NEW RELEASE
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NEWMONT'S FIRST QUARTER ADJUSTED NET INCOME(1) RISES TO $0.85 PER SHARE WHILE
OPERATING CASH FLOW FROM CONTINUING OPERATIONS CLIMBS TO $594 MILLION
This release should be read in conjunction with Newmont's First Quarter 2008
Form 10-Q filed with the U.S. Securities and Exchange Commission on April 24,
2008 (available at www.newmont.com).
DENVER, April 24, 2008 - Newmont Mining Corporation (NYSE: NEM) today announced
strong first quarter results, with gold sales of 1.29 million equity ounces at
an average realized gold price of $933 per ounce and costs applicable to sales
of $396 per ounce, resulting in Adjusted Net income(1) of approximately $386
million ($0.85 per share), compared to Adjusted Net income(1) of $40 million
($0.09 per share) in the year ago quarter. Net income on a GAAP basis was $370
million ($0.82 per share) during the first quarter, compared to $68 million
($0.15 per share) in the year ago quarter. Newmont also reported cash from
continuing operations of $594 million, as compared with $26 million from the
year ago quarter.
First Quarter 2008 Highlights:
>> Revenues increased 59% from the year ago quarter to $1.9 billion with an
average realized gold price of $933 per ounce;
>> Costs applicable to sales((2)) declined by 2% to $396 per ounce of gold
compared with $404 per ounce of gold in the year ago quarter;
>> Adjusted Net income(1) increased 865% to $386 million ($0.85 per share)
from $40 million ($0.09 per share) in the year ago quarter;
>> Net cash from continuing operations improved significantly from the year
ago quarter to $594 million ($1.31 per share).
Richard O'Brien, President and Chief Executive Officer, said, "We continue to
focus on operational execution and improving financial performance as evidenced
by our operating margin expansion and earnings growth during the first quarter.
Our position as the largest unhedged gold company has benefited our shareholders
as we realized 100% of the gold price appreciation with an average realized gold
price for the quarter of $933 per ounce. With gold sales in line with our plans
and lower costs, our gold operating margin increased to 58%, up from 38% in the
year ago quarter, highlighting our leverage to the gold price. As we turn our
attention to the second quarter, we expect a successful start-up of both the
gold mill at Yanacocha and the power plant in Nevada. The completion of these
projects will further enhance our ability to deliver sustainable production at
competitive costs."
The Company's 2008 annual equity gold sales guidance remains unchanged between
5.1 and 5.4 million ounces at costs applicable to sales of between $425 and $450
per ounce. The Company's costs applicable to sales forecast for 2008 now assumes
an oil price of $90 per barrel and an Australian dollar exchange rate of 0.925
for the balance of the year. Costs applicable to sales would change by
approximately $2 per ounce for every $5 change in the oil price and by $5 per
ounce for every 0.05 change in the Australian dollar exchange rate. The Company
is actively hedging its diesel and Australian dollar exposures.
To view complete financial disclosure, including regional mine statistics,
Results of Consolidated Operations((3)), Liquidity and Capital Resources,
Management's Discussion & Analysis, the Form 10-Q, and a complete outline of the
2008 Operating and Financial guidance please see www.newmont.com.
(1) See reconciliation from Adjusted Net income to GAAP Net income on page 9
of this earnings release.
(2) Excludes amortization and accretion. Beginning in 2008, regional
administrative, community development, marketing, and accretion costs have
been excluded from costs applicable to sales and 2007 amounts have been
reclassified to conform to the 2008 presentation.
(3) Regional operating variances from the year ago quarter, as disclosed in
the Company's previous earnings releases, are outlined in the Results of
Consolidated Operations section of the Company's Form 10-Q located at
www.newmont.com.
NEWMONT - First Quarter 2008 Operating and Financial Results (April 24, 2008)
Page 1 of 10
REGIONAL OPERATING RESULTS
In the first quarter of 2008, the Company reported equity gold sales of 1.29
million ounces at costs applicable to sales of $396 per ounce. Equity gold sales
were largely in line with management's expectations as higher than anticipated
grades at Jundee and inventory reductions at Yanacocha and Batu Hijau offset
shortfalls from the timing of production at Twin Creeks and lower grades and
unplanned mill maintenance at Ahafo. The Company's costs applicable to sales
were impacted by increased commodity prices, with higher royalty and tax
payments offset by favorable copper and silver by-product credits.
Nevada - Nevada sold 526,000 equity ounces at costs applicable to sales of $409
per ounce during the first quarter. Nevada ended the quarter with higher than
anticipated finished goods inventories as well as higher than planned leach ore
placement at Twin Creeks and Carlin North, which benefited the first quarter
costs applicable to sales and will benefit future gold sales during the year.
Recovered ounces were slightly lower than plan due to the timing of ore
recoveries at the Twin Creeks leach pads, however, this production is expected
to be recovered during the second and third quarters.
Phoenix sold 40,500 equity ounces of gold at costs applicable to sales of $401
per ounce during the first quarter of 2008, compared to 48,700 equity ounces at
costs applicable to sales of $691 per ounce during the fourth quarter of 2007.
The costs applicable to sales improvements were primarily driven by increased
by-product sales and realized prices. Efforts to improve operating performance
at Phoenix continue, with the new crusher approximately 74% complete and
expected to be in operation around mid-year. Additionally, the new mine plan
remains on schedule to be finalized around mid-2008.
Yanacocha - Equity gold sales at Yanacocha in Peru were in line with
expectations, with 277,000 ounces sold at costs applicable to sales of $311 per
ounce, primarily driven by inventory reductions and lower than expected labor
and contract service costs. A higher proportion of Yanacocha production has
shifted to the second half of 2008 as a result of lower ore placement in late
2007 and the lag between placement and recovery on the leach pads. As expected,
production from the new gold mill should begin to contribute limited equity
sales in the second quarter as the mill ramps up to commercial production.
Australia/New Zealand - Equity gold sales were strong during the first quarter
with 286,000 ounces sold at costs applicable to sales of $545 per ounce,
primarily due to higher grades at Jundee and Waihi. Jundee realized improved ore
grades and recoveries due to a higher blend of underground ore, while Waihi had
higher than expected throughput from a greater proportion of high grade Favona
underground ore. For the year, Australia/New Zealand costs applicable to sales
are expected to change by approximately $5 to $6 per ounce for every 0.01 change
in the Australian dollar exchange rate.
Batu Hijau - Equity gold sales at Batu Hijau in Indonesia were in line with
expectations, with 54,000 equity ounces of gold and 47 million equity pounds of
copper sold at costs applicable to sales of $308 per ounce and $1.43 per pound,
respectively, as the Company benefited from the sale of 18,000 equity gold
ounces and 13 million equity copper pounds of inventory from the fourth quarter
of 2007. The average realized copper price for the quarter was $4.10 per pound,
including the impact of the provisional sales mark-to-market adjustment of $0.78
per pound due to higher copper prices.
Batu Hijau experienced extremely heavy rainfall during the first quarter of
2008, causing minor damage to pit infrastructure, as well as adding significant
amounts of unexpected water to the pit, potentially limiting the Company's
ability to access high grade ore later in the year, as planned. Expectations for
2008 production are contingent on the extent of dry season access during the
third and fourth quarters, which could offset portions of the expected wet
season production shortfall. As a result, the Company now expects gold and
copper sales to be between 100,000 and 130,000 equity ounces of gold and between
125 and 150 million equity pounds of copper at costs applicable to sales of $340
to $380 per ounce and $1.50 to $1.75 per pound, respectively, compared to
original guidance of between 150,000 and 165,000 equity ounces of gold and
between 155 and 165 million equity pounds of copper at costs applicable to sales
of $285 to $325 per ounce and $1.30 to $1.40 per pound, respectively. Potential
production shortfalls due to restricted access in 2008 are expected to be
recovered in 2009.
Ahafo - Equity gold sales at Ahafo in Ghana were 105,000 ounces at costs
applicable to sales of $464 per ounce. First quarter production was lower than
expected due to unplanned mill downtime, unexpected power interruptions and
lower than expected grades. Gold sales and costs applicable to sales are
expected to remain in line with plans for the year.
Regional operating variances from the year ago quarter, as disclosed in the
Company's previous earnings releases, are outlined in the Results of
Consolidated Operations section of the Company's Form 10-Q located at
www.newmont.com.
NEWMONT - First Quarter 2008 Operating and Financial Results (April 24, 2008)
Page 2 of 10
MAJOR CAPITAL PROJECTS
Consolidated capital expenditures were $454 million during the first quarter as
the Company continued to execute on its major capital projects. The Company
expects the Yanacocha gold mill and the Nevada power plant to achieve commercial
production during the second quarter. Russell Ball, Senior Vice President and
Chief Financial Officer, stated, "We are pleased with the safe and successful
delivery of these projects on schedule and within current forecasts, especially
in light of the inflationary and challenging construction environments in which
they were executed. We look forward to the production and reduced operating
costs that these projects will deliver in the second half of the year and
beyond." The Company's 2008 consolidated capital expenditures are expected to be
in line with previous guidance of between $1.8 and $2.0 billion.
Nevada Power Plant - Construction of the 200 megawatt coal-fired power plant was
approximately 87% complete at the end of the quarter. Commissioning remained on
track during the first quarter of 2008, with commercial production expected in
the second quarter. Capital costs are in line with previous expectations of
between $620 and $640 million. As disclosed previously, the lower cost of
self-generated electricity, when compared with projected future market prices in
the region, is expected to reduce Nevada's costs applicable to sales by $60
million per year, or approximately $25 per ounce.
Yanacocha Gold Mill - Construction of the gold mill in Peru was approximately
99% complete at the end of the first quarter. Start up of the gold mill occurred
in late March and is on schedule to achieve commercial production in the second
quarter of 2008. Capital costs for the project are expected to be at or below
the Company's previous outlook of between $250 and $270 million.
Boddington - Development of the Boddington project in Australia was
approximately 69% complete at the end of the first quarter, with start-up
expected in late 2008 or early 2009. The Company continues to expect its share
of total capital costs to be between $1.4 and $1.6 billion. At March 31, 2008,
the Company had hedged approximately 39% of the remaining forecasted Australian
dollar denominated capital costs at an average exchange rate of 0.87.
A detailed explanation of regional capital expenditures during the first quarter
is outlined in the Liquidity and Capital Resources section of the Company's Form
10-Q located at www.newmont.com.
ADVANCED PROJECTS AND EXPLORATION
Hope Bay in Canada(1) - With the completion of the Miramar acquisition on March
17, 2008, the Company remains focused on exploration and project development
planning, with the objective of creating the Company's newest core AAA-rated
gold mining district, and adding higher grade ore to the Company's reserves.
Efforts during the first quarter were focused on planning for infrastructure
improvements and preparation for the 2008 drilling season.
Conga in Peru - Conga continued in Stage 3 of the Capital Effectiveness Program
during the first quarter, with a development decision expected in 2008. The
Conga project is expected to benefit from synergies between existing Yanacocha
infrastructure and shared administrative and other operational services.
Exploration - During the first quarter, the Company spent $39 million on
exploration, primarily focused on near-mine non-reserve mineralization
conversion, strategic greenfields initiatives and continued drilling on
prospective brownfields and greenfields opportunities. The 2008 exploration
program is focused on establishing a basis for future reserve replacement from
near-term growth opportunities and advancing the longer term, non-reserve
mineralization pipeline, particularly at Boddington, Hope Bay and Nassau in
Suriname. Additionally, the Company continues to explore targets in conjunction
with its joint venture partnerships, which includes the drilling program at La
Herradura in Mexico.
(1) Preliminary purchase price information related to the acquisition of Miramar
Mining Corporation is provided in Note 13 of the Company's consolidated
financial statements in the Form 10-Q located at www.newmont.com.
NEWMONT - First Quarter 2008 Operating and Financial Results (April 24, 2008)
Page 3 of 10
STATEMENTS OF CONSOLIDATED INCOME
Three Months Ended March 31,
2008 2007
------------------ ------------------
(unaudited, in millions, except per share)
Revenues
Sales- gold, net $ 1,511 $ 1,011
Sales- copper, net 432 213
------------------ ------------------
1,943 1,224
------------------ ------------------
Costs and expenses
Costs applicable to sales - gold (1) 641 630
Costs applicable to sales - copper (1) 150 123
Amortization 182 179
Accretion 8 7
Exploration 39 39
Advanced projects, research and development 30 16
General and administrative 29 33
Write-down of investments 22 --
Other expense, net 63 50
------------------ ------------------
1,164 1,077
------------------ ------------------
Other income (expense)
Other income, net 37 17
Interest expense, net (20) (24)
------------------ ------------------
17 (7)
------------------ ------------------
Income from continuing operations before income tax,
minority interest and equity loss of affiliates 796 140
Income tax expense (235) (44)
Minority interest in income of consolidated subsidiaries (192) (56)
Equity loss of affiliates (5) --
------------------ ------------------
Income from continuing operations 364 40
Income from discontinued operations 6 28
------------------ ------------------
Net income $ 370 $ 68
================== ==================
Income per common share
Basic:
Income from continuing operations $ 0.81 $ 0.09
Income from discontinued operations 0.01 0.06
------------------ ------------------
Net income $ 0.82 $ 0.15
================== ==================
Diluted:
Income from continuing operations $ 0.80 $ 0.09
Income from discontinued operations 0.01 0.06
------------------ ------------------
Net income $ 0.81 $ 0.15
================== ==================
Basic weighted-average common shares outstanding 453 451
================== ==================
Diluted weighted-average common shares outstanding 457 452
================== ==================
Cash dividends declared per common share $ 0.10 $ 0.10
================== ==================
(1) Exclusive of Amortization and Accretion.
The Company's financial statements can be found on the website at
www.newmont.com.
NEWMONT - First Quarter 2008 Operating and Financial Results (April 24, 2008)
Page 4 of 10
CONSOLIDATED BALANCE SHEETS
At March 31, At December 31,
2008 2007
--------------- ---------------
(unaudited, in millions)
ASSETS
Cash and cash equivalents $ 1,014 $ 1,231
Marketable securities and other short-term investments 59 61
Trade receivables 319 177
Accounts receivable 132 168
Inventories 423 463
Stockpiles and ore on leach pads 366 373
Deferred income tax assets 108 112
Other current assets 125 87
--------------- ---------------
Current assets 2,546 2,672
Property, plant and mine development, net 9,744 9,140
Investments 1,522 1,527
Long-term stockpiles and ore on leach pads 831 788
Deferred income tax assets 937 1,027
Other long-term assets 243 234
Goodwill 186 186
Assets of operations held for sale 5 24
--------------- ---------------
Total assets $ 16,014 $ 15,598
=============== ===============
LIABILITIES
Current portion of long-term debt $ 261 $ 255
Accounts payable 304 339
Employee-related benefits 152 153
Income and mining taxes 56 88
Other current liabilities 645 665
--------------- ---------------
Current liabilities 1,418 1,500
Long-term debt 2,886 2,683
Reclamation and remediation liabilitites 620 623
Deferred income tax liabilities 1,084 1,025
Employee-related benefits 206 226
Other long-term liabilities 153 150
Liabilities of operations held for sale 262 394
--------------- ---------------
Total liabilities 6,629 6,601
--------------- ---------------
Minority interests in subsidiaries 1,503 1,449
--------------- ---------------
STOCKHOLDERS' EQUITY
Common stock 698 696
Additional paid-in capital 6,677 6,696
Accumulated other comprehensive income 937 957
Retained deficit (430) (801)
--------------- ---------------
Total stockholders' equity 7,882 7,548
--------------- ---------------
Total liabilities and stockholders' equity $ 16,014 $ 15,598
=============== ===============
The Company's financial statements can be found on the website at
www.newmont.com.
NEWMONT - First Quarter 2008 Operating and Financial Results (April 24, 2008)
Page 5 of 10
STATEMENTS OF CONSOLIDATED CASH FLOW
Three Months Ended March 31,
----------------------------------
2008 2007
--------------- ---------------
(unaudited, in millions)
Operating activities:
Net income $ 370 $ 68
Adjustments to reconcile net income to net cash from
continuing operations:
Amortization 182 179
Income from discontinued operations (6) (28)
Accretion of accumulated reclamation obligations 10 9
Deferred income taxes (48) 56
Write-down of investments 22 --
Stock based compensation and other benefits 11 13
Minority interest expense 192 56
Gain on asset sales, net (4) (2)
Other operating adjustments and write-downs 19 10
Net change in operating assets and liabilities (154) (335)
--------------- ---------------
Net cash provided from continuing operations 594 26
Net cash (used in) provided from discontinued operations (100) 32
--------------- ---------------
Net cash provided from operations 494 58
--------------- ---------------
Investing activities:
Additions to property, plant and mine development (454) (360)
Investments in marketable debt and equity securities (3) (153)
Proceeds from sale of marketable debt and equity securities -- 124
Acquisitions (318) --
Other 8 1
--------------- ---------------
Net cash used in investing activities of continuing operations (767) (388)
Net cash used in investing activities of discontinued operations (3) (2)
--------------- ---------------
Net cash used in investing activities (770) (390)
--------------- ---------------
Financing activities:
Proceeds from debt, net 572 --
Repayment of debt (376) (21)
Dividends paid to common stockholders (45) (45)
Dividends paid to minority interests (98) (1)
Proceeds from stock issuance 17 9
Change in restricted cash and other 1 8
--------------- ---------------
Net cash provided from (used in) financing activities 71 (50)
--------------- ---------------
Effect of exchange rate changes on cash (12) 2
--------------- ---------------
Net change in cash and cash equivalents (217) (380)
Cash and cash equivalents at beginning of period 1,231 1,166
--------------- ---------------
Cash and cash equivalents at end of period $ 1,014 $ 786
=============== ===============
The Company's financial statements can be found on the website at
www.newmont.com. Detailed explanation of the Company's cash flow statement is
outlined in the Liquidity and Capital Resource section of the Form 10-Q located
at www.newmont.com.
NEWMONT - First Quarter 2008 Operating and Financial Results (April 24, 2008)
Page 6 of 10
SALES STATISTICS
Three Months Ended March 31,
---------------------------------
2008 2007
--------------- ---------------
Gold
Consolidated ounces sold (thousands)
Nevada (1) 526 560
Yanacocha (1) 540 455
Australia/New Zealand
Tanami 95 113
Jundee 91 62
Kalgoorlie 69 95
Waihi 31 14
--------------- ---------------
286 284
--------------- ---------------
Batu Hijau (2) 120 84
Ahafo 105 125
Other
Kori Kollo 20 24
La Herradura 24 22
Golden Giant -- 3
--------------- ---------------
44 49
--------------- ---------------
1,621 1,557
=============== ===============
Equity ounces sold (thousands)
Nevada (1) 526 560
Yanacocha (1) 277 234
Australia/New Zealand
Tanami 95 113
Jundee 91 62
Kalgoorlie 69 95
Waihi 31 14
--------------- ---------------
286 284
--------------- ---------------
Batu Hijau (2) 54 45
Ahafo 105 125
Other
Kori Kollo 18 21
La Herradura 24 22
Golden Giant -- 3
--------------- ---------------
42 46
--------------- ---------------
1,290 1,294
Discontinued Operations
Pajingo -- 48
--------------- ---------------
1,290 1,342
=============== ===============
Copper
Batu Hijau pounds sold (millions) (2)
Consolidated 105 91
Equity 47 48
(1) Includes incremental start-up ounces of 1 in 2008.
(2) Economic interest decreased to 45% from 52.875% on May 25, 2007.
This information and other detailed production statistics can be found in the
Regional Operating Statistics section of the Company's website at
www.newmont.com.
NEWMONT - First Quarter 2008 Operating and Financial Results (April 24, 2008)
Page 7 of 10
CAS AND CONSOLIDATED CAPITAL EXPENDITURES STATISTICS
Three Months Ended March 31,
---------------------------------
2008 2007
--------------- ---------------
Gold
Costs Applicable to Sales ($/ounce) (1)
Nevada $ 409 $ 484
Yanacocha 311 280
Australia/New Zealand
Tanami 524 426
Jundee 420 563
Kalgoorlie 778 596
Waihi 455 595
--------------- ---------------
545 521
--------------- ---------------
Batu Hijau 308 317
Ahafo 464 325
Other Operations
Kori Kollo 447 333
La Herradura 324 323
Golden Giant -- 193
--------------- ---------------
379 319
--------------- ---------------
Average $ 396 $ 404
=============== ===============
Copper
Costs Applicable to Sales ($/pound) (1)
Batu Hijau $ 1.43 $ 1.34
2008 2007
--------------- ---------------
Capital Expenditures ($ million)
Nevada $ 92 $ 15892
Yanacocha 39 56
Australia/New Zealand 237 96
Batu Hijau 29 7
Africa 33 37
Hope Bay 9 --
Other Operations 13 3
Corporate and Other 2 3
--------------- ---------------
Total $ 454 $ 36054
=============== ===============
(1) Excludes amortization and accretion. Beginning in 2008, regional
administrative, community development, marketing, and accretion costs have
been classified outside of costs applicable to sales. Amounts for 2007 have
been reclassified to conform to the 2008 presentation.
This information and other detailed production statistics can be found in the
Regional Operating Statistics section of the Company's website at
www.newmont.com.
NEWMONT - First Quarter 2008 Operating and Financial Results (April 24, 2008)
Page 8 of 10
SUPPLEMENTAL INFORMATION
Classification Reporting Changes
Certain amounts for the three months ended March 31, 2007 have been reclassified
to conform to the 2008 presentation. The most significant reclassifications were
to the income statement results from the historical presentation to Income from
discontinued operations in the Consolidated Statements of Income. The
Consolidated Statements of Cash Flows have also been reclassified for
discontinued operations.
The Company reclassified marketing costs from Costs applicable to sales to
General and administrative. Additionally, the Company reclassified the World
Gold Council dues from General and administrative to Other expense, net and
Accretion from Costs applicable to sales to a separate Accretion line item.
Other expense, net also includes community development and regional
administration expenses that were reclassified from Costs applicable to sales as
these costs relate to the Company's social responsibility, external and
government relations, and regional office costs, which are not a cost of mine
production. These changes were reflected in the Consolidated Statements of
Income for all periods presented.
Reconciliation of Adjusted Net Income to GAAP Net Income
Management of the Company uses the non-GAAP financial measure Adjusted Net
income to evaluate the Company's operating performance, and for planning and
forecasting future business operations. Management believes the use of Adjusted
Net income allows investors and analysts to compare the results of the
continuing operations of the Company and its controlled subsidiaries relating to
the production and sale of minerals to similar operating results of other mining
companies, by excluding exceptional or unusual items, income or loss from
discontinued operations and the permanent impairment of assets, including
marketable securities and goodwill. Management's determination of the components
of Adjusted Net income are evaluated periodically and based, in part, on a
review of non-GAAP financial measures used by mining industry analysts.
Adjusted Net income is not, and should not be used as, an alternative to GAAP
Net income as reflected in the consolidated financial statements of the Company.
It is not a measure of financial performance under GAAP and should not be
considered in isolation or as a substitute to performance measures calculated in
accordance with GAAP. The table below sets forth a reconciliation of Adjusted
Net income to GAAP Net income, which is the most directly comparable GAAP
financial measure.
- --------------------------------------------------------------------------------------------------
Description ($ million expect per share, AFTER-TAX) Q1 2008 Per Share Q1 2007 Per Share
- --------------------------------------------------------------------------------------------------
Adjusted Net income $ 386 $ 0.85 $ 40 $ 0.09
Write-down of marketable securities (22) (0.04) -- --
- --------------------------------------------------------------------------------------------------
GAAP Income from continuing operations $ 364 $ 0.81 $ 40 $ 0.09
Income from discontinued operations 6 0.01 28 0.06
- --------------------------------------------------------------------------------------------------
GAAP Net income $ 370 $ 0.82 $ 68 $ 0.15
- --------------------------------------------------------------------------------------------------
2008 Annual Guidance
- --------------------------------------------------------------------------------------------------
Description Apr 2008 Feb 2008
- --------------------------------------------------------------------------------------------------
Equity gold sales (million ounces) 5,100 - 5,400 5,100 - 5,400
Costs applicable to sales ($/ounce) $425 - $450 $425 - $450
Equity copper sales (million pounds) 125 - 150 155 - 165
Costs applicable to sales ($/pound) $1.50 - $1.75 $1.30 - $1.40
Consolidated capital expenditures ($ billion) $1,800 - $2,000 $1,800 - $2,000
Amortization ($ million) $725 - $775 $725 - $775
Exploration ($ million) $220 - $230 $220 - $230
Advanced projects, research and development ($ million) $160 - $190 $120 - $180
General and administrative expenses ($ million) $140 - $150 $140 - $150
Interest expense, net ($ million) $60 - $80 $110 - $120
Effective tax rate 28% - 32% 30% - 34%
- --------------------------------------------------------------------------------------------------
NEWMONT - First Quarter 2008 Operating and Financial Results (April 24, 2008)
Page 9 of 10
The Company's first quarter earnings conference call and web cast presentation
will be held on April 24, 2008 beginning at 10:00 a.m. Eastern Time (8:00 a.m.
Mountain Time). To participate:
Dial-In Number: 210-839-8502
Leader: John Seaberg
Password: Newmont
Replay Number: 203-369-3000
The conference call will also be simultaneously carried on our web site at
www.newmont.com under Investor Information/Earnings Release and will be archived
there for a limited time.
Investor Contacts
John Seaberg 303.837.5743 john.seaberg@newmont.com
Media Contacts
Omar Jabara 303.837.5114 omar.jabara@newmont.com
Cautionary Statement:
This news release contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended that are intended to be covered by
the safe harbor created by such sections. Such forward-looking statements
include, without limitation, (i) estimates of future mineral production and
sales; (ii) estimates of future costs applicable to sales, other expenses and
taxes for specific operations and on a consolidated basis; (iii) estimates of
future capital expenditures,construction, production or closure activities; and
(iv) statements regarding potential cost savings, productivity, operating
performance, cost structure and competitive position. Where the Company
expresses or implies an expectation or belief as to future events or results,
such expectation or belief is expressed in good faith and believed to have a
reasonable basis. However, forward-looking statements are subject to risks,
uncertainties and other factors, which could cause actual results to differ
materially from future results expressed, projected or implied by such
forward-looking statements. Such risks include, but are not limited to, gold and
other metals price volatility, currency fluctuations, increased production costs
and variances in ore grade or recovery rates from those assumed in mining plans,
political and operational risks in the countries in which we operate, and
governmental regulation and judicial outcomes. For a more detailed discussion of
such risks and other factors, see the Company's 2007 Annual Report on Form 10-K,
filed on February 21, 2008, with the Securities and Exchange Commission, as well
as the Company's other SEC filings. The Company does not undertake any
obligation to release publicly revisions to any "forward-looking statement," to
reflect events or circumstances after the date of this news release, or to
reflect the occurrence of unanticipated events, except as may be required under
applicable securities laws.
NEWMONT - First Quarter 2008 Operating and Financial Results (April 24, 2008)
Page 10 of 10