/FIRST AND FINAL ADD -- LATH060 -- Newmont Announces Fourth Quarter
Net Income of $182 million ($0.41 per share)/ Supplemental
Information 1. Gold Production Summary -- Americas Nevada Canada
(1) Three Months Ended December 31, 2004 2003 2004 2003 Tons Mined
(000 dry short tons): Open-Pit 48,308 44,990 n/a n/a Underground
452 477 261 265 Tons Milled/Processed (000): Oxide 1,436 1,119 265
285 Refractory 2,444 2,264 n/a n/a Leach 5,085 5,757 n/a n/a
Average Ore Grade (oz/ ton): Oxide 0.113 0.126 0.231 0.319
Refractory 0.217 0.228 n/a n/a Leach 0.034 0.026 n/a n/a Average
Mill Recovery Rate: Oxide 79.3% 77.3% 94.4% 95.6% Refractory 91.6%
90.5% n/a n/a Ounces Produced (000) 703.6 701.5 60.6 85.6 Equity
Ounces Produced (000): Oxide 130.9 118.6 60.6 85.6 Refractory 453.5
473.3 n/a n/a Leach 84.7 109.6 n/a n/a Total 669.1 701.5 60.6 85.6
Equity Ounces Sold (000) 668.2 625.7 60.6 82.9 Production Costs Per
Ounce: Direct mining and production costs $253 $235 $320 $209
Capitalized mining and other 6 (18) 1 -- Cash operating costs 259
217 321 209 Royalties and production taxes 6 4 2 3 Total cash costs
265 221 323 212 Reclamation and mine closure costs 2 (9) 2 3 Total
costs applicable to sales 267 212 325 215 Depreciation and
amortization 47 60 77 102 Total production costs $314 $272 $402
$317 Other (2) Yanacocha, Peru Three Months Ended December 31, 2004
2003 2004 2003 Tons Mined (000 dry short tons): Open-Pit 3,049
2,778 45,112 50,173 Underground n/a n/a n/a n/a Tons
Milled/Processed (000): Oxide n/a n/a n/a n/a Refractory n/a n/a
n/a n/a Leach 1,038 968 31,435 31,958 Average Ore Grade (oz/ ton):
Oxide n/a n/a n/a n/a Refractory n/a n/a n/a n/a Leach 0.025 0.026
0.029 0.024 Average Mill Recovery Rate: Oxide n/a n/a n/a n/a
Refractory n/a n/a n/a n/a Ounces Produced (000) 17.4 22.3 847.3
667.2 Equity Ounces Produced (000): Oxide n/a n/a n/a n/a
Refractory n/a n/a n/a n/a Leach 17.4 22.3 435.1 342.7 Total 17.4
22.3 435.1 342.7 Equity Ounces Sold (000) 17.4 23.3 436.0 337.9
Production Costs Per Ounce: Direct mining and production costs $139
$170 $124 $123 Capitalized mining and other (23) (3) (6) (3) Cash
operating costs 116 167 118 120 Royalties and production taxes -- 4
6 6 Total cash costs 116 171 124 126 Reclamation and mine closure
costs 2 2 2 4 Total costs applicable to sales 118 173 126 130
Depreciation and amortization 64 48 60 59 Total production costs
$182 $221 $186 $189 Kori Kollo, Bolivia Three Months Ended December
31, 2004 2003 Tons Mined (000 dry short tons): Open-Pit n/a --
Underground n/a n/a Tons Milled/Processed (000): Oxide n/a n/a
Refractory n/a 159 Leach n/a -- Average Ore Grade (oz/ ton): Oxide
n/a n/a Refractory n/a 0.026 Leach n/a -- Average Mill Recovery
Rate: Oxide n/a n/a Refractory n/a 39.2% Ounces Produced (000) 5.7
14.8 Equity Ounces Produced (000): Oxide n/a n/a Refractory n/a 4.8
Leach 5.0 8.1 Total 5.0 12.9 Equity Ounces Sold (000) 4.9 14.0
Production Costs Per Ounce: Direct mining and production costs $226
$179 Capitalized mining and other (23) (14) Cash operating costs
203 165 Royalties and production taxes 18 -- Total cash costs 221
165 Reclamation and mine closure costs 48 21 Total costs applicable
to sales 269 186 Depreciation and amortization 59 74 Total
production costs $328 $260 (1) Includes Golden Giant and Holloway
(2) Other includes La Herradura and for 2003, La Herradura and
Mesquite Nevada Canada (1) Year Ended December 31, 2004 2003 2004
2003 Tons Mined (000 dry short tons): Open-Pit 192,821 176,254 n/a
n/a Underground 1,574 1,733 1,001 1,191 Tons Milled/Processed
(000): Oxide 4,626 2,914 1,004 1,228 Refractory 8,985 9,129 n/a n/a
Leach 19,297 18,376 n/a n/a Average Ore Grade (oz/ ton): Oxide
0.125 0.140 0.232 0.260 Refractory 0.199 0.219 n/a n/a Leach 0.027
0.028 n/a n/a Average Mill Recovery Rate: Oxide 79.1% 80.8% 94.3%
95.3% Refractory 90.8% 90.6% n/a n/a Ounces Produced (000) 2,460.4
2,560.7 224.7 297.8 Equity Ounces Produced (000): Oxide 461.2 336.0
224.7 297.8 Refractory 1,544.8 1,834.2 n/a n/a Leach 332.5 390.5
n/a n/a Total 2,338.5 2,560.7 224.7 297.8 Equity Ounces Sold (000)
2,416.0 2,490.8 227.4 294.8 Production Costs Per Ounce: Direct
mining and production costs $295 $248 $314 $241 Capitalized mining
and other (22) (20) 2 2 Cash operating costs 273 228 316 243
Royalties and production taxes 5 7 2 3 Total cash costs 278 235 318
246 Reclamation and mine closure costs 3 -- 1 6 Total costs
applicable to sales 281 235 319 252 Depreciation and amortization
52 57 81 93 Total production costs $333 $292 $400 $345 Other (2)
Yanacocha, Peru Year Ended December 31, 2004 2003 2004 2003 Tons
Mined (000 dry short tons): Open-Pit 11,557 11,696 193,407 204,889
Underground n/a n/a n/a n/a Tons Milled/Processed (000): Oxide n/a
n/a n/a n/a Refractory n/a n/a n/a n/a Leach 4,149 4,035 133,514
145,275 Average Ore Grade (oz/ ton): Oxide n/a n/a n/a n/a
Refractory n/a n/a n/a n/a Leach 0.026 0.026 0.025 0.027 Average
Mill Recovery Rate: Oxide n/a n/a n/a n/a Refractory n/a n/a n/a
n/a Ounces Produced (000) 68.8 116.0 3,017.3 2,851.1 Equity Ounces
Produced (000): Oxide n/a n/a n/a n/a Refractory n/a n/a n/a n/a
Leach 68.8 116.0 1,549.4 1,464.1 Total 68.8 116.0 1,549.4 1,464.1
Equity Ounces Sold (000) 68.8 117.0 1,561.0 1,467.9 Production
Costs Per Ounce: Direct mining and production costs $153 $169 $135
$118 Capitalized mining and other (7) (4) (6) (4) Cash operating
costs 146 165 129 114 Royalties and production taxes -- 6 6 6 Total
cash costs 146 171 135 120 Reclamation and mine closure costs 1 3 2
2 Total costs applicable to sales 147 174 137 122 Depreciation and
amortization 73 62 70 62 Total production costs $220 $236 $207 $184
Kori Kollo, Bolivia Year Ended December 31, 2004 2003 Tons Mined
(000 dry short tons): Open-Pit n/a 7,638 Underground n/a n/a Tons
Milled/Processed (000): Oxide n/a n/a Refractory n/a 5,559 Leach
n/a 3,696 Average Ore Grade (oz/ ton): Oxide n/a n/a Refractory n/a
0.036 Leach n/a 0.017 Average Mill Recovery Rate: Oxide n/a n/a
Refractory n/a 61.7% Ounces Produced (000) 25.2 176.2 Equity Ounces
Produced (000): Oxide n/a n/a Refractory n/a 112.9 Leach 22.2 42.1
Total 22.2 155.0 Equity Ounces Sold (000) 21.7 158.5 Production
Costs Per Ounce: Direct mining and production costs $257 $197
Capitalized mining and other (13) (13) Cash operating costs 244 184
Royalties and production taxes 16 -- Total cash costs 260 184
Reclamation and mine closure costs 43 13 Total costs applicable to
sales 303 197 Depreciation and amortization 94 38 Total production
costs $397 $235 (1) Includes Golden Giant and Holloway (2) Other
includes La Herradura and for 2003, La Herradura and Mesquite 2.
Gold Production Summary -- Australia/New Zealand Pajingo Yandal (1)
Three Months Ended December 31, 2004 2003 2004 2003 Tons Mined (000
dry short tons) 181 185 662 1,765 Tons Milled/Processed (000) 208
194 624 1,226 Average Ore Grade (oz/ton) 0.343 0.472 0.155 0.143
Average Mill Recovery Rate 96.3% 96.8% 93.4% 92.5% Ounces Produced
(000) 69.5 82.2 88.5 157.2 Equity Ounces Produced (000) 69.5 82.2
88.5 157.2 Equity Ounces Sold (000) 69.4 71.6 88.3 132.6 Production
Costs Per Ounce: Direct mining and production costs $225 $132 $249
$238 Capitalized mining and other (6) (4) (1) (10) Cash operating
costs 219 128 248 228 Royalties and production taxes 13 16 11 12
Total cash costs 232 144 259 240 Reclamation and mine closure costs
1 (1) 3 (1) Total costs applicable to sales 233 143 262 239
Depreciation and amortization 136 119 59 42 Total production costs
$369 $262 $321 $281 Tanami Kalgoorlie Three Months Ended December
31, 2004 2003 2004 2003 Tons Mined (000 dry short tons) 492 4,466
11,431 13,061 Tons Milled/Processed (000) 1,157 1,087 1,870 1,844
Average Ore Grade (oz/ton) 0.142 0.157 0.069 0.071 Average Mill
Recovery Rate 95.6% 95.6% 85.7% 87.8% Ounces Produced (000) 156.3
161.9 124.2 112.0 Equity Ounces Produced (000) 156.3 161.9 124.2
112.0 Equity Ounces Sold (000) 152.2 139.3 123.1 95.5 Production
Costs Per Ounce: Direct mining and production costs $301 $214 $295
$258 Capitalized mining and other (1) (4) (9) (5) Cash operating
costs 300 210 286 253 Royalties and production taxes 22 34 11 12
Total cash costs 322 244 297 265 Reclamation and mine closure costs
2 -- 3 (4) Total costs applicable to sales 324 244 300 261
Depreciation and amortization 58 61 36 30 Total production costs
$382 $305 $336 $291 Martha Three Months Ended December 31, 2004
2003 Tons Mined (000 dry short tons) 518 1,431 Tons
Milled/Processed (000) 349 367 Average Ore Grade (oz/ton) 0.121
0.106 Average Mill Recovery Rate 91.0% 91.1% Ounces Produced (000)
39.3 35.7 Equity Ounces Produced (000) 39.3 35.7 Equity Ounces Sold
(000) 40.2 35.4 Production Costs Per Ounce: Direct mining and
production costs $270 $197 Capitalized mining and other (69) (54)
Cash operating costs 201 143 Royalties and production taxes -- --
Total cash costs 201 143 Reclamation and mine closure costs 2 2
Total costs applicable to sales 203 145 Depreciation and
amortization 93 93 Total production costs $296 $238 (1) 2004
includes Jundee. 2003 includes Jundee, Bronzewing and Wiluna.
Pajingo Yandal (1) Year Ended December 31, 2004 2003 2004 2003 Tons
Mined (000 dry short tons) 652 761 6,982 4,496 Tons
Milled/Processed (000) 809 792 2,821 5,236 Average Ore Grade
(oz/ton) 0.300 0.450 0.133 0.123 Average Mill Recovery Rate 96.5%
96.8% 92.9% 91.0% Ounces Produced (000) 241.1 340.5 354.7 590.8
Equity Ounces Produced (000) 241.1 340.5 354.7 590.8 Equity Ounces
Sold (000) 251.4 330.3 379.3 565.6 Production Costs Per Ounce:
Direct mining and production costs $226 $124 $266 $261 Capitalized
mining and other (7) (6) (1) 2 Cash operating costs 219 118 265 263
Royalties and production taxes 11 11 9 10 Total cash costs 230 129
274 273 Reclamation and mine closure costs 1 -- 5 2 Total costs
applicable to sales 231 129 279 275 Depreciation and amortization
125 88 70 64 Total production costs $356 $217 $349 $339 Tanami
Kalgoorlie Year Ended December 31, 2004 2003 2004 2003 Tons Mined
(000 dry short tons) 11,654 20,395 45,459 49,290 Tons
Milled/Processed (000) 4,525 4,533 7,142 7,171 Average Ore Grade
(oz/ton) 0.149 0.145 0.072 0.071 Average Mill Recovery Rate 95.3%
96.0% 86.7% 85.9% Ounces Produced (000) 640.0 629.6 453.2 421.2
Equity Ounces Produced (000) 640.0 610.4 453.2 421.2 Equity Ounces
Sold (000) 658.0 588.6 468.4 404.7 Production Costs Per Ounce:
Direct mining and production costs $246 $222 $280 $256 Capitalized
mining and other 11 (6) 7 (3) Cash operating costs 257 216 287 253
Royalties and production taxes 24 24 10 10 Total cash costs 281 240
297 263 Reclamation and mine closure costs 1 1 4 2 Total costs
applicable to sales 282 241 301 265 Depreciation and amortization
58 59 35 24 Total production costs $340 $300 $336 $289 Martha Year
Ended December 31, 2004 2003 Tons Mined (000 dry short tons) 4,142
5,270 Tons Milled/Processed (000) 1,405 1,357 Average Ore Grade
(oz/ton) 0.102 0.088 Average Mill Recovery Rate 90.4% 91.6% Ounces
Produced (000) 129.7 110.2 Equity Ounces Produced (000) 129.7 108.5
Equity Ounces Sold (000) 130.5 108.9 Production Costs Per Ounce:
Direct mining and production costs $292 $288 Capitalized mining and
other (80) (89) Cash operating costs 212 199 Royalties and
production taxes -- -- Total cash costs 212 199 Reclamation and
mine closure costs 3 2 Total costs applicable to sales 215 201
Depreciation and amortization 105 105 Total production costs $320
$306 (1) 2004 includes Jundee for the full year and Bronzewing for
the first quarter. 2003 includes Jundee, Bronzewing and Wiluna. 3.
Gold Production Summary -- Indonesia and Central Asia Batu Hijau,
Minahasa, Indonesia Indonesia Three Months Ended December 31, 2004
2003(1) 2004 2003 Tons Mined (000 dry short tons) 63,548 56,798 n/a
n/a Tons Milled/Processed (000): Leach n/a n/a n/a n/a Mill 14,424
12,868 -- 153 Average Ore Grade (oz/ton) 0.014 0.011 -- 0.150
Average Mill Recovery Rate 80.6% 81.6% -- 90.3% Ounces Produced
(000) 172.7 120.1 -- 20.9 Equity Ounces Produced (000) 91.3 67.5 --
19.6 Equity Ounces Sold (000) 94.6 66.2 -- 11.0 Production Costs
Per Ounce: Direct mining and production costs $144 $162 -- $374
Capitalized mining and other (29) (48) -- 3 Cash operating costs
115 114 -- 377 Royalties and production taxes 9 17 -- 6 Total cash
costs 124 131 -- 383 Reclamation and mine closure costs 1 3 -- 12
Total costs applicable to sales 125 134 -- 395 Depreciation and
amortization 44 58 -- 156 Total production costs $169 $192 -- $551
Zarafshan, Ovacik, Uzbekistan Turkey Three Months Ended December
31, 2004 2003 2004 2003 Tons Mined (000 dry short tons) n/a n/a --
1,914 Tons Milled/Processed (000): Leach 1,965 1,964 n/a n/a Mill
n/a n/a -- 98 Average Ore Grade (oz/ton) 0.037 0.042 -- 0.376
Average Mill Recovery Rate n/a n/a -- 97.0% Ounces Produced (000)
38.9 48.6 -- 36.5 Equity Ounces Produced (000) 38.9 48.6 -- 36.5
Equity Ounces Sold (000) 39.2 46.2 -- 30.5 Production Costs Per
Ounce: Direct mining and production costs $154 $140 -- $158
Capitalized mining and other 3 4 -- (30) Cash operating costs 157
144 -- 128 Royalties and production taxes -- -- -- 16 Total cash
costs 157 144 -- 144 Reclamation and mine closure costs 2 10 -- 6
Total costs applicable to sales 159 154 -- 150 Depreciation and
amortization 55 47 -- 81 Total production costs $214 $201 -- $231
(1) 2003 cash and total cost per ounce have been presented on a pro
forma co-product basis for comparability to 2004. Batu Hijau,
Minahasa, Indonesia Indonesia Year Ended December 31, 2004 2003(1)
2004 2003 Tons Mined (000 dry short tons) 235,455 231,073 n/a n/a
Tons Milled/Processed (000): Leach n/a n/a n/a n/a Mill 54,243
49,819 441 697 Average Ore Grade (oz/ton) 0.016 0.015 0.158 0.156
Average Mill Recovery Rate 80.9% 80.9% 90.5% 91.0% Ounces Produced
(000) 718.8 600.8 63.8 99.3 Equity Ounces Produced (000) 398.5
337.9 59.9 93.3 Equity Ounces Sold (000) 396.3 328.9 70.2 92.2
Production Costs Per Ounce: Direct mining and production costs $110
$140 $248 $240 Capitalized mining and other 9 (36) 3 3 Cash
operating costs 119 104 251 243 Royalties and production taxes 9 17
8 6 Total cash costs 128 121 259 249 Reclamation and mine closure
costs 1 4 4 5 Total costs applicable to sales 129 125 263 254
Depreciation and amortization 40 54 32 78 Total production costs
$169 $179 $295 $332 Zarafshan, Ovacik, Uzbekistan Turkey Year Ended
December 31, 2004 2003 2004 2003 Tons Mined (000 dry short tons)
n/a n/a 4,659 5,975 Tons Milled/Processed (000): Leach 7,894 8,080
n/a n/a Mill n/a n/a 331 533 Average Ore Grade (oz/ton) 0.042 0.043
0.320 0.343 Average Mill Recovery Rate n/a n/a 95.4% 94.3% Ounces
Produced (000) 205.0 218.7 104.8 172.6 Equity Ounces Produced (000)
205.0 218.7 104.8 172.6 Equity Ounces Sold (000) 210.1 218.1 110.0
168.2 Production Costs Per Ounce: Direct mining and production
costs $150 $145 $202 $127 Capitalized mining and other 2 2 (23)
(11) Cash operating costs 152 147 179 116 Royalties and production
taxes -- -- 14 13 Total cash costs 152 147 193 129 Reclamation and
mine closure costs 2 4 2 2 Total costs applicable to sales 154 151
195 131 Depreciation and amortization 49 46 143 82 Total production
costs $203 $197 $338 $213 (1) 2003 cash and total cost per ounce
have been presented on a pro forma co-product basis for
comparability to 2004. 4. Base Metal Summary -- Batu Hijau and
Golden Grove Three Months Ended Year Ended December 31, December
31, Batu Hijau 2004 (1) 2003 (1) 2004 (1) 2003 (1) Total tons mined
(000) 63,548 56,798 235,455 231,073 Dry tons processed (000) 14,424
12,868 54,243 49,819 Average copper grade 0.67% 0.64% 0.75% 0.72%
Average recovery rate 84.7% 86.6% 87.8% 88.6% Copper produced (000
lbs) 170,919 145,955 716,939 634,123 Equity copper produced (000
lbs) 90,373 82,100 397,510 356,694 Equity copper sold (000 lbs)
86,850 79,089 378,801 343,378 Realized copper price per pound $1.39
$1.05 $1.33 $0.86 Total cash cost per equity pound $0.65 $0.57
$0.60 $0.46 Noncash cost per equity pound 0.15 0.17 0.14 0.14 Total
production cost per equity pound $0.80 $0.74 $0.74 $0.60 (1) 2003
cash and total cost per pound have been presented pro forma on a
co-product basis for comparability to 2004. Three Months Ended Year
Ended December 31, December 31, Golden Grove 2004 2003 2004 2003
Total tons mined (000) 356 393 1,404 1,457 Dry tons processed (000)
338 362 1,366 1,406 Average copper grade 3.07% 3.66% 3.12% 4.56%
Average copper recovery rate 90.5% 86.1% 88.1% 90.9% Copper
produced (000 lbs) 13,885 10,809 40,684 57,799 Copper sold (000
lbs) 13,862 28,136 43,467 74,303 Realized copper price per pound
$1.33 $0.96 $1.36 $0.86 Copper cash cost per pound $1.01 $0.67
$0.90 $0.59 Average zinc grade 14.36% 12.47% 10.45% 12.40% Average
zinc recovery rate 88.3% 88.3% 88.8% 89.9% Zinc produced (000 lbs)
13,218 33,031 101,917 120,425 Zinc sold (000 lbs) 22,392 41,579
114,835 104,711 Realized zinc price per pound $0.48 $0.39 $0.48
$0.43 Zinc cash cost per pound $0.35 $0.14 $0.38 $0.19 Gold sold
(000 ounces) 3.8 3.0 19.3 13.4 Silver sold (000 ounces) 235.8 309.8
1,093.4 1,475.6 5. Reconciliation of Costs Applicable to Sales to
Total Cash Cost Per Ounce and Per Pound, and Total Production Costs
Per Ounce and Per Pound (dollars in millions except per ounce
amounts) The total cash costs and total production costs per ounce
or pound are non-GAAP performance measures that are intended to
provide investors with information about the cash generating
capacities and profitability of Newmont's mining operations.
Newmont's management uses these measures for the same purpose and
for monitoring the performance of its mining operations. These
measures differ from measures determined in accordance with GAAP
and should not be considered in isolation or as a substitute for
measures of performance or liquidity determined in accordance with
GAAP. These measures were developed in conjunction with gold mining
companies associated with the Gold Institute in an effort to
provide a level of comparability; however, Newmont's measures may
not be comparable to similarly-titled measures of other companies.
Total Three Months Ended Golden La North December 31, Nevada Giant
Holloway Canada Herradura America Costs applicable to sales under
GAAP $190.6 $12.8 $6.8 $19.6 $2.0 $212.2 Minority interest -- -- --
-- -- -- Accretion expense (1.4) (0.1) -- (0.1) -- (1.5) Write-down
of inventories -- -- -- -- -- -- Purchased ore and other (11.9) --
-- -- -- (11.9) Total cash cost for per ounce calculations 177.3
12.7 6.8 19.5 2.0 198.8 Accretion expense and other 1.4 0.1 -- 0.1
-- 1.5 Depreciation, depletion and amortization 31.1 2.2 2.5 4.7
1.1 36.9 Minority interest and other -- -- -- -- -- -- Total
production cost for per ounce calculations $209.8 $15.0 $9.3 $24.3
$3.1 $237.2 Equity ounces sold (000) 668.2 41.6 19.0 60.6 17.4
746.2 Equity cash cost per ounce sold $265 $307 $360 $323 $116 $267
Equity total production cost per ounce sold $314 $362 $491 $402
$182 $318 Three Months Ended December 31, Kori South 2004 Yanacocha
Kollo America Pajingo Yandal Tanami Costs applicable to sales under
GAAP $111.9 $1.5 $113.4 $16.3 $23.1 $53.5 Minority interest (57.3)
(0.2) (57.5) -- -- -- Accretion expense (0.8) (0.2) (1.0) (0.1)
(0.3) (0.3) Write-down of inventories -- -- -- (0.1) -- (4.2)
Purchased ore and other 0.4 -- 0.4 -- -- -- Total cash cost for per
ounce calculations 54.2 1.1 55.3 16.1 22.8 49.0 Accretion expense
and other 0.8 0.2 1.0 0.1 0.3 0.3 Depreciation, depletion and
amortization 46.8 0.3 47.1 9.5 5.2 8.8 Minority interest and other
(20.7) -- (20.7) -- -- -- Total production cost for per ounce
calculations $81.1 $1.6 $82.7 $25.7 $28.3 $58.1 Equity ounces sold
(000) 436.0 4.9 440.9 69.4 88.3 152.2 Equity cash cost per ounce
sold $124 $221 $125 $232 $259 $322 Equity total production cost per
ounce sold $186 $328 $188 $369 $321 $382 Three Months Ended
Australia/ December 31, New Batu 2004 Kalgoorlie Martha Zealand
Hijau Minahasa Indonesia Costs applicable to sales under GAAP $37.0
$8.2 $138.1 $22.2 $0.1 $22.3 Minority interest -- -- -- (10.9) --
(10.9) Accretion expense (0.4) (0.1) (1.2) (0.1) -- (0.1)
Write-down of inventories -- -- (4.3) -- -- -- Purchased ore and
other -- -- -- 0.5 -- 0.5 Total cash cost for per ounce
calculations 36.6 8.1 132.6 11.7 0.1 11.8 Accretion expense and
other 0.4 0.1 1.2 0.1 -- 0.1 Depreciation, depletion and
amortization 4.4 3.7 31.6 7.9 -- 7.9 Minority interest and other --
-- -- (3.7) -- (3.7) Total production cost for per ounce
calculations $41.4 $11.9 $165.4 $16.0 0.1 $16.1 Equity ounces sold
(000) 123.1 40.2 473.2 94.6 -- 94.6 Equity cash cost per ounce sold
$297 $201 $280 $124 -- $124 Equity total production cost per ounce
sold $336 $296 $350 $169 -- $169 Three Months Ended Central
December 31, 2004 Zarafshan Ovacik Asia Total Gold Costs applicable
to sales under GAAP $6.2 $0.1 $6.3 $492.3 Minority interest -- --
-- (68.4) Accretion expense (0.1) (0.1) (0.2) (4.0) Write-down of
inventories -- -- -- (4.3) Purchased ore and other -- -- -- (11.0)
Total cash cost for per ounce calculations 6.1 -- 6.1 404.6
Accretion expense and other 0.1 0.1 0.2 4.0 Depreciation, depletion
and amortization 2.1 2.9 5.0 128.5 Minority interest and other --
(2.9) (2.9) (27.3) Total production cost for per ounce calculations
$8.3 $0.1 $8.4 $509.8 Equity ounces sold (000) (1) 39.2 -- 39.2
1,794.1 Equity cash cost per ounce sold $157 -- $157 $226 Equity
total production cost per ounce sold $214 -- $214 $284 (1) Excludes
3.8 ounces from Golden Grove. Three Months Ended December 31,
Golden La 2003 Nevada Giant Holloway Canada Mesquite Herradura
Costs applicable to sales under GAAP $141.7 $12.4 $5.4 $17.8 $1.7
$2.3 Minority interest -- -- -- -- -- -- Accretion expense 4.9
(0.1) (0.1) (0.2) -- -- Write-down of inventories -- -- -- -- -- --
Purchased ore and other (21.1) -- -- -- -- -- Total cash cost for
per ounce calculations 125.5 12.3 5.3 17.6 1.7 2.3 Accretion
expense and other (4.9) 0.1 0.1 0.2 -- -- Depreciation, depletion
and amortization 34.3 7.0 1.5 8.5 0.3 0.9 Minority interest and
other -- -- -- -- -- -- Total production cost for per ounce
calculations $154.9 $19.4 $6.9 $26.3 $2.0 $3.2 Equity ounces sold
(000) 625.7 67.9 15.0 82.9 6.4 16.9 Equity cash cost per ounce sold
$221 $181 $353 $212 $259 $137 Equity total production cost per
ounce sold $272 $286 $460 $317 $306 $188 Three Months Ended
December 31, North Kori South 2003 America Yanacocha Kollo America
Pajingo Yandal Costs applicable to sales under GAAP $163.5 $88.2
$3.0 $91.2 $10.4 $31.9 Minority interest -- (44.8) (0.3) (45.1) --
-- Accretion expense 4.7 (0.9) (0.3) (1.2) -- 0.1 Write-down of
inventories -- -- -- -- -- (0.3) Purchased ore and other (21.1) --
-- -- -- -- Total cash cost for per ounce calculations 147.1 42.5
2.4 44.9 10.4 31.7 Accretion expense and other (4.7) 0.9 0.3 1.2
(0.1) (0.1) Depreciation, depletion and amortization 44.0 36.0 1.2
37.2 8.5 5.6 Minority interest and other -- (15.8) (0.1) (15.9) --
-- Total production cost for per ounce calculations $186.4 $63.6
$3.8 $67.4 $18.8 $37.2 Equity ounces sold (000) 731.9 337.9 14.0
351.9 71.6 132.6 Equity cash cost per ounce sold $218 $126 $165
$128 $144 $240 Equity total production cost per ounce sold $276
$189 $260 $192 $262 $281 Three Months Ended Australia/ December 31,
New 2003 Tanami Kalgoorlie Martha Zealand Minahasa Zarafshan Costs
applicable to sales under GAAP $34.3 $25.0 $5.2 $106.8 $4.6 $7.2
Minority interest -- -- -- -- -- -- Accretion expense (0.4) 0.3
(0.1) (0.1) (0.1) (0.5) Write-down of inventories -- -- -- (0.3) --
-- Purchased ore and other -- -- -- -- (0.3) -- Total cash cost for
per ounce calculations 33.9 25.3 5.1 106.4 4.2 6.7 Accretion
expense and other 0.1 (0.3) 0.1 (0.3) 0.1 0.5 Depreciation,
depletion and amortization 8.5 2.9 3.3 28.8 1.8 2.1 Minority
interest and other -- -- -- -- (0.2) -- Total production cost for
per ounce calculations $42.5 $27.9 $8.5 $134.9 $5.9 $9.3 Equity
ounces sold (000) 139.3 95.5 35.4 474.4 11.0 46.2 Equity cash cost
per ounce sold $244 $265 $143 $224 $383 $144 Equity total
production cost per ounce sold $305 $291 $238 $284 $551 $201 Three
Months Ended December 31, 2003 Ovacik Central Asia Total Gold Costs
applicable to sales under GAAP $4.7 $11.9 $378.0 Minority interest
-- -- (45.1) Accretion expense (0.2) (0.7) 2.6 Write-down of
inventories (0.1) (0.1) (0.4) Purchased ore and other -- -- (21.4)
Total cash cost for per ounce calculations 4.4 11.1 313.7 Accretion
expense and other 0.1 0.6 (3.1) Depreciation, depletion and
amortization 2.5 4.6 116.4 Minority interest and other -- -- (16.1)
Total production cost for per ounce calculations $7.0 $16.3 $410.9
Equity ounces sold (000) (1) 30.5 76.7 1,645.9 Equity cash cost per
ounce sold $144 $144 $197 Equity total production cost per ounce
sold $231 $213 $259 (1) Excludes 66.2 ounces from equity
investments and 3.0 ounces from Golden Grove. Year Ended December
31, 2004 Golden La North Nevada Giant Holloway Canada Herradura
America Costs applicable to sales under GAAP $716.3 $47.6 $24.7
$72.3 $10.1 $798.7 Minority interest -- -- -- -- -- -- Accretion
expense (5.6) (0.3) (0.1) (0.4) (0.1) (6.1) Write-down of
inventories -- -- -- -- -- -- Purchased ore and other (38.4) 0.2
0.1 0.3 -- (38.1) Total cash cost for per ounce calculations 672.3
47.5 24.7 72.2 10.0 754.5 Accretion expense and other 5.6 0.3 0.1
0.4 0.1 6.1 Depreciation, depletion and amortization 126.8 11.4 7.0
18.4 5.0 150.2 Minority interest and other -- -- -- -- -- -- Total
production cost for per ounce calculations $804.7 $59.2 $31.8 $91.0
$15.1 $910.8 Equity ounces sold (000) 2,416.0 160.0 67.4 227.4 68.8
2,712.2 Equity cash cost per ounce sold $278 $297 $367 $318 $146
$278 Equity total production cost per ounce sold $333 $370 $473
$400 $220 $336 Year Ended December 31, Kori South 2004 Yanacocha
Kollo America Pajingo Yandal Tanami Costs applicable to sales under
GAAP $432.6 $9.8 $442.4 $59.4 $105.9 $194.2 Minority interest
(218.8) (1.2) (220.0) -- -- -- Accretion expense (3.1) (0.9) (4.0)
(0.3) (1.7) (1.2) Write-down of inventories -- (2.1) (2.1) (1.1)
(0.2) (8.2) Purchased ore and other (0.1) -- (0.1) -- -- -- Total
cash cost for per ounce calculations 210.6 5.6 216.2 58.0 104.0
184.8 Accretion expense and other 3.1 0.9 4.0 0.1 1.7 1.0
Depreciation, depletion and amortization 198.0 2.3 200.3 31.4 26.8
37.9 Minority interest and other (88.8) (0.3) (89.1) -- -- -- Total
production cost for per ounce calculations $322.9 $8.5 $331.4 $89.5
$132.5 $223.7 Equity ounces sold (000) 1,561.0 21.7 1,582.7 251.4
379.3 658.0 Equity cash cost per ounce sold $135 $260 $137 $230
$274 $281 Equity total production cost per ounce sold $207 $397
$209 $356 $349 $340 Year Ended Australia/ December 31, New Batu
2004 Kalgoorlie Martha Zealand Hijau Minahasa Indonesia Costs
applicable to sales under GAAP $140.9 $28.1 $528.5 $91.2 $19.8
$111.0 Minority interest -- -- -- (42.1) -- (42.1) Accretion
expense (1.7) (0.4) (5.3) (0.5) (0.3) (0.8) Write-down of
inventories -- -- (9.5) -- (0.2) (0.2) Purchased ore and other --
-- -- 2.1 (1.2) 0.9 Total cash cost for per ounce calculations
139.2 27.7 513.7 50.7 18.1 68.8 Accretion expense and other 1.7 0.4
4.9 0.5 0.3 0.8 Depreciation, depletion and amortization 16.2 13.8
126.1 28.2 2.4 30.6 Minority interest and other -- -- -- (12.6)
(0.1) (12.7) Total production cost for per ounce calculations
$157.1 $41.9 $644.7 $66.8 $20.7 $87.5 Equity ounces sold (000)
468.4 130.5 1,887.6 396.3 70.2 466.5 Equity cash cost per ounce
sold $297 $212 $272 $128 $259 $148 Equity total production cost per
ounce sold $336 $320 $342 $169 $295 $188 Year Ended Central
December 31, 2004 Zarafshan Ovacik Asia Total Gold Costs applicable
to sales under GAAP $32.4 $22.9 $55.3 $1,935.9 Minority interest --
-- -- (262.1) Accretion expense (0.3) (0.4) (0.7) (16.9) Write-down
of inventories -- (1.3) (1.3) (13.1) Purchased ore and other (0.1)
-- (0.1) (37.4) Total cash cost for per ounce calculations 32.0
21.2 53.2 1,606.4 Accretion expense and other 0.3 0.2 0.5 16.3
Depreciation, depletion and amortization 10.3 18.6 28.9 536.1
Minority interest and other -- (2.9) (2.9) (104.7) Total production
cost for per ounce calculations $42.6 $37.1 $79.7 $2,054.1 Equity
ounces sold (000) (1) 210.1 110.0 320.1 6,969.1 Equity cash cost
per ounce sold $152 $193 $166 $231 Equity total production cost per
ounce sold $203 $338 $249 $295 (1) Excludes 19.3 ounces from Golden
Grove. Year Ended December 31, Golden La 2003 Nevada Giant Holloway
Canada Mesquite Herradura Costs applicable to sales under GAAP
$597.8 $53.4 $20.8 $74.2 $9.3 $11.1 Minority interest -- -- -- --
-- -- Accretion expense 0.1 (1.3) (0.5) (1.8) (0.2) (0.1)
Write-down of inventories (2.9) -- -- -- -- -- Purchased ore and
other (32.1) -- -- -- -- -- Total cash cost for per ounce
calculations 562.9 52.1 20.3 72.4 9.1 11.0 Accretion expense and
other (0.1) 1.3 0.5 1.8 0.2 0.1 Depreciation, depletion and
amortization 137.7 22.0 5.3 27.3 3.9 3.4 Minority interest and
other -- -- -- -- -- -- Total production cost for per ounce
calculations $700.5 $75.4 $26.1 $101.5 $13.2 $14.5 Equity ounces
sold (000) 2,490.8 229.7 65.1 294.8 49.2 67.8 Equity cash cost per
ounce sold $235 $227 $312 $246 $184 $162 Equity total production
cost per ounce sold $292 $329 $402 $345 $267 $214 Year Ended
December 31, North Kori South 2003 America Yanacocha Kollo America
Pajingo Yandal Costs applicable to sales under GAAP $692.4 $362.5
$35.6 $398.1 $42.9 $158.7 Minority interest -- (183.5) (4.2)
(187.7) -- -- Accretion expense (2.0) (3.4) (2.1) (5.5) (0.1) (1.5)
Write-down of inventories (2.9) -- -- -- -- (3.0) Purchased ore and
other (32.1) -- -- -- -- -- Total cash cost for per ounce
calculations 655.4 175.6 29.3 204.9 42.8 154.2 Accretion expense
and other 2.0 3.4 2.1 5.5 (0.3) 1.4 Depreciation, depletion and
amortization 172.3 160.4 6.8 167.2 29.2 35.8 Minority interest and
other -- (70.1) (0.8) (70.9) -- -- Total production cost for per
ounce calculations $829.7 $269.3 $37.4 $306.7 $71.7 $191.4 Equity
ounces sold (000) 2,902.6 1,467.9 158.5 1,626.4 330.3 565.6 Equity
cash cost per ounce sold $233 $120 $184 $126 $129 $273 Equity total
production cost per ounce sold $295 $184 $235 $189 $217 $339 Year
Ended Australia/ December 31, New 2003 Tanami Kalgoorlie Martha
Zealand Minahasa Zarafshan Costs applicable to sales under GAAP
$148.9 $108.4 $24.9 $483.8 $26.3 $32.9 Minority interest (4.2) --
(0.3) (4.5) -- -- Accretion expense (1.2) (0.8) (0.4) (4.0) (0.5)
(0.7) Write-down of inventories (2.0) (1.0) (2.6) (8.6) (1.3) --
Purchased ore and other -- -- -- -- (1.6) -- Total cash cost for
per ounce calculations 141.5 106.6 21.6 466.7 22.9 32.2 Accretion
expense and other 0.2 0.8 0.2 2.3 0.5 0.7 Depreciation, depletion
and amortization 36.0 9.8 11.5 122.3 7.6 10.1 Minority interest and
other (1.0) -- (0.1) (1.1) (0.5) -- Total production cost for per
ounce calculations $176.7 $117.2 $33.2 $590.2 $30.5 $43.0 Equity
ounces sold (000) 588.6 404.7 108.9 1,998.1 92.2 218.1 Equity cash
cost per ounce sold $240 $263 $199 $234 $249 $147 Equity total
production cost per ounce sold $300 $289 $306 $295 $332 $197 Year
Ended Central December 31, 2003 Ovacik Asia Total Gold Costs
applicable to sales under GAAP $22.3 $55.2 $1,655.8 Minority
interest -- -- (192.2) Accretion expense (0.4) (1.1) (13.1)
Write-down of inventories (0.1) (0.1) (12.9) Purchased ore and
other -- -- (33.7) Total cash cost for per ounce calculations 21.8
54.0 1,403.9 Accretion expense and other 0.2 0.9 11.2 Depreciation,
depletion and amortization 13.9 24.0 493.4 Minority interest and
other -- -- (72.5) Total production cost for per ounce calculations
$35.9 $78.9 $1,836.0 Equity ounces sold (000) (1) 168.2 386.3
7,005.6 Equity cash cost per ounce sold $129 $139 $203 Equity total
production cost per ounce sold $213 $204 $266 (1) Excludes 364.6
ounces from equity investments in Batu Hijau, TVX Newmont Americas
and Echo Bay Mines Limited and 13.4 ounces from Golden Grove. 6.
Reconciliation of Costs Applicable to Sales to Total Cash Cost Per
Ounce, and Total Production Cost Per Ounce (dollars in millions
except per ounce amounts) Three Months Ended Year Ended December
31, 2003 December 31, 2003 Batu Batu Hijau(1) Minahasa Indonesia
Hijau(1) Minahasa Indonesia Costs applicable to sales under GAAP
$14.5 $4.6 $19.1 $68.9 $26.3 $95.2 Minority interest (6.0) -- (6.0)
(29.7) -- (29.7) Accretion expense (0.2) (0.1) (0.3) (1.2) (0.5)
(1.7) Write-down of inventories -- -- -- -- (1.3) (1.3) Purchased
ore and other 0.4 (0.3) 0.1 1.8 (1.6) 0.2 Total cash cost for per
ounce calculations 8.7 4.2 12.9 39.8 22.9 62.7 Accretion expense
and other 0.2 0.1 0.3 1.2 0.5 1.7 Depreciation, depletion and
amortization 6.7 1.8 8.5 32.0 7.6 39.6 Minority interest and other
(2.9) (0.2) (3.1) (14.0) (0.5) (14.5) Total production cost for per
ounce calculations $12.7 $5.9 $18.6 $59.0 $30.5 $89.5 Equity ounces
sold (000) 66.2 11.0 77.2 328.9 92.2 421.1 Equity cash cost per
ounce sold $131 $383 $167 $121 $249 $149 Equity total production
cost per ounce sold $192 $551 $243 $179 $332 $212 (1) Cash and
total production cost per ounce presented on a pro forma co-product
basis. 7. Reconciliation of Batu Hijau Costs Applicable to Sales to
Total Cash Cost Per Equity Pound, and Total Production Cost Per
Equity Pound (dollars in millions except per pound amounts) Three
Months Ended Year Ended December 31, December 31, 2004 2003(1) 2004
2003(1) Costs applicable to sales per financial statements $80.1
$56.1 $304.7 $196.2 Minority interest (38.9) (25.8) (140.7) (90.5)
Accretion expense (0.4) (0.7) (1.7) (3.0) Smelting and refining
15.3 15.5 66.0 55.1 Total cash cost for per pound calculation 56.1
45.1 228.3 157.8 Accretion expense 0.4 0.7 1.7 3.0 Depreciation,
depletion and amortization 24.4 22.6 89.3 79.9 Minority interest
(11.5) (9.9) (39.9) (35.0) Total production cost for per pound
calculation $69.4 $58.5 $279.4 $205.7 Equity copper sold (000 lbs)
86,850 79,089 378,801 343,378 Total cash cost per equity pound
$0.65 $0.57 $0.60 $0.46 Total production cost per equity pound
$0.80 $0.74 $0.74 $0.60 (1) 2003 cash and total production cost per
pound presented on a pro forma co-product basis. 8. Reconciliation
of Golden Grove Costs Applicable to Sales to Total Cash Cost Per
Pound, and Total Production Cost Per Equity Pound (dollars in
millions except per pound amounts) Three Months Ended December 31,
2004 2003 Total Copper Zinc Total Copper Zinc Costs applicable to
sales per financial statements $16.0 $13.3 $2.7 $13.8 $15.3 ($1.5)
Accretion expense (0.1) (0.1) -- (0.1) -- (0.1) Write-down
inventories (0.2) (0.6) 0.4 (0.1) -- (0.1) Smelting and refining
and purchased concentrates 6.2 1.4 4.8 10.9 3.4 7.5 Total cash cost
for per pound calculation $21.9 $14.0 $7.9 $24.5 $18.7 $5.8 Total
sold (000 lbs) n/a 13,862 22,392 n/a 28,136 41,579 Total cash cost
per pound sold n/a $1.01 $0.35 n/a $0.67 $0.14 Year Ended December
31, 2004 2003 Total Copper Zinc Total Copper Zinc Costs applicable
to sales per financial statements $61.8 $38.7 $23.1 $43.5 $37.4
$6.1 Accretion expense (0.6) (0.3) (0.3) (0.4) (0.2) (0.2)
Write-down inventories (8.2) (2.9) (5.3) (7.2) (3.9) (3.3) Smelting
and refining and purchased concentrates 29.3 3.8 25.5 27.4 10.6
16.8 Total cash cost for per pound calculation $82.3 $39.3 $43.0
$63.3 $43.9 $19.4 Total sold (000 lbs) n/a 43,467 114,835 n/a
74,303 104,711 Total cash cost per pound sold n/a $0.90 $0.38 n/a
$0.59 $0.19 9. Reconciliation of Total Newmont Costs Applicable to
Sales to Total Copper Cash Cost Per Equity Pound, (dollars in
millions except per pound amounts) Three Months Ended Year Ended
December 31, December 31, 2004 2003(1) 2004 2003(1) Costs
applicable to sales per financial statements $93.4 $71.4 $343.4
$233.6 Minority interest (38.9) (25.8) (140.7) (90.5) Accretion
expense (0.5) (0.7) (2.0) (3.2) Write-down inventories (0.6) --
(2.9) -- Smelting and refining 16.7 18.9 69.8 65.7 Total cash cost
for per pound calculation $70.1 $63.8 $267.6 $205.6 Equity copper
sold (000 lbs) 100,712 107,225 422,268 417,681 Total cash cost per
equity pound $0.70 $0.59 $0.63 $0.48 (1) 2003 total cash cost per
equity pound presented on a pro forma co-product basis. 10. Gold
Hedge Position -- Current Maturity Summary (1)(3) (000 ounces) Gold
Put Option Contracts Price Capped Contracts Years Ozs Price(2) Ozs
Price(2) 2005 205 $292 500 $350 2006 100 $338 -- -- 2007 20 $397 --
-- 2008 -- -- 1,000 $384 2009 -- -- 600 $381 2010 -- -- -- -- 2011
-- -- 250 $392 Total/Average 325 $313 2,350 $377 The mark-to-market
value of the gold put option contracts was negative $8.9 million at
December 31, 2004. Notes: (1) For more detailed descriptions,
definitions and explanations, refer to the Company's Annual Report
on Form 10-K for the year ended December 31, 2004 to be filed in
March 2005. (2) Prices quoted are gross contract prices, which
represent the gross cash flow per ounce of each contract. Not
included in these prices are the additional cash outflows
associated with borrowing gold over the life of the contract where
the contracts are floating in nature. The rate at which gold is
borrowed is determined over the life of the contract based on the
prevailing market gold lease rate for the time period that the
borrowing is fixed. The borrowing can be fixed for varying periods
over the life of the contract. (3) In addition to the gold hedge
positions shown in the table above, the Company entered into a
prepaid forward gold sales contract in July 1999, which is
reflected as debt on the Company's consolidated balance sheet.
Under the prepaid forward gold sales contract, the Company agreed
to sell 483,333 ounces of gold, to be delivered in June of each of
2005, 2006 and 2007 in annual installments of 161,111 ounces of
gold. For more detailed descriptions, definitions and explanations,
refer to the Company's Annual Report on Form 10-K for the year
ended December 31, 2004 to be filed in March 2005. The Company's
fourth quarter earnings conference call and web cast presentation
will be held on February 24, 2005 beginning at 4:00 p.m. Eastern
Time (2:00 p.m. Mountain Time). To participate: Dial-In Number:
(773) 756-0828 Leader: Randy Engel Password: Newmont The conference
call will also be simultaneously carried on our web site at
http://www.newmont.com/ under Investor Information/Presentations
and will be archived there for a limited time. Investor Contacts
Randy Engel Telephone: (303) 837-6033 Email: Wendy Yang Telephone:
(303) 837-6141 Email: Jennifer Van Dinter Telephone: (303) 837-5165
Email: Media Contacts Doug Hock Telephone: (303) 837-5812 Email:
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. Such forward-looking statements
include, without limitation, (i) estimates of future gold and other
metals production and sales; (ii) estimates of future cash costs
and total production costs; (iii) estimates of future capital
expenditures, expenses and tax rates; (iv) estimates regarding
timing of future production or closure activities; (v) statements
regarding future exploration results and the replacement of
reserves; (vi) statements regarding future asset sales or
rationalization efforts; and (vii) estimates of future royalty
revenues. 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 2003 Annual Report on Form 10-K, which is on file with
the Securities and Exchange Commission, as well as the Company's
other SEC filings. The Company does not undertake any obligation to
release publicly revisions to any "forward-looking statement," to
reflect events or circumstances after the date of this news
release, or to reflect the occurrence of unanticipated events,
except as may be required under applicable securities laws.
PRNewswire -- Feb. 24 END FIRST AND FINAL ADD DATASOURCE: Newmont
Mining Corporation Web site: http://www.newmont.com/
Copyright