaming agreement 80 — Accrued interest 74 52 Accrued capital expenditures 60 61 Royalties 53 63 Operating leases 38 — Taxes other than income and mining 37 8 Holt royalty obligation 13 12 Other 75 16 $ 868 $ 455 Other non-current liabilities: Income and mining taxes (1) $ 372 $ 17 Holt royalty obligation 243 149 Norte Abierto deferred payments 154 — Galore Creek deferred payments 91 89 Operating leases 65 — Social development obligations 17 18 Power supply agreements — 28 Other 58 13 $ 1,000 $ 314 (1) Income and mining taxes includes a balance of $372 related to unrecognized tax benefits, interest and penalties. This includes the initial increase to the preliminary unrecognized tax benefits of $453 from Goldcorp. In the second quarter of 2019, a settlement was reached with the Mexican Tax Authority, reducing the initial unrecognized tax benefit from Goldcorp to $358 . |
RECLASSIFICATIONS OUT OF AOCI (
RECLASSIFICATIONS OUT OF AOCI (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |
Change in Accumulated Other Comprehensive Income (Loss) | Pension and Unrealized Gain Unrealized Gain Foreign Other (Loss) on (Loss) on Currency Post-retirement Cash flow Investment Translation Benefit Hedge Securities, net Adjustments Adjustments Instruments Total Balance at December 31, 2018 $ — $ 118 $ (262) $ (140) $ (284) Net current-period other comprehensive income (loss): Gain (loss) in other comprehensive income (loss) before reclassifications 3 7 (18) 2 (6) (Gain) loss reclassified from accumulated other comprehensive income (loss) — — 15 10 25 Other comprehensive income (loss) 3 7 (3) 12 19 Balance at September 30, 2019 $ 3 $ 125 $ (265) $ (128) $ (265) |
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Condensed Consolidated Statements of Operations Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Pension and other post-retirement benefit adjustments: Amortization $ 6 $ 6 $ 12 $ 18 Other income, net Curtailment 3 — 3 — Other income, net Total before tax 9 6 15 18 Tax — (1) — (4) Net of tax $ 9 $ 5 $ 15 $ 14 Hedge instruments adjustments: Operating cash flow hedges $ — $ (1) $ 2 $ — Costs applicable to sales Interest rate contracts 2 2 8 8 Interest expense, net Total before tax 2 1 10 8 Tax 1 — — (2) Net of tax $ 3 $ 1 $ 10 $ 6 Total reclassifications for the period, net of tax $ 12 $ 6 $ 25 $ 20 |
NET CHANGE IN OPERATING ASSET_2
NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 | Nine Months Ended September 30, 2019 2018 Decrease (increase) in operating assets: Trade and other receivables $ (217) $ (18) Inventories, stockpiles and ore on leach pads (90) (274) Other assets 45 (23) Increase (decrease) in operating liabilities: Accounts payable (3) (78) Reclamation and remediation liabilities (64) (51) Other accrued liabilities (80) (223) $ (409) $ (667) |
CONDENSED CONSOLIDATING FINAN_2
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | |
Condensed Consolidating Statement of Operation | Three Months Ended September 30, 2019 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Goldcorp Goldcorp Newmont Other Corporation Condensed Consolidating Statement of Operation Corporation USA Subsidiaries Eliminations Consolidated Sales $ — $ 47 $ 2,666 $ — $ 2,713 Costs and expenses: Costs applicable to sales (1) — 27 1,365 — 1,392 Depreciation and amortization 1 12 535 — 548 Reclamation and remediation — 8 54 — 62 Exploration — — 88 — 88 Advanced projects, research and development — 5 38 — 43 General and administrative — 16 68 — 84 Impairment of long-lived assets — — 3 — 3 Other expense, net 1 17 17 — 35 2 85 2,168 — 2,255 Other income (expense): Gain on formation of Nevada Gold Mines — 2,366 — — 2,366 Other income, net (13) (3) 47 — 31 Interest income - intercompany 37 13 23 (73) — Interest expense - intercompany (2) — (71) 73 — Interest expense, net (67) — (10) — (77) (45) 2,376 (11) — 2,320 Income (loss) before income and mining tax and other items (47) 2,338 487 — 2,778 Income and mining tax benefit (expense) — (470) (88) — (558) Equity income (loss) of affiliates 2,225 108 32 (2,333) 32 Net income (loss) from continuing operations 2,178 1,976 431 (2,333) 2,252 Net income (loss) from discontinued operations — — (48) — (48) Net income (loss) 2,178 1,976 383 (2,333) 2,204 Net loss (income) attributable to noncontrolling interests: — — (26) — (26) Net income (loss) attributable to Newmont stockholders $ 2,178 $ 1,976 $ 357 $ (2,333) $ 2,178 Comprehensive income (loss) $ 2,170 $ 1,960 $ 399 $ (2,333) $ 2,196 Comprehensive loss (income) attributable to noncontrolling interests — — (26) — (26) Comprehensive income (loss) attributable to Newmont stockholders $ 2,170 $ 1,960 $ 373 $ (2,333) $ 2,170 (1) Excludes Depreciation and amortization and Reclamation and remediation. Three Months Ended September 30, 2018 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Goldcorp Goldcorp Newmont Other Corporation Condensed Consolidating Statement of Operation Corporation USA Subsidiaries Eliminations Consolidated Sales $ — $ 417 $ 1,309 $ — $ 1,726 Costs and expenses: Costs applicable to sales (1) — 293 702 — 995 Depreciation and amortization 1 85 213 — 299 Reclamation and remediation — 4 27 — 31 Exploration — 13 35 — 48 Advanced projects, research and development — 8 29 — 37 General and administrative — 20 39 — 59 Impairment of long-lived assets — 336 30 — 366 Other expense, net — — 5 — 5 1 759 1,080 — 1,840 Other income (expense): Other income, net (32) 9 60 — 37 Interest income - intercompany 16 14 12 (42) — Interest expense - intercompany (10) — (32) 42 — Interest expense, net (45) (3) (3) — (51) (71) 20 37 — (14) Income (loss) before income and mining tax and other items (72) (322) 266 — (128) Income and mining tax benefit (expense) 16 79 (98) — (3) Equity income (loss) of affiliates (89) (13) (9) 102 (9) Net income (loss) from continuing operations (145) (256) 159 102 (140) Net income (loss) from discontinued operations — — 16 — 16 Net income (loss) (145) (256) 175 102 (124) Net loss (income) attributable to noncontrolling interests — — (21) — (21) Net income (loss) attributable to Newmont stockholders $ (145) $ (256) $ 154 $ 102 $ (145) Comprehensive income (loss) $ (133) $ (246) $ 165 $ 102 $ (112) Comprehensive loss (income) attributable to noncontrolling interests — — (21) — (21) Comprehensive income (loss) attributable to Newmont stockholders $ (133) $ (246) $ 144 $ 102 $ (133) (1) Excludes Depreciation and amortization and Reclamation and remediation. Nine Months Ended September 30, 2019 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Goldcorp Goldcorp Newmont Other Corporation Condensed Consolidating Statement of Operation Corporation USA Subsidiaries Eliminations Consolidated Sales $ — $ 881 $ 5,892 $ — $ 6,773 Costs and expenses: Costs applicable to sales (1) — 577 3,159 — 3,736 Depreciation and amortization 3 185 1,159 — 1,347 Reclamation and remediation — 16 149 — 165 Exploration — 20 178 — 198 Advanced projects, research and development — 14 88 — 102 General and administrative — 53 171 — 224 Impairment of long-lived assets — 1 3 — 4 Other expense, net 4 149 86 — 239 7 1,015 4,993 — 6,015 Other income (expense): Gain on formation of Nevada Gold Mines — 2,366 — — 2,366 Other income, net 15 39 112 — 166 Interest income - intercompany 84 44 50 (178) — Interest expense - intercompany (5) — (173) 178 — Interest expense, net (183) (2) (32) — (217) (89) 2,447 (43) — 2,315 Income (loss) before income and mining tax and other items (96) 2,313 856 — 3,073 Income and mining tax benefit (expense) — (478) (225) — (703) Equity income (loss) of affiliates 2,336 63 53 (2,399) 53 Net income (loss) from continuing operations 2,240 1,898 684 (2,399) 2,423 Net income (loss) from discontinued operations — — (100) — (100) Net income (loss) 2,240 1,898 584 (2,399) 2,323 Net loss (income) attributable to noncontrolling interests — — (83) — (83) Net income (loss) attributable to Newmont stockholders $ 2,240 $ 1,898 $ 501 $ (2,399) $ 2,240 Comprehensive income (loss) $ 2,259 $ 1,892 $ 590 $ (2,399) $ 2,342 Comprehensive loss (income) attributable to noncontrolling interests — — (83) — (83) Comprehensive income (loss) attributable to Newmont stockholders $ 2,259 $ 1,892 $ 507 $ (2,399) $ 2,259 (1) Excludes Depreciation and amortization and Reclamation and remediation. Nine Months Ended September 30, 2018 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Goldcorp Goldcorp Newmont Other Corporation Condensed Consolidating Statement of Operation Corporation USA Subsidiaries Eliminations Consolidated Sales $ — $ 1,348 $ 3,857 $ — $ 5,205 Costs and expenses: Costs applicable to sales (1) — 898 2,091 — 2,989 Depreciation and amortization 3 247 629 — 879 Reclamation and remediation — 11 85 — 96 Exploration — 39 103 — 142 Advanced projects, research and development — 22 85 — 107 General and administrative — 61 120 — 181 Impairment of long-lived assets — 336 30 — 366 Other expense, net — 2 27 — 29 3 1,616 3,170 — 4,789 Other income (expense): Other income, net (29) 36 190 — 197 Interest income - intercompany 67 36 33 (136) — Interest expense - intercompany (29) — (107) 136 — Interest expense, net (142) (5) (6) — (153) (133) 67 110 — 44 Income (loss) before income and mining tax and other items (136) (201) 797 — 460 Income and mining tax benefit (expense) 29 58 (213) — (126) Equity income (loss) of affiliates 446 (90) (25) (356) (25) Net income (loss) from continuing operations 339 (233) 559 (356) 309 Net income (loss) from discontinued operations — — 56 — 56 Net income (loss) 339 (233) 615 (356) 365 Net loss (income) attributable to noncontrolling interests — — (26) — (26) Net income (loss) attributable to Newmont stockholders $ 339 $ (233) $ 589 $ (356) $ 339 Comprehensive income (loss) $ 366 $ (223) $ 605 $ (356) $ 392 Comprehensive loss (income) attributable to noncontrolling interests — — (26) — (26) Comprehensive income (loss) attributable to Newmont stockholders $ 366 $ (223) $ 579 $ (356) $ 366 (1) Excludes Depreciation and amortization and Reclamation and remediation. |
Condensed Consolidating Statement of Cash Flows | Nine Months Ended September 30, 2019 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Goldcorp Goldcorp Newmont Other Corporation Condensed Consolidating Statement of Cash Flows Corporation USA Subsidiaries Eliminations Consolidated Operating activities: Net cash provided by (used in) operating activities of continuing operations $ 233 $ 107 $ 1,683 $ (355) $ 1,668 Net cash provided by (used in) operating activities of discontinued operations — — (7) — (7) Net cash provided by (used in) operating activities 233 107 1,676 (355) 1,661 Investing activities: Additions to property, plant and mine development — (99) (934) — (1,033) Acquisitions, net (17) — 144 — 127 Purchases of investments (72) (4) (18) — (94) Return of investment from equity method investees — — 83 — 83 Proceeds from sales of investments — 6 53 — 59 Proceeds from sales of other assets — 20 9 — 29 Other — — 12 — 12 Net cash provided by (used in) investing activities (89) (77) (651) — (817) Financing activities: Repayment of debt — — (1,250) — (1,250) Dividends paid to common stockholders (775) — (355) 355 (775) Proceeds from issuance of debt, net 690 — — — 690 Distributions to noncontrolling interests — — (137) — (137) Funding from noncontrolling interests — — 75 — 75 Payments for withholding of employee taxes related to stock-based compensation — (48) — — (48) Payments on lease and other financing obligations — — (37) — (37) Net intercompany borrowings (repayments) (35) 21 14 — — Other (24) — — — (24) Net cash provided by (used in) financing activities (144) (27) (1,690) 355 (1,506) Effect of exchange rate changes on cash, cash equivalents and restricted cash — — (4) — (4) Net change in cash, cash equivalents and restricted cash — 3 (669) — (666) Cash, cash equivalents and restricted cash at beginning of period — — 3,489 — 3,489 Cash, cash equivalents and restricted cash at end of period $ — $ 3 $ 2,820 $ — $ 2,823 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $ — $ — $ 2,712 $ — $ 2,712 Restricted cash included in Other current assets — — 19 — 19 Restricted cash included in Other noncurrent assets — 3 89 — 92 Total cash, cash equivalents and restricted cash $ — $ 3 $ 2,820 $ — $ 2,823 Nine Months Ended September 30, 2018 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Goldcorp Goldcorp Newmont Other Corporation Condensed Consolidating Statement of Cash Flows Corporation USA Subsidiaries Eliminations Consolidated Operating activities: Net cash provided by (used in) operating activities of continuing operations $ (123) $ 339 $ 879 $ — $ 1,095 Net cash provided by (used in) operating activities of discontinued operations — — (8) — (8) Net cash provided by (used in) operating activities (123) 339 871 — 1,087 Investing activities: Additions to property, plant and mine development — (203) (560) — (763) Acquisitions, net — — (138) — (138) Purchases of investments (4) — (13) — (17) Proceeds from sales of investments — 12 4 — 16 Proceeds from sales of other assets — — 23 — 23 Other — 1 (6) — (5) Net cash provided by (used in) investing activities (4) (190) (690) — (884) Financing activities: Repayment of debt — — — — — Dividends paid to common stockholders (226) — — — (226) Distributions to noncontrolling interests — — (107) — (107) Funding from noncontrolling interests — — 77 — 77 Payments for withholding of employee taxes related to stock-based compensation — (39) — — (39) Payments on lease and other financing obligations — — (3) (3) Proceeds from sale of noncontrolling interests — — 48 — 48 Repurchases of common stock (96) — — — (96) Net intercompany borrowings (repayments) 449 (109) (340) — — Other — (1) 1 — — Net cash provided by (used in) financing activities 127 (149) (324) — (346) Effect of exchange rate changes on cash, cash equivalents and restricted cash — — (4) — (4) Net change in cash, cash equivalents and restricted cash — — (147) — (147) Cash, cash equivalents and restricted cash at beginning of period — — 3,298 — 3,298 Cash, cash equivalents and restricted cash at end of period $ — $ — $ 3,151 $ — $ 3,151 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $ — $ — $ 3,068 $ — $ 3,068 Restricted cash included in Other current assets — — 1 — 1 Restricted cash included in Other noncurrent assets — — 82 — 82 Total cash, cash equivalents and restricted cash $ — $ — $ 3,151 $ — $ 3,151 |
Condensed Consolidating Balance Sheet | At September 30, 2019 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Goldcorp Goldcorp Newmont Other Corporation Condensed Consolidating Balance Sheet Corporation USA Subsidiaries Eliminations Consolidated Assets: Cash and cash equivalents $ — $ — $ 2,712 $ — $ 2,712 Trade receivables — 26 357 — 383 Intercompany receivable 7,539 3,292 6,005 (16,836) — Investments — — 157 — 157 Inventories — — 1,102 — 1,102 Stockpiles and ore on leach pads — — 760 — 760 Other current assets — 29 555 — 584 Current assets 7,539 3,347 11,648 (16,836) 5,698 Property, plant and mine development, net 11 42 26,169 (25) 26,197 Investments 157 2 3,136 — 3,295 Investments in subsidiaries 24,482 6,746 — (31,228) — Stockpiles and ore on leach pads — — 1,521 — 1,521 Deferred income tax assets — — 440 — 440 Goodwill — — 3,078 — 3,078 Non-current intercompany receivable 1,801 547 — (2,348) — Other non-current assets — 60 474 — 534 Total assets $ 33,990 $ 10,744 $ 46,466 $ (50,437) $ 40,763 Liabilities: Debt $ 626 $ — $ — $ — $ 626 Accounts payable — 16 516 — 532 Intercompany payable 6,039 1,923 8,874 (16,836) — Employee-related benefits 3 83 270 — 356 Income and mining taxes — — 132 — 132 Lease and other financing obligations — — 97 — 97 Other current liabilities 75 84 709 — 868 Current liabilities 6,743 2,106 10,598 (16,836) 2,611 Debt 5,814 — 325 — 6,139 Lease and other financing obligations — — 600 — 600 Reclamation and remediation liabilities — 22 3,419 — 3,441 Deferred income tax liabilities — 470 2,495 — 2,965 Employee-related benefits 3 207 244 — 454 Non-current intercompany payable — — 2,373 (2,373) — Silver streaming agreement — — 1,069 — 1,069 Other non-current liabilities — 13 987 — 1,000 Total liabilities 12,560 2,818 22,110 (19,209) 18,279 Contingently redeemable noncontrolling interest — — 49 — 49 Equity: Newmont stockholders’ equity 21,430 7,926 23,302 (31,228) 21,430 Noncontrolling interests — — 1,005 — 1,005 Total equity 21,430 7,926 24,307 (31,228) 22,435 Total liabilities and equity $ 33,990 $ 10,744 $ 46,466 $ (50,437) $ 40,763 At December 31, 2018 (Issuer) (Guarantor) (Non-Guarantor) Newmont Newmont Goldcorp Goldcorp Newmont Other Corporation Condensed Consolidating Balance Sheet Corporation USA Subsidiaries Eliminations Consolidated Assets: Cash and cash equivalents $ — $ — $ 3,397 $ — $ 3,397 Trade receivables — 63 191 — 254 Intercompany receivable 6,351 5,027 8,296 (19,674) — Investments — — 48 — 48 Inventories — 180 450 — 630 Stockpiles and ore on leach pads — 195 502 — 697 Other current assets — 30 221 — 251 Current assets 6,351 5,495 13,105 (19,674) 5,277 Property, plant and mine development, net 14 2,680 9,593 (29) 12,258 Investments 62 4 205 — 271 Investments in subsidiaries 13,083 — 3 (13,086) — Stockpiles and ore on leach pads — 658 1,208 — 1,866 Deferred income tax assets — — 401 — 401 Goodwill — — 58 — 58 Non-current intercompany receivable 653 704 6 (1,363) — Other non-current assets — 271 313 — 584 Total assets $ 20,163 $ 9,812 $ 24,892 $ (34,152) $ 20,715 Liabilities: Debt $ 626 $ — $ — $ — $ 626 Accounts payable — 83 220 — 303 Intercompany payable 5,554 2,741 11,379 (19,674) — Employee-related benefits — 138 167 — 305 Income and mining taxes — 19 52 — 71 Lease and other financing obligations — 1 26 — 27 Other current liabilities 52 135 268 — 455 Current liabilities 6,232 3,117 12,112 (19,674) 1,787 Debt 3,418 — — — 3,418 Lease and other financing obligations — 3 187 — 190 Reclamation and remediation liabilities — 325 2,156 — 2,481 Deferred income tax liabilities — 90 522 — 612 Employee-related benefits 3 236 162 — 401 Non-current intercompany payable 7 — 1,385 (1,392) — Other non-current liabilities 1 637 298 (622) 314 Total liabilities 9,661 4,408 16,822 (21,688) 9,203 Contingently redeemable noncontrolling interest — — 47 — 47 Equity: Newmont stockholders’ equity 10,502 5,404 7,060 (12,464) 10,502 Noncontrolling interests — — 963 — 963 Total equity 10,502 5,404 8,023 (12,464) 11,465 Total liabilities and equity $ 20,163 $ 9,812 $ 24,892 $ (34,152) $ 20,715 |
BASIS OF PRESENTATION (Detail)
BASIS OF PRESENTATION (Detail) $ in Millions | Jul. 01, 2019item | Apr. 18, 2019USD ($) | Sep. 30, 2019 |
Business Acquisition [Line Items] | |||
Number of managers to appoint | 2 | ||
Nevada Gold Mines LLC NGM [Member] | |||
Business Acquisition [Line Items] | |||
Noncontrolling interest, ownership percentage by noncontrolling owners | 38.50% | 38.50% | |
Barrick Gold Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Number of managers to appoint | 3 | ||
Barrick Gold Corporation [Member] | Nevada Gold Mines LLC NGM [Member] | |||
Business Acquisition [Line Items] | |||
Ownership/Economic interest (as a percent) | 61.50% | ||
Goldcorp [Member] | |||
Business Acquisition [Line Items] | |||
Total transaction value | $ | $ 9,456 |
SUMMARY OF POLICIES (Details)
SUMMARY OF POLICIES (Details) - USD ($) $ in Millions | Apr. 18, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Principles of Consolidation | |||
Goodwill | $ 3,078 | $ 58 | |
Inflation adjustment, as a percent | 1.65% | ||
Streaming agreement, percentage of sales | 25.00% | ||
Other noncurrent assets | |||
Principles of Consolidation | |||
Goodwill | (58) | ||
Goodwill [Member] | |||
Principles of Consolidation | |||
Goodwill | $ 58 | ||
Primary Beneficiary | Merian | |||
Principles of Consolidation | |||
Ownership interest held (as a percent) | 75.00% |
SUMMARY OF POLICIES - Recently
SUMMARY OF POLICIES - Recently Adopted - Leases (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Leases [Abstract] | ||||
Cumulative effect adjustment | $ 9 | |||
Operating Lease, Right-of-Use Asset | $ 97 | |||
Operating Lease, Liability | 103 | |||
Finance Lease, Right-of-Use Asset | 765 | |||
Finance Lease, Liability | 697 | |||
Other Assets Noncurrent | 534 | 584 | ||
Other Liabilities Current | 868 | 455 | ||
Other Liabilities Noncurrent | 1,000 | 314 | ||
Property Plant And Equipment Net | 26,197 | 12,258 | ||
Lease And Other Financing Obligations Current | 97 | 27 | ||
Lease And Other Financing Obligations Noncurrent | $ 600 | 190 | ||
Retained Earnings (Accumulated Deficit) | ||||
Leases [Abstract] | ||||
Cumulative effect adjustment | $ 9 | $ 115 | ||
Accounting Standards Update 2016-02 [Member] | Adjustments | ||||
Leases [Abstract] | ||||
Operating Lease, Right-of-Use Asset | $ 46 | |||
Operating Lease, Liability | 47 | |||
Finance Lease, Right-of-Use Asset | 85 | |||
Finance Lease, Liability | 93 | |||
Other Assets Noncurrent | 19 | |||
Other Liabilities Current | 3 | |||
Other Liabilities Noncurrent | $ 28 |
BUSINESS ACQUISITION (Details)
BUSINESS ACQUISITION (Details) - Goldcorp [Member] $ / shares in Units, shares in Millions, $ in Millions | Apr. 18, 2019USD ($)$ / sharesshares |
Business Combination, Consideration Transferred [Abstract] | |
Newmont stock issued | $ 9,423 |
Cash paid to shareholders | 17 |
Other consideration | 16 |
Total consideration | $ 9,456 |
Stock issued in acquisition, shares | shares | 285 |
Stock issued in acquisition, price per share | $ / shares | $ 33.04 |
BUSINESS ACQUISITION - Purchase
BUSINESS ACQUISITION - Purchase price allocation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2019 | Apr. 18, 2019 | Dec. 31, 2018 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Investments | $ 157 | $ 157 | $ 48 | |
Goodwill | 3,078 | 3,078 | 58 | |
Silver streaming agreement | 1,069 | 1,069 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract] | ||||
Net uncertain taxes payable | $ 14 | |||
North America | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Goodwill | $ 2,249 | |||
South America | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Goodwill | 503 | |||
Goldcorp [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Cash and cash equivalents | 117 | |||
Trade receivables | 95 | |||
Investments | 179 | |||
Equity method investments | 2,843 | |||
Inventories | 534 | |||
Stockpiles and ore on leach pads | 57 | |||
Property, plant and mine development | 11,281 | |||
Goodwill | 2,752 | |||
Deferred income tax assets | 121 | |||
Other assets | 509 | |||
Total assets | 18,488 | |||
Debt | 3,304 | |||
Accounts payable | 249 | |||
Employee-related benefits | 148 | |||
Income and mining taxes payable | 17 | |||
Lease and other financing obligations | 414 | |||
Reclamation and remediation liabilities | 948 | |||
Deferred income tax liabilities | 1,837 | |||
Silver streaming agreement | 1,165 | |||
Other liabilities | 950 | |||
Total liabilities | 9,032 | |||
Net assets acquired | 9,456 | |||
Restricted cash | 21 | 21 | ||
Restricted investments | 39 | 39 | ||
Reclassification from equity method investment to goodwill | 317 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract] | ||||
Measurement period adjustment, property, plant and mine development | 39 | |||
Measurement period adjustment, goodwill | 654 | |||
Measurement period adjustment, employee related benefits | 61 | |||
Measurement period adjustment, lease and other financing liabilities | 55 | |||
Measurement period adjustment, reclamation and remediation liabilities | 271 | |||
Measurement period adjustment, silver-streaming agreement | 63 | |||
Measurement period adjustment, other liabilities | (59) | |||
Goldcorp debt, fair value | 1,250 | |||
Uncertain income tax liabilities and interest | $ 453 | |||
Revenue since acquisition | 710 | 1,159 | ||
Earnings since acquisition | $ 72 | $ (17) |
BUSINESS ACQUISITION - Pro-form
BUSINESS ACQUISITION - Pro-forma information (Details) - Goldcorp [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Business Acquisition, Pro Forma Information [Abstract] | ||||
Sales | $ 2,713 | $ 2,359 | $ 7,501 | $ 7,485 |
Net income (loss) | 2,178 | $ (210) | 2,101 | $ 380 |
Transaction costs | 26 | 185 | ||
Pro Forma [Member] | ||||
Business Acquisition, Pro Forma Information [Abstract] | ||||
Transaction costs | $ 26 | $ 228 |
NEVADA GOLD MINES JOINT VENTU_3
NEVADA GOLD MINES JOINT VENTURE (Details) $ in Millions | Jul. 01, 2019USD ($)item | Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) |
Business Acquisition [Line Items] | |||
Number of managers to appoint | item | 2 | ||
Gain on formation of Nevada Gold Mines | $ 2,366 | $ 2,366 | |
Nevada Gold Mines LLC NGM [Member] | |||
Business Acquisition [Line Items] | |||
Ownership interest (as a percent) | 38.50% | 38.50% | 38.50% |
Barrick Gold Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Number of managers to appoint | item | 3 | ||
Nevada Gold Mines LLC NGM [Member] | |||
Business Acquisition [Line Items] | |||
Gain on formation of Nevada Gold Mines | $ 2,366 | ||
Business Combination, Consideration Transferred [Abstract] | |||
Fair value of interest received | 7,341 | ||
Value of assets contributed | (4,950) | ||
Less: noncontrolling interest | $ (25) |
NEVADA GOLD MINES JOINT VENTU_4
NEVADA GOLD MINES JOINT VENTURE - Net assets/liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jul. 01, 2019 | Dec. 31, 2018 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||
Goodwill | $ 3,078 | $ 58 | |
Nevada Gold Mines LLC NGM [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||
Inventories | $ 134 | ||
Stockpiles and ore on leach pads | 500 | ||
Property, plant and mine development | 7,075 | ||
Goodwill | 268 | ||
Other assets | 83 | ||
Total assets | 8,060 | ||
Accounts payable | 97 | ||
Income and mining taxes payable | 16 | ||
Lease and other financing obligations | 1 | ||
Reclamation and remediation liabilities | 284 | ||
Deferred income tax liabilities | 278 | ||
Other liabilities | 43 | ||
Total liabilities | 719 | ||
Net assets acquired | $ 7,341 |
NEVADA GOLD MINES JOINT VENTU_5
NEVADA GOLD MINES JOINT VENTURE - Other information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019USD ($)T$ / T | Sep. 30, 2019USD ($) | Jul. 01, 2019USD ($) | |
Corporate Joint Venture [Member] | |||
Business Acquisition [Line Items] | |||
Amounts billed for transition services | $ 4 | ||
Employee lease charges | 102 | ||
Services provided under agreement | $ 488 | $ 488 | |
Cripple Creek and Victor mine | |||
Business Acquisition [Line Items] | |||
Transportation costs share (as a percent) | 50.00% | ||
Milling cost per ton | $ / T | 20 | ||
Cripple Creek and Victor mine | Corporate Joint Venture [Member] | |||
Business Acquisition [Line Items] | |||
Due to (from) related party | $ 85 | 85 | |
Cripple Creek and Victor mine | Minimum | |||
Business Acquisition [Line Items] | |||
Toll mining agreement, monthly delivery (in tons) | T | 4,000 | ||
Cripple Creek and Victor mine | Maximum | |||
Business Acquisition [Line Items] | |||
Toll mining agreement, monthly delivery (in tons) | T | 8,333 | ||
Nevada Gold Mines LLC NGM [Member] | |||
Business Acquisition [Line Items] | |||
Transportation costs share (as a percent) | 50.00% | ||
Barrick Gold Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Agreement term | 2 years | ||
2035 Senior Notes, net | |||
Business Acquisition [Line Items] | |||
Debt instrument, interest rate, stated percentage | 5.875% | ||
2035 Senior Notes, net | Nevada Gold Mines LLC NGM [Member] | Guarantee of Indebtedness of Others [Member] | |||
Business Acquisition [Line Items] | |||
Principal amount | $ 600 | ||
Nevada Gold Mines LLC NGM [Member] | |||
Business Acquisition [Line Items] | |||
Revenue since acquisition | 492 | ||
Earnings since acquisition | $ 79 |
SEGMENT INFORMATION - Financial
SEGMENT INFORMATION - Financial Information Table (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019USD ($) | Mar. 31, 2019segment | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)segment | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($)segment | Jul. 01, 2019 | Dec. 31, 2018USD ($) | ||
Segment Information | |||||||||
Number of operating segments | segment | 4 | 5 | 4 | ||||||
Number of reportable segments | segment | 4 | 5 | 4 | ||||||
Sales (Note 6) | $ 2,713 | $ 1,726 | $ 6,773 | $ 5,205 | |||||
Depreciation and amortization | 548 | 299 | 1,347 | 879 | |||||
Advanced Projects, Research and Development, and Exploration | 131 | 85 | 300 | 249 | |||||
Income (Loss) before Income and Mining Tax and Other Items | 2,778 | (128) | 3,073 | 460 | |||||
Capital Expenditures | 427 | 265 | 1,022 | 752 | |||||
Additional disclosures | |||||||||
Increase (decrease) in accrued capital expenditures | (1) | (9) | (11) | (11) | |||||
Consolidated capital expenditures on a cash basis | 428 | 274 | 1,033 | 763 | |||||
Total Assets | 40,763 | $ 40,763 | 40,763 | $ 20,715 | |||||
Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | [1] | 1,392 | 995 | 3,736 | 2,989 | ||||
Corporate and other | |||||||||
Segment Information | |||||||||
Depreciation and amortization | 3 | 3 | 10 | 8 | |||||
Advanced Projects, Research and Development, and Exploration | 41 | 17 | 72 | 48 | |||||
Income (Loss) before Income and Mining Tax and Other Items | 2,198 | (137) | 1,814 | (265) | |||||
Capital Expenditures | 6 | 3 | 22 | 9 | |||||
Additional disclosures | |||||||||
Total Assets | 4,747 | 4,747 | 4,747 | ||||||
Nevada | |||||||||
Additional disclosures | |||||||||
Total Assets | 8,226 | 8,226 | 8,226 | ||||||
Nevada | Operating Segments | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 541 | 501 | 1,569 | 1,598 | |||||
Depreciation and amortization | 160 | 105 | 367 | 303 | |||||
Advanced Projects, Research and Development, and Exploration | 13 | 26 | 53 | 73 | |||||
Income (Loss) before Income and Mining Tax and Other Items | 98 | (332) | 274 | (162) | |||||
Capital Expenditures | 80 | 80 | 199 | 219 | |||||
Nevada | Operating Segments | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 262 | 332 | 886 | 1,009 | |||||
Nevada | Operating Segments | Nevada Gold Mines [Member] | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 492 | 492 | |||||||
Depreciation and amortization | 149 | 149 | |||||||
Advanced Projects, Research and Development, and Exploration | 13 | 13 | |||||||
Income (Loss) before Income and Mining Tax and Other Items | 85 | 85 | |||||||
Capital Expenditures | 80 | 80 | |||||||
Nevada | Operating Segments | Nevada Gold Mines [Member] | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 235 | 235 | |||||||
Nevada | Operating Segments | Carlin | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 14 | 281 | 533 | 829 | |||||
Depreciation and amortization | 3 | 59 | 107 | 154 | |||||
Advanced Projects, Research and Development, and Exploration | 8 | 15 | 23 | ||||||
Income (Loss) before Income and Mining Tax and Other Items | 5 | (30) | 49 | 25 | |||||
Capital Expenditures | 46 | 64 | 118 | ||||||
Nevada | Operating Segments | Carlin | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 8 | 205 | 358 | 582 | |||||
Nevada | Operating Segments | Phoenix | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 21 | 58 | 196 | 268 | |||||
Depreciation and amortization | 4 | 12 | 42 | 45 | |||||
Advanced Projects, Research and Development, and Exploration | 1 | 1 | 3 | ||||||
Income (Loss) before Income and Mining Tax and Other Items | 2 | (7) | 30 | 29 | |||||
Capital Expenditures | 9 | 13 | 27 | ||||||
Nevada | Operating Segments | Phoenix | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 15 | 49 | 144 | 185 | |||||
Nevada | Operating Segments | Phoenix Gold Subsegment [Member] | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 19 | 44 | 152 | 207 | |||||
Depreciation and amortization | 4 | 9 | 33 | 34 | |||||
Nevada | Operating Segments | Phoenix Gold Subsegment [Member] | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 15 | 39 | 116 | 145 | |||||
Nevada | Operating Segments | Phoenix Copper Subsegment [Member] | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 2 | 14 | 44 | 61 | |||||
Depreciation and amortization | 3 | 9 | 11 | ||||||
Nevada | Operating Segments | Phoenix Copper Subsegment [Member] | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 10 | 28 | 40 | ||||||
Nevada | Operating Segments | Twin Creeks | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 12 | 111 | 222 | 335 | |||||
Depreciation and amortization | 2 | 14 | 31 | 45 | |||||
Advanced Projects, Research and Development, and Exploration | 4 | 5 | 9 | ||||||
Income (Loss) before Income and Mining Tax and Other Items | 8 | (263) | 81 | (199) | |||||
Capital Expenditures | 17 | 30 | 57 | ||||||
Nevada | Operating Segments | Twin Creeks | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 3 | 57 | 113 | 187 | |||||
Nevada | Operating Segments | Long Canyon | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 2 | 51 | 126 | 166 | |||||
Depreciation and amortization | 1 | 20 | 36 | 58 | |||||
Advanced Projects, Research and Development, and Exploration | 7 | 12 | 19 | ||||||
Income (Loss) before Income and Mining Tax and Other Items | (2) | 4 | 38 | 34 | |||||
Capital Expenditures | 4 | 7 | 9 | ||||||
Nevada | Operating Segments | Long Canyon | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 1 | 21 | 36 | 55 | |||||
Nevada | Operating Segments | Other Nevada | |||||||||
Segment Information | |||||||||
Depreciation and amortization | 1 | 2 | 1 | ||||||
Advanced Projects, Research and Development, and Exploration | 6 | 7 | 19 | ||||||
Income (Loss) before Income and Mining Tax and Other Items | (36) | (9) | (51) | ||||||
Capital Expenditures | 4 | 5 | 8 | ||||||
North America | |||||||||
Additional disclosures | |||||||||
Total Assets | 13,420 | 13,420 | 13,420 | ||||||
North America | Operating Segments | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 643 | 99 | 1,162 | 270 | |||||
Depreciation and amortization | 156 | 22 | 312 | 51 | |||||
Advanced Projects, Research and Development, and Exploration | 17 | 4 | 36 | 7 | |||||
Income (Loss) before Income and Mining Tax and Other Items | (33) | 6 | (187) | 57 | |||||
Capital Expenditures | 131 | 6 | 238 | 24 | |||||
North America | Operating Segments | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 420 | 68 | 860 | 149 | |||||
North America | Operating Segments | Cripple Creek and Victor mine | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 108 | 99 | 313 | 270 | |||||
Depreciation and amortization | 22 | 22 | 68 | 51 | |||||
Advanced Projects, Research and Development, and Exploration | 2 | 4 | 9 | 7 | |||||
Income (Loss) before Income and Mining Tax and Other Items | 19 | 6 | 23 | 57 | |||||
Capital Expenditures | 12 | 6 | 26 | 24 | |||||
North America | Operating Segments | Cripple Creek and Victor mine | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 65 | 68 | 208 | 149 | |||||
North America | Operating Segments | Red Lake | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 44 | 93 | |||||||
Depreciation and amortization | 21 | 42 | |||||||
Advanced Projects, Research and Development, and Exploration | 2 | 5 | |||||||
Income (Loss) before Income and Mining Tax and Other Items | (28) | (55) | |||||||
Capital Expenditures | 8 | 22 | |||||||
North America | Operating Segments | Red Lake | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 45 | 88 | |||||||
North America | Operating Segments | Musselwhite | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 7 | ||||||||
Depreciation and amortization | 9 | 17 | |||||||
Advanced Projects, Research and Development, and Exploration | 3 | 6 | |||||||
Income (Loss) before Income and Mining Tax and Other Items | (21) | (38) | |||||||
Capital Expenditures | 17 | 34 | |||||||
North America | Operating Segments | Musselwhite | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 8 | 20 | |||||||
North America | Operating Segments | Porcupine | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 123 | 201 | |||||||
Depreciation and amortization | 22 | 41 | |||||||
Advanced Projects, Research and Development, and Exploration | 4 | 6 | |||||||
Income (Loss) before Income and Mining Tax and Other Items | 34 | 21 | |||||||
Capital Expenditures | 26 | 48 | |||||||
North America | Operating Segments | Porcupine | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 62 | 125 | |||||||
North America | Operating Segments | Eleonore | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 124 | 234 | |||||||
Depreciation and amortization | 28 | 52 | |||||||
Advanced Projects, Research and Development, and Exploration | 2 | 4 | |||||||
Income (Loss) before Income and Mining Tax and Other Items | 25 | 29 | |||||||
Capital Expenditures | 13 | 31 | |||||||
North America | Operating Segments | Eleonore | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 69 | 144 | |||||||
North America | Operating Segments | Penasquito | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 244 | 314 | |||||||
Depreciation and amortization | 46 | 77 | |||||||
Advanced Projects, Research and Development, and Exploration | 2 | 3 | |||||||
Income (Loss) before Income and Mining Tax and Other Items | 14 | (66) | |||||||
Capital Expenditures | 52 | 71 | |||||||
North America | Operating Segments | Penasquito | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 171 | 275 | |||||||
North America | Operating Segments | Penasquito Gold Subsegment [Member] | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 54 | 80 | |||||||
Depreciation and amortization | 10 | 16 | |||||||
North America | Operating Segments | Penasquito Gold Subsegment [Member] | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 39 | 66 | |||||||
North America | Operating Segments | Penasquito Silver Subsegment [Member] | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 78 | 109 | |||||||
Depreciation and amortization | 16 | 26 | |||||||
North America | Operating Segments | Penasquito Silver Subsegment [Member] | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 60 | 101 | |||||||
North America | Operating Segments | Penasquito Lead Subsegment [Member] | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 25 | 38 | |||||||
Depreciation and amortization | 7 | 13 | |||||||
North America | Operating Segments | Penasquito Lead Subsegment [Member] | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 25 | 45 | |||||||
North America | Operating Segments | Penasquito Zinc Subsegment [Member] | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 87 | 87 | |||||||
Depreciation and amortization | 13 | 22 | |||||||
North America | Operating Segments | Penasquito Zinc Subsegment [Member] | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 47 | 63 | |||||||
North America | Operating Segments | Other North America | |||||||||
Segment Information | |||||||||
Depreciation and amortization | 8 | 15 | |||||||
Advanced Projects, Research and Development, and Exploration | 2 | 3 | |||||||
Income (Loss) before Income and Mining Tax and Other Items | (76) | (101) | |||||||
Capital Expenditures | 3 | 6 | |||||||
South America | |||||||||
Additional disclosures | |||||||||
Total Assets | 7,908 | $ 7,908 | 7,908 | ||||||
South America | Operating Segments | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 582 | 346 | 1,428 | 934 | |||||
Depreciation and amortization | 89 | 55 | 238 | 156 | |||||
Advanced Projects, Research and Development, and Exploration | 33 | 21 | 70 | 67 | |||||
Income (Loss) before Income and Mining Tax and Other Items | 173 | 69 | 393 | 129 | |||||
Capital Expenditures | 80 | 54 | 209 | 144 | |||||
South America | Operating Segments | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 263 | 183 | 661 | 517 | |||||
South America | Operating Segments | Yanacocha | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 219 | 189 | 576 | 479 | |||||
Depreciation and amortization | 33 | 30 | 84 | 82 | |||||
Advanced Projects, Research and Development, and Exploration | 6 | 10 | 16 | 32 | |||||
Income (Loss) before Income and Mining Tax and Other Items | 55 | 23 | 136 | (8) | |||||
Capital Expenditures | 46 | 41 | 134 | 81 | |||||
South America | Operating Segments | Yanacocha | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 107 | 116 | 300 | 322 | |||||
South America | Operating Segments | Merian | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 188 | 157 | 542 | 455 | |||||
Depreciation and amortization | 25 | 22 | 70 | 64 | |||||
Advanced Projects, Research and Development, and Exploration | 3 | 2 | 6 | 11 | |||||
Income (Loss) before Income and Mining Tax and Other Items | 84 | 62 | 245 | 182 | |||||
Capital Expenditures | 16 | 13 | 39 | 62 | |||||
South America | Operating Segments | Merian | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 78 | 67 | 220 | 195 | |||||
South America | Operating Segments | Cerro Negro | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 175 | 310 | |||||||
Depreciation and amortization | 28 | 74 | |||||||
Advanced Projects, Research and Development, and Exploration | 15 | 19 | |||||||
Income (Loss) before Income and Mining Tax and Other Items | 52 | 59 | |||||||
Capital Expenditures | 18 | 35 | |||||||
South America | Operating Segments | Cerro Negro | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 78 | 141 | |||||||
South America | Operating Segments | Other South America | |||||||||
Segment Information | |||||||||
Depreciation and amortization | 3 | 3 | 10 | 10 | |||||
Advanced Projects, Research and Development, and Exploration | 9 | 9 | 29 | 24 | |||||
Income (Loss) before Income and Mining Tax and Other Items | (18) | (16) | (47) | (45) | |||||
Capital Expenditures | 1 | 1 | |||||||
Australia | Operating Segments | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 559 | 525 | 1,563 | 1,607 | |||||
Depreciation and amortization | 65 | 59 | 189 | 168 | |||||
Advanced Projects, Research and Development, and Exploration | 14 | 8 | 29 | 28 | |||||
Income (Loss) before Income and Mining Tax and Other Items | 190 | 187 | 466 | 560 | |||||
Capital Expenditures | 62 | 41 | 168 | 128 | |||||
Australia | Operating Segments | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 298 | 306 | 876 | 899 | |||||
Australia | Operating Segments | Boddington | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 304 | 285 | 840 | 827 | |||||
Depreciation and amortization | 33 | 33 | 97 | 92 | |||||
Advanced Projects, Research and Development, and Exploration | 1 | 1 | |||||||
Income (Loss) before Income and Mining Tax and Other Items | 100 | 73 | 221 | 239 | |||||
Capital Expenditures | 22 | 14 | 53 | 40 | |||||
Australia | Operating Segments | Boddington | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 174 | 179 | 518 | 500 | |||||
Australia | Operating Segments | Boddington Copper Subsegment [Member] | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 38 | 56 | 119 | 168 | |||||
Depreciation and amortization | 6 | 6 | 17 | 18 | |||||
Australia | Operating Segments | Boddington Copper Subsegment [Member] | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 28 | 33 | 87 | 96 | |||||
Australia | Operating Segments | Boddington Gold Subsegment [Member] | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 266 | 229 | 721 | 659 | |||||
Depreciation and amortization | 27 | 27 | 80 | 74 | |||||
Australia | Operating Segments | Boddington Gold Subsegment [Member] | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 146 | 146 | 431 | 404 | |||||
Australia | Operating Segments | Tanami | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 165 | 148 | 490 | 449 | |||||
Depreciation and amortization | 25 | 19 | 69 | 54 | |||||
Advanced Projects, Research and Development, and Exploration | 2 | 2 | 8 | 12 | |||||
Income (Loss) before Income and Mining Tax and Other Items | 81 | 53 | 220 | 163 | |||||
Capital Expenditures | 29 | 21 | 86 | 68 | |||||
Australia | Operating Segments | Tanami | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 64 | 71 | 198 | 221 | |||||
Australia | Operating Segments | Kalgoorlie | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 90 | 92 | 233 | 331 | |||||
Depreciation and amortization | 6 | 6 | 18 | 18 | |||||
Advanced Projects, Research and Development, and Exploration | 2 | 2 | 4 | 8 | |||||
Income (Loss) before Income and Mining Tax and Other Items | 21 | 53 | 50 | 154 | |||||
Capital Expenditures | 9 | 4 | 24 | 17 | |||||
Australia | Operating Segments | Kalgoorlie | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 60 | 56 | 160 | 178 | |||||
Australia | Operating Segments | Other Australia | |||||||||
Segment Information | |||||||||
Depreciation and amortization | 1 | 1 | 5 | 4 | |||||
Advanced Projects, Research and Development, and Exploration | 9 | 4 | 16 | 8 | |||||
Income (Loss) before Income and Mining Tax and Other Items | (12) | 8 | (25) | 4 | |||||
Capital Expenditures | 2 | 2 | 5 | 3 | |||||
Africa | Operating Segments | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 388 | 255 | 1,051 | 796 | |||||
Depreciation and amortization | 75 | 55 | 231 | 193 | |||||
Advanced Projects, Research and Development, and Exploration | 13 | 9 | 40 | 26 | |||||
Income (Loss) before Income and Mining Tax and Other Items | 152 | 79 | 313 | 141 | |||||
Capital Expenditures | 68 | 81 | 186 | 228 | |||||
Africa | Operating Segments | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 149 | 106 | 453 | 415 | |||||
Africa | Operating Segments | Ahafo | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 231 | 125 | 615 | 395 | |||||
Depreciation and amortization | 40 | 23 | 114 | 78 | |||||
Advanced Projects, Research and Development, and Exploration | 8 | 4 | 24 | 12 | |||||
Income (Loss) before Income and Mining Tax and Other Items | 90 | 34 | 196 | 56 | |||||
Capital Expenditures | 62 | 70 | 161 | 196 | |||||
Africa | Operating Segments | Ahafo | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 98 | 62 | 281 | 242 | |||||
Africa | Operating Segments | Akyem | |||||||||
Segment Information | |||||||||
Sales (Note 6) | 157 | 130 | 436 | 401 | |||||
Depreciation and amortization | 35 | 32 | 117 | 115 | |||||
Advanced Projects, Research and Development, and Exploration | 4 | 4 | 12 | 11 | |||||
Income (Loss) before Income and Mining Tax and Other Items | 66 | 48 | 129 | 93 | |||||
Capital Expenditures | 6 | 11 | 25 | 32 | |||||
Africa | Operating Segments | Akyem | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||||||
Segment Information | |||||||||
Costs applicable to sales | 51 | 44 | 172 | 173 | |||||
Africa | Operating Segments | Other Africa | |||||||||
Segment Information | |||||||||
Advanced Projects, Research and Development, and Exploration | 1 | 1 | 4 | 3 | |||||
Income (Loss) before Income and Mining Tax and Other Items | $ (4) | $ (3) | $ (12) | $ (8) | |||||
Nevada Gold Mines LLC NGM [Member] | |||||||||
Segment Information | |||||||||
Ownership interest (as a percent) | 38.50% | 38.50% | 38.50% | 38.50% | |||||
Nevada Gold Mines LLC NGM [Member] | Nevada | |||||||||
Segment Information | |||||||||
Ownership interest (as a percent) | 38.50% | ||||||||
[1] | Excludes Depreciation and amortization and Reclamation and remediation. |
SALES - Disaggregation of reven
SALES - Disaggregation of revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
SALES | ||||
Total sales | $ 2,713 | $ 1,726 | $ 6,773 | $ 5,205 |
Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 2,199 | 1,463 | 5,644 | 4,384 |
Sales From Concentrate Production [Member] | ||||
SALES | ||||
Total sales | 514 | 253 | 1,101 | 785 |
Sales From Cathode Production [Member] | ||||
SALES | ||||
Total sales | 10 | 28 | 36 | |
Penasquito Silver Subsegment [Member] | ||||
SALES | ||||
Sales related to streaming agreement | 11 | 16 | ||
Operating Segments | Nevada | ||||
SALES | ||||
Total sales | 541 | 501 | 1,569 | 1,598 |
Operating Segments | Nevada | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 511 | 464 | 1,416 | 1,422 |
Operating Segments | Nevada | Sales From Concentrate Production [Member] | ||||
SALES | ||||
Total sales | 30 | 27 | 125 | 140 |
Operating Segments | Nevada | Sales From Cathode Production [Member] | ||||
SALES | ||||
Total sales | 10 | 28 | 36 | |
Operating Segments | Nevada | Nevada Gold Mines [Member] | ||||
SALES | ||||
Total sales | 492 | 492 | ||
Operating Segments | Nevada | Nevada Gold Mines [Member] | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 483 | 483 | ||
Operating Segments | Nevada | Nevada Gold Mines [Member] | Sales From Concentrate Production [Member] | ||||
SALES | ||||
Total sales | 9 | 9 | ||
Operating Segments | Nevada | Carlin | ||||
SALES | ||||
Total sales | 14 | 281 | 533 | 829 |
Operating Segments | Nevada | Carlin | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 14 | 281 | 533 | 829 |
Operating Segments | Nevada | Phoenix | ||||
SALES | ||||
Total sales | 21 | 58 | 196 | 268 |
Operating Segments | Nevada | Phoenix | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 21 | 52 | 92 | |
Operating Segments | Nevada | Phoenix | Sales From Concentrate Production [Member] | ||||
SALES | ||||
Total sales | 21 | 27 | 116 | 140 |
Operating Segments | Nevada | Phoenix | Sales From Cathode Production [Member] | ||||
SALES | ||||
Total sales | 10 | 28 | 36 | |
Operating Segments | Nevada | Phoenix Copper Subsegment [Member] | ||||
SALES | ||||
Total sales | 2 | 14 | 44 | 61 |
Operating Segments | Nevada | Phoenix Copper Subsegment [Member] | Sales From Concentrate Production [Member] | ||||
SALES | ||||
Total sales | 2 | 4 | 16 | 25 |
Operating Segments | Nevada | Phoenix Copper Subsegment [Member] | Sales From Cathode Production [Member] | ||||
SALES | ||||
Total sales | 10 | 28 | 36 | |
Operating Segments | Nevada | Phoenix Gold Subsegment [Member] | ||||
SALES | ||||
Total sales | 19 | 44 | 152 | 207 |
Operating Segments | Nevada | Phoenix Gold Subsegment [Member] | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 21 | 52 | 92 | |
Operating Segments | Nevada | Phoenix Gold Subsegment [Member] | Sales From Concentrate Production [Member] | ||||
SALES | ||||
Total sales | 19 | 23 | 100 | 115 |
Operating Segments | Nevada | Twin Creeks | ||||
SALES | ||||
Total sales | 12 | 111 | 222 | 335 |
Operating Segments | Nevada | Twin Creeks | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 12 | 111 | 222 | 335 |
Operating Segments | Nevada | Long Canyon | ||||
SALES | ||||
Total sales | 2 | 51 | 126 | 166 |
Operating Segments | Nevada | Long Canyon | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 2 | 51 | 126 | 166 |
Operating Segments | North America | ||||
SALES | ||||
Total sales | 643 | 99 | 1,162 | 270 |
Operating Segments | North America | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 401 | 99 | 850 | 270 |
Operating Segments | North America | Sales From Concentrate Production [Member] | ||||
SALES | ||||
Total sales | 242 | 312 | ||
Operating Segments | North America | Cripple Creek and Victor mine | ||||
SALES | ||||
Total sales | 108 | 99 | 313 | 270 |
Operating Segments | North America | Cripple Creek and Victor mine | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 108 | 99 | 313 | 270 |
Operating Segments | North America | Red Lake | ||||
SALES | ||||
Total sales | 44 | 93 | ||
Operating Segments | North America | Red Lake | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 44 | 93 | ||
Operating Segments | North America | Musselwhite | ||||
SALES | ||||
Total sales | 7 | |||
Operating Segments | North America | Musselwhite | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 7 | |||
Operating Segments | North America | Porcupine | ||||
SALES | ||||
Total sales | 123 | 201 | ||
Operating Segments | North America | Porcupine | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 123 | 201 | ||
Operating Segments | North America | Eleonore | ||||
SALES | ||||
Total sales | 124 | 234 | ||
Operating Segments | North America | Eleonore | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 124 | 234 | ||
Operating Segments | North America | Penasquito | ||||
SALES | ||||
Total sales | 244 | 314 | ||
Operating Segments | North America | Penasquito | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 2 | 2 | ||
Operating Segments | North America | Penasquito | Sales From Concentrate Production [Member] | ||||
SALES | ||||
Total sales | 242 | 312 | ||
Operating Segments | North America | Penasquito Gold Subsegment [Member] | ||||
SALES | ||||
Total sales | 54 | 80 | ||
Operating Segments | North America | Penasquito Gold Subsegment [Member] | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 2 | 2 | ||
Operating Segments | North America | Penasquito Gold Subsegment [Member] | Sales From Concentrate Production [Member] | ||||
SALES | ||||
Total sales | 52 | 78 | ||
Operating Segments | North America | Penasquito Lead Subsegment [Member] | ||||
SALES | ||||
Total sales | 25 | 38 | ||
Operating Segments | North America | Penasquito Lead Subsegment [Member] | Sales From Concentrate Production [Member] | ||||
SALES | ||||
Total sales | 25 | 38 | ||
Operating Segments | North America | Penasquito Silver Subsegment [Member] | ||||
SALES | ||||
Total sales | 78 | 109 | ||
Operating Segments | North America | Penasquito Silver Subsegment [Member] | Sales From Concentrate Production [Member] | ||||
SALES | ||||
Total sales | 78 | 109 | ||
Operating Segments | North America | Penasquito Zinc Subsegment [Member] | ||||
SALES | ||||
Total sales | 87 | 87 | ||
Operating Segments | North America | Penasquito Zinc Subsegment [Member] | Sales From Concentrate Production [Member] | ||||
SALES | ||||
Total sales | 87 | 87 | ||
Operating Segments | South America | ||||
SALES | ||||
Total sales | 582 | 346 | 1,428 | 934 |
Operating Segments | South America | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 582 | 346 | 1,428 | 934 |
Operating Segments | South America | Yanacocha | ||||
SALES | ||||
Total sales | 219 | 189 | 576 | 479 |
Operating Segments | South America | Yanacocha | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 219 | 189 | 576 | 479 |
Operating Segments | South America | Merian | ||||
SALES | ||||
Total sales | 188 | 157 | 542 | 455 |
Operating Segments | South America | Merian | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 188 | 157 | 542 | 455 |
Operating Segments | South America | Cerro Negro | ||||
SALES | ||||
Total sales | 175 | 310 | ||
Operating Segments | South America | Cerro Negro | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 175 | 310 | ||
Operating Segments | Australia | ||||
SALES | ||||
Total sales | 559 | 525 | 1,563 | 1,607 |
Operating Segments | Australia | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 317 | 299 | 899 | 962 |
Operating Segments | Australia | Sales From Concentrate Production [Member] | ||||
SALES | ||||
Total sales | 242 | 226 | 664 | 645 |
Operating Segments | Australia | Boddington | ||||
SALES | ||||
Total sales | 304 | 285 | 840 | 827 |
Operating Segments | Australia | Boddington | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 62 | 59 | 176 | 182 |
Operating Segments | Australia | Boddington | Sales From Concentrate Production [Member] | ||||
SALES | ||||
Total sales | 242 | 226 | 664 | 645 |
Operating Segments | Australia | Boddington Gold Subsegment [Member] | ||||
SALES | ||||
Total sales | 266 | 229 | 721 | 659 |
Operating Segments | Australia | Boddington Gold Subsegment [Member] | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 62 | 59 | 176 | 182 |
Operating Segments | Australia | Boddington Gold Subsegment [Member] | Sales From Concentrate Production [Member] | ||||
SALES | ||||
Total sales | 204 | 170 | 545 | 477 |
Operating Segments | Australia | Boddington Copper Subsegment [Member] | ||||
SALES | ||||
Total sales | 38 | 56 | 119 | 168 |
Operating Segments | Australia | Boddington Copper Subsegment [Member] | Sales From Concentrate Production [Member] | ||||
SALES | ||||
Total sales | 38 | 56 | 119 | 168 |
Operating Segments | Australia | Tanami | ||||
SALES | ||||
Total sales | 165 | 148 | 490 | 449 |
Operating Segments | Australia | Tanami | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 165 | 148 | 490 | 449 |
Operating Segments | Australia | Kalgoorlie | ||||
SALES | ||||
Total sales | 90 | 92 | 233 | 331 |
Operating Segments | Australia | Kalgoorlie | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 90 | 92 | 233 | 331 |
Operating Segments | Africa | ||||
SALES | ||||
Total sales | 388 | 255 | 1,051 | 796 |
Operating Segments | Africa | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 388 | 255 | 1,051 | 796 |
Operating Segments | Africa | Ahafo | ||||
SALES | ||||
Total sales | 231 | 125 | 615 | 395 |
Operating Segments | Africa | Ahafo | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | 231 | 125 | 615 | 395 |
Operating Segments | Africa | Akyem | ||||
SALES | ||||
Total sales | 157 | 130 | 436 | 401 |
Operating Segments | Africa | Akyem | Gold Sales from Dore' Production | ||||
SALES | ||||
Total sales | $ 157 | $ 130 | $ 436 | $ 401 |
SALES - Receivables Balance (De
SALES - Receivables Balance (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Receivables from Sales: | ||
Total receivables from Sales | $ 383 | $ 254 |
Gold Sales from Dore' Production | ||
Receivables from Sales: | ||
Total receivables from Sales | 44 | 40 |
Sales From Cathode Production [Member] | ||
Receivables from Sales: | ||
Total receivables from Sales | 3 | |
Sales From Concentrate Production [Member] | ||
Receivables from Sales: | ||
Total receivables from Sales | $ 339 | $ 211 |
SALES - Impact of changes (Deta
SALES - Impact of changes (Details) - USD ($) $ in Millions | Apr. 18, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
SALES | |||||
Increase (decrease) in Sales due to changes in final pricing | $ 5 | $ 2 | $ (5) | ||
Impact to Sales due to changes in quantities resulting from assays | (5) | $ 1 | (4) | (2) | |
Increase (decrease) to Sales from provisional pricing mark-to-market | $ 4 | $ (9) | $ 10 | $ (17) | |
Streaming agreement, percentage of sales | 25.00% | ||||
Inflation adjustment, as a percent | 1.65% |
RECLAMATION AND REMEDIATION - E
RECLAMATION AND REMEDIATION - Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Reclamation and remediation expense | ||||
Reclamation adjustment | $ 14 | $ 14 | ||
Reclamation accretion | 38 | $ 26 | 96 | $ 75 |
Total reclamation expense | 52 | 26 | 110 | 75 |
Remediation adjustment | 9 | 3 | 49 | 17 |
Remediation accretion | 1 | 2 | 6 | 4 |
Total remediation expense | 10 | 5 | 55 | 21 |
Reclamation and remediation | ||||
Reclamation and remediation expense | ||||
Cost of goods sold, Reclamation and remediation | $ 62 | $ 31 | $ 165 | $ 96 |
RECLAMATION AND REMEDIATION - R
RECLAMATION AND REMEDIATION - Reconciliation of Obligation (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Change in reclamation liability | |||||
Balance at beginning of period | $ 2,316 | $ 2,144 | |||
Additions, changes in estimates and other | 18 | 6 | |||
Payments, net | (28) | (22) | |||
Accretion expense | $ 38 | $ 26 | 96 | 75 | |
Balance at end of period | $ 2,203 | 3,134 | 2,203 | 3,134 | 2,203 |
Change in remediation liability | |||||
Balance at beginning of period | 279 | 304 | |||
Additions, changes in estimates and other | 37 | 6 | |||
Payments, net | (36) | (29) | |||
Accretion expense | 1 | 2 | 6 | 4 | |
Balance at end of period | 285 | $ 466 | $ 285 | 466 | $ 285 |
Con Mine | |||||
Change in remediation liability | |||||
Additions, changes in estimates and other | 11 | ||||
Idarado Site [Member] | |||||
Change in remediation liability | |||||
Additions, changes in estimates and other | $ 8 | ||||
Individually Immaterial Disposals [Member] | |||||
Change in reclamation liability | |||||
Acquisitions and divestitures | (10) | ||||
Goldcorp [Member] | |||||
Change in reclamation liability | |||||
Acquisitions and divestitures | 768 | ||||
Change in remediation liability | |||||
Acquisitions and divestitures | 180 | ||||
Nevada Gold Mines LLC NGM [Member] | |||||
Change in reclamation liability | |||||
Acquisitions and divestitures | (26) | ||||
Dawn Mine [Member] | |||||
Change in remediation liability | |||||
Additions, changes in estimates and other | 26 | ||||
Mule Canyon Mine [Member] | |||||
Change in reclamation liability | |||||
Additions, changes in estimates and other | 9 | ||||
Northumberland Mine [Member] | |||||
Change in reclamation liability | |||||
Additions, changes in estimates and other | $ 4 |
RECLAMATION AND REMEDIATION - A
RECLAMATION AND REMEDIATION - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Reclamation and remediation | ||||
Asset retirement obligation | $ 3,134 | $ 2,316 | $ 2,203 | $ 2,144 |
Environmental remediation obligations | 466 | 279 | $ 285 | $ 304 |
Goldcorp [Member] | ||||
Reclamation and remediation | ||||
Reclamation obligation, current | 11 | |||
Remediation obligation, current | 40 | |||
Nevada Gold Mines LLC NGM [Member] | ||||
Reclamation and remediation | ||||
Reclamation obligation, current | $ 24 | |||
Minimum | ||||
Reclamation and remediation | ||||
Loss accrual possible shortfall, as a percent | 0.00% | |||
Maximum | ||||
Reclamation and remediation | ||||
Loss accrual possible shortfall, as a percent | 22.00% | |||
Other current liabilities | ||||
Reclamation and remediation | ||||
Reclamation obligation, current | $ 71 | 65 | ||
Remediation obligation, current | 88 | 49 | ||
Other noncurrent assets | ||||
Reclamation and remediation | ||||
Asset retirement obligation restricted assets | 42 | 42 | ||
Other noncurrent assets | Nevada Gold Mines LLC NGM [Member] | ||||
Reclamation and remediation | ||||
Asset retirement obligation restricted assets | 6 | |||
Other noncurrent assets | Marketable equity securities | ||||
Reclamation and remediation | ||||
Asset retirement obligation restricted assets | 52 | 57 | ||
Other noncurrent assets | Ahafo and Akyem Mines | ||||
Reclamation and remediation | ||||
Asset retirement obligation restricted assets | 33 | 32 | ||
Other noncurrent assets | Con Mine | ||||
Reclamation and remediation | ||||
Asset retirement obligation restricted assets | 8 | |||
Other noncurrent assets | San Jose Reservoir | ||||
Reclamation and remediation | ||||
Asset retirement obligation restricted assets | $ 2 | |||
Other noncurrent assets | Midnite Mine | ||||
Reclamation and remediation | ||||
Asset retirement obligation restricted assets | $ 3 |
IMPAIRMENT OF LONG-LIVED ASSE_2
IMPAIRMENT OF LONG-LIVED ASSETS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
IMPAIRMENT OF LONG-LIVED ASSETS | ||||
Impairment of long-lived assets | $ 3 | $ 366 | $ 4 | $ 366 |
Inventory write-downs | $ 108 | 220 | ||
Costs applicable to sales | ||||
IMPAIRMENT OF LONG-LIVED ASSETS | ||||
Inventory write-downs | 22 | 22 | ||
Depreciation and amortization | ||||
IMPAIRMENT OF LONG-LIVED ASSETS | ||||
Inventory write-downs | 7 | 7 | ||
Emigrant | ||||
IMPAIRMENT OF LONG-LIVED ASSETS | ||||
Impairment of long-lived assets | 35 | 35 | ||
Exploration Property | ||||
IMPAIRMENT OF LONG-LIVED ASSETS | ||||
Impairment of long-lived assets | $ 331 | $ 331 |
OTHER EXPENSE, NET (Details)
OTHER EXPENSE, NET (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Restructuring and other | $ 2 | $ 1 | $ 7 | $ 16 |
Impairment of long-lived assets | 3 | 366 | 4 | 366 |
Other | 4 | 4 | 21 | 13 |
Other expense, net | 35 | $ 5 | 239 | $ 29 |
Goldcorp [Member] | ||||
Transaction, integration and implementation costs | 26 | 185 | ||
Nevada Gold Mines LLC NGM [Member] | ||||
Transaction, integration and implementation costs | $ 3 | $ 26 |
OTHER INCOME, NET - Components
OTHER INCOME, NET - Components (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
OTHER INCOME, NET | |||||||
Change in fair value of investments | $ 19 | $ (26) | $ 75 | $ (21) | |||
Interest | 10 | 15 | 44 | 39 | |||
Gain (loss) on asset and investment sales, net | (1) | 1 | 32 | 100 | |||
Foreign currency exchange, net | 11 | 16 | 13 | 37 | |||
Insurance proceeds | $ 25 | 25 | 25 | ||||
Restructuring and other | (8) | (8) | |||||
Impairment of investments | (1) | (2) | |||||
Other | 1 | 6 | 12 | 17 | |||
Other Income, net | $ 31 | $ 37 | $ 166 | $ 197 | |||
Maverix [Member] | |||||||
OTHER INCOME, NET | |||||||
Gain (loss) on asset and investment sales, net | $ 100 | ||||||
Specified Exploration Property in North America [Member] | |||||||
OTHER INCOME, NET | |||||||
Gain (loss) on asset and investment sales, net | $ 26 |
INCOME AND MINING TAXES - Tax E
INCOME AND MINING TAXES - Tax Expense Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Reconciling item, percentage | ||||
U.S. Federal statutory tax rate (as a percent) | 21.00% | 21.00% | 21.00% | 21.00% |
Percentage depletion (as a percent) | (1.00%) | 16.00% | (1.00%) | (10.00%) |
Change in valuation allowance on deferred tax assets (as a percent) | 3.00% | (10.00%) | 4.00% | 4.00% |
Adjustment to provisional expense related to the Tax Cuts and Job Act (as a percent) | (10.00%) | |||
Foreign rate differential (as a percent) | 2.00% | (29.00%) | 3.00% | 18.00% |
Effect of foreign earnings, net of credits (as a percent) | 1.00% | 5.00% | (2.00%) | |
Mining and other taxes (as a percent) | (1.00%) | (13.00%) | 10.00% | |
U.S. tax effect of noncontrolling interest attributable to non-U.S. investees | 8.00% | (1.00%) | (5.00%) | |
Tax impact of foreign exchange (as a percent) | (6.00%) | (5.00%) | ||
Other (as a percent) | 1.00% | 2.00% | 1.00% | |
Income and mining tax expense (as a percent) | 20.00% | (2.00%) | 23.00% | 27.00% |
Reconciling item, amount | ||||
Income (loss) before income and mining tax and other items | $ 2,778 | $ (128) | $ 3,073 | $ 460 |
U.S. Federal statutory tax rate | 583 | (27) | 645 | 97 |
Percentage depletion | (19) | (21) | (36) | (46) |
Change in valuation allowance on deferred tax assets | 87 | 13 | 111 | 16 |
Adjustment to provisional expense related to the Tax Cuts and Job Act | (45) | |||
Foreign rate differential | 51 | 37 | 89 | 83 |
Effect of foreign earnings, net of credits | 19 | (6) | 11 | (9) |
Mining and other taxes | (38) | 17 | (1) | 47 |
U.S. tax effect of minority interest attributable to non-U.S. investees | (7) | (11) | (16) | (23) |
Tax impact of foreign exchange | (147) | (150) | ||
Other | 29 | 1 | 50 | 6 |
Income and mining tax expense | $ 558 | $ 3 | $ 703 | $ 126 |
EQUITY INCOME (LOSS) OF AFFIL_3
EQUITY INCOME (LOSS) OF AFFILIATES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Equity method investments | ||||
Equity income (loss) of affiliates | $ 32 | $ (9) | $ 53 | $ (25) |
Pueblo Viejo Mine [Member] | ||||
Equity method investments | ||||
Equity income (loss) of affiliates | 39 | 65 | ||
Nueva Union Project [Member] | ||||
Equity method investments | ||||
Equity income (loss) of affiliates | (1) | (1) | ||
Norte Abierto Project [Member] | ||||
Equity method investments | ||||
Equity income (loss) of affiliates | (1) | (1) | ||
Continental | ||||
Equity method investments | ||||
Equity income (loss) of affiliates | (5) | (5) | ||
TMAC | ||||
Equity method investments | ||||
Equity income (loss) of affiliates | (1) | (4) | (3) | (13) |
Maverix [Member] | ||||
Equity method investments | ||||
Equity income (loss) of affiliates | 1 | |||
Minera La Zanja S.R.L. | ||||
Equity method investments | ||||
Equity income (loss) of affiliates | (3) | (3) | $ (3) | (7) |
Euronimba Ltd | ||||
Equity method investments | ||||
Equity income (loss) of affiliates | $ 4 | $ (2) | $ (5) |
EQUITY INCOME (LOSS) OF AFFIL_4
EQUITY INCOME (LOSS) OF AFFILIATES - Additional Information (Details) $ in Millions | Sep. 30, 2019$ / shares | Sep. 30, 2019USD ($) | Jul. 12, 2019 | Mar. 31, 2019$ / shares | Jun. 30, 2018 |
Ownership interests | |||||
Conversion price (in dollars per share) | $ 3 | ||||
Pueblo Viejo Mine [Member] | |||||
Ownership interests | |||||
Equity interest ownership (as a percent) | 40.00% | ||||
Norte Abierto Project [Member] | |||||
Ownership interests | |||||
Equity interest ownership (as a percent) | 50.00% | ||||
Deferred payment | $ | $ 154 | ||||
Nueva Union Project [Member] | |||||
Ownership interests | |||||
Equity interest ownership (as a percent) | 50.00% | ||||
Alumbrera Mine [Member] | |||||
Ownership interests | |||||
Equity interest ownership (as a percent) | 37.50% | ||||
Alumbrera Mine [Member] | Plan | |||||
Ownership interests | |||||
Equity interest ownership (as a percent) | 18.75% | ||||
Continental | |||||
Ownership interests | |||||
Equity interest ownership (as a percent) | 19.90% | 19.90% | |||
Conversion price (in dollars per share) | $ 3 | ||||
Minera La Zanja S.R.L. | |||||
Ownership interests | |||||
Equity interest ownership (as a percent) | 46.90% | ||||
TMAC | |||||
Ownership interests | |||||
Equity interest ownership (as a percent) | 28.10% | ||||
Maverix [Member] | |||||
Ownership interests | |||||
Equity interest ownership (as a percent) | 27.80% | 27.98% | |||
Glencore [Member] | Alumbrera Mine [Member] | |||||
Ownership interests | |||||
Equity interest ownership (as a percent) | 50.00% | ||||
Yamana [Member] | Alumbrera Mine [Member] | |||||
Ownership interests | |||||
Equity interest ownership (as a percent) | 12.50% |
NET INCOME (LOSS) FROM DISCON_3
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS - Summary (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income (loss) from discontinued operations, net of tax | ||||
Net income (loss) from discontinued operations (Note 13) | $ (48) | $ 16 | $ (100) | $ 56 |
Discontinued operations disposed of by sale | ||||
Net income (loss) from discontinued operations, net of tax | ||||
Net income (loss) from discontinued operations (Note 13) | (48) | 16 | (100) | 56 |
Holt Royalty obligation | Holloway Mining Company | Discontinued operations disposed of by sale | ||||
Net income (loss) from discontinued operations, net of tax | ||||
Net income (loss) from discontinued operations (Note 13) | (47) | 19 | (102) | 55 |
Batu Hijau contingent consideration | PTNNT | Discontinued operations disposed of by sale | ||||
Net income (loss) from discontinued operations, net of tax | ||||
Net income (loss) from discontinued operations (Note 13) | $ (1) | $ (3) | $ 2 | $ 1 |
NET INCOME (LOSS) FROM DISCON_4
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS - Holt Royalty Obligation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Disposal group | |||||
Net income (loss) from discontinued operations (Note 13) | $ (48) | $ 16 | $ (100) | $ 56 | |
Holt Royalty obligation | |||||
Disposal group | |||||
Royalty paid | 7 | 8 | |||
Discontinued operations disposed of by sale | |||||
Disposal group | |||||
Net income (loss) from discontinued operations (Note 13) | (48) | 16 | (100) | 56 | |
Holloway Mining Company | Discontinued operations disposed of by sale | Holt Royalty obligation | |||||
Disposal group | |||||
Fair value of royalty obligation | 256 | 256 | $ 161 | ||
Net income (loss) from discontinued operations (Note 13) | $ (47) | 19 | $ (102) | 55 | |
Income and mining tax benefit (expense) | $ (6) | $ (15) |
NET INCOME (LOSS) ATTRIBUTABL_3
NET INCOME (LOSS) ATTRIBUTABLE TO NCI - Net Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||||
Net income (loss) attributable to noncontrolling interests | $ 26 | $ 21 | $ 83 | $ 26 |
Merian | ||||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||||
Net income (loss) attributable to noncontrolling interests | 19 | 14 | 58 | 42 |
Minera Yanacocha | ||||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ||||
Net income (loss) attributable to noncontrolling interests | $ 7 | $ 7 | $ 25 | $ (16) |
NET INCOME (LOSS) ATTRIBUTABL_4
NET INCOME (LOSS) ATTRIBUTABLE TO NCI - Ownership (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | |||
Jun. 30, 2018 | Sep. 30, 2019 | Jul. 01, 2019 | Dec. 31, 2018 | May 31, 2018 | |
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||||
Contingently redeemable noncontrolling interest (Note 14) | $ 49 | $ 47 | |||
Minera Yanacocha | |||||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||||
Percentage of total shares repurchased | 5.00% | ||||
Minera Yanacocha | Summit Global Management II V B [Member] | |||||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||||
Proceeds from sale of stock | $ 48 | ||||
Amount required for repurchase of interest under terms of the transaction | $ 48 | ||||
Minera Yanacocha | |||||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||||
Ownership/Economic interest in subsidiaries | 51.35% | 51.35% | 54.05% | ||
Minera Yanacocha | Buenaventura | |||||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 43.65% | 45.95% | |||
South Arturo [Member] | |||||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||||
Ownership interest held (as a percent) | 60.00% | ||||
South Arturo [Member] | Premier Gold Mines [Member] | |||||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||||
Ownership interest held (as a percent) | 40.00% | ||||
Nevada Gold Mines LLC NGM [Member] | |||||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 38.50% | 38.50% | |||
Primary Beneficiary | Merian | |||||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||||
Ownership interest held (as a percent) | 75.00% |
NET INCOME (LOSS) ATTRIBUTABL_5
NET INCOME (LOSS) ATTRIBUTABLE TO NCI - Consolidated Assets and Liabilities of VIE (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Assets and liabilities of VIE | |||
Cash and cash equivalents | $ 2,712 | $ 3,397 | $ 3,068 |
Trade receivables | 383 | 254 | |
Inventories | 1,102 | 630 | |
Stockpiles and ore on leach pads | 760 | 697 | |
Other current assets | 584 | 251 | |
Current assets | 5,698 | 5,277 | |
Property, plant and mine development, net | 26,197 | 12,258 | |
Stockpiles and ore on leach pads | 1,521 | 1,866 | |
Other non-current assets | 534 | 584 | |
Total assets | 40,763 | 20,715 | |
Accounts payable | 532 | 303 | |
Other current liabilities | 868 | 455 | |
Current liabilities | 2,611 | 1,787 | |
Reclamation and remediation liabilities | 3,441 | 2,481 | |
Other non-current liabilities | 1,000 | 314 | |
Total liabilities | 18,279 | 9,203 | |
Primary Beneficiary | Reportable Legal Entities | |||
Assets and liabilities of VIE | |||
Cash and cash equivalents | 49 | 40 | |
Trade receivables | 36 | 38 | |
Inventories | 85 | 82 | |
Stockpiles and ore on leach pads | 37 | 35 | |
Other current assets | 2 | 5 | |
Current assets | 209 | 200 | |
Property, plant and mine development, net | 738 | 766 | |
Stockpiles and ore on leach pads | 5 | ||
Other non-current assets | 8 | 4 | |
Total assets | 960 | 970 | |
Accounts payable | 17 | 23 | |
Other current liabilities | 28 | 27 | |
Current liabilities | 45 | 50 | |
Reclamation and remediation liabilities | 26 | 25 | |
Other non-current liabilities | 5 | 1 | |
Total liabilities | $ 76 | $ 76 |
NET INCOME (LOSS) PER COMMON _3
NET INCOME (LOSS) PER COMMON SHARE - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Apr. 11, 2019 | Apr. 10, 2019 | |
NET INCOME (LOSS) PER COMMON SHARE | ||||||||
Common Stock Shares Authorized | 1,280 | 750 | ||||||
Net income (loss) attributable to Newmont stockholders: | ||||||||
Continuing operations | $ 2,226 | $ (161) | $ 2,340 | $ 283 | ||||
Discontinued operations | (48) | 16 | (100) | 56 | ||||
Net income (loss) attributable to Newmont stockholders | $ 2,178 | $ (145) | $ 2,240 | $ 339 | ||||
Weighted average common shares (millions): | ||||||||
Basic | 820 | 533 | 708 | 533 | ||||
Effect of employee stock-based awards | 2 | 2 | 1 | 2 | ||||
Diluted | 822 | 535 | 709 | 535 | ||||
Net income (loss) per common share - Basic: | ||||||||
Continuing operations (in dollars per share) | $ 2.72 | $ (0.31) | $ 3.30 | $ 0.53 | ||||
Discontinued operations (in dollars per share) | (0.06) | 0.04 | (0.14) | 0.11 | ||||
Net income (loss) per common share, basic | 2.66 | (0.27) | 3.16 | 0.64 | ||||
Net income (loss) per common share - Diluted: | ||||||||
Continuing operations (in dollars per share) | 2.71 | (0.31) | 3.30 | 0.53 | ||||
Discontinued operations (in dollars per share) | (0.06) | 0.04 | (0.14) | 0.10 | ||||
Net income (loss) per common share, diluted | $ 2.65 | $ (0.27) | $ 3.16 | $ 0.63 | ||||
Repurchase and retirement of common stock (in shares) | 0.8 | 2.7 | ||||||
Shares repurchased from Savings Plan participants | 0.7 | 0.7 | ||||||
Repurchase and retirement of common stock | $ 26 | $ 6 | $ 64 | $ 96 | ||||
Withholding of employee taxes related to stock-based compensation (in shares) | 0.1 | 1.3 | 1 |
EMPLOYEE PENSION AND OTHER BE_3
EMPLOYEE PENSION AND OTHER BENEFIT PLANS - Net Periodic Pension Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net periodic pension and other benefits costs | ||||
Curtailment | $ 8 | $ 8 | ||
Pension Benefits | ||||
Net periodic pension and other benefits costs | ||||
Service cost | 7 | $ 7 | 21 | $ 23 |
Interest cost | 11 | 10 | 34 | 31 |
Expected return on plan assets | (16) | (17) | (48) | (51) |
Amortization, net | 6 | 8 | 17 | 24 |
Curtailment | 8 | 8 | ||
Total benefit cost (credit) | 16 | 8 | 32 | 27 |
Other Benefits | ||||
Net periodic pension and other benefits costs | ||||
Service cost | 1 | 1 | ||
Interest cost | 1 | 3 | 2 | |
Amortization, net | (2) | (5) | (6) | |
Total benefit cost (credit) | $ 1 | $ (2) | $ (1) | $ (3) |
STOCK-BASED COMPENSATION - Comp
STOCK-BASED COMPENSATION - Compensation Costs (Details) - USD ($) $ in Millions | Apr. 18, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Stock-based compensation: | |||||
Stock-based compensation | $ 25 | $ 19 | $ 96 | $ 57 | |
Liability for cash-based payment awards, current | 10 | 10 | |||
Newmont Restricted Stock Units (RSUs) | |||||
Stock-based compensation: | |||||
Stock-based compensation | 15 | 12 | 54 | 34 | |
Number of instruments remaining | 1,400,000 | ||||
Performance Leveraged Stock Units (PSUs) | |||||
Stock-based compensation: | |||||
Stock-based compensation | 7 | $ 7 | 22 | $ 23 | |
Goldcorp Restricted Stock Units RSU [Member] | |||||
Stock-based compensation: | |||||
Number of instruments exchanged | 4,100,000 | ||||
Acquisition date fair value | $ 45 | ||||
Purchase consideration from instruments exchanged or assumed | 4 | ||||
Unrecognized fair value of instruments exchanged or assumed | $ 41 | ||||
Expected life, other than options | 1 year 4 months 24 days | ||||
Goldcorp Performance Share Units [Member] | |||||
Stock-based compensation: | |||||
Stock-based compensation | 1 | 15 | |||
Number of instruments remaining | 2,400,000 | ||||
Acquisition date fair value | $ 28 | ||||
Purchase consideration from instruments exchanged or assumed | 9 | ||||
Unrecognized fair value of instruments exchanged or assumed | $ 19 | ||||
Expected life, other than options | 1 year 10 months 24 days | ||||
Historical price period | 30 days | ||||
Performance multiplier (as a percent) | 100.00% | ||||
Goldcorp Phantom Restricted Stock Units | |||||
Stock-based compensation: | |||||
Stock-based compensation | $ 2 | $ 5 | |||
Number of instruments remaining | 1,300,000 | ||||
Acquisition date fair value | $ 14 | ||||
Purchase consideration from instruments exchanged or assumed | 1 | ||||
Unrecognized fair value of instruments exchanged or assumed | $ 13 | ||||
Expected life, other than options | 1 year 7 months 6 days | ||||
Newmont Stock Options | |||||
Stock-based compensation: | |||||
Number of instruments remaining | 1,200,000 | ||||
Number of shares per option | 1 | ||||
Goldcorp Employee Stock Options [Member] | |||||
Stock-based compensation: | |||||
Number of instruments exchanged | 3,600,000 | ||||
Acquisition date fair value | $ 2 | ||||
Purchase consideration from instruments exchanged or assumed | $ 2 | ||||
Expected life, options | 7 months 6 days |
FAIR VALUE ACCOUNTING - Recurri
FAIR VALUE ACCOUNTING - Recurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Continental debt/embedded derivative | ||
Assets: | ||
Continental conversion option (Note 20) | $ 29 | |
Marketable equity securities | Maverix [Member] | ||
Assets: | ||
Marketable securities | 9 | $ 9 |
Recurring | ||
Assets: | ||
Cash and cash equivalents | 2,712 | 3,397 |
Restricted cash (Note 24) | 111 | 92 |
Total assets | 3,618 | 3,908 |
Liabilities: | ||
Debt (2) | 7,700 | 4,229 |
Cash-settled Goldcorp share awards | 10 | |
Total liabilities | 7,968 | 4,395 |
Recurring | Holt Royalty obligation | ||
Liabilities: | ||
Holt royalty obligation (Note 27) | 256 | 161 |
Recurring | Other Assets | ||
Assets: | ||
Restricted investments (Note 20) | 1 | 6 |
Recurring | Batu Hijau contingent consideration | ||
Assets: | ||
Batu Hijau contingent consideration | 28 | 26 |
Recurring | Provisional copper and gold concentrate receivables | ||
Assets: | ||
Trade receivable from provisional concentrate sales, net | 339 | 209 |
Recurring | Continental debt/embedded derivative | ||
Assets: | ||
Continental conversion option (Note 20) | 29 | |
Recurring | Diesel derivative contracts | ||
Liabilities: | ||
Derivative instruments, net | 2 | 5 |
Recurring | Level 1 | ||
Assets: | ||
Cash and cash equivalents | 2,712 | 3,397 |
Restricted cash (Note 24) | 111 | 92 |
Total assets | 3,145 | 3,630 |
Recurring | Level 1 | Other Assets | ||
Assets: | ||
Restricted investments (Note 20) | 1 | 6 |
Recurring | Level 2 | ||
Assets: | ||
Total assets | 408 | 252 |
Liabilities: | ||
Debt (2) | 7,700 | 4,229 |
Cash-settled Goldcorp share awards | 10 | |
Total liabilities | 7,712 | 4,234 |
Recurring | Level 2 | Provisional copper and gold concentrate receivables | ||
Assets: | ||
Trade receivable from provisional concentrate sales, net | 339 | 209 |
Recurring | Level 2 | Continental debt/embedded derivative | ||
Assets: | ||
Continental conversion option (Note 20) | 29 | |
Recurring | Level 2 | Diesel derivative contracts | ||
Liabilities: | ||
Derivative instruments, net | 2 | 5 |
Recurring | Level 3 | ||
Assets: | ||
Total assets | 65 | 26 |
Liabilities: | ||
Total liabilities | 256 | 161 |
Recurring | Level 3 | Holt Royalty obligation | ||
Liabilities: | ||
Holt royalty obligation (Note 27) | 256 | 161 |
Recurring | Level 3 | Batu Hijau contingent consideration | ||
Assets: | ||
Batu Hijau contingent consideration | 28 | 26 |
Recurring | Marketable equity securities | ||
Assets: | ||
Marketable securities | 310 | 127 |
Recurring | Marketable equity securities | Level 1 | ||
Assets: | ||
Marketable securities | 298 | 114 |
Recurring | Marketable equity securities | Level 2 | ||
Assets: | ||
Marketable securities | 12 | 13 |
Recurring | Marketable debt securities | ||
Assets: | ||
Marketable securities | 37 | |
Restricted investments (Note 20) | 51 | 51 |
Recurring | Marketable debt securities | Level 1 | ||
Assets: | ||
Restricted investments (Note 20) | 23 | 21 |
Recurring | Marketable debt securities | Level 2 | ||
Assets: | ||
Restricted investments (Note 20) | 28 | 30 |
Recurring | Marketable debt securities | Level 3 | ||
Assets: | ||
Marketable securities | 37 | |
Carrying value | ||
Liabilities: | ||
Debt (2) | $ 6,765 | $ 4,044 |
FAIR VALUE ACCOUNTING - Quantit
FAIR VALUE ACCOUNTING - Quantitative Information (Details) $ in Millions | Sep. 30, 2019USD ($)item | Dec. 31, 2018USD ($)item | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Quantitative and Qualitative Information - Unobservable Inputs | ||||
Financial assets, fair value | $ | $ 65 | $ 26 | $ 23 | $ 23 |
Financial liabilities, fair value | $ | $ 256 | 161 | 165 | 243 |
Discount Rate (as a percent) | ||||
Quantitative and Qualitative Information - Unobservable Inputs | ||||
Exploration property measurement input | 0.052 | |||
Short-term price (in dollars per ounce or pound) | ||||
Quantitative and Qualitative Information - Unobservable Inputs | ||||
Exploration property measurement input | 1,213 | |||
Long-term price (in dollars per ounce or pound) | ||||
Quantitative and Qualitative Information - Unobservable Inputs | ||||
Exploration property measurement input | 1,300 | |||
Holt Royalty obligation | ||||
Quantitative and Qualitative Information - Unobservable Inputs | ||||
Financial liabilities, fair value | $ | $ 256 | 161 | 165 | 243 |
Derivative Financial Instruments, Assets [Member] | ||||
Quantitative and Qualitative Information - Unobservable Inputs | ||||
Financial assets, fair value | $ | 37 | |||
Batu Hijau contingent consideration | ||||
Quantitative and Qualitative Information - Unobservable Inputs | ||||
Financial assets, fair value | $ | 28 | 26 | $ 23 | $ 23 |
Level 3 | Monte Carlo | Holt Royalty obligation | ||||
Quantitative and Qualitative Information - Unobservable Inputs | ||||
Financial liabilities, fair value | $ | $ 256 | $ 161 | ||
Level 3 | Monte Carlo | Holt Royalty obligation | Discount Rate (as a percent) | ||||
Quantitative and Qualitative Information - Unobservable Inputs | ||||
Holt royalty obligation liability, measurement input | 0.0267 | 0.0411 | ||
Level 3 | Monte Carlo | Holt Royalty obligation | Short-term price (in dollars per ounce or pound) | ||||
Quantitative and Qualitative Information - Unobservable Inputs | ||||
Holt royalty obligation liability, measurement input | 1,472 | 1,228 | ||
Level 3 | Monte Carlo | Holt Royalty obligation | Long-term price (in dollars per ounce or pound) | ||||
Quantitative and Qualitative Information - Unobservable Inputs | ||||
Holt royalty obligation liability, measurement input | 1,300 | 1,300 | ||
Level 3 | Monte Carlo | Holt Royalty obligation | Minimum | ||||
Quantitative and Qualitative Information - Unobservable Inputs | ||||
Holt royalty obligation liability, measurement input | 314 | |||
Level 3 | Monte Carlo | Holt Royalty obligation | Minimum | Production scenario | ||||
Quantitative and Qualitative Information - Unobservable Inputs | ||||
Holt royalty obligation liability, measurement input | 302 | |||
Level 3 | Monte Carlo | Holt Royalty obligation | Maximum | ||||
Quantitative and Qualitative Information - Unobservable Inputs | ||||
Holt royalty obligation liability, measurement input | 1,629 | |||
Level 3 | Monte Carlo | Holt Royalty obligation | Maximum | Production scenario | ||||
Quantitative and Qualitative Information - Unobservable Inputs | ||||
Holt royalty obligation liability, measurement input | 1,544 | |||
Level 3 | Monte Carlo | Batu Hijau contingent consideration | ||||
Quantitative and Qualitative Information - Unobservable Inputs | ||||
Financial assets, fair value | $ | $ 28 | $ 26 | ||
Level 3 | Monte Carlo | Batu Hijau contingent consideration | Discount Rate (as a percent) | ||||
Quantitative and Qualitative Information - Unobservable Inputs | ||||
Derivative asset measurement input | 0.1660 | 0.1660 | ||
Level 3 | Monte Carlo | Batu Hijau contingent consideration | Short-term price (in dollars per ounce or pound) | ||||
Quantitative and Qualitative Information - Unobservable Inputs | ||||
Derivative asset measurement input | 2.63 | 2.80 | ||
Level 3 | Monte Carlo | Batu Hijau contingent consideration | Long-term price (in dollars per ounce or pound) | ||||
Quantitative and Qualitative Information - Unobservable Inputs | ||||
Derivative asset measurement input | 3 | 3 | ||
Level 3 | Discounted Cash Flow | Discount Rate (as a percent) | ||||
Quantitative and Qualitative Information - Unobservable Inputs | ||||
Derivative asset measurement input | 0.1294 | |||
Continental debt/embedded derivative | Level 3 | Discounted Cash Flow | ||||
Quantitative and Qualitative Information - Unobservable Inputs | ||||
Financial assets, fair value | $ | $ 37 |
FAIR VALUE ACCOUNTING - Changes
FAIR VALUE ACCOUNTING - Changes in the Fair Value of Level 3 Financial Assets and Liabilities (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2019USD ($)item | Sep. 30, 2018USD ($) | |
Summary of changes in Level 3 financial assets | ||
Balance at beginning of period, assets | $ 26 | $ 23 |
Additions and settlements | (33) | |
Revaluation | 6 | |
Balance at end of period, assets | 65 | 23 |
Summary of changes in Level 3 financial liabilities | ||
Balance at beginning of period, liabilities | 161 | 243 |
Settlements | (7) | (8) |
Revaluation | 102 | (70) |
Balance at end of period, liabilities | $ 256 | 165 |
Discount Rate (as a percent) | ||
Summary of changes in Level 3 financial liabilities | ||
Exploration property measurement input | item | 0.052 | |
Long-term price (in dollars per ounce or pound) | ||
Summary of changes in Level 3 financial liabilities | ||
Exploration property measurement input | item | 1,300 | |
Short-term price (in dollars per ounce or pound) | ||
Summary of changes in Level 3 financial liabilities | ||
Exploration property measurement input | item | 1,213 | |
Holt Royalty obligation | ||
Summary of changes in Level 3 financial liabilities | ||
Balance at beginning of period, liabilities | $ 161 | 243 |
Settlements | (7) | (8) |
Revaluation | 102 | (70) |
Balance at end of period, liabilities | 256 | 165 |
Derivative Financial Instruments, Assets [Member] | ||
Summary of changes in Level 3 financial assets | ||
Additions and settlements | (33) | |
Revaluation | 4 | |
Balance at end of period, assets | 37 | |
Batu Hijau contingent consideration | ||
Summary of changes in Level 3 financial assets | ||
Balance at beginning of period, assets | 26 | 23 |
Revaluation | 2 | |
Balance at end of period, assets | $ 28 | $ 23 |
DERIVATIVE INSTRUMENTS - Diesel
DERIVATIVE INSTRUMENTS - Diesel Derivative Contracts Outstanding (Details) - Cash Flow Hedges bbl in Thousands, gal in Millions | 9 Months Ended |
Sep. 30, 2019$ / bbl$ / galbblgal | |
South America | |
Derivative contracts | |
Diesel gallons (millions) or barrels (thousands) | gal | 5 |
Average rate ($/gallon or $/barrel) | $ / gal | 1.87 |
Australia | |
Derivative contracts | |
Diesel gallons (millions) or barrels (thousands) | bbl | 258 |
Average rate ($/gallon or $/barrel) | $ / bbl | 79.84 |
Diesel forward contracts maturing in 2019 | South America | |
Derivative contracts | |
Diesel gallons (millions) or barrels (thousands) | gal | 1 |
Average rate ($/gallon or $/barrel) | $ / gal | 1.91 |
Diesel forward contracts maturing in 2019 | Australia | |
Derivative contracts | |
Diesel gallons (millions) or barrels (thousands) | bbl | 20 |
Average rate ($/gallon or $/barrel) | $ / bbl | 80.49 |
Diesel forward contracts maturing in 2020 | South America | |
Derivative contracts | |
Diesel gallons (millions) or barrels (thousands) | gal | 3 |
Average rate ($/gallon or $/barrel) | $ / gal | 1.86 |
Diesel forward contracts maturing in 2020 | Australia | |
Derivative contracts | |
Diesel gallons (millions) or barrels (thousands) | bbl | 129 |
Average rate ($/gallon or $/barrel) | $ / bbl | 78.91 |
Diesel forward contracts maturing in 2021 | South America | |
Derivative contracts | |
Diesel gallons (millions) or barrels (thousands) | gal | 1 |
Average rate ($/gallon or $/barrel) | $ / gal | 1.86 |
Diesel forward contracts maturing in 2021 | Australia | |
Derivative contracts | |
Diesel gallons (millions) or barrels (thousands) | bbl | 102 |
Average rate ($/gallon or $/barrel) | $ / bbl | 81.15 |
Diesel forward contracts maturing in 2022 | South America | |
Derivative contracts | |
Average rate ($/gallon or $/barrel) | $ / gal | 1.82 |
Diesel forward contracts maturing in 2022 | Australia | |
Derivative contracts | |
Diesel gallons (millions) or barrels (thousands) | bbl | 7 |
Average rate ($/gallon or $/barrel) | $ / bbl | 75.93 |
DERIVATIVE INSTRUMENTS - Fair V
DERIVATIVE INSTRUMENTS - Fair Values of Instruments Designated as Hedges (Details) - Cash Flow Hedges - Designated Hedge - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Other current liabilities | ||
Derivative contracts | ||
Fair Value of Derivative Instruments, Liabilities | $ 2 | |
Other non-current liabilities | ||
Derivative contracts | ||
Fair Value of Derivative Instruments, Liabilities | $ 2 | $ 3 |
DERIVATIVE INSTRUMENTS - Batu H
DERIVATIVE INSTRUMENTS - Batu Hijau Contingent Consideration (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Other noncurrent assets | Not Designated as Hedging Instrument | ||
Batu Hijau Contingent Consideration | ||
Batu Hijau contingent consideration | $ 28 | $ 26 |
DERIVATIVE INSTRUMENTS - Embedd
DERIVATIVE INSTRUMENTS - Embedded Derivatives (Details) oz in Thousands, lb in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019USD ($)$ / lb$ / oz | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)ozlb$ / lb$ / oz | Sep. 30, 2018USD ($) | Sep. 30, 2019$ / shares | Mar. 31, 2019USD ($) | |
Provisional Gold and Copper Sales - Embedded derivatives | ||||||
Convertible debt security | $ | $ 50 | |||||
Conversion price (in dollars per share) | $ / shares | $ 3 | |||||
Increase (decrease) to Sales from provisional pricing mark-to-market | $ | $ 4 | $ (9) | $ 10 | $ (17) | ||
Continental debt/embedded derivative | ||||||
Provisional Gold and Copper Sales - Embedded derivatives | ||||||
Derivative Asset | $ | $ 29 | $ 29 | ||||
Gold Contracts - Embedded Derivative | ||||||
Provisional Gold and Copper Sales - Embedded derivatives | ||||||
Provisional pricing quantity sales (in ounces or pounds) | oz | 112 | |||||
Average price, subject to final pricing (in USD per ounce or pound) | $ / oz | 1,491 | 1,491 | ||||
Embedded Derivative Silver Contract [Member] | ||||||
Provisional Gold and Copper Sales - Embedded derivatives | ||||||
Provisional pricing quantity sales (in ounces or pounds) | oz | 2,000 | |||||
Average price, subject to final pricing (in USD per ounce or pound) | $ / oz | 17.57 | 17.57 | ||||
Embedded Derivative Lead Contract [Member] | ||||||
Provisional Gold and Copper Sales - Embedded derivatives | ||||||
Provisional pricing quantity sales (in ounces or pounds) | lb | 24 | |||||
Average price, subject to final pricing (in USD per ounce or pound) | $ / lb | 0.94 | 0.94 | ||||
Embedded Derivative Zinc Contract [Member] | ||||||
Provisional Gold and Copper Sales - Embedded derivatives | ||||||
Provisional pricing quantity sales (in ounces or pounds) | lb | 64 | |||||
Average price, subject to final pricing (in USD per ounce or pound) | $ / lb | 1.06 | 1.06 | ||||
Copper Contracts - Embedded Derivative | ||||||
Provisional Gold and Copper Sales - Embedded derivatives | ||||||
Provisional pricing quantity sales (in ounces or pounds) | lb | 15 | |||||
Average price, subject to final pricing (in USD per ounce or pound) | $ / lb | 2.61 | 2.61 |
INVESTMENTS (Details)
INVESTMENTS (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jul. 12, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Fair/Equity Basis (1) | ||||
Total unrestricted investments | $ 3,295 | $ 271 | ||
Non-current restricted investments: (2) | ||||
Non-current restricted investments | $ 52 | 57 | ||
Pueblo Viejo Mine [Member] | ||||
Non-current restricted investments: (2) | ||||
Ownership interest (as a percent) | 40.00% | |||
Nueva Union Project [Member] | ||||
Non-current restricted investments: (2) | ||||
Ownership interest (as a percent) | 50.00% | |||
Norte Abierto Project [Member] | ||||
Non-current restricted investments: (2) | ||||
Ownership interest (as a percent) | 50.00% | |||
Continental | ||||
Non-current restricted investments: (2) | ||||
Ownership interest (as a percent) | 19.90% | 19.90% | ||
TMAC | ||||
Non-current restricted investments: (2) | ||||
Ownership interest (as a percent) | 28.10% | |||
Alumbrera Mine [Member] | ||||
Non-current restricted investments: (2) | ||||
Ownership interest (as a percent) | 37.50% | |||
Maverix [Member] | ||||
Non-current restricted investments: (2) | ||||
Ownership interest (as a percent) | 27.80% | 27.98% | ||
Minera La Zanja S.R.L. | ||||
Non-current restricted investments: (2) | ||||
Ownership interest (as a percent) | 46.90% | |||
Other Assets | ||||
Non-current restricted investments: (2) | ||||
Non-current restricted investments | $ 1 | 6 | ||
Marketable debt securities | ||||
Non-current restricted investments: (2) | ||||
Non-current restricted investments | 51 | 51 | ||
Investments - current | Marketable equity securities | ||||
Fair/Equity Basis (1) | ||||
Marketable securities | 157 | 48 | ||
Investments - noncurrent | ||||
Fair/Equity Basis (1) | ||||
Marketable securities | 144 | 70 | ||
Equity method investments | 3,151 | 201 | ||
Total unrestricted investments | 3,295 | 271 | ||
Investments - noncurrent | Pueblo Viejo Mine [Member] | ||||
Fair/Equity Basis (1) | ||||
Equity method investments | 1,302 | |||
Investments - noncurrent | Nueva Union Project [Member] | ||||
Fair/Equity Basis (1) | ||||
Equity method investments | 929 | |||
Investments - noncurrent | Norte Abierto Project [Member] | ||||
Fair/Equity Basis (1) | ||||
Equity method investments | 475 | |||
Investments - noncurrent | Continental | ||||
Fair/Equity Basis (1) | ||||
Equity method investments | 141 | |||
Investments - noncurrent | TMAC | ||||
Fair/Equity Basis (1) | ||||
Equity method investments | 110 | 109 | ||
Investments - noncurrent | Alumbrera Mine [Member] | ||||
Fair/Equity Basis (1) | ||||
Equity method investments | 103 | |||
Investments - noncurrent | Maverix [Member] | ||||
Fair/Equity Basis (1) | ||||
Equity method investments | 87 | 85 | ||
Investments - noncurrent | Minera La Zanja S.R.L. | ||||
Fair/Equity Basis (1) | ||||
Equity method investments | 4 | 7 | ||
Investments - noncurrent | Marketable equity securities | ||||
Fair/Equity Basis (1) | ||||
Marketable securities | $ 144 | $ 70 |
INVESTMENTS - Purchases, Sales,
INVESTMENTS - Purchases, Sales, and Exchanges (Details) shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Jul. 31, 2018USD ($) | Jun. 30, 2018USD ($)shares | Apr. 30, 2012USD ($) | Jun. 30, 2009USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2019$ / shares | Sep. 30, 2019USD ($) | Jul. 12, 2019 | Apr. 04, 2019USD ($) | Mar. 31, 2019$ / shares | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Investments acquired | |||||||||||||
Line of credit facility maximum borrowing capacity | $ 3,000 | ||||||||||||
Conversion price (in dollars per share) | $ / shares | $ 3 | ||||||||||||
Convertible debt security | $ 50 | ||||||||||||
Pueblo Viejo Mine [Member] | |||||||||||||
Investments acquired | |||||||||||||
Due to (from) related party | $ 0 | $ 0 | |||||||||||
Purchases | $ 141 | $ 268 | |||||||||||
Pueblo Viejo Revolving Facility [Member] | |||||||||||||
Investments acquired | |||||||||||||
Margin added to base rate, as a percent | 2.09% | ||||||||||||
Line of credit facility maximum borrowing capacity | $ 70 | ||||||||||||
Credit facility, amount outstanding | 0 | ||||||||||||
Continental debt/embedded derivative | |||||||||||||
Investments acquired | |||||||||||||
Derivative Asset | $ 29 | ||||||||||||
Pueblo Viejo Mine [Member] | |||||||||||||
Investments acquired | |||||||||||||
Base rate, as percentage of LIBOR | 95.00% | ||||||||||||
Margin added to base rate, as a percent | 2.95% | ||||||||||||
Share of loans included in investment | $ 423 | ||||||||||||
Interest receivable | $ 15 | ||||||||||||
Investments sold or matured or called at par | |||||||||||||
Ownership interest (as a percent) | 40.00% | ||||||||||||
Pueblo Viejo Mine [Member] | Goldcorp [Member] | |||||||||||||
Investments acquired | |||||||||||||
Funds advanced to equity method investee | $ 300 | $ 400 | |||||||||||
Loan term | 12 years | 15 years | |||||||||||
Nueva Union Project [Member] | |||||||||||||
Investments sold or matured or called at par | |||||||||||||
Ownership interest (as a percent) | 50.00% | ||||||||||||
Norte Abierto Project [Member] | |||||||||||||
Investments sold or matured or called at par | |||||||||||||
Ownership interest (as a percent) | 50.00% | ||||||||||||
Alumbrera Mine [Member] | |||||||||||||
Investments sold or matured or called at par | |||||||||||||
Ownership interest (as a percent) | 37.50% | ||||||||||||
Continental | |||||||||||||
Investments acquired | |||||||||||||
Fair value | $ 37 | 73 | |||||||||||
Conversion price (in dollars per share) | $ / shares | $ 3 | ||||||||||||
Convertible debt security | $ 50 | ||||||||||||
Investments sold or matured or called at par | |||||||||||||
Ownership interest (as a percent) | 19.90% | 19.90% | |||||||||||
Midnite Mine | |||||||||||||
Investments sold or matured or called at par | |||||||||||||
Proceeds from sale of equity investment | $ 11 | ||||||||||||
Maverix [Member] | |||||||||||||
Investments sold or matured or called at par | |||||||||||||
Cash consideration | $ 17 | ||||||||||||
Ownership interest (as a percent) | 27.98% | 27.80% | |||||||||||
TMAC | |||||||||||||
Investments sold or matured or called at par | |||||||||||||
Ownership interest (as a percent) | 28.10% | ||||||||||||
Minera La Zanja S.R.L. | |||||||||||||
Investments sold or matured or called at par | |||||||||||||
Ownership interest (as a percent) | 46.90% | ||||||||||||
Common Stock | Maverix [Member] | |||||||||||||
Investments acquired | |||||||||||||
Fair value | $ 78 | ||||||||||||
Investments sold or matured or called at par | |||||||||||||
Shares received for royalty interests | shares | 60 | ||||||||||||
Warrant [Member] | |||||||||||||
Investments sold or matured or called at par | |||||||||||||
Shares received for royalty interests | shares | 10 | ||||||||||||
Warrant [Member] | Maverix [Member] | |||||||||||||
Investments acquired | |||||||||||||
Fair value | $ 5 |
INVENTORIES - Summary of Invent
INVENTORIES - Summary of Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Inventory, net | ||
Materials and supplies | $ 685 | $ 439 |
In-process | 193 | 104 |
Concentrate and copper cathode | 112 | 61 |
Precious metals | 112 | 26 |
Total inventories | $ 1,102 | $ 630 |
STOCKPILES AND ORE ON LEACH P_3
STOCKPILES AND ORE ON LEACH PADS - By location (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Stockpiles And Ore On Leach Pads | ||
Current stockpiles and ore on leach pads | $ 760 | $ 697 |
Long-term stockpiles and ore on leach pads | 1,521 | 1,866 |
Stockpiles and ore on leach pads | 2,281 | 2,563 |
Stockpiles | ||
Stockpiles And Ore On Leach Pads | ||
Current stockpiles and ore on leach pads | 414 | 395 |
Long-term stockpiles and ore on leach pads | 1,285 | 1,429 |
Stockpiles and ore on leach pads | 1,699 | 1,824 |
Stockpiles | Nevada Gold Mines [Member] | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 337 | |
Stockpiles | Carlin | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 263 | |
Stockpiles | Phoenix | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 32 | |
Stockpiles | Twin Creeks | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 320 | |
Stockpiles | Cripple Creek and Victor mine | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 16 | 23 |
Stockpiles | Musselwhite | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 25 | |
Stockpiles | Porcupine | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 1 | |
Stockpiles | Eleonore | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 2 | |
Stockpiles | Penasquito | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 128 | |
Stockpiles | Yanacocha | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 55 | 71 |
Stockpiles | Merian | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 42 | 35 |
Stockpiles | Cerro Negro | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 1 | |
Stockpiles | Boddington | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 460 | 458 |
Stockpiles | Tanami | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 1 | 2 |
Stockpiles | Kalgoorlie | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 108 | 121 |
Stockpiles | Ahafo | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 416 | 417 |
Stockpiles | Akyem | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 107 | 82 |
Ore on Leach Pads | ||
Stockpiles And Ore On Leach Pads | ||
Current stockpiles and ore on leach pads | 346 | 302 |
Long-term stockpiles and ore on leach pads | 236 | 437 |
Stockpiles and ore on leach pads | 582 | 739 |
Ore on Leach Pads | Nevada Gold Mines [Member] | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 177 | |
Ore on Leach Pads | Carlin | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 186 | |
Ore on Leach Pads | Phoenix | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 32 | |
Ore on Leach Pads | Twin Creeks | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 25 | |
Ore on Leach Pads | Long Canyon | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 45 | |
Ore on Leach Pads | Cripple Creek and Victor mine | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | 247 | 278 |
Ore on Leach Pads | Yanacocha | ||
Stockpiles And Ore On Leach Pads | ||
Stockpiles and ore on leach pads | $ 158 | $ 173 |
STOCKPILES AND ORE ON LEACH P_4
STOCKPILES AND ORE ON LEACH PADS - Write-downs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Write-downs | ||||
Inventory write-downs | $ 108 | $ 220 | ||
Cripple Creek and Victor mine | ||||
Write-downs | ||||
Inventory write-downs | 12 | |||
Costs applicable to sales | ||||
Write-downs | ||||
Inventory write-downs | $ 22 | 22 | ||
Depreciation and amortization | ||||
Write-downs | ||||
Inventory write-downs | 7 | 7 | ||
Stockpiles and ore on leach pads | Nevada Gold Mines LLC NGM [Member] | ||||
Write-downs | ||||
Inventory write-downs | $ 1 | 1 | ||
Stockpiles and ore on leach pads | Emigrant | ||||
Write-downs | ||||
Inventory write-downs | 29 | |||
Stockpiles and ore on leach pads | Carlin | ||||
Write-downs | ||||
Inventory write-downs | 52 | 44 | 109 | |
Stockpiles and ore on leach pads | Twin Creeks | ||||
Write-downs | ||||
Inventory write-downs | 6 | 3 | 39 | |
Stockpiles and ore on leach pads | Cripple Creek and Victor mine | ||||
Write-downs | ||||
Inventory write-downs | 7 | 7 | ||
Stockpiles and ore on leach pads | Yanacocha | ||||
Write-downs | ||||
Inventory write-downs | 13 | 13 | 39 | |
Stockpiles and ore on leach pads | Ahafo | ||||
Write-downs | ||||
Inventory write-downs | 46 | |||
Stockpiles and ore on leach pads | Akyem | ||||
Write-downs | ||||
Inventory write-downs | 34 | 47 | ||
Stockpiles and ore on leach pads | Boddington | ||||
Write-downs | ||||
Inventory write-downs | 22 | |||
Stockpiles and ore on leach pads | Costs applicable to sales | ||||
Write-downs | ||||
Inventory write-downs | $ 1 | 59 | 95 | 211 |
Stockpiles and ore on leach pads | Depreciation and amortization | ||||
Write-downs | ||||
Inventory write-downs | $ 19 | $ 34 | $ 76 |
PROPERTY, PLANT AND MINE DEVE_3
PROPERTY, PLANT AND MINE DEVELOPMENT (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment | ||
Cost | $ 37,603 | $ 27,369 |
Accumulated Depreciation | (11,406) | (15,111) |
Property, Plant and Equipment, Net, Total | 26,197 | 12,258 |
Finance Lease, Right-of-Use Asset | $ 765 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, Plant and Equipment, Net, Total | |
Land | ||
Property, Plant and Equipment | ||
Cost | $ 204 | 222 |
Property, Plant and Equipment, Net, Total | 204 | 222 |
Facilities and equipment | ||
Property, Plant and Equipment | ||
Cost | 17,857 | 16,661 |
Accumulated Depreciation | (8,348) | (10,683) |
Property, Plant and Equipment, Net, Total | $ 9,509 | 5,978 |
Facilities and equipment | Minimum | ||
Property, Plant and Equipment | ||
Depreciable Life | 1 year | |
Facilities and equipment | Maximum | ||
Property, Plant and Equipment | ||
Depreciable Life | 27 years | |
Mine development | ||
Property, Plant and Equipment | ||
Cost | $ 3,414 | 5,598 |
Accumulated Depreciation | (1,989) | (3,314) |
Property, Plant and Equipment, Net, Total | $ 1,425 | 2,284 |
Mine development | Minimum | ||
Property, Plant and Equipment | ||
Depreciable Life | 1 year | |
Mine development | Maximum | ||
Property, Plant and Equipment | ||
Depreciable Life | 17 years | |
Mineral interests | ||
Property, Plant and Equipment | ||
Mineral Interests, Cost | $ 13,840 | 2,658 |
Mineral Interests Accumulated Depreciation | (1,069) | (1,114) |
Mineral Interests Net Book Value | $ 12,771 | 1,544 |
Mineral interests | Minimum | ||
Property, Plant and Equipment | ||
Depreciable Life | 1 year | |
Mineral interests | Maximum | ||
Property, Plant and Equipment | ||
Depreciable Life | 17 years | |
Production stage | ||
Property, Plant and Equipment | ||
Mineral Interests, Cost | $ 9,889 | 1,654 |
Mineral Interests Accumulated Depreciation | (1,069) | (1,114) |
Mineral Interests Net Book Value | $ 8,820 | 540 |
Production stage | Minimum | ||
Property, Plant and Equipment | ||
Depreciable Life | 1 year | |
Production stage | Maximum | ||
Property, Plant and Equipment | ||
Depreciable Life | 17 years | |
Development stage | ||
Property, Plant and Equipment | ||
Mineral Interests, Cost | $ 845 | 59 |
Mineral Interests Net Book Value | 845 | 59 |
Exploration stage | ||
Property, Plant and Equipment | ||
Mineral Interests, Cost | 3,106 | 945 |
Mineral Interests Net Book Value | 3,106 | 945 |
Construction-in-progress | ||
Property, Plant and Equipment | ||
Cost | 2,288 | 2,230 |
Property, Plant and Equipment, Net, Total | $ 2,288 | $ 2,230 |
OTHER ASSET (Details)
OTHER ASSET (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
OTHER ASSETS ABSTRACT | ||
Tax and other receivables | $ 377 | $ 92 |
Prepaid assets | 183 | 154 |
Restricted cash, current | 19 | 1 |
Other | 5 | 4 |
Other current assets, total | 584 | 251 |
Restricted cash | 92 | 91 |
Operating leases | 97 | |
Intangible assets | 62 | 97 |
Restricted investments | 52 | 57 |
Income tax receivable | 45 | 47 |
Taxes other than income and mining | 41 | 23 |
Prepaid royalties | 44 | 214 |
Other | 101 | 55 |
Other non-current assets, total | $ 534 | $ 584 |
DEBT - Maturities of long term
DEBT - Maturities of long term debt (Details) $ in Millions | Sep. 30, 2019USD ($) |
Scheduled minimum debt repayments | |
Remainder of 2019 | $ 626 |
2021 | 550 |
2022 | 992 |
2023 | 1,000 |
Debt repayments, thereafter | 3,624 |
Net carrying amount | $ 6,792 |
DEBT - Corporate Revolving Cred
DEBT - Corporate Revolving Credit Facilities (Details) - USD ($) $ in Millions | Oct. 01, 2019 | Sep. 30, 2019 | Apr. 04, 2019 |
Debt | |||
Proceeds from issuance of debt, net | $ 690 | ||
Line of credit facility maximum borrowing capacity | $ 3,000 | ||
Letters of credit outstanding | $ 60 | $ 71 | |
2019 Senior Notes, net | Subsequent Event [Member] | |||
Debt | |||
Repayment of debt | $ 626 |
DEBT - Goldcorp transactions (D
DEBT - Goldcorp transactions (Details) - USD ($) $ in Millions | Apr. 18, 2019 | Sep. 30, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Apr. 04, 2019 |
Debt Instrument [Line Items] | |||||
Shares issued in acquisition, value | $ 2,000 | ||||
Letters of credit outstanding | $ 60 | $ 60 | $ 71 | ||
Goldcorp Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayment of debt | 400 | ||||
Goldcorp Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayment of debt | 850 | ||||
Letters of credit outstanding | 410 | 410 | |||
Letters of credit surety bonds and bank guarantees, outstanding | 334 | 334 | $ 336 | ||
Decrease due to change in exchange rate | 2 | ||||
Goldcorp Note 3.625 Percent Due 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument principal amount | 78 | ||||
Goldcorp Note 3.70 Percent Due 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument principal amount | 190 | ||||
Goldcorp Note 5.45 Percent Due 2044 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument principal amount | 6 | ||||
New Newmont Note 3.625 Percent Due 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument principal amount | $ 472 | ||||
Debt instrument, interest rate, stated percentage | 3.625% | ||||
New Newmont Note 5.45 Percent Due 2044 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument principal amount | $ 444 | ||||
Debt instrument, interest rate, stated percentage | 5.45% | ||||
New Newmont Note 3.70 Percent Due 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument principal amount | $ 810 | ||||
Debt instrument, interest rate, stated percentage | 3.70% | ||||
Unsecured Senior Notes 2.80 Percent Due 2029 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument principal amount | $ 700 | $ 700 | |||
Debt instrument, interest rate, stated percentage | 2.80% | 2.80% | |||
Net proceeds | $ 690 |
LEASE AND OTHER FINANCING OBL_3
LEASE AND OTHER FINANCING OBLIGATIONS - Parameters and lease cost (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Lessee, Finance Lease, Description [Abstract] | ||
Lessee, Finance Lease, Renewal Term | 15 years | 15 years |
Finance lease termination period | 3 years | |
Lessee, Operating Lease, Description [Abstract] | ||
Lessee, Operating Lease, Renewal Term | 15 years | 15 years |
Operating lease termination period | 3 years | |
Lease, Cost [Abstract] | ||
Operating lease cost | $ 6 | $ 18 |
Amortization of ROU assets | 25 | 50 |
Interest on lease liabilities | 10 | 24 |
Finance lease cost, total | 35 | 74 |
Variable lease cost | 112 | 227 |
Short-term lease cost | 33 | 47 |
Lease cost, Total | $ 186 | 366 |
Operating cash flows relating to operating leases | 23 | |
Operating cash flows relating to finance leases | 23 | |
Financing cash flows relating to finance leases | 37 | |
Operating lease obligations arising from obtaining ROU assets | 124 | |
Finance lease obligations arising from obtaining ROU assets | $ 714 | |
Operating Lease, Weighted Average Remaining Lease Term | 6 years | 6 years |
Finance Lease, Weighted Average Remaining Lease Term | 12 years | 12 years |
Operating Lease, Weighted Average Discount Rate, Percent | 5.04% | 5.04% |
Finance Lease, Weighted Average Discount Rate, Percent | 5.61% | 5.61% |
Goldcorp [Member] | ||
Lease, Cost [Abstract] | ||
Operating lease obligations arising from obtaining ROU assets | $ 58 | |
Finance lease obligations arising from obtaining ROU assets | 414 | |
Nevada Gold Mines LLC NGM [Member] | ||
Lease, Cost [Abstract] | ||
Operating lease obligations arising from obtaining ROU assets | 11 | |
Finance lease obligations arising from obtaining ROU assets | $ 1 | |
Minimum | ||
Lessee, Finance Lease, Description [Abstract] | ||
Finance lease, remaining term | 1 year | |
Lessee, Operating Lease, Description [Abstract] | ||
Operating lease, remaining term | 1 year | |
Maximum | ||
Lessee, Finance Lease, Description [Abstract] | ||
Finance lease, remaining term | 38 years | |
Lessee, Operating Lease, Description [Abstract] | ||
Operating lease, remaining term | 38 years |
LEASE AND OTHER FINANCING OBL_4
LEASE AND OTHER FINANCING OBLIGATIONS - Maturities (Details) $ in Millions | Sep. 30, 2019USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
Remainder of 2019 | $ 11 |
2020 | 35 |
2021 | 22 |
2022 | 14 |
2023 | 8 |
Thereafter | 29 |
Total future minimum lease payments | 119 |
Less: Imputed interest | (16) |
Operating lease liability | 103 |
Finance Lease, Liability, Payment, Due [Abstract] | |
Remainder of 2019 | 26 |
2020 | 99 |
2021 | 95 |
2022 | 85 |
2023 | 79 |
Thereafter | 598 |
Total future minimum lease payments | 982 |
Less: Imputed interest | (285) |
Finance Lease, Liability | $ 697 |
LEASE AND OTHER FINANCING OBL_5
LEASE AND OTHER FINANCING OBLIGATIONS - Additional information (Details) $ in Millions | 1 Months Ended | ||
Dec. 31, 2017facility | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Lessee, Finance Lease, Description [Abstract] | |||
Finance lease obligation, ASC842 | $ 697 | ||
Future operating lease, liability | $ 78 | ||
Future operating lease, term | 13 years | ||
Tanami Power project | |||
Lessee, Finance Lease, Description [Abstract] | |||
Number of on-site power stations | facility | 2 | ||
Financing obligation, ASC840 | $ 210 | ||
Financing obligation, current, ASC840 | $ 24 | ||
Finance lease obligation, ASC842 | $ 186 | ||
Finance lease obligation, current portion, ASC842 | $ 26 |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Other current liabilities: | ||
Accrued operating costs | $ 279 | $ 129 |
Reclamation and remediation liabilities | 159 | 114 |
Silver streaming agreement | 80 | |
Accrued interest | 74 | 52 |
Accrued capital expenditures | 60 | 61 |
Royalties | 53 | 63 |
Operating leases, current | 38 | |
Taxes other than income and mining | 37 | 8 |
Holt royalty obligation | 13 | 12 |
Other | 75 | 16 |
Other current liabilities, total | 868 | 455 |
Other non-current liabilities: | ||
Income and mining taxes | 372 | 17 |
Holt property royalty | 243 | 149 |
Operating leases, non-current | 65 | |
Social development obligations | 17 | 18 |
Power supply agreements | 28 | |
Other | 58 | 13 |
Other long-term liabilities, total | 1,000 | 314 |
Unrecognized tax benefits, interest and penalties | 372 | |
Norte Abierto Project [Member] | ||
Other non-current liabilities: | ||
Deferred payment | 154 | |
Galore Creek [Member] | ||
Other non-current liabilities: | ||
Deferred payment | 91 | $ 89 |
Goldcorp [Member] | ||
Other non-current liabilities: | ||
Deferred payment | 154 | |
Increase from acquisition | 453 | |
Reduction from settlement | $ 358 |
RECLASSIFICATIONS OUT OF AOCI -
RECLASSIFICATIONS OUT OF AOCI - Components of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||
Balance at beginning of period | $ 20,325 | $ 11,471 | $ 11,465 | $ 11,785 | $ 11,555 | $ 11,519 | $ 11,465 | $ 11,519 | ||
Cumulative effect adjustment | $ (9) | |||||||||
Other comprehensive income (loss) | (8) | 12 | 15 | 12 | 7 | 8 | 19 | 27 | ||
Balance at end of period | 22,435 | 20,325 | 11,471 | 11,574 | 11,785 | 11,555 | 22,435 | 11,574 | ||
Unrealized gain (loss) on marketable securities, net | ||||||||||
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||
Gain (loss) in other comprehensive income (loss) before reclassifications | 3 | |||||||||
Other comprehensive income (loss) | 3 | |||||||||
Balance at end of period | 3 | 3 | ||||||||
Foreign Currency Translation Adjustments | ||||||||||
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||
Balance at beginning of period | 118 | 118 | ||||||||
Gain (loss) in other comprehensive income (loss) before reclassifications | 7 | |||||||||
Other comprehensive income (loss) | 7 | |||||||||
Balance at end of period | 125 | 125 | ||||||||
Pension and other post-retirement benefit adjustments | ||||||||||
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||
Balance at beginning of period | (262) | (262) | ||||||||
Gain (loss) in other comprehensive income (loss) before reclassifications | (18) | |||||||||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 15 | |||||||||
Other comprehensive income (loss) | (3) | |||||||||
Balance at end of period | (265) | (265) | ||||||||
Unrealized Gain (Loss) on Cash flow Hedge Instruments | ||||||||||
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||
Balance at beginning of period | (140) | (140) | ||||||||
Gain (loss) in other comprehensive income (loss) before reclassifications | 2 | |||||||||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 10 | |||||||||
Other comprehensive income (loss) | 12 | |||||||||
Balance at end of period | (128) | (128) | ||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||
Balance at beginning of period | (257) | (269) | (284) | (162) | (169) | (292) | (284) | (292) | ||
Cumulative effect adjustment | $ 115 | |||||||||
Gain (loss) in other comprehensive income (loss) before reclassifications | (6) | |||||||||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 25 | |||||||||
Other comprehensive income (loss) | (8) | 12 | 15 | 12 | 7 | 8 | 19 | |||
Balance at end of period | $ (265) | $ (257) | $ (269) | $ (150) | $ (162) | $ (169) | $ (265) | $ (150) |
RECLASSIFICATIONS OUT OF AOCI_2
RECLASSIFICATIONS OUT OF AOCI - Reclassifications (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Other income, net | $ (31) | $ (37) | $ (166) | $ (197) |
Depreciation and amortization | 548 | 299 | 1,347 | 879 |
Interest expense, net | 77 | 51 | 217 | 153 |
Total before tax | (2,778) | 128 | (3,073) | (460) |
Tax | 558 | 3 | 703 | 126 |
Net of tax | (2,204) | 124 | (2,323) | (365) |
Pension and other post-retirement benefit adjustments | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 15 | |||
Unrealized Gain (Loss) on Cash flow Hedge Instruments | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 10 | |||
Reclassification Out of Accumulated Other Comprehensive Income Member | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Total before tax | 2 | 10 | ||
Net of tax | 12 | 6 | 25 | 20 |
Reclassification Out of Accumulated Other Comprehensive Income Member | Pension and other post-retirement benefit adjustments | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Total before tax | 9 | 6 | 15 | 18 |
Tax | 1 | 4 | ||
Net of tax | 9 | 5 | 15 | 14 |
Reclassification Out of Accumulated Other Comprehensive Income Member | Accumulated defined benefit pension plans adjustment, amortization | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Other income, net | 6 | 6 | 12 | 18 |
Reclassification Out of Accumulated Other Comprehensive Income Member | Accumulated defined benefit pension plans adjustment, curtailment | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Other income, net | 3 | 3 | ||
Reclassification Out of Accumulated Other Comprehensive Income Member | Unrealized Gain (Loss) on Cash flow Hedge Instruments, pre-adoption | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Total before tax | 1 | 8 | ||
Tax | 2 | |||
Net of tax | 1 | 6 | ||
Reclassification Out of Accumulated Other Comprehensive Income Member | Unrealized Gain (Loss) on Cash flow Hedge Instruments | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Tax | (1) | |||
Net of tax | 3 | 10 | ||
Reclassification Out of Accumulated Other Comprehensive Income Member | Operating cash flow hedges | Unrealized Gain (Loss) on Cash flow Hedge Instruments, pre-adoption | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Costs applicable to sales | (1) | |||
Reclassification Out of Accumulated Other Comprehensive Income Member | Operating cash flow hedges | Unrealized Gain (Loss) on Cash flow Hedge Instruments | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Costs applicable to sales | 2 | |||
Reclassification Out of Accumulated Other Comprehensive Income Member | Interest rate contracts | Unrealized Gain (Loss) on Cash flow Hedge Instruments, pre-adoption | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Interest expense, net | $ 2 | $ 8 | ||
Reclassification Out of Accumulated Other Comprehensive Income Member | Interest rate contracts | Unrealized Gain (Loss) on Cash flow Hedge Instruments | ||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Interest expense, net | $ 2 | $ 8 |
NET CHANGE IN OPERATING ASSET_3
NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Decrease (increase) in operating assets: | ||
Trade and other receivables | $ (217) | $ (18) |
Inventories, stockpiles and ore on leach pads | (90) | (274) |
Other assets | 45 | (23) |
Increase (decrease) in operating liabilities: | ||
Accounts payable | (3) | (78) |
Reclamation and remediation liabilities | (64) | (51) |
Other accrued liabilities | (80) | (223) |
Net change in operating assets and liabilities | (409) | $ (667) |
Term loan repaid | $ 1,250 |
CONDENSED CONSOLIDATING FINAN_3
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Additional Information (Details) | Sep. 30, 2019 |
Newmont USA | |
Condensed Financial Statements | |
Percent ownership held by Newmont | 100.00% |
CONDENSED CONSOLIDATING FINAN_4
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Condensed Consolidating Statement of Operations | |||||
Sales | $ 2,713 | $ 1,726 | $ 6,773 | $ 5,205 | |
Costs and expenses | |||||
Depreciation and amortization | 548 | 299 | 1,347 | 879 | |
Advanced projects, research and development | 43 | 37 | 102 | 107 | |
General and administrative | 84 | 59 | 224 | 181 | |
Impairment of long-lived assets | 3 | 366 | 4 | 366 | |
Other expense, net | 35 | 5 | 239 | 29 | |
Total costs and expenses | 2,255 | 1,840 | 6,015 | 4,789 | |
Other income (expense): | |||||
Gain on formation of Nevada Gold Mines | 2,366 | 2,366 | |||
Other income, net | 31 | 37 | 166 | 197 | |
Interest expense, net of capitalized interest | (77) | (51) | (217) | (153) | |
Total other income (expense) | 2,320 | (14) | 2,315 | 44 | |
Income (loss) before income and mining tax and other items | 2,778 | (128) | 3,073 | 460 | |
Income and mining tax benefit (expense) | (558) | (3) | (703) | (126) | |
Equity income (loss) of affiliates | 32 | (9) | 53 | (25) | |
Net income (loss) from continuing operations | 2,252 | (140) | 2,423 | 309 | |
Net income (loss) from discontinued operations (Note 13) | (48) | 16 | (100) | 56 | |
Net income (loss) | 2,204 | (124) | 2,323 | 365 | |
Continuing operations | (26) | (21) | (83) | (26) | |
Net income (loss) attributable to noncontrolling interests | (26) | (21) | (83) | (26) | |
Net income (loss) attributable to Newmont stockholders | 2,178 | (145) | 2,240 | 339 | |
Comprehensive income (loss) | 2,196 | (112) | 2,342 | 392 | |
Comprehensive loss (income) attributable to noncontrolling interests | (26) | (21) | (83) | (26) | |
Comprehensive income (loss) attributable to Newmont stockholders | 2,170 | (133) | 2,259 | 366 | |
Eliminations | |||||
Other income (expense): | |||||
Interest income - intercompany | (73) | (42) | (178) | (136) | |
Interest expense - intercompany | 73 | 42 | 178 | 136 | |
Equity income (loss) of affiliates | (2,333) | 102 | (2,399) | (356) | |
Net income (loss) from continuing operations | (2,333) | 102 | (2,399) | (356) | |
Net income (loss) | (2,333) | 102 | (2,399) | (356) | |
Net income (loss) attributable to Newmont stockholders | (2,333) | 102 | (2,399) | (356) | |
Comprehensive income (loss) | (2,333) | 102 | (2,399) | (356) | |
Comprehensive income (loss) attributable to Newmont stockholders | (2,333) | 102 | (2,399) | (356) | |
Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | |||||
Costs and expenses | |||||
Costs applicable to sales (1) | [1] | 1,392 | 995 | 3,736 | 2,989 |
Exploration | |||||
Costs and expenses | |||||
Costs applicable to sales (1) | 88 | 48 | 198 | 142 | |
Reclamation and remediation | |||||
Costs and expenses | |||||
Costs applicable to sales (1) | 62 | 31 | 165 | 96 | |
Newmont Goldcorp Corporation | Reportable Legal Entities | |||||
Costs and expenses | |||||
Depreciation and amortization | 1 | 1 | 3 | 3 | |
Other expense, net | 1 | 4 | |||
Total costs and expenses | 2 | 1 | 7 | 3 | |
Other income (expense): | |||||
Other income, net | (13) | (32) | 15 | (29) | |
Interest income - intercompany | 37 | 16 | 84 | 67 | |
Interest expense - intercompany | (2) | (10) | (5) | (29) | |
Interest expense, net of capitalized interest | (67) | (45) | (183) | (142) | |
Total other income (expense) | (45) | (71) | (89) | (133) | |
Income (loss) before income and mining tax and other items | (47) | (72) | (96) | (136) | |
Income and mining tax benefit (expense) | 16 | 29 | |||
Equity income (loss) of affiliates | 2,225 | (89) | 2,336 | 446 | |
Net income (loss) from continuing operations | 2,178 | (145) | 2,240 | 339 | |
Net income (loss) | 2,178 | (145) | 2,240 | 339 | |
Net income (loss) attributable to Newmont stockholders | 2,178 | (145) | 2,240 | 339 | |
Comprehensive income (loss) | 2,170 | (133) | 2,259 | 366 | |
Comprehensive income (loss) attributable to Newmont stockholders | 2,170 | (133) | 2,259 | 366 | |
Newmont USA | Reportable Legal Entities | |||||
Condensed Consolidating Statement of Operations | |||||
Sales | 47 | 417 | 881 | 1,348 | |
Costs and expenses | |||||
Depreciation and amortization | 12 | 85 | 185 | 247 | |
Advanced projects, research and development | 5 | 8 | 14 | 22 | |
General and administrative | 16 | 20 | 53 | 61 | |
Impairment of long-lived assets | 336 | 1 | 336 | ||
Other expense, net | 17 | 149 | 2 | ||
Total costs and expenses | 85 | 759 | 1,015 | 1,616 | |
Other income (expense): | |||||
Gain on formation of Nevada Gold Mines | 2,366 | 2,366 | |||
Other income, net | (3) | 9 | 39 | 36 | |
Interest income - intercompany | 13 | 14 | 44 | 36 | |
Interest expense, net of capitalized interest | (3) | (2) | (5) | ||
Total other income (expense) | 2,376 | 20 | 2,447 | 67 | |
Income (loss) before income and mining tax and other items | 2,338 | (322) | 2,313 | (201) | |
Income and mining tax benefit (expense) | (470) | 79 | (478) | 58 | |
Equity income (loss) of affiliates | 108 | (13) | 63 | (90) | |
Net income (loss) from continuing operations | 1,976 | (256) | 1,898 | (233) | |
Net income (loss) | 1,976 | (256) | 1,898 | (233) | |
Net income (loss) attributable to Newmont stockholders | 1,976 | (256) | 1,898 | (233) | |
Comprehensive income (loss) | 1,960 | (246) | 1,892 | (223) | |
Comprehensive income (loss) attributable to Newmont stockholders | 1,960 | (246) | 1,892 | (223) | |
Newmont USA | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | Reportable Legal Entities | |||||
Costs and expenses | |||||
Costs applicable to sales (1) | 27 | 293 | 577 | 898 | |
Newmont USA | Exploration | Reportable Legal Entities | |||||
Costs and expenses | |||||
Costs applicable to sales (1) | 13 | 20 | 39 | ||
Newmont USA | Reclamation and remediation | Reportable Legal Entities | |||||
Costs and expenses | |||||
Costs applicable to sales (1) | 8 | 4 | 16 | 11 | |
Other Subsidiaries | Reportable Legal Entities | |||||
Condensed Consolidating Statement of Operations | |||||
Sales | 2,666 | 1,309 | 5,892 | 3,857 | |
Costs and expenses | |||||
Depreciation and amortization | 535 | 213 | 1,159 | 629 | |
Advanced projects, research and development | 38 | 29 | 88 | 85 | |
General and administrative | 68 | 39 | 171 | 120 | |
Impairment of long-lived assets | 3 | 30 | 3 | 30 | |
Other expense, net | 17 | 5 | 86 | 27 | |
Total costs and expenses | 2,168 | 1,080 | 4,993 | 3,170 | |
Other income (expense): | |||||
Other income, net | 47 | 60 | 112 | 190 | |
Interest income - intercompany | 23 | 12 | 50 | 33 | |
Interest expense - intercompany | (71) | (32) | (173) | (107) | |
Interest expense, net of capitalized interest | (10) | (3) | (32) | (6) | |
Total other income (expense) | (11) | 37 | (43) | 110 | |
Income (loss) before income and mining tax and other items | 487 | 266 | 856 | 797 | |
Income and mining tax benefit (expense) | (88) | (98) | (225) | (213) | |
Equity income (loss) of affiliates | 32 | (9) | 53 | (25) | |
Net income (loss) from continuing operations | 431 | 159 | 684 | 559 | |
Net income (loss) from discontinued operations (Note 13) | (48) | 16 | (100) | 56 | |
Net income (loss) | 383 | 175 | 584 | 615 | |
Net income (loss) attributable to noncontrolling interests | (26) | (21) | (83) | (26) | |
Net income (loss) attributable to Newmont stockholders | 357 | 154 | 501 | 589 | |
Comprehensive income (loss) | 399 | 165 | 590 | 605 | |
Comprehensive loss (income) attributable to noncontrolling interests | (26) | (21) | (83) | (26) | |
Comprehensive income (loss) attributable to Newmont stockholders | 373 | 144 | 507 | 579 | |
Other Subsidiaries | Costs applicable to sales, excluding Depreciation, Exploration and Remediation Expense | Reportable Legal Entities | |||||
Costs and expenses | |||||
Costs applicable to sales (1) | 1,365 | 702 | 3,159 | 2,091 | |
Other Subsidiaries | Exploration | Reportable Legal Entities | |||||
Costs and expenses | |||||
Costs applicable to sales (1) | 88 | 35 | 178 | 103 | |
Other Subsidiaries | Reclamation and remediation | Reportable Legal Entities | |||||
Costs and expenses | |||||
Costs applicable to sales (1) | $ 54 | $ 27 | $ 149 | $ 85 | |
[1] | Excludes Depreciation and amortization and Reclamation and remediation. |
CONDENSED CONSOLIDATING FINAN_5
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Operating activities: | |||||||
Net cash provided by (used in) continuing operating activities | $ 1,668 | $ 1,095 | |||||
Net cash provided by (used in) operating activities of discontinued operations | (7) | (8) | |||||
Net cash provided by (used in) operating activities | 1,661 | 1,087 | |||||
Investing activities: | |||||||
Additions to property, plant and mine development | $ (428) | $ (274) | (1,033) | (763) | |||
Acquisitions, net | 127 | (138) | |||||
Purchases of investments | (94) | (17) | |||||
Return of investment from an equity method investee | 83 | ||||||
Proceeds from sales of other assets | 29 | 23 | |||||
Proceeds from sales of investments | 59 | 16 | |||||
Other | 12 | (5) | |||||
Net cash provided by (used in) investing activities | (817) | (884) | |||||
Financing activities: | |||||||
Repayment of debt | (1,250) | ||||||
Dividends paid to common stockholders | (775) | (226) | |||||
Proceeds from issuance of debt, net | 690 | ||||||
Distributions to noncontrolling interests | (137) | (107) | |||||
Payments for withholding of employee taxes related to stock-based compensation | (48) | (39) | |||||
Funding from noncontrolling interests | 75 | 77 | |||||
Payments on lease and other financing obligations, pre-adoption | (3) | ||||||
Payments on lease and other financing obligations, post-adoption | (37) | ||||||
Repurchases of common stock | (96) | ||||||
Proceeds from sale of noncontrolling interests | 48 | ||||||
Other | (24) | ||||||
Net cash provided by (used in) financing activities | (1,506) | (346) | |||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (4) | (4) | |||||
Net change in cash, cash equivalents and restricted cash | (666) | (147) | |||||
Cash, cash equivalents and restricted cash at beginning of period | 3,489 | 3,298 | |||||
Cash, cash equivalents and restricted cash at end of period | 2,823 | 3,151 | 2,823 | 3,151 | |||
Reconciliation of cash, cash equivalents and restricted cash: | |||||||
Cash and cash equivalents | $ 2,712 | $ 3,397 | $ 3,068 | ||||
Restricted cash included in Other current assets | $ 19 | $ 1 | |||||
Location of current restricted cash | us-gaap:OtherAssetsCurrent | us-gaap:OtherAssetsCurrent | |||||
Restricted cash included in Other noncurrent assets | $ 92 | $ 82 | |||||
Location of noncurrent restricted cash | us-gaap:OtherAssetsNoncurrent | us-gaap:OtherAssetsNoncurrent | |||||
Total cash, cash equivalents and restricted cash | 2,823 | 3,151 | 3,489 | 3,298 | $ 2,823 | 3,489 | $ 3,151 |
Eliminations | |||||||
Operating activities: | |||||||
Net cash provided by (used in) continuing operating activities | (355) | ||||||
Net cash provided by (used in) operating activities | (355) | ||||||
Financing activities: | |||||||
Dividends paid to common stockholders | 355 | ||||||
Net cash provided by (used in) financing activities | 355 | ||||||
Newmont Goldcorp Corporation | Reportable Legal Entities | |||||||
Operating activities: | |||||||
Net cash provided by (used in) continuing operating activities | 233 | (123) | |||||
Net cash provided by (used in) operating activities | 233 | (123) | |||||
Investing activities: | |||||||
Acquisitions, net | (17) | ||||||
Purchases of investments | (72) | (4) | |||||
Net cash provided by (used in) investing activities | (89) | (4) | |||||
Financing activities: | |||||||
Dividends paid to common stockholders | (775) | (226) | |||||
Proceeds from issuance of debt, net | 690 | ||||||
Repurchases of common stock | (96) | ||||||
Net intercompany borrowings (repayments) | (35) | 449 | |||||
Other | (24) | ||||||
Proceeds From Repayments Of Related Party Debt | (35) | 449 | |||||
Net cash provided by (used in) financing activities | (144) | 127 | |||||
Newmont USA | Reportable Legal Entities | |||||||
Operating activities: | |||||||
Net cash provided by (used in) continuing operating activities | 107 | 339 | |||||
Net cash provided by (used in) operating activities | 107 | 339 | |||||
Investing activities: | |||||||
Additions to property, plant and mine development | (99) | (203) | |||||
Purchases of investments | (4) | ||||||
Proceeds from sales of other assets | 20 | ||||||
Proceeds from sales of investments | 6 | 12 | |||||
Other | 1 | ||||||
Net cash provided by (used in) investing activities | (77) | (190) | |||||
Financing activities: | |||||||
Payments for withholding of employee taxes related to stock-based compensation | (48) | (39) | |||||
Net intercompany borrowings (repayments) | 21 | (109) | |||||
Other | (1) | ||||||
Proceeds From Repayments Of Related Party Debt | 21 | (109) | |||||
Net cash provided by (used in) financing activities | (27) | (149) | |||||
Net change in cash, cash equivalents and restricted cash | 3 | ||||||
Cash, cash equivalents and restricted cash at end of period | 3 | 3 | |||||
Reconciliation of cash, cash equivalents and restricted cash: | |||||||
Restricted cash included in Other noncurrent assets | 3 | ||||||
Total cash, cash equivalents and restricted cash | 3 | 3 | 3 | ||||
Other Subsidiaries | Reportable Legal Entities | |||||||
Operating activities: | |||||||
Net cash provided by (used in) continuing operating activities | 1,683 | 879 | |||||
Net cash provided by (used in) operating activities of discontinued operations | (7) | (8) | |||||
Net cash provided by (used in) operating activities | 1,676 | 871 | |||||
Investing activities: | |||||||
Additions to property, plant and mine development | (934) | (560) | |||||
Acquisitions, net | 144 | (138) | |||||
Purchases of investments | (18) | (13) | |||||
Return of investment from an equity method investee | 83 | ||||||
Proceeds from sales of other assets | 9 | 23 | |||||
Proceeds from sales of investments | 53 | 4 | |||||
Other | 12 | (6) | |||||
Net cash provided by (used in) investing activities | (651) | (690) | |||||
Financing activities: | |||||||
Repayment of debt | (1,250) | ||||||
Dividends paid to common stockholders | (355) | ||||||
Distributions to noncontrolling interests | (137) | (107) | |||||
Funding from noncontrolling interests | 75 | 77 | |||||
Payments on lease and other financing obligations, pre-adoption | (3) | ||||||
Payments on lease and other financing obligations, post-adoption | (37) | ||||||
Proceeds from sale of noncontrolling interests | 48 | ||||||
Net intercompany borrowings (repayments) | 14 | (340) | |||||
Other | 1 | ||||||
Proceeds From Repayments Of Related Party Debt | 14 | (340) | |||||
Net cash provided by (used in) financing activities | (1,690) | (324) | |||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (4) | (4) | |||||
Net change in cash, cash equivalents and restricted cash | (669) | (147) | |||||
Cash, cash equivalents and restricted cash at beginning of period | 3,489 | 3,298 | |||||
Cash, cash equivalents and restricted cash at end of period | 2,820 | 3,151 | 2,820 | 3,151 | |||
Reconciliation of cash, cash equivalents and restricted cash: | |||||||
Cash and cash equivalents | 2,712 | 3,397 | 3,068 | ||||
Restricted cash included in Other current assets | 19 | 1 | |||||
Restricted cash included in Other noncurrent assets | 89 | 82 | |||||
Total cash, cash equivalents and restricted cash | $ 2,820 | $ 3,151 | $ 3,489 | $ 3,298 | $ 2,820 | $ 3,489 | $ 3,151 |
CONDENSED CONSOLIDATING FINAN_6
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | ||||||||
Cash and cash equivalents | $ 2,712 | $ 3,397 | $ 3,068 | |||||
Trade receivables | 383 | 254 | ||||||
Tax and other receivables | 377 | 92 | ||||||
Investments | 157 | 48 | ||||||
Inventories | 1,102 | 630 | ||||||
Stockpiles and ore on leach pads | 760 | 697 | ||||||
Other current assets | 584 | 251 | ||||||
Current assets | 5,698 | 5,277 | ||||||
Property, plant and mine development, net | 26,197 | 12,258 | ||||||
Investments | 3,295 | 271 | ||||||
Stockpiles and ore on leach pads | 1,521 | 1,866 | ||||||
Deferred income tax assets | 440 | 401 | ||||||
Goodwill | 3,078 | 58 | ||||||
Other non-current assets | 534 | 584 | ||||||
Total assets | 40,763 | 20,715 | ||||||
Liabilities | ||||||||
Debt | 626 | 626 | ||||||
Accounts payable | 532 | 303 | ||||||
Employee-related benefits | 356 | 305 | ||||||
Income and mining taxes | 132 | 71 | ||||||
Lease and other financing obligations, current (Note 26) | 97 | 27 | ||||||
Other current liabilities | 868 | 455 | ||||||
Current liabilities | 2,611 | 1,787 | ||||||
Debt | 6,139 | 3,418 | ||||||
Lease and other financing obligations, noncurrent (Note 26) | 600 | 190 | ||||||
Reclamation and remediation liabilities | 3,441 | 2,481 | ||||||
Deferred income tax liabilities | 2,965 | 612 | ||||||
Employee-related benefits | 454 | 401 | ||||||
Silver streaming agreement (Note 6) | 1,069 | |||||||
Other non-current liabilities | 1,000 | 314 | ||||||
Total liabilities | 18,279 | 9,203 | ||||||
Contingently redeemable noncontrolling interest | 49 | 47 | ||||||
Equity | ||||||||
Newmont stockholders' equity | 21,430 | 10,502 | ||||||
Noncontrolling interests | 1,005 | 963 | ||||||
Total equity | 22,435 | $ 20,325 | $ 11,471 | 11,465 | 11,574 | $ 11,785 | $ 11,555 | $ 11,519 |
Total liabilities and equity | 40,763 | 20,715 | ||||||
Eliminations | ||||||||
Assets | ||||||||
Intercompany receivable | (16,836) | (19,674) | ||||||
Current assets | (16,836) | (19,674) | ||||||
Property, plant and mine development, net | (25) | (29) | ||||||
Investments in subsidiaries | (31,228) | (13,086) | ||||||
Non-current intercompany receivable | (2,348) | (1,363) | ||||||
Total assets | (50,437) | (34,152) | ||||||
Liabilities | ||||||||
Intercompany payable | (16,836) | (19,674) | ||||||
Current liabilities | (16,836) | (19,674) | ||||||
Non-current intercompany payable | (2,373) | (1,392) | ||||||
Other non-current liabilities | (622) | |||||||
Total liabilities | (19,209) | (21,688) | ||||||
Equity | ||||||||
Newmont stockholders' equity | (31,228) | (12,464) | ||||||
Total equity | (31,228) | (12,464) | ||||||
Total liabilities and equity | (50,437) | (34,152) | ||||||
Newmont Goldcorp Corporation | Reportable Legal Entities | ||||||||
Assets | ||||||||
Intercompany receivable | 7,539 | 6,351 | ||||||
Current assets | 7,539 | 6,351 | ||||||
Property, plant and mine development, net | 11 | 14 | ||||||
Investments | 157 | 62 | ||||||
Investments in subsidiaries | 24,482 | 13,083 | ||||||
Non-current intercompany receivable | 1,801 | 653 | ||||||
Total assets | 33,990 | 20,163 | ||||||
Liabilities | ||||||||
Debt | 626 | 626 | ||||||
Intercompany payable | 6,039 | 5,554 | ||||||
Employee-related benefits | 3 | |||||||
Other current liabilities | 75 | 52 | ||||||
Current liabilities | 6,743 | 6,232 | ||||||
Debt | 5,814 | 3,418 | ||||||
Employee-related benefits | 3 | 3 | ||||||
Non-current intercompany payable | 7 | |||||||
Other non-current liabilities | 1 | |||||||
Total liabilities | 12,560 | 9,661 | ||||||
Equity | ||||||||
Newmont stockholders' equity | 21,430 | 10,502 | ||||||
Total equity | 21,430 | 10,502 | ||||||
Total liabilities and equity | 33,990 | 20,163 | ||||||
Newmont USA | Reportable Legal Entities | ||||||||
Assets | ||||||||
Trade receivables | 26 | 63 | ||||||
Intercompany receivable | 3,292 | 5,027 | ||||||
Inventories | 180 | |||||||
Stockpiles and ore on leach pads | 195 | |||||||
Other current assets | 29 | 30 | ||||||
Current assets | 3,347 | 5,495 | ||||||
Property, plant and mine development, net | 42 | 2,680 | ||||||
Investments | 2 | 4 | ||||||
Investments in subsidiaries | 6,746 | |||||||
Stockpiles and ore on leach pads | 658 | |||||||
Non-current intercompany receivable | 547 | 704 | ||||||
Other non-current assets | 60 | 271 | ||||||
Total assets | 10,744 | 9,812 | ||||||
Liabilities | ||||||||
Accounts payable | 16 | 83 | ||||||
Intercompany payable | 1,923 | 2,741 | ||||||
Employee-related benefits | 83 | 138 | ||||||
Income and mining taxes | 19 | |||||||
Lease and other financing obligations, current (Note 26) | 1 | |||||||
Other current liabilities | 84 | 135 | ||||||
Current liabilities | 2,106 | 3,117 | ||||||
Lease and other financing obligations, noncurrent (Note 26) | 3 | |||||||
Reclamation and remediation liabilities | 22 | 325 | ||||||
Deferred income tax liabilities | 470 | 90 | ||||||
Employee-related benefits | 207 | 236 | ||||||
Other non-current liabilities | 13 | 637 | ||||||
Total liabilities | 2,818 | 4,408 | ||||||
Equity | ||||||||
Newmont stockholders' equity | 7,926 | 5,404 | ||||||
Total equity | 7,926 | 5,404 | ||||||
Total liabilities and equity | 10,744 | 9,812 | ||||||
Other Subsidiaries | Reportable Legal Entities | ||||||||
Assets | ||||||||
Cash and cash equivalents | 2,712 | 3,397 | $ 3,068 | |||||
Trade receivables | 357 | 191 | ||||||
Intercompany receivable | 6,005 | 8,296 | ||||||
Investments | 157 | 48 | ||||||
Inventories | 1,102 | 450 | ||||||
Stockpiles and ore on leach pads | 760 | 502 | ||||||
Other current assets | 555 | 221 | ||||||
Current assets | 11,648 | 13,105 | ||||||
Property, plant and mine development, net | 26,169 | 9,593 | ||||||
Investments | 3,136 | 205 | ||||||
Investments in subsidiaries | 3 | |||||||
Stockpiles and ore on leach pads | 1,521 | 1,208 | ||||||
Deferred income tax assets | 440 | 401 | ||||||
Goodwill | 3,078 | 58 | ||||||
Non-current intercompany receivable | 6 | |||||||
Other non-current assets | 474 | 313 | ||||||
Total assets | 46,466 | 24,892 | ||||||
Liabilities | ||||||||
Accounts payable | 516 | 220 | ||||||
Intercompany payable | 8,874 | 11,379 | ||||||
Employee-related benefits | 270 | 167 | ||||||
Income and mining taxes | 132 | 52 | ||||||
Lease and other financing obligations, current (Note 26) | 97 | 26 | ||||||
Other current liabilities | 709 | 268 | ||||||
Current liabilities | 10,598 | 12,112 | ||||||
Debt | 325 | |||||||
Lease and other financing obligations, noncurrent (Note 26) | 600 | 187 | ||||||
Reclamation and remediation liabilities | 3,419 | 2,156 | ||||||
Deferred income tax liabilities | 2,495 | 522 | ||||||
Employee-related benefits | 244 | 162 | ||||||
Non-current intercompany payable | 2,373 | 1,385 | ||||||
Silver streaming agreement (Note 6) | 1,069 | |||||||
Other non-current liabilities | 987 | 298 | ||||||
Total liabilities | 22,110 | 16,822 | ||||||
Contingently redeemable noncontrolling interest | 49 | 47 | ||||||
Equity | ||||||||
Newmont stockholders' equity | 23,302 | 7,060 | ||||||
Noncontrolling interests | 1,005 | 963 | ||||||
Total equity | 24,307 | 8,023 | ||||||
Total liabilities and equity | $ 46,466 | $ 24,892 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Environmental Matters by Site (Details) - USD ($) $ in Millions | Jun. 05, 2007 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2012 |
Loss contingencies | ||||||||
Reclamation and remediation | $ 10 | $ 5 | $ 55 | $ 21 | ||||
Environmental remediation obligations | 466 | $ 285 | 466 | $ 285 | $ 279 | $ 304 | ||
Midnite Mine And Dawn Mill Sites [Member] | ||||||||
Loss contingencies | ||||||||
Environmental remediation obligations | $ 164 | $ 164 | ||||||
Midnite Mine | ||||||||
Loss contingencies | ||||||||
Department of Interior contribution for past and future cleanup costs | $ 42 | |||||||
Environmental remediation | Ross-Adams Mine Site | ||||||||
Loss contingencies | ||||||||
Damages sought | $ 0.3 | |||||||
Newmont USA | ||||||||
Loss contingencies | ||||||||
Percent ownership held by Newmont | 100.00% | 100.00% | ||||||
Dawn Mining Company | ||||||||
Loss contingencies | ||||||||
Percent ownership held by Newmont | 51.00% | 51.00% |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Other Legal Matters - Yanacocha (Details) $ in Millions | Jan. 18, 2019item | Nov. 30, 2015judgment | Sep. 30, 2019USD ($)item$ / item | Dec. 31, 2000USD ($) | Jun. 30, 2018 | May 31, 2018 |
Minera Yanacocha | ||||||
Loss contingencies | ||||||
Percent ownership held by Newmont | 51.35% | 51.35% | 54.05% | |||
Contractual right to conduct exploration | ||||||
Loss contingencies | ||||||
Intangible asset acquired | $ | $ 29 | |||||
Intangible asset, useful life | 10 years | |||||
Yanacocha Tax Dispute | ||||||
Loss contingencies | ||||||
Number of rulings overturned | judgment | 2 | |||||
Number of judges supporting tax authority | 3 | |||||
Number of judges supporting Yanacocha position | 2 | |||||
Number of votes required | 4 | |||||
Yanacocha Tax Dispute | Maximum | ||||||
Loss contingencies | ||||||
Potential liability, including fines and interest | $ | $ 86 | |||||
Minera Yanacocha | ||||||
Loss contingencies | ||||||
Potential fine for each unit alleged violations (in dollars per unit) | $ / item | 0.001260 | |||||
Minera Yanacocha | Minimum | ||||||
Loss contingencies | ||||||
Potential fine for alleged violations | $ | $ 0 | |||||
Minera Yanacocha | Maximum | ||||||
Loss contingencies | ||||||
Potential fine for alleged violations | $ | $ 22.2 | |||||
Minera Yanacocha | OEFA | Minimum | ||||||
Loss contingencies | ||||||
Number of units with alleged violations | 0 | |||||
Minera Yanacocha | OEFA | Maximum | ||||||
Loss contingencies | ||||||
Number of units with alleged violations | 17,642 | |||||
Minera Yanacocha | Water Authority | Minimum | ||||||
Loss contingencies | ||||||
Number of units with alleged violations | 0 | |||||
Minera Yanacocha | Water Authority | Maximum | ||||||
Loss contingencies | ||||||
Number of units with alleged violations | 10 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Other Legal Matters - NWG, etc. (Details) $ in Millions, $ in Billions | Oct. 15, 2019item | Dec. 24, 2018item | Feb. 26, 2014CAD ($) | Sep. 24, 2012USD ($) | Apr. 08, 2008 | Jun. 30, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2016subsidiary | Sep. 30, 2007 | Jun. 30, 2007 |
Loss contingencies | ||||||||||
Number of subsidiaries reassessed | subsidiary | 2 | |||||||||
Mexican Tax Authority [Member] | ||||||||||
Loss contingencies | ||||||||||
Tax settlement paid | $ 74 | |||||||||
Mexican Tax Authority [Member] | Subsequent Event [Member] | ||||||||||
Loss contingencies | ||||||||||
Number of issues affirmed | item | 1 | |||||||||
Mexican Tax Authority [Member] | Tax Year 2008 [Member] | ||||||||||
Loss contingencies | ||||||||||
Amount of tax, interest and penalties asserted as disputed amount | $ 11 | |||||||||
Mexican Tax Authority [Member] | Tax Year 2009 [Member] | ||||||||||
Loss contingencies | ||||||||||
Amount of tax, interest and penalties asserted as disputed amount | $ 102 | |||||||||
Goldcorp [Member] | ||||||||||
Loss contingencies | ||||||||||
Ownership/Economic interest (as a percent) | 100.00% | |||||||||
Ghana Parliament Cases [Member] | ||||||||||
Loss contingencies | ||||||||||
Number of codefendants | item | 33 | |||||||||
Loss contingency number of plaintiffs | item | 2 | |||||||||
North America | Pending Litigation | ||||||||||
Loss contingencies | ||||||||||
Uranium mining moratorium term | 3 years | |||||||||
Jacob Safra | NWG Investments Inc | ||||||||||
Loss contingencies | ||||||||||
Ownership/Economic interest (as a percent) | 100.00% | |||||||||
NWG Investments Inc | NewWest Gold | ||||||||||
Loss contingencies | ||||||||||
Ownership/Economic interest (as a percent) | 86.00% | |||||||||
NWG Investments Inc | NWG New York Case | Pending Litigation | ||||||||||
Loss contingencies | ||||||||||
Damages sought | $ 750 | |||||||||
NWG Investments Inc | NWG Ontario Complaint | Pending Litigation | ||||||||||
Loss contingencies | ||||||||||
Damages sought | $ 1.2 | |||||||||
Fronteer | Aurora | ||||||||||
Loss contingencies | ||||||||||
Ownership/Economic interest (as a percent) | 47.00% |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Other Commitments (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Jul. 31, 2018 |
Galore Creek [Member] | |||
Other commitments | |||
Contingent consideration liability | $ 75 | ||
Deferred payment | $ 91 | $ 89 | |
Goldcorp [Member] | |||
Other commitments | |||
Deferred payment | $ 154 |