NEWMONT CORPORATION 
By 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
