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Exhibit 99.1
Newmont Announces Third Quarter 2018 Results
DENVER--(BUSINESS WIRE)--October 25, 2018--Newmont Mining Corporation (NYSE: NEM) (Newmont or the Company) announced third quarter 2018 results.
“Newmont delivered $636 million in adjusted EBITDA and $154 million in free cash flow in the third quarter on the back of ongoing productivity improvements across the portfolio and higher grades in Africa and South America,” said Gary J. Goldberg, President and Chief Executive Officer. “We continued to advance profitable projects as we completed the CC&V concentrates project and commissioned the primary crusher at Merian, safely, on budget and on schedule. And we increased investment in Quecher Main, Subika Underground and the Ahafo Mill expansion during the period while increasing our dividend for the third quarter by 87 percent.”
Third Quarter 2018 Summary Results
Net income (loss) from continuing operations attributable to Newmont stockholders of $(161) million or $(0.31) per diluted share, a decrease of $374 million from the prior year quarter primarily due to the impairment of exploration and long-lived assets in North America and lower metal prices, partially offset by lower income tax expense.
Adjusted net income was $175 million or $0.33 per diluted share, compared to $184 million or $0.34 per diluted share in the prior year quarter resulting from lower metal prices. Primary adjustments to net income include $0.74 per diluted share related to impairments and a write-down in North America, $(0.14) per diluted share related to net tax adjustments and valuation allowances, and $0.04 per diluted share related to the change in fair value of marketable equity securities and a gain on asset and investment sales.
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Newmont Mining Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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The Emigrant leach pad write-down, included in Costs applicable to sales and Depreciation and amortization, represents a write-down to reduce the carrying value of the leach pad to net realizable value at Emigrant due to a change in mine plan resulting in a significant decrease in mine life in the third quarter of 2018.
18% primarily due to lower amortization rates, driven by reserve life additions, partially offset by lower ounces sold.
Capital expenditures primarily related to a tailings facility expansion, capitalized component purchases and infrastructure improvements.
The Emigrant leach pad write-down, included in Costs applicable to sales, represents a write-down to reduce the carrying value of the leach pad to net realizable value at Emigrant due to a change in mine plan resulting in a significant decrease in mine life in the third quarter of 2018.
The tax effect of adjustments, included in Income and mining tax benefit expense, represents the tax effect of adjustments in footnotes 2 through 8, as described above, and are calculated using the applicable regional tax rate.
Valuation allowance and other tax...Read more
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Financial Statements, Disclosures and Schedules
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Newmont Mining Corp provided additional information to their SEC Filing as exhibits
Ticker: NEM
CIK: 1164727
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-18-007843
Submitted to the SEC: Thu Oct 25 2018 7:05:25 AM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Gold And Silver Ores