NEM - Earnings call transcript Q3 2018

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Operator

Good morning, and welcome to the Q3 2018 Earnings Call. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Jessica Largent, Vice President of Investor Relations. ahead. go Please

Jessica Largent

good XXXX and Welcome Newmont's to Thank call. morning, quarter conference third you, everyone.

Joining call Financial executive of on be of Executive Palmer, us the the Operating team. available Officer; and Goldberg, Chief with at Nancy Chief to President call answer Buese, the They along our Chief Officer. Officer; questions Tom today and will are end Gary members other

further, and please cautionary to to take it moment now, slide Turning we on slide which the here before I'll X. Gary to on at filings, statements SEC go shown found our refer X, our review turn be newmont.com. to a can over website And

Gary J. Goldberg

quarter includes: mines safely joining execution and this all and portfolio exploration on Thanks, Jess, our delivered you in delivering by responsibility. and continents; assets execute running leading sustaining efficiently; expansions morning. us of thank advancing our profitability strategy, continued long-life superior and by to and the operational which strong global a for third and We performance four for profitable

continue the industry focus capital in has profitable the generation on five our performance the next over decades, two logical President development. our to years of Before next and has Board mines when his established I Chief Tom almost recently, the to him of quarter details on his ago our recommended and join More with of be moment like as promotion results Tom for take I I'd a skillfully and have him his recruited as the returns. Tom strategy since Directors known had and the step to performance, pleasure experience him and with President executed discipline Tom to reflected into team I've working we XXXX his building that Newmont we to to Officer. congratulate team. the promoted we Operating recognize third get in Palmer leading on and based of and which

Smart Turning our is with and pressures the at gold applying injury third business. promising details lowest on we across continue half per In quarter advancing planned And are most our rate advanced the costs improve and the worker also at strategy deliver our slide the Program of to weighting. operational million three including: of We quarter, sustaining us year and to back consistent good we lessons delivered control. continued our through all-in execution. offset X, connected for the total These $XXX of for process as of increasing Full year, our ounces we Mine, X.X operations. third cost performance ounce, to back and superior produced and first learned inflation cost initiatives Potential safety initiatives digital pillar efficiency the to our reached critical

The a long-life portfolio of assets. second pillar our strategy of global is to sustain

mining the we Main During America, we we in the September, the first ore America, North concentrate complete in on leach to and the placed South circuit CC&V we to quarter. in production commissioned in commercial the Australia, to achieve on and advanced in Tanami schedule; fourth X feasibility study; track and on are started continues Africa, Expansion the cleaner flotation third Quecher project; pad the definitive project, Underground quarter: in Subika commissioning

which security currently around Gold working expectations. This are and invested order does in to the about for forming of people applies meet Mexico support efficient not of the prospective with safe the and exploration Cuale in Finally, Gold Colombia's an development Miranda to project, gold plant and also serve projects project. mining Colombia. the project We the for in partnership high-grade Evrim Continental districts, future we've Buriticá to with by to remain continued the the in seeds our excited Resources

the lead for to and is In rating liquidity. strategy our fourth maintained of the of per investment third dividend we in consecutive we gold profitability with of sector an in of sector $X $X.XX credit a and the grade one share billion declared responsibility. and strongest sheets pillar balance the quarter, quarter, third The the

Sector we row. Finally, recognized in performance Dow year Leader running fourth an with starts Index were operations. for the Sustainability in as the Mining unprecedented a Jones This safe

lowest focused visible In always team to quarter among behaviors critical controls to safety completion and recorded to Turning and leadership verification the for third with more by year-to-date. felt our as fatal controls done. prevent there's XX,XXX employees injuries. reinforcing letting work order injuries, X, XX% the remain our to year, rate a while to slide up, over on along our rate prevent marked have driving total contractors, not we're be of critical key systems injury of with the verifications We

shared our So, availability environmental the improve industry Index honored Sustainability impact to highlighting Jones in previously partnering resources and operate Corporate in mentioned, be Governance, the risk to we're so in infrastructure minimizing right grow. again, including: and skills as and of management; investing of the set, business and performance and best conduct, ranked Dow we mining like the demonstrating goals codes community development, continue can we to water; and to earn practices leader continue crisis the to

across our other to partially and with outlook consistent narrowed at And Akyem, XXXX at steady planned costs X, per weighting. we higher Creeks, But, our by Boddington, offset per Twin our campaigns half long-term in costs rise Carlin. execute slide on is $XXX improvement. Yanacocha. expected, decreased ounce, we AISC performance stripping second portfolio, outperformance cost our to lowered have costs of $XXX driven Carlin, continued at record as a by to our trajectory to our $XXX and and as which XXXX Turning sites ounce, shows Year-to-date, Boddington,

poured at gold recent just we our as month, operation. slide we will in in in years increased production after earlier update concentrates on our America, produced X.X geotechnical track we to and highest Turning of ounce on and South Carlin, quarter, narrowed more two and basis of attributable in millionth and Overall, Leeville, X, gold processing at higher million achieve of attributable And to fourth detail guidance ounces of we the reached in third grades on Africa events Nevada. CC&V Yanacocha later. this an between this on to million grades at X.X higher quarter Ahafo. back cover the to full-year production we ounces. production of our remain X.X million planned Due the Tom Merian

we're internal X, ahead. Mill projects These which Power In deposits Underground XX%. years the expect before XXXX. serves in September. project, half has And production. Exodus. in at ore track to oxide of Tanami add of projects and will costs to projects Australia, at life rate future second the North cost emissions lower production Both that as mine finally, profitable a an quarter, Quecher remain our we will the developing growth. good progress lower XXXX. we South two of with Creeks placed on average production current cost grade, delivered will we generate slide and Turning and in reach commercial will projects with Underground, in making return Yanacocha's America, Twin on we're This extend first the facilitate ramped and America, the and expansion these on In lower end third production, Africa, completed we extensive of we And are currently extending executing the four above projects Subika project bridge in which to up, Main, work higher be and and in Ahafo add Northwest sulfide

progressing In four advantage. is America, North And begun Turning to to Resources. growth a studies prefeasibility continue Canyon distinct pursue we competitive expansions and with on Galore Long slide Creek studies are X, Phase continents scoping to pursue the for underground our prefeasibility Carlin ability we Teck X. at

at where we're deposits with Suriname Ahafo Akyem, Gold of and exploration Ahafo we're a drilling of Evrim in are project. support local Continental working project also In recently development We're site I in Ethiopia. with see progress studies the projects advance the Resources favorable partnered to And in Chaquicocha And a to Ezana, test Cuale, America, and with other Oxides French In underground a prospective opportunities previously process South Guiana Buriticá the mentioned, Yanacocha drilling recently and and we advancing of to Esperance pursuing Peru. in gold Sulfides we working prospects in at the as we continue the partner, Mexico. project. results Colombia, shown promising and picture. North this begun to exploration to continue greenfields Africa, Chile, of we've range at explore Finally,

which With quarter that, and will Tom I'll second the across Australia, further, financial over explore continue greenfield slide continent. our XX on we've touch to advanced in on to Nancy discuss at turn expansion Finally, targets it Tanami, third results. our to

Nancy K. Buese

Thanks, Gary.

X% financial the compared pleased I'm highlights, the gold for XX quarter. slide price over to results good despite to decreasing prior-year report Turning to

of adjusted changes $XXX in we per prices share, was quarter, prior-year compared continuing million. $X.X to million or more $XXX This primarily the adjusted operations of of quarter, than capital. and revenue lower in billion, EBITDA unfavorable due Cash million metal income $XXX $X.XX working from million delivered $XXX diluted net to and

per per at in continuing more of detail, in Turning North to income in impairment diluted of Emigrant slide share we properties the to quarter, long-lived third from review net $X.XX America. to the assets loss primarily recorded XX our operations GAAP earnings our and for exploration share, due a

adjusted related diluted on value adjustments for Other per a we adjustments the to on impacts, securities the delivered marketable $X.XX per were equity included shown $X.XX of and gains Taking share. $X.XX As net the for investment share. to valuation asset change a and in allowances impairments adjusted of related quarter income $X.XX into our these slide, account, sales. tax other and fair these total diluted of and

to the a million and next and we dividend priorities to liquidity track balance of credit to to continues on maintaining investing $X.XX aims quarter. ratio a including: billion Newmont grade gold times. operations X.X and with our one on an net constant share to maintain life investment debt-to-adjusted EBITDA dividends in fourth on execute through shareholders slide in shareholders. XXXX share our Newmont to sheets program, and declared capital share returning base; improve a nearly build Yesterday, which And count. generation in the We're consecutive have well-positioned cash the profile; we stronger for of $XXX of remain return per a reserve buyback mine priorities, the to capital to strongest of $X sector XX, of Turning

also gold to We transparency financial sector. support continue the in increased

World Over to Council costs X, date. an Council with effective with greater XXXX sustaining provide peers expects note AISC several led and have reporting. for all-in consistency and guidance working issue January the months, clarity a a updated Gold last group to our we the next month The

taken expected related exploration, when a more reclassification of such industry and comparable changes exclusion to Newmont, are costs basis believe advanced lower For changes we've proposed to as R&D. to projects, more we non-sustaining and our the and the activities AISC approach will due AISC, conservative gold peers. the cost make Historically, reporting our to our

past for details when changes operations our our on to And additional a reconcile starting provide December methodology and on will We to XX. of XXXX now, these we guidance on I'll it hand our X. discussion issue Tom slide

Tom Palmer

Thanks, Nancy.

Turning more our all-in X.X to ounces slide year-to-date, at operations $X,XXX American sustaining costs have gold than produced ounce. North of under XX, million per

higher-grade delivered and performance, Carlin At X following mines. access and ore quarter, work shut see remediate underground higher quarter. expected the started production actively the our our third to solid maintenance the our the slip, continues we planned manage and Mill fourth we grades we continue XXXX At in increased monitor as Silverstar, to mines, in geotechnical as from plan still risks. to QX, to For surface

However, out the third this during quarter, manage to have stepped after issue. further wall experiencing movement we

early our targeting put mining. October, we mining experienced identified a place consequence, to our currently prior Quarry and are plans pit. a assessment The at this we a was the an through steps Gold safely In to in restart one footprint and measures in is and we've smaller injured. pit. teams are wall pit event, next Mining of working As mine movement also detection slip no in this suspended,

approximately North result America outlook, lowered XXXX the to a now produce production we ounces. X.X of million region million these and to X.X As challenges, Carlin's expect

Nevada. we at The project. to As the deliveries CC&V, completed performing are Gary up to design flotation and mentioned, cleaner circuit concentrate we is ramping concentrate

expect team the as to Twin X the following Long to programs, mine slide July. And at delivered Mill of declared Phase through this In year, after tremendously proud the quarter, the continued next operation, advance I'm in we milestone. We for mine on achieving grade results ounce. month, solid expansion just Canyon, for XX, sustain the will the to early its mill through to exploration crusher strong and X. delivered and wave early mill years earlier new continue crusher next of throughput South the Gary millionth third across America We studies as in help new them year. region. our costs Merian mentioned, in draw finish the concentrates ready this rock assessing poured two safely primary Merian Twin Underground X stockpiled of process as beginning continue enable a Turing and Creeks This fresh and completion productivity improvements. intended Carlin's September. processing use to improved down of

tailings leach ore recent At at to to completed, Chaquicocha a have months Yanacocha we we We in serving our blending Potential plan the funds feasibility study Tapado Oxides ore new underway. XXXX leach Full to optimize make we work our advance the construction trucks, expect few existing as mill pit, storage addition the and drilling to expect and Merian Main in extend continue and increase study and development in allow first the also grade see September full placed the decision of drift and four of haul for exploration We our the by ramping strategy. a productivity us stripping now to through combined a The pad half to Studies the the we in the time complete new Quecher complete platform first continue associated to is higher south an at with the feasibility Program. with from Oeste up, ongoing pad as over continues. XXXX. with Sulfides, on engineering. of our to north reached strategy improvements optimized Yanacocha, benefits

ongoing, Tanami, delivered higher at Turning ahead quarter power to construction gas mill and Tanami project Power the at The and stations performance improvements pipeline course, sustained XX, of third with activities the on Australia welding schedule. slide and continues are we throughput. strong on progressing trenching in is grades

deliver to costs, improve optimized and and and this our first We now quarter helped a XXXX has mill Boddington, expect project between of lower $XXX all-in cost XXXX. productivity $XXX At per sustaining the ounce. maintenance strategy of we in both expect

of At been through early rates remainder this impact planned XXXX. reduced. ramp stripping will campaign manage and up continue we wall Our this slips the from the have year KCGM, continue to Mining through year.

underground and process the with ore supplemented Super we to continue and However, mine from Pit Mt Charlotte ore. stockpiled

of the finalized $XX early is in we expect million information for profits. also quarter, claim longer-term lost assess the share Considerable underway to work During December. provide of we our the insurance to more impacts, and

three-year recently Looking to in the an period. reaching decision by investment Expansion Tanami of a second feasibility XXXX, future, X half to definitive anticipate we the construction followed and advanced study,

current to project incremental For an million annual expected of an project our investment add $XXX $XXX approximately XXXX million, of production this in XXXX. ounces XXX,XXX The not included from is guidance. through to is

strong XXXX continued region $XXX mill outperformance for allowed costs Turning grades and to back Africa our the higher to all-in At solid Africa ounce. Africa the performance. sustaining lower to on on us slide to $XXX results again XX, of per delivered Akyem,

Ahafo activities in progress low-cost infrastructure Mill the reach the good and both grade, continues at works expected higher ahead of The team the Ahafo, to is civil underway Looking five August, is XXX,XXX the production making production Subika surface commissioning to on in commercial crusher. SAG expansion primary the next XXX,XXX quarter on to and is the fourth years. schedule project of the mill Construction annually progress at add at to over and project year. ounces this resumed Underground on

to and installation achieve new XXXX. the of we crusher We pebble half quarter, tanks. production on to commercial second complete fourth during remain the the CIL the of expect track During

resources to as Ahafo growth on Akyem, Finally, at we a focused well continue Ahafo regional potential as developing our studies advance underground both North. mine at and new

Now, Gary I'll to hand on back it slideXX.

Gary J. Goldberg

you, Tom. Thank

restoring financial by: the profitable of investing term create we remain success costs the provide gold value ounces approximately at to XX, the done in to need have projects with six sustaining long Turning and production transforming us and the growth million I prospects. X regions production our non-core per model continents business assets; than the that years to our in proud XX% the and the of in advancing balance for profile portfolio of and team business long our anchored our production and Australia; in where United ago, exploration and is to work the most our over up States on located slide to term. Newmont optimizing very all flexibility We four monetization set ounce; the for invest operating we cycle over began sheet of reserves of the to stability promising $XXX more all-in adding about across stable a support through

give optionality stay returns of attributes for the ability us how the value All in disciplined creation to and these generate pursue we shareholders. and

Our portfolio project by is robust pipeline. differentiated also a

efficiency, Turning our included sector and Power Subika projects while here: improve see and Mill the to and the our to and X, best gives among of gold capital midterm shown in depth Peru. the the will here Morrison the are: Two means in current sustaining expansion Australia; green. pipeline outlook terms reserves. our and Ghana; slide Ahafo and steady margins Quecher projects you Tanami that project in Expansion it Tanami in Main and in and XX, in capital recently is growing both Ahafo Underground advanced in us Projects are outlook production the maintain North

expect in of to these second to We XXXX. the half fund reach a projects decision

production long-term continue longer-term invest in the This projects blue. progressing our foundation we dark and lays Finally, profitability. shown steady, in to for pipeline

we for and included are well million period. robust strong over around years. project continue Annual on are in pipeline long-term attributable as performance gold representing further global time the The a projected stable our asset longer We'll represent green production invest strategy, technology is costs safely even time production a share our our I'll project and to Turning base layer at in and a slide to our over existing operations, projects Expansion of XX, Thank feasibility midterm stronger together shows this lead quarter from gives of standards open And profile over and to not production for the and production the shows future. guidance. next that to our terms third is are our laying mines, horizon; to ounces, Overall, is projects X, remain the Yanacocha both for a dark with production distinct to you the This the time. and Putting delivered slide operator all the advantage. current same includes it competitive upside. groundwork X and across as to grow we turn value an seven guidance. competitive which questions. your generation deliver sector gold steady production and leaders forecast of longer-term gold Tanami that, Ahafo at And layer line Sulfides, profile sustaining to business; create North for included we for it next feel mine in in from the and that blue you XX, which Newmont's the execute uphold.

Operator

you. Thank

today JPMorgan. first Please from come Our ahead. Bridges question go will John of

John Bridges

taking for Morning, question. Thanks the Gary, everybody.

time. for a long You've on Subika working been

lot QX on I'm is the So do tonnage a pre-developed. point? with out expect out, this start production if constraints of us surprise that and guessing at pulling of coming to thing coming I'm there. that could just When in wondering are you what ore that you

Gary J. Goldberg

going that over I'm address to hand Tom question. John. morning, Good to to

Tom Palmer

of Subika. the What to of both going combination fourth a in a is associated couple things, Good with morning, quarter John. you're see

as and mining X layback So, higher in we'll grade we're open the currently pit in Subika Subika. move into ore well, at Phase the

mining Then So happens ore in you're fourth commission to mine fans, but air We pit Underground? to into the the what from see there going the that and coming all us have Subika it underground and more rate. grade quarter higher we as open with allows of contribution our plant, Subika mining been ventilation the allows numbers. refrigeration year, some our increase from fans

So get tonnes the mine more grades you'll better some Subika. see out from and you coming of the

with for to fourth So, quarter in going the things, underground, Subika. They're and surface both quarter of both associated contribute Ahafo, fourth to performance. combination two

John Bridges

third so Are that already, in here? the place? person we equipment sort But of we're fourth quarter in talking in is the

Tom Palmer

point quarter. Well, place. this got commercial on the It's and where busily a equipment in absolutely electricity we're reach is it, working on getting we'll to production

John Bridges

Okay.

Okay. of pits. the and in question, And bigger whole and facing got is in Tanami, the Turquoise the coming projects Subika And on with Carlin, you've your industry a then pit perhaps Ridge. mature picture problems share underground Africa,

to over So, influenced few by extent the you are positioned next pit underground, a to what switch bigger configuration years? to mature less

Gary J. Goldberg

look John, our today, from I of roughly think we're when productions our XX% you coming underground. at production

number and a the we And of bit. regions over the operations, got that day. running quite expect to all-four will rise folks years next some We those that at underground be end operate XX see think qualified really really ultimately an in we've the what I

I positioned continue make switch. well we're So, think to that to

you the address the future. those positioned end and the still underground based well characteristics. and As on at surface think ore opportunities in both day, bodies we're I the to it's And of know,

John Bridges

Cool. Okay.

lot. Okay. Well a Thanks done, guys.

Gary J. Goldberg

John. Thanks,

Operator

will go ahead. come Our David CIBC. question from next Please of Haughton

David Haughton

is rate Gary, to newly saw which Tom mining we first at the is I tonnes Nancy. President the appointed pretty X.X Subika that per to I question got quarter. annum morning, that last my surprised say and the looking at underground again. million about Good Maybe in was

what a what going than that seemed I'd higher bit wondering quite your previously anticipated. Just is expectation forward

Tom Palmer

Thanks, here. David. Tom Yes.

rates get what see got similar our to quarter us on. ventilation when we'll going You're to full the the we've – in sequencing allowed third pretty to see mine

third our roughly going to to mine higher What in saw get is air though ability stopes. the the you'll to So, you as going grade rates we that quarter. see parts are those the access different see you forward of

David Haughton

Okay.

So...

Tom Palmer

grade. better tonnes, Similar

David Haughton

right. All

tonnes by per annum, X.X like feeling of but X.X at million sounds comfortable it. So, I the assuming million was previously something you're

I'd tweak. make that just So, little

Tom Palmer

it range... keep in I'd that

David Haughton

aggressive. too get Not Okay.

Okay.

me talking You're down.

Tom Palmer

done. Well Yeah. Yeah.

David Haughton

Okay. and Over I wondering we softer going a thinking be to forward. you that I'd Merian, as than Were you anticipated just what out, about or higher mining well, helped thinking be also ore rate should what how there and should in it?

Tom Palmer

think about can you terms wet are, Merian of impact. in We season

come of dry which some rates. times of we in some third saw higher will the the into So year, it quarter, the you we as get

We impact are the additional coming the four trucks seeing of in.

various will reach But we higher you some year rates in seeing And fourth will is times then, pretty mine in and Maraba sequence, see So, for rate additional grade fleet. into in grades, the at the mining we result the higher of of this with a forward. consistent Merian will what you're see ore. as the going higher the third quarter some one weightings some is that's might move quarter you pit, our

David Haughton

you've Okay. you're Because building third at there the you your what milled, previously, going stockpile. strategy? mining mined more looking was a And in of are the that quarter, of part adding stockpile than kind Is processing, you so to forward?

Tom Palmer

You will we'll see it we mill ore you us increased yeah, see, more and stockpiling as mining see fed. waste and keep movement, the will –

David Haughton

one, Will the fourth in we more see there it Last just than matter shipments? a of of sales. Phoenix, Okay. Is a catch-up production was quarter? at timing

Tom Palmer

shipments at timing Exactly of Phoenix. concentrate That's right, David.

David Haughton

very you Thank Okay. it there. leave All I'll right. much.

Gary J. Goldberg

you. Thank

Operator

Terry question Please Bank. next come will of from go Deutsche Our Chris ahead.

Chris Terry

more issues how my on and step that. on That's just you to maybe Tom, that progressing geotechnical into go I wondered, Hi, if Tom. decisions when seeing you're bit Carlin, question. at questions the the from could first little make be through Nancy Gary, timeline and detail few on able me. you'll a forward more going Yeah,

Tom Palmer

pits. (XX:XX) Maybe Chris. Thanks, two

and order first Gold good the be work of from in we of third out in of to is that and saw North to activity the step In the out quarter, that's so across ore pit. sees quarter, part, We're apart the And about there through end a third through of until now XXX,XXX manage and Quarry Carlin miles end good part South quarter all the Carlin Silverstar, mining that in some there. come Silverstar XX we've and they're that's really done the the the of is ounces the So, complex. in shape. Silverstar the of we'll the

and year. So, the pit slipped, John said, of I material into guidance the very was remaining of is had some – – says alluvial slipped factored as a time. the at for the a this sitting quite Quarry, so it area that Gold it area that's been that wall part that our that some the top think mature for pit,

for So, we've of and there, happened develop work Quarry to medium-term some what to mechanisms in of step Gold remediation ore the do for understand back Quarry. to then accessing a through got out and work plan lot actually Gold short- and get the in the to A is stripping.

and then open pits mining, been mines sources. For multiple multiple the Carlin of stockpile that complex, Gold one underground five we've Quarry is

year-to-date to overall the of ounces has impact Quarry, production. XXX,XXX in contributed Gold it Gold So, about put perspective, Quarry Carlin's

Quarry are of that we the a plants of ore processing for to things work we number other source can pit. Gold remediate the to through there how whilst best So, section do Carlin at

Chris Terry

Thanks, Thanks. helpful. That's Okay. Tom.

question it. wanted just months of to in six I've an for I overall get ago, and maybe this And well, think terms so environment, you Tom. the asked as Just maybe update or on it's

pressure consumable we the XXXX? how environment, and from are diesel, labor, into Thanks. you from seeing general et the on just cetera, Just that head cost side as

Tom Palmer

of we reasonable cost some I out from Australian get production everyone's monitoring. We're offset certainly we're the increase seeing some in coming globally Australia, With which, do that dollar consumables, think, helping some diesel from experiencing. in Other space.

Full those where labor the look see the we're From an those. rates. yeah, to with Probably attrition into stable we costs rates world, iron pressure bit a minimum. keeping offset area attrition and we're labor just up on Full starting little our Program on Potential pretty may that labor of in market put and seeing in We an are Western particular that in comes in play, heating That's most parts some Australia, improvements certainly with eye seeing more perspective, the year. Australia a Potential and as into a escalations to pressure players, next with ore our

So, that's area we're on. an eye particular a keeping

Chris Terry

Okay.

is Okay, Tom. Nancy. My just thanks, for last one

balance, terms $X above there there's some ability South in restrictions you I it's cash that that see cetera, America, billion, obviously the update just on can rates? et just talk the time. where the but maybe cash through In reduce of trending know still give to over can us you you an

Nancy K. Buese

mean the benefit dollars, free to Sure. generative will as our real business investment back flow, going on shareholders through of providing to enhance will year, for and the in company. forward, and balance buyback our the we business use and our cash We as in to continue about a also and both generate cover a dollar differentiator think cash share cash We've to more exploration spend fund the enhanced form dilution this sheet, what's balance we're CapEx. dividends. And the we those that

la will lower of of a M&A environment. all CC&V give invest us those gold opportunistic things done So, allow in to kinds of our à to and price a things lot continue for like business us flexibility also in

levers. So, we want to continue to have those

back our and today, another we proceeds the piece, to but we'll some we repayments, have for The that due cash notes use XXXX of that come other of can XXXX. in pay pull. those as And lever both flexibility

the that decades. way cash So, company flexibility we for as ultimate financial for the pave few enjoy the we next to have

Chris Terry

specifically referring I of the I cash for was to Thanks balances. the Yeah. size the Okay. mean, color.

details of the of and on So, overall. specifics the for the the and just net company at debt American looking cash guess cash getting number terms I more quite I of a around balance. some large South in was restrictions on the around the meaning out some the more obviously, it's

Tom Palmer

Yeah. sure. Oh,

business. continue where We have cash want in to our invest we in to jurisdictions

as example, about So, cash you for in capital projects to over few South up the years requirements other balances America, projects, think coming next sulfides in-country. and for want some like we maintain the

restrictions have keep the but jurisdictions. any repatriating have chosen don't very certain today terms we cash in So, to cash the U.S., to purposefully of in

the So, with in with and complement today. comfortable of which the that comfortable we're allocated we're balance, it's countries

Chris Terry

all That's Thanks. Okay. from me. Thanks. Thanks, Nancy.

Gary J. Goldberg

Chris. Thanks,

Operator

Scotiabank. go of Please come ahead. will question next Jakusconek Our Tanya from

Tanya Jakusconek

everybody. Yes. technical morning, a have just Good I question...

Gary J. Goldberg

morning, Good Tanya.

Tanya Jakusconek

Morning, Gary.

Quarry, can't so – ore a Of leave Gold how the at size back the the coming or wanted an have are we question, to technical seeing of without just much looking of a course, idea impacting? photo I without slide, to you

Gary J. Goldberg

Tom. it's Tanya,

Tanya Jakusconek

Yeah, Tom.

Yeah. Sorry.

Tom Palmer

something Sorry, else wanted to add? Tanya. you have Did you

Tanya Jakusconek

Gold wanted just the have the know ore failure at that slide? I Yeah. much pit wall slide, to Quarry. we impacted How with

Tom Palmer

in the remediate It's pit, opposite need slide about affected impact of that's area the an terms that on mine of do ore we we has to slide. – were we not opposite by the more side been planning The to can the before on side the the to access pit. what that of

into that's So, get actually a part ore to to that be step. on layback part we'd down the future of that where would mine. side Then area a the layback of slipped future that's of remediation tape material that

about think area. but So, need we how it's laying more ore some It's in per not sitting remediate on through back, se. instances, get that and – terms itself to safely helped about top it's in we of of

Tanya Jakusconek

Okay.

So, a like you would had it's back. sterilized as that remove matter It's that. said, or layback have having you little it, laid nothing's been helped to just otherwise to and be bit on anything of the a

Tom Palmer

or alluvial matter Carlin into cleaning pit, the of at That's top and right. up it's formation now. mine very the down flowing the of material a Picture that

Tanya Jakusconek

of know of bottom sitting the so... you in size pit just Okay. are how this slide tonnes the many wise, Do

Tom Palmer

so deep of It's sort mine, of it's it's – sped imagine, a a the pit. of couple the tonnes from mature – a million

over spread quite a that's imagine, So, distance.

Tanya Jakusconek

so tonnes. couple a Okay, million it's

Okay. you. Thank

Gary J. Goldberg

Tanya. Thanks,

Operator

B. next Our Lucas of come from question FBR. ahead. Pipes Please go Riley will

Lucas N. Pipes

morning, taking from my up bit comments succession answered. for I regarding a to about little the But thank wanted of the been questions have Most Hey, my you planning the some sharing remarks. and Gary, follow a great question. tenure kind Thank everyone, good to could you. maybe of hear thoughts if you on your just elaborate that, had background wanted on he's and more and obviously language. on that what prepared

Gary J. Goldberg

Sure Lucas. thing,

off I've known two Tom the We remarks, I and almost him the brought bat. think right for the gave decades Indonesia in. him as in challenge of prepared were

naming the two-and-a-half take And years Tom development, there. been as the APAC to ran quite his core Waihi this our been through made divesting challenging have situations ago, that during last moved issues a the plans Tom over President next this we Hijau. some divestment promoted the Batu his was of ultimately well, export region COO. strategy up into So tested and sense step really role. terms in And it two-and-a-half delivering and board operations stage working and ended and and we also and fire succession he's with and COO over term divesting to his team and to Tom him pretty permit then years the as and plans for there, went on for there

Lucas N. Pipes

it. Got it. Got

Okay. Well, appreciate that's of best helpful and luck. color. I that,

Gary J. Goldberg

Thanks, Lucas.

Operator

Dudas go of Our will ahead. Please next from Vertical come question Research. Michael

Michael S. Dudas

several Good and look down to we're capital concerned Latin more the about a over as I'm pipeline, in these for your have the details morning, timing investment you to medium-term a larger, you where everybody. past projects look December. to come that sure lot months your to you we and team want ones XXXX, like especially internal for But looking develop to out what given are into forward at more like prices go as how on expansive with Gary, going several gold opportunities develop opportunities a to move before we and and these in America? your – capacity outflows given are

Gary J. Goldberg

and way. in is. things we $X,XXX question, and in I have these price make point base that have at XXXX. the rates. to Michael, ways, some do think gold our that we work stage, where on depending the look this an mind, stressed ounce, faster, we the to Keep you first plans positive. a we always question, – they're projects on that's move projects that it's In value regions, happened in good a forward. gives we XXXX, so do your part going add great and But move sure us our shareholders different later coming can – to would at in want least of gotten to regards I've along to We of have leverage all these at part point a our And to be of hurdle the study four the along

I in where forward. think terms of we those we move on have we depending first. the we do course, projects things go. projects of consider have from to one we as ability manage decisions a as sit going bring And of when move to fund we flexibility them, the prices gold heard the forward that's would on, how But best you really good we, In forward. do we to Nancy, the with them spot And want make and

Michael S. Dudas

issues thought stable – And have some up things Colombia. remarks that's very relationship? helpful, can before a there Continental prepared and the share with to getting on quicker any Gary. more us following about or relative occurred what had done that And – little start last month, and down Newmont moving since changes you into much you Maybe process bit you more

Gary J. Goldberg

I one, working to are understand sure think better what people make to taken two actions areas: and Continental to protected. key with what need happened be

own making and communities put we and any that our through to that exploration doing be there. ground. safely can In on working on to we with with So, active down there, with people local the people properly the at our the people make down with of that's down at that we and they terms not work authorities them. are we work there Continental sure stage, before regards working are as exploration work ground We're own sure protected on the forefront in this down

areas are focused the those we're two on. So, key

Michael S. Dudas

you, Gary. Thank

Gary J. Goldberg

you, Thank Mike.

Operator

this Ladies for would conference session. like to Gary question-and-answer and will to turn our Goldberg back I conclude gentlemen, over closing remarks. the

Gary J. Goldberg

you our look call thank and on to December Thank you. morning, an our update. for outlook longer-term joining And this forward we all providing updated X guidance

you. Thank tuned. stay So,

Operator

concluded. presentation. conference you for now Ladies attending Thank and the has gentlemen, today's

disconnect. now may You

Newmont (NEM) 25 Oct 182018 Q3 Earnings call transcript