Consolidated capital expenditures for 2008 were approximately
2008 Highlights:
-- Equity gold sales of 5.2 million equity ounces at costs applicable to sales of $440 per ounce; -- Equity copper sales of 130 million pounds at costs applicable to sales of $1.38 per pound; -- Successful start-up of the Nevada power plant and Yanacocha gold mill; -- Successful acquisition of Miramar Mining Corporation; and -- Continued progress at the Boddington project, with start-up expected in mid-2009.
Richard O'Brien, President and Chief Executive Officer, said, "We are pleased with the results of our initiatives to improve operating results, resulting in gold sales and costs applicable to sales performance consistent with our original expectations for the year. We achieved our goal of delivering on our plans for this year. For 2009, we expect equity gold sales to increase to between 5.2 and 5.5 million ounces at costs applicable to sales of between
As a result of recent financial market volatility, the value of certain investments declined during the fourth quarter of 2008, resulting in the recognition of a pre-tax charge of approximately
Exploration and Reserve Results:
The Company reported year-end 2008 proven and probable gold reserves of 85.0 million equity ounces, compared with 86.5 million equity ounces at the end of 2007. Year-end 2008 reserves would have been 91.6 million equity ounces, an increase of approximately 6% over year-end 2007, if the expected acquisition of the remaining 33.33% interest in the Boddington project had occurred at the end of 2008.
In 2008 the Company added 6.3 million equity ounces of gold reserves due to margin changes and additional drilling, offset by revisions of 1.1 million equity ounces. The assumed gold price for the Company's reserve calculations increased to
For 2008, the majority of the reserve additions from exploration of roughly 4.4 million equity ounces came from the Boddington project, and
The Company's reserve sensitivities to a
2009 Operating Outlook:
The Company expects higher equity gold sales of between 5.2 and 5.5 million ounces at lower costs applicable to sales of between
2008 Outlook 2008 Actual 2009 Outlook Equity Equity Equity Sales CAS Sales CAS Sales CAS(1) (Kozs, ($/oz, (Kozs, ($/oz, (Kozs, ($/oz, Region Mlbs) $/lb) Mlbs) $/lb) Mlbs) $/lb) Nevada 2,270 - $410 - 2,225 $460 1,800 - $535 - 2,400 $440 2,000 $575 Yanacocha 885 - $350 - 946 $346 975 - $290 - 925 $370 1,025 $310 Australia/NZ 1,100 - $585 - 1,187 $552 1,500 - $440 - 1,150 $625 1,600 $480 Batu Hijau - Gold 100 - $360 - 135 $414 225 - $240 - 130 $400 250 $260 Ahafo 495 - $400 - 521 $408 500 - $450 - 530 $450 525 $475 Other Operations 160 - $480 - 170 $566 150 - $465 - 180 $520 170 $480 Total Gold 5,100 - $425 - 5,184 $440 5,200 - $400 - 5,400 $450 5,500 $440 Batu Hijau - Copper 125 - $1.50 - 130 $1.38 210 - $0.65 - 150 $1.75 230 $0.75
(1) The Company's 2009 costs applicable to sales outlook assumes an average spot oil price of
2009 Capital Expenditures Outlook:
The Company anticipates lower consolidated capital expenditures of between
Region ($M) 2008 Outlook 2008 Actual 2009 Outlook Nevada $300 - $350 $337 $230 - $260 Yanacocha $200 - $250 $239 $180 - $200 Australia/NZ $850 - $1,000 $962 $875 - $925 Batu Hijau $80 - $120 $84 $45 - $55 Ahafo $140 - $150 $117 $80 - $90 Corporate/Other Operations $90 - $140 $136 $65 - $85 Consolidated Capital Expenditures $1,700 - $2,000 $1,875 $1,400 - $1,600
The Company expects to release complete financial results for the fourth quarter and year ended
The 2008 fourth quarter and year-end results, related financial and statistical information will be available prior to the conference call in the Investor Relations section of the Company's web site, www.newmont.com. Additionally, the conference call will be archived for a limited time on the Company's website.
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 and other applicable laws. Such forward-looking statements include, without limitation, (i) estimates of gold and copper production and sales; (ii) estimates of costs applicable to sales; (iii) estimates of capital expenditures, project costs, and expenses; (iv) estimates regarding timing of future development, construction, production or closure activities; (v) statements regarding future exploration results, exploration expenditures, and reserves (vi) statements regarding potential cost savings, productivity, operating performance, cost structure and competitive position; (vii) expectations regarding the completion and timing of the Boddington acquisition; and (viii) expectations regarding the start-up time, design, mine life, production, costs applicable to sales and exploration potential of the Boddington mine. 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
Supplemental Information Proven and Probable Gold Equity Reserves: Equity Proven, Probable, and Combined Gold Reserves(1) ------------------------------------------------------- December 31, 2008 ----------------- Deposits/Districts by Reporting Unit Proven Reserves --------------- Newmont Share Tonnage Grade Gold (000 tons) (oz/ton) (000 ozs) ------ ---------- -------- --------- Nevada Carlin Open Pit(2) 100% 12,000 0.072 860 Carlin Underground 100% 1,700 0.256 430 Midas(3) 100% 600 0.498 280 Phoenix 100% 0 0 Twin Creeks 100% 9,200 0.098 900 Turquoise Ridge(4) 25% 1,900 0.507 970 Nevada In-Process(5) 100% 36,000 0.026 940 Nevada Stockpiles(6) 100% 32,000 0.075 2,400 -------------------- --- ------ ----- ----- TOTAL NEVADA 93,400 0.073 6,780 ------------ ------ ----- ----- Yanacocha, Peru Conga(7) 51.35% 0 0 Yanacocha In-Process(5) 51.35% 20,800 0.026 530 Yanacocha Open Pits(8) 51.35% 19,200 0.023 430 ---------------------- ----- ------ ----- --- TOTAL YANACOCHA 40,000 0.024 960 --------------- ------ ----- --- Australia/New Zealand Boddington, Western Australia(9) 66.67% 125,500 0.026 3,310 Jundee, Western Australia 100% 3,500 0.096 340 Kalgoorlie Open Pits and Underground 50% 23,100 0.061 1,410 Kalgoorlie Stockpiles(6) 50% 14,400 0.031 450 Total Kalgoorlie, Western Australia 50% 37,500 0.049 1,860 Waihi, New Zealand 100% 300 0.267 80 Tanami Underground and Open Pits 100% 4,000 0.167 660 Tanami Stockpiles(6) 100% 0 0.153 0 Total Tanami, Northern Territories 100% 4,000 0.167 660 ---------------------- --- ----- ----- --- TOTAL AUSTRALIA/NEW ZEALAND 170,800 0.037 6,250 --------------------------- ------- ----- ----- Batu Hijau(10) 45% 166,000 0.013 2,110 Batu Hijau Stockpiles(6)(10) 45% 0 0 TOTAL BATU HIJAU 166,000 0.013 2,110 ---------------- ------- ----- ----- Ghana, West Africa Ahafo(11) 100% 5,900 0.039 230 Akyem(12) 100% 0 0 --------- --- --- ----- --- TOTAL GHANA 5,900 0.039 230 ----------- ----- ----- --- Other Operations Kori Kollo, Bolivia 88% 9,100 0.018 160 La Herradura, Mexico 44% 36,900 0.025 910 TOTAL OTHER OPERATIONS 46,000 0.023 1,070 ---------------------- ------ ----- ----- TOTAL NEWMONT WORLDWIDE 522,100 0.033 17,400 ----------------------- ------- ----- ------ December 31, 2008 ----------------- Deposits/Districts by Reporting Unit Probable Reserves ----------------- Tonnage Grade Gold (000 tons) (oz/ton) (000 ozs) ------ ---------- -------- --------- Nevada Carlin Open Pit(2) 190,400 0.043 8,190 Carlin Underground 10,000 0.322 3,220 Midas(3) 300 0.332 110 Phoenix 299,800 0.021 6,310 Twin Creeks 42,500 0.072 3,060 Turquoise Ridge(4) 700 0.483 360 Nevada In-Process(5) 0 0 Nevada Stockpiles(6) 2,200 0.030 60 -------------------- ----- ----- -- TOTAL NEVADA 545,900 0.039 21,310 ------------ ------- ----- ------ Yanacocha, Peru Conga(7) 317,200 0.019 6,080 Yanacocha In-Process(5) 0 0 Yanacocha Open Pits(8) 188,300 0.030 5,720 ---------------------- ------- ----- ----- TOTAL YANACOCHA 505,500 0.023 11,800 --------------- ------- ----- ------ Australia/New Zealand Boddington, Western Australia(9) 457,700 0.022 10,060 Jundee, Western Australia 2,800 0.337 930 Kalgoorlie Open Pits and Underground 40,600 0.063 2,560 Kalgoorlie Stockpiles(6) 0 0 Total Kalgoorlie, Western Australia 40,600 0.063 2,560 Waihi, New Zealand 2,600 0.107 280 Tanami Underground and Open Pits 5,600 0.136 760 Tanami Stockpiles(6) 1,900 0.029 60 Total Tanami, Northern Territories 7,500 0.108 820 ---------------------------------- ----- ----- --- TOTAL AUSTRALIA/NEW ZEALAND 511,200 0.029 14,650 --------------------------- ------- ----- ------ Batu Hijau(10) 182,800 0.009 1,570 Batu Hijau Stockpiles(6)(10) 131,400 0.003 410 TOTAL BATU HIJAU 314,200 0.006 1,980 ---------------- ------- ----- ----- Ghana, West Africa Ahafo(11) 119,200 0.077 9,150 Akyem(12) 147,200 0.052 7,660 --------- ------- ----- ----- TOTAL GHANA 266,400 0.063 16,810 ----------- ------- ----- ------ Other Operations Kori Kollo, Bolivia 2,400 0.014 30 La Herradura, Mexico 39,200 0.025 980 TOTAL OTHER OPERATIONS 41,600 0.024 1,010 ---------------------- ------ ----- ----- TOTAL NEWMONT WORLDWIDE 2,184,800 0.031 67,560 ----------------------- --------- ----- ------ December 31, 2008 ----------------- Deposits/ Districts by Reporting Unit Proven and Probable Reserves ---------------------------- Metallurgical Tonnage Grade Gold Recovery (000 tons) (oz/ton) (000 ozs) ------ ---------- -------- --------- -------- Nevada Carlin Open Pit(2) 202,400 0.045 9,050 74% Carlin Underground 11,700 0.313 3,650 89% Midas(3) 900 0.436 390 95% Phoenix 299,800 0.021 6,310 72% Twin Creeks 51,700 0.077 3,960 80% Turquoise Ridge(4) 2,600 0.500 1,330 92% Nevada In- Process(5) 36,000 0.026 940 66% Nevada Stockpiles(6) 34,200 0.072 2,460 78% -------------- ------ ----- ----- -- TOTAL NEVADA 639,300 0.044 28,090 78% ------------ ------- ----- ------ -- Yanacocha, Peru Conga(7) 317,200 0.019 6,080 79% Yanacocha In- Process(5) 20,800 0.026 530 74% Yanacocha Open Pits(8) 207,500 0.030 6,150 69% -------------- ------- ----- ----- -- TOTAL YANACOCHA 545,500 0.023 12,760 74% --------------- ------- ----- ------ -- Australia/New Zealand Boddington, Western Australia(9) 583,200 0.023 13,370 81% Jundee, Western Australia 6,300 0.202 1,270 91% Kalgoorlie Open Pits and Underground 63,700 0.062 3,970 85% Kalgoorlie Stockpiles(6) 14,400 0.031 450 76% Total Kalgoorlie, Western Australia 78,100 0.056 4,420 84% Waihi, New Zealand 2,900 0.124 360 89% Tanami Underground and Open Pits 9,600 0.149 1,420 96% Tanami Stockpiles(6) 1,900 0.030 60 94% Total Tanami, Northern Territories 11,500 0.129 1,480 96% ------------- ------ ----- ----- -- TOTAL AUSTRALIA/NEW ZEALAND 682,000 0.031 20,900 83% -------------- ------- ----- ------ -- Batu Hijau(10) 348,800 0.011 3,680 76% Batu Hijau Stockpiles(6)(10) 131,400 0.003 410 72% TOTAL BATU HIJAU 480,200 0.009 4,090 76% ---------------- ------- ----- ----- -- Ghana, West Africa Ahafo(11) 125,100 0.075 9,380 87% Akyem(12) 147,200 0.052 7,660 89% --------- ------- ----- ----- -- TOTAL GHANA 272,300 0.063 17,040 88% ----------- ------- ----- ------ -- Other Operations Kori Kollo, Bolivia 11,500 0.017 190 52% La Herradura, Mexico 76,100 0.025 1,890 66% TOTAL OTHER OPERATIONS 87,600 0.024 2,080 65% ----------- ------ ----- ----- -- TOTAL NEWMONT WORLDWIDE 2,706,900 0.031 84,960 80% ------------- --------- ----- ------ -- December 31, 2007 ----------------- Deposits/Districts by Reporting Unit Proven + Probable Reserves -------------------------- Tonnage Grade Gold (000 tons) (oz/ton) (000 ozs) ------ ---------- -------- --------- Nevada Carlin Open Pit(2) 213,500 0.045 9,520 Carlin Underground 7,200 0.388 2,820 Midas(3) 1,000 0.493 530 Phoenix 278,100 0.027 7,600 Twin Creeks 52,100 0.078 4,080 Turquoise Ridge(4) 2,800 0.458 1,280 Nevada In-Process(5) 40,200 0.026 1,060 Nevada Stockpiles(6) 32,400 0.077 2,480 -------------------- ------ ----- ----- TOTAL NEVADA 627,300 0.047 29,370 ------------ ------- ----- ------ Yanacocha, Peru Conga(7) 317,200 0.019 6,080 Yanacocha In-Process(5) 20,700 0.027 560 Yanacocha Open Pits(8) 255,600 0.029 7,540 ---------------------- ------- ----- ----- TOTAL YANACOCHA 593,500 0.024 14,180 --------------- ------- ----- ------ Australia/New Zealand Boddington, Western Australia(9) 476,900 0.023 11,090 Jundee, Western Australia 6,700 0.222 1,490 Kalgoorlie Open Pits and Underground 66,100 0.063 4,170 Kalgoorlie Stockpiles(6) 13,500 0.031 420 Total Kalgoorlie, Western Australia 79,600 0.058 4,590 Waihi, New Zealand 3,800 0.131 500 Tanami Underground and Open Pits 11,400 0.141 1,600 Tanami Stockpiles(6) 1,900 0.045 90 Total Tanami, Northern Territories 13,300 0.127 1,690 ---------------------- ------ ----- ----- TOTAL AUSTRALIA/NEW ZEALAND 580,300 0.033 19,360 ------------------- ------- ----- ------ Batu Hijau(10) 378,900 0.010 3,830 Batu Hijau Stockpiles(6)(10) 114,300 0.004 410 TOTAL BATU HIJAU 493,200 0.009 4,240 ---------------- ------- ----- ----- Ghana, West Africa Ahafo(11) 124,000 0.078 9,720 Akyem(12) 147,200 0.052 7,660 --------- ------- ----- ----- TOTAL GHANA 271,200 0.064 17,380 ----------- ------- ----- ------ Other Operations Kori Kollo, Bolivia 25,200 0.017 420 La Herradura, Mexico 67,700 0.023 1,580 TOTAL OTHER OPERATIONS 92,900 0.022 2,000 ---------------------- ------ ----- ----- TOTAL NEWMONT WORLDWIDE 2,658,400 0.033 86,530 ----------------------- --------- ----- ------ (1) Reserves are calculated at a gold price of US$725, A$850, or NZ$1,000 per ounce unless otherwise noted. 2007 reserves were calculated at a gold price of US$575, A$750, or NZ$850 per ounce unless otherwise noted. Tonnage amounts have been rounded to the nearest 100,000 unless they are less than 50,000, and gold ounces have been rounded to the nearest 10,000. Varying cut-off grades have been used for the calculation of reserves depending on the mine or project, ore type and costs. (2) Includes undeveloped reserves at Castle Reef, North Lantern and Emigrant deposits for combined total undeveloped reserves of 1.4 million ounces. (3) Also contains reserves of 5.9 million ounces of silver with a metallurgical recovery of 88%. (4) Reserve estimates provided by Barrick, the operator of the Turquoise Ridge Joint Venture. Barrick estimated reserves using a gold price of US$725. (5) In-process material is the material on leach pads at the end of each year from which gold remains to be recovered. In-process material reserves are reported separately where tonnage or contained ounces are greater than 5% of the total site-reported reserves and contained ounces are greater than 100,000. (6) Stockpiles are comprised primarily of 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. Stockpile reserves are reported separately where tonnage or contained ounces are greater than 5% of the total site-reported reserves and contained ounces are greater than 100,000. (7) Deposit is currently undeveloped. (8) Reserves include the currently undeveloped deposit at Corimayo, which contains undeveloped reserves of 1.2 million equity ounces. (9) Deposit is currently being developed. Production is expected to begin in 2009. (10) 45% reflects Newmont's ownership in PTNNT at year-end 2008. (11) Includes undeveloped reserves at Amoma, Yamfo South, Yamfo Central, Techire West, Subenso South, Subenso North, Yamfo Northeast, and Susuan totaling 3.7 million ounces. (12) Deposit is undeveloped. Gold Non-Reserve Mineralization: Equity Gold Mineralized Material Not in Reserves(1)(2) ------------------------------------------------------ December 31, 2008 ----------------- Deposits/Districts Measured Material Indicated Material ----------------- ------------------ Newmont Share Tonnage Grade Tonnage Grade (000 tons) (oz/ton) (000 tons) (oz/ton) ------ ---------- -------- ---------- -------- Nevada Carlin Trend Open Pit 100% 7,400 0.055 81,000 0.038 Carlin Trend Underground 100% 300 0.329 40 0.352 Lone Tree Complex 100% 0 4,200 0.022 Midas 100% 100 0.176 100 0.194 Phoenix 100% 0 0.000 61,600 0.015 Twin Creeks 100% 3,200 0.099 27,900 0.045 Turquoise Ridge (3) 25% 600 0.436 300 0.434 Nevada Stockpiles (4) 100% 3,700 0.060 --------------- --- ----- ----- ------- ----- Total Nevada 15,300 0.085 175,140 0.032 ------------ ------ ----- ------- ----- Yanacocha, Peru Conga 51.35% 0 58,000 0.013 La Zanja(5) 46.9% 0 18,000 0.021 Yanacocha 51.35% 3,900 0.016 146,800 0.020 --------- ----- ----- ----- ------- ----- Total Yanacocha 3,900 0.016 222,800 0.018 --------------- ----- ----- ------- ----- Australia/New Zealand Boddington, Western Australia 66.67% 17,900 0.010 230,000 0.015 Jundee, Western Australia 100% 0 100 0.137 Kalgoorlie, Western Australia 50% 3,000 0.060 5,000 0.056 Waihi, New Zealand 100% 0 3,100 0.134 Tanami, Northern Territory 100% 1,400 0.110 2,800 0.136 ---------------- --- ----- ----- ----- ----- TOTAL AUSTRALIA/NEW ZEALAND 22,300 0.023 241,000 0.019 ------------------- ------ ----- ------- ----- Batu Hijau, Indonesia Batu Hijau (6) 45.000% 5,100 0.001 29,100 0.001 -------------- ------ ----- ----- ------ ----- TOTAL BATU HIJAU 5,100 0.001 29,100 0.001 ---------------- ----- ----- ------ ----- Ghana, West Africa Ahafo 100% 1,100 0.028 71,600 0.061 Akyem 100% 0 11,600 0.048 TOTAL AFRICA 1,100 0.028 83,200 0.059 ------------ ----- ----- ------ ----- Other Operations and Projects Kori Kollo, Bolivia 88% 1,000 0.020 900 0.017 La Herradura, Mexico 44% 5,100 0.020 7,200 0.019 ------------- -- ----- ----- ----- ----- TOTAL OTHER OPERATIONS AND PROJECTS 6,100 0.020 8,100 0.019 ---------------------- ----- ----- ----- ----- TOTAL NEWMONT WORLDWIDE 53,800 0.038 759,340 0.025 ----------------------- ------ ----- ------- ----- December 31, 2008 ----------------- Deposits/ Measured + Indicated Districts Material Inferred Material -------------------- ----------------- Tonnage Grade Tonnage Grade (000 tons) (oz/ton) (000 tons) (oz/ton) ------ ---------- -------- ---------- -------- Nevada Carlin Trend Open Pit 88,400 0.040 21,100 0.023 Carlin Trend Underground 340 0.33 3,100 0.327 Lone Tree Complex 4,200 0.022 0 Midas 200 0.186 100 0.321 Phoenix 61,600 0.015 34,000 0.019 Twin Creeks 31,100 0.051 10,800 0.018 Turquoise Ridge (3) 900 0.435 1,100 0.505 Nevada Stockpiles (4) 3,700 0.060 2,400 0.043 ----------- ----- ----- ----- ----- Total Nevada 190,440 0.036 72,600 0.042 ------------ ------- ----- ------ ----- Yanacocha, Peru Conga 58,000 0.013 79,000 0.011 La Zanja(5) 18,000 0.021 0 Yanacocha 150,700 0.020 34,600 0.018 --------- ------- ----- ------ ----- Total Yanacocha 226,700 0.018 113,600 0.013 --------------- ------- ----- ------- ----- Australia/New Zealand Boddington, Western Australia 247,900 0.015 131,800 0.017 Jundee, Western Australia 100 0.137 4,400 0.066 Kalgoorlie, Western Australia 8,000 0.057 1,600 0.136 Waihi, New Zealand 3,100 0.134 300 0.146 Tanami, Northern Territory 4,200 0.127 7,600 0.180 ---------- ----- ----- ----- ----- TOTAL AUSTRALIA/NEW ZEALAND 263,300 0.019 145,700 0.028 --------------- ------- ----- ------- ----- Batu Hijau, Indonesia Batu Hijau (6) 34,200 0.001 4,400 0.001 ---------- ------ ----- ----- ----- TOTAL BATU HIJAU 34,200 0.001 4,400 0.001 ---------- ------ ----- ----- ----- Ghana, West Africa Ahafo 72,700 0.060 19,100 0.120 Akyem 11,600 0.048 4,600 0.047 TOTAL AFRICA 84,300 0.059 23,700 0.106 ------------ ------ ----- ------ ----- Other Operations and Projects Kori Kollo, Bolivia 1,900 0.020 900 0.013 La Herradura, Mexico 12,300 0.019 35,500 0.020 ----------- ------ ----- ------ ----- TOTAL OTHER OPERATIONS AND PROJECTS 14,200 0.019 36,400 0.020 --------------- ------ ----- ------ ----- TOTAL NEWMONT WORLDWIDE 813,140 0.026 396,400 0.030 ------------- ------- ----- ------- ----- (1) Mineralized material is reported exclusive of reserves. (2) Mineralized material is calculated at a gold price of US$850, A$1,000, or NZ$1,175 per ounce unless otherwise noted. 2007 mineralized material was calculated at a gold price of US$625, A$800, or NZ$950 per ounce. Tonnage amounts have been rounded to the nearest 100,000. Varying cut-off grades have been used for the calculation of mineralized material depending on the mine or project, ore type and costs. (3) Mineralized material estimates were provided by Barrick, the operator of the Turquoise Ridge Joint Venture. Barrick calculated mineralized material not in reserves assuming a gold price of US$850 per ounce. (4) Stockpiles are comprised primarily of 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. (5) Mineralized material estimates were provided by Buenaventura, the operator of the La Zanja Project. Buenaventura calculated mineralized material at a gold price of US$525 per ounce. (6) 45% reflects Newmont's ownership in PTNNT at year-end 2008. Copper Proven and Probable Equity Reserves: Equity Copper Reserves(1) ------------------------- December 31, 2008 ----------------- Proven Reserves --------------- Newmont Deposits/Districts Share Copper Tonnage Grade (million (000 tons) (Cu%) pounds) ---------- ----- -------- Batu Hijau(2) 45% 166,000 0.48% 1,600 Batu Hijau, Stockpiles(2)(3) 45% 0 0 Batu Hijau, Indonesia 45% 166,000 0.48% 1,600 Boddington, Western Australia(4) 66.67% 125,500 0.11% 280 Conga, Peru(5) 51.35% 0 0 Phoenix, Nevada 100% 0 0 ---------------- --- --- --- TOTAL NEWMONT WORLDWIDE 291,500 0.32% 1,880 ----------------------- ------- ---- ----- December 31, 2008 ----------------- Probable Reserves ----------------- Deposits/Districts Copper Tonnage Grade (million (000 tons) (Cu%) pounds) ---------- ----- -------- Batu Hijau(2) 182,800 0.40% 1,460 Batu Hijau, Stockpiles(2)(3) 131,400 0.34% 890 Batu Hijau, Indonesia 314,200 0.37% 2,350 Boddington, Western Australia(4) 457,700 0.11% 1,000 Conga, Peru(5) 317,200 0.26% 1,660 Phoenix, Nevada 302,000 0.15% 890 ---------------- ------- ---- --- TOTAL NEWMONT WORLDWIDE 1,391,100 0.21% 5,900 ----------------------- --------- ---- ----- December 31, 2008 ----------------- Proven + Probable Reserves -------------------------- Deposits/Districts Copper Tonnage Grade (million Metallurgical (000 tons) (Cu%) pounds) Recovery ---------- ----- -------- -------- Batu Hijau(2) 348,800 0.44% 3,060 77% Batu Hijau, Stockpiles(2)(3) 131,400 0.34% 890 67% Batu Hijau, Indonesia 480,200 0.41% 3,950 75% Boddington, Western Australia(4) 583,200 0.11% 1,280 83% Conga, Peru(5) 317,200 0.26% 1,660 85% Phoenix, Nevada 302,000 0.15% 890 61% ---------------- ------- ---- --- -- TOTAL NEWMONT WORLDWIDE 1,682,600 0.23% 7,780 77% ----------------------- --------- ---- ----- -- December 31, 2007 ----------------- Proven + Probable Reserve ------------------------- Deposits/Districts Copper Tonnage Grade (million (000 tons) (Cu%) pounds) ---------- ----- -------- Batu Hijau(2) 378,900 0.43% 3,300 Batu Hijau, Stockpiles(2)(3) 114,300 0.36% 820 Batu Hijau, Indonesia 493,200 0.42% 4,120 Boddington, Western Australia(4) 476,500 0.11% 1,030 Conga, Peru(5) 317,200 0.26% 1,660 Phoenix, Nevada 279,600 0.13% 740 ---------------- ------- ---- --- TOTAL NEWMONT WORLDWIDE 1,566,500 0.24% 7,550 ----------------------- --------- ---- ----- (1) Reserves are calculated at US$2.00 or A$2.40 per pound copper price unless otherwise noted. 2007 reserves were calculated at US$1.75 or A$2.00 per pound copper price unless otherwise noted. Tonnage amounts have been rounded to the nearest 100,000 and pounds have been rounded to the nearest 10 million. Varying cut-off grades have been used for the calculation of reserves depending on the mine or project, ore type and costs. (2) 45% reflects Newmont's ownership in PTNNT at year-end 2008. (3) Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material. Stockpiles increase or decrease depending on current mine plans. Stockpiles are reported separately where tonnage or contained metal are greater than 5% of the total site reported reserves. (4) Deposit currently being developed. (5) Deposit is undeveloped. Copper Non-Reserve Mineralization: Equity Copper Mineralized Material Not in Reserves(1)(2) -------------------------------------------------------- December 31, 2008 ----------------- Deposits/Districts Measured Material Indicated Material ----------------- ------------------ Newmont Share Tonnage Grade Tonnage Grade (000 tons) (Cu%) (000 tons) (Cu%) ---------- ----- ---------- ----- Batu Hijau, Indonesia (3) 45% 5,100 0.18% 29,100 0.18% Boddington, Western Australia 66.67% 17,900 0.07% 230,000 0.09% Conga, Peru 51.35% 0 0.00% 58,000 0.18% Phoenix, Nevada 100% 0 0.00% 91,700 0.20% TOTAL NEWMONT WORLDWIDE 23,000 0.09% 408,800 0.13% ----------------------- ------ ---- ------- ---- December 31, 2008 ----------------- Deposits/ Measured + Indicated Districts Material Inferred Material -------------------- ----------------- Tonnage Grade Tonnage Grade (000 tons) (Cu%) (000 tons) (Cu%) ---------- ----- ---------- ----- Batu Hijau, Indonesia (3) 34,200 0.18% 4,400 0.22% Boddington, Western Australia 247,900 0.09% 131,800 0.10% Conga, Peru 58,000 0.18% 79,000 0.17% Phoenix, Nevada 91,700 0.20% 95,953 0.23% TOTAL NEWMONT WORLDWIDE 431,800 0.13% 311,153 0.16% ------------- ------- ---- ------- ---- (1) Mineralized material is reported exclusive of reserves. (2) Mineralized material is calculated at a copper price of US$2.50 or A$3.00 per pound unless otherwise noted. 2007 mineralized material was calculated at a copper price of US$2.00 or A$2.50 per pound. Tonnage amounts have been rounded to the nearest 100,000. Varying cut-off grades have been used for the calculation of mineralized material depending on the mine or project, ore type and costs. (3) 45% reflects Newmont's ownership in PTNNT at year-end 2008.
SOURCE Newmont Mining Corporation