Exhibit 99.1
NEWMONT REPORTS RECORD EQUITY GOLD RESERVES OF 92.4 MILLION OUNCES
AT YEAR-END 2004
DENVER, Feb. 3 /PRNewswire-FirstCall/ -- Newmont Mining Corporation (NYSE:
NEM) reported record proven and probable gold reserves of 92.4 million equity
ounces for year-end 2004, based on a gold price assumption of $350 per ounce.
Commenting on the exploration results, Chairman and Chief Executive Officer
Wayne W. Murdy said, "In 2004, we again exceeded our goal of replacing depletion
through exploration and had another year of reserve growth, adding 8.6 million
equity ounces."
Describing the exploration results, President Pierre Lassonde said, "Our
reserve growth highlights the strength of our exploration team, our extensive
land position and our proprietary technologies. We had another outstanding year
in Ghana, adding 4.1 million equity ounces and increasing equity reserves by 35%
to 16.0 million ounces. Nevada also more than replaced depletion, adding 3.2
million ounces and increasing reserves to a record 33.7 million equity ounces."
The Company also updated its equity gold reserve price sensitivity. As
illustrated below, if calculated at gold prices of $375 and $400 per ounce, gold
reserves would increase to approximately 98 million ounces and 101 million
ounces, respectively. The full impact of higher gold prices on our equity gold
reserves is constrained by limited drill data on the margins of known
mineralization.
2004 Exploration Highlights
* In Ghana, reserves increased by 4.1 million equity ounces to 16.0
million equity ounces.
* In Nevada, reserves net of depletion grew to a 39-year record of 34.0
million equity ounces, with 2.3 million ounces added at Phoenix.
* In Peru, 4.5 million equity ounces were added at Minas Conga.
* In Indonesia, Batu Hijau replaced equity gold reserves net of
depletion.
Cautionary Statement
This news release contains "forward-looking statements" within the meaning
of Section 27A of the Securities Act of 1933, as amended, and 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, estimates of reserves or estimates of mineralized
material not in reserves. 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, as well as 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 2003 Annual Report on Form 10-K, which is
on file 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 any 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.
Table 1: Equity Proven, Probable, and Combined
Gold Reserves (1) - U.S. Units
December 31, 2004
Gold Proven Reserves
Equity -------------------------------
Deposits/Districts Ownership Tonnage Grade Au
- ------------------------------- --------- ---------- -------- ---------
(%) (000 tons) (oz/ton) (000 ozs)
North America
Nevada
Carlin Open Pit (2) 100.0% 16,100 0.070 1,130
Twin Creeks 100.0% 14,900 0.083 1,240
Lone Tree Complex 100.0% 2,700 0.099 270
Phoenix (3) 100.0% 0 0
Carlin Underground (4) 100.0% 1,900 0.65 1,230
Midas (5) 100.0% 700 0.68 460
Tuquoise Ridge (6) 25.0% 1,100 0.61 690
Nevada Stockpiles (7) 100.0% 26,000 0.091 2,360
Nevada In-Process (8) 100.0% 45,700 0.021 940
Sub-Total Nevada 109,100 0.076 8,320
Other North America
Golden Giant, Ontario 100.0% 0 0
Holloway, Ontario (9) 93.87% 500 0.16 80
La Herradura, Sonora 44.0% 11,300 0.025 280
Sub-Total Other North America 11,800 0.030 360
TOTAL NORTH AMERICA 120,900 0.072 8,680
South America
Yanacocha Pits (10) 51.35% 40,400 0.026 1,060
Yanacocha In-Process (8) 51.35% 29,000 0.028 820
Total Yanacocha Peru 51.35% 69,400 0.027 1,880
Minas Congas, Peru (11) 51.35% 0 0
Kori Kollo, Bolivia (12) 88.0% 5,900 0.017 100
TOTAL SOUTH AMERICA 75,300 0.026 1,980
Australia/New Zealand
Boddington, Western
Australia (13) 44.44% 61,000 0.027 1,670
Golden Grove, Western
Australia (14) 100.0% 2,400 0.025 60
Kalgoorlie Pits and
Underground 50.0% 35,600 0.061 2,190
Kalgoorlie Stockpiles (7) 50.0% 12,400 0.035 430
Total Kalgoorlie, Western
Australia (15) 50.0% 48,000 0.055 2,620
Pajingo, Queensland 100.0% 200 0.47 110
Tanami Underground and
Pits 100.0% 4,800 0.19 890
Tanami Stockpiles (7) 100.0% 1,100 0.079 90
Total Tanami, Northern
Territories 100.0% 5,900 0.17 980
Jundee, Western Australia 100.0% 3,100 0.047 140
Bronzewing, Western
Australia (16) 100.0% 0 0
Martha, New Zealand (17) 100.0% 0 0
TOTAL AUSTRALIA/NEW ZEALAND 120,600 0.046 5,580
Asia and Europe
Batu Hijau Pit 52.875% 148,600 0.013 1,910
Batu Hijau
Stockpiles (7) 52.875% 0 0
Total Batu Hijau,
Indonesia (18) 52.875% 148,600 0.013 1,910
Minahasa, Indonesia (19) 94.0% 0 0
Ovacik, Turkey (20) 100.0% 200 0.38 70
Perama, Greece (21) 80.0% 0 0
Zarafshan,
Uzbekistan (22) 50.0% 53,800 0.037 1,940
TOTAL ASIA AND EUROPE 202,600 0.019 3,920
Africa
Akyem, Ghana (23) 85.0% 0 0
Ahafo, Ghana (24) 100.0% 0 0
TOTAL AFRICA 0 0
TOTAL NEWMONT WORLDWIDE 519,400 0.039 20,160
Table 1: Equity Proven, Probable, and Combined
Gold Reserves (1) - U.S. Units
December 31, 2004
Gold Probable Reserves
-------------------------------
Deposits/Districts Tonnage Grade Au
- ----------------------------------------- ---------- -------- ---------
(000 tons) (oz/ton) (000 ozs)
North America
Nevada
Carlin Open Pit (2) 185,500 0.045 8,290
Twin Creeks 46,900 0.073 3,420
Lone Tree Complex 11,300 0.054 610
Phoenix (3) 248,000 0.034 8,470
Carlin Underground (4) 6,800 0.47 3,180
Midas (5) 2,200 0.45 990
Tuquoise Ridge (6) 600 0.62 360
Nevada Stockpiles (7) 4,300 0.058 250
Nevada In-Process (8) 1,300 0.062 80
Sub-Total Nevada 506,900 0.051 25,650
Other North America
Golden Giant, Ontario 500 0.31 160
Holloway, Ontario (9) 900 0.19 180
La Herradura, Sonora 11,000 0.030 330
Sub-Total Other North America 12,400 0.054 670
TOTAL NORTH AMERICA 519,300 0.051 26,320
South America
Yanacocha Pits (10) 307,800 0.033 10,210
Yanacocha In-Process (8) 0 0
Total Yanacocha Peru 307,800 0.033 10,210
Minas Congas, Peru (11) 190,500 0.023 4,470
Kori Kollo, Bolivia (12) 16,600 0.022 370
TOTAL SOUTH AMERICA 514,900 0.029 15,050
Australia/New Zealand
Boddington, Western Australia (13) 129,900 0.025 3,180
Golden Grove, Western Australia (14) 2,100 0.069 140
Kalgoorlie Pits and Underground 39,800 0.064 2,560
Kalgoorlie Stockpiles (7) 0 0
Total Kalgoorlie, Western
Australia (15) 39,800 0.064 2,560
Pajingo, Queensland 1,700 0.32 540
Tanami Underground and Pits 7,300 0.14 1,060
Tanami Stockpiles (7) 3,000 0.037 110.0
Total Tanami, Northern Territories 10,300 0.11 1,170
Jundee, Western Australia 5,300 0.24 1,270
Bronzewing, Western Australia (16) 0 0
Martha, New Zealand (17) 4,400 0.15 670
TOTAL AUSTRALIA/NEW ZEALAND 193,500 0.049 9,530
Asia and Europe
Batu Hijau Pit 440,100 0.011 5,000
Batu Hijau Stockpiles (7) 86,400 0.004 300
Total Batu Hijau, Indonesia (18) 526,500 0.010 5,300
Minahasa, Indonesia (19) 0 0
Ovacik, Turkey (20) 200 0.15 30
Perama, Greece (21) 0 0
Zarafshan, Uzbekistan (22) 0 0
TOTAL ASIA AND EUROPE 526,700 0.010 5,330
Africa
Akyem, Ghana (23) 109,400 0.049 5,410
Ahafo, Ghana (24) 156,900 0.068 10,630
TOTAL AFRICA 266,300 0.060 16,040
TOTAL NEWMONT WORLDWIDE 2,020,700 0.036 72,270
Table 1: Equity Proven, Probable, and Combined
Gold Reserves (1) - U.S. Units
December 31, 2004
Gold Proven + Probable
Reserves
------------------------------- Metallurgical
Deposits/Districts Tonnage Grade Au Recovery
- ------------------------------- ---------- -------- --------- -------------
(000 tons) (oz/ton) (000 ozs) (%)
North America
Nevada
Carlin Open Pit (2) 201,600 0.047 9,420 74%
Twin Creeks 61,800 0.075 4,660 81%
Lone Tree Complex 14,000 0.063 880 81%
Phoenix (3) 248,000 0.034 8,470 80%
Carlin Underground (4) 8,700 0.51 4,410 94%
Midas (5) 2,900 0.51 1,450 96%
Tuquoise Ridge (6) 1,700 0.61 1,050 91%
Nevada Stockpiles (7) 30,300 0.086 2,610 81%
Nevada In-Process (8) 47,000 0.022 1,020 65%
Sub-Total Nevada 616,000 0.055 33,970 81%
Other North America
Golden Giant, Ontario 500 0.31 160 96%
Holloway, Ontario (9) 1,400 0.18 260 94%
La Herradura, Sonora 22,300 0.027 610 66%
Sub-Total Other North America 24,200 0.042 1,030 78%
TOTAL NORTH AMERICA 640,200 0.055 35,000 81%
South America
Yanacocha Pits (10) 348,200 0.032 11,270 67%
Yanacocha In-Process (8) 29,000 0.028 820 77%
Total Yanacocha Peru 377,200 0.032 12,090 69%
Minas Congas, Peru (11) 190,500 0.023 4,470 75%
Kori Kollo, Bolivia (12) 22,500 0.021 470 63%
TOTAL SOUTH AMERICA 590,200 0.029 17,030 70%
Australia/New Zealand
Boddington, Western
Australia (13) 190,900 0.025 4,850 82%
Golden Grove, Western
Australia (14) 4,500 0.045 200 62%
Kalgoorlie Pits and
Underground 75,400 0.063 4,750 87%
Kalgoorlie Stockpiles (7) 12,400 0.035 430 87%
Total Kalgoorlie, Western
Australia (15) 87,800 0.059 5,180 87%
Pajingo, Queensland 1,900 0.34 650 96%
Tanami Underground
and Pits 12,100 0.16 1,950 96%
Tanami Stockpiles (7) 4,100 0.048 200 95%
Total Tanami, Northern
Territories 16,200 0.13 2,150 95%
Jundee, Western Australia 8,400 0.17 1,410 93%
Bronzewing, Western
Australia (16) 0 0 n/a
Martha, New Zealand (17) 4,400 0.15 670 90%
TOTAL AUSTRALIA/NEW ZEALAND 314,100 0.048 15,110 87%
Asia and Europe
Batu Hijau Pit 588,700 0.012 6,910 81%
Batu Hijau Stockpiles (7) 86,400 0.004 300 73%
Total Batu Hijau,
Indonesia (18) 675,100 0.011 7,210 80%
Minahasa, Indonesia (19) 0 0 n/a
Ovacik, Turkey (20) 400 0.25 100 96%
Perama, Greece (21) 0 0 n/a
Zarafshan, Uzbekistan (22) 53,800 0.037 1,940 57%
TOTAL ASIA AND EUROPE 729,300 0.013 9,250 75%
Africa
Akyem, Ghana (23) 109,400 0.049 5,410 89%
Ahafo, Ghana (24) 156,900 0.068 10,630 88%
TOTAL AFRICA 266,300 0.060 16,040 88%
TOTAL NEWMONT WORLDWIDE 2,540,100 0.036 92,430 81%
Table 1: Equity Proven, Probable, and Combined
Gold Reserves (1) - U.S. Units
December 31, 2003
Gold Proven + Probable Reserves
-------------------------------
Deposits/Districts Tonnage Grade Au
- ----------------------------------------- ---------- -------- ---------
(000 tons) (oz/ton) (000 ozs)
North America
Nevada
Carlin Open Pit (2) 222,800 0.044 9,870
Twin Creeks 62,200 0.077 4,770
Lone Tree Complex 16,300 0.086 1,390
Phoenix (3) 175,700 0.035 6,150
Carlin Underground (4) 8,800 0.55 4,850
Midas (5) 3,400 0.58 1,950
Tuquoise Ridge (6) 2,100 0.59 1,220
Nevada Stockpiles (7) 28,900 0.092 2,640
Nevada In-Process (8) 31,700 0.028 900
Sub-Total Nevada 551,900 0.061 33,740
Other North America
Golden Giant, Ontario 1,100 0.30 330
Holloway, Ontario (9) 1,900 0.19 360
La Herradura, Sonora 26,000 0.030 780
Sub-Total Other North America 29,000 0.051 1,470
TOTAL NORTH AMERICA 580,900 0.061 35,210
South America
Yanacocha Pits (10) 504,200 0.030 15,300
Yanacocha In-Process (8) 33,500 0.029 980
Total Yanacocha Peru 537,700 0.030 16,280
Minas Congas, Peru (11) 0 0
Kori Kollo, Bolivia (12) 18,000 0.020 370
TOTAL SOUTH AMERICA 555,700 0.030 16,650
Australia/New Zealand
Boddington, Western Australia (13) 190,900 0.025 4,850
Golden Grove, Western
Australia (14) 3,500 0.035 120
Kalgoorlie Pits and Underground 85,900 0.064 5,500
Kalgoorlie Stockpiles (7) 11,100 0.036 400
Total Kalgoorlie, Western
Australia (15) 97,000 0.061 5,890
Pajingo, Queensland 2,500 0.329 830
Tanami Underground and Pits 15,200 0.166 2,500
Tanami Stockpiles (7) 4,500 0.049 220
Total Tanami, Northern Territories 19,700 0.138 2,720
Jundee, Western Australia 10,000 0.171 1,700
Bronzewing, Western Australia (16) 300 0.108 30
Martha, New Zealand (17) 5,300 0.14 760
TOTAL AUSTRALIA/NEW ZEALAND 329,200 0.051 16,900
Asia and Europe
Batu Hijau Pit 544,500 0.013 6,880
Batu Hijau Stockpiles (7) 70,800 0.003 230
Total Batu Hijau, Indonesia (18) 615,300 0.012 7,110
Minahasa, Indonesia (19) 400 0.140 50
Ovacik, Turkey (20) 500 0.330 170
Perama, Greece (21) 9,700 0.108 1,050
Zarafshan, Uzbekistan (22) 61,500 0.037 2,260
TOTAL ASIA AND EUROPE 687,400 0.015 10,630
Africa
Akyem, Ghana (23) 80,000 0.054 4,280
Ahafo, Ghana (24) 108,600 0.070 7,630
TOTAL AFRICA 188,600 0.063 11,910
TOTAL NEWMONT WORLDWIDE 2,341,800 0.039 91,300
(1) Reserves are calculated at US$350, A$550, or NZ$650 per ounce gold price
unless otherwise noted. 2003 reserves were calculated at a US$325, A$545,
or NZ$665 per ounce gold price unless otherwise noted. Tonnage amounts have
been rounded to the nearest 100,000 and gold ounces have been rounded to
the nearest 10,000.
(2) Includes undeveloped reserves at Castle Reef, North Lantern and Emigrant
deposits for combined total undeveloped reserves of 1,450,000 ounces.
(3) Deposit is currently undeveloped except for minor leach production.
Construction of facilities began in November 2004.
(4) Includes partially developed reserves at Leeville, which contains total
reserves of 2,610,000 ounces.
(5) Also contains reserves of over 18 million ounces of silver with a
metallurgical recovery of 91%.
(6) Reserve estimates provided by Placer Dome, the operator of the Turquoise
Ridge Joint Venture.
(7) Stockpiles are primarily material that has been set aside to allow
processing of higher grade material in the mills. Stockpiles increase or
decrease depending on current mine plans. Stockpiles are reported
separately where tonnage or contained ounces are greater than 5 percent of
the total site reported reserves and contained ounces are greater than
100,000 ounces.
(8) Material in-process represents that material on leach pads at the end of
the year from which gold remains to be recovered. Material in-process is
reported separately where tonnage or contained ounces are greater than 5
percent of the total site reported reserves and contained ounces are
greater than 100,000 ounces.
(9) Percentage reflects Newmont's weighted equity interest from 84.65% interest
in Holloway JV and 100% interest in remaining reserves. In 2003 this
percentage was 91.5%. Property includes currently undeveloped reserves at
the Blacktop deposit of 80,000 ounces.
(10) Reported reserves are based on Newmont's 51.35% equity interest. Yanacocha
is consolidated on a 100% basis for accounting purposes, then the minority
interests of our partners are recognized. Reserves include currently
undeveloped deposits at Corimayo and Chaquicocha Sur, which contain
combined undeveloped reserves of 2,970,000 equity ounces.
(11) Deposit is undeveloped.
(12) Reserves at Kori Chaca containing 300,000 equity ounces are currently being
developed.
(13) As in 2003, reserves were calculated at a A$425 per ounce gold price, and
accounted for on an equity basis. Deposit is currently undeveloped.
(14) Gold reported in reserves is contained within zinc and copper ore bodies.
(15) Reserve based on A$560 per ounce gold price. Percentage reflects Newmont's
equity interest. Pro-rata consolidated for accounting purposes.
(16) Property was sold in 2004 after reserves were depleted.
(17) Includes currently undeveloped reserves at the Favona deposit containing
350,000 ounces.
(18) Percentage reflects Newmont's economic interest in remaining reserves.
(19) Processing of remaining stockpiles was completed in August 2004.
(20) Mine has been shut down since September 2004, pending re-issuance of
operating permits from the Turkish government.
(21) Property sold in December 2004.
(22) Reserves are primarily designated stockpile material.
(23) Deposits are currently undeveloped. Construction of facilities began in
November 2004.
(24) Deposit is undeveloped.
Table 2: Equity Base Metal Reserves - U.S. Units
Copper (1)
December 31, 2004
Copper Proven Reserve
Equity ------------------------------------------
Copper Ownership Tonnage Grade Copper
- ------------------------------------ ------------ ------------ ------------ ------------
(%) (000 tons) (Cu%) (million
pounds)
Phoenix, Nevada (2) 100.0% 0 0
Minas Conga, Peru (3) 51.35% 0 0
Batu Hijau 52.875% 148,700 0.50% 1,480
Batu Hijau, Stockpiles (4) 52.875% 0 0
Total Batu Hijau, Indonesia (5) 52.875% 148,700 0.50% 1,480
Boddington, Western
Australia (6) 44.44% 61,000 0.12% 140
Golden Grove, Western Australia 100.0% 3,100 2.91% 180
TOTAL NEWMONT COPPER 212,800 0.42% 1,800
Zinc (7)
December 31, 2004
Zinc Proven Reserve
Equity ------------------------------------------
Zinc Ownership Tonnage Grade Zinc
- ------------------------------------ ------------ ------------ ------------ ------------
(%) (000 tons) (Zn%) (million
pounds)
Golden Grove, Western Australia 100.0% 900 11.8% 200
TOTAL NEWMONT ZINC 900 11.8% 200
Table 2: Equity Base Metal Reserves - U.S. Units
Copper (1)
December 31, 2004
Copper Probable Reserve
------------------------------------------
Copper Tonnage Grade Copper
- ----------------------------------- ------------ ------------ ------------
(000 tons) (Cu%) (million
pounds)
Phoenix, Nevada (2) 216,700 0.15% 660
Minas Conga, Peru (3) 190,600 0.30% 1,140
Batu Hijau 440,200 0.47% 4,120
Batu Hijau, Stockpiles (4) 86,500 0.38% 660
Total Batu Hijau, Indonesia (5) 526,700 0.45% 4,780
Boddington, Western Australia (6) 129,700 0.13% 330
Golden Grove, Western Australia 5,600 1.60% 180
TOTAL NEWMONT COPPER 1,069,300 0.33% 7,090
Zinc (7)
December 31, 2004
Zinc Probable Reserve
------------------------------------------
Zinc Tonnage Grade Zinc
- ----------------------------------- ------------ ------------ ------------
(000 tons) (Zn%) (million
pounds)
Golden Grove, Western Australia 1,800 14.7% 530
TOTAL NEWMONT ZINC 1,800 14.7% 530
Table 2: Equity Base Metal Reserves - U.S. Units
Copper (1)
December 31, 2004
Copper Proven + Probable
Reserve
------------------------------------------ Metallurgical
Copper Tonnage Grade Copper Recovery
- ------------------------------------ ------------ ------------ ------------ -------------
(000 tons) (Cu%) (million (%)
pounds)
Phoenix, Nevada (2) 216,700 0.15% 660 67%
Minas Conga, Peru (3) 190,600 0.30% 1,140 90%
Batu Hijau 588,900 0.48% 5,600 86%
Batu Hijau, Stockpiles (4) 86,500 0.38% 660 80%
Total Batu Hijau, Indonesia (5) 675,400 0.46% 6,260 85%
Boddington, Western
Australia (6) 190,700 0.12% 470 84%
Golden Grove, Western
Australia 8,700 2.07% 360 88%
TOTAL NEWMONT COPPER 1,282,100 0.35% 8,890 84%
Zinc (7)
December 31, 2004
Zinc Proven + Probable
Reserve
------------------------------------------ Metallurgical
Zinc Tonnage Grade Zinc Recovery
- ------------------------------------ ------------ ------------ ------------ -------------
(000 tons) (Zn%) (million (%)
pounds)
Golden Grove, Western
Australia 2,700 13.8% 730 91%
TOTAL NEWMONT ZINC 2,700 13.8% 730 91%
Table 2: Equity Base Metal Reserves - U.S. Units
Copper (1)
December 31, 2003
Copper Proven + Probable Reserve
------------------------------------------
Copper Tonnage Grade Copper
- ----------------------------------- ------------ ------------ ------------
(000 tons) (Cu%) (million
pounds)
Phoenix, Nevada (2) 159,600 0.13% 420
Minas Conga, Peru (3) 0 0
Batu Hijau 544,500 0.53% 5,760
Batu Hijau, Stockpiles (4) 70,800 0.38% 530
Total Batu Hijau, Indonesia (5) 615,300 0.51% 6,290
Boddington, Western Australia (6) 190,700 0.12% 470
Golden Grove, Western Australia 7,800 2.20% 350
TOTAL NEWMONT COPPER 973,400 0.39% 7,530
Zinc (7)
December 31, 2003
Zinc Proven + Probable Reserve
------------------------------------------
Zinc Tonnage Grade Zinc
- ----------------------------------- ------------ ------------ ------------
(000 tons) (Zn%) (million
pounds)
Golden Grove, Western Australia 1,800 12.8% 480
TOTAL NEWMONT ZINC 1,800 12.8% 480
(1) Reserves are calculated at US$0.90 or A$1.45 per pound copper price unless
otherwise noted. 2003 reserves were calculated at a US$0.75 or A$1.35 per
pound copper price unless otherwise noted. Tonnage amounts have been
rounded to the nearest 100,000 and copper pounds have been rounded to the
nearest 10,000,000.
(2) Deposit is currently undeveloped except for minor gold leach production.
Construction of facilities began in November 2004.
(3) Deposit is undeveloped.
(4) Stockpiles are primarily material that has been set aside to allow
processing of higher grade material in the mills. Stockpiles increase or
decrease depending on current mine plans. Stockpiles are reported
separately where tonnage or contained metal are greater than 5 percent of
the total site reported reserves.
(5) Percentage reflects Newmont's economic interest in remaining reserves.
(6) As in 2003, reserves are calculated at a A$425 per ounce gold price and a
A$1.25 per pound copper price, and accounted for on an equity basis.
Deposit is undeveloped.
(7) Reserves are calculated at a A$0.62 per pound zinc price. 2003 reserves
were calculated at a A$0.71 per pound zinc price. Tonnage amounts have been
rounded to the nearest 100,000 and zinc pounds have been rounded to the
nearest 10,000,000.
Table 3: Equity Gold Mineralized Material not in Reserves - U.S. Units
December 31, 2004 (1)
Gold Measured Gold Indicated
Material Material
Deposits/ Equity --------------------------- ---------------------------
Districts Ownership Tonnage Grade Tonnage Grade
- --------------------- ------------ ------------ ------------ ------------ ------------
(%) (000 tons) (oz/ton) (000 tons) (oz/ton)
North America
Nevada
Carlin Trend Open
Pit 100.0% 800 0.027 12,400 0.022
Twin Creeks 100.0% 3,000 0.080 12,300 0.076
Lone Tree Complex 100.0% 3,200 0.040 200 0.121
Phoenix 100.0% 0 33,900 0.022
Total Nevada Open
Pit 7,000 0.056 58,800 0.033
Carlin Trend
Underground 100.0% 100 0.26 0
Midas 100.0% 0 200 0.58
Turquoise
Ridge (2) 25.0% 700 0.39 300 0.35
Total Nevada
Underground 800 0.38 500 0.45
Nevada
Stockpiles (3) 5,700 0.055
Sub-Total Nevada 13,500 0.075 59,300 0.037
Other North America
Golden Giant,
Ontario 100.0% 0 300 0.24
Holloway,
Ontario (4) 96.7% 200 0.112 300 0.15
La Herradura,
Sonora 44.0% 900 0.018 300 0.017
Mezcala,
Guerrero (5) 44.0% 0 45,400 0.023
Sub-Total Other
North America 1,100 0.033 46,300 0.025
Total North America 14,600 0.072 105,600 0.032
South America
Yanacocha, Peru 51.35% 2,000 0.013 98,300 0.026
Minas Conga, Peru 51.35% 0 53,700 0.018
La Zanja, Peru (6) 46.9% 5,200 0.027 3,800 0.024
Kori Kollo,
Bolivia 88.0% 0 16,800 0.020
Total South America 7,200 0.023 172,600 0.023
Australia/New Zealand
Boddington,
Western
Australia (7) 44.44% 2,200 0.021 50,800 0.024
Golden Grove,
Western
Australia 100.0% 300 0.040 1,400 0.078
Kalgoorlie,
Western
Australia 50.0% 3,900 0.067 8,900 0.068
Pajingo,
Queensland 100.0% 0 400 0.22
Tanami,
Northern
Territory 100.0% 0 900 0.067
Jundee,
Western
Australia 100.0% 0 1,300 0.12
Martha,
New Zealand 100.0% 0 900 0.27
TOTAL AUSTRALIA/
NEW ZEALAND 6,400 0.049 64,600 0.038
Asia and Europe
Batu Hijau,
Indonesia-
Gold (8) 52.875% 20,100 0.008 100,400 0.007
Martabe,
Indonesia 95.0% 0 0
Ovacik, Turkey 100.0% 300 0.54 500 0.416
TOTAL ASIA AND
EUROPE 20,400 0.015 100,900 0.009
Africa
Akyem, Ghana 85.0% 0 29,200 0.050
Ahafo, Ghana 100.0% 0 32,400 0.052
TOTAL AFRICA 0 61,600 0.051
TOTAL NEWMONT
WORLDWIDE 48,600 0.038 505,300 0.027
Table 3: Equity Gold Mineralized Material not in Reserves - U.S. Units
December 31, 2004 (1)
Gold Measured + Gold Inferred
Indicated Material Material
Deposits/ --------------------------- ---------------------------
Districts Tonnage Grade Tonnage Grade
- ---------------------- ------------ ------------ ------------ ------------
(000 tons) (oz/ton) (000 tons) (oz/ton)
North America
Nevada
Carlin Trend Open
Pit 13,200 0.022 7,700 0.034
Twin Creeks 15,300 0.077 800 0.043
Lone Tree Complex 3,400 0.044 200 0.116
Phoenix 33,900 0.022 34,900 0.028
Total Nevada Open
Pit 65,800 0.036 43,600 0.030
Carlin Trend
Underground 100 0.26 3,900 0.47
Midas 200 0.58 700 0.31
Turquoise
Ridge (2) 1,000 0.38 800 0.60
Total Nevada
Underground 1,300 0.41 5,400 0.47
Nevada
Stockpiles (3) 5700 0.055
Sub-Total Nevada 72,800 0.044 49,000 0.078
Other North America
Golden Giant,
Ontario 300 0.24 0
Holloway,
Ontario (4) 500 0.14 100 0.19
La Herradura,
Sonora 1,200 0.017 1,200 0.031
Mezcala,
Guerrero (5) 45,400 0.023 0
Sub-Total Other
North America 47,400 0.025 1,300 0.038
Total North America 120,200 0.037 50,300 0.077
South America
Yanacocha, Peru 100,300 0.025 22,600 0.022
Minas Conga, Peru 53,700 0.018 72,700 0.016
La Zanja, Peru (6) 9,000 0.026 0
Kori Kollo, Bolivia 16,800 0.020 0
Total South America 179,800 0.023 95,300 0.018
Australia/New Zealand
Boddington,
Western
Australia (7) 53,000 0.024 112,000 0.023
Golden Grove,
Western
Australia 1,700 0.072 6,300 0.061
Kalgoorlie,
Western
Australia 12,800 0.068 600 0.056
Pajingo,
Queensland 400 0.22 700 0.32
Tanami,
Northern
Territory 900 0.067 3,900 0.17
Jundee,
Western
Australia 1,300 0.12 3,100 0.33
Martha,
New Zealand 900 0.27 500 0.37
TOTAL AUSTRALIA/
NEW ZEALAND 71,000 0.039 127,100 0.041
Asia and Europe
Batu Hijau,
Indonesia-
Gold (8) 120,500 0.007 33,000 0.003
Martabe,
Indonesia 0 42,600 0.066
Ovacik, Turkey 800 0.46 200 0.38
TOTAL ASIA AND
EUROPE 121,300 0.010 75,800 0.039
Africa
Akyem, Ghana 29,200 0.050 3,100 0.050
Ahafo, Ghana 32,400 0.052 49,500 0.063
TOTAL AFRICA 61,600 0.051 52,600 0.063
TOTAL NEWMONT
WORLDWIDE 553,900 0.028 401,100 0.042
(1) Mineralized material calculated at a gold price of US$375, A$600, or NZ$715
per ounce unless otherwise noted. 2003 mineralized material was calculated
at a US$350, A$600, or NZ$715 per ounce gold price. Tonnage amounts have
been rounded to the nearest 100,000.
(2) Mineralized material estimates were provided by Placer Dome, the operator
of the Turquoise Ridge Joint Venture. Placer Dome calculated mineralized
material not in reserves using a $425 per ounce gold price assumption.
(3) Stockpiles are primarily material that has been set aside to allow
processing of higher grade material in the mills. Stockpiles increase or
decrease depending on current mine plans.
(4) Percentage reflects Newmont's weighted interest in mineralized material. In
2003, this percentage was 99.3%.
(5) Mineralized material estimates were provided by Penoles, the operator of
the Mezcala project. Penoles calculated mineralized material at a $400 per
ounce gold price.
(6) Mineralized material estimates were provided by Buenaventura, the operator
of the La Zanja Project. Buenaventura calculated mineralized material at a
$350 per ounce gold price.
(7) Mineralized material calculated at a A$650 per ounce gold price.
(8) Percentage reflects Newmont's economic interest.
Table 4: Equity Base Metal Mineralized Material
not in Reserves - U.S. Units
Copper (1)
December 31, 2004
Copper Measured Copper Indicated
Material Material
Equity ------------------- --------------------
Copper Ownership Tonnage Grade Tonnage Grade
- ----------------- --------- ---------- ------- ---------- -------
(%) (000 tons) (Cu%) (000 tons) (Cu%)
Phoenix,
Nevada 100.0% 0 0.00% 32,000 0.21%
Minas Conga,
Peru 51.35% 0 0.00% 53,700 0.00%
Batu Hijau,
Indonesia (2) 52.875% 20,100 0.33% 100,400 0.33%
Boddington,
Western
Australia (3) 44.44% 2,100 0.02% 50,600 0.10%
Golden Grove,
Western
Australia 100.0% 600 3.29% 900 3.53%
TOTAL NEWMONT
COPPER 22,800 0.38% 237,600 0.26%
Zinc (4)
December 31, 2004
Zinc Measured Zinc Indicated
Material Material
Equity ------------------- --------------------
Zinc Ownership Tonnage Grade Tonnage Grade
- ----------------- --------- ---------- ------- ---------- -------
(%) (000 tons) (Zn%) (000 tons) (Zn%)
Golden Grove,
Western
Australia 100.0% 100 11.9% 100 10.6%
TOTAL NEWMONT ZINC 100 11.9% 100 10.6%
Table 4: Equity Base Metal Mineralized Material
not in Reserves - U.S. Units
Copper (1)
December 31, 2004
Copper Measured + Copper Inferred
Indicated Material Material
-------------------- --------------------
Copper Tonnage Grade Tonnage Grade
- ----------------------------- ---------- ------- ---------- -------
(000 tons) (Cu%) (000 tons) (Cu%)
Phoenix,
Nevada 32,000 0.21% 29,800 0.17%
Minas Conga,
Peru 53,700 0.00% 72,800 0.26%
Batu Hijau,
Indonesia (2) 120,500 0.33% 33,000 0.29%
Boddington,
Western
Australia (3) 52,700 0.10% 111,800 0.09%
Golden Grove,
Western
Australia 1,500 3.43% 7,100 1.62%
TOTAL NEWMONT
COPPER 260,400 0.27% 254,500 0.22%
Zinc (4)
December 31, 2004
Zinc Measured + Zinc Inferred
Indicated Material Material
-------------------- --------------------
Zinc Tonnage Grade Tonnage Grade
- ----------------------------- ---------- ------- ---------- -------
(000 tons) (Zn%) (000 tons) (Zn%)
Golden Grove,
Western
Australia 200 11.4% 4,600 15.7%
TOTAL NEWMONT ZINC 200 11.4% 4,600 15.7%
(1) Mineralized material calculated at a copper price of US$0.95 or A$1.50 per
pound unless otherwise noted. 2003 mineralized material was calculated at
US$0.95 or A$1.73 per pound copper price. Tonnage amounts have been rounded
to the nearest 100,000.
(2) Percentage reflects Newmont's economic interest in remaining mineralized
material.
(3) Mineralized material calculated at a copper price of A$1.25 per pound.
(4) Mineralized material calculated at a zinc price of A$0.80 per pound.
Tonnage amounts have been rounded to the nearest 100,000.
SOURCE Newmont Mining Corporation
-0- 02/03/2005
/CONTACT: investors, Randy Engel, +1-303-837-6033,
randy.engel@newmont.com, or Wendy Yang, +1-303-837-6141, wendy.yang@newmont.com,
or Jennifer Van Dinter, +1-303-837-5165, jennifer.vandinter@newmont.com, or
media, Doug Hock, +1-303-837-5812, doug.hock@newmont.com, all of Newmont Mining
Corporation/
/Web site: http://www.newmont.com/
(NEM)