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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 10-Q
(Mark One)
     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2021
or
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from__________to__________
Commission File Number: 001-31240
NEM-20210930_G1.JPG
NEWMONT CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 84-1611629
(State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.)
6900 E Layton Ave
Denver, Colorado
80237
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code (303) 863-7414
Securities registered or to be registered pursuant to Section 12(b) of the Act.
Title of each class Trading Symbol Name of each exchange on which registered
Common stock, par value $1.60 per share NEM New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     ☒ Yes     ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     ☒ Yes     ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12-b2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b2 of the Exchange Act).     ☐ Yes     ☒ No
There were 797,435,304 shares of common stock outstanding on October 21, 2021.



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NEWMONT CORPORATION
THIRD QUARTER 2021 RESULTS AND HIGHLIGHTS
(unaudited, in millions, except per share, per ounce and per pound)

Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Financial Results:
Sales $ 2,895  $ 3,170  $ 8,832  $ 8,116 
Gold $ 2,516  $ 2,860  $ 7,628  $ 7,347 
Copper $ 72  $ 43  $ 204  $ 101 
Silver $ 143  $ 138  $ 486  $ 337 
Lead $ 42  $ 30  $ 129  $ 92 
Zinc $ 122  $ 99  $ 385  $ 239 
Costs applicable to sales (1)
$ 1,367  $ 1,269  $ 3,895  $ 3,659 
Gold $ 1,175  $ 1,130  $ 3,331  $ 3,210 
Copper $ 37  $ 28  $ 102  $ 78 
Silver $ 80  $ 45  $ 230  $ 148 
Lead $ 18  $ 17  $ 55  $ 56 
Zinc $ 57  $ 49  $ 177  $ 167 
Net income (loss) from continuing operations  $ (254) $ 628  $ 955  $ 1,882 
Net income (loss)  $ (243) $ 856  $ 997  $ 2,027 
Net income (loss) from continuing operations attributable to Newmont stockholders
$ (8) $ 611  $ 1,170  $ 1,860 
Per common share, diluted:
Net income (loss) from continuing operations attributable to Newmont stockholders
$ (0.01) $ 0.76  $ 1.46  $ 2.31 
Net income (loss) attributable to Newmont stockholders
$ —  $ 1.04  $ 1.51  $ 2.49 
Adjusted net income (loss) (2)
$ 483  $ 697  $ 1,747  $ 1,284 
Adjusted net income (loss) per share, diluted (2)
$ 0.60  $ 0.86  $ 2.18  $ 1.59 
Earnings before interest, taxes and depreciation and amortization (2)
$ 565  $ 1,547  $ 3,507  $ 4,129 
Adjusted earnings before interest, taxes and depreciation and amortization (2)
$ 1,316  $ 1,663  $ 4,364  $ 3,765 
Net cash provided by (used in) operating activities of continuing operations $ 2,967  $ 3,204 
Free Cash Flow (2)
$ 1,755  $ 2,300 
Cash dividends paid per common share in the period ended September 30
$ 0.55  $ 0.25  $ 1.65  $ 0.64 
Cash dividends declared per common share for the period ended September 30
$ 0.55  $ 0.40  $ 1.65  $ 0.90 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis.
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NEWMONT CORPORATION
THIRD QUARTER 2021 RESULTS AND HIGHLIGHTS
(unaudited, in millions, except per share, per ounce and per pound)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Operating Results:
Consolidated gold ounces (thousands):
Produced 1,422  1,521  4,274  4,236 
Sold 1,416  1,495  4,277  4,210 
Attributable gold ounces (thousands): 
Produced (1)
1,449  1,541  4,353  4,275 
Sold (2)
1,357  1,429  4,101  3,996 
Consolidated and attributable gold equivalent ounces - other metals (thousands) (3)
Produced 315  273  935  750 
Sold 301  248  930  780 
Consolidated and attributable - other metals:
Produced copper (million pounds) 17  15  50  41 
Sold copper (million pounds) 18  14  49  40 
Produced silver (thousand ounces) 7,970  7,370  23,560  20,421 
Sold silver (thousand ounces) 7,792  6,371  23,938  20,260 
Produced lead (million pounds) 44  46  138  130 
Sold lead (million pounds) 42  42  134  133 
Produced zinc (million pounds) 109  103  325  281 
Sold zinc (million pounds) 98  98  319  313 
Average realized price:
Gold (per ounce)  $ 1,778  $ 1,913  $ 1,783  $ 1,745 
Copper (per pound)  $ 3.99  $ 2.99  $ 4.19  $ 2.49 
Silver (per ounce) $ 18.34  $ 21.69  $ 20.32  $ 16.66 
Lead (per pound) $ 0.99  $ 0.73  $ 0.96  $ 0.69 
Zinc (per pound) $ 1.24  $ 1.01  $ 1.21  $ 0.77 
Consolidated costs applicable to sales: (4)(5)
Gold (per ounce)  $ 830  $ 756  $ 779  $ 762 
Gold equivalent ounces - other metals (per ounce) (3)
$ 638  $ 556  $ 606  $ 575 
All-in sustaining costs: (5)
Gold (per ounce)  $ 1,120  $ 1,020  $ 1,064  $ 1,046 
Gold equivalent ounces - other metals (per ounce) (3)
$ 887  $ 770  $ 863  $ 862 
____________________________
(1)Attributable gold ounces produced includes 85 thousand ounces and 254 thousand ounces for the three and nine months ended September 30, 2021, respectively, and 87 thousand ounces and 256 thousand ounces for the three and nine months ended September 30, 2020, respectively, related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment.
(2)Attributable gold ounces sold excludes ounces related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment.
(3)For the definition of gold equivalent ounces see “Results of Consolidated Operations" within Part I, Item 2, Management's Discussion and Analysis.
(4)Excludes Depreciation and amortization and Reclamation and remediation.
(5)See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis.
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Third Quarter 2021 Highlights (dollars in millions, except per share, per ounce and per pound amounts)
Net income: Reported Net income (loss) from continuing operations attributable to Newmont stockholders of $(8) or $(0.01) per diluted share, a decrease of $619 from the prior-year quarter primarily due to the Loss on assets held for sale in connection with the Conga mill assets, lower realized gold prices, lower gold sales volumes, unrealized losses on marketable and other equity securities, higher Costs applicable to sales, and higher reclamation and remediation charges partially offset by lower income tax expense.
Adjusted net income: Reported Adjusted net income of $483 or $0.60 per diluted share, a decrease of $0.26 per diluted share from the prior-year quarter (See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis).
Adjusted EBITDA: Generated $1,316 in Adjusted EBITDA, a decrease of 21% from the prior-year quarter (See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis).
Cash Flow: Reported Net cash provided by (used in) operating activities of continuing operations of $2,967 for the nine months ended September 30, 2021, a decrease of 7% from the prior year, and free cash flow of $1,755 (See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis).
Environmental, Social and Governance ("ESG"): Transitioned to a fully autonomous haulage fleet of 36 trucks at Boddington in Australia, which is expected to improve safety and long-term productivity; Newmont's COVID-19 related Global Community Support Fund approved a local economic resilience program in Ghana to support women owned businesses impacted by the pandemic in pivoting to a more resilient business model through training; supported the vaccine deployment by turning Newmont's Cajamarca office in Peru into a vaccine clinic.
Attributable production: Produced 1.4 million attributable ounces of gold and 315 thousand attributable gold equivalent ounces from co-products.
Financial strength: Ended the quarter with $4.6 billion of consolidated cash and $7.6 billion of liquidity; completed $114 of settled share repurchases from $1 billion buyback program; declared dividend for the third quarter of $0.55, an increase of 38% over the prior-year quarter.
Our global project pipeline
Newmont’s capital-efficient project pipeline supports stable production with improving margins and mine life. Our near-term development capital projects are presented below. Additional projects represent incremental improvements to production and cost guidance.
Ahafo North, Africa. The Board of Directors approved full funding for the Ahafo North project in July 2021. This project will deliver value through the open pit mining and processing of over three million ounces of gold over a 13-year mine life. The project is expected to add between 275,000 and 325,000 ounces per year for the first five years. Capital costs for the project are estimated to be between $750 and $850 with an expected construction completion date in the second half of 2023 and commercial production in early 2024. Development capital costs (excluding capitalized interest) since approval were $32, of which all costs related to the third quarter of 2021.
Tanami Expansion 2, Australia. This project secures Tanami’s future as a long-life, low cost producer with potential to extend mine life to 2040 through the addition of a hoisting shaft and supporting infrastructure to achieve higher production and provide a platform for future growth. The expansion is expected to increase average annual gold production by approximately 150,000 to 200,000 ounces per year for the first five years beginning in 2024 and is expected to reduce operating costs by approximately 10 percent. Capital costs for the project are estimated to be between $850 and $950 with an expected commercial production date in the first half of 2024. Development capital costs (excluding capitalized interest) since approval were $233, of which $38 related to the third quarter of 2021.
We manage our wider project portfolio to maintain flexibility to address the development risks associated with our projects including permitting, local community and government support, engineering and procurement availability, technical issues, escalating costs and other associated risks that could adversely impact the timing and costs of certain opportunities.
COVID-19 Update
An outbreak of a novel strain of coronavirus (“COVID-19”) was declared a pandemic by the World Health Organization in March 2020. COVID-19 has since spread worldwide, posing public health risks across the globe and has negatively impacted the global economy, disrupted global supply chains and workforce participation and created significant volatility and disruption of financial markets. The extent of the impact of the COVID-19 pandemic on our operational and financial performance will depend on future developments, including a widely available vaccine in each of the countries where we operate, the duration and severity of the pandemic and related restrictions, all of which continue to be uncertain and cannot be predicted.
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In April 2020, we established the Newmont Global Community Support Fund, a $20 fund to help host communities, governments and employees combat the COVID-19 pandemic, of which approximately $14 has been distributed through September 30, 2021. The fund is designed to focus on employee and community health, food security and local economic resilience through partnerships with local governments, medical institutions, charities and non-governmental organizations to address the greatest needs with long-term resiliency and future community development in mind.
We have mobilized a COVID vaccine working group with representatives from across the globe. Newmont views vaccination as critical in the fight against COVID-19 and actively encourages our workforce to get vaccinated as they become eligible. We are working to support authorities, through our Global Community Support Fund, to improve the availability and deployment of vaccines to our workforce and host communities.
Impact on business and operations
Our operations have been affected by a range of external factors related to the COVID-19 pandemic that are not within our control. For example, in the first half of 2020, we temporarily placed Musselwhite and Éléonore in Canada, Peñasquito in Mexico, Yanacocha in Peru and Cerro Negro in Argentina into care and maintenance with each subsequently resuming operations during the second quarter of 2020. As of September 30, 2021, all sites were fully operational, including Cerro Negro and Tanami. Cerro Negro returned to full capacity during September 2021 after operating for more than a year at reduced levels due to COVID-related impacts. After temporarily being placed into care and maintenance in late June 2021 to protect our employees and nearby communities, align with country mandated travel restrictions and manage ongoing COVID-related impacts, Tanami returned to full capacity by the end of July 2021. Additionally, we continue to incur COVID-19 specific costs as a result of actions taken to protect against the impacts of the COVID-19 pandemic. For the three months ended September 30, 2021 and 2020, COVID-19 specific costs incurred totaled $24 and $32, respectively.
For a discussion of the precautions we are taking to protect our workforce and nearby communities, while also taking steps to preserve the long-term value of our business, refer to "Health and Safety" within Part I, Item 1, Business on our Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 18, 2021. For a discussion of COVID-19 related risks to the business, see Part I, Item 1A, Risk Factors on our Form 10-K filed with the SEC on February 18, 2021.
Additionally, refer to "Consolidated Financial Results", "Results of Consolidated Operations", and “Liquidity and Capital Resources” within Part I, Item 2, Management’s Discussion and Analysis of this report for additional information about the considerations of COVID-19 on our business and operations.
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PART I—FINANCIAL INFORMATION
ITEM 1.       FINANCIAL STATEMENTS.
NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions except per share)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Sales (Note 4) $ 2,895  $ 3,170  $ 8,832  $ 8,116 
Costs and expenses:
Costs applicable to sales (1)
1,367  1,269  3,895  3,659 
Depreciation and amortization 570  592  1,684  1,685 
Reclamation and remediation (Note 5) 117  38  220  116 
Exploration 60  48  147  118 
Advanced projects, research and development 40  39  108  92 
General and administrative 61  68  190  205 
Care and maintenance (Note 6) 26  171 
Loss on assets held for sale (Note 7) 571  —  571  — 
Other expense, net (Note 8) 37  92  126  184 
2,829  2,172  6,949  6,230 
Other income (expense):
Gain on asset and investment sales, net (Note 9) 46  593 
Other income (loss), net (Note 10) (74) (44) (106) (35)
Interest expense, net of capitalized interest (66) (75) (208) (235)
(137) (118) (268) 323 
Income (loss) before income and mining tax and other items (71) 880  1,615  2,209 
Income and mining tax benefit (expense) (Note 11) (222) (305) (798) (446)
Equity income (loss) of affiliates (Note 12) 39  53  138  119 
Net income (loss) from continuing operations (254) 628  955  1,882 
Net income (loss) from discontinued operations 11  228  42  145 
Net income (loss) (243) 856  997  2,027 
Net loss (income) attributable to noncontrolling interests 246  (17) 215  (22)
Net income (loss) attributable to Newmont stockholders $ $ 839  $ 1,212  $ 2,005 
Net income (loss) attributable to Newmont stockholders:
Continuing operations $ (8) $ 611  $ 1,170  $ 1,860 
Discontinued operations 11  228  42  145 
$ $ 839  $ 1,212  $ 2,005 
Weighted average common shares (millions):
Basic 799 803 800 804
Effect of employee stock-based awards 1 3 2 2
Diluted 800 806 802 806
Net income (loss) attributable to Newmont stockholders per common share
Basic:
Continuing operations $ (0.01) $ 0.76  $ 1.47  $ 2.31 
Discontinued operations 0.01  0.28  0.05  0.18 
$ —  $ 1.04  $ 1.52  $ 2.49 
Diluted: (2)
Continuing operations $ (0.01) $ 0.76  $ 1.46  $ 2.31 
Discontinued operations 0.01  0.28  0.05  0.18 
$ —  $ 1.04  $ 1.51  $ 2.49 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)For the three months ended September 30, 2021, potentially dilutive shares were excluded in the computation of diluted loss per common share attributable to Newmont stockholders as they were antidilutive.

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, in millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Net income (loss) $ (243) $ 856  $ 997  $ 2,027 
Other comprehensive income (loss):
Change in marketable securities, net of tax of $—, $—, $— and $—, respectively
(1) —  (1) (5)
Foreign currency translation adjustments  (3)
Change in pension and other post-retirement benefits, net of tax of $(2), $(1), $(4) and $(4), respectively
17  13 
Change in fair value of cash flow hedge instruments, net of tax of $(1), $2, $(3) and $(2), respectively
Other comprehensive income (loss) 26  20 
Comprehensive income (loss) $ (235) $ 858  $ 1,023  $ 2,047 
Comprehensive income (loss) attributable to:
Newmont stockholders  $ 11  $ 841  $ 1,238  $ 2,025 
Noncontrolling interests (246) 17  (215) 22 
$ (235) $ 858  $ 1,023  $ 2,047 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
Nine Months Ended
September 30,
2021 2020
Operating activities:
Net income (loss) $ 997  $ 2,027 
Adjustments:
Depreciation and amortization 1,684  1,685 
Loss on assets held for sale (Note 7)
571  — 
Gain on asset and investment sales, net (Note 9)
(46) (593)
Net loss (income) from discontinued operations (42) (145)
Reclamation and remediation 208  107 
Change in fair value of investments (Note 10)
180  (191)
Stock-based compensation 55  55 
Equity earnings in affiliates, net of distributions received (26) (12)
Deferred income taxes (10) (72)
Impairment of investments (Note 10)
93 
Charges from pension settlement —  82 
Charges from debt extinguishment (Note 10)
—  77 
Other non-cash adjustments (27) 41 
Net change in operating assets and liabilities (Note 20)
(578) 50 
Net cash provided by (used in) operating activities of continuing operations 2,967  3,204 
Net cash provided by (used in) operating activities of discontinued operations 13  (8)
Net cash provided by (used in) operating activities 2,980  3,196 
Investing activities:
Additions to property, plant and mine development  (1,212) (904)
Acquisitions, net (Note 1)
(328) — 
Contributions to equity method investees (114) (16)
Proceeds from sales of investments 107  305 
Return of investment from equity method investees 18  43 
Purchases of investments (18) (33)
Proceeds from sales of mining operations and other assets, net 1,137 
Other  26  45 
Net cash provided by (used in) investing activities of continuing operations (1,517) 577 
Net cash provided by (used in) investing activities of discontinued operations —  (75)
Net cash provided by (used in) investing activities  (1,517) 502 
Financing activities:
Dividends paid to common stockholders (1,321) (514)
Repayment of debt (Note 17)
(550) (1,160)
Repurchases of common stock (248) (321)
Distributions to noncontrolling interests (155) (143)
Funding from noncontrolling interests 73  82 
Payments on lease and other financing obligations (54) (49)
Payments for withholding of employee taxes related to stock-based compensation (31) (45)
Proceeds from issuance of debt, net —  985 
Other (77) 46 
Net cash provided by (used in) financing activities (2,363) (1,119)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (3)
Net change in cash, cash equivalents and restricted cash (903) 2,583 
Cash, cash equivalents and restricted cash at beginning of period  5,648  2,349 
Cash, cash equivalents and restricted cash at end of period  $ 4,745  $ 4,932 


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NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
Nine Months Ended
September 30,
2021 2020
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents $ 4,636  $ 4,828 
Restricted cash included in Other current assets — 
Restricted cash included in Other non-current assets 107  104 
Total cash, cash equivalents and restricted cash $ 4,745  $ 4,932 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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NEWMONT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions)
At September 30,
2021
At December 31,
2020
ASSETS
Cash and cash equivalents $ 4,636  $ 5,540 
Trade receivables (Note 4) 334  449 
Investments (Note 14) 157  290 
Inventories (Note 15) 998  963 
Stockpiles and ore on leach pads (Note 16) 941  827 
Other current assets 406  436 
Current assets 7,472  8,505 
Property, plant and mine development, net 23,711  24,281 
Investments (Note 14) 3,173  3,197 
Stockpiles and ore on leach pads (Note 16) 1,791  1,705 
Deferred income tax assets 313  337 
Goodwill 2,771  2,771 
Other non-current assets 634  573 
Total assets $ 39,865  $ 41,369 
LIABILITIES
Accounts payable $ 498  $ 493 
Employee-related benefits 345  380 
Income and mining taxes payable 305  657 
Lease and other financing obligations 106  106 
Debt (Note 17) 492  551 
Other current liabilities (Note 18) 1,053  1,182 
Current liabilities 2,799  3,369 
Debt (Note 17) 4,990  5,480 
Lease and other financing obligations 550  565 
Reclamation and remediation liabilities (Note 5) 3,937  3,818 
Deferred income tax liabilities 2,235  2,073 
Employee-related benefits 484  493 
Silver streaming agreement 923  993 
Other non-current liabilities (Note 18) 661  699 
Total liabilities 16,579  17,490 
Contingently redeemable noncontrolling interest 48  34 
EQUITY
Common stock 1,284  1,287 
Treasury stock (199) (168)
Additional paid-in capital 18,078  18,103 
Accumulated other comprehensive income (loss) (Note 19) (190) (216)
Retained earnings (accumulated deficit) 3,739  4,002 
Newmont stockholders' equity 22,712  23,008 
Noncontrolling interests 526  837 
Total equity 23,238  23,845 
Total liabilities and equity $ 39,865  $ 41,369 

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(unaudited, in millions)
Common Stock Treasury Stock Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
(Accumulated
Deficit)
Noncontrolling
Interests
Total
Equity
Contingently
Redeemable
Noncontrolling
Interest (5)
Shares Amount Shares Amount
Balance at December 31, 2020 804  $ 1,287  (4) $ (168) $ 18,103  $ (216) $ 4,002  $ 837  $ 23,845  $ 34 
Net income (loss) —  —  —  —  —  —  559  20  579  — 
Other comprehensive income (loss)  —  —  —  —  —  11  —  —  11  — 
Dividends declared (1)
—  —  —  —  —  —  (441) —  (441) — 
Distributions declared to noncontrolling interests (2)
—  —  —  —  —  —  —  (54) (54) — 
Cash calls requested from noncontrolling interests (3)
—  —  —  —  —  —  —  28  28  — 
Withholding of employee taxes related to stock-based compensation
—  —  —  (28) —  —  —  —  (28) — 
Stock options exercised —  —  —  —  —  —  —  — 
Stock-based awards and related share issuances —  —  15  —  —  —  17  — 
Balance at March 31, 2021 805  $ 1,289  (4) $ (196) $ 18,119  $ (205) $ 4,120  $ 831  $ 23,958  $ 34 
Net income (loss) —  —  —  —  —  —  650  11  661  — 
Other comprehensive income (loss)  —  —  —  —  —  —  —  — 
Dividends declared (1)
—  —  —  —  —  —  (443) —  (443) — 
Distributions declared to noncontrolling interests (2)
—  —  —  —  —  —  —  (43) (43) — 
Cash calls requested from noncontrolling interests (3)
—  —  —  —  —  —  —  22  22  — 
Repurchase and retirement of common stock (4)
(2) (3) —  —  (49) —  (85) —  (137) — 
Withholding of employee taxes related to stock-based compensation
—  —  —  (1) —  —  —  —  (1) — 
Stock options exercised —  —  —  —  15  —  —  —  15  — 
Stock-based awards and related share issuances —  —  —  20  —  —  —  21  — 
Balance at June 30, 2021 803  $ 1,287  (4) $ (197) $ 18,105  $ (198) $ 4,242  $ 821  $ 24,060  $ 34 
Net income (loss) —  —  —  —  —  —  (260) (257) 14 
Other comprehensive income (loss)  —  —  —  —  —  —  —  — 
Dividends declared (1)
—  —  —  —  —  —  (441) —  (441) — 
Distributions declared to noncontrolling interests (2)
—  —  —  —  —  —  —  (58) (58) — 
Cash calls requested from noncontrolling interests (3)
—  —  —  —  —  —  —  23  23  — 
Repurchase and retirement of common stock (4)
(2) (4) —  —  (45) —  (65) —  (114) — 
Withholding of employee taxes related to stock-based compensation
—  —  —  (2) —  —  —  —  (2) — 
Stock options exercised —  —  —  —  —  —  — 
Stock-based awards and related share issuances —  —  —  17  —  —  —  17  — 
Balance at September 30, 2021 802  $ 1,284  (4) $ (199) $ 18,078  $ (190) $ 3,739  $ 526  $ 23,238  $ 48 
____________________________
(1)Cash dividends declared per common share were $0.55 and $1.65 for the three and nine months ended September 30, 2021, respectively. Dividends declared and dividends paid to common stockholders differ by $4 due to timing.
(2)Distributions declared to noncontrolling interests of $58 and $155 for the three and nine months ended September 30, 2021, respectively, represent cash calls declared by Newmont to Staatsolie for the Merian mine. Newmont paid $58 and $155 for distributions during the three and nine months ended September 30, 2021, respectively. Any differences are due to timing of payments.
(3)Cash calls requested from noncontrolling interests of $23 and $73 for the three and nine months ended September 30, 2021, respectively, represent cash calls requested from Staatsolie for the Merian mine. Staatsolie paid $25 and $73 for cash calls during the three and nine months ended September 30, 2021, respectively. Differences are due to timing of receipts.
(4)Repurchase and retirement of common stock of $114 and $251 for the three and nine months ended September 30, 2021, respectively, includes $— and $3 of non-cash common stock forfeitures.
(5)Summit Global Management II VB, a subsidiary of Sumitomo Corporation (“Sumitomo”) holds a 5% interest in Yanacocha and has the option to require Yanacocha to repurchase their interest for $48 if certain conditions are not met. Sumitomo is entitled to participate in earnings of Yanacocha and, as a result of the option, is not required to fund losses that reduce Sumitomo's investment below $48.
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(unaudited, in millions)
Common Stock Treasury Stock Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
(Accumulated
Deficit)
Noncontrolling
Interests
Total
Equity
Contingently
Redeemable
Noncontrolling
Interest
Shares Amount Shares Amount
Balance at December 31, 2019 811  $ 1,298  (3) $ (120) $ 18,216  $ (265) $ 2,291  $ 950  $ 22,370  $ 47 
Cumulative-effect adjustment of adopting ASU No. 2016-13 —  —  —  —  —  —  (5) —  (5) — 
Net income (loss) —  —  —  —  —  —  822  826  (2)
Other comprehensive income (loss) —  —  —  —  —  13  —  —  13  — 
Dividends declared (1)
—  —  —  —  —  —  (112) —  (112) — 
Distributions declared to noncontrolling interests (2)
—  —  —  —  —  —  —  (50) (50) — 
Cash calls requested from noncontrolling interests (3)
—  —  —  —  —  —  —  25  25  — 
Repurchase and retirement of common stock (7) (11) —  —  (160) —  (150) —  (321) — 
Withholding of employee taxes related to stock-based compensation
—  —  (1) (36) —  —  —  —  (36) — 
Stock options exercised —  —  —  —  —  —  —  — 
Stock-based awards and related share issuances —  —  18  —  —  —  21  — 
Balance at March 31, 2020 806  $ 1,290  (4) $ (156) $ 18,078  $ (252) $ 2,846  $ 929  $ 22,735  $ 45 
Net income (loss) —  —  —  —  —  —  344  349  (2)
Other comprehensive income (loss) —  —  —  —  —  —  —  — 
Dividends declared (1)
—  —  —  —  —  —  (201) —  (201) — 
Distributions declared to noncontrolling interests (2)
—  —  —  —  —  —  —  (39) (39) — 
Cash calls requested from noncontrolling interests (3)
—  —  —  —  —  —  —  29  29  — 
Withholding of employee taxes related to stock-based compensation
—  —  —  (3) —  —  —  —  (3) — 
Stock options exercised —  —  35  —  —  —  36  — 
Stock-based awards and related share issuances —  —  —  —  17  —  —  —  17  — 
Balance at June 30, 2020 807  $ 1,291  (4) $ (159) $ 18,130  $ (247) $ 2,989  $ 924  $ 22,928  $ 43 
Net income (loss) —  —  —  —  —  —  839  17  856  — 
Other comprehensive income (loss) —  —  —  —  —  —  —  — 
Dividends declared (1)
—  —  —  —  —  —  (205) —  (205) — 
Distributions declared to noncontrolling interests (2)
—  —  —  —  —  —  —  (53) (53) — 
Cash calls requested from noncontrolling interests (3)
—  —  —  —  —  —  —  28  28  — 
Withholding of employee taxes related to stock-based compensation —  —  —  (6) —  —  —  —  (6) — 
Stock options exercised —  —  —  —  10  —  —  —  10  — 
Stock-based awards and related share issuances —  —  16  —  —  —  17  — 
Balance at September 30, 2020 808  $ 1,292  (4) $ (165) $ 18,156  $ (245) $ 3,623  $ 916  $ 23,577  $ 43 
____________________________
(1)Cash dividends declared per common share were $0.25 and $0.64 for the three and nine months ended September 30, 2020, respectively. Dividends declared and dividends paid to common stockholders will differ by $4 due to timing.
(2)Distributions declared to noncontrolling interests of $53 and $142 for the three and nine months ended September 30, 2020, respectively, represent cash calls declared by Newmont to Staatsolie for the Merian mine. Newmont paid $55 and $143 for distributions during the three and nine months ended September 30, 2020, respectively. Any differences are due to timing of payments.
(3)Cash calls requested from noncontrolling interests of $28 and $82 for the three and nine months ended September 30, 2020, respectively, represent cash calls requested from Staatsolie for the Merian mine. Staatsolie paid $27 and $82 for cash calls during the three and nine months ended September 30, 2020, respectively. Differences are due to timing of receipts.
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)

NOTE 1     BASIS OF PRESENTATION
The interim Condensed Consolidated Financial Statements (“interim statements”) of Newmont Corporation, a Delaware corporation and its subsidiaries (collectively, “Newmont” or the “Company”) are unaudited. In the opinion of management, all adjustments (including normal recurring adjustments) and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with Newmont’s Consolidated Financial Statements for the year ended December 31, 2020 filed on February 18, 2021 on Form 10-K. The year-end balance sheet data was derived from the audited financial statements and, in accordance with the instructions to Form 10-Q, certain information and footnote disclosures required by United States (“U.S.”) generally accepted accounting principles (“GAAP”) have been condensed or omitted.
References to “C$” refer to Canadian currency.
During the third quarter of 2021, Nevada Gold Mines LLC ("NGM"), the joint venture held with Barrick Gold Corporation (“Barrick”) of which the Company holds economic interests equal to 38.5%, entered into a definitive asset exchange agreement (the “Exchange Agreement”) with i-80 Gold Corp. The transaction closed during October 2021 and pursuant to the Exchange Agreement, NGM (i) acquired the remaining 40% interest in the South Arturo property, (ii) obtained an option to acquire the adjacent Rodeo Creek exploration property, (iii) received contingent consideration of up to $50 on meeting specific production targets, and (iv) obtained the release of NGM bonds in exchange for i-80 bonding, in exchange for certain processing infrastructure, including an autoclave, and the Lone Tree and Buffalo Mountain properties. The valuation of NGM's controlling interest in the South Arturo property and related accounting resulting from the asset exchange is still in process. As a result of the transaction, the Company currently expects to recognize a significant gain, representing its 38.5% interest in NGM's gain, in the fourth quarter of 2021.
On May 17, 2021, the Company completed the acquisition of the remaining 85.1% of GT Gold Corporation (“GT Gold”) for cash consideration, including related transaction costs, of $326. The acquisition, deemed to be an asset acquisition under U.S. GAAP, resulted in total consideration of $378, including non-cash consideration of $52. The non-cash consideration represents the fair value of the 14.9% GT Gold investment held by the Company prior to the acquisition and previously accounted for as marketable equity securities. The total consideration paid was allocated to the acquired assets and assumed liabilities based on their estimated fair values on the acquisition date, which primarily consisted of mineral interests of $590 and a related deferred tax liability of $211.
In March 2020, the Company sold the Red Lake complex, previously included as part of the Company’s North America segment. As the sale was completed in the first quarter of 2020, there are no results for Red Lake for the three and nine months ended September 30, 2021 and the three months ended September 30, 2020. Refer to Note 9 for further information.
NOTE 2     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Risks and Uncertainties
As a global mining company, the Company’s revenue, profitability and future rate of growth are substantially dependent on prevailing metal prices, primarily for gold, but also for copper, silver, lead and zinc. Historically, the commodity markets have been very volatile, and there can be no assurance that commodity prices will not be subject to significant fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and on the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Property, plant and mine development, net; Inventories; Stockpiles and ore on leach pads; Investments; Deferred income tax assets; and Goodwill are particularly sensitive to the outlook for commodity prices. A decline in the Company’s price outlook from current levels could result in material impairment charges related to these assets.
In addition to changes in commodity prices, other factors such as changes in mine plans, increases in costs, geotechnical failures, changes in social, environmental or regulatory requirements, impacts of global events such as the COVID-19 pandemic and management’s decision to reprioritize or abandon a development project can adversely affect the Company’s ability to recover its investment in certain assets and result in impairment charges.
The COVID-19 pandemic has had a material impact on the global economy, the scale and duration of which remain uncertain. As of September 30, 2021, all sites were fully operational, including Cerro Negro and Tanami. Cerro Negro returned to full capacity during September 2021 after operating for more than a year at reduced levels due to COVID-related impacts. After temporarily being placed into care and maintenance in late June 2021 to protect our employees and nearby communities, align with country mandated travel restrictions and manage ongoing COVID-related impacts, Tanami returned to full capacity by the end of July 2021.
The impact of this pandemic could include placing additional sites into care and maintenance, significant COVID-19 specific costs, volatility in the prices for gold and other metals, logistical challenges shipping our products, delays in product refining and smelting due to restrictions or temporary closures, additional travel restrictions, other supply chain disruptions and workforce interruptions, including loss of life. Depending on the duration and extent of the impact of COVID-19, this could materially impact the Company’s results of operations, cash flows and financial condition and could result in material impairment charges to the Company’s Property, plant and mine development, net; Inventories; Stockpiles and ore on leach pads; Investments; Deferred income tax assets; and Goodwill.
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. The Company must make these estimates and assumptions because certain information used is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. Actual results could differ from these estimates.
Reclassifications
Certain amounts in prior years have been reclassified to conform to the current year presentation.
Recently Adopted Accounting Pronouncements and Securities and Exchange Commission Rules
Accounting for Income Taxes
In December 2019, Accounting Standard Update ("ASU") No. 2019-12 was issued to simplify the accounting for income taxes, eliminate certain exceptions within Accounting Standard Codification ("ASC") 740, Income Taxes, and clarify certain aspects of the current guidance to promote consistency among reporting entities. The Company adopted this standard as of January 1, 2021. The adoption did not have a material impact on the Consolidated Financial Statements or disclosures.
Accounting for Equity Securities, Investments and Certain Forward Contracts and Options
In January 2020, ASU No. 2020-01 was issued which clarifies the interaction in accounting for equity securities under ASC 321, investments accounted for under the equity method of accounting in ASC 323 and the accounting for certain forward contracts and purchased options accounted for under ASC 815, Derivatives and Hedging. The Company adopted this standard as of January 1, 2021. The adoption did not have a material impact on the Consolidated Financial Statements or disclosures.
Financial Disclosures about Acquired and Disposed Businesses
In May 2020, the SEC finalized its proposed updates to Rule 3-05 within Regulation S-X, Financial statements of businesses acquired or to be acquired, Rule 3-14, Special instructions for real estate operations to be acquired; Article 11, Pro Forma Financial Information; and other related rules and forms (the “Rules”). The Rules include amendments, which among other things: revise significance tests used to determine disclosure requirements; require the financial statements of the acquired business to cover only up to the two most recent fiscal years; permit the use of, or reconciliation to, International Financial Reporting Standards as issued by the International Accounting Standards Board in certain circumstances; and amend certain pro forma financial information requirements. The Rules were adopted on January 1, 2021. The adoption did not have a material impact on the Consolidated Financial Statements or disclosures.
Recently Issued Accounting Pronouncements
Effects of Reference Rate Reform
In March 2020, ASU No. 2020-04 was issued which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform. This guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. The Company is still completing its evaluation of the impact of ASU 2020-04 and plans to elect optional expedients as reference rate reform activities occur. In January 2021, ASU No. 2021-01 was issued which broadened the scope of ASU No. 2020-04 to include certain derivative instruments. The Company expects neither the guidance nor the subsequent update to have a material impact on the Consolidated Financial Statements or disclosures.
NOTE 3     SEGMENT INFORMATION
The Company has organized its operations into five geographic regions: North America, South America, Australia, Africa and Nevada, which also represent Newmont’s reportable and operating segments. The results of these operating segments are reviewed by the Company’s chief operating decision maker to make decisions about resources to be allocated to the segments and assess their performance. As a result, these operating segments represent the Company’s reportable segments. Notwithstanding this structure, the Company internally reports information on a mine-by-mine basis for each mining operation and has chosen to disclose this information in the following tables. Income (loss) before income and mining tax and other items from reportable segments does not reflect general corporate expenses, interest (except project-specific interest) or income and mining taxes. Intercompany revenue and expense amounts have been eliminated within each segment in order to report on the basis that management uses internally for evaluating segment performance. Newmont’s business activities that are not considered operating segments are included in Corporate and Other. Although they are not required to be included in this footnote, they are provided for reconciliation purposes.
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
Sales Costs Applicable to Sales Depreciation and Amortization Advanced Projects, Research and Development and Exploration Income (Loss) before Income and Mining Tax and Other Items
Capital Expenditures(1)
Three Months Ended September 30, 2021
CC&V $ 87  $ 47  $ 13  $ $ 22  $ 19 
Musselwhite 64  38  19  10 
Porcupine 128  69  22  33  15 
Éléonore 104  60  36  10 
Peñasquito:
Gold 296  94  49 
Silver 143  80  43 
Lead 42  18 
Zinc 122  57  25 
Total Peñasquito 603  249  126  212  36 
Other North America —  —  (11) — 
North America 986  463  220  12  272  90 
Yanacocha 118  92  33  (46) 40 
Merian 190  80  23  81 
Cerro Negro 114  54  31  22  29 
Other South America —  —  (588)
South America 422  226  88  20  (531) 79 
Boddington:
Gold 294  151  25 
Copper 72  37 
Total Boddington 366  188  31  146  20 
Tanami 199  69  25  96  65 
Other Australia —  —  (2)
Australia 565  257  58  13  240  87 
Ahafo 220  112  37  66  66 
Akyem 164  77  31  53  15 
Other Africa —  —  —  —  (2) — 
Africa 384  189  68  117  81 
Nevada Gold Mines 538  232  131  162  59 
Nevada 538  232  131  162  59 
Corporate and Other —  —  38  (331)
Consolidated $ 2,895  $ 1,367  $ 570  $ 100  $ (71) $ 405 
____________________________
(1)Includes an increase in accrued capital expenditures of $7; consolidated capital expenditures on a cash basis were $398.

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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
Sales Costs Applicable to Sales Depreciation and Amortization Advanced Projects, Research and Development and Exploration Income (Loss) before Income and Mining Tax and Other Items
Capital Expenditures(1)
Three Months Ended September 30, 2020
CC&V $ 137  $ 61  $ 21  $ $ 47  $ 10 
Musselwhite 90  46  33  15 
Porcupine 154  61  27  59  10 
Éléonore 111  53  32  19  11 
Peñasquito:
Gold 238  74  40 
Silver 138  45  24 
Lead 30  17 
Zinc 99  49  26 
Total Peñasquito 505  185  99  197  20 
Other North America —  —  (25) — 
North America 997  406  218  16  298  66 
Yanacocha 152  81  26  23 
Merian 204  86  28  88  10 
Cerro Negro 95  43  34  —  (8) 10 
Other South America —  —  (11) — 
South America 451  210  89  12  75  43 
Boddington:
Gold 348  148  26 
Copper 43  28 
Total Boddington 391  176  31  173  22 
Tanami 248  62  30  135  68 
Other Australia —  —  (13)
Australia 639  238  62  10  295  91 
Ahafo 261  99  40  101  32 
Akyem 172  58  29  77 
Other Africa —  —  —  (4) — 
Africa 433  157  69  174  39 
Nevada Gold Mines 650  258  151  12  223  57 
Nevada 650  258  151  12  223  57 
Corporate and Other —  —  29  (185) 11 
Consolidated $ 3,170  $ 1,269  $ 592  $ 87  $ 880  $ 307 
____________________________
(1)Includes an increase in accrued capital expenditures of $11; consolidated capital expenditures on a cash basis were $296.
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
Sales Costs Applicable to Sales Depreciation and Amortization Advanced Projects, Research and Development and Exploration Income (Loss) before Income and Mining Tax and Other Items
Capital Expenditures(1)
Nine Months Ended September 30, 2021
CC&V $ 302  $ 167  $ 47  $ 13  $ 74  $ 36 
Musselwhite
197  114  58  16  29 
Porcupine
381  196  67  14  97  42 
Éléonore
337  178  104  45  41 
Peñasquito:
Gold 932  278  147 
Silver 486  230  123 
Lead 129  55  29 
Zinc 385  177  80 
Total Peñasquito 1,932  740  379  777  100 
Other North America —  —  12  (20) — 
North America 3,149  1,395  667  44  989  248 
Yanacocha 351  174  84  11  (2) 83 
Merian 579  244  74  238  29 
Cerro Negro
340  163  96  62  77 
Other South America —  —  24  (618)
South America 1,270  581  258  47  (320) 190 
Boddington:
Gold 882  444  72 
Copper 204  102  16 
Total Boddington 1,086  546  88  446  157 
Tanami 617  204  71  18  321  192 
Other Australia —  —  10  (12)
Australia 1,703  750  164  34  755  354 
Ahafo 596  296  103  14  177  143 
Akyem 514  199  91  216  35 
Other Africa —  —  —  (7) — 
Africa 1,110  495  194  21  386  178 
Nevada Gold Mines
1,600  674  386  22  499  176 
Nevada 1,600  674  386  22  499  176 
Corporate and Other —  —  15  87  (694) 19 
Consolidated $ 8,832  $ 3,895  $ 1,684  $ 255  $ 1,615  $ 1,165 
____________________________
(1)Includes a decrease in accrued capital expenditures of $47; consolidated capital expenditures on a cash basis were $1,212.
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
Sales Costs Applicable to Sales Depreciation and Amortization Advanced Projects, Research and Development and Exploration Income (Loss) before Income and Mining Tax and Other Items
Capital Expenditures(1)
Nine Months Ended September 30, 2020
CC&V $ 348  $ 180  $ 59  $ $ 93  $ 27 
Red Lake
67  45  20 
Musselwhite
114  73  50  (42) 41 
Porcupine
420  174  80  153  27 
Éléonore
240  127  79  27 
Peñasquito:
Gold 541  188  105 
Silver 337  148  82 
Lead 92  56  31 
Zinc 239  167  90 
Total Peñasquito 1,209  559  308  275  69 
Other North America —  —  22  (75)
North America 2,398  1,158  600  35  431  197 
Yanacocha 456  270  98  (19) 62 
Merian 584  239  75  260  27 
Cerro Negro
262  115  103  (31) 36 
Other South America —  —  20  (37)
South America 1,302  624  281  37  173  127 
Boddington:
Gold 874  421  74 
Copper 101  78  14 
Total Boddington 975  499  88  365  79 
Tanami 652  189  79  11  346  138 
Other Australia —  —  11  468 
Australia 1,627  688  172  25  1,179  220 
Ahafo 594  264  105  14  184  91 
Akyem 465  164  87  195  19 
Other Africa —  —  —  (9) — 
Africa 1,059  428  192  22  370  110 
Nevada Gold Mines 1,730  761  429  30  486  183 
Nevada 1,730  761  429  30  486  183 
Corporate and Other —  —  11  61  (430) 34 
Consolidated $ 8,116  $ 3,659  $ 1,685  $ 210  $ 2,209  $ 871 
____________________________
(1)Includes a decrease in accrued capital expenditures of $33; consolidated capital expenditures on a cash basis were $904.
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
NOTE 4     SALES
The following tables present the Company’s Sales by mining operation, product and inventory type:
Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales
Three Months Ended September 30, 2021
CC&V $ 83  $ $ 87 
Musselwhite 64  —  64 
Porcupine 128  —  128 
Éléonore 104  —  104 
Peñasquito:
Gold 31  265  296 
Silver (1)
—  143  143 
Lead —  42  42 
Zinc —  122  122 
Total Peñasquito 31  572  603 
North America 410  576  986 
Yanacocha 114  118 
Merian 190  —  190 
Cerro Negro 114  —  114 
South America 418  422 
Boddington:
Gold 74  220  294 
Copper —  72  72 
Total Boddington 74  292  366 
Tanami 199  —  199 
Australia 273  292  565 
Ahafo 220  —  220 
Akyem 164  —  164 
Africa 384  —  384 
Nevada Gold Mines (2)
515  23  538 
Nevada 515  23  538 
Consolidated $ 2,000  $ 895  $ 2,895 
____________________________
(1)Silver sales from concentrate includes $19 related to non-cash amortization of the silver streaming agreement liability.
(2)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $516 for the three months ended September 30, 2021.
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales
Three Months Ended September 30, 2020
CC&V $ 137  $ —  $ 137 
Musselwhite 90  —  90 
Porcupine 154  —  154 
Éléonore 111  —  111 
Peñasquito:
Gold 14  224  238 
Silver (1)
—  138  138 
Lead —  30  30 
Zinc —  99  99 
Total Peñasquito 14  491  505 
North America 506  491  997 
Yanacocha 152  —  152 
Merian 204  —  204 
Cerro Negro 95  —  95 
South America 451  —  451 
Boddington:
Gold 83  265  348 
Copper —  43  43 
Total Boddington 83  308  391 
Tanami 248  —  248 
Australia 331  308  639 
Ahafo 261  —  261 
Akyem 172  —  172 
Africa 433  —  433 
Nevada Gold Mines (2)
631  19  650 
Nevada 631  19  650 
Consolidated $ 2,352  $ 818  $ 3,170 
____________________________
(1)Silver sales from concentrate includes $16 related to non-cash amortization of the silver streaming agreement liability.
(2)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $630 for the three months ended September 30, 2020.
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales
Nine Months Ended September 30, 2021
CC&V $ 298  $ $ 302 
Musselwhite 197  —  197 
Porcupine 381  —  381 
Éléonore 337  —  337 
Peñasquito:
Gold 153  779  932 
Silver (1)
—  486  486 
Lead —  129  129 
Zinc —  385  385 
Total Peñasquito 153  1,779  1,932 
North America 1,366  1,783  3,149 
Yanacocha 338  13  351 
Merian 579  —  579 
Cerro Negro 340  —  340 
South America 1,257  13  1,270 
Boddington:
Gold 225  657  882 
Copper —  204  204 
Total Boddington 225  861  1,086 
Tanami 617  —  617 
Australia 842  861  1,703 
Ahafo 596  —  596 
Akyem 514  —  514 
Africa 1,110  —  1,110 
Nevada Gold Mines (2)
1,545  55  1,600 
Nevada 1,545  55  1,600 
Consolidated $ 6,120  $ 2,712  $ 8,832 
____________________________
(1)Silver sales from concentrate includes $58 related to non-cash amortization of the silver streaming agreement liability.
(2)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $1,542 for the nine months ended September 30, 2021.
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales
Nine Months Ended September 30, 2020
CC&V $ 348  $ —  $ 348 
Red Lake 67  —  67 
Musselwhite 114  —  114 
Porcupine 420  —  420 
Éléonore 240  —  240 
Peñasquito:
Gold 36  505  541 
Silver (1)
—  337  337 
Lead —  92  92 
Zinc —  239  239 
Total Peñasquito 36  1,173  1,209 
North America 1,225  1,173  2,398 
Yanacocha 456  —  456 
Merian 584  —  584 
Cerro Negro 262  —  262 
South America 1,302  —  1,302 
Boddington:
Gold 207  667  874 
Copper —  101  101 
Total Boddington 207  768  975 
Tanami 652  —  652 
Australia 859  768  1,627 
Ahafo 594  —  594 
Akyem 465  —  465 
Africa 1,059  —  1,059 
Nevada Gold Mines (2)
1,675  55  1,730 
Nevada 1,675  55  1,730 
Consolidated $ 6,120  $ 1,996  $ 8,116 
____________________________
(1)Silver sales from concentrate includes $48 related to non-cash amortization of the silver streaming agreement liability.
(2)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $1,681 for the nine months ended September 30, 2020.
Trade Receivables
The following table details the receivables included within Trade receivables:
At September 30,
2021
At December 31,
2020
Receivables from Sales:
Gold sales from doré production $ 96  $ 59 
Sales from concentrate and other production 238  390 
Total receivables from Sales $ 334  $ 449 
Provisional Sales
The Company sells gold, copper, silver, lead and zinc concentrates on a provisional basis. Provisional concentrate sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
receivable from the sale of the concentrates at the prevailing indices’ prices at the time of sale. The embedded derivative, which is not designated for hedge accounting treatment, is marked to market through earnings each period prior to final settlement.
The impact to Sales from revenue recognized due to the changes in pricing is a (decrease) increase of $(11) and $46 for the three months ended September 30, 2021 and 2020, respectively and a (decrease) increase of $(18) and $65 for the nine months ended September 30, 2021 and 2020, respectively.
At September 30, 2021, Newmont had the following provisionally priced concentrate sales subject to final pricing over the next several months:
Provisionally Priced Sales
Subject to Final Pricing
Average Provisional
Price (per ounce/pound)
Gold (ounces/thousands) 218  $ 1,744 
Copper (pounds/millions) 16 $ 4.09 
Silver (ounces/millions) $ 21.53 
Lead (pounds/millions) 29 $ 0.95 
Zinc (pounds/millions) 62 $ 1.35 
NOTE 5     RECLAMATION AND REMEDIATION
The Company’s mining and exploration activities are subject to various domestic and international laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. The Company conducts its operations to protect public health and the environment and believes its operations are in compliance with applicable laws and regulations in all material respects. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. Estimated future reclamation and remediation costs are based principally on current legal and regulatory requirements.
The Company’s Reclamation and remediation expense consisted of:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Reclamation adjustments and other $ 56  $ —  $ 67  $ — 
Reclamation accretion 32  34  94  103 
Total reclamation expense 88  34  161  103 
Remediation adjustments and other 28  54 
Remediation accretion
Total remediation expense 29  59  13 
$ 117  $ 38  $ 220  $ 116 
The following are reconciliations of Reclamation and remediation liabilities:
2021 2020
Reclamation balance at January 1, $ 3,719  $ 3,334 
Additions, changes in estimates and other (1)
69  (2)
Adjustment from the Newmont Goldcorp transaction —  15 
Payments, net (70) (49)
Accretion expense  94  103 
Reclamation balance at September 30, $ 3,812  $ 3,401 
____________________________
(1)Of the $69 addition, $56 is primarily due to higher estimated closure cost arising from recent tailings management review and monitoring requirements set forth by the Global Industry Standard on Tailings Management (GISTM) and $13 relates to higher estimated closure plan costs at NGM for the closed Rain site related to water management and update to waste dumps at Phoenix.
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
2021 2020
Remediation balance at January 1, $ 313  $ 299 
Additions, changes in estimates and other (1)
44  — 
Payments, net (27) (18)
Accretion expense 
Remediation balance at September 30, $ 335  $ 285 
____________________________
(1)Of the $44 addition, $21 is primarily due to revisions to estimated construction costs of the water treatment plant at Midnite Mine and $23 is primarily due to higher estimated closure cost arising from recent tailings management review and monitoring requirements set forth by the GISTM.
The current portion of reclamation liabilities was $157 and $164 at September 30, 2021 and December 31, 2020, respectively, and was included in Other current liabilities. At September 30, 2021 and December 31, 2020, $3,655 and $3,555, respectively, were accrued as the non-current portion of the reclamation obligations relating to operating properties and formerly operating properties that have entered the closure phase and have no substantive future economic value and are included in Reclamation and remediation liabilities.
The Company is also involved in several matters concerning environmental remediation obligations associated with former, primarily historic, mining activities. Generally, these matters concern developing and implementing remediation plans at the various sites involved. The current portion of remediation liabilities was $53 and $50 at September 30, 2021 and December 31, 2020, respectively, and was included in Other current liabilities. At September 30, 2021 and December 31, 2020, $282 and $263, respectively, were accrued as the non-current portion of the environmental remediation obligations and included in Reclamation and remediation liabilities. Depending upon the ultimate resolution of these matters, the Company believes that it is reasonably possible that the liability for these matters could be as much as 45% greater or 0% lower than the amount accrued at September 30, 2021. The amounts accrued are reviewed periodically based upon facts and circumstances available at the time. Changes in estimates are recorded in Reclamation and remediation in the period estimates are revised.
Included in Other non-current assets at September 30, 2021 and December 31, 2020 are $56 and $56 respectively, of non-current restricted cash held for purposes of settling reclamation and remediation obligations. Of the amounts at September 30, 2021, $48 was related to the Ahafo and Akyem mines in Ghana, Africa and $6 related to NGM in Nevada, United States and $2 was related to the Midnite mine site in Washington, United States. Of the amounts at December 31, 2020, $48 was related to the Ahafo and Akyem mines in Ghana, Africa, $6 related to NGM in Nevada, United States and $2 was related to the Midnite mine site in Washington, United States.
Included in Other non-current assets at September 30, 2021 and December 31, 2020 was $38 and $38, respectively, of non-current restricted investments, which are legally pledged for purposes of settling reclamation and remediation obligations. Of the amounts at September 30, 2021, $14 is related to the Midnite mine site and $24 is related to San Jose Reservoir. Of the amounts at December 31, 2020, $14 is related to the Midnite mine site and $24 is related to San Jose Reservoir.
Refer to Notes 18 and 21 for further discussion of reclamation and remediation matters.
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
NOTE 6     CARE AND MAINTENANCE
Care and maintenance costs represent direct operating costs and depreciation and amortization costs incurred during the period the sites were temporarily placed into care and maintenance or operating at reduced levels in response to the COVID-19 pandemic. The following table includes direct operating costs incurred and reported as Care and maintenance:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Musselwhite $ —  $ $ —  $ 28 
Éléonore —  —  —  26 
Peñasquito —  —  —  38 
Yanacocha —  —  27 
Cerro Negro —  18  —  50 
Tanami —  — 
Other —  — 
$ $ 26  $ $ 171 
During the three and nine months ended September 30, 2021, the Company recognized non-cash care and maintenance costs included in Depreciation and amortization of $2 and $3 at Tanami, respectively.
During the three and nine months ended September 30, 2020, the Company recognized non-cash care and maintenance costs included in Depreciation and amortization of $— and $7 at Musselwhite, $— and $16 at Éléonore, $— and $28 at Peñasquito, $— and $7 at Yanacocha and $9 and $28 at Cerro Negro, respectively.
NOTE 7     LOSS ON ASSETS HELD FOR SALE
The Company has been evaluating alternative uses for the Conga equipment and assets, including sale to a third party. Consequently, in the third quarter of 2021, the Company entered into a binding agreement to sell certain equipment and assets originally acquired for the Conga project in Peru within our South America segment (the "Conga mill assets") for total cash proceeds of $68. Pursuant to the terms of the agreement, the sale is expected to close upon the delivery of the assets and receipt of the final payment at which time title and control of the assets will transfer, currently expected to occur within approximately one year. As of September 30, 2021, the Company has received payments of $17 included in Other current liabilities.
Prior to entering the binding agreement, the Conga mill assets, which were otherwise expected to be used in future operations associated with the long-term development of the Conga project, had a carrying value of $593 included in Property, plant and mine development, net. Upon entering the binding agreement, the Conga mill assets were reclassified as held for sale, included in Other current assets on our Condensed Consolidated Balance Sheet as of September 30, 2021, and remeasured at fair value less costs to sell. Refer to Note 13 for further information. As a result, a loss of $571 was recognized and included in Loss on assets held for sale within the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021.
Subsequent to the loss recognized in the third quarter of 2021, the remaining total assets at Conga as of September 30, 2021 was approximately $900. As of September 30, 2021, the Company has not identified events or changes in circumstances that indicate that the remaining carrying value of the Conga project is not recoverable. Although the Company has entered into the binding agreement to sell the Conga mill assets, it will continue to evaluate long-term options to progress development of the Conga project.
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
NOTE 8     OTHER EXPENSE, NET
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
COVID-19 specific costs (1)
$ 24  $ 32  $ 66  $ 67 
Impairment of long-lived and other assets 24  18  29 
Settlement costs (2)
—  26  11  34 
Restructuring and severance —  10  12 
Goldcorp transaction and integration costs —  —  —  23 
Other 21  19 
$ 37  $ 92  $ 126  $ 184 
____________________________
(1)Includes amounts distributed from the Newmont Global Community Support Fund of $1 and $3 for the three and nine months ended September 30, 2021, respectively, and $3 and $9, for three and nine months ended September 30, 2020, respectively.
(2)Primarily comprised of a voluntary contribution made to the Republic of Suriname for the nine months ended September 30, 2021 and costs related to the Cedros community agreement at Peñasquito, a water related settlement at Yanacocha, and mineral interest settlements at Ahafo and Akyem for the three and nine months ended September 30, 2020.
NOTE 9     GAIN ON ASSET AND INVESTMENT SALES, NET
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Sale of TMAC $ —  $ —  $ 42  $ — 
Sale of Kalgoorlie —  —  —  493 
Sale of Continental —  —  —  91 
Sale of Red Lake —  —  — 
Other — 
$ $ $ 46  $ 593 
Sale of TMAC. For further information related to the sale of investment holdings in TMAC Resources, Inc. ("TMAC"), refer to Note 14.
Sale of Kalgoorlie. On January 2, 2020, the Company completed the sale of its 50% interest in Kalgoorlie Consolidated Gold Mines (“Kalgoorlie”), included as part of the Australia segment, to Northern Star Resources Limited (“Northern Star”). Pursuant to the terms of the agreement, the Company received cash proceeds of $800. The proceeds were inclusive of a $25 payment that gave Northern Star specified exploration tenements, transitional services support and an option to negotiate exclusively for the purchase of Newmont’s Kalgoorlie power business for fair market value, of which $23 is recorded within Other current liabilities as of September 30, 2021, and is payable to Northern Star if the power business is sold to another third party.
Sale of Continental. On March 4, 2020, the Company completed the sale of its entire interest in Continental Gold, Inc. ("Continental"), including its convertible debt, to Zijin Mining Group. Pursuant to the terms of the agreement, the Company received cash proceeds of $253.
Sale of Red Lake. On March 31, 2020, the Company completed the sale of the Red Lake complex in Ontario, Canada, included in the Company’s North America segment, to Evolution Mining Limited. Pursuant to the terms of the agreement, the Company received total consideration of $429, including cash proceeds of $375, $15 towards working capital (received in cash in the second quarter of 2020), and the potential to receive contingent payments of up to an additional $100 tied to new mineralization discoveries over a fifteen year period. The contingent payments are considered an embedded derivative with a fair value of $42 and $42 at September 30, 2021 and December 31, 2020, respectively. For further information, refer to Note 13.
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
NOTE 10     OTHER INCOME (LOSS), NET
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Change in fair value of investments $ (96) $ 57  $ (180) $ 191 
Foreign currency exchange, net 17  (22) 48  (8)
Interest 12  21 
Impairment of investments (1)
(1) —  (1) (93)
Pension settlements (2)
—  (83) —  (85)
Loss from debt extinguishment (3)
—  —  —  (77)
Other —  —  15  16 
$ (74) $ (44) $ (106) $ (35)
____________________________
(1)Primarily represents the other-than-temporary impairment of the TMAC investment recorded in March 2020. Refer to Note 14 for further information.
(2)Pension settlement charges were recognized after determining that settlement accounting was required for certain defined benefit plans in 2020. Settlement payments were made primarily from the plan assets resulting in pension settlement charges of $(83) and $(85) for the three and nine months ended September 30, 2020, respectively.
(3)Represents charges of $— and $69 due to the debt tender offers of various Senior Notes and a related loss of $— and $8 reclassified from Accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2020, respectively.
NOTE 11     INCOME AND MINING TAXES
A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Income (loss) before income and mining tax and other items $ (71) $ 880  $ 1,615  $ 2,209 
U.S. Federal statutory tax rate 21  % $ (15) 21  % $ 185  21  % $ 339  21  % $ 464 
Reconciling items:
Percentage depletion 21  (15) (3) (23) (3) (52) (2) (50)
Change in valuation allowance on deferred tax assets (260) 185 
(1)
13  215 

(5) (114)
(2)
Foreign rate differential (65) 46  80  12  201  206 
Mining and other taxes (46) 33  55  121  110 
Tax impact of foreign exchange (3)
15  (11) 14  (2) (28) (8) (173)
Other (1) (1) (12) —  — 
Income and mining tax expense (benefit) (313) % $ 222  35  % $ 305  49  % $ 798  20  % $ 446 
____________________________
(1)Change in valuation allowance is due to an increase associated with the loss on Conga mill assets held for sale, marketable securities, net operating losses, and tax credits.
(2)Change in valuation allowance is due to a net release on marketable securities, capital losses and other capital assets associated with the sales of Kalgoorlie and Continental Gold, partially offset by increases associated with net operating losses, tax credits, and equity method investments.
(3)Tax impact of foreign exchange includes the following: (i) Mexican inflation on tax values, (ii) currency remeasurement effects of local currency deferred tax assets and deferred tax liabilities, (iii) the tax impact of local currency foreign exchange gains or losses and (iv) non-taxable or non-deductible U.S. dollar currency foreign exchange gains or losses.
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
NOTE 12     EQUITY INCOME (LOSS) OF AFFILIATES
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Pueblo Viejo Mine $ 43  $ 52  $ 137  $ 135 
Maverix Metals Inc. (2)
Norte Abierto Project (2) —  (2) (2)
NuevaUnión Project (2) —  (2) (2)
Alumbrera Mine (1)
—  (3) —  (7)
TMAC Resources Inc. —  —  (3)
Other (1) —  (2) — 
$ 39  $ 53  $ 138  $ 119 
____________________________
(1)In December 2020, the Company contributed its 37.5% ownership interest in Alumbrera in exchange for 18.75% ownership interest in Minera Agua Rica Alumbrera Limited ("MARA"). Following the transaction, the Company no longer holds an investment in Alumbrera and the 18.75% ownership interest acquired in MARA is further discussed in Note 13.
Refer to Note 14 for further information about the above equity method investments.
NOTE 13 FAIR VALUE ACCOUNTING
Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:
Level 1    Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2    Quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, quoted prices or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability and model-based valuation techniques (e.g. the Black-Scholes model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and
Level 3    Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).
The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
Fair Value at September 30, 2021
Total Level 1 Level 2 Level 3
Assets:
Cash and cash equivalents  $ 4,636  $ 4,636  $ —  $ — 
Restricted cash 109  109  —  — 
Trade receivable from provisional sales, net  239  —  239  — 
Assets held for sale (Note 7)
68  —  68  — 
Marketable and other equity securities (Note 14) (1)
414  338  18  58 
Restricted marketable debt securities (Note 14)
38  24  14  — 
Contingent consideration assets 159  —  —  159 
$ 5,663  $ 5,107  $ 339  $ 217 
Liabilities:
Debt (2)
$ 6,649  $ —  $ 6,649  $ — 
Contingent consideration liabilities —  — 
Cash-settled Goldcorp share awards —  — 
$ 6,659  $ —  $ 6,654  $
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
Fair Value at December 31, 2020
Total Level 1 Level 2 Level 3
Assets:
Cash and cash equivalents $ 5,540  $ 5,540  $ —  $ — 
Restricted cash 108  108  —  — 
Trade receivable from provisional sales, net  379  —  379  — 
Marketable and other equity securities (Note 14) (1)
682  604  25  53 
Restricted marketable debt securities (Note 14)
38  24  14  — 
Contingent consideration assets 119  —  —  119 
$ 6,866  $ 6,276  $ 418  $ 172 
Liabilities:
Debt (2)
$ 7,586  $ —  $ 7,586  $ — 
Diesel derivative contracts —  — 
Cash-settled Goldcorp share awards —  — 
$ 7,597  $ —  $ 7,597  $ — 
____________________________
(1)Marketable equity securities includes warrants reported in the Maverix Metals Inc. equity method investment balance of $9 and $14 at September 30, 2021 and December 31, 2020, respectively.
(2)Debt is carried at amortized cost. The outstanding carrying value was $5,482 and $6,031 at September 30, 2021 and December 31, 2020, respectively. The fair value measurement of debt was based on an independent third-party pricing source.
The fair values of the derivative instruments in the table above are presented on a net basis. The gross amounts related to the fair value of the derivative instruments above are immaterial. All other fair value disclosures in the above table are presented on a gross basis.
The Company’s cash and cash equivalents and restricted cash (which includes restricted cash and cash equivalents) are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets and are primarily money market securities and U.S. Treasury securities.
The Company’s net trade receivables primarily result from provisional metal concentrate sales, which contain an embedded derivative and are subject to final pricing, are valued using quoted market prices based on forward curves for the particular metal. As the contracts themselves are not traded on an exchange, these receivables are classified within Level 2 of the fair value hierarchy.
The Company's assets held for sale consist of the Conga mill assets to be sold under a binding agreement entered into during the third quarter of 2021. The assets were measured to fair value based on the negotiated sale price of $68 less costs to sell. The assets are classified as non-recurring within Level 2 of the fair value hierarchy. Refer to Note 7 for further information.
The Company’s marketable and other equity securities without readily determinable fair values primarily consists of the Company’s ownership in MARA and warrants in publicly traded companies. The ownership in MARA is accounted for under the measurement alternative and is classified as a non-recurring Level 3 investment within the fair value hierarchy. Warrants are valued using a Black-Scholes model using quoted market prices in active markets of the underlying securities. As the contracts themselves are not traded on the exchange, these equity securities are classified within Level 2 of the fair value hierarchy.
The Company’s restricted marketable debt securities are primarily U.S. government issued bonds and international bonds. The Company’s South American debt securities are classified within Level 1 of the fair value hierarchy, using published market prices of actively traded securities. The Company’s North American debt securities are classified within Level 2 of the fair value hierarchy as they are valued using pricing models which are based on prices of similar, actively traded securities.
The estimated fair value of the contingent consideration assets and liabilities are determined using discounted cash flow models. The contingent consideration assets and liabilities consist of financial instruments that meet the definition of a derivative, but are not designated for hedge accounting under ASC 815. The assets and liabilities are classified within Level 3 of the fair value hierarchy. Increases in the discount rate will result in a decrease in the estimated fair value of the contingent consideration assets and liabilities.
The Company’s derivative instruments consist of fixed forward contracts. These derivative instruments are valued using pricing models, and the Company generally uses similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices, forward curves, measures of volatility, and correlations of such inputs. The Company’s derivatives trade in liquid markets, and as such, model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.
The Company’s liability-classified stock-based compensation awards consist of cash-settled Goldcorp share awards which become payable in cash on the vesting date. These awards are valued each reporting period based on the quoted Newmont stock price. As the awards themselves are not traded on the exchange, they are classified within Level 2 of the fair value hierarchy.
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
The following tables set forth a summary of the quantitative and qualitative information related to the significant observable and unobservable inputs used in the calculation of the Company’s Level 3 financial assets and liabilities at September 30, 2021 and December 31, 2020:
Description At September 30, 2021 Valuation technique Significant input Range, point estimate or average
Marketable and other equity securities $ 58  Discounted cash flow Discount rate 9.50  %
Long-term gold price $ 1,500 
Long-term copper price $ 3.00 
Contingent consideration assets $ 159  Discounted cash flow
Discount rate (1)
4.54 - 9.19
%
Contingent consideration liabilities $ Discounted cash flow
Discount rate (1)
2.12 - 3.11
%
____________________________
(1)The weighted average discount rates used to calculate the Company’s contingent consideration assets and liabilities are 7.92% and 2.52%, respectively. Various other inputs including, but not limited to, metal prices, production profiles and new mineralization discoveries were considered in determining the fair value of the individual contingent consideration assets and liabilities.
Description At December 31, 2020 Valuation technique Significant input Range, point estimate or average
Marketable and other equity securities $ 53  Discounted cash flow Discount rate 9.50  %
Long-term gold price $ 1,500 
Long-term copper price $ 3.00 
Contingent consideration assets
$ 119  Discounted cash flow
Discount rate (1)
4.53 - 9.19
%
____________________________
(1)The weighted average discount rate used to calculate the Company’s contingent consideration assets is 7.63%. Various other inputs including, but not limited to, metal prices, production profiles and new mineralization discoveries were considered in determining the fair value of the individual contingent consideration assets.
The following tables set forth a summary of changes in the fair value of the Company’s recurring Level 3 financial assets and liabilities:
Contingent consideration assets(1)
Total assets Contingent consideration liabilities Total liabilities
Fair value at December 31, 2020 $ 119  $ 119  $ —  $ — 
Additions and settlements —  —  —  — 
Revaluation 40  40 
Fair value at September 30, 2021 $ 159  $ 159  $ $
Continental convertible debt(2)
Contingent consideration assets(3)
Total assets
Holt royalty obligation(1)
Total liabilities
Fair value at December 31, 2019 $ 39  $ 38  $ 77  $ 257  $ 257 
Additions and settlements —  39  39  (8) (8)
Revaluation 19  20  (249) (249)
Sales (40) —  (40) —  — 
Fair value at September 30, 2020 $ —  $ 96  $ 96  $ —  $ — 
____________________________
(1)The gain (loss) recognized on revaluation is primarily included in Net income (loss) from discontinued operations.
(2)The gain recognized on revaluation is included in Other comprehensive income (loss). The gain recognized on sale is included in Gain on asset and investment sales, net.
(3)Additions of $39 relate to contingent consideration assets received from the sale of Red Lake. Refer to Note 9 for further information. The gain (loss) recognized on revaluation is included in Net income (loss) from discontinued operations.
During the third quarter 2020, the Company purchased an option from Kirkland for the mining and mineral rights subject to the Holt royalty obligation ("Holt option") for $75, which resulted in a downward revision to future production scenarios of the Holt mine to nil and effectively reduced the Holt royalty obligation to zero. The Company has the right to exercise the Holt option and acquire ownership to the mineral interests subject to the Holt royalty obligation in the event Kirkland intends to resume operations at the Holt mine. Kirkland has the right to assume the Company’s Holt royalty obligation at any time, in which case the Holt option would terminate. The net effect of the Holt option structure is that Kirkland cannot resume operations and process minerals subject to the Holt royalty obligation unless it also assumes the obligation.
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Table of Contents
NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
As a result of the Holt option, the estimated fair value of the Holt royalty obligation and option were $— at September 30, 2020. Changes to the estimated fair value resulting from periodic revaluations and the resulting write down of the obligation due to the purchase of the option were recorded to Net income (loss) from discontinued operations, net of tax. During the three and nine months ended September 30, 2020, the Company recorded a gain of $218 and $137, net of tax expense of $(57) and $(37), respectively. Prior to the Holt option purchase, the Company paid $8 during the nine months ended September 30, 2020 related to the Holt royalty obligation. Refer to Note 21 for further information.
The Company’s marketable debt securities for the period ended September 30, 2020, consisted of an unrestricted convertible debenture with Continental (the “Continental Convertible Debt”). The estimated fair value of the host debt instrument was determined using a discounted cash flow model, with an internally derived discount rate. It has been classified within Level 3 of the fair value hierarchy. In March 2020, the Company completed the sale of its interest in Continental, which included the convertible debenture. Refer to Note 9 for further information.
NOTE 14 INVESTMENTS
At September 30,
2021
At December 31,
2020
Current: 
Marketable equity securities $ 157  $ 290 
Non-current: 
Marketable and other equity securities (1)
$ 248  $ 378 
Equity method investments: 
Pueblo Viejo Mine (40.0%)
$ 1,311  $ 1,202 
NuevaUnión Project (50.0%)
948  949 
Norte Abierto Project (50.0%)
502  493 
Maverix Metals Inc. (28.8%)
161  160 
TMAC Resources, Inc. (—%)
—  13 
Other
2,925  2,819 
$ 3,173  $ 3,197 
Non-current restricted investments: (2)
Marketable debt securities $ 38  $ 38 
____________________________
(1)At December 31, 2020, marketable and other equity securities included the 14.9% of equity interest held in GT Gold prior to the acquisition completed in the second quarter of 2021. Refer to Note 1 for further information.
(2)Non-current restricted investments are legally pledged for purposes of settling reclamation and remediation obligations and are included in Other non-current assets. Refer to Note 5 for further information regarding these amounts.
Pueblo Viejo
As of September 30, 2021 and December 31, 2020, the Company had outstanding shareholder loans to Pueblo Viejo of $259 and $244, with accrued interest of $1 and $4, respectively, included in the Pueblo Viejo equity method investment. Additionally, the Company had an unfunded commitment to Pueblo Viejo in the form of a revolving loan facility ("Revolving Facility"). There were no borrowings outstanding under the Revolving Facility as of September 30, 2021.
The Company purchases its portion (40%) of gold and silver produced from Pueblo Viejo at market price and resells those ounces to third parties. Total payments made to Pueblo Viejo for gold and silver purchased were $154 and $476 for the three and nine months ended September 30, 2021, respectively. Total payments made to Pueblo Viejo for gold and silver purchased were $170 and $463 for the three and nine months ended September 30, 2020, respectively. These purchases, net of subsequent sales, were included in Other income (loss), net and the net amount is immaterial. There were no amounts due to or due from Pueblo Viejo for gold and silver purchases as of September 30, 2021 or December 31, 2020.
TMAC Resources, Inc.
During the first quarter of 2020, the Company recorded a non-cash other-than-temporary impairment charge of $93, in Other income (loss), net related to TMAC. The impairment charge was calculated using quoted market prices as of March 31, 2020.
In February 2021, TMAC entered into an agreement to sell all of the company’s outstanding shares of TMAC to Agnico Eagle Mines Ltd for cash consideration of $55. The carrying value of the Company's investment in TMAC was $13 resulting in a gain of $42, recognized in Gain on asset and investment sales, net.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
NOTE 15     INVENTORIES
At September 30,
2021
At December 31,
2020
Materials and supplies $ 685  $ 673 
In-process 153  148 
Concentrate (1)
59  39 
Precious metals (2)
101  103 
$ 998  $ 963 
____________________________
(1)Concentrate includes gold, copper, silver, lead and zinc.
(2)Precious metals includes gold and silver doré.
NOTE 16     STOCKPILES AND ORE ON LEACH PADS
At September 30,
2021
At December 31,
2020
Current:
Stockpiles $ 567  $ 514 
Ore on leach pads 374  313 
$ 941  $ 827 
Non-current:
Stockpiles $ 1,475  $ 1,446 
Ore on leach pads 316  259 
$ 1,791  $ 1,705 
Total:
Stockpiles $ 2,042  $ 1,960 
Ore on leach pads 690  572 
$ 2,732  $ 2,532 
Stockpiles Leach pads
At September 30,
2021
At December 31,
2020
At September 30,
2021
At December 31,
2020
Stockpiles and ore on leach pads:
CC&V $ $ 19  $ 246  $ 226 
Musselwhite —  —  — 
Porcupine 30  12  —  — 
Éléonore —  — 
Peñasquito 324  307  —  — 
Yanacocha 36  37  155  151 
Merian 28  29  —  — 
Cerro Negro —  — 
Boddington 502  482  —  — 
Tanami 11  —  — 
Ahafo 426  422  —  — 
Akyem 137  138  —  — 
Nevada Gold Mines 540  501  289  195 
$ 2,042  $ 1,960  $ 690  $ 572 
During the three and nine months ended September 30, 2021, the Company recorded write-downs of $18 and $37, respectively, classified as a component of Costs applicable to sales and write-downs of $7 and $15, respectively, classified as components of Depreciation and amortization, to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Of the write-downs during the three months ended September 30, 2021, $25 was related to Yanacocha. Of the write-downs during the nine months ended September 30, 2021, $11 was related to CC&V, $16 to NGM and $25 to Yanacocha.
During the three and nine months ended September 30, 2020, the Company recorded write-downs of $6 and $41,respectively, classified as a component of Costs applicable to sales and write-downs of $4 and $22, respectively, classified as components of Depreciation and amortization, to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Of the write-
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
downs during the three months ended September 30, 2020, $10 was related to NGM. Of the write-downs during the nine months ended September 30, 2020, $24 was related to Yanacocha and $39 to NGM.
NOTE 17     DEBT
Scheduled minimum debt repayments are as follows:
Year Ending December 31,
2021 (for the remainder of 2021)
$ — 
2022 492 
2023 414 
2024 — 
2025 — 
Thereafter 4,624 
$ 5,530 
In March 2021, the Company entered into an agreement to amend certain terms of the existing $3,000 revolving credit agreement dated April 4, 2019. Per the amendment, the expiration date of the credit facility was extended to March 30, 2026. The interest rate on the credit facility was amended to include a margin adjustment based on the Company’s environment, social and governance (“ESG”) scores. The maximum adjustment resulting from the ESG scores is plus or minus 0.05%. Facility fees vary based on the credit ratings of the Company’s senior, uncollateralized, non-current debt. There were no material changes to the debt covenants under the amendment. At September 30, 2021, the Company had no borrowings outstanding under the facility.
In April 2021, the Company fully redeemed all of the outstanding 3.625% Senior Notes due June 2021 (“2021 Notes”). The redemption price of $557 equaled the principal amount of the outstanding 2021 Notes of $550 plus accrued and unpaid interest in accordance with the terms of the 2021 Notes. Interest on the 2021 Notes ceased to accrue on the date of redemption.
NOTE 18     OTHER LIABILITIES
At September 30,
2021
At December 31,
2020
Other current liabilities:
Accrued operating costs $ 216  $ 285 
Reclamation and remediation liabilities 210  214 
Accrued capital expenditures 97  144 
Royalties 89  70 
Payables to joint venture partners (1)
82  94 
Accrued interest 80  61 
Silver streaming agreement 79  67 
Taxes other than income and mining 40  48 
Deposit on Kalgoorlie power business option 23  23 
Norte Abierto deferred payments 18  33 
Operating leases 18  17 
Conga assets contract liability (2)
17  — 
Galore Creek deferred payments —  73 
Other 84  53 
$ 1,053  $ 1,182 
Other non-current liabilities:
Income and mining taxes (3)
$ 380  $ 382 
Norte Abierto deferred payments 109  123 
Operating leases 86  91 
Social development and community obligations 25  51 
Galore Creek deferred payments 23  23 
Other 38  29 
$ 661  $ 699 
__________________________
(1)Payables to joint venture partners at September 30, 2021 and December 31, 2020 consists of the Company’s proportionate share of total amounts due to NGM for gold and silver purchased, the transition agreement services provided, and CC&V toll milling.
(2)Refer to Note 7 for further information.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
(3)Income and mining taxes at September 30, 2021 and December 31, 2020 includes unrecognized tax benefits, including penalties and interest of $389 and $367, respectively.
NOTE 19     RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Unrealized Gain (Loss) on Investment Securities, net Foreign Currency Translation Adjustments Pension and Other Post-retirement Benefit Adjustments Unrealized Gain (Loss) on Cash flow Hedge Instruments Total
Balance at December 31, 2020 $ —  $ 117  $ (237) $ (96) $ (216)
Net current-period other comprehensive income (loss):
Gain (loss) in other comprehensive income (loss) before reclassifications (1) (1)
(Gain) loss reclassified from accumulated other comprehensive income (loss)
—  —  18  24 
Other comprehensive income (loss) (1) 17  26 
Balance at September 30, 2021 $ (1) $ 120  $ (220) $ (89) $ (190)
Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Condensed Consolidated Statements of Operations
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Marketable debt securities adjustments:
Sale of marketable debt securities $ —  $ —  $ —  $ (5) Gain on asset and investment sales, net
Total before tax —  —  —  (5)
Tax —  —  —  — 
Net of tax $ —  $ —  $ —  $ (5)
Pension and other post-retirement benefit adjustments:
Amortization $ $ $ 21  $ 19  Other income (loss), net
Settlements —  83  —  85  Other income (loss), net
Total before tax 88  21  104 
Tax (1) (19) (3) (22)
Net of tax $ $ 69  $ 18  $ 82 
Hedge instruments adjustments:
Interest rate contracts $ $ $ $ 16 
Interest expense, net of capitalized interest(1)
Operating cash flow hedges —  —  —  Costs applicable to sales
Total before tax 18 
Tax (1) —  (1) (4)
Net of tax $ $ $ $ 14 
Total reclassifications for the period, net of tax $ $ 72  $ 24  $ 91 
____________________________
(1)During the three and nine months ended September 30, 2020, $— and $8, respectively, was reclassified to Other income (loss), net as a result of tender offers.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
NOTE 20     NET CHANGE IN OPERATING ASSETS AND LIABILITIES
Net cash provided by (used in) operating activities of continuing operations attributable to the net change in operating assets and liabilities is composed of the following:
Nine Months Ended
September 30,
2021 2020
Decrease (increase) in operating assets:
Trade and other receivables  $ 216  $ 203 
Inventories, stockpiles and ore on leach pads  (218) (146)
Other assets  (189) 19 
Increase (decrease) in operating liabilities:
Accounts payable (32) (94)
Reclamation and remediation liabilities  (97) (67)
Accrued tax liabilities (229) 73 
Other accrued liabilities (29) 62 
$ (578) $ 50 
NOTE 21     COMMITMENTS AND CONTINGENCIES
General
Estimated losses from contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a liability could be incurred and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the contingency and estimated range of loss, if determinable, is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.
Operating Segments
The Company’s operating and reportable segments are identified in Note 3. Except as noted in this paragraph, all of the Company’s commitments and contingencies specifically described herein are included in Corporate and Other. The Yanacocha matters relate to the South America reportable segment. The Newmont Ghana Gold and Newmont Golden Ridge matters relate to the Africa reportable segment. The Mexico tax matter relates to the North America reportable segment.
Environmental Matters
Refer to Note 5 for further information regarding reclamation and remediation. Details about two significant matters are discussed below.
Minera Yanacocha S.R.L. - 51.35% Newmont Owned
In early 2015 and again in June 2017, the Peruvian government agency responsible for certain environmental regulations, the Ministry of the Environment (“MINAM”), issued proposed modifications to water quality criteria for designated beneficial uses which apply to mining companies, including Yanacocha. These criteria modified the in-stream water quality criteria pursuant to which Yanacocha has been designing water treatment processes and infrastructure. In December 2015, MINAM issued the final regulation that modified the water quality standards. These Peruvian regulations allow time to formulate a compliance plan and make any necessary changes to achieve compliance.
In February 2017, Yanacocha submitted a modification to its previously approved compliance achievement plan to the Mining Ministry (“MINEM”). The Company did not receive a response or comments to this submission until April 2021 and is now in the process of updating its compliance achievement plan to address these comments. During this interim period, Yanacocha separately submitted an Environmental Impact Assessment (EIA) modification considering the ongoing operations and the projects to be developed and obtained authorization from MINEM for such projects. This authorization included a deadline for compliance with the modified water quality criteria by January 2024. Consequently, part of the Company response to MINEM will include a request for an extension of time for coming into full compliance with the new regulations. In the event that MINEM does not grant Yanacocha an extension of the previously authorized timeline for, and agree to, the updated compliance achievement plan, fines and penalties relating to non-compliance may result beyond January 2024.
The Company currently operates five water treatment plants at Yanacocha that have been and currently meet all currently applicable water discharge requirements. The Company is currently conducting detailed studies to better estimate water management and other closure activities that will ensure water quality and quantity discharge requirements, including the modifications promulgated by MINAM, as referenced above, will be met. This also includes performing a comprehensive update to the Yanacocha reclamation plan
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
to address changes in closure activities and estimated closure costs while preserving optionality for potential future projects at Yanacocha. These ongoing studies, which will extend beyond the current year, were progressed in the third quarter of 2021 as the study team continued to evaluate and revise assumptions and estimated costs of potential changes to the reclamation plan. The potential changes are currently undergoing review and remain subject to revision, therefore, the Company is unable to reasonably estimate a change to the reclamation obligation as of September 30, 2021. However, based on the work progressed in the third quarter and the resulting preliminary findings, the Company currently expects to make revisions to the reclamation plan that, should these findings be confirmed, would result in material increases to the cost of water treatment plant construction, water treatment operating costs and other costs associated with the closure plan.
In conjunction with the Company’s annual update process for all asset retirement obligations, the Company expects to record an adjustment to the Yanacocha reclamation liability in the fourth quarter of 2021 based on the planned progress of the closure studies. As related activities are progressed, it is expected that the preliminary findings, if confirmed, could result in a material increase in the reclamation obligation at Yanacocha of up to approximately $1.6 billion, primarily related to the upfront construction of water treatment plants and the related annual operating costs assumed over the extended closure period, with a corresponding non-cash charge to reclamation expense related to operations no longer in production.
Dawn Mining Company LLC (“Dawn”) - 58.19% Newmont Owned
Midnite mine site and Dawn mill site. Dawn previously leased an open pit uranium mine, currently inactive, on the Spokane Indian Reservation in the State of Washington. The mine site is subject to regulation by agencies of the U.S. Department of Interior (the Bureau of Indian Affairs and the Bureau of Land Management), as well as the U.S. Environmental Protection Agency (“EPA”).
As per the Consent Decree approved by the U.S. District Court for the Eastern District of Washington on January 17, 2012, the following actions were required of Newmont, Dawn, the Department of the Interior and the EPA: (i) Newmont and Dawn would design, construct and implement the cleanup plan selected by the EPA in 2006 for the Midnite mine site; (ii) Newmont and Dawn would reimburse the EPA for its past costs associated with overseeing the work; (iii) the Department of the Interior would contribute a lump sum amount toward past EPA costs and future costs related to the cleanup of the Midnite mine site; (iv) Newmont and Dawn would be responsible for all future EPA oversight costs and Midnite mine site cleanup costs; and (v) Newmont would post a surety bond for work at the site.
During 2012, the Department of Interior contributed its share of past EPA costs and future costs related to the cleanup of the Midnite mine site in a lump sum payment of $42, which Newmont classified as restricted assets with interest on the Consolidated Balance Sheets for all periods presented. In 2016, Newmont completed the remedial design process (with the exception of the new water treatment plant (“WTP”), which was awaiting the approval of the new National Pollutant Discharge Elimination System (“NPDES”) permit). Subsequently, the new NPDES permit was received in 2017 and the WTP design commenced in 2018. The EPA is assessing the WTP design. Newmont continues to manage the remediation project during the 2021 construction season.
The Dawn mill site is regulated by the Washington Department of Health and is in the process of being closed. Remediation at the Dawn mill site began in 2013. The Tailing Disposal Area 1-4 reclamation earthworks component was completed during 2017 with the embankment erosion protection completed in the second quarter of 2018. The remaining closure activity will consist primarily of addressing groundwater issues and evaporating the remaining balance of process water on site.
The remediation liability for the Midnite (Dawn) mine site is approximately $175 at September 30, 2021.
Other Legal Matters
Minera Yanacocha S.R.L. - 51.35% Newmont Owned
Administrative Actions. The Peruvian government agency responsible for environmental evaluation and inspection, Organismo Evaluación y Fiscalización Ambiental (“OEFA”), conducts periodic reviews of the Yanacocha site. From 2011 to the third quarter of 2021, OEFA issued notices of alleged violations of OEFA standards to Yanacocha and Conga relating to past inspections. The water authority that is in charge of supervising the proper water administration has also issued notices of alleged regulatory violations in previous years. The experience with OEFA and the water authority is that in the case of a finding of violation, remedial action is often the outcome rather than a significant fine. The alleged OEFA violations currently active range from zero to 108.11 units and the water authority alleged violations range from zero to 10 units, with each unit having a potential fine equivalent to approximately $.001100 based on current exchange rates, with a total potential fine amount for outstanding matters of $— to $0.13. Yanacocha is responding to all notices of alleged violations, but cannot reasonably predict the outcome of the agency allegations.
Conga Project Constitutional Claim. On October 18, 2012, Marco Antonio Arana Zegarra filed a constitutional claim against the Ministry of Energy and Mines and Yanacocha requesting the Court to order the suspension of the Conga project as well as to declare not applicable the October 27, 2010, directorial resolution approving the Conga project Environmental Impact Assessment (“EIA”). On October 23, 2012, a Cajamarca judge dismissed the claims based on formal grounds finding that: (i) plaintiffs had not exhausted previous administrative proceedings; (ii) the directorial resolution approving the Conga EIA is valid, and was not challenged when issued in the administrative proceedings; (iii) there was inadequate evidence to conclude that the Conga project is a threat to the constitutional right of living in an adequate environment; and (iv) the directorial resolution approving the Conga project EIA does not
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
guarantee that the Conga project will proceed, so there was no imminent threat to be addressed by the Court. The plaintiffs appealed the dismissal of the case. The Civil Court of the Superior Court of Cajamarca confirmed the above mentioned resolution and the plaintiff presented an appeal. On March 13, 2015, the Constitutional Court published its ruling stating that the case should be sent back to the first court with an order to formally admit the case and start the judicial process in order to review the claim and the proofs presented by the plaintiff. Yanacocha has answered the claim. Neither the Company nor Yanacocha can reasonably predict the outcome of this litigation.
Yanacocha Tax Dispute. In 2000, Yanacocha paid Buenaventura and Minas Conga S.R.L. a total of $29 to assume their respective contractual positions in mining concession agreements with Chaupiloma Dos de Cajamarca S.M.R.L. The contractual rights allowed Yanacocha the opportunity to conduct exploration on the concessions, but were not a purchase of the concessions. The tax authority alleged that the payments to Buenaventura and Minas Conga S.R.L. were acquisitions of mining concessions requiring the amortization of the amounts under the Peru Mining Law over the life of the mine. Yanacocha expensed the amounts at issue in the initial year since the payments were not for the acquisition of a concession but rather these expenses represented the payment of an intangible and therefore, were amortizable in a single year or proportionally for up to ten years according to Income Tax Law. In 2010, the tax court in Peru ruled in favor of Yanacocha and the tax authority appealed the issue to the judiciary. The first appellate court confirmed the ruling of the tax court in favor of Yanacocha. However, in November 2015, a Superior Court in Peru made an appellate decision overturning the two prior findings in favor of Yanacocha. Yanacocha appealed the Superior Court ruling to the Peru Supreme Court. In January 2019, the Peru Supreme Court issued notice that three judges supported the position of the tax authority and two judges supported the position of Yanacocha. Because four votes are required for a final decision, an additional judge was selected to issue a decision and the parties conducted oral arguments in April 2019. In February 2020, the additional judge ruled in favor of the tax authority, finalizing a decision of the Peru Supreme Court against Yanacocha. As a result of the decision, the company has recognized the amount of $29. However, Yanacocha filed two constitutional actions in 2020 and one additional legal claim in 2021, objecting to potential excessive interest and duplicity of criteria of up to $51, $73.3 and $68.6, respectively. In March 2021, in one of the constitutional actions, Yanacocha’s request for an injunction to suspend the collection of interest was denied. The matter was sent back to the tax authority, which issued a resolution with an update of the total amount due of approximately $80.15. Yanacocha appealed the tax authority’s resolution and, in October 2021, the tax court denied the appeal. As a result, the administrative case went back to SUNAT for collection and the company paid the amount due in October 2021. The company continues to pursue additional legal options and it is not possible to fully predict the outcome of this litigation.
Newmont Corporation, as well as Newmont Canada Corporation, and Newmont Canada FN Holdings ULC – 100% Newmont Owned
Kirkland Lake Gold Inc. (“Kirkland”) owns certain mining and mineral rights in northeastern Ontario, Canada, referred to here as the Holt-McDermott property, on which it suspended operations in April 2020. A subsidiary of the Company has a retained royalty obligation (“Holt royalty obligation”) to Royal Gold, Inc. (“Royal Gold”) for production on the Holt-McDermott property. In August 2020, the Company and Kirkland signed a Strategic Alliance Agreement (the “Kirkland Agreement”). As part of the Kirkland Agreement, the Company purchased an option (the “Holt option”) for $75 from Kirkland for the mining and mineral rights subject to the Holt royalty obligation. The Company has the right to exercise the Holt option and acquire ownership to the mineral interests subject to the Holt royalty obligation in the event Kirkland intends to resume operations and process material subject to the obligation. Kirkland has the right to assume the Company’s Holt royalty obligation at any time, in which case the Holt option would terminate.
On August 16, 2021, International Royalty Corporation (“IRC”), a wholly-owned subsidiary of Royal Gold, filed an action in the Supreme Court of Nova Scotia against Newmont Corporation, Newmont Canada Corporation, Newmont Canada FN Holdings ULC, and Kirkland. IRC alleges the Kirkland Agreement is oppressive to the interests of Royal Gold under the Nova Scotia Companies Act and the Canada Business Corporations Act, and that, by entering into the Kirkland Agreement, Newmont breached its contractual obligations to Royal Gold. IRC seeks declaratory relief, and $350 in alleged royalty payments that it claims Newmont expected to pay under the Holt royalty obligation, but for the Kirkland Agreement. The Company intends to vigorously defend this matter, but cannot reasonably predict the outcome.
NWG Investments Inc. v. Fronteer Gold Inc.
In April 2011, Newmont acquired Fronteer Gold Inc. (“Fronteer”).
Fronteer acquired NewWest Gold Corporation (“NewWest Gold”) in September 2007. At the time of that acquisition, NWG Investments Inc. (“NWG”) owned approximately 86% of NewWest Gold and an individual named Jacob Safra owned or controlled 100% of NWG. Prior to its acquisition of NewWest Gold, Fronteer entered into a June 2007 lock-up agreement with NWG providing that, among other things, NWG would support Fronteer’s acquisition of NewWest Gold. At that time, Fronteer owned approximately 47% of Aurora Energy Resources Inc. (“Aurora”), which, among other things, had a uranium exploration project in Labrador, Canada.
NWG contends that, during the negotiations leading up to the lock-up agreement, Fronteer represented to NWG, among other things, that Aurora would commence uranium mining in Labrador by 2013, that this was a firm date, that Aurora faced no current environmental issues in Labrador and that Aurora’s competitors faced delays in commencing uranium mining. NWG further contends that it entered into the lock-up agreement and agreed to support Fronteer’s acquisition of NewWest Gold in reliance upon these purported representations. On October 11, 2007, less than three weeks after the Fronteer-NewWest Gold transaction closed, a member of the Nunatsiavut Assembly introduced a motion calling for the adoption of a moratorium on uranium mining in Labrador. On April 8,
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(dollars in millions, except per share, per ounce and per pound amounts)
2008, the Nunatsiavut Assembly adopted a three-year moratorium on uranium mining in Labrador. NWG contends that Fronteer was aware during the negotiations of the NWG/Fronteer lock-up agreement that the Nunatsiavut Assembly planned on adopting this moratorium and that its adoption would preclude Aurora from commencing uranium mining by 2013, but Fronteer nonetheless fraudulently induced NWG to enter into the lock-up agreement.
On September 24, 2012, NWG served a summons and complaint on the Company, and then amended the complaint to add Newmont Canada Holdings ULC as a defendant. The complaint also named Fronteer Gold Inc. and Mark O’Dea as defendants. The complaint sought rescission of the merger between Fronteer and NewWest Gold and $750 in damages. In August 2013 the Supreme Court of New York, New York County issued an order granting the defendants’ motion to dismiss on forum non conveniens. Subsequently, NWG filed a notice of appeal of the decision and then a notice of dismissal of the appeal on March 24, 2014.
On February 26, 2014, NWG filed a lawsuit in Ontario Superior Court of Justice against Fronteer Gold Inc., Newmont Mining Corporation, Newmont Canada Holdings ULC, Newmont FH B.V. and Mark O’Dea. The Ontario complaint is based upon substantially the same allegations contained in the New York lawsuit with claims for fraudulent and negligent misrepresentation. NWG seeks disgorgement of profits since the close of the NWG deal on September 24, 2007 and damages in the amount of C$1,200. Newmont, along with other defendants, served the plaintiff with its statement of defense on October 17, 2014. Newmont intends to vigorously defend this matter, but cannot reasonably predict the outcome.
Newmont Ghana Gold Limited and Newmont Golden Ridge Limited - 100% Newmont Owned
On December 24, 2018, two individual plaintiffs, who are members of the Ghana Parliament (“Plaintiffs”), filed a writ to invoke the original jurisdiction of the Supreme Court of Ghana. On January 16, 2019, Plaintiffs filed the Statement of Plaintiff’s Case outlining the details of the Plaintiff’s case and subsequently served Newmont Ghana Gold Limited (“NGGL”) and Newmont Golden Ridge Limited (“NGRL”) along with the other named defendants, the Attorney General of Ghana, the Minerals Commission of Ghana and 33 other mining companies with interests in Ghana. The Plaintiffs allege that under article 268 of the 1992 Constitution of Ghana that the mining company defendants are not entitled to carry out any exploitation of minerals or other natural resources in Ghana, unless their respective transactions, contracts or concessions are ratified or exempted from ratification by the Parliament of Ghana. Newmont’s current mining leases are both ratified by Parliament; NGGL June 13, 2001 mining lease, ratified by Parliament on October 21, 2008, and NGRL January 19, 2010 mining lease; ratified by Parliament on December 3, 2015. The writ alleges that any mineral exploitation prior to Parliament ratification is unconstitutional. The Plaintiffs seek several remedies including: (i) a declaration as to the meaning of constitutional language at issue; (ii) an injunction precluding exploitation of minerals for any mining company without prior Parliament ratification; (iii) a declaration that all revenue as a result of violation of the Constitution shall be accounted for and recovered via cash equivalent; and (iv) an order that the Attorney General and Minerals Commission submit all un-ratified mining leases, undertakings or contracts to Parliament for ratification. Newmont intends to vigorously defend this matter, but cannot reasonably predict the outcome.
Goldcorp, Inc. - 100% Newmont Owned
Shareholder Action. On October 28, 2016 and February 14, 2017, separate proposed class actions were commenced in the Ontario Superior Court of Justice pursuant to the Class Proceedings Act (Ontario) against the Company and certain of its current and former officers. Both statement of claims alleged common law negligent misrepresentation in Goldcorp, Inc.’s public disclosure concerning the Peñasquito mine and also pleaded an intention to seek leave from the Court to proceed with an allegation of statutory misrepresentation pursuant to the secondary market civil liability provisions under the Securities Act (Ontario). By a consent order, the latter lawsuit proceeded, and the former action has been stayed. The active lawsuit purports to be brought on behalf of persons who acquired Goldcorp Inc.’s securities in the secondary market during an alleged class period from October 30, 2014 to August 23, 2016. An amended complaint was filed in the active lawsuit, which removed the individual defendants, and requested leave of the Court to pursue only the statutory cause of action. In July of 2021, plaintiff’s counsel filed a motion to discontinue the active lawsuit. The Company continues to vigorously defend this matter, but cannot reasonably predict the outcome.
Mexico Tax Matter
Tax Reassessment from Mexican Tax Authority. During 2016, the Mexican Tax Authority issued reassessment notices to several of Goldcorp, Inc.’s Mexican subsidiaries. Topics under dispute generally involve transfer pricing, deductibility of mine stripping costs, and gain recognized on certain asset sales. The Company has made significant progress in reaching resolution with the Mexican Tax Authority on these matters. In the second quarter of 2019, a number of issues were settled, resulting in a $96 payment, which was fully accrued in the financial statements. In the first quarter of 2020, further settlement was reached for an immaterial amount, with dialogue continuing in an effort to resolve the outstanding reassessment. Additionally, the Company continues to work through several audits in which observation letters have been received from the Mexican Tax Authority. The outcome of the remaining disputes is not readily determinable but could have a material impact on the Company. The Company believes that its tax positions are valid and intends to vigorously defend its tax filing positions.
Other Commitments and Contingencies
Newmont is from time to time involved in various legal proceedings related to its business. Except in the above described proceedings, management does not believe that adverse decisions in any pending or threatened proceeding or that amounts that may
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)
be required to be paid by reason thereof will have a material adverse effect on the Company’s financial condition or results of operations.
In connection with our investment in Galore Creek, Newmont will owe NovaGold Resources Inc. $75 upon the earlier of approval to construct a mine, mill and all related infrastructure for the Galore Creek project or the initiation of construction of a mine, mill or any related infrastructure. The amount due is non-interest bearing. The decision for an approval and commencement of construction is contingent on the results of a prefeasibility and feasibility study, neither of which have occurred. As such, this amount has not been accrued.
Deferred payments to Barrick of $127 and $156 as of September 30, 2021 and December 31, 2020, respectively, are to be satisfied through funding a portion of Barrick’s share of project expenditures at the Norte Abierto project. These deferred payments to Barrick are included in Other current liabilities and Other non-current liabilities.
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ITEM 2.       MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (dollars in millions, except per share, per ounce and per pound amounts)
The following Management’s Discussion and Analysis (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Newmont Corporation, a Delaware corporation, and its subsidiaries (collectively, “Newmont,” the “Company,” “our” and “we”). We use certain non-GAAP financial measures in our MD&A. For a detailed description of each of the non-GAAP measures used in this MD&A, please see the discussion under “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis.
This item should be read in conjunction with our interim unaudited Condensed Consolidated Financial Statements and the notes thereto included in this quarterly report. Additionally, the following discussion and analysis should be read in conjunction with Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations and the Consolidated Financial Statements included in Part II of our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission (“SEC”) on February 18, 2021.
Overview
Newmont is the world’s leading gold company and is the only gold company included in the S&P 500 Index and the Fortune 500 list of companies. We have been included in the Dow Jones Sustainability Index-World since 2007 and have adopted the World Gold Council’s Conflict-Free Gold Policy. Since 2015, Newmont has been ranked as the mining and metal sector's top gold miner by the SAM S&P Corporate Sustainability Assessment. Newmont was ranked the top miner in 3BL Media’s 100 Best Corporate Citizens list which ranks the 1,000 largest publicly traded U.S. companies on environmental, social and governance ("ESG") transparency and performance since 2020.
We are primarily engaged in the exploration for and acquisition of gold properties, some of which may contain copper, silver, lead, zinc or other metals. We have significant operations and/or assets in the United States (“U.S.”), Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia and Ghana.
During the first half of 2020, the COVID-19 outbreak escalated to a global pandemic, which has had varying impacts in the jurisdictions in which we operate. In response, the Company temporarily placed five sites into care and maintenance late in the first quarter of 2020, with each subsequently resuming operations during the second quarter of 2020. As of September 30, 2021, all sites were fully operational, including Cerro Negro and Tanami. Cerro Negro returned to full capacity during September 2021 after operating for more than a year at reduced levels due to COVID-related impacts. After temporarily being placed into care and maintenance in late June 2021 to protect our employees and nearby communities, align with country mandated travel restrictions, and manage ongoing COVID-related impacts, Tanami returned to full capacity by the end of July 2021.
Refer to the “Third Quarter 2021 Highlights”, “Results of Consolidated Operations”, “Liquidity and Capital Resources" and “Non-GAAP Financial Measures" for further information about the impacts of the COVID-19 pandemic on the Company.
During the third quarter of 2021, Nevada Gold Mines LLC ("NGM"), entered into a definitive asset exchange agreement (the “Exchange Agreement”) with i-80 Gold Corp. The transaction closed during October 2021 and pursuant to the Exchange Agreement NGM acquired the remaining 40% interest in the South Arturo Joint Venture, along with an option to acquire additional properties, in exchange for Lone Tree and certain additional assets it currently owns. The valuation of NGM's controlling interest in the South Arturo property and related accounting resulting from the asset exchange is still in process. As a result of the transaction, the Company currently expects to recognize a significant gain, representing its 38.5% interest in NGM's gain, in the fourth quarter of 2021. Refer to Note 1 of the Condensed Consolidated Financial Statements for further information.
In May 2021, we purchased the remaining common shares of GT Gold Corporation (“GT Gold”) for cash consideration, including related transaction costs, of $326. Refer to Note 1 of the Condensed Consolidated Financial Statements for further details regarding this transaction.
In March 2020, we completed the sale of our Red Lake complex in Ontario, Canada, previously included as part of the Company’s North America segment. As the sale was completed on March 31, 2020, results for Red Lake for the nine months ended September 30, 2020 are included within the discussion below; there are no results for the three months ended September 30, 2020 and the three and nine months ended September 30, 2021 included herein.
For further information on asset sales, refer to Note 9 of the Condensed Consolidated Financial Statements.
We continue to focus on improving safety and efficiency at our operations, maintaining leading environmental, social and governance practices, and sustaining our global portfolio of longer-life, lower cost mines to generate the financial flexibility we need to strategically reinvest in the business, strengthen the Company’s investment-grade balance sheet and return cash to shareholders.
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Table of Contents
Consolidated Financial Results
The details of our Net income (loss) from continuing operations attributable to Newmont stockholders are set forth below:
Three Months Ended
September 30,
Increase
(decrease)
2021 2020
Net income (loss) from continuing operations attributable to Newmont stockholders 
$ (8) $ 611  $ (619)
Net income (loss) from continuing operations attributable to Newmont stockholders per common share, diluted
$ (0.01) $ 0.76  $ (0.77)
Nine Months Ended
September 30,
Increase
(decrease)
2021 2020
Net income (loss) from continuing operations attributable to Newmont stockholders  $ 1,170  $ 1,860  $ (690)
Net income (loss) from continuing operations attributable to Newmont stockholders per common share, diluted $ 1.46  $ 2.31  $ (0.85)
The decrease in Net income (loss) from continuing operations attributable to Newmont stockholders for the three months ended September 30, 2021, compared to the same period in 2020, is primarily due to the Loss on assets held for sale in connection with the Conga mill assets, lower realized gold prices, lower gold sales volumes, unrealized losses on marketable and other equity securities, higher Costs applicable to sales, and higher reclamation and remediation charges partially offset by lower income tax expense and lower impairment of long-lived assets.
The decrease in Net income (loss) from continuing operations attributable to Newmont stockholders for the nine months ended September 30, 2021, compared to the same period in 2020, is primarily due to the Loss on assets held for sale in connection with the Conga mill assets, lower Gain on asset and investment sales, net in 2021 due to the sales of Kalgoorlie, Continental Gold, Inc. ("Continental") and Red Lake in 2020, higher income tax expense, and higher reclamation and remediation charges partially offset by higher realized metal prices, higher sales volumes due to certain operations being placed into care and maintenance or experiencing reduced operations in response to the COVID-19 pandemic during 2020, lower Care and maintenance, and lower impairment of long-lived assets and investments.
The details of our Sales are set forth below. Refer to Note 4 of the Condensed Consolidated Financial Statements for further information.
Three Months Ended
September 30,
Increase
(decrease)
Percent
Change
2021 2020
Gold $ 2,516  $ 2,860  $ (344) (12) %
Copper 72  43  29  67 
Silver 143  138 
Lead 42  30  12  40 
Zinc 122  99  23  23 
$ 2,895  $ 3,170  $ (275) (9) %
Nine Months Ended
September 30,
Increase
(decrease)
Percent
Change
2021 2020
Gold $ 7,628  $ 7,347  $ 281  %
Copper 204  101  103  102 
Silver 486  337  149  44 
Lead 129  92  37  40 
Zinc 385  239  146  61 
$ 8,832  $ 8,116  $ 716  %
40

The following analysis summarizes consolidated sales for the three months ended September 30, 2021:
Three Months Ended September 30, 2021
Gold Copper Silver Lead Zinc
(ounces) (pounds) (ounces) (pounds) (pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact $ 2,527  $ 75  $ 167  $ 30  $ 133 
Provisional pricing mark-to-market (1) (29) 13 
Silver streaming amortization —  —  19  —  — 
Gross after provisional pricing and streaming impact 2,532  74  157  43  134 
Treatment and refining charges (16) (2) (14) (1) (12)
Net $ 2,516  $ 72  $ 143  $ 42  $ 122 
Consolidated ounces (thousands)/pounds (millions) sold 1,416  18  7,792  42  98 
Average realized price (per ounce/pound): (1)
Gross before provisional pricing and streaming impact $ 1,784  $ 4.18  $ 21.52  $ 0.73  $ 1.35 
Provisional pricing mark-to-market (0.08) (3.79) 0.29  0.01 
Silver streaming amortization —  —  2.44  —  — 
Gross after provisional pricing and streaming impact 1,788  4.10  20.17  1.02  1.36 
Treatment and refining charges (10) (0.11) (1.83) (0.03) (0.12)
Net $ 1,778  $ 3.99  $ 18.34  $ 0.99  $ 1.24 
____________________________
(1)Per ounce/pound measures may not recalculate due to rounding.
The following analysis summarizes consolidated sales for the nine months ended September 30, 2021:
Nine Months Ended September 30, 2021
Gold Copper Silver Lead Zinc
(ounces) (pounds) (ounces) (pounds) (pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact $ 7,675  $ 204  $ 490  $ 130  $ 419 
Provisional pricing mark-to-market (10) (20)
Silver streaming amortization —  —  58  —  — 
Gross after provisional pricing and streaming impact 7,665  209  528  132  424 
Treatment and refining charges (37) (5) (42) (3) (39)
Net $ 7,628  $ 204  $ 486  $ 129  $ 385 
Consolidated ounces (thousands)/pounds (millions) sold 4,277  49  23,938  134  319 
Average realized price (per ounce/pound): (1)
Gross before provisional pricing and streaming impact $ 1,794  $ 4.20  $ 20.49  $ 0.98  $ 1.32 
Provisional pricing mark-to-market (2) 0.09  (0.85) 0.01  0.01 
Silver streaming amortization —  —  2.44  —  — 
Gross after provisional pricing and streaming impact 1,792  4.29  22.08  0.99  1.33 
Treatment and refining charges (9) (0.10) (1.76) (0.03) (0.12)
Net $ 1,783  $ 4.19  $ 20.32  $ 0.96  $ 1.21 
____________________________
(1)Per ounce/pound measures may not recalculate due to rounding.
41

The following analysis summarizes consolidated sales for the three months ended September 30, 2020:
Three Months Ended September 30, 2020
Gold Copper Silver Lead Zinc
(ounces) (pounds) (ounces) (pounds) (pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact $ 2,864  $ 42  $ 122  $ 36  $ 99 
Provisional pricing mark-to-market 19  12  (1) 14 
Silver streaming amortization —  —  16  —  — 
Gross after provisional pricing and streaming impact 2,883  44  150  35  113 
Treatment and refining charges (23) (1) (12) (5) (14)
Net $ 2,860  $ 43  $ 138  $ 30  $ 99 
Consolidated ounces (thousands)/pounds (millions) sold 1,495  14  6,371  42  98 
Average realized price (per ounce/pound): (1)
Gross before provisional pricing and streaming impact $ 1,917  $ 2.94  $ 19.15  $ 0.87  $ 1.01 
Provisional pricing mark-to-market 12  0.15  2.00  (0.02) 0.15 
Silver streaming amortization —  —  2.40  —  — 
Gross after provisional pricing and streaming impact 1,929  3.09  23.55  0.85  1.16 
Treatment and refining charges (16) (0.10) (1.86) (0.12) (0.15)
Net $ 1,913  $ 2.99  $ 21.69  $ 0.73  $ 1.01 
____________________________
(1)Per ounce/pound measures may not recalculate due to rounding.
The following analysis summarizes consolidated sales for the nine months ended September 30, 2020:
Nine Months Ended September 30, 2020
Gold Copper Silver Lead Zinc
(ounces) (pounds) (ounces) (pounds) (pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact $ 7,342  $ 108  $ 306  $ 109  $ 299 
Provisional pricing mark-to-market 48  (3) 18  (3)
Silver streaming amortization —  —  48  —  — 
Gross after provisional pricing and streaming impact 7,390  105  372  106  304 
Treatment and refining charges (43) (4) (35) (14) (65)
Net $ 7,347  $ 101  $ 337  $ 92  $ 239 
Consolidated ounces (thousands)/pounds (millions) sold 4,210  40  20,260  133  313 
Average realized price (per ounce/pound): (1)
Gross before provisional pricing and streaming impact $ 1,744  $ 2.67  $ 15.08  $ 0.82  $ 0.96 
Provisional pricing mark-to-market 11  (0.07) 0.90  (0.02) 0.02 
Silver streaming amortization —  —  2.36  —  — 
Gross after provisional pricing and streaming impact 1,755  2.60  18.34  0.80  0.98 
Treatment and refining charges (10) (0.11) (1.68) (0.11) (0.21)
Net $ 1,745  $ 2.49  $ 16.66  $ 0.69  $ 0.77 
____________________________
(1)Per ounce/pound measures may not recalculate due to rounding.
42

The change in consolidated sales is due to:
Three Months Ended September 30,
2021 vs. 2020
Gold Copper Silver Lead Zinc
(ounces) (pounds) (ounces) (pounds) (pounds)
Increase (decrease) in consolidated ounces/pounds sold $ (151) $ $ 33  $ —  $ — 
Increase (decrease) in average realized price (200) 21  (26) 21 
Decrease (increase) in treatment and refining charges (1) (2)
$ (344) $ 29  $ $ 12  $ 23 
Nine Months Ended September 30,
2021 vs. 2020
Gold Copper Silver Lead Zinc
(ounces) (pounds) (ounces) (pounds) (pounds)
Increase (decrease) in consolidated ounces/pounds sold $ 118  $ 19  $ 67  $ $
Increase (decrease) in average realized price 157  85  89  25  114 
Decrease (increase) in treatment and refining charges (1) (7) 11  26 
$ 281  $ 103  $ 149  $ 37  $ 146 
The decrease in gold sales during the three months ended September 30, 2021, compared to the same period in 2020, is primarily due to lower average realized gold prices and ounces sold in the current period. Lower ounces sold in the current period is primarily due to (i) lower production at NGM as a result of a mechanical failure in May 2021 which resulted in a partial shutdown of the Goldstrike mill, which was fully repaired by September 2021, (ii) lower leach production, lower mill recovery and lower ore grade milled at CC&V, (iii) lower ore grade milled, lower recovery, and lower throughput at Tanami due to being placed under care and maintenance during July 2021 as a result of the COVID-19 pandemic, and (iv) lower throughput, lower grade milled and lower recovery at Boddington. This was partially offset by higher ounces sold at Cerro Negro that had experienced reduced operations in response to the COVID-19 pandemic during the same period in 2020. The increase in gold sales during the nine months ended September 30, 2021, compared to the same period in 2020, is primarily due to overall higher average realized gold prices in the current year and higher ounces sold in the current year due to certain operations being placed into care and maintenance or experiencing reduced operations in response to the COVID-19 pandemic during 2020, partially offset by lower ounces sold at NGM, CC&V, and Tanami as well as lower mill throughput at Yanacocha as a result of the ramp down of the mill and lower leach recoveries.
The increases in copper, silver, lead and zinc sales during the three and nine months ended September 30, 2021, compared to the same periods in 2020, are primarily due to higher average realized metal prices in the current year and higher volumes sold in the current year due to Peñasquito experiencing reduced operations in response to the COVID-19 pandemic during 2020.
For further discussion regarding changes in volumes, see Results of Consolidated Operations below.
The details of our Costs applicable to sales are set forth below. Refer to Note 3 of the Condensed Consolidated Financial Statements for further information.
Three Months Ended
September 30,
Increase
(decrease)
Percent
Change
2021 2020
Gold $ 1,175  $ 1,130  $ 45  %
Copper 37  28  32 
Silver 80  45  35  78 
Lead 18  17 
Zinc 57  49  16 
$ 1,367  $ 1,269  $ 98  %
43

Nine Months Ended
September 30,
Increase
(decrease)
Percent
Change
2021 2020
Gold $ 3,331  $ 3,210  $ 121  %
Copper 102  78  24  31 
Silver 230  148  82  55 
Lead 55  56  (1) (2)
Zinc 177  167  10 
$ 3,895  $ 3,659  $ 236  %
The increase in Costs applicable to sales for gold during the three months ended September 30, 2021, compared to the same periods in 2020, is primarily due to (i) higher ounces sold at Peñasquito and Cerro Negro in the current year due to being placed into care and maintenance or experiencing reduced operations in response to the COVID-19 pandemic during 2020, (ii) higher royalty payments, higher power costs and higher maintenance costs at Akyem, (iii) an unfavorable strip ratio as a result of mine sequencing and higher power costs at Ahafo, (iv) higher inventory adjustments and lower by-product credits at Yanacocha, partially offset by lower ounces sold at NGM and CC&V. The increase for the nine months ended September 30, 2021, compared to the same period in 2020, is primarily due to higher ounces sold in the current year due to certain operations being placed into care and maintenance or experiencing reduced operations in response to the COVID-19 pandemic during 2020, partially offset by higher by-product credits and lower sales volumes at Yanacocha, lower sales volumes at NGM, and the sale of Red Lake during the first quarter of 2020.
The increases in Costs applicable to sales for copper during the three and nine months ended September 30, 2021, compared to the same periods in 2020, are primarily due to a higher co-product allocation of costs to copper, increased royalty costs and an unfavorable Australian dollar foreign currency exchange rate, and higher copper pounds sold. The increase for the nine months ended September 30, 2021, compared to the same period in 2020, was partially offset by lower maintenance costs at Boddington.
The increases in Costs applicable to sales for silver during the three and nine months ended September 30, 2021, compared to the same periods in 2020, are primarily due to higher ounces sold in the current year due to Peñasquito operations being placed into care and maintenance during a portion of 2020 due to the COVID-19 pandemic.
The increase in Costs applicable to sales for lead during the three months ended September 30, 2021, compared to the same period in 2020, is primarily due to higher pounds sold in the current year due to Peñasquito operations being placed into care and maintenance during a portion of 2020 due to the COVID-19 pandemic. The decrease in Costs applicable to sales for lead during the nine months ended September 30, 2021 compared to the same period in 2020, is primarily due to lower co-product allocation of costs at Peñasquito, partially offset by higher pounds sold in the current year due to Peñasquito operations being placed into care and maintenance during a portion of 2020 due to the COVID-19 pandemic.
The increases in Costs applicable to sales for zinc during the three and nine months ended September 30, 2021, compared to the same periods in 2020, are primarily due to higher pounds sold in the current year due to Peñasquito operations being placed into care and maintenance during a portion of 2020 due to the COVID-19 pandemic.
For discussion regarding variations in operations, see Results of Consolidated Operations below.
44

The details of our Depreciation and amortization are set forth below. Refer to Note 3 of the Condensed Consolidated Financial Statements for further information.
Three Months Ended
September 30,
Increase
(decrease)
Percent
Change
2021 2020
Gold $ 475  $ 517  $ (42) (8) %
Copper 20 
Silver 43  24  19  79 
Lead —  — 
Zinc 25  26  (1) (4)
Other 12  11 
$ 570  $ 592  $ (22) (4) %
Nine Months Ended
September 30,
Increase
(decrease)
Percent
Change
2021 2020
Gold $ 1,400  $ 1,425  $ (25) (2) %
Copper 16  14  14 
Silver 123  82  41  50 
Lead 29  31  (2) (6)
Zinc 80  90  (10) (11)
Other 36  43  (7) (16)
$ 1,684  $ 1,685  $ (1) —  %
The decreases in Depreciation and amortization for gold during the three and nine months ended September 30, 2021, compared to the same periods in 2020, are primarily due to lower production volume at NGM as a result of the partial shutdown of the Goldstrike mill from May 2021 through September 2021, lower production at CC&V as a result of lower leach pad production, lower mill recovery and lower ore grade milled, partially offset by higher ounces produced due to certain operations being placed into care and maintenance or experiencing reduced operations in response to the COVID-19 pandemic during 2020.
The increases in Depreciation and amortization for copper during the three and nine months ended September 30, 2021, compared to the same periods in 2020, are primarily due to higher sales volumes and higher co-product allocation of costs to copper partially offset by a longer reserve life at Boddington.
The increases in Depreciation and amortization for silver during the three and nine months ended September 30, 2021, compared to the same periods in 2020, are primarily due to higher ounces produced in the current year due to Peñasquito operations being placed into care and maintenance during a portion of 2020 due to the COVID-19 pandemic.
Depreciation and amortization for lead remained consistent during the three months ended September 30, 2021, compared to the same period in 2020. The decrease in Depreciation and amortization for lead during the nine months ended September 30, 2021 compared to the same period in 2020, is primarily due to lower co-product allocation of costs at Peñasquito, partially offset by higher pounds produced in the current year due to Peñasquito operations being placed into care and maintenance during a portion of 2020 due to the COVID-19 pandemic.
The decreases in Depreciation and amortization for zinc during the three and nine months ended September 30, 2021, compared to the same periods in 2020, are primarily due to lower co-product allocation of costs at Peñasquito partially offset by higher pounds produced in the current year due to Peñasquito operations being placed into care and maintenance during a portion of 2020 due to the COVID-19 pandemic.
For discussion regarding variations in operations, see Results of Consolidated Operations below.
Reclamation and remediation increased by $79 and $104 during the three and nine months ended September 30, 2021, respectively, compared to the same periods in 2020. The increase during the three months ended September 30, 2021 was primarily due to higher estimated closure costs arising from recent tailings management review and monitoring requirements set forth by the Global Industry Standard on Tailings Management (GISTM). The increase during the nine months ended September 30, 2021, was primarily due to higher estimated closure cost arising from recent tailings management review and monitoring requirements set forth by the GISTM, revisions to estimated construction costs of a water treatment plant at the Midnite mine site and higher estimated closure costs related to water management at NGM for the closed Rain site.
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Exploration expense increased by $12 and $29 during the three and nine months ended September 30, 2021, respectively, compared to the same periods in 2020, primarily due to an increase in various exploration activities in North America, Australia and South America.
Advanced projects, research and development expense remained consistent for the three months ended September 30, 2021, compared to the same period in 2020. Advanced projects, research and development expense increased by $16 during the nine months ended September 30, 2021, compared to the same period in 2020, primarily due to increased spend associated with full potential programs.
General and administrative expense decreased by $7 and $15 during the three and nine months ended September 30, 2021, respectively, compared to the same periods in 2020, primarily due to ongoing integration activities related to Newmont Goldcorp transaction and other cost reduction efforts. General and administrative expense as a percentage of Sales was 2.1% and 2.2% for the three and nine months ended September 30, 2021, respectively compared to 2.1% and 2.5% in the same periods in 2020.
Interest expense, net of capitalized interest decreased by $9 and $27 during the three and nine months ended September 30, 2021 respectively, compared to the same periods in 2020 due to lower interest rates as a result of the Company's recent debt refinancing transactions and early redemption of the 2021 Notes. Refer to Note 17 of the Condensed Consolidated Financial Statements for further information on the redemption.
Income and mining tax expense (benefit) was $222 and $305, and $798 and $446 during the three and nine months ended September 30, 2021 and 2020, respectively. The effective tax rate is driven by a number of factors and the comparability of our income tax expense for the reported periods will be primarily affected by (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) impacts of the changes in tax law; (iv) valuation allowances on tax assets; (v) percentage depletion; (vi) fluctuation in the value of the United States dollar and foreign currencies; and (vii) the impact of specific transactions and assessments. As a result, the effective tax rate will fluctuate, sometimes significantly, year to year. This trend is expected to continue in future periods. Refer to Note 11 of the Condensed Consolidated Financial Statements for further discussion of income taxes.
Three Months Ended 
September 30, 2021 September 30, 2020
Income
(Loss)(1)
Effective
Tax Rate
Income Tax
(Benefit)
Provision
Income
(Loss)(1)
Effective
Tax Rate
Income Tax
(Benefit)
Provision
Nevada $ 160  20  % $ 32 
(2)
$ 220  20  % $ 45 
(2)
CC&V 21  14 
(3)
46  15 
(3)
Corporate & Other (212) (15)
(4)
(18) 157  (29)
(4)
Total US (31) (65) 20  248  23 
Australia 219  35  76 
(5)
284  38  107 
(5)
Ghana 109  34  37 
(6)
164  37  60 
(6)
Suriname 74  27  20 
(7)
80  26  21 
(7)
Peru (597) —  (1)
(8)
550  11 
(8)
Canada (49) (2)
(9)
(63) (33) 21 
(9)
Mexico 211  26  55 
(10)
175  46  80 
(10)
Argentina 10  200  20 
(11)
(20) 15  (3)
(11)
Other Foreign (17) (29) 10  —  — 
Rate adjustments —  N/A (8)
(12)
—  N/A (15)
(12)
Consolidated $ (71) (313) %
(13)
$ 222  $ 880  35  %
(13)
$ 305 
____________________________
(1)Represents income (loss) from continuing operations by geographic location before income taxes and equity in affiliates. These amounts will not reconcile to the Segment Information for the reasons stated in Note 3.
(2)Includes deduction for percentage depletion of $(10) and $(16) and mining taxes net of associated federal benefit of $8 and $14, respectively. Nevada includes the Company’s 38.5% interest in NGM.
(3)Includes deduction for percentage depletion of $(1) and $(3), respectively.
(4)Includes valuation allowance of $36 and $(24), respectively.
(5)Includes mining taxes net of associated federal benefit of $9 and $23 and tax impacts from the exposure to fluctuations in foreign currency of $4 and $—, respectively.
(6)Includes uncertain tax position reserve adjustment of $— and $6, respectively.
(7)Includes valuation allowance of $— and $1, respectively.
(8)Includes valuation allowance of $133 and $10, respectively.
(9)Includes mining taxes net of associated federal benefit of $3 and $10, valuation allowance of $— and $2, uncertain tax position reserve adjustment of $(4) and $(7), and tax impacts from the exposure to fluctuations in foreign currency of $— and $6, respectively.
(10)Includes mining taxes net of associated federal benefit of $11 and $11, valuation allowance of $— and $2, uncertain tax position reserve adjustment of $3 and $(8), and tax impact from the exposure to fluctuations in foreign currency of $(24) and $18, respectively.
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(11)Includes valuation allowance of $— and $8, and tax impacts from the exposure to fluctuations in foreign currency of $13 and $(11), respectively.
(12)In accordance with applicable accounting rules, the interim provision for income taxes is adjusted to equal the consolidated tax rate.
(13)The consolidated effective income tax rate is a function of the combined effective tax rates for the jurisdictions in which we operate. Variations in the relative proportions of jurisdictional income could result in fluctuations to our combined effective income tax rate.
Nine Months Ended
September 30, 2021 September 30, 2020
Income
(Loss)(1)
Effective
Tax Rate
Income Tax
(Benefit)
Provision
Income
(Loss)(1)
Effective
Tax Rate
Income Tax
(Benefit)
Provision
Nevada $ 493  18  % $ 89 
(2)
$ 487  20  % $ 98 
(2)
CC&V 71  10 
(3)
91  12  11 
(3)
Corporate & Other (517) 12  (61)
(4)
(254) 30  (76)
(4)
Total US 47  74  35  324  10  33 
Australia 706  36  252 
(5)
1,141  22  247 
(5)
Ghana 363  34  123 
(6)
346  35  122 
(6)
Suriname 220  29  63 
(7)
232  27  62 
(7)
Peru (562) (9) 53 
(8)
(32) (156) 50 
(8)
Canada 70  41  29 
(9)
(51) (61) 31 
(9)
Mexico 753  32  239 
(10)
299  (11) (33)
(10)
Argentina (9) (122) 11 
(11)
(71) 62  (44)
(11)
Other Foreign 27  19  21  —  — 
Rate adjustments —  N/A (12)
(12)
—  N/A (22)
(12)
Consolidated $ 1,615  49  %
(13)
$ 798  $ 2,209  20  %
(13)
$ 446 
____________________________
(1)Represents income (loss) from continuing operations by geographic location before income taxes and equity in affiliates. These amounts will not reconcile to the Segment Information for the reasons stated in Note 3.
(2)Includes deduction for percentage depletion of $(39) and $(40) and mining taxes net of associated federal benefit of $24 and $36, respectively. Nevada includes the Company’s 38.5% interest in NGM.
(3)Includes deduction for percentage depletion of $(8) and $(8), respectively.
(4)Includes valuation allowance of $45 and $(26) and uncertain tax position reserve adjustment of $(1) and $—, respectively.
(5)Includes mining taxes net of associated federal benefit of $39 and $55, valuation allowance of $— and $(148), and tax impacts from the exposure to fluctuations in foreign currency of $9 and $—, respectively.
(6)Includes uncertain tax position reserve adjustment of $— and $6, respectively.
(7)Includes valuation allowance of $1 and $2, respectively.
(8)Includes mining taxes net of associated federal benefit of $7 and $1, valuation allowance of $162 and $27, uncertain tax position reserve adjustment of $(2) and $—, and expense related to prior year tax disputes of $— and $28, respectively.
(9)Includes mining tax net of associated federal benefit of $10 and $11, valuation allowance of $1 and $11, uncertain tax position reserve adjustment of $(1) and $(12), and tax impacts from the exposure to fluctuations in foreign currency of $1 and $(1), respectively.
(10)Includes mining tax net of associated federal benefit of $39 and $14, valuation allowance of $1 and $(2), uncertain tax position reserve adjustment of $24 and $(13), tax impact from the exposure to fluctuations in foreign currency of $(28) and $(128), and tax impact from prior year true-up adjustment of $(25) and $(1), respectively.
(11)Includes valuation allowance of $— and $8, tax impacts from the exposure to fluctuations in foreign currency of $— and $(42), and tax expense of $11 and $— due to the impact of the rate change on the deferred tax liability, respectively.
(12)In accordance with applicable accounting rules, the interim provision for income taxes is adjusted to equal the consolidated tax rate.
(13)The consolidated effective income tax rate is a function of the combined effective tax rates for the jurisdictions in which we operate. Variations in the relative proportions of jurisdictional income could result in fluctuations to our combined effective income tax rate.
In the third quarter of 2020, the Nevada legislature passed three resolutions proposing amendments to the Nevada Constitution to modify provisions regarding the Net Proceeds of Minerals tax. During the second quarter of 2021, the Nevada legislature enacted a new excise tax on revenue from gold and silver sales and as a result will not be making modifications to the Net Proceeds of Minerals tax. See the Nevada Results of Operations for additional information.
Governments in various jurisdictions in which the Company operates passed legislation in response to the COVID-19 pandemic. During the second quarter of 2021, the statutory Federal tax rate in Argentina was increased from 25% to 35%, effective January 1, 2021. The impact of the rate change on the deferred tax balance has been included in the tax expense.
Equity income (loss) of affiliates decreased by $14 and increased by $19 during the three and nine months ended September 30, 2021, respectively, compared to the same periods in 2020, primarily due to the Pueblo Viejo mine. For the three and nine months ended September 30, 2021, earnings before income taxes and depreciation and amortization related to the Pueblo Viejo Mine (“Pueblo Viejo EBITDA”) was $108 and $336, respectively, and was $115 and $298 during the three and nine months ended
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September 30, 2020, respectively. Pueblo Viejo EBITDA is a non-GAAP financial measure. For further information regarding Pueblo Viejo EBITDA, refer to “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis. For further information regarding Equity income (loss) of affiliates, refer to Note 12 of the Condensed Consolidated Financial Statements.
Refer to the Notes of the Condensed Consolidated Financial Statements for explanations of other financial statement line items.
Results of Consolidated Operations
Newmont has developed gold equivalent ounces (“GEO”) metrics to provide a comparable basis for analysis and understanding of our operations and performance related to copper, silver, lead and zinc. Gold equivalent ounces are calculated as pounds or ounces produced or sold multiplied by the ratio of the other metals’ price to the gold price, using the metal prices in the table below:
Gold Copper Silver Lead Zinc
(ounce) (pound) (ounce) (pound) (pound)
2021 GEO Price
$ 1,200  $ 2.75  $ 22.00  $ 0.90  $ 1.05 
2020 GEO Price
$ 1,200  $ 2.75  $ 16.00  $ 0.95  $ 1.20 
    Our mines continued to operate with robust controls, including heightened levels of health screening and testing to protect both our workforce and the local communities in which we operate. We have adopted a risk-based approach to business travel, are providing flexible and remote working plans for employees and are maintaining effective contact tracing procedures and “social distancing” protocols. For the three and nine months ended September 30, 2021, we incurred $24 and $66, respectively, of incremental direct costs related to our response to the COVID-19 pandemic, included in Other expense, net, as a result of these and other actions taken to protect our employees and operations, and to support the local communities in which we operate, of which $23 and $63, respectively, are included in All-in sustaining costs. For the three and nine months ended September 30, 2020, we incurred $32 and $67, respectively, of incremental direct costs related to our response to the COVID-19 pandemic, included in Other expense, net, and were excluded from All-in sustaining costs. All-in sustaining costs is a non-GAAP financial measure. See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis. For further information regarding costs related to our response to the COVID-19 pandemic, refer to Note 8 of the Condensed Consolidated Financial Statements.
Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization (2)
All-In Sustaining Costs (3)(4)
2021 2020 2021 2020 2021 2020 2021 2020
Three Months Ended September 30,
Gold (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
North America 384  414  $ 800  $ 762  $ 372  $ 408  $ 1,026  $ 1,003 
South America 246  232  958  885  372  373  1,276  1,162 
Australia 274  309  788  690  186  188  1,025  889 
Africa 210  229  886  693  314  306  1,114  865 
Nevada 308  337  768  761  435  445  945  904 
Total/Weighted-Average (5)
1,422  1,521  $ 830  $ 756  $ 344  $ 353  $ 1,120  $ 1,020 
Attributable to Newmont 1,364  1,454 
Gold equivalent ounces - other metals (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
North America (6)
275  238  $ 595  $ 513  $ 294  $ 274  $ 822  $ 735 
Australia (7)
40  35  914  840  151  153  1,025  998 
Total/Weighted-Average (5)
315  273  $ 638  $ 556  $ 275  $ 258  $ 887  $ 770 
Attributable gold from equity method investments (8)
(ounces in thousands)
Pueblo Viejo (40%) 85  87 
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Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization (2)
All-In Sustaining Costs (3)(4)
2021 2020 2021 2020 2021 2020 2021 2020
Nine Months Ended September 30,
Gold (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
North America 1,194  1,022  $ 767  $ 792  $ 358  $ 399  $ 988  $ 1,066 
South America 726  753  822  824  365  371  1,119  1,111 
Australia 842  861  767  712  175  184  1,040  914 
Africa  617  608  804  707  314  318  1,023  889 
Nevada 895  992  755  764  433  431  931  936 
Total/Weighted-Average (5)
4,274  4,236  $ 779  $ 762  $ 336  $ 349  $ 1,064  $ 1,046 
Attributable to Newmont 4,099  4,019 
Gold equivalent ounces - other metals (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
North America (6)
820  656  $ 564  $ 539  $ 283  $ 295  $ 781  $ 840 
Australia (7)
115  94  913  842  148  154  1,155  1,032 
Total/Weighted-Average (5)
935  750  $ 606  $ 575  $ 267  $ 278  $ 863  $ 862 
Attributable gold from equity method investments (8)
(ounces in thousands)
Pueblo Viejo (40%) 254  256 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)For the three months ended September 30, 2021 and 2020, Depreciation and amortization includes $— and $9 at South America and $2 and $— at Australia, respectively, in care and maintenance costs. For the nine months ended September 30, 2021 and 2020, Depreciation and amortization includes $— and $51 at North America, $— and $35 at South America and $3 and $— at Australia, respectively, in care and maintenance costs.
(3)All-in sustaining costs is a non-GAAP financial measure. See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis. For the three months ended September 30, 2021 and 2020, All-in sustaining costs includes $— and $5 at North America and $— and $21 at South America and $6 and $— at Australia, respectively, in care and maintenance costs recorded in Care and maintenance. For the nine months ended September 30, 2021 and 2020, All-in sustaining costs includes $— and $92 at North America and $— and $79 at South America and $8 and $— at Australia, respectively, in care and maintenance costs recorded in Care and maintenance.
(4)For the three months ended September 30, 2021, All-in sustaining costs include incremental direct costs related to our response to the COVID-19 pandemic, recorded in Other expense, net of $6, $11, $5, and $1 at North America, South America, Australia, and Africa, respectively. For the nine months ended September 30, 2021, All-in sustaining costs include incremental direct costs related to our response to the COVID-19 pandemic, recorded in Other expense, net of $19 , $34, $6, and $4 at North America, South America, Australia, and Africa, respectively. For the three and nine months ended September 30, 2020, COVID-19 incremental costs were excluded from All-in sustaining costs.
(5)All-in sustaining costs and Depreciation and amortization include expense for other regional projects.
(6)For the three months ended September 30, 2021, the Peñasquito mine in North America produced 7,970 thousand ounces of silver, 44 million pounds of lead and 109 million pounds of zinc. For the three months ended September 30, 2020, the Peñasquito mine in North America produced 7,370 thousand ounces of silver, 46 million pounds of lead and 103 million pounds of zinc. For the nine months ended September 30, 2021, the Peñasquito mine in North America produced 23,560 thousand ounces of silver, 138 million pounds of lead and 325 million pounds of zinc. For the nine months ended September 30, 2020, the Peñasquito mine in North America produced 20,421 thousand ounces of silver, 130 million pounds of lead and 281 million pounds of zinc.
(7)For the three months ended September 30, 2021 and 2020, the Boddington mine in Australia produced 17 million and 15 million pounds of copper, respectively. For the nine months ended September 30, 2021 and 2020, the Boddington mine in Australia produced 50 million and 41 million pounds of copper, respectively.
(8)Income and expenses of equity method investments are included in Equity income (loss) of affiliates. Refer to Note 12 of the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Three months ended September 30, 2021 compared to 2020
Consolidated gold production decreased 7% primarily due to lower leach production, lower mill recovery and lower ore grade milled at CC&V in North America, the ramp down of the mill and lower leach pad production at Yanacocha in South America, lower throughput, lower grade milled and lower recovery at Boddington in Australia, lower throughput at Tanami in Australia as the mine was placed under care and maintenance in the current year, lower ore grade milled at Ahafo in Africa and lower throughput at NGM in Nevada, partially offset by higher throughput and higher recovery at Peñasquito in North America and higher mill throughput at Cerro Negro in South America due to the mine being placed under care and maintenance in response to the COVID-19 pandemic during 2020.
Consolidated gold equivalent ounces – other metals production increased 15% primarily due to higher mill throughput and higher recovery at Peñasquito in North America.
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Costs applicable to sales per consolidated gold ounce increased 10% primarily due to overall lower gold ounces sold at Porcupine in North America, higher inventory adjustments and unfavorable by-product credits at Yanacocha in South America, unfavorable Australian dollar foreign currency exchange rate, higher mining costs due to lower grades mined at Tanami in Australia, an unfavorable strip ratio and higher power costs at Ahafo in Africa, and higher royalty payments, higher power costs and maintenance costs at Akyem in Africa, partially offset by a higher strip ratio at Merian in South America. Costs applicable to sales per consolidated gold equivalent ounce – other metals increased 15% primarily due to higher co-product allocation of costs to other metals at Peñasquito in North America and Boddington in Australia and higher concentrate selling expenses at Peñasquito in North America, partially offset by overall higher gold equivalent ounces sold.
Depreciation and amortization per consolidated gold ounce decreased 3% primarily due to lower depreciation and amortization rates, partially offset by lower gold ounces sold and higher inventory adjustments. Depreciation and amortization per consolidated gold equivalent ounce – other metals increased 7% primarily due to higher co-product allocation of costs to other metals, partially offset by higher gold equivalent ounces – other metals sold.
All-in sustaining costs per consolidated gold ounce increased 10% primarily due higher costs applicable to sales per gold ounce and higher sustaining capital costs, partially offset by lower treatment and refining costs. All-in sustaining costs per consolidated gold equivalent ounce – other metals increased 15% primarily due to higher costs applicable to sales and higher sustaining capital costs.
Nine Months Ended September 30, 2021 compared to 2020
Consolidated gold production increased 1% primarily due to Musselwhite, Éléonore, and Peñasquito in North America and Cerro Negro in South America being placed in care and maintenance in the prior year or operated at reduced levels as a result of ongoing COVID-19 restrictions, partially offset by the ramp down of the mill and lower leach pad production at Yanacocha in South America and lower mill availability and lower mill throughput and lower grades mined at NGM.
Consolidated gold equivalent ounces – other metals production increased 25% primarily due to higher mill throughput as the Peñasquito mine in North America was put under care and maintenance in the prior year and higher ore grade, higher mill throughput and higher recovery at Boddington in Australia.
Costs applicable to sales per consolidated gold ounce increased 2% primarily due to lower gold ounces sold at Porcupine in North America, an unfavorable Australian dollar foreign currency exchange rate and lower gold ounces sold at Tanami in Australia, lower gold ounces sold, an unfavorable strip ratio and higher power costs at Ahafo, and higher royalty payments at Akyem in Africa, partially offset by higher gold ounces sold at Peñasquito in North America and higher by-product credits at Yanacocha in South America. Costs applicable to sales per consolidated gold equivalent ounce – other metals increased 5% primarily due to an unfavorable Australian dollar foreign currency exchange rate, higher co-product allocation of costs to copper and higher copper-price driven royalties, partially offset by higher gold equivalent ounces - other metals sold and lower maintenance costs at Boddington in Australia, in addition to lower ore grade milled at Peñasquito in North America.
Depreciation and amortization per consolidated gold ounce decreased 4% primarily due to higher gold ounces sold. Depreciation and amortization per consolidated gold equivalent ounce – other metals decreased 4% primarily due to higher gold equivalent - other metals sold and care and maintenance costs in the prior year.
All-in sustaining costs per consolidated gold ounce increased 2% primarily due to higher costs applicable to sales per gold ounce, higher sustaining capital spend and incremental COVID-19 costs, partially offset by care and maintenance costs in the prior year. All-in sustaining costs per consolidated gold equivalent ounce – other metals was in line with the prior year.
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North America Operations
Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization (2)
All-In Sustaining Costs (3)(4)
2021 2020 2021 2020 2021 2020 2021 2020
Three Months Ended September 30,
Gold (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
CC&V 47  74  $ 959  $ 867  $ 260  $ 296  $ 1,421  $ 1,081 
Musselwhite 36  45  1,058  985  531  713  1,379  1,260 
Porcupine 73  80  972  736  315  334  1,139  911 
Éléonore 56  57  1,024  924  614  547  1,243  1,118 
Peñasquito 172  158  548  570  290  302  706  835 
Total/Weighted-Average (5)
384  414  $ 800  $ 762  $ 372  $ 408  $ 1,026  $ 1,003 
Gold equivalent ounces - other metals (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
Peñasquito (6)
275  238  $ 595  $ 513  $ 294  $ 274  $ 819  $ 735 
Total/Weighted-Average (5)
275  238  $ 595  $ 513  $ 294  $ 274  $ 822  $ 735 

Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization (2)
All-In Sustaining Costs (3)(4)
2021 2020 2021 2020 2021 2020 2021 2020
Nine Months Ended September 30,
Gold (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
CC&V 167  203  $ 992  $ 901  $ 281  $ 295  $ 1,271  $ 1,085 
Red Lake —  38  —  1,066  —  44  —  1,182 
Musselwhite 105  63  1,044  1,172  529  813  1,366  1,945 
Porcupine 214  244  927  722  318  333  1,144  862 
Éléonore 188  131  956  925  558  573  1,253  1,345 
Peñasquito 520  343  513  606  272  336  663  845 
Total/Weighted-Average (5)
1,194  1,022  $ 767  $ 792  $ 358  $ 399  $ 988  $ 1,066 
Gold equivalent ounces - other metals (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
Peñasquito (6)
820  656  $ 564  $ 539  $ 283  $ 295  $ 778  $ 840 
Total/Weighted-Average (5)
820  656  $ 564  $ 539  $ 283  $ 295  $ 781  $ 840 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)For the nine months ended September 30, 2021 and 2020, Depreciation and amortization includes $— and $7 at Musselwhite, $— and $16 at Éléonore and $— and $28 at Peñasquito, respectively, in care and maintenance costs.
(3)All-in sustaining costs is a non-GAAP financial measure. See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis. For the three months ended September 30, 2021 and 2020, All-in sustaining costs includes $— and $5 at Musselwhite, respectively, in care and maintenance costs recorded in Care and maintenance. For the nine months ended September 30, 2021 and 2020, All-in sustaining costs includes $— and $28 at Musselwhite, $— and $26 at Éléonore and $— and $38 at Peñasquito, respectively, in care and maintenance costs recorded in Care and maintenance.
(4)For the three and nine months ended September 30, 2021, All-in sustaining costs include $6 and $19, respectively, in incremental direct costs related to our response to the COVID-19 pandemic, recorded in Other expense, net. For the three and nine months ended September 30, 2020, COVID-19 incremental costs were excluded from All-in sustaining costs.
(5)All-in sustaining costs and Depreciation and amortization include expense for other regional projects.
(6)For the three months ended September 30, 2021, Peñasquito produced 7,970 thousand ounces of silver, 44 million pounds of lead and 109 million pounds of zinc. For the three months ended September 30, 2020, Peñasquito produced 7,370 thousand ounces of silver, 46 million pounds of lead and 103 million pounds of zinc. For the nine months ended September 30, 2021, Peñasquito produced 23,560 thousand ounces of silver, 138 million pounds of lead and 325 million pounds of zinc. For the nine months ended September 30, 2020, Peñasquito produced 20,421 thousand ounces of silver, 130 million pounds of lead and 281 million pounds of zinc.
Three months ended September 30, 2021 compared to 2020
CC&V, USA. Gold production decreased 36% primarily due to lower leach production, lower mill recovery and lower ore grade milled. Costs applicable to sales per gold ounce increased 11% primarily due to lower production. Depreciation and amortization per gold ounce decreased 12% primarily due to lower depreciation and amortization rates. All-in sustaining costs per gold ounce increased 31% primarily due to higher sustaining capital spend and higher costs applicable to sales per gold ounce.
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Musselwhite, Canada. Gold production decreased 20% primarily due to lower throughput as a result of processing a higher amount of stockpile in the prior year as the site was ramping up from being in care and maintenance, partially offset by higher ore grades milled. Costs applicable to sales per gold ounce increased 7% primarily due to lower gold ounces sold. Depreciation and amortization per gold ounce decreased 26% primarily due to higher ore grade mined. All-in sustaining costs per gold ounce increased 9% primarily due to higher costs applicable to sales per ounce sold and higher sustaining capital spend, partially offset by care and maintenance costs in the prior year.
Porcupine, Canada. Gold production decreased 9% primarily due to lower ore grade milled, partially offset by higher throughput. Costs applicable to sales per gold ounce increased 32% primarily due to lower ore grade mined. Depreciation and amortization per gold ounce decreased 6% primarily due to a longer reserve life. All-in sustaining costs per gold ounce increased 25% primarily due to higher costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend.
Éléonore, Canada. Gold production decreased 2% primarily due to lower throughput due to labor shortages, partially offset by higher ore grade milled. Costs applicable to sales per gold ounce increased 11% primarily due to higher contracted service costs to compensate for labor shortages. Depreciation and amortization per gold ounce increased 12% primarily due to higher depreciation rates due to a change in the mine life. All-in sustaining costs per gold ounce increased 11% primarily due to higher costs applicable to sales per ounce.
Peñasquito, Mexico. Gold production increased 9% and gold equivalent ounces - other metals production increased 16% primarily due to higher throughput and higher recovery. Costs applicable to sales per gold ounce decreased 4% primarily due to higher gold ounces sold and lower co-product allocation of costs to gold. Costs applicable to sales per gold equivalent ounce – other metals increased 16% primarily due to higher concentrate selling expenses and higher co-product allocation of costs to other metals, partially offset by higher gold equivalent ounces – other metals sold. Depreciation and amortization per gold ounce decreased 4% primarily due to higher gold ounces sold and lower co-product allocation of costs to gold ounces. Depreciation and amortization per gold equivalent ounce – other metals increased 7% primarily due to higher co-product allocation of costs to the other metals, partially offset by higher gold equivalent ounces – other metals sold. All-in sustaining costs per gold ounce decreased 15% primarily due to lower costs applicable to sales per gold ounce and lower treatment and refining costs. All-in sustaining costs per gold equivalent ounce – other metals increased 11% primarily due to higher costs applicable to sales and higher sustaining capital costs, partially offset by lower treatment and refining costs.
Nine Months Ended September 30, 2021 compared to 2020
CC&V, USA. Gold production decreased 18% primarily due to lower leach pad recoveries, lower ore grades milled and lower mill recoveries. Costs applicable to sales per gold ounce increased 10% primarily due to lower gold ounces sold and higher inventory adjustments. Depreciation and amortization per gold ounce decreased 5% primarily due to lower depreciation rates as a result of changes in mine life. All-in sustaining costs per gold ounce increased 17% primarily due to higher costs applicable to sales per gold ounce and higher sustaining capital spend.
Musselwhite, Canada. Gold production increased 67% primarily due to the mine being placed under care and maintenance in the prior year as a result of ongoing COVID-19 restrictions and higher ore grades milled. Costs applicable to sales per gold ounce decreased 11% primarily driven by higher gold ounces sold. Depreciation and amortization per gold ounce decreased 35% primarily driven by higher gold ounces sold. All-in sustaining costs per gold ounce decreased 30% primarily due to lower costs applicable to sales per gold ounce and care and maintenance costs in the prior year, partially offset by higher sustaining capital spend.
Porcupine, Canada. Gold production decreased 12% primarily due to lower mill throughput and lower ore grade milled. Costs applicable to sales per gold ounce increased 28% primarily due to lower gold ounces sold. Depreciation and amortization per gold ounce decreased 5% primarily due to a longer reserve life. All-in sustaining costs per gold ounce increased 33% primarily due to higher costs applicable to sales per gold ounce and higher sustaining capital spend.
Éléonore, Canada. Gold production increased 44% primarily due to higher throughput as a result of the mine being placed under care and maintenance in the prior year as a result of ongoing COVID-19 restrictions and higher ore grade milled. Costs applicable to sales per gold ounce increased 3% primarily due to higher contract labor to compensate for labor shortages, partially offset by higher gold ounces sold. Depreciation and amortization per gold ounce decreased 3% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 7% primarily due to care and maintenance costs in the prior year, partially offset by higher costs applicable to sales per gold ounce and higher sustaining capital spend.
Peñasquito, Mexico. Gold production increased 52% primarily due to higher throughput as a result of mine being placed under care and maintenance in the prior year as a result of ongoing COVID-19 restrictions, higher ore grade milled and higher recovery. Gold equivalent ounces – other metals production increased 25% primarily due to the mine being placed under care and maintenance in the prior year as a result of ongoing COVID-19 restrictions, partially offset by lower ore grade milled. Costs applicable to sales per gold ounce decreased 15% primarily driven by higher gold ounces sold. Costs applicable to sales per gold equivalent ounce – other metals increased 5% primarily due to lower ore grades milled. Depreciation and amortization per gold ounce decreased 19% primarily due to higher gold ounces sold, partially offset by higher co-product allocation of costs to gold. Depreciation and amortization per gold equivalent ounce – other metals decreased 4% primarily due to higher gold equivalent ounces – other metals sold and lower co-product allocation of costs to other metals. All-in sustaining costs per gold ounce decreased 22% primarily due to lower costs applicable
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to sales per gold ounce, care and maintenance costs in the prior year and lower treatment and refining costs, partially offset by higher sustaining capital costs. All-in sustaining costs per gold equivalent ounce – other metals decreased 7% primarily due to higher gold equivalent ounces – other metals sold and lower treatment and refining costs, partially offset by higher sustaining capital spend.
South America Operations
Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization (2)
All-In Sustaining Costs (3)(4)
2021 2020 2021 2020 2021 2020 2021 2020
Three Months Ended September 30, (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
Yanacocha 65  80  $ 1,388  $ 1,009  $ 494  $ 329  $ 1,908  $ 1,325 
Merian 105  106  758  809  221  252  884  917 
Cerro Negro 76  46  846  850  480  670  1,231  1,346 
Total / Weighted Average (5)
246  232  $ 958  $ 885  $ 372  $ 373  $ 1,276  $ 1,162 
Yanacocha (48.65%) (32) (40)
Merian (25.00%) (26) (27)
Attributable to Newmont 188  165 
Attributable gold from equity method investments (6)
(ounces in thousands)
Pueblo Viejo (40%) 85  87 

Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization (2)
All-In Sustaining Costs (3)(4)
2021 2020 2021 2020 2021 2020 2021 2020
Nine Months Ended September 30, (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
Yanacocha 194  270  $ 890  $ 1,012  $ 428  $ 369  $ 1,385  $ 1,358 
Merian 324  339  758  710  230  219  886  811 
Cerro Negro 208  144  861  748  509  670  1,198  1,271 
Total / Weighted Average (5)
726  753  $ 822  $ 824  $ 365  $ 371  $ 1,119  $ 1,111 
Yanacocha (48.65%) (94) (132)
Merian (25.00%) (81) (85)
Attributable to Newmont 551  536 
Attributable gold from equity method investments (6)
(ounces in thousands)
Pueblo Viejo (40%) 254  256 
___________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)For the three months ended September 30, 2021 and 2020, Depreciation and amortization includes $— and $9 at Cerro Negro, respectively, in care and maintenance costs. For the nine months ended September 30, 2021 and 2020, Depreciation and amortization includes $— and $7 at Yanacocha and $— and $28 at Cerro Negro, respectively, in care and maintenance costs.
(3)All-in sustaining costs is a non-GAAP financial measure. See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis. For the three months ended September 30, 2021 and 2020, All-in sustaining costs includes $— and $2 at Yanacocha, $— and $18 at Cerro Negro and $— and $1 at Other South America, respectively, in care and maintenance costs recorded in Care and maintenance. For the nine months ended September 30, 2021 and 2020, All-in sustaining costs includes $— and $27 at Yanacocha, $— and $50 at Cerro Negro and $— and $2 at Other South America, respectively, in care and maintenance costs recorded in Care and maintenance.
(4)For the three and nine months ended September 30, 2021, All-in sustaining costs include $11 and $34, respectively, in incremental direct costs related to our response to the COVID-19 pandemic, recorded in Other expense, net. For the three and nine months ended September 30, 2020, COVID-19 incremental costs were excluded from All-in sustaining costs.
(5)All-in sustaining costs and Depreciation and amortization include expense for other regional projects.
(6)Income and expenses of equity method investments are included in Equity income (loss) of affiliates. Refer to Note 12 of the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Three months ended September 30, 2021 compared to 2020
Yanacocha, Peru. Gold production decreased 19% primarily due to the ramp down of the mill, partially offset by higher leach pad production. Costs applicable to sales per gold ounce increased 38% primarily due to higher inventory adjustments and unfavorable by-product credits. Depreciation and amortization per gold ounce increased 50% primarily due to lower gold ounces sold and higher
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inventory adjustments in the current year. All-in sustaining costs per gold ounce increased 44% primarily due to higher costs applicable to sales per gold ounce, higher reclamation costs and incremental COVID-19 costs.
Merian, Suriname. Gold production decreased 1% primarily due to lower mill throughput and a lower drawdown of in-circuit inventory compared to last year, partially offset by higher ore grade milled. Costs applicable to sales per gold ounce decreased 6% primarily due to a lower strip ratio and higher ounces mined. Depreciation and amortization per gold ounce decreased 12% due to lower capitalization of mining equipment. All-in sustaining costs per gold ounce decreased 4% primarily due to lower costs applicable to sales per gold ounce and lower sustaining capital spend, partially offset by higher advanced projects, exploration and incremental COVID-19 costs.
Cerro Negro, Argentina. Gold production increased 65% primarily due to higher mill throughput primarily due to the mine being placed under care and maintenance in response to the COVID-19 pandemic during 2020, partially offset by lower ore grade mined. Costs applicable to sales per gold ounce was in line with the prior year. Depreciation and amortization per gold ounce decreased 28% primarily due to higher gold ounces sold and lower depreciation and amortization rates. All-in sustaining costs per gold ounce decreased 9% primarily due to care and maintenance costs in the prior year, partially offset by higher sustaining capital costs.
Pueblo Viejo, Dominican Republic. Attributable gold production decreased 2% primarily due to lower ore grade milled, partially offset by higher mill throughput and a drawdown of in-circuit inventory compared to a buildup in the prior year. Refer to Note 12 of the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Nine Months Ended September 30, 2021 compared to 2020
Yanacocha, Peru. Gold production decreased 28% primarily due to lower mill throughput as a result of the ramp down of the mill and lower leach pad production as a result of lower leach recoveries. Costs applicable to sales per gold ounce decreased 12% primarily due to higher by-product credits as a result of the timing of silver sale shipments that were previously delayed from the prior year due to COVID-19 and higher ore grade mined, partially offset by higher worker participation costs in the current year. Depreciation and amortization per gold ounce increased 16% primarily due to gold ounces sold. All-in sustaining costs per gold ounce increased 2% primarily due to higher reclamation costs and incremental COVID-19 costs, partially offset by lower costs applicable to sales per gold ounce and care and maintenance costs in the prior year.
Merian, Suriname. Gold production decreased 4% primarily due to lower ore grade milled and a lower drawdown of in-circuit inventory, partially offset by higher mill throughput and higher recoveries. Costs applicable to sales per gold ounce increased 7% primarily due to higher direct operating costs. Depreciation and amortization per gold ounce increased 5% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 9% primarily due to higher costs applicable to sales per gold ounce, incremental COVID-19 costs and higher sustaining capital costs.
Cerro Negro, Argentina. Gold production increased 44% primarily due to the mine being placed under care and maintenance in response to the COVID-19 pandemic during 2020, partially offset by lower ore recoveries, lower ore grade mined, and a built of in-circuit inventory compared to a drawdown in the prior year. Costs applicable to sales per gold ounce increased 15% primarily due to higher direct operating costs as a result of COVID-19 restrictions and higher royalty payments, partially offset by higher gold ounces sold. Depreciation and amortization per gold ounce decreased 24% primarily due to higher gold ounces sold, partially offset by asset additions. All-in sustaining costs per gold ounce decreased 6% primarily due to care and maintenance costs in the prior year, partially offset by higher sustaining capital spend, higher costs applicable to sales and higher reclamation costs.
Pueblo Viejo, Dominican Republic. Attributable gold production decreased 1% primarily due to lower ore grade milled and lower recovery, partially offset by higher mill throughput and a drawdown of in-circuit inventory compared to a buildup in the prior year. Refer to Note 12 of the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Australia Operations
Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization (2)
All-In Sustaining Costs (3)(4)
2021 2020 2021 2020 2021 2020 2021 2020
Three Months Ended September 30,
Gold (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
Boddington 162  178  $ 906  $ 846  $ 150  $ 150  $ 1,030  $ 985 
Tanami 112  131  613  478  225  228  986  723 
Total/Weighted-Average (5)
274  309  $ 788  $ 690  $ 186  $ 188  $ 1,025  $ 889 
Gold equivalent ounces - other metals (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
Boddington (6)
40  35  $ 914  $ 840  $ 151  $ 153  $ 1,013  $ 998 
Total/Weighted-Average (5)
40  35  $ 914  $ 840  $ 151  $ 153  $ 1,025  $ 998 

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Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization (2)
All-In Sustaining Costs (3)(4)
2021 2020 2021 2020 2021 2020 2021 2020
Nine Months Ended September 30,
Gold (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
Boddington 502  488  $ 885  $ 873  $ 143  $ 154  $ 1,115  $ 1,046 
Tanami 340  373  595  505  207  210  897  707 
Total/Weighted-Average (5)
842  861  $ 767  $ 712  $ 175  $ 184  $ 1,040  $ 914 
Gold equivalent ounces - other metals (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
Boddington (6)
115  94  $ 913  $ 842  $ 148  $ 154  $ 1,141  $ 1,032 
Total/Weighted-Average (5)
115  94  $ 913  $ 842  $ 148  $ 154  $ 1,155  $ 1,032 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)For the three months ended September 30, 2021 and 2020, Depreciation and amortization includes $2 and $— at Tanami in care and maintenance costs. For the nine months ended September 30, 2021 and 2020, Depreciation and amortization includes $3 and $— at Tanami in care and maintenance costs.
(3)All-in sustaining costs is a non-GAAP financial measure. See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis. For the three months ended September 30, 2021 and 2020, All-in sustaining costs includes $6 and $— at Tanami in care and maintenance costs recorded in Care and maintenance. For the nine months ended September 30, 2021 and 2020, All-in sustaining costs includes $8 and $— at Tanami in care and maintenance costs recorded in Care and maintenance.
(4)For the three and nine months ended September 30, 2021, All-in sustaining costs include $5 and $6, respectively, in incremental direct costs related to our response to the COVID-19 pandemic, recorded in Other expense, net. For the three and nine months ended September 30, 2020, COVID-19 incremental costs were excluded from All-in sustaining costs.
(5)All-in sustaining costs and Depreciation and amortization include expense for other regional projects.
(6)For the three months ended September 30, 2021 and 2020, Boddington produced 17 million and 15 million pounds of copper, respectively. For the nine months ended September 30, 2021 and 2020, Boddington produced 50 million and 41 million pounds of copper, respectively.
Three months ended September 30, 2021 compared to 2020
Boddington, Australia. Gold production decreased 9% primarily due to lower throughput, lower grade milled and lower recovery. Gold equivalent ounces – other metals production increased 14% primarily due to higher ore grade milled, partially offset by lower throughput and lower recovery. Costs applicable to sales per gold ounce increased 7% primarily due to lower gold ounces sold and an unfavorable Australian dollar foreign currency exchange rate, partially offset by a lower co-product allocation of costs to gold and lower royalties. Costs applicable to sales per gold equivalent ounce – other metals increased 9% primarily due to higher co-product allocation of costs to copper, increased royalty costs and unfavorable Australian dollar foreign currency exchange rate, partially offset by higher gold equivalent ounces sold. Depreciation and amortization per gold ounce in line with prior year. Depreciation and amortization per gold equivalent ounce – other metals decreased 1% primarily due to a longer reserve life and higher gold equivalent ounces - other metals sold, partially offset by higher co-product allocation of costs to copper. All-in sustaining costs per gold ounce increased 5% primarily due to higher costs applicable to sales per gold ounce, partially offset by lower sustaining capital. All-in sustaining costs per gold equivalent ounce – other metals increased 2% primarily driven by higher costs applicable to sales per gold equivalent ounce - other metals, partially offset by lower sustaining capital.
Tanami, Australia. Gold production decreased 15% primarily due to lower throughput as the mine was placed under care and maintenance during July 2021 as a result of COVID-19 restrictions, lower ore grade milled and lower recovery, partially offset by a higher drawdown of in-circuit inventory. Costs applicable to sales per gold ounce increased 28% primarily due to unfavorable Australian dollar foreign currency exchange rate, lower gold ounces sold and higher mining costs per ounce due to lower ore tons mined and lower grades mined. Depreciation and amortization per gold ounce decreased 1% primarily due to higher reserves, partially offset by lower gold ounces sold. All-in sustaining costs per gold ounce increased 36% primarily due to higher costs applicable to sales per gold ounce and higher COVID and non-productive costs as a result of placing the mine under care and maintenance.
Nine Months Ended September 30, 2021 compared to 2020
Boddington, Australia. Gold production increased 3% primarily due to higher ore grade milled and higher mill throughput, partially offset by lower recovery. Gold equivalent ounces – other metals production increased 22% primarily due to higher ore grade milled, higher mill throughput and higher recovery. Costs applicable to sales per gold ounce increased 1% primarily due to an unfavorable Australian dollar foreign currency exchange rate, partially offset by higher gold ounces sold, lower maintenance costs and lower co-product allocation of costs to gold. Costs applicable to sales per gold equivalent ounce – other metals increased 8% primarily due to an unfavorable Australian dollar foreign currency exchange rate, higher co-product allocation of costs to copper and higher royalties, partially offset by higher gold equivalent ounces - other metals sold and lower maintenance costs. Depreciation and amortization per gold ounce decreased 7% primarily due to a longer reserve life, higher gold ounces sold and a lower co-product allocation of costs to gold. Depreciation and amortization per gold equivalent ounce – other metals decreased 4% primarily due to a longer reserve life and higher gold equivalent ounces - other metals sold, partially offset by higher co-product allocation of costs to
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copper. All-in sustaining costs per gold ounce increased 7% primarily due to higher sustaining capital spend and higher costs applicable to sales per gold ounce. All-in sustaining costs per gold equivalent ounce – other metals increased 11% primarily due to higher costs applicable to sales per gold equivalent ounces - other metals and higher sustaining capital spend.
Tanami, Australia. Gold production decreased 9% primarily due to lower ore grade milled, lower throughput as the mine was placed under care and maintenance during July 2021 as a result of COVID-19 restrictions and lower recovery. Costs applicable to sales per gold ounce increased 18% primarily due to unfavorable Australian dollar foreign currency exchange rate and lower gold ounces sold, partially offset by lower paste backfill spend. Depreciation and amortization per gold ounce decreased 1% primarily due to a longer reserve life, partially offset by lower gold ounces sold. All-in sustaining costs per gold ounce increased 27% primarily due to higher costs applicable to sales per gold ounce and higher sustaining capital spend.
Africa Operations
Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization
All-In Sustaining Costs (2)(3)
2021 2020 2021 2020 2021 2020 2021 2020
Three Months Ended September 30, (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
Ahafo 124  139  $ 912  $ 733  $ 300  $ 291  $ 1,100  $ 912 
Akyem 86  90  851  634  331  328  1,104  775 
Total / Weighted Average (4)
210  229  $ 886  $ 693  $ 314  $ 306  $ 1,114  $ 865 

Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization
All-In Sustaining Costs (2)(3)
2021 2020 2021 2020 2021 2020 2021 2020
Nine Months Ended September 30, (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
Ahafo 333  342  $ 896  $ 783  $ 311  $ 311  $ 1,105  $ 983 
Akyem 284  266  698  612  317  326  902  750 
Total / Weighted Average (4)
617  608  $ 804  $ 707  $ 314  $ 318  $ 1,023  $ 889 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)All-in sustaining costs is a non-GAAP financial measure. See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis.
(3)For the three and nine months ended September 30, 2021, All-in sustaining costs include $1 and $4, respectively, in incremental direct costs related to our response to the COVID-19 pandemic, recorded in Other expense, net. For the three and nine months ended September 30, 2020, COVID-19 incremental costs were excluded from All-in sustaining costs.
(4)All-in sustaining costs and Depreciation and amortization include expense for other regional projects.
Three months ended September 30, 2021 compared to 2020
Ahafo, Ghana. Gold production decreased 11% primarily due to lower ore grades milled, partially offset by higher mill throughput. Costs applicable to sales per gold ounce increased 24% primarily due to lower gold ounces sold, an unfavorable strip ratio as a result of mine sequencing and higher power costs, partially offset by lower maintenance costs. Depreciation and amortization per gold ounce increased 3% primarily due to lower gold ounces mined. All-in sustaining costs per gold ounce increased 21% primarily due to higher costs applicable to sales per gold ounce and incremental COVID-19 costs, partially offset by lower sustaining capital costs.
Akyem, Ghana. Gold production decreased 4% primarily due to lower ore grades milled and lower recovery, partially offset by higher mill throughput. Costs applicable to sales per gold ounce increased 34% primarily due to higher royalty payments, higher power costs and higher maintenance costs. Depreciation and amortization per gold ounce increased 1% primarily due to higher depreciation and amortization rates. All-in sustaining costs per gold ounce increased 42% primarily due to higher costs applicable to sales, higher sustaining capital costs, higher reclamation costs, and higher exploration costs.
Nine Months Ended September 30, 2021 compared to 2020
Ahafo, Ghana. Gold production decreased 3% primarily due to lower ore grades milled, partially offset by higher mill throughput and a draw-down of in-circuit inventory compared to a build-up in the prior year. Costs applicable to sales per gold ounce increased 14% primarily due to lower gold ounces sold, an unfavorable strip ratio as a result of mine sequencing and higher power costs, partially offset by lower mining consumables spend. Depreciation and amortization per gold ounce was in line with the prior year. All-in sustaining costs per gold ounce increased 12% primarily due to higher costs applicable to sales per gold ounce, higher advanced project and exploration expenses and incremental COVID-19 costs, partially offset by lower sustaining capital costs.
Akyem, Ghana. Gold production increased 7% primarily due to higher ore grade milled, partially offset by lower mill throughput, lower recovery and a lower drawdown of in-circuit inventory. Costs applicable to sales per gold ounce increased 14%
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primarily due to higher royalty payments, higher power costs and maintenance costs. Depreciation and amortization per gold ounce decreased 3% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce increased 20% primarily due to higher sustaining capital spend, higher costs applicable to sales per gold ounce and higher reclamation costs.
Nevada Operations
Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization
All-In Sustaining Costs (2)
2021 2020 2021 2020 2021 2020 2021 2020
Three Months Ended September 30,
Gold (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
Nevada Gold Mines 308  337  $ 768  $ 761  $ 435  $ 445  $ 945  $ 904 
Total/Weighted-Average (3)
308  337  $ 768  $ 761  $ 435  $ 445  $ 945  $ 904 

Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization
All-In Sustaining Costs (2)
2021 2020 2021 2020 2021 2020 2021 2020
Nine Months Ended September 30,
Gold (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
Nevada Gold Mines 895  992  $ 755  $ 764  $ 433  $ 431  $ 931  $ 936 
Total/Weighted-Average (3)
895  992  $ 755  $ 764  $ 433  $ 431  $ 931  $ 936 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)All-in sustaining costs is a non-GAAP financial measure. See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis.
(3)All-in sustaining costs and Depreciation and amortization include expense for other regional projects.
Three months ended September 30, 2021 compared to 2020
Nevada Gold Mines. Attributable gold production decreased 9% primarily due to 25% lower production at Carlin as a result of a mechanical failure in May 2021 which resulted in a partial shutdown of the Goldstrike mill, which was fully repaired by September. This was partially offset by 15% higher production at Cortez as a result of higher ore grades processed and higher leach recoveries and 7% higher production at Turquoise Ridge as a result of higher throughput.
Costs applicable to sales per gold ounce increased 1% primarily due to 4% higher costs applicable to sales due to lower gold ounces sold, partially offset by lower mill throughput at Carlin and 5% higher costs applicable to sales at Turquoise Ridge due to a reduction of stockpile inventory. This was partially offset by 15% lower costs applicable to sales at Phoenix due to higher by-product credits from higher copper prices and 22% lower costs applicable to sales at Long Canyon due to a favorable strip ratio.
Depreciation and amortization per gold ounce decreased 2% primarily due to 7% lower amortization at Carlin driven by higher stockpile balances processed and lower amortization rates partially offset by lower ounces sold, 11% and 8% lower depreciation and amortization per ounce at Cortez and Phoenix, respectively, driven by higher gold ounces sold, and 17% lower depreciation and amortization per ounce at Long Canyon as a result of lower ounces mined. This was partially offset by 6% higher depreciation and amortization per ounce at Turquoise Ridge driven by a reduction in stockpile inventories.
All-in sustaining costs per gold ounce increased 5% primarily due higher costs applicable to sales at Carlin and Turquoise Ridge and higher sustaining capital spend at Carlin, Turquoise Ridge and Phoenix, partially offset by lower costs applicable to sales at Phoenix and Long Canyon.
Nine Months Ended September 30, 2021 compared to 2020
Nevada Gold Mines. Attributable gold production decreased 10% primarily due to 18% lower production at Carlin as a result of lower availability of the Goldstrike mill and ore blending, 9% lower production at Cortez as a result of lower underground grades mined, lower mill throughput and the timing of leach recoveries and 16% lower production at Phoenix as a result of lower mill grades processed and lower mill throughput. This was partially offset by 17% higher production at Long Canyon as a result of higher leach tons and higher grade processed and 6% higher production at Turquoise Ridge as a result of higher underground tons and higher grades mined.
Costs applicable to sales per gold ounce decreased 1% primarily due to 36% lower costs applicable to sales at Phoenix as a result of higher by-product credits from higher copper prices and 50% lower costs applicable to sales at Long Canyon as a result of higher gold ounces sold and a favorable strip ratio. This was partially offset by 4% and 10% higher costs applicable to sales at Carlin and Cortez, respectively, primarily driven by lower gold ounces sold, partially offset by lower mill throughput at Carlin.
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In 2021, the Nevada state legislature passed Assembly Bill 495 (the “Bill”) to enact a new tax on mining companies engaged in the business of extracting gold and silver in the state of Nevada. The Bill imposes a new excise tax on business entities with annual gross revenues over $20, with tax rates ranging from 0.75% to 1.1%. The excise tax is included in Cost applicable to sales.
Depreciation and amortization per gold ounce was in line with the prior year.
All-in sustaining costs per gold ounce decreased 1% primarily due to lower costs applicable to sales at Phoenix and Long Canyon, partially offset by higher costs applicable to sales at Carlin and Cortez.
Foreign Currency Exchange Rates
Our foreign operations sell their gold, copper, silver, lead and zinc production based on U.S. dollar metal prices. Fluctuations in foreign currency exchange rates do not have a material impact on our revenue since gold, copper, silver, lead and zinc are sold throughout the world in U.S. dollars. Despite selling gold and silver in London, we have no exposure to the euro or the British pound.
Foreign currency exchange rates can increase or decrease profits to the extent costs are paid in foreign currencies, including the Australian dollar, the Canadian dollar, the Mexican peso, the Argentine peso, the Peruvian sol, the Surinamese dollar and the Ghanaian Cedi. Approximately 50% and 51% of Costs applicable to sales were paid in currencies other than the U.S. dollar during the three and nine months ended September 30, 2021, respectively, as follows:
Three Months Ended
September 30, 2021
Nine Months Ended
September 30, 2021
Australian Dollar 17  % 18  %
Canadian Dollar 13  % 13  %
Mexican Peso 12  % 13  %
Argentine Peso % %
Peruvian Sol % %
Surinamese Dollar % %
Ghanaian Cedi —  % —  %
Variations in the local currency exchange rates in relation to the U.S. dollar at our foreign mining operations decreased Costs applicable to sales by $5 during the three months ended September 30, 2021, compared to the same period in 2020, primarily in Argentina and Suriname. Variations in the local currency exchange rates in relation to the U.S. dollar at our foreign mining operations increased Costs applicable to sales by $9 per ounce during the nine months ended September 30, 2021 compared to the same period in 2020, primarily in Australia and Canada.
Our Cerro Negro mine, located in Argentina, is a U.S. dollar functional currency entity. Argentina has been considered a hyperinflationary environment with a cumulative inflation rate of over 100% for the last three years. In recent years, Argentina’s central bank enacted a number of foreign currency controls in an effort to stabilize the local currency, including requiring the Company to convert U.S. dollar proceeds from metal sales to local currency within 60 days from shipment date or five business days from receipt of cash, whichever happens first, as well as restricting payments to foreign-related entities denominated in foreign currency, such as dividends or distributions to the parent and related companies and royalties and other payments to foreign beneficiaries. These restrictions directly impact Cerro Negro's ability to pay principal portions of intercompany debt to the Company. We continue to monitor the foreign currency exposure risk and the limitations of repatriating cash to the United States. Currently, these currency controls are not expected to have a material impact on our financial statements.

Our Merian mine, located in the country of Suriname, is a U.S. dollar functional currency entity. Suriname has experienced significant swings in inflation rates for the last three years. In 2021, the Central Bank took steps to stabilize the local currency, while the government introduced new legislation to narrow the gap between government revenues and spending. The measures to increase government revenue mainly consist of tax increases; however, Newmont and the Republic of Suriname have a Mineral Agreement in place that supersedes such measures. The Central Bank of Suriname recently adopted a controlled floating rate system and concurrently the Surinamese dollar devalued significantly. The majority of Merian’s activity has historically been denominated in U.S. dollars resulting in an immaterial impact on our financial statements. Therefore, future devaluation of the Surinamese dollar is not expected to have a material impact on our financial statements.
Liquidity and Capital Resources
Liquidity Overview
We have a disciplined cash allocation strategy of maintaining financial flexibility to execute our capital priorities and generate long-term value for our shareholders. Consistent with that strategy, we aim to self-fund development projects and make strategic partnerships focused on profitable growth, while reducing our debt and returning cash to stockholders through dividends and share repurchases.
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The COVID-19 pandemic has had a material impact on the global economy, the scale and duration of which remain uncertain. Depending on the duration and extent of the impact of the COVID-19 pandemic, sites could be placed into care and maintenance; transportation industry disruptions could occur, including limitations on shipping produced metals; refineries or smelters could be temporarily closed; our supply chain could be disrupted; or we could incur credit related losses of certain financial assets, which could materially impact the Company’s results of operations, cash flows and financial condition. As of September 30, 2021, we believe our available liquidity allows us to manage the near-term impacts of the COVID-19 pandemic on our business.
At September 30, 2021, the Company had $4,636 in Cash and cash equivalents, of which $1,468 was held in foreign subsidiaries and is primarily held in U.S. dollar denominated accounts with the remainder in foreign currencies readily convertible to U.S. dollars. Cash and cash equivalents denominated in Argentine Peso are subject to regulatory restrictions. See Foreign Currency Exchange Rates above for further information. At September 30, 2021, $406 of the consolidated cash and cash equivalents was attributable to noncontrolling interests primarily related to our Peru and Suriname operations, which is being held locally to fund those operations. At September 30, 2021, $1,241 in consolidated cash and cash equivalents ($845 attributable to Newmont) was held at certain foreign subsidiaries that, if repatriated, may be subject to withholding taxes. We expect that there would be no additional tax burden upon repatriation after considering the cash cost associated with the withholding taxes. We believe that our liquidity and capital resources are adequate to fund our operations and corporate activities.
We believe our existing consolidated Cash and cash equivalents, available capacity on our revolving credit facility, and cash generated from continuing operations will be adequate to satisfy working capital needs, fund future growth, meet debt obligations, pay dividends and meet other liquidity requirements for the foreseeable future. At September 30, 2021, our borrowing capacity on our revolving credit facility was $3,000 and we had no borrowings outstanding under the revolving credit facility. We continue to remain compliant with covenants and there have been no impacts to-date, nor do we anticipate any negative impacts from COVID-19, on our ability to access funds available on this facility.
Our financial position was as follows:
At September 30,
2021
At December 31,
2020
Debt $ 5,482  $ 6,031 
Lease and other financing obligations 656  671 
Less: Cash and cash equivalents (4,636) (5,540)
Net debt $ 1,502  $ 1,162 
Borrowing capacity on revolving credit facility $ 3,000  $ 2,928 
Total liquidity (1)
$ 7,636  $ 8,468 
____________________________
(1)Total liquidity is calculated as the total of our Cash and cash equivalents and the borrowing capacity on our revolving credit facility.
Cash Flows
Net cash provided by (used in) operating activities of continuing operations was $2,967 during the nine months ended September 30, 2021, a decrease in cash provided of $237 from the nine months ended September 30, 2020, primarily due to higher tax payments and an increase in prepaid assets, partially offset by higher average realized metal prices.
Net cash provided by (used in) investing activities of continuing operations was $(1,517) during the nine months ended September 30, 2021, a decrease in cash provided of $2,094 from the nine months ended September 30, 2020, primarily due to proceeds from the sales of Kalgoorlie, Red Lake and Continental Gold in 2020, the acquisition of GT Gold in 2021, and higher capital expenditures in 2021.
Net cash provided by (used in) investing activities of discontinued operations was $— during the nine months ended September 30, 2021, a decrease in cash used of $75 from the nine months ended September 30, 2020, due to the payment for the option to acquire mining and mineral rights subject to the Holt royalty obligation as part of the Kirkland Agreement in 2020.
Net cash provided by (used in) financing activities was $(2,363) during the nine months ended September 30, 2021, an increase in cash used of $1,244 from the nine months ended September 30, 2020, primarily due to an increase in dividends paid to stockholders and higher net repayments of debt in 2021, partially offset by lower repurchases of common stock in 2021.
Capital Resources
In October 2021, the Board declared a dividend of $0.55 per share on third quarter 2021 earnings, determined under the dividend framework established and approved by the Board in 2020 to share incremental free cash flow with shareholders at higher gold prices. The framework returns 40 to 60 percent of incremental attributable free cash flow to shareholders that is generated above a $1,200 per ounce gold price. This framework is non-binding and is periodically reviewed and reassessed by the Board of Directors.
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The declaration and payment of future dividends remains at the full discretion of the Board and will depend on the Company’s financial results, cash requirements, future prospects, COVID-19 impacts and other factors deemed relevant by the Board.
In January 2021, the Company announced that the Board of Directors authorized a new stock repurchase program for up to $1 billion of common stock to be repurchased in the next 18 months. Through September 30, 2021, we have executed and settled trades totaling $248 of common stock repurchases under the plan.
Capital Expenditures
Cash generated from operations is used to execute our capital priorities, which include sustaining and developing our global portfolio of long-lived assets. For example, the Board of Directors approved full funding for the Ahafo North project in Africa in July 2021. Total capital spend on the Ahafo North project is expected to range from $750 to $850, which we expect to fund from existing liquidity and future operating cash flows. We consider sustaining capital as those capital expenditures that are necessary to maintain current production and execute the current mine plan. Capital expenditures to develop new operations or related to projects at existing operations, where these projects will enhance production or reserves, are considered non-sustaining or development capital. In addition, the Company continues to evaluate strategic priorities and deployment of capital to projects in the pipeline to ensure it executes on its capital priorities and provides long term value to shareholders. The Company’s decision to reprioritize, sell or abandon a development project, which may include returning mining concessions to host governments, could result in a future impairment charge.
For the nine months ended September 30, 2021 and 2020, we had Additions to property, plant and mine development as follows:
2021
2020
Development Projects Sustaining Capital Total Development Projects Sustaining Capital Total
North America $ 25  $ 223  $ 248  $ 41  $ 156  $ 197 
South America 108  82  190  62  65  127 
Australia 166  188  354  81  139  220 
Africa 91  87  178  37  73  110 
Nevada 48  128  176  59  124  183 
Corporate and other 16  19  31  34 
Accrual basis $ 441  $ 724  $ 1,165  $ 283  $ 588  $ 871 
Decrease (increase) in non-cash adjustments
47  33 
Cash basis  $ 1,212  $ 904 
    For the nine months ended September 30, 2021, development projects primarily included Pamour in North America; Yanacocha Sulfides, Quecher Main and Cerro Negro expansion projects in South America; Tanami Expansion 2 and Power Generation Civil Upgrade in Australia; Subika Mining Method Change and Ahafo North in Africa; and Goldrush Complex and Turquoise Ridge 3rd shaft in Nevada. For the nine months ended September 30, 2020, development projects primarily included Musselwhite Materials Handling and Éléonore Lower Mine Material Handling System in North America; Quecher Main and Yanacocha Sulfides in South America; Tanami Expansion 2 in Australia; Subika Mining Method Change and Ahafo North in Africa; and Goldrush Complex, Turquoise Ridge 3rd shaft and Range Front Declines at Cortez in Nevada.
For the nine months ended September 30, 2021 and 2020, sustaining capital included the following:
North America. Capital expenditures primarily related to underground mine development, tailings facility construction, mining equipment and capitalized component purchases;
South America. Capital expenditures primarily related to capitalized component purchases, mining equipment, reserves drilling conversion, underground mine development, tailings facility construction and infrastructure improvements;
Australia. Capital expenditures primarily related to haul truck purchases for the Autonomous Haulage System, equipment and capitalized component purchases, underground mine development and tailings, water storage and support facilities;
Africa. Capital expenditures primarily related to underground mine development, capitalized component purchases, water treatment plant construction and tailings facility expansion; and
Nevada. Capital expenditures primarily related to surface and underground mine development, tailings facility construction and equipment and capitalized component purchases.
Refer to Note 3 of the Condensed Consolidated Financial Statements and Part I, Item 2 Non-GAAP Financial Measures All-In Sustaining Costs for further information.
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Debt
Debt and Corporate Revolving Credit Facilities. There were no material changes to our debt and corporate revolving credit facilities since December 31, 2020, except as noted in Note 17 of the Condensed Consolidated Financial Statements.
As part of the amended terms to the revolving credit agreement, the interest rate includes a margin adjustment based on the Company’s ESG scores. The ESG scores are comprised of (i) the S&P Global ESG Score defined per the amendment as the overall score in respect of ESG factors, as calculated and assigned to the Company from time to time by S&P Global Inc. and (ii) MSCI ESG Rating defined per the amendment as the overall score in respect of ESG factors, as calculated and assigned to the Borrower from time to time by MSCI ESG Research LLC, a division of MSCI Inc. The maximum adjustment resulting from the ESG scores is plus or minus 0.05% and is not expected to have a material impact on Interest expense, net of capitalized interest.
Refer to Part II, Item 7 in our annual report on Form 10-K, for the year ended December 31, 2020, for information regarding our debt and corporate revolving credit facilities.
Debt Covenants. There were no material changes to our debt covenants. Refer to Part II, Item 7 in our annual report on Form 10-K, for the year ended December 31, 2020, for information regarding our debt covenants.
At September 30, 2021, we were in compliance with all existing debt covenants and provisions related to potential defaults.
Supplemental Guarantor Information. The Company filed a shelf registration statement with the SEC on Form S-3 under the Securities Act, of 1933, as amended, which enables us to issue an indeterminate number or amount of common stock, preferred stock, depository shares, debt securities, guarantees of debt securities, warrants and units (the “Shelf Registration Statement”). Under the Shelf Registration Statement, our debt securities may be guaranteed by Newmont USA Limited (“Newmont USA”), one of our consolidated subsidiaries (Newmont, as issuer, and Newmont USA, as guarantor, are collectively referred to here-within as the “Obligor Group”). These guarantees are full and unconditional, and none of our other subsidiaries guarantee any security issued and outstanding. The cash provided by operations of the Obligor Group, and all of its subsidiaries, is available to satisfy debt repayments as they become due, and there are no material restrictions on the ability of the Obligor Group to obtain funds from subsidiaries by dividend, loan, or otherwise, except to the extent of any rights of noncontrolling interests or regulatory restrictions limiting repatriation of cash. Net assets attributable to noncontrolling interests were $526 and $837 at September 30, 2021 and December 31, 2020, respectively. All noncontrolling interests relate to non-guarantor subsidiaries.

Newmont and Newmont USA are primarily holding companies with no material operations, sources of income or assets other than equity interest in their subsidiaries and intercompany receivables or payables. Newmont USA’s primary investments are comprised of its 38.5% interest in NGM and 51.35% interest in Yanacocha. For further information regarding these and our other operations, refer to Note 3 of the Condensed Consolidated Financial Statements and Part I, Item 2, Management’s Discussion and Analysis, Results of Consolidated Operations.
In addition to equity interests in subsidiaries, the Obligor Group’s balance sheets consisted primarily of the following intercompany assets, intercompany liabilities and external debt. The remaining assets and liabilities of the Obligor Group are considered immaterial at September 30, 2021 and December 31, 2020.
Obligor Group Newmont USA
September 30,
2021
December 31,
2020
September 30,
2021
December 31,
2020
Current intercompany assets $ 12,613  $ 11,641  $ 5,174  $ 4,882 
Non-current intercompany assets $ 2,207  $ 2,120  $ 364  $ 282 
Current intercompany liabilities $ 11,210  $ 8,840  $ 1,904  $ 1,934 
Current external debt $ 492  $ 473  $ —  $ — 
Non-current external debt $ 4,892  $ 5,382  $ —  $ — 
Newmont USA's subsidiary guarantees (the “subsidiary guarantees”) are general unsecured senior obligations of Newmont USA and rank equal in right of payment to all of Newmont USA's existing and future senior unsecured indebtedness and senior in right of payment to all of Newmont USA's future subordinated indebtedness. The subsidiary guarantees are effectively junior to any secured indebtedness of Newmont USA to the extent of the value of the assets securing such indebtedness.
At September 30, 2021, Newmont USA had approximately $5,384 of consolidated indebtedness (including guaranteed debt), all of which relates to the guarantees of indebtedness of Newmont.
Under the terms of the subsidiary guarantees, holders of Newmont’s securities subject to such subsidiary guarantees will not be required to exercise their remedies against Newmont before they proceed directly against Newmont USA.
Newmont USA will be released and relieved from all its obligations under the subsidiary guarantees in certain specified circumstances, including, but not limited to, the following:
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upon the sale or other disposition (including by way of consolidation or merger), in one transaction or a series of related transactions, of a majority of the total voting power of the capital stock or other interests of Newmont USA (other than to Newmont or any of Newmont’s affiliates);
upon the sale or disposition of all or substantially all the assets of Newmont USA (other than to Newmont or any of Newmont’s affiliates); or
upon such time as Newmont USA ceases to guarantee more than $75 aggregate principal amount of Newmont’s debt (at September 30, 2021, Newmont USA guaranteed $600 aggregate principal amount of debt of Newmont that did not contain a similar fall-away provision).
Newmont’s debt securities are effectively junior to any secured indebtedness of Newmont to the extent of the value of the assets securing such indebtedness, and structurally subordinated to all debt and other liabilities of Newmont’s non-guarantor subsidiaries. At September 30, 2021, (i) Newmont’s total consolidated indebtedness was approximately $6,138, none of which was secured (other than $656 of Lease and other financing obligations), and (ii) Newmont’s non-guarantor subsidiaries had $5,848 of total liabilities (including trade payables, but excluding intercompany and external debt and reclamation and remediation liabilities), which would have been structurally senior to Newmont’s debt securities.
For further information on our debt, refer to Note 17 of the Condensed Consolidated Financial Statements.
Contractual Obligations
As of September 30, 2021, there have been no material changes, outside the ordinary course of business, in our contractual obligations since December 31, 2020. Refer to Part II, Item 7 in our annual report on Form 10-K, for the year ended December 31, 2020 for information regarding our contractual obligations.
Environmental
Our mining and exploration activities are subject to various federal and state laws and regulations governing the protection of the environment. We have made, and expect to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. We perform a comprehensive review of our reclamation and remediation liabilities annually and review changes in facts and circumstances associated with these obligations at least quarterly.
In early 2015 and again in June 2017, the Peruvian government agency responsible for certain environmental regulations, the Ministry of the Environment (“MINAM”), issued proposed modifications to water quality criteria for designated beneficial uses which apply to mining companies, including Yanacocha. These criteria modified the in-stream water quality criteria pursuant to which Yanacocha has been designing water treatment processes and infrastructure. In December 2015, MINAM issued the final regulation that modified the water quality standards and stipulated that these revised criteria would become enforceable from December 2023. Since announcement of the revised regulations, the Company has been conducting detailed studies to better estimate water management and other closure activities that will ensure water quality and quantity discharge requirements, including the modifications promulgated by MINAM, as referenced above, will be met. These ongoing studies were progressed in the third quarter of 2021 as the study team continued to evaluate and revise assumptions and estimated costs of potential changes to the reclamation plan. The potential changes are currently undergoing review and remain subject to revision. However, based on the work progressed in the third quarter and the resulting preliminary findings, the Company currently expects to make revisions to the reclamation plan that, should these findings be confirmed, would result in material increases to the cost of water treatment plant construction and water treatment operating costs associated with the closure plan, which could result in a material increase in the reclamation obligation at Yanacocha. Refer to Note 21 of the Condensed Consolidated Financial Statements for further information.
For a complete discussion of the factors that influence our reclamation obligations and the associated risks, refer to Part II, Item 7, Managements’ Discussion and Analysis of Consolidated Financial Condition and Results of Operations under the headings “Environmental” and “Critical Accounting Policies” and refer to Part I, Item 1A, Risk Factors under the heading “Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made” for the year ended December 31, 2020, filed February 18, 2021 on Form 10-K.
Our sustainability strategy is a foundational element in achieving our purpose to create value and improve lives through sustainable and responsible mining. Sustainability and safety are integrated into the business at all levels of the organization through our global policies, standards, strategies, business plans and remuneration plans. For additional information on the Company’s reclamation and remediation liabilities, refer to Notes 5 and 21 of the Condensed Consolidated Financial Statements.
Non-GAAP Financial Measures
Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by U.S. generally accepted accounting principles (“GAAP”). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Unless otherwise noted, we present the Non-GAAP financial measures of our continuing operations in the tables below.
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Earnings before interest, taxes and depreciation and amortization and Adjusted earnings before interest, taxes and depreciation and amortization
Management uses Earnings before interest, taxes and depreciation and amortization (“EBITDA”) and EBITDA adjusted for non-core or certain items that have a disproportionate impact on our results for a particular period (“Adjusted EBITDA”) as non-GAAP measures to evaluate the Company’s operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be considered an alternative to, net income (loss), operating income (loss), or cash flow from operations as those terms are defined by GAAP, and do not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements by other companies, our calculation of Adjusted EBITDA is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. Management’s determination of the components of Adjusted EBITDA are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Net income (loss) attributable to Newmont stockholders $ $ 839  $ 1,212  $ 2,005 
Net income (loss) attributable to noncontrolling interests (246) 17  (215) 22 
Net (income) loss from discontinued operations
(11) (228) (42) (145)
Equity loss (income) of affiliates (39) (53) (138) (119)
Income and mining tax expense (benefit) 222  305  798  446 
Depreciation and amortization 570  592  1,684  1,685 
Interest expense, net of capitalized interest 66  75  208  235 
EBITDA $ 565  $ 1,547  $ 3,507  $ 4,129 
Adjustments:
Loss on assets held for sale (1)
$ 571  $ —  $ 571  $ — 
Change in fair value of investments (2)
96  (57) 180  (191)
Reclamation and remediation charges (3)
79  —  109  — 
(Gain) loss on asset and investment sales (4)
(3) (1) (46) (593)
Impairment of long-lived and other assets (5)
24  18  29 
Settlement costs (6)
—  26  11  34 
Restructuring and severance (7)
—  10  12 
COVID-19 specific costs (8)
32  67 
Impairment of investments (9)
—  93 
Pension settlements (10)
—  83  —  85 
Loss on debt extinguishment (11)
—  —  —  77 
Goldcorp transaction and integration costs (12)
—  —  —  23 
Adjusted EBITDA (13)
$ 1,316  $ 1,663  $ 4,364  $ 3,765 
____________________________
(1)Loss on assets held for sale, included in Loss on assets held for sale, represents the loss recognized due to the reclassification of the Conga mill assets as held for sale during the third quarter of 2021. The assets were remeasured to fair value less costs to sell. Refer to Note 7 of the Condensed Consolidated Financial Statements for further information.
(2)Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable and other equity securities. For further information regarding our investments, refer to Note 14 of the Condensed Consolidated Financial Statements.
(3)Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. Refer to Note 5 of the Condensed Consolidated Financial Statement for further information.
(4)(Gain) loss on asset and investment sales, included in Gain on asset and investment sales, net, primarily represents a gain on the sale of TMAC in 2021 and gains on the sale of Kalgoorlie and Continental in 2020. For further information, refer to Note 9 of the Condensed Consolidated Financial Statements.
(5)Impairment of long-lived and other assets, included in Other expense, net, represents non-cash write-downs of various assets that are no longer in use and materials and supplied inventories.
(6)Settlement costs, included in Other expense, net, are primarily comprised of a voluntary contribution made to the Republic of Suriname and other certain costs associated with legal and other settlements for 2021 and costs related to the Cedros community agreement at Peñasquito in Mexico, a water related settlement at Yanacocha in Peru, mineral interest settlements at Ahafo and Akyem in Africa and other related costs for 2020.
(7)Restructuring and severance, included in Other expense, net, primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented.
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(8)COVID-19 specific costs, included in Other expense, net, primarily include amounts distributed from Newmont Global Community Support Fund to help host communities, governments and employees combat the COVID-19 pandemic. For the three and nine months ended September 30, 2021, Adjusted EBITDA has not been adjusted for $23 and $63 of incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational sites. Refer to Note 8 of the Condensed Consolidated Financial Statements for further information.
(9)Impairment of investments, included in Other income (loss), net, primarily represents the other-than-temporary impairment of the TMAC investment recorded in 2020.
(10)Pension settlements, included in Other income (loss), net, represent pension settlement charges in 2020.
(11)Loss on debt extinguishment, included in Other income (loss), net, primarily represents losses on the extinguishment of a portion of the 2022 Senior Notes and 2023 Senior Notes during 2020.
(12)Goldcorp transaction and integration costs, included in Other expense, net, primarily represent subsequent integration costs incurred during 2020 related to the Newmont Goldcorp transaction.
(13)Adjusted EBITDA has not been adjusted for cash care and maintenance costs, included in Care and maintenance, which represent costs incurred associated with certain mine sites being temporarily placed into care and maintenance in response to the COVID-19 pandemic. Cash care and maintenance costs were $6 and $8 during the three and nine months ended September 30, 2021, respectively, relating to our Tanami mine site. Cash care and maintenance costs were $26 and $171 during the three and nine months ended September 30, 2020, respectively, relating to our Musselwhite, Éléonore, Peñasquito, Yanacocha, and Cerro Negro mine sites.
Additionally, the Company uses Pueblo Viejo EBITDA as a non-GAAP measure to evaluate the operating performance of its investment in the Pueblo Viejo mine. Pueblo Viejo EBITDA does not represent, and should not be considered an alternative to, Equity income (loss) of affiliates, as defined by GAAP, and does not necessarily indicate whether cash distributions from Pueblo Viejo will match Pueblo Viejo EBITDA or earnings from affiliates. Although the Company has the ability to exert significant influence, it does not have direct control over the operations or resulting revenues and expenses, nor does it proportionately consolidate its investment in Pueblo Viejo. The Company believes that Pueblo Viejo EBITDA provides useful information to investors and others in understanding and evaluating the operating results of its investment in Pueblo Viejo, in the same manner as management and the Board of Directors. Equity income (loss) of affiliates is reconciled to Pueblo Viejo EBITDA as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Equity income (loss) of affiliates $ 39  $ 53  $ 138  $ 119 
Equity (income) loss of affiliates, excluding Pueblo Viejo (1)
(1) (1) 16 
Equity income (loss) of affiliates, Pueblo Viejo (1)
43  52  137  135 
Reconciliation of Pueblo Viejo on attributable basis:
Income and mining tax expense (benefit) 37  45  117  111 
Depreciation and amortization 28  18  82  52 
Pueblo Viejo EBITDA $ 108  $ 115  $ 336  $ 298 
____________________________
(1)Refer to Note 12 of the Condensed Consolidated Financial Statements.
Adjusted net income (loss)
Management uses Adjusted net income (loss) to evaluate the Company’s operating performance and for planning and forecasting future business operations. The Company believes the use of Adjusted net income (loss) allows investors and others to understand the results of the continuing operations of the Company and its direct and indirect subsidiaries relating to the sale of products, by excluding certain items that have a disproportionate impact on our results for a particular period. Adjustments to continuing operations are presented before tax and net of our partners’ noncontrolling interests, when applicable. The tax effect of adjustments is presented in the Tax effect of adjustments line and is calculated using the applicable regional tax rate. Management’s determination of the components of Adjusted net income (loss) are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows:
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Three Months Ended
September 30, 2021
Nine Months Ended
September 30, 2021
per share data (1)
per share data (1)
basic diluted basic diluted
Net income (loss) attributable to Newmont stockholders $ $ —  $ —  $ 1,212  $ 1.52  $ 1.51 
Net loss (income) attributable to Newmont stockholders from discontinued operations (11) (0.01) (0.01) (42) (0.05) (0.05)
Net income (loss) attributable to Newmont stockholders from continuing operations
(8) (0.01) (0.01) 1,170  1.47  1.46 
Loss on assets held for sale, net (2)
372  0.47  0.46  372  0.47  0.46 
Change in fair value of investments (3)
96  0.12  0.12  180  0.23  0.23 
Reclamation and remediation charges (4)
79  0.10  0.10  109  0.14  0.14 
(Gain) loss on asset and investment sales (5)
(3) —  —  (46) (0.05) (0.05)
Impairment of long-lived and other assets (6)
0.01  0.01  18  0.02  0.02 
Settlement costs (7)
—  —  —  11  0.01  0.01 
Restructuring and severance, net (8)
—  —  —  0.01  0.01 
COVID-19 specific costs (9)
—  —  —  — 
Impairment of investments —  —  —  — 
Tax effect of adjustments (10)
(167) (0.22) (0.21) (197) (0.27) (0.25)
Valuation allowance and other tax adjustments, net (11)
106  0.13  0.13  117  0.15  0.15 
Adjusted net income (loss) (12)
$ 483  $ 0.60  $ 0.60  $ 1,747  $ 2.18  $ 2.18 
Weighted average common shares (millions): (13)
799  800  800  802 
____________________________
(1)Per share measures may not recalculate due to rounding.
(2)Loss on assets held for sale, net, included in Loss on assets held for sale, represents the loss recognized due to the reclassification of the Conga mill assets as held for sale during the third quarter of 2021. The assets were remeasured to fair value less costs to sell. Amounts are presented net of income (loss) attributable to noncontrolling interests of $(199) and $(199), respectively. Refer to Note 7 of the Condensed Consolidated Financial Statements for further information.
(3)Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's investment in current and non-current marketable and other equity securities. For further information regarding our investments, refer to Note 14 of the Condensed Consolidated Financial Statements.
(4)Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. Refer to Note 5 of the Condensed Consolidated Financial Statement for further information.
(5)(Gain) loss on asset and investment sales, included in Gain on asset and investment sales, net, primarily represents a gain on the sale of TMAC. For further information, refer to Note 9 of the Condensed Consolidated Financial Statements.
(6)Impairment of long-lived and other assets, included in Other expense, net, represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories.
(7)Settlement costs, included in Other expense, net, primarily are comprised of a voluntary contribution made to the Republic of Suriname.
(8)Restructuring and severance, net, included in Other expense, net, primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company. Amounts are presented net of income (loss) attributable to noncontrolling interests of $— and $(1), respectively.
(9)COVID-19 specific costs included in Other expense, net, primarily include amounts distributed from the Newmont Global Community Fund to help host communities, governments and employees combat the COVID-19 pandemic. Adjusted net income (loss) has not been adjusted for $23 and $63, respectively, of incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational sites. Refer to Note 8 of the Condensed Consolidated Financial Statements for further information.
(10)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (9), as described above, and are calculated using the applicable regional tax rate.
(11)Valuation allowance and other tax adjustments, net, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, alternative minimum tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three and nine months ended September 30, 2021 is due to increases or (decreases) to net operating losses, tax credit carryovers and other deferred tax assets subject to valuation allowance of $185 and $215 respectively, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(11) and $(28) respectively, changes to the reserve for uncertain tax positions of $(1) and $21 respectively, and other tax adjustments of $2 and $(17), respectively. Total amount is presented net of income (loss) attributable to noncontrolling interests of $(69) and $(74), respectively.
(12)Adjusted net income (loss) has not been adjusted for cash care and maintenance costs, included in Care and maintenance, which represent costs incurred associated with our Tanami mine site being temporarily placed into care and maintenance in response to the COVID-19 pandemic during a portion of the three and nine months ended September 30, 2021. Cash care and maintenance costs were $6 and $8 during the three and nine months ended September 30, 2021, respectively.
(13)Adjusted net income (loss) per diluted share is calculated using diluted common shares in accordance with U.S. GAAP. For the three months ended September 30, 2021, potentially dilutive shares of 1 million were excluded from the computation of diluted loss per common share attributable to
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Newmont stockholders in the Condensed Consolidated Statement of Operations as they were antidilutive. These shares were included in the computation of adjusted net income per diluted share for the three months ended September 30, 2021.

Three Months Ended
September 30, 2020
Nine Months Ended
September 30, 2020
per share data (1)
per share data (1)
basic diluted basic diluted
Net income (loss) attributable to Newmont stockholders $ 839  $ 1.04  $ 1.04  $ 2,005  $ 2.49  $ 2.49 
Net loss (income) attributable to Newmont stockholders from discontinued operations (228) (0.28) (0.28) (145) (0.18) (0.18)
Net income (loss) attributable to Newmont stockholders from continuing operations
611  0.76  0.76  1,860  2.31  2.31 
Gain (loss) on asset and investment sales (2)
(1) —  —  (593) (0.73) (0.73)
Change in fair value of investments (3)
(57) (0.07) (0.07) (191) (0.24) (0.24)
Impairment of investments (4)
—  —  —  93  0.11  0.11 
Pension settlements (5)
83  0.10  0.10  85  0.10  0.10 
Loss on debt extinguishment (6)
—  —  —  77  0.09  0.09 
COVID-19 specific costs, net (7)
27  0.03  0.03  62  0.08  0.08 
Settlement costs, net (8)
23  0.03  0.03  31  0.04  0.04 
Impairment of long-lived and other assets (9)
24  0.03  0.03  29  0.04  0.04 
Goldcorp transaction and integration costs (10)
—  —  —  23  0.03  0.03 
Restructuring and severance, net (11)
0.01  0.01  11  0.01  0.01 
Tax effect of adjustments (12)
(32) (0.03) (0.04) 93  0.11  0.11 
Valuation allowance and other tax adjustments, net (13)
10  0.01  0.01  (296) (0.35) (0.36)
Adjusted net income (loss) (14)
$ 697  $ 0.87  $ 0.86  $ 1,284  $ 1.60  $ 1.59 
Weighted average common shares (millions): (15)
803  806  804  806 
____________________________
(1)Per share measures may not recalculate due to rounding.
(2)(Gain) loss on asset and investment sales, included in Gain on asset and investment sales, net, primarily represents gains on the sale of Kalgoorlie, Continental, and Red Lake. For further information, refer to Note 9 of the Condensed Consolidated Financial Statements.
(3)Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable equity securities and our investment instruments. For further information regarding our investments, refer to Note 14 of the Condensed Consolidated Financial Statements.
(4)Impairment of investments, included in Other income (loss), net, represents the other-than-temporary impairment of the TMAC investment.
(5)Pension settlements, included in Other income (loss), net, represent pension settlement charges.
(6)Loss on debt extinguishment, included in Other income (loss), net, primarily represents losses on the extinguishment of a portion of the 2022 Senior Notes and 2023 Senior Notes.
(7)COVID-19 specific costs, net, included in Other expense, net, represent incremental direct costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic. Amounts are presented net of income (loss) attributable to noncontrolling interests of $(5) and $(5), respectively.
(8)Settlement costs, net, included in Other expense, net, primarily represents costs related to the Cedros community agreement at Peñasquito in Mexico, a water related settlement at Yanacocha in Peru, mineral interest settlements at Ahafo and Akyem in Africa and other related costs. Amounts are presented net of income (loss) attributable to noncontrolling interests of $(3) and $(3), respectively
(9)Impairment of long-lived and other assets, included in Other expense, net, represents non-cash write-downs of various assets no longer in use and materials and supplies inventories.
(10)Goldcorp transaction and integration costs, included in Other expense, net, primarily represent subsequent integration costs incurred during 2020 related to the Newmont Goldcorp transaction.
(11)Restructuring and severance, net, included in Other expense, net, primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company. Amounts are presented net of income (loss) attributable to noncontrolling interests of $— and $(1), respectively.
(12)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (11), as described above, and are calculated using the applicable regional tax rate.
(13)Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, alternative minimum tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three and nine months ended September 30, 2020 is due to a net increase or (decrease) to net operating losses, tax credit carryovers and other deferred tax assets subject to valuation allowance of $7 and $(113), respectively, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $14 and $(173), respectively, changes to the reserve for uncertain tax positions of $(10) and $(19), respectively, and other tax adjustments of $3 and $35, respectively. Total amount is presented net of income (loss) attributable to noncontrolling interests of $(4) and $(26), respectively.
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(14)Adjusted net income (loss) has not been adjusted for $25 and $158 of cash and $9 and $83 of non-cash care and maintenance costs, included in Care and maintenance and Depreciation and amortization, respectively, which primarily represent costs associated with our Musselwhite, Éléonore, Peñasquito, Yanacocha and Cerro Negro sites being temporarily placed into care and maintenance in response to the COVID-19 pandemic during a portion of the three and nine months ended September 30, 2020, respectively. Amounts are presented net of income (loss) attributable to noncontrolling interests of $1, $13, $— and $3, respectively.
(15)Adjusted net income (loss) per diluted share is calculated using diluted common shares, which are calculated in accordance with U.S. GAAP.
Free Cash Flow
Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations. Free Cash Flow is Net cash provided by (used in) operating activities less Net cash provided by (used in) operating activities of discontinued operations less Additions to property, plant and mine development as presented on the Condensed Consolidated Statements of Cash Flows. The Company believes Free Cash Flow is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies.
The presentation of non-GAAP Free Cash Flow is not meant to be considered in isolation or as an alternative to net income as an indicator of the Company’s performance, or as an alternative to cash flows from operating activities as a measure of liquidity as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. The Company’s definition of Free Cash Flow is limited in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, the Company believes it is important to view Free Cash Flow as a measure that provides supplemental information to the Company’s Condensed Consolidated Statements of Cash Flows.
The following table sets forth a reconciliation of Free Cash Flow, a non-GAAP financial measure, to Net cash provided by (used in) operating activities, which the Company believes to be the GAAP financial measure most directly comparable to Free Cash Flow, as well as information regarding Net cash provided by (used in) investing activities and Net cash provided by (used in) financing activities.
Nine Months Ended September 30,
2021 2020
Net cash provided by (used in) operating activities $ 2,980  $ 3,196 
Less: Net cash used in (provided by) operating activities of discontinued operations (13)
Net cash provided by (used in) operating activities of continuing operations 2,967  3,204 
Less: Additions to property, plant and mine development (1,212) (904)
Free Cash Flow $ 1,755  $ 2,300 
Net cash provided by (used in) investing activities (1)
$ (1,517) $ 502 
Net cash provided by (used in) financing activities $ (2,363) $ (1,119)
____________________________
(1)Net cash provided by (used in) investing activities includes Additions to property, plant and mine development, which is included in the Company’s computation of Free Cash Flow.
Costs applicable to sales per ounce/gold equivalent ounce
Costs applicable to sales per ounce/gold equivalent ounce are non-GAAP financial measures. These measures are calculated by dividing the costs applicable to sales of gold and other metals by gold ounces or gold equivalent ounces sold, respectively. These measures are calculated for the periods presented on a consolidated basis. Costs applicable to sales per ounce/gold equivalent ounce statistics are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently.
The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures.
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Costs applicable to sales per ounce
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Costs applicable to sales (1)(2)
$ 1,175  $ 1,130  $ 3,331  $ 3,210 
Gold sold (thousand ounces) 1,416  1,495  4,277  4,210 
Costs applicable to sales per ounce (3)
$ 830  $ 756  $ 779  $ 762 
____________________________
(1)Includes by-product credits of $27 and $154 during the three and nine months ended September 30, 2021, respectively, and $34 and $78 during the three and nine months ended September 30, 2020, respectively.
(2)Excludes Depreciation and amortization and Reclamation and remediation.
(3)Per ounce measures may not recalculate due to rounding.
Costs applicable to sales per gold equivalent ounce
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Costs applicable to sales (1)(2)
$ 192  $ 139  $ 564  $ 449 
Gold equivalent ounces - other metals (thousand ounces) (3)
301  248  930  780 
Costs applicable to sales per ounce (4)
$ 638  $ 556  $ 606  $ 575 
____________________________
(1)Includes by-product credits of $2 and $5 during the three and nine months ended September 30, 2021, respectively, and $1 and $2 during the three and nine months ended September 30, 2020, respectively.
(2)Excludes Depreciation and amortization and Reclamation and remediation.
(3)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($22.00/oz.), Lead ($0.90/lb.) and Zinc ($1.05/lb.) pricing for 2021 and Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($16.00/oz.), Lead ($0.95/lb.) and Zinc ($1.20/lb.) pricing for 2020.
(4)Per ounce measures may not recalculate due to rounding.
All-In Sustaining Costs
Newmont has developed a metric that expands on GAAP measures, such as cost of goods sold, and non-GAAP measures, such as costs applicable to sales per ounce, to provide visibility into the economics of our mining operations related to expenditures, operating performance and the ability to generate cash flow from our continuing operations.
Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all of the expenditures incurred to discover, develop and sustain production. Therefore, we believe that all-in sustaining costs is a non-GAAP measure that provides additional information to management, investors and analysts that aids in the understanding of the economics of our operations and performance compared to other producers and provides investors visibility by better defining the total costs associated with production.
All-in sustaining cost (“AISC”) amounts are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks such as in International Financial Reporting Standards (“IFRS”), or by reflecting the benefit from selling non-gold metals as a reduction to AISC. Differences may also arise related to definitional differences of sustaining versus development (i.e. non-sustaining) activities based upon each company’s internal policies.
The following disclosure provides information regarding the adjustments made in determining the all-in sustaining costs measure:
Costs applicable to sales. Includes all direct and indirect costs related to current production incurred to execute the current mine plan. We exclude certain exceptional or unusual amounts from Costs applicable to sales (“CAS”), such as significant revisions to recovery amounts. CAS includes by-product credits from certain metals obtained during the process of extracting and processing the primary ore-body. CAS is accounted for on an accrual basis and excludes Depreciation and amortization and Reclamation and remediation, which is consistent with our presentation of CAS on the Condensed Consolidated Statements of Operations. In determining AISC, only the CAS associated with producing and selling an ounce of gold is included in the measure. Therefore, the amount of gold CAS included in AISC is derived from the CAS presented in the Company’s Condensed Consolidated Statements of Operations less the amount of CAS attributable to the production of other metals at our Peñasquito and Boddington mines. The other metals CAS at those mine sites is disclosed in Note 3 of the Condensed Consolidated Financial Statements. The allocation of CAS between gold and other
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metals at the Peñasquito and Boddington mines is based upon the relative sales value of gold and other metals produced during the period.
Reclamation costs. Includes accretion expense related to reclamation liabilities and the amortization of the related Asset Retirement Cost (“ARC”) for the Company’s operating properties. Accretion related to the reclamation liabilities and the amortization of the ARC assets for reclamation does not reflect annual cash outflows but are calculated in accordance with GAAP. The accretion and amortization reflect the periodic costs of reclamation associated with current production and are therefore included in the measure. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Peñasquito and Boddington mines.
Advanced projects, research and development and exploration. Includes incurred expenses related to projects that are designed to sustain current production and exploration. We note that as current resources are depleted, exploration and advanced projects are necessary for us to replace the depleting reserves or enhance the recovery and processing of the current reserves to sustain production at existing operations. As these costs relate to sustaining our production, and are considered a continuing cost of a mining company, these costs are included in the AISC measure. These costs are derived from the Advanced projects, research and development and Exploration amounts presented in the Condensed Consolidated Statements of Operations less incurred expenses related to the development of new operations, or related to major projects at existing operations where these projects will materially benefit the operation in the future. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Peñasquito and Boddington mines. We also allocate these costs incurred at the Other North America, Other Australia and Corporate and Other locations using the proportion of CAS between gold and other metals.
General and administrative. Includes costs related to administrative tasks not directly related to current production, but rather related to supporting our corporate structure and fulfilling our obligations to operate as a public company. Including these expenses in the AISC metric provides visibility of the impact that general and administrative activities have on current operations and profitability on a per ounce basis. We allocate these costs to gold and other metals at the Other North America, Other Australia and Corporate and Other locations using the proportion of CAS between gold and other metals.
Care and maintenance and Other expense, net. Care and maintenance includes direct operating costs incurred at the mine sites during the period that these sites were temporarily placed into care and maintenance in response to the COVID-19 pandemic. For Other expense, net we exclude certain exceptional or unusual expenses, such as restructuring, as these are not indicative to sustaining our current operations. Furthermore, this adjustment to Other expense, net is also consistent with the nature of the adjustments made to Net income (loss) attributable to Newmont stockholders as disclosed in the Company’s non-GAAP financial measure Adjusted net income (loss). The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Peñasquito and Boddington mines. We also allocate these costs incurred at the Other North America, Other Australia and Corporate and Other locations using the proportion of CAS between gold and other metals.
Treatment and refining costs. Includes costs paid to smelters for treatment and refining of our concentrates to produce the salable metal. These costs are presented net as a reduction of Sales on the Condensed Consolidated Statements of Operations. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Peñasquito and Boddington mines.
Sustaining capital and finance lease payments. We determined sustaining capital and finance lease payments as those capital expenditures and finance lease payments that are necessary to maintain current production and execute the current mine plan. We determined development (i.e. non-sustaining) capital expenditures and finance lease payments to be those payments used to develop new operations or related to projects at existing operations where those projects will materially benefit the operation and are excluded from the calculation of AISC. The classification of sustaining and development capital projects and finance leases is based on a systematic review of our project portfolio in light of the nature of each project. Sustaining capital and finance lease payments are relevant to the AISC metric as these are needed to maintain the Company’s current operations and provide improved transparency related to our ability to finance these expenditures from current operations. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals at the Peñasquito and Boddington mines. We also allocate these costs incurred at the Other North America, Other Australia and Corporate and Other locations using the proportion of CAS between gold and other metals.
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Three Months Ended
September 30, 2021
Costs Applicable to Sales(1)(2)(3)
Reclamation Costs(4)
Advanced Projects, Research and Development and Exploration(5)
General and Administrative
Care and Maintenance and Other Expense, Net(6)(7)(8)
Treatment and Refining Costs
Sustaining Capital and Lease Related Costs(9)(10)
All-In Sustaining Costs Ounces (000) Sold
All-In Sustaining Costs Per oz.(11)
Gold
CC&V $ 47  $ $ $ —  $ —  $ —  $ 19  $ 70  49  $ 1,421 
Musselwhite 38  —  —  —  —  10  49  35  1,379 
Porcupine 69  —  —  —  82  72  1,139 
Éléonore 60  —  —  —  10  72  58  1,243 
Peñasquito 94  —  —  16  121  170  706 
Other North America —  —  —  —  —  —  —  — 
North America 308  64  395  384  1,026 
Yanacocha 92  20  —  127  67  1,908 
Merian  80  —  —  94  106  884 
Cerro Negro 54  —  —  16  78  63  1,231 
Other South America —  —  —  —  —  —  —  — 
South America 226  23  16  29  302  236  1,276 
Boddington 151  —  —  13  172  167  1,030 
Tanami 69  —  —  12  —  29  111  111  986 
Other Australia —  —  —  —  —  —  — 
Australia 220  12  43  286  278  1,025 
Ahafo 112  —  —  19  136  123  1,100 
Akyem 77  —  —  —  15  99  92  1,104 
Other Africa —  —  —  —  —  —  —  — 
Africa 189  —  34  237  215  1,114 
Nevada Gold Mines 232  43  286  303  945 
Nevada 232  43  286  303  945 
Corporate and Other —  —  31  43  —  —  80  —  — 
Total Gold $ 1,175  $ 41  $ 49  $ 53  $ 33  $ 16  $ 219  $ 1,586  1,416  $ 1,120 
Gold equivalent ounces - other metals (12)
Peñasquito $ 155  $ $ —  $ —  $ $ 27  $ 26  $ 212  261  $ 819 
Other North America —  —  —  —  —  —  — 
North America 155  —  27  26  214  261  822 
Boddington 37  —  —  —  —  40  40  1,013 
Other Australia —  —  —  —  —  —  —  — 
Australia 37  —  —  —  —  41  40  1,025 
Corporate and Other —  —  —  —  12  —  — 
Total Gold Equivalent Ounces $ 192  $ $ $ $ $ 29  $ 29  $ 267  301  $ 887 
Consolidated $ 1,367  $ 43  $ 53  $ 61  $ 36  $ 45  $ 248  $ 1,853 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $29 and excludes co-product revenues of $379.
(3)Includes stockpile and leach pad inventory adjustments of $18 at Yanacocha.
(4)Reclamation costs include operating accretion and amortization of asset retirement costs of $20 and $23, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $13 and $84, respectively.
(5)Advanced projects, research and development and exploration excludes development expenditures of $3 at CC&V, $1 at Éléonore, $2 at Peñasquito, $1 at Other North America, $4 at Yanacocha, $2 at Merian, $1 at Cerro Negro, $9 at Other South America, $6 at Tanami, $4 at Other
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Australia, $5 at Ahafo, $2 at Akyem, $4 at NGM and $3 at Corporate and Other, totaling $47 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(6)Care and maintenance includes $6 at Tanami of cash care and maintenance costs associated with the site temporarily being placed into care and maintenance or operating at reduced levels in response to the COVID-19 pandemic, during the period ended September 30, 2021 that we would have continued to incur if the site were not temporarily placed into care and maintenance.
(7)Other expense, net includes incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational sites of $6 for North America, $11 for South America, $5 for Australia and $1 for Africa, totaling $23.
(8)Other expense, net is adjusted for impairment of long-lived and other assets of $6, and distributions from the Newmont Global Community Support Fund of $1.
(9)Includes sustaining capital expenditures of $76 for North America, $29 for South America, $42 for Australia, $33 for Africa, $43 for Nevada, and $7 for Corporate and Other, totaling $230 and excludes development capital expenditures, capitalized interest and the change in accrued capital totaling $168. The following are major development projects: Pamour, Yanacocha Sulfides, Quecher Main, Cerro Negro expansion projects, Tanami Expansion 2, Power Generation Civil Upgrade, Subika Mining Method Change, Ahafo North, Goldrush Complex and Turquoise Ridge 3rd shaft.
(10)Includes finance lease payments for sustaining projects of $18.
(11)Per ounce measures may not recalculate due to rounding.
(12)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($22.00/oz.), Lead ($0.90/lb.) and Zinc ($1.05/lb.) pricing for 2021.
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Three Months Ended
September 30, 2020
Costs Applicable to Sales(1)(2)(3)
Reclamation Costs(4)
Advanced Projects, Research and Development and Exploration(5)
General and Administrative
Care and Maintenance and Other Expense, Net(6)(7)
Treatment and Refining Costs
Sustaining Capital and Lease Related Costs(8)(9)
All-In Sustaining Costs Ounces (000) Sold
All-In Sustaining Costs Per oz.(10)
Gold
CC&V $ 61  $ $ $ —  $ —  $ —  $ 10  $ 75  71  $ 1,081 
Musselwhite 46  —  —  58  47  1,260 
Porcupine 61  —  —  —  —  10  74  81  911 
Éléonore 53  —  —  —  —  10  64  57  1,118 
Peñasquito 74  —  —  —  18  13  107  130  835 
Other North America —  —  —  —  —  — 
North America 295  12  18  50  385  386  1,003 
Yanacocha 81  13  —  107  80  1,325 
Merian  86  —  —  —  —  10  97  106  917 
Cerro Negro 43  —  —  16  —  68  51  1,346 
Other South America —  —  —  —  —  — 
South America 210  15  21  —  24  276  237  1,162 
Boddington 148  —  —  17  172  175  985 
Tanami 62  —  —  —  —  29  94  130  723 
Other Australia —  —  —  —  —  — 
Australia 210  47  271  305  889 
Ahafo 99  —  —  20  124  136  912 
Akyem 58  —  —  —  —  70  91  775 
Other Africa —  —  —  —  —  —  —  — 
Africa 157  —  —  27  196  227  865 
Nevada Gold Mines 258  —  34  307  340  904 
Nevada 258  —  34  307  340  904 
Corporate and Other —  —  24  55  —  —  10  89  —  — 
Total Gold $ 1,130  $ 35  $ 50  $ 68  $ 26  $ 23  $ 192  $ 1,524  1,495  $ 1,020 
Gold equivalent ounces - other metals (11)
Peñasquito $ 111  $ $ —  $ —  $ $ 31  $ 14  $ 159  215  $ 735 
Boddington 28  —  —  —  —  32  33  998 
Total Gold Equivalent Ounces $ 139  $ $ —  $ —  $ $ 32  $ 17  $ 191  248  $ 770 
Consolidated $ 1,269  $ 37  $ 50  $ 68  $ 27  $ 55  $ 209  $ 1,715 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $35 and excludes co-product revenues of $310.
(3)Includes stockpile and leach pad inventory adjustments of $6 at NGM.
(4)Reclamation costs include operating accretion and amortization of asset retirement costs of $23 and $14, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $12 and $3, respectively.
(5)Advanced projects, research and development and Exploration excludes development expenditures of $1 at CC&V, $1 at Éléonore, $1 at Peñasquito, $1 at Other North America, $3 at Merian, $6 at Other South America, $1 at Tanami, $5 at Other Australia, $4 at Ahafo, $2 at Akyem, $1 at Other Africa, $6 at NGM and $5 at Corporate and Other, totaling $37 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(6)Care and maintenance includes $5 at Musselwhite, $2 at Yanacocha, $18 at Cerro Negro and $1 at Other South America of cash care and maintenance costs associated with the sites temporarily being placed into care and maintenance or operating at reduced levels in response to the COVID-19 pandemic, during the period ended September 30, 2020 that we would have continued to incur if the site were not temporarily placed into care and maintenance.
(7)Other expense, net is adjusted for incremental costs of responding to the COVID-19 pandemic of $32, settlement costs of $26, impairment of long-lived and other assets of $24 and restructuring and severance of $9.
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(8)Includes sustaining capital expenditures of $55 for North America, $24 for South America, $47 for Australia, $26 for Africa, $34 for Nevada, and $10 for Corporate and Other, totaling $196 and excludes development capital expenditures, capitalized interest and the change in accrued capital totaling $100. The following are major development projects: Musselwhite Materials Handling, Éléonore Lower Mine Material Handling System, Quecher Main, Yanacocha Sulfides, Tanami Expansion 2, Subika Mining Method Change, Ahafo North, Goldrush Complex, Turquoise Ridge 3rd shaft and Range Front Declines at Cortez.
(9)Includes finance lease payments for sustaining projects of $13.
(10)Per ounce measures may not recalculate due to rounding.
(11)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($16.00/oz.), Lead ($0.95/lb.) and Zinc ($1.20/lb.) pricing for 2020.
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Nine Months Ended
September 30, 2021
Costs Applicable to Sales(1)(2)(3)
Reclamation Costs(4)
Advanced Projects, Research and Development and Exploration(5)
General and Administrative
Care and Maintenance and Other Expense, Net(6)(7)(8)
Treatment and Refining Costs
Sustaining Capital and Lease Related Costs(9)(10)
All-In Sustaining Costs Ounces (000) Sold
All-In Sustaining Costs Per oz.(11)
Gold
CC&V $ 167  $ $ $ —  $ —  $ —  $ 35  $ 214  168  $ 1,271 
Musselwhite 114  —  —  28  149  109  1,366 
Porcupine 196  11  —  —  —  31  242  212  1,144 
Éléonore 178  —  —  47  233  186  1,253 
Peñasquito 278  —  24  46  359  541  663 
Other North America —  —  —  —  —  —  — 
North America 933  17  26  11  24  187  1,201  1,216  988 
Yanacocha 174  56  —  25  12  271  196  1,385 
Merian  244  —  —  29  286  322  886 
Cerro Negro 163  —  16  —  41  226  189  1,198 
Other South America —  —  —  —  —  —  — 
South America 581  64  10  47  82  792  707  1,119 
Boddington 444  —  —  10  93  560  502  1,115 
Tanami 204  —  15  —  84  307  342  897 
Other Australia —  —  —  —  12  —  — 
Australia 648  16  10  181  879  844  1,040 
Ahafo 296  —  —  55  366  331  1,105 
Akyem 199  21  —  —  34  257  286  902 
Other Africa —  —  —  —  —  —  — 
Africa 495  27  —  89  630  617  1,023 
Nevada Gold Mines 674  10  128  831  893  931 
Nevada 674  10  128  831  893  931 
Corporate and Other —  —  70  134  —  —  14  218  —  — 
Total Gold $ 3,331  $ 124  $ 131  $ 164  $ 83  $ 37  $ 681  $ 4,551  4,277  $ 1,064 
Gold equivalent ounces - other metals (12)
Peñasquito $ 462  $ $ $ —  $ $ 84  $ 74  $ 636  819  $ 778 
Other North America —  —  —  —  —  —  — 
North America 462  84  74  639  819  781 
Boddington 102  —  —  18  127  111  1,141 
Other Australia —  —  —  —  —  —  — 
Australia 102  —  19  129  111  1,155 
Corporate and Other —  —  10  23  —  —  35  —  — 
Total Gold Equivalent Ounces $ 564  $ $ 12  $ 26  $ $ 89  $ 95  $ 803  930  $ 863 
Consolidated $ 3,895  $ 132  $ 143  $ 190  $ 92  $ 126  $ 776  $ 5,354 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $159 and excludes co-product revenues of $1,204.
(3)Includes stockpile and leach pad inventory adjustments of $9 at CC&V, $18 at Yanacocha and $10 at NGM.
(4)Reclamation costs include operating accretion and amortization of asset retirement costs of $60 and $72, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $39 and $121, respectively.
(5)Advanced projects, research and development and exploration excludes development expenditures of $6 at CC&V, $3 at Porcupine, $3 at Éléonore, $2 at Peñasquito, $3 at Other North America, $8 at Yanacocha, $3 at Merian, $2 at Cerro Negro, $24 at Other South America, $15 at Tanami, $10
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at Other Australia, $10 at Ahafo, $4 at Akyem, $12 at NGM and $7 at Corporate and Other, totaling $112 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(6)Care and maintenance includes $8 at Tanami of cash care and maintenance costs associated with the site temporarily being placed into care and maintenance or operating at reduced levels in response to the COVID-19 pandemic, during the period ended September 30, 2021 that we would have continued to incur if the site were not temporarily placed into care and maintenance.
(7)Other expense, net includes incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational sites of $19 for North America, $34 for South America, $6 for Australia and $4 for Africa, totaling $63.
(8)Other expense, net is adjusted for impairment of long-lived and other assets of $18, settlement costs of $11, restructuring and severance costs of $10 and distributions from the Newmont Global Community Support Fund of $3.
(9)Includes sustaining capital expenditures of $223 for North America, $82 for South America, $188 for Australia, $87 for Africa, $128 for Nevada, and $16 for Corporate and Other, totaling $724 and excludes development capital expenditures, capitalized interest and the change in accrued capital totaling $488. The following are major development projects: Pamour, Yanacocha Sulfides, Quecher Main, Cerro Negro expansion projects, Tanami Expansion 2, Power Generation Civil Upgrade, Subika Mining Method Change, Ahafo North, Goldrush Complex and Turquoise Ridge 3rd shaft.
(10)Includes finance lease payments for sustaining projects of $52.
(11)Per ounce measures may not recalculate due to rounding.
(12)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($22.00/oz.), Lead ($0.90/lb.) and Zinc ($1.05/lb.) pricing for 2021.
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Nine Months Ended
September 30, 2020
Costs Applicable to Sales(1)(2)(3)
Reclamation Costs(4)
Advanced Projects, Research and Development and Exploration(5)
General and Administrative
Care and Maintenance and Other Expense, Net(6)(7)
Treatment and Refining Costs
Sustaining Capital and Lease Related Costs(8)(9)
All-In Sustaining Costs Ounces (000) Sold
All-In Sustaining Costs Per oz.(10)
Gold
CC&V $ 180  $ $ $ —  $ —  $ —  $ 27  $ 216  200  $ 1,085 
Red Lake 45  —  —  —  —  50  42  1,182 
Musselwhite 73  —  24  —  16  120  62  1,945 
Porcupine 174  —  —  —  25  208  241  862 
Éléonore 127  —  26  —  27  185  137  1,345 
Peñasquito 188  —  —  19  27  24  262  311  845 
Other North America —  —  —  17  —  — 
North America 787  14  25  72  27  124  1,058  993  1,066 
Yanacocha 270  42  30  —  14  362  266  1,358 
Merian  239  —  —  27  273  337  811 
Cerro Negro 115  —  54  —  24  196  154  1,271 
Other South America —  —  —  —  10  —  — 
South America 624  47  10  86  —  65  841  757  1,111 
Boddington 421  —  —  64  505  482  1,046 
Tanami 189  —  —  —  68  265  375  707 
Other Australia —  —  —  —  13  —  — 
Australia 610  10  10  135  783  857  914 
Ahafo 264  —  56  332  338  983 
Akyem 164  17  —  —  18  201  268  750 
Other Africa —  —  —  —  —  —  —  — 
Africa 428  24  —  74  538  606  889 
Nevada Gold Mines 761  11  16  124  934  997  936 
Nevada 761  11  16  124  934  997  936 
Corporate and Other —  —  53  164  —  31  251  —  — 
Total Gold $ 3,210  $ 106  $ 117  $ 205  $ 171  $ 43  $ 553  $ 4,405  4,210  $ 1,046 
Gold equivalent ounces - other metals (11)
Peñasquito $ 371  $ $ $ —  $ 19  $ 114  $ 67  $ 578  688  $ 840 
Boddington 78  —  —  —  12  95  92  1,032 
Total Gold Equivalent Ounces
$ 449  $ $ $ —  $ 19  $ 118  $ 79  $ 673  780  $ 862 
Consolidated $ 3,659  $ 113  $ 118  $ 205  $ 190  $ 161  $ 632  $ 5,078 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $80 and excludes co-product revenues of $769.
(3)Includes stockpile and leach pad inventory adjustments of $18 at Yanacocha and $23 at NGM.
(4)Reclamation costs include operating accretion and amortization of asset retirement costs of $69 and $44, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $38 and $9, respectively.
(5)Advanced projects, research and development and Exploration excludes development expenditures of $4 at CC&V, $1 at Porcupine, $1 at Éléonore, $2 at Peñasquito, $1 at Other North America, $2 at Yanacocha, $6 at Merian, $19 at Other South America, $4 at Tanami, $11 at Other Australia, $12 at Ahafo, $4 at Akyem, $3 at Other Africa, $14 at NGM and $8 at Corporate and Other, totaling $92 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(6)Care and maintenance includes $28 at Musselwhite, $26 at Éléonore, $38 at Peñasquito, $27 at Yanacocha, $50 at Cerro Negro and $2 at Other South America of cash care and maintenance costs associated with the sites temporarily being placed into care and maintenance or operating at reduced levels in response to the COVID-19 pandemic, during the period ended September 30, 2020 that we would have continued to incur if the site were not temporarily placed into care and maintenance.
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(7)Other expense, net is adjusted for incremental costs of responding to the COVID-19 pandemic of $67, settlement costs of $34, impairment of long-lived and other assets of $29, Goldcorp transaction and integration costs of $23 and restructuring and severance costs of $12.
(8)Includes sustaining capital expenditures of $156 for North America, $65 for South America, $139 for Australia, $73 for Africa, $124 for Nevada, and $31 for Corporate and Other, totaling $588 and excludes development capital expenditures, capitalized interest and the change in accrued capital totaling $316. The following are major development projects: Musselwhite Materials Handling, Éléonore Lower Mine Material Handling System, Quecher Main, Yanacocha Sulfides, Tanami Expansion 2, Subika Mining Method Change, Ahafo North, Goldrush Complex, Turquoise Ridge 3rd shaft and Range Front Declines at Cortez.
(9)Includes finance lease payments for sustaining projects of $44.
(10)Per ounce measures may not recalculate due to rounding.
(11)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($16.00/oz.), Lead ($0.95/lb.) and Zinc ($1.20/lb.) pricing for 2020.
Accounting Developments
For a discussion of Recently Adopted and Recently Issued Accounting Pronouncements, refer to Note 2 of the Condensed Consolidated Financial Statements.

Refer to our Management’s Discussion and Analysis of Accounting Developments and Critical Accounting Policies included in Part II of our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission (“SEC”) on February 18, 2021 for additional information on our critical accounting policies and estimates.
Safe Harbor Statement
Certain statements contained in this report (including information incorporated by reference herein) are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to be covered by the safe harbor provided for under these sections. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)”, “estimate(s)”, “should”, “intend(s)” and similar expressions are intended to identify forward-looking statements. Our forward-looking statements may include, without limitation:
estimates regarding future earnings and the sensitivity of earnings to gold, copper and other metal prices;
estimates of future mineral production and sales;
estimates of future production costs, other expenses and taxes for specific operations and on a consolidated basis;
estimates of future cash flows and the sensitivity of cash flows to gold and other metal prices;
estimates of future capital expenditures, construction, production or closure activities and other cash needs, for specific operations and on a consolidated basis, and expectations as to the funding or timing thereof;
estimates as to the projected development of certain ore deposits, including the timing of such development, the costs of such development and other capital costs, financing plans for these deposits and expected production commencement dates;
estimates of reserves and statements regarding future exploration results and reserve replacement and the sensitivity of reserves to metal price changes;
statements regarding the availability of, and terms and costs related to, future borrowing or financing and expectations regarding future debt repayments or debt tender transactions;
estimates regarding future exploration expenditures, results and reserves;
statements regarding fluctuations in financial and currency markets;
estimates regarding potential cost savings, productivity, operating performance and ownership and cost structures;
expectations regarding future or recent acquisitions and joint ventures, including, without limitation, projected benefits, synergies, value creation, integration, timing and costs and related valuations and other matters;
expectations regarding the start-up time, design, mine life, production and costs applicable to sales and exploration potential of our projects;
statements regarding future hedge and derivative positions or modifications thereto;
statements regarding political, economic or governmental conditions and environments;
statements regarding the impacts of changes in the legal and regulatory environment in which we operate;
estimates of future costs, accruals for reclamation costs and other liabilities for certain environmental matters;
estimates of income taxes and expectations relating to tax contingencies or tax audits;
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estimates of pension and other post-retirement costs;
expectations regarding the impacts of COVID-19, COVID variants and other health and safety conditions; and
expectations as to whether and for how long certain sites will be placed into care and maintenance including as a result of COVID-19 occurrences and related restrictions.

Where we express 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, our 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 those forward-looking statements. Such risks and uncertainties include, but are not limited to:
the price of gold, copper and other metal prices and commodities;
the cost of operations;
currency fluctuations;
geological and metallurgical assumptions;
operating performance of equipment, processes and facilities;
the impact of COVID-19, including, without limitation, impacts on employees, operations, regulations resulting in potential business interruptions and travel restrictions, commodity prices, costs, supply chain and the U.S. and the global economy;
labor relations;
timing of receipt of necessary governmental permits or approvals;
domestic and foreign laws or regulations, particularly relating to the environment, mining and processing;
changes in tax laws;
domestic and international economic and political conditions;
our ability to obtain or maintain necessary financing; and
other risks and hazards associated with mining operations.
More detailed information regarding these factors is included in the section titled Item 1, Business; Item 1A, Risk Factors in the Annual Report on Form 10-K for the year ended December 31, 2020 as well as elsewhere throughout this report. Many of these factors are beyond our ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements.
All subsequent written and oral forward-looking statements attributable to Newmont or to persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. We disclaim any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
ITEM 3.       QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK (dollars in millions, except per ounce and per pound amounts).
Metal Prices
Changes in the market price of gold significantly affect our profitability and cash flow. Gold prices can fluctuate widely due to numerous factors, such as demand; forward selling by producers; central bank sales, purchases and lending; investor sentiment; the strength of the U.S. dollar; inflation, deflation, or other general price instability; and global mine production levels. Changes in the market price of copper, silver, lead and zinc also affect our profitability and cash flow. These metals are traded on established international exchanges and prices generally reflect market supply and demand, but can also be influenced by speculative trading in the commodity or by currency exchange rates.
Decreases in the market price of metals can also significantly affect the value of our product inventory, stockpiles and leach pads, and it may be necessary to record a write-down to the net realizable value, as well as significantly impact our carrying value of long-lived assets and goodwill. Refer to Part II, Item 7 in our annual report on Form 10-K, for the year ended December 31, 2020 for information regarding the sensitivity of our impairment analyses over long-lived assets and goodwill to changes in metal price.
Net realizable value represents the estimated future sales price based on short-term and long-term metals prices, less estimated costs to complete production and bring the product to sale. The primary factors that influence the need to record write-downs of our stockpiles, leach pads and product inventory include short-term and long-term metals prices and costs for production inputs such as labor, fuel and energy, materials and supplies as well as realized ore grades and recovery rates. The significant
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assumptions in determining the stockpile, leach pad and product inventory adjustments for each mine site reporting unit at September 30, 2021 included production cost and capitalized expenditure assumptions unique to each operation, a short-term and long-term gold price of $1,790 and $1,500 per ounce, respectively, a short-term and long-term copper price of $4.25 and $3.00 per pound, respectively, a short-term and long-term silver price of $24.36 and $20.00 per ounce, respectively, a short-term and long-term lead price of $1.06 and $1.05 per pound, respectively, a short-term and long-term zinc price of $1.36 and $1.30 per pound, respectively, a short-term and long-term U.S. to Australian dollar exchange rate of $0.73 and $0.77, respectively, a short-term and long-term U.S. to Canadian dollar exchange rate of $0.79 and $0.80, respectively, a short-term and long-term U.S. dollar to Mexican Peso exchange rate of $0.05 and $0.05, respectively and a short-term and long-term U.S. dollar to Argentinian Peso exchange rate of $0.01 and $0.01, respectively.
The net realizable value measurement involves the use of estimates and assumptions unique to each mining operation regarding current and future operating and capital costs, metal recoveries, production levels, commodity prices, proven and probable reserve quantities, engineering data and other factors. A high degree of judgment is involved in determining such assumptions and estimates and no assurance can be given that actual results will not differ significantly from those estimates and assumptions.
Foreign Currency
In addition to our operations in the United States, we have significant operations and/or assets in Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia and Ghana. All of our operations sell their gold, copper, silver, lead and zinc production based on U.S. dollar metal prices. Foreign currency exchange rates can fluctuate widely due to numerous factors, such as supply and demand for foreign and U.S. currencies and U.S. and foreign country economic conditions. Fluctuations in the local currency exchange rates in relation to the U.S. dollar can increase or decrease profit margins, cash flow and Costs applicable to sales per ounce/ pound to the extent costs are paid in local currency at foreign operations.
Commodity Price Exposure
Our provisional concentrate sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the respective metal concentrates at the prevailing indices’ prices at the time of sale. The embedded derivative, which is not designated for hedge accounting, is marked to market through earnings each period prior to final settlement.
We perform an analysis on the provisional concentrate sales to determine the potential impact to Net income (loss) attributable to Newmont stockholders for each 10% change to the average price on the provisional concentrate sales subject to final pricing over the next several months. Refer below for our analysis as of September 30, 2021.
Provisionally Priced Sales
Subject to Final Pricing
Average Provisional
Price (per ounce/pound)
Effect of 10% change in Average Price (millions)
Market Closing
Settlement Price (1)
(per ounce/pound)
Gold (ounces/thousands) 218  $ 1,744  $ 25  $ 1,743 
Copper (pounds/millions) 16 $ 4.09  $ $ 4.10 
Silver (ounces/millions) $ 21.53  $ $ 22.04 
Lead (pounds/millions) 29 $ 0.95  $ $ 0.96 
Zinc (pounds/millions) 62 $ 1.35  $ $ 1.37 
____________________________
(1)The closing settlement price as of September 30, 2021 is determined utilizing the London Metal Exchange for copper, lead and zinc and the London Bullion Market Association for gold and silver.

ITEM 4.       CONTROLS AND PROCEDURES.
During the fiscal period covered by this report, the Company’s management, with the participation of the Chief Executive Officer and Chief Financial Officer of the Company, carried out an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the required time periods and are designed to ensure that information required to be disclosed in its reports is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
There were no changes in the Company’s internal control over financial reporting that occurred during the three months ended September 30, 2021, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II—OTHER INFORMATION
ITEM 1.       LEGAL PROCEEDINGS.
Information regarding legal proceedings is contained in Note 21 of the Condensed Consolidated Financial Statements contained in this report and is incorporated herein by reference.
ITEM 1A.       RISK FACTORS.
In addition to the other information set forth in this report and the risk factor noted below, you should carefully consider the factors discussed in Part I, Item IA., "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The risks described in our Annual Report and herein are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially adversely affect our business, financial condition, cash flows and/or future results.

Our operations at Yanacocha and the development of our Conga project in Peru are subject to political and social unrest risks.

Minera Yanacocha S.R.L. (“Yanacocha”), in which we own a 51.35% interest, and whose properties include the mining operations at Yanacocha and the Conga project in Peru, has been the target of local political and community protests, some of which blocked the road between the Yanacocha mine and Conga project complexes in the City of Cajamarca in Peru and resulted in vandalism and equipment damage. While recently roadblocks and protests have diminished and focused on local political activism and labor disputes, we cannot predict whether similar or more significant incidents will occur in the future. The recurrence of significant political or community opposition or protests could continue to adversely affect the Conga Project’s development, other new projects in the area and the continued operation of Yanacocha.
Construction activities on our Conga project were suspended in 2011, at the request of Peru’s central government following protests in Cajamarca by anti-mining activists led by the regional president. At the request of the Peruvian central government, the environmental impact assessment prepared in connection with the project was reviewed by independent experts in an effort to resolve allegations around the environmental viability of Conga. This review concluded that the environmental impact assessment complied with international standards and provided recommendations to improve water management. Due to the uncertainty surrounding the project’s development timeline, we have allocated our exploration and development capital to other projects in our portfolio. As a result, the Conga project is currently in care and maintenance and we will continue to evaluate long-term options to progress development of the Conga project. Should the Company be unable to develop the Conga project or conclude that future development is not in the best interest of the business, a future impairment charge may result.
The prior Central Government of Peru supported responsible mining as a vehicle for the growth and future development of Peru in 2020. However, following the most recent presidential election, we are unable to predict whether the Central government will continue to take similar positions in the future. In a close and contested election, Pedro Castillo was declared the president-elect of Peru in July 2021, which resulted in a period of protests, unrest and uncertainty around the political and social environment in Peru and Cajamarca. Castillo’s election platform had been considered to be less supportive of mining in the past, and raised concerns with respect to foreign investment and mining. However, the new Central Government’s legislative priorities and agenda remain to be established. Most recently, in October 2021, Castillo replaced members of his cabinet amid concerns of political instability, including the appointment of a new Prime Minister and ministers of mining, work, and interior. Additionally, previous regional governments of Cajamarca and other political parties actively opposed certain mining projects in the past, including by protests, community demands and road blockages, which may occur again in the future. We are unable to predict the positions that will be taken by the Central or regional government and neighboring communities in the future and whether such positions or changes in law will affect current operations and new projects at Yanacocha or Conga. Risks related to mining and foreign investment under the new administration include, without limitation, risks to mining concessions, land tenure and permitting, increased taxes and royalties, nationalization of mining assets and increased labor regulations, environmental and other regulatory requirements. Any change in government positions or laws on these issues could adversely affect the assets and operations of Yanacocha or Conga, which could have a material adverse effect on our results of operations and financial position. Additionally, the inability to develop Conga or operate at Yanacocha could have an adverse impact on our growth and production in the region.
In addition, in early 2015 and again in June 2017, the Peruvian government agency responsible for certain environmental regulations, the Ministry of the Environment (“MINAM”), issued proposed modifications to water quality criteria for designated beneficial uses which apply to mining companies, including Yanacocha. These criteria modified the in-stream water quality criteria pursuant to which Yanacocha has been designing water treatment processes and infrastructure. In December 2015, MINAM issued the final regulation that modified the water quality standards. These Peruvian regulations allow time to formulate a compliance plan and make any necessary changes to achieve compliance. In February 2017, Yanacocha submitted a modification to its previously approved compliance achievement plan to the Mining Ministry (“MINEM”). The Company did not receive a response or comments to this submission until April 2021 and is now in the process of updating its compliance achievement plan to address these comments. During this interim period, Yanacocha separately submitted an Environmental Impact Assessment (EIA) modification considering the ongoing operations and the projects to be developed and obtained authorization from MINEM for such projects. This authorization included a
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deadline for compliance with the modified water quality criteria by January 2024. Consequently, part of the Company response to MINEM will include a request for an extension of time for coming into full compliance with the new regulations. In the event that MINEM does not grant Yanacocha an extension of the previously authorized timeline for, and agree to, the updated compliance achievement plan, fines and penalties relating to non-compliance may result beyond January 2024. The Company currently operates five water treatment plants at Yanacocha that have been and currently meet all currently applicable water discharge requirements. The Company is currently conducting detailed studies to better estimate water management and other closure activities that will ensure water quality and quantity discharge requirements, including the modifications promulgated by MINAM, as referenced above, will be met. This also includes performing a comprehensive update to the Yanacocha reclamation plan to address changes in closure activities and estimated closure costs while preserving optionality for potential future projects at Yanacocha.
These ongoing studies, which will extend beyond the current year, were progressed in the third quarter of 2021 as the study team continued to evaluate and revise assumptions and estimated costs of potential changes to the reclamation plan. The potential changes are currently undergoing review and remain subject to revision, therefore, the Company is unable to reasonably estimate a change to the reclamation obligation as of September 30, 2021. However, based on the work progressed in the third quarter and the resulting preliminary findings, the Company currently expects to make revisions to the reclamation plan that, should these findings be confirmed, would result in material increases to the cost of water treatment plant construction, water treatment operating costs and other costs associated with the closure plan.
In conjunction with the Company’s annual update process for all asset retirement obligations, the Company currently expects to record an adjustment to the Yanacocha reclamation liability in the fourth quarter of 2021 based on the planned progress of the closure studies. As related activities are progressed, it is expected that the preliminary findings, if confirmed, could result in a material increase in the reclamation obligation at Yanacocha of up to approximately $1.6 billion, primarily related to the upfront construction of water treatment plants and the related annual operating costs assumed over the extended closure period, with a corresponding non-cash charge to reclamation expense related to operations no longer in production. Work to refine the associated cost estimates and additional study work remain to be completed. Further, the ongoing Yanacocha closure studies are expected to continue beyond 2021. As a result, future material increases or decreases to the asset retirement obligation could occur as additional analyses are completed and further refinements to water quality and volume modeling are completed. Additionally, revisions to the Yanacocha reclamation plan may change in connection with the Company’s ultimate submission and review of the plan with Peruvian regulators.
ITEM 2.       UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
(a) (b) (c) (d)
Period
Total Number of Shares Purchased(1)
Average Price Paid Per Share(1)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2)
Maximum Dollar Value of Shares that may yet be Purchased under the Plans or Programs(2)
July 1, 2021 through July 31, 2021
712,151  $ 60.72  683,713  $ 824,304,908 
August 1, 2021 through August 31, 2021
7,127  $ 54.95  —  $ 824,304,908 
September 1, 2021 through September 30, 2021
1,331,801  $ 54.56  1,330,900  $ 751,694,456 
____________________________
(1)The total number of shares purchased (and the average price paid per share) reflects: (i) shares purchased pursuant to the repurchase program described in (2) below; and (ii) represents shares delivered to the Company from stock awards held by employees upon vesting for the purpose of covering the recipients’ tax withholding obligations, totaling 28,438 shares, 7,127 shares and 901 shares for the fiscal months of July, August and September 2021, respectively.
(2)In January 2021, the Company announced that the Board of Directors authorized a stock repurchase program to repurchase shares of outstanding common stock to offset the dilutive impact of employee stock award vesting and to provide returns to shareholders, provided that the aggregate value of shares of common stock repurchased under the new program does not exceed $1 billion, and such program will expire on July 15, 2022. The extent to which the Company repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including trading volume, market conditions, legal requirements, business conditions and other factors. The repurchase program may be discontinued at any time, and the program does not obligate the Company to acquire any specific number of shares of its common stock.
ITEM 3.       DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4.       MINE SAFETY DISCLOSURES.
At Newmont, safety is a core value, and we strive for superior performance. Our health and safety management system, which includes detailed standards and procedures for safe production, addresses topics such as employee training, risk management, workplace inspection, emergency response, accident investigation and program auditing. In addition to strong leadership and involvement from all levels of the organization, these programs and procedures form the cornerstone of safety at Newmont, ensuring that employees are provided a safe and healthy environment and are intended to reduce workplace accidents, incidents and losses, comply with all mining-related regulations and provide support for both regulators and the industry to improve mine safety.
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In addition, we have established our “Rapid Response” crisis management process to mitigate and prevent the escalation of adverse consequences if existing risk management controls fail, particularly if an incident may have the potential to seriously impact the safety of employees, the community or the environment. This process provides appropriate support to an affected site to complement their technical response to an incident, so as to reduce the impact by considering the environmental, strategic, legal, financial and public image aspects of the incident, to ensure communications are being carried out in accordance with legal and ethical requirements and to identify actions in addition to those addressing the immediate hazards.
The health and safety of our people and our host communities is paramount. This is why Newmont engaged its Rapid Response process early in connection with the on-going COVID-19 pandemic and proactively took conservative steps to prevent further transmission of the Coronavirus. Refer to the “Third Quarter 2021 Highlights”, “Results of Consolidated Operations”, “Liquidity and Capital Resources” and “Non-GAAP Financial Measures” for further information about the impacts of the COVID-19 pandemic on the Company.
The operation of our U.S. based mine is subject to regulation by the Federal Mine Safety and Health Administration (“MSHA”) under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”). MSHA inspects our mine on a regular basis and issues various citations and orders when it believes a violation has occurred under the Mine Act. Following passage of The Mine Improvement and New Emergency Response Act of 2006, MSHA significantly increased the numbers of citations and orders charged against mining operations. The dollar penalties assessed for citations issued has also increased in recent years. As of the date of filing, Newmont has received no citations by MSHA in connection with COVID-19 related regulations or requirements.
Newmont is required to report certain mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K, and that required information is included in Exhibit 95 and is incorporated by reference into this Quarterly Report. It is noted that the Nevada mines owned by Nevada Gold Mines LLC, a joint venture between the Company (38.5%) and Barrick Gold Corporation (“Barrick”) (61.5%), are not included in the Company’s Exhibit 95 mine safety disclosure reporting as such sites are operated by our joint venture partner, Barrick.
ITEM 5.       OTHER INFORMATION.
None.
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ITEM 6.       EXHIBITS.
Exhibit
Number
Description
10.1
22 -
31.1 -
31.2 -
32.1 -
32.2 -
95 -
101 - 101.INS XBRL Instance - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH XBRL Taxonomy Extension Schema
101.CAL XBRL Taxonomy Extension Calculation
101.DEF XBRL Taxonomy Extension Definition
101.LAB XBRL Taxonomy Extension Labels
101.PRE XBRL Taxonomy Extension Presentation
104 Cover Page Interactive Data File (embedded within the XBRL document)

*This exhibit relates to compensatory plans or arrangements.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
NEWMONT CORPORATION
(Registrant)
Date: October 28, 2021 /s/ NANCY K. BUESE
Nancy K. Buese
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Date: October 28, 2021 /s/ BRIAN C. TABOLT
Brian C. Tabolt
Vice President, Controller and Chief Accounting Officer
(Principal Accounting Officer)
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EXHIBIT 10.1


NEWMONT CORPORATION
2020 STOCK INCENTIVE COMPENSATION PLAN
RESTRICTED STOCK UNIT AGREEMENT
This Agreement, including any country-specific terms and conditions set forth in any appendix hereto (the “Agreement”), dated 11/1/2021, is made between Newmont Corporation (“Newmont”) and Blake Rhodes (“Employee,” which term is also used in his Grant Summary and Grant Acknowledgment (collectively, the “Grant Acknowledgment”)). The Grant Acknowledgment is set forth on the Fidelity online employee portal.
The Grant Acknowledgment is incorporated by reference herein. This Agreement shall be deemed executed by Employee upon his or her electronic execution of the Grant Acknowledgment. All capitalized terms that are not defined herein shall have the meaning as defined in the Newmont Corporation 2020 Stock Incentive Compensation Plan (“Plan”).
1.Award of Restricted Stock Units. Newmont hereby grants to Employee the right to receive from Newmont the number of Restricted Stock Units (the “RSUs”) specified in the Grant Acknowledgment, with a value upon grant of $500,000, pursuant to the terms and subject to the conditions and restrictions set forth in this Agreement and the Plan. Each RSU granted represents an unfunded right to receive one share of Newmont Common Stock, subject to the conditions and restrictions set forth in this Agreement and the Plan.
2.Vesting Period. The RSUs will vest in accordance with the vesting schedule set forth below, provided Employee remains employed by Newmont or one of its Subsidiaries through the vesting date, or unless otherwise provided in this Agreement:
    March 31st, 2023 - 100% of RSUs granted
3.Termination. Notwithstanding Section 2 above, the RSUs will vest as stated below in the specific circumstances:
A.Termination of Employment for death, disability, and following change of control. If (i) Employee dies, or (ii) Employee’s employment with Newmont or any Subsidiary terminates by reason of (a) disability (as determined under the terms of the Long-Term Disability Plan of Newmont), or (b) termination of employment entitling Employee to benefits under the Executive Change of Control Plan of Newmont or the Change of Control Plan of Newmont, the outstanding RSUs subject to this Agreement shall become fully vested and nonforfeitable, as of the date of Employee’s death or other termination of employment, referred to in clause (ii) above.
B.Termination of Employment under a Severance Plan of Newmont. If Employee terminates employment with Newmont or any Subsidiary and is entitled to: (i) separation benefits under the Severance Plan of Newmont or the Executive Severance Plan of Newmont, or; (ii) separation benefits for any involuntary termination, other than for Cause (as defined below), for Employees not eligible for benefits under the Severance Plan of Newmont or the Executive Severance Plan of Newmont, a pro-rata percentage of the RSUs will vest as of the date of Employee’s employment termination in accordance with the following formula, and the remaining RSUs will be forfeited:






RSUs
vested =




Total RSUs Covered by This Agreement X Days Elapsed From Date of Grant to Date of Termination of Employment
515

“Cause” is defined as: 1) engagement in illegal conduct or gross negligence or willful misconduct, provided that if the Employee acted in accordance with an authorized written opinion of Newmont’s, or an affiliated entity’s, legal counsel, such action will not constitute “Cause;” 2) any dishonest or fraudulent activity by the Employee or the reasonable belief by Newmont or an affiliated entity of the Employee’s breach of any contract, agreement or representation with the Newmont or an affiliated entity, or 3) violation, or Newmont or an affiliated entities’ belief of Employee’s violation of Newmont Corporation’s Code of Conduct and underlying policies and standards.
C.Other Terminations. If Employee terminates employment with Newmont or any Subsidiary under circumstances other than those set forth above in Sections 3.A through 3.B before March 31st, 2023, Employee agrees that the RSUs will be immediately and unconditionally forfeited without any action required by Employee or Newmont as of the date of such termination of employment.
D.Discretion to Apply Termination Vesting Provisions. Notwithstanding the provisions in this Section 3, if the Company or, if different, the Employer (as defined in Section 5 below), determines, in its sole discretion, that any provision in this Section 3 may be found to be unlawful, discriminatory or against public policy in any relevant jurisdiction, then the Company, in its sole discretion, may choose not to apply such provision to the RSUs.
4.No Ownership Rights Prior to Issuance of Common Stock. Employee shall not have any rights as a stockholder of Newmont with respect to the shares of Common Stock underlying the RSUs, including but not limited to the right to vote with respect to such shares of Common Stock, until and after the shares of Common Stock have been issued to Employee and transferred on the books and records of Newmont; provided, however, at the time that the Shares are delivered to Employee in settlement of the vested RSUs, Newmont shall make a cash payment to Employee equal to any dividends paid with respect to shares of Common Stock underlying such RSUs from the date of grant of the RSUs until the date such RSUs vest, minus any applicable Tax-Related Items (as defined in Section 5 below).
5.Withholding Taxes. Employee acknowledges that, regardless of any action taken by Newmont or, if different, his or her employer (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Employee's participation in the Plan and legally applicable to him or her (“Tax-Related Items”) is and remains his or her responsibility and may exceed the amount actually withheld by Newmont or the Employer. Employee further acknowledges that Newmont and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSU, including, but not limited to, the grant, vesting or settlement of the RSU, the subsequent sale of shares of Common Stock acquired pursuant to such settlement and the receipt of any dividends and/or any dividend equivalents; and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the RSU to reduce or eliminate his or her liability for
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Tax-Related Items or achieve any particular tax result. Further, if Employee is subject to Tax-Related Items in more than one jurisdiction, he or she acknowledges that Newmont and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
Prior to any relevant taxable or tax withholding event, as applicable, Employee agrees to make adequate arrangements satisfactory to Newmont and/or the Employer to satisfy all Tax-Related Items.
In this regard, Employee authorizes Newmont or its agent to satisfy any applicable withholding obligations with regard to all Tax-Related Items by withholding a number of whole shares of Common Stock to be issued upon settlement of the RSU having a fair market value on the applicable vesting date (or other applicable date on which the Tax-Related Items arise) not in excess of the amount of such Tax-Related Items. If Newmont determines in its discretion that withholding in shares of Common Stock is not permissible or advisable under applicable local law, Newmont may satisfy its obligations for Tax-Related Items by one or a combination of the following:
(a)withholding from Employee’s wages or other cash compensation paid to Employee by Newmont and/or the Employer; or
(b)withholding from proceeds of the sale of shares of Common Stock acquired upon vesting/settlement of the RSUs either through a voluntary sale or through a mandatory sale arranged Newmont (on Employee’s behalf pursuant to this authorization).
Provided, however, that if Employee is a Section 16 officer of Newmont under the Exchange Act, then Newmont will withhold by deducting from the shares of Common Stock otherwise deliverable to Employee in settlement of the RSUs a number of whole shares of Common Stock having a fair market value on the date that the withholding for the Tax-Related Items is determined) not in excess of the amount of such Tax-Related Items, unless the use of such withholding method is problematic under applicable tax or securities law or has materially adverse accounting consequences, in which case, the obligation for Tax-Related Items will be satisfied pursuant to (b) above.
Newmont may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates in Employee’s jurisdiction(s), including maximum applicable rates to the extent permitted by the Plan, in which case Employee may receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent in Common Stock. If the obligation for Tax-Related Items is satisfied by withholding in shares of Common Stock, for tax purposes, Employee is deemed to have been issued the full number of shares of Common Stock subject to the vested RSU, notwithstanding that a number of the shares of Common Stock are held back solely for the purpose of paying the Tax-Related Items.
Notwithstanding anything in this Section 5 to the contrary, to avoid a prohibited distribution under Section 409A of the Code, if shares of Common Stock underlying the RSUs will be withheld (or sold on Employee’s behalf) to satisfy any Tax-Related Items arising prior to the date of settlement of the RSUs for any portion of the RSUs that is considered nonqualified deferred compensation subject to Code Section 409A, then the number of shares of Common Stock withheld (or sold on Employee’s behalf) shall not exceed the number of shares of Common Stock that equals the liability for the Tax-Related Items.
Finally, Employee agrees to pay to Newmont or the Employer, any amount of Tax-Related Items that Newmont or the Employer may be required to withhold or account for as a result of his or her participation in the Plan that cannot be satisfied by the means previously described. Newmont may refuse to issue or deliver the shares or the proceeds of the sale of shares of Common Stock, if Employee fails to comply with his or her obligations in connection with the Tax-Related Items.
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6.Delivery of Shares of Common Stock. As soon as reasonably practicable, but in any event within 30 days, following the date of vesting pursuant to Section 2 or 3, subject to Section 9(i), Newmont shall cause to be delivered to Employee a stock certificate or electronically deliver shares through a direct registration system for the number of shares of Common Stock (net of tax withholding as provided in Section 5) deliverable to Employee in accordance with the provisions of this Agreement; provided, however, that for non-Section 16 officers of Newmont under the Exchange Act, Newmont may allow Employee to elect to have shares of Common Stock, which are deliverable in accordance with the provisions of this Agreement upon vesting (or a portion of such shares at least sufficient to satisfy Employee’s tax withholding obligations with respect to such Common Stock), sold on behalf of Employee, with the cash proceeds thereof, net of tax withholding, remitted to Employee, in lieu of Employee receiving a stock certificate or electronic delivery of shares in a direct registration system.
7.Nontransferability. Employee’s interest in the RSUs and any shares of Common Stock relating thereto may not be sold, transferred, pledged, assigned, encumbered or otherwise alienated or hypothecated otherwise than by will or by the laws of descent and distribution, prior to such time as the shares of Common Stock have actually been issued and delivered to Employee.
8.Acknowledgements. Employee acknowledges receipt of and understands and agrees to the terms of the RSUs award and the Plan. In addition to the above terms, Employee understands and agrees to the following:
(a)Employee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all of the terms and provisions thereof, including the terms and provisions adopted after the date of this Agreement but prior to the completion of the Vesting Period. If and to the extent that any provision contained in this Agreement is inconsistent with the Plan, the Plan shall govern.
(b)Employee acknowledges that as of the date of this Agreement, the Agreement, the Grant Acknowledgement and the Plan set forth the entire understanding between Employee and Newmont regarding the acquisition of shares of Common Stock underlying the RSUs in Newmont and supersedes all prior oral and written agreements pertaining to the RSUs.
(c)Employee understands that Newmont has reserved the right to amend or terminate the Plan at any time.
9.Miscellaneous
(a)No Right to Continued Employment. Neither the RSUs nor any terms contained in this Agreement shall confer upon Employee any expressed or implied right to be retained in the service of any Subsidiary for any period at all, nor restrict in any way the right of any such Subsidiary, which right is hereby expressly reserved, to terminate his or her employment at any time with or without cause. Employee acknowledges and agrees that any right to receive delivery of shares of Common Stock is earned only by continuing as an employee of a Subsidiary at the will of such Subsidiary, or satisfaction of any other applicable terms and conditions contained in this Agreement and the Plan, and not through the act of being hired, being granted the RSUs or acquiring shares of Common Stock hereunder.
(b)Compliance with Laws and Regulations. The award of the RSUs to Employee and the obligation of Newmont to deliver shares of Common Stock hereunder shall be subject to (i) all applicable federal, state, local and foreign laws, rules and regulations, and (ii) any registration, qualification, approvals or other requirements imposed by any government or regulatory agency or body which the Newmont Committee shall, in its sole discretion, determine to be necessary or applicable. Moreover, shares of Common Stock shall not be delivered hereunder if such delivery would be contrary to applicable law or the rules of any stock exchange.
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(c)Investment Representation. If at the time of delivery of shares of Common Stock, the Common Stock is not registered under the Securities Act of 1933, as amended (the “Securities Act”), and/or there is no current prospectus in effect under the Securities Act with respect to the Common Stock, Employee shall execute, prior to the delivery of any shares of Common Stock to Employee by Newmont, an agreement (in such form as the Newmont Committee may specify) in which Employee represents and warrants that Employee is purchasing or acquiring the shares acquired under this Agreement for Employee’s own account, for investment only and not with a view to the resale or distribution thereof, and represents and agrees that any subsequent offer for sale or distribution of any kind of such shares shall be made only pursuant to either (i) a registration statement on an appropriate form under the Securities Act, which registration statement has become effective and is current with regard to the shares being offered or sold, or (ii) a specific exemption from the registration requirements of the Securities Act, but in claiming such exemption Employee shall, prior to any offer for sale of such shares, obtain a prior favorable written opinion, in form and substance satisfactory to the Newmont Committee, from counsel for or approved by the Newmont Committee, as to the applicability of such exemption thereto.
(d)Definitions. All capitalized terms that are used in this Agreement that are not defined herein have the meanings defined in the Plan. In the event of a conflict between the terms of the Plan and the terms of this Agreement, the terms of the Plan shall prevail.
(e)Notices. Any notice or other communication required or permitted hereunder shall, if to Newmont, be in accordance with the Plan, and, if to Employee, be in writing and delivered in person or by registered or certified mail or overnight courier, postage prepaid, addressed to Employee at his or her last known address as set forth in Newmont’s records.
(f)Severability. If any of the provisions of this Agreement should be deemed unenforceable, the remaining provisions shall remain in full force and effect.
(g)Governing Law. Except as to matters concerning the issuance of Common Stock or other matters of corporate governance, which shall be determined, and related RSUs provisions construed, under the General Corporation Law of the State of Delaware, this Agreement shall be governed by the laws of the State of Colorado, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction. The parties hereto submit to the exclusive jurisdiction and venue of the federal or state courts of Colorado to resolve any and all issues that may arise out of or relate to this Agreement or the Plan.
(h)Transferability of Agreement. This Agreement may not be transferred, assigned, pledged or hypothecated by either party hereto, other than by operation of law. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns, including, in the case of Employee, his or her estate, heirs, executors, legatees, administrators, designated beneficiary and personal representatives. Nothing contained in this Agreement shall be deemed to prevent transfer of the RSUs in the event of Employee’s death in accordance with Section 12(b) of the Plan.
(i)Section 409A Requirements. For purposes of complying with Section 409A of the Code, if the RSUs constitute non-qualified deferred compensation, Employee is a U.S. taxpayer and the RSUs are to be settled at a time that is by reference to a termination of Employee’s employment, the Employer and Employee shall take all steps necessary (including with regard to any post-termination services by Employee) to ensure that a termination contemplated under Section 3 constitutes a “separation from service” within the meaning of Section 409A of the Code. Further, if and the foregoing sentence applies and Employee is a “specified employee” (within the meaning of Code Section 409A) at the time settlement would otherwise occur, settlement of the RSUs and any related dividend payments will be delayed until the first day of the seventh month following the date of such separation from service or, if earlier, until Employee’s death.
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(j)No Advice Regarding Award. Newmont is not providing any tax, legal or financial advice, nor is Newmont making any recommendations regarding Employee’s participation in the Plan, or his or her acquisition or sale of the underlying shares of Common Stock. Employee should consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan.
(k)Appendix. Notwithstanding any provisions in this Agreement, the Award shall be subject to any special terms and conditions set forth in Appendix to this Agreement for Employee’s country. Moreover, if Employee relocates to one of the countries included in the Appendix, the special terms and conditions for such country will apply to him or her, to the extent Newmont determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement.
(l)Imposition of Other Requirements. Newmont reserves the right to impose other requirements on Employee’s participation in the Plan, on the RSUs and on any shares of Common Stock acquired under the Plan, to the extent Newmont determines it is necessary or advisable for legal or administrative reasons, and to require Employee to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
(m)Modification. Notwithstanding any other provision of this Agreement to the contrary, the Committee may amend this Agreement to the extent it determines necessary or appropriate to comply with the requirements of Code Section 409A and the guidance thereunder and any such amendment shall be binding on Employee.
(n)Waiver. Employee acknowledges that a waiver by Newmont of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach of this Agreement.
(o)Electronic Delivery and Acceptance. Newmont may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. Employee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by Newmont or a third party designated by Newmont.
IN WITNESS WHEREOF, pursuant to Employee’s Grant Acknowledgement (including without limitation, the Terms and Conditions section hereof), incorporated herein by reference, and electronically executed by Employee, Employee agrees to the terms and conditions of this Agreement.

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APPENDIX TO THE
NEWMONT CORPORATION
2020 STOCK INCENTIVE PLAN
RESTRICTED STOCK UNIT AGREEMENT
Unless otherwise provided below, capitalized terms used but not explicitly defined in this Appendix shall have the same definitions as in the Plan and/or the Agreement (as applicable). The terms and conditions in Part A apply to all Employees outside the United States. The country-specific terms and conditions in Part B will also apply to Employee if he or she resides in one of the countries listed below.
Terms and Conditions
This Appendix includes additional country-specific terms and conditions that govern Employee’s RSUs if he or she resides and/or works in one of the countries listed herein.
If Employee is a resident of a country other than the one in which he or she is currently residing and/or working, relocate to another country after the RSUs are granted, or are considered a resident of another country for local law purposes, the terms and conditions of the RSUs contained herein may not be applicable to Employee, and Newmont shall, in its discretion, determine to what extent the terms and conditions contained herein shall apply to him or her.
Notifications
This Appendix also includes information regarding certain issues of which Employee should be aware with respect to his or her participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of February 2021. Such laws are often complex and change frequently. As a result, Newmont strongly recommends that Employee not rely on the information in this Appendix as the only source of information relating to the consequences of his or her participation in the Plan because the information may be out of date at the time that Employee’s RSUs vest or he or she sells shares of Common Stock acquired under the Plan.
In addition, the information contained herein is general in nature and may not apply to Employee’s particular situation, and Newmont is not in a position to assure him or her of a particular result. Accordingly, Employee should seek appropriate professional advice as to how the relevant laws in his or her country may apply to his or her situation.
Finally, if Employee is a resident of a country other than the one in which he or she is currently residing and/or working, transfers employment after the RSUs are granted, or is considered a resident of another country for local law purposes, the information contained herein may not apply to Employee.

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A.ALL NON-U.S. COUNTRIES
TERMS AND CONDITIONS
The following additional terms and conditions will apply to Employee if he or she resides in any country outside the United States.
1.Nature of Grant. The following provisions supplement Section 8 of the Agreement:
(a)the grant of RSUs under the Plan at one time does not in any way obligate Newmont or its Subsidiaries to grant additional RSUs in any future year or in any given amount.
(b)the grant of RSUs and Employee’s participation in the Plan shall not create a right to employment or be interpreted as forming or amending an employment or service contract with Newmont and shall not interfere with the ability of the Employer to terminate Employee's employment or service relationship (if any).
(c)the RSUs should in no event be considered as compensation for, or relating in any way to, past services for Newmont, the Employer or any Subsidiary.
(d)Employee further acknowledges and understands that Employee’s participation in the Plan is voluntary and that the RSUs and any future RSUs under the Plan are wholly discretionary in nature, the value of which do not form part of any normal or expected compensation for any purposes, including, but not limited to, calculating any termination, severance, resignation, redundancy, end of service payments, bonuses, holiday pay, long-service awards, pension or retirement benefits or similar mandatory payments, other than to the extent required by local law.
(e)Employee acknowledges and understands that the future value of the shares of Common Stock acquired by Employee under the Plan is unknown and cannot be predicted with certainty and that no claim or entitlement to compensation or damages arises from the forfeiture of the RSUs or termination of the Plan or the diminution in value of any shares of Common Stock acquired under the Plan and Employee irrevocably releases Newmont and its Subsidiaries from any such claim that may arise.
(f)Employee acknowledges and understands the RSUs and the shares of Common Stock subject to the RSUs, and the income and value of the same, are not intended to replace any pension rights or compensation.
(g)Employee acknowledges for the purposes of the RSUs, his or her employment will be considered terminated as of the date he or she is no longer actively providing services to Newmont, the Employer or any Subsidiary (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where he or she is employed or the terms of his or her employment agreement, if any), and unless otherwise expressly provided in this Agreement or determined by Newmont, if any, will terminate as of such date and will not be extended by any notice period (e.g., Employee’s period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where he or she is employed or the terms of his or her employment agreement, if any); the Newmont Committee shall have the exclusive discretion to determine when Employee is no longer actively providing services for purposes of his or her RSU grant (including whether Employee may still be considered to be providing services while on a leave of absence).
(h)Employee acknowledges and understands that unless otherwise agreed with Newmont, the RSUs and the shares of Common Stock subject to the RSUs, and the income and value of the same, are not granted as consideration for, or in connection with the service he or she may provide as a director of a Subsidiary of Newmont.
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(i)Employee acknowledges and understands the RSUs and the share of Common Stock subject to the RSUs and the income and value of the same, are not part of normal or expected compensation salary for any purpose.
(j)Employee acknowledges and understands that neither Newmont, the Employer nor any other Affiliate of Newmont shall be liable for any foreign exchange rate fluctuation between his or her local currency and the United States Dollar that may affect the value of the RSU or of any amounts due to Employee pursuant to the settlement of the RSU or the subsequent sale of any shares of Common Stock acquired upon settlement.
2.Data Privacy Information and Consent. Newmont headquarters is located at 6900 E. Layton Ave., Suite 700, Denver, Colorado 80237, U.S.A., and grants awards to employees of Newmont and its Subsidiaries, at Newmont’s sole discretion. If Employee would like to participate in the Plan, please review the following information about Newmont’s data processing practices and declare Employee’s consent.
(a)Data Collection and Usage. Newmont collects, processes and uses personal data of Employees, including name, home address, email address and telephone number, date of birth, social insurance number or other identification number, salary, citizenship, job title, any shares of Common Stock or directorships held in Newmont, and details of all awards or other entitlements to shares of Common Stock, granted, canceled, exercised, vested, unvested or outstanding in Employee’s favor (“Data”), which Newmont receives from Employee or the Employer. In connection with the grant of the RSU, Newmont will collect Employee’s Data for purposes of administering Employee’s participation in the Plan. Newmont’s legal basis for the processing of Employee’s Data, where required, if Employee’s consent.
(b)Stock Plan Administration Service Providers. Newmont transfers Data to Fidelity Investments, an independent service provider based in the United States, which assists Newmont with the implementation, administration and management of the Plan. In the future, Newmont may select a different service provider and share Employee’s Data with another company that serves in a similar manner. Newmont’s service provider will open an account for Employee to receive shares of Common Stock. Employee may be asked to agree on separate terms and data processing practices with the service provider, which is a condition to Employee’s ability to participate in the Plan.
(c)International Data Transfers. Newmont and its service providers are based in the United States. If Employee is outside the United States, Employee should note that his or her country has enacted data privacy laws that are different from the United States. Newmont’s legal basis for the transfer of Employee’s Data is his or her consent.
(d)Data Retention. Newmont will use Employee’s Data only as long as is necessary to implement, administer and manage Employee’s participation in the Plan or as required to comply with legal or regulatory obligations, including under tax, exchange control, labor and security laws. This period may extend beyond Employee’s period of employment with the Employer. When Newmont or the Employer no longer need Data for any of the above purposes, they will cease processing it in this contact and remove it from all of their systems used for such purposes to the fullest extent practicable.
(e)Voluntariness and Consequences of Denial or Withdrawal. Employee’s participation in the Plan and Employee’s grant of consent is purely voluntary. Employee may deny or withdraw his or her consent at any time. If Employee does not consent, or if Employee withdraws his or her consent, Employee cannot participate in the Plan. This would not affect Employee’s salary as an employee or his or her career; Employee would merely forfeit the opportunities associated with the Plan.
(f)Data Subject Rights. Employee has a number of rights under data privacy laws in his or her country. Depending on where Employee is based, Employee’s rights may include the right to (i) request access or copies of Data Newmont processes, (ii) rectification of incorrect Data, (iii) deletion of Data, (iv) restrict the
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processing of Data, (v) restrict the portability of Data, (vi) lodge complaints with the competent tax authorities in Employee’s country, and/or (vii) receive a list with the names and addresses of any potential recipients of Data. To receive clarification regarding Employee’s rights or to exercise Employee’s rights please contact Newmont at Newmont Corporation, 6900 E. Layton Ave., Suite 700, Denver, Colorado 80237 U.S.A., attention: Director of Compensation, Newmont Corporate.
If Employee agrees with the data processing practices as described in this notice, please declare Employee’s consent by clicking “Accept” on the Fidelity award acceptance page.
3.Language. Employee acknowledges that he or she is sufficiently proficient in English, or, alternatively, Employee acknowledges that he or she will seek appropriate assistance, to understand the terms and conditions in the Agreement. Furthermore, if Employee received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated versions is different than the English version, the English version will control.
4.Insider-Trading/Market-Abuse Laws. Employee acknowledges that, depending on his or her country or broker’s country, or the country in which Common Stock is listed, he or she may be subject to insider trading restrictions and/or market abuse laws in applicable jurisdictions, which may affect his or her ability to accept, acquire, sell or attempt to sell, or otherwise dispose of the shares of Common Stock, rights to shares of Common Stock (e.g., RSUs) or rights linked to the value of Common Stock, during such times as Employee is considered to have “inside information” regarding Newmont (as defined by the laws or regulations in applicable jurisdictions, including the United States and Employee’s country). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Employee placed before possessing inside information. Furthermore, Employee may be prohibited from (i) disclosing insider information to any third party, including fellow employees and (ii) “tipping” third parties or causing them to otherwise buy or sell securities. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Newmont insider trading policy. Employee acknowledges that it is his or her responsibility to comply with any applicable restrictions, and Employee should speak to his or her personal advisor on this matter.
5.Foreign Asset/Account Reporting Requirements. Employee acknowledges that there may be certain foreign asset and/or account reporting requirements which may affect his or her ability to acquire or hold the shares of Common Stock acquired under the Plan or cash received from participating in the Plan (including from any dividends paid on the shares of Common Stock acquired under the Plan) in a brokerage or bank account outside his or her country. Employee may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. Employee also may be required to repatriate sale proceeds or other funds received as a result of participating in the Plan to his or her country through a designated bank or broker within a certain time after receipt. Employee acknowledges that it is his or her responsibility to be compliant with such regulations, and he or she should speak to his or her personal advisor on this matter.
6.General. Notwithstanding the provisions of the Agreement, if Newmont or the Employer develops a good faith belief that any provision may be found to be unlawful, discriminatory or against public policy in any relevant jurisdiction, then Newmont in its sole discretion may choose not to apply such provision to the RSU, nor any RSU grant in Employee’s jurisdiction.

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B.COUNTRY-SPECIFIC ADDITIONAL TERMS AND CONDITIONS
ARGENTINA
Notifications
Securities Law Notification. Neither the RSUs nor the underlying shares of Common Stock are publicly offered or listed on any stock exchange in Argentina and, as a result, have not been and will not be registered with the Argentine Securities Commission (Comisión Nacional de Valores). The Agreement, this Appendix and any other offering material related to the RSUs, as well as the underlying shares of Common Stock, may not be used in connection with any general offering to the public in Argentina. Argentine residents who receive RSUs under the Plan do so according to the terms of a private offering made from outside Argentina.
Exchange Control Notification. It is Employee’s responsibility to comply with any and all Argentine currency exchange restrictions, approvals, and reporting requirements in connection with the RSUs.
Foreign Asset / Account Reporting Notification. If Employee is an Argentine tax resident, Employee must report any shares of Common Stock acquired under the Plan and held by Employee on December 31st of each year on his or her annual tax return for that year.
AUSTRALIA
Terms and Conditions
Australian Offer Document. The offer of RSUs is intended to comply with the provisions of the Corporations Act 2001, ASIC Regulatory Guide 49 and ASIC Class Order CO 14/1000. Additional details are set forth in the Offer Document for the offer of RSUs to Australian resident employees, which is being provided to Employee with the Agreement.
Notifications
Tax Information. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) applies (subject to the conditions in the Act).
Exchange Control Information. Exchange control reporting is required for cash transactions exceeding A$10,000 and international fund transfers. The Australian bank assisting with the transaction will file the report. If there is no Australian bank involved in the transfer, Employee will be required to file the report.
CANADA
Terms and Conditions
Vesting/Termination. The following provision supplements Section 3 of the Agreement and Section 1 of Part A of this Appendix:
For purposes of the Agreement, except as otherwise provided for in Section 3 of the Agreement, in the event Employee ceases his or her employment or service relationship with Newmont or Employer (for any reason whatsoever and whether or not later found to be invalid or in breach of local labor laws), Employee’s right to vest in the RSUs will terminate as of the date that is the earliest of: (a) the date Employee's employment with the Employer is terminated for any reason; and (b) the date Employee receives written notice of termination from the Employer; regardless of any period during which notice, pay in lieu of notice or related payments or damages are provided or required to be provided under local law. For greater certainty, Employee will not earn or be entitled to
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any pro-rated vesting for that portion of time before the date on which his or her right to vest terminates, nor will Employee be entitled to any compensation for lost vesting.
Notwithstanding the foregoing, if applicable employment standards legislation explicitly requires continued vesting during a statutory notice period, Employee's right to vest in the RSUs, if any, will terminate effective upon the expiry of the minimum statutory notice period, but Employee will not earn or be entitled to pro-rated vesting if the vesting date falls after the end of the statutory notice period, nor will you be entitled to any compensation for lost vesting. In any event, if employment standards legislation explicitly requires continued vesting during a statutory notice period, then the additional vesting provided under Section 3 of the Agreement is deemed to be inclusive of any entitlements that arise during the applicable statutory notice period.
The following provisions apply if Employee is a resident of Quebec:
Language Consent. The parties acknowledge that it is their express wish that the Agreement, as well as all appendices, documents, notices, and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.
Consentement Relatif à la Langue Utilisée. Les parties reconnaissent avoir exigé la rédaction en anglais de cette Convention, ainsi que de tous documents exécutés, avis donnés et procédures judiciaries intentées, directement ou indirectement, relativement à ou suite à la présente convention.
Data Privacy. The following provision supplements Section 2 of Part A of this Appendix:
Employee hereby authorizes Newmont and its representatives to discuss with and obtain all relevant information from all personnel, professional or not, involved in the administration and operation of the Plan. Employee further authorizes Newmont, any parent or Subsidiary of Newmont, and any stock plan service provider that may be selected by Newmont to assist with the Plan to disclose and discuss the Plan with their respective advisors. Employee further authorizes Newmont and any parent or Subsidiary of Newmont to record such information and to keep such information in Employee’s employee file.
Notifications
Securities Law Information. Employee is permitted to sell shares of Common Stock acquired through the Plan through the designated broker appointed under the Plan, if any, provided the resale of shares of Common Stock acquired under the Plan takes place outside Canada through the facilities of a stock exchange on which the shares of Common Stock are listed on the New York Stock Exchange.
Foreign Asset/Account Reporting Information. Canadian residents are required to report foreign specified property, including shares of Common Stock and rights to receive shares of Common Stock (e.g., RSUs), on form T1135 (Foreign Income Verification Statement) if the total cost of the foreign specified property exceeds C$100,000 at any time during the year. RSUs must be reported (generally, at a nil cost) if the C$100,000 cost threshold is exceeded because of other foreign specified property held by Employee. When shares of Common Stock are acquired, their cost generally is the adjusted cost base (“ACB”) of the shares of Common Stock. The ACB would ordinarily equal the fair market value of the shares of Common Stock at the time of acquisition, but if Employee owns other shares of Common Stock, this ACB may have to be averaged with the ACB of the other shares of Common Stock.
FRANCE
Terms and Conditions
Consent to Receive Information in English. By accepting the Agreement providing for the terms and conditions of Employee’s grant, Employee confirms having read and understood the documents relating to this grant (the Plan
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and the Agreement) which were provided in English language. Employee accepts the terms of those documents accordingly.
Consentement relatif à la réception d’informations en langue anglaise. En acceptant le Contrat d’Attribution décrivant les termes et conditions de l’attribution, le salarié confirme avoir lu et compris les documents relatifs à cette attribution (le Plan et le Contrat d’Attribution) qui ont été communiqués en langue anglaise. Le salarié accepte les termes de ces documents en connaissance de cause.
Notifications
Non-Tax-Qualified Award. Employee understands and agrees that the Award is not intended to qualify for specific tax and social security treatment in France under Sections L. 225-197-1 to L. 225-197-6-1 of the French Commercial Code, as amended.
Foreign Asset/Account Reporting Information. If Employee holds shares of Common Stock outside France or maintains a foreign bank or brokerage account (including Employee’s Fidelity account), he or she should report such shares of Common Stock and account, whether open, current or closed, to the French tax authorities on his or her annual tax return.
GHANA
There are no country-specific provisions.
MEXICO
Terms and Conditions
Plan Document Acknowledgement. By accepting the RSUs, Employee acknowledges that he or she has received a copy of the Plan, the Grant Acknowledgement, and the Agreement, including this Appendix, which Employee has reviewed. Employee acknowledges further that he or she accepts all the provisions of the Plan, the Grant Acknowledgement, and the Agreement, including this Appendix. Employee also acknowledges that he or she has read and specifically and expressly approves the terms and conditions set forth in Section 1 (“Nature of Grant”) in this Appendix, which clearly provides as follows:
(1)    Employee’s participation in the Plan does not constitute an acquired right;
(2)    The Plan and Employee’s participation in it are offered by Newmont on a wholly discretionary basis;
(3)    Employee’s participation in the Plan is voluntary; and
(4)    Newmont and its Subsidiaries are not responsible for any decrease in the value of any shares of Common Stock acquired at vesting and settlement of the RSUs.
Labor Law Policy and Acknowledgment. By accepting the RSUs, Employee expressly recognizes that Newmont, with registered offices at 6900 E. Layton Ave., Suite 700, Denver, Colorado 80237, U.S.A., is solely responsible for the administration of the Plan and that Employee’s participation in the Plan and acquisition of shares of Common Stock do not constitute an employment relationship between Employee and Newmont since Employee is participating in the Plan on a wholly commercial basis and his or her sole employer is Newmont’s Subsidiary in Mexico (“Newmont Mexico”). Based on the foregoing, Employee expressly recognizes that the Plan and the benefits that he or she may derive from participating in the Plan do not establish any rights between Employee and the employer, Newmont Mexico, and do not form part of the employment conditions and/or benefits provided by
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Newmont Mexico, and any modification of the Plan or its termination shall not constitute a change or impairment of the terms and conditions of Employee’s employment.
Employee further understands that his or her participation in the Plan is as a result of a unilateral and discretionary decision of Newmont; therefore, Newmont reserves the absolute right to amend and/or discontinue Employee’s participation at any time without any liability to Employee.
Finally, Employee hereby declares that he or she does not reserve to him- or herself any action or right to bring any claim against Newmont for any compensation or damages regarding any provision of the Plan or the benefits derived under the Plan, and Employee therefore grants a full and broad release to Newmont, and its subsidiaries, branches, representative offices, shareholders, directors, officers, employees, agents, or legal representatives with respect to any claim that may arise.
Spanish Translation
Reconocimiento del Documento del Plan
Al aceptar las Unidades de Acciones Restringidas (RSUs, por sus siglas en inglés), el Empleado reconoce que ha recibido una copia del Plan, el Reconocimiento de la Subvención y el Acuerdo, con inclusión de este Apéndice, que el Empleado ha revisado. El Empleado reconoce, además, que acepta todas las disposiciones del Plan, el Reconocimiento de la Subvención, y en el Acuerdo, incluyendo este Apéndice. El Empleado también reconoce que ha leído y que concretamente aprueba de forma expresa los términos y condiciones establecidos en la Sección 1 (“Naturaleza de la Subvención”) del Acuerdo, que claramente dispone lo siguiente:
(1)    La participación del Empleado en el Plan no constituye un derecho adquirido;
(2)    El Plan y la participación del Empleado en el Plan se ofrecen por Newmont en su discrecionalidad total;
(3)    Que la participación del Empleado en el Plan es voluntaria; y
(4)    Newmont y sus Subsidiarias no son responsables de ninguna disminución en el valor de las acciones adquiridas al conferir las RSUs.
Política Laboral y Reconocimiento
Al aceptar las RSUs, el Empleado expresamente reconoce que Newmont, con sus oficinas registradas y ubicadas en 6900 E. Layton Ave., Suite 700, Denver, Colorado 80237, U.S.A., es la única responsable por la administración del Plan y que la participación del Empleado en el Plan y en su caso la adquisición de Acciones no constituyen una relación de trabajo entre el Empleado y Newmont, ya que el Empleado participa en el Plan en un marco totalmente comercial y su único patrón es el Subsidiario de Newmont en Mexico (“Newmont Mexico”). Derivado de lo anterior, el Empleado expresamente reconoce que el Plan y los beneficios que pudieran derivar de la participación en el Plan no establecen derecho alguno entre el Empleado y el patrón, Newmont Mexico, y no forma parte de las condiciones de trabajo y/o las prestaciones otorgadas por Newmont Mexico, y que cualquier modificación al Plan o su terminación no constituye un cambio o desmejora de los términos y condiciones de la relación de trabajo del Empleado.
Asimismo, el Empleado reconoce que su participación en el Plan se ha resultado de una decisión unilateral y discrecional de Newmont; por lo tanto, Newmont se reserva el derecho absoluto de modificar y/o terminar la participación del Empleado en cualquier momento y sin responsabilidad alguna frente el Empleado.
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Finalmente, el Empleado por este medio declara que no se reserva ninguna derecho o acción en contra de Newmont por cualquier compensación o daños y perjuicios en relación de las disposiciones del Plan o de los beneficios derivados del Plan, y por lo tanto, el Empleado otorga el más amplio finiquito que en derecho proceda a Newmont, y sus Subsidiarias, oficinas de representación, accionistas, directores, autoridades, empleados, agentes, o representantes legales en relación con cualquier demanda que pudiera surgir.
Notifications
Securities Law Information. The RSUs and the shares of Common Stock offered under the Plan have not been registered with the National Register of Securities maintained by the Mexican National Banking and Securities Commission and cannot be offered or sold publicly in Mexico. In addition, the Plan, the Agreement and any other document relating to the RSUs may not be publicly distributed in Mexico. These materials are addressed to Employee only because of his or her existing relationship with Newmont and these materials should not be reproduced or copied in any form. The offer contained in these materials does not constitute a public offering of securities but rather constitutes a private placement of securities addressed specifically to individuals who are present employees of the Employer made in accordance with the provisions of the Mexican Securities Market Law, and any rights under such offering shall not be assigned or transferred.
PERU
Terms and Conditions
Labor Law Acknowledgement. The following provision supplements Section 1 of Part A of this Appendix:
In accepting this Agreement, Employee acknowledges that the RSUs are being granted ex gratia to Employee with the purpose of rewarding him or her.
Notifications
Securities Law Information. The offer of the RSUs is considered a private offering in Peru; therefore, it is not subject to registration. For more information concerning this offer, please refer to the Plan, the Agreement and any other grant documents made available by Newmont.
SURINAME
Terms and Conditions
Award Settlement. Notwithstanding any provision in the Agreement to the contrary, if deemed by Newmont to be necessary for regulatory reasons, Newmont reserves the right to settle RSUs by payment in cash or its equivalent of an amount equal in value to the shares of Common Stock subject to the vested RSUs.
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Exhibit 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
(Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002)
I, Thomas R. Palmer, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Newmont Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
/s/ THOMAS R PALMER
Thomas R. Palmer
Chief Executive Officer
(Principal Executive Officer)
October 28, 2021

Exhibit 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
(Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002)
I, Nancy K. Buese, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Newmont Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
/s/ NANCY K. BUESE
Nancy K. Buese
Chief Financial Officer
(Principal Financial Officer)
October 28, 2021

Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
(Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)
In connection with the Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 of Newmont Corporation (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”) and pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Thomas R. Palmer, Chief Executive Officer of the Company, certify, that to my knowledge:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ THOMAS R. PALMER
Thomas R.  Palmer
Chief Executive Officer
(Principal Executive Officer)
October 28, 2021
Note: A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 32.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
(Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)
In connection with the Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 of Newmont Corporation (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”) and pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Nancy K. Buese, Chief Financial Officer of the Company, certify, that to my knowledge:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ NANCY K. BUESE
Nancy K. Buese
Chief Financial Officer
(Principal Financial Officer)
October 28, 2021
Note: A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 95

Mine Safety Disclosure
The following disclosures are provided pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”) and Item 104 of Regulation S-K, which require certain disclosures by companies required to file periodic reports under the Securities Exchange Act of 1934, as amended, that operate mines regulated under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”). The disclosures reflect our U.S. mining operations only as the requirements of the Act and Item 104 of Regulation S-K do not apply to our mines operated outside the United States.
Mine Safety Information. Whenever the Federal Mine Safety and Health Administration (“MSHA”) believes a violation of the Mine Act, any health or safety standard or any regulation has occurred, it may issue a citation which describes the alleged violation and fixes a time within which the U.S. mining operator (e.g. our subsidiary, Newmont USA Limited) must abate the alleged violation. In some situations, such as when MSHA believes that conditions pose a hazard to miners, MSHA may issue an order removing miners from the area of the mine affected by the condition until the alleged hazards are corrected. When MSHA issues a citation or order, it generally proposes a civil penalty, or fine, as a result of the alleged violation, that the operator is ordered to pay. Citations and orders can be contested and appealed, and as part of that process, are often reduced in severity and amount, and are sometimes dismissed. The number of citations, orders and proposed assessments vary depending on the size and type (underground or surface) of the mine as well as by the MSHA inspector(s) assigned. In addition to civil penalties, the Mine Act also provides for criminal penalties for an operator who willfully violates a health or safety standard or knowingly violates or fails or refuses to comply with an order issued under Section 107(a) or any final decision issued under the Act.

The below table reflects citations and orders issued to us by MSHA during the quarter ended September 30, 2021. The proposed assessments for the quarter ended September 30, 2021 were taken from the MSHA data retrieval system as of October 11, 2021. 
Additional information about the Act and MSHA references used in the table follows.
Section 104(a) Significant and Substantial ("S&S") Citations: Citations received from MSHA under section 104(a) of the Mine Act for violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a mine safety or health hazard.
Section 104(b) Orders: Orders issued by MSHA under section 104(b) of the Mine Act, which represents a failure to abate a citation under section 104(a) within the period of time prescribed by MSHA. This results in an order of immediate withdrawal from the area of the mine affected by the condition until MSHA determines that the violation has been abated.
Section 104(d) S&S Citations and Orders: Citations and orders issued by MSHA under section 104(d) of the Mine Act for unwarrantable failure to comply with mandatory, significant and substantial health or safety standards.
Section 110(b)(2) Violations: Flagrant violations issued by MSHA under section 110(b)(2) of the Mine Act.
Section 107(a) Orders: Orders issued by MSHA under section 107(a) of the Mine Act for situations in which MSHA determined an “imminent danger” (as defined by MSHA) existed.
Mine (1)
Section 104(a) S&S Citations (2)
Section 104(b) Orders
Section 104(d) S&S Citations and Orders (2)
Section 110(b) Violations Section 107(a) Orders
($ in millions) Proposed MSHA Assessments (3)
Fatalities
Cripple Creek & Victor —  —  —  —  $ —  — 
TOTAL 2          $    
____________________________
(1)The definition of a mine under section 3 of the Mine Act includes the mine, as well as other items used in, or to be used in, or resulting from, the work of extracting minerals, such as land, structures, facilities, equipment, machines, tools, and minerals preparation facilities. Unless otherwise indicated, any of these other items associated with a single mine have been aggregated in the totals for that mine. MSHA assigns an identification number to each mine and may or may not assign separate identification numbers to related facilities such as preparation facilities. We are providing the information in the table by mine rather than MSHA identification number because that is how we manage and operate our mining business and we believe this presentation will be more useful to investors than providing information based on MSHA identification numbers.
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(2)1 Section 104(a) S&S Citations and 0 Section 104(d) S&S Citations and Orders were subject to contest as of September 30, 2021.  
(3)Represents the total dollar value of the proposed assessment from MSHA under the Mine Act pursuant to the citations and or orders preceding such dollar value in the corresponding row. No proposed assessments of the orders or citations listed above had yet been posted to the MSHA data retrieval system or made available to the Company by MSHA as of October 11, 2021. Proposed assessments amounted to: not yet assessed for the quarter. 
Pattern or Potential Pattern of Violations. During the quarter ended September 30, 2021, none of the mines operated by us received written notice from MSHA of (a) a pattern of violations of mandatory health or safety standards that are of such nature as could have significantly and substantially contributed to the cause and effect of mine health or safety hazards under section 104(e) of the Mine Act or (b) the potential to have such a pattern.
Pending Legal Actions. The following table reflects pending legal actions before the Federal Mine Safety and Health Review Commission (the “Commission”), an independent adjudicative agency that provides administrative trial and appellate review of legal disputes arising under the Mine Act, as of September 30, 2021, together with the number of legal actions instituted and the number of legal actions resolved as of September 30, 2021.
Mine (1)
Pending Legal Actions as of
September 30, 2021(2)
Legal Actions Instituted during the quarter ended September 30, 2021
Legal Actions Resolved during the quarter ended September 30, 2021
Cripple Creek & Victor —  —  — 
TOTAL      
____________________________
(1)The definition of a mine under section 3 of the Mine Act includes the mine, as well as other items used in, or to be used in, or resulting from, the work of extracting minerals, such as land, structures, facilities, equipment, machines, tools and minerals preparation facilities. Unless otherwise indicated, any of these other items associated with a single mine have been aggregated in the totals for that mine. MSHA assigns an identification number to each mine and may or may not assign separate identification numbers to related facilities such as preparation facilities. We are providing the information in the table by mine rather than MSHA identification number because that is how we manage and operate our mining business and we believe this presentation will be more useful to investors than providing information based on MSHA identification numbers.
(2)The foregoing list includes legal actions which were initiated prior to the current reporting period and which do not necessarily relate to citations, orders or proposed assessments issued by MSHA during the quarter ended September 30, 2021. The number of legal actions noted above are reported on a per docket basis.
Legal actions pending before the Commission may involve, among other questions, challenges by operators to citations, orders and penalties they have received from MSHA or complaints of discrimination by miners under section 105 of the Mine Act. The following is a brief description of the types of legal actions that may be brought before the Commission.
Contests of Citations and Orders: A contest proceeding may be filed with the Commission by operators, miners or miners’ representatives to challenge the issuance of a citation or order issued by MSHA.
Contests of Proposed Penalties (Petitions for Assessment of Penalties): A contest of a proposed penalty is an administrative proceeding before the Commission challenging a civil penalty that MSHA has proposed for the alleged violation contained in a citation or order. The validity of the citation may also be challenged in this proceeding as well.
Complaints for Compensation: A complaint for compensation may be filed with the Commission by miners entitled to compensation when a mine is closed by certain withdrawal orders issued by MSHA. The purpose of the proceeding is to determine the amount of compensation, if any, due miners idled by the orders.
Complaints of Discharge, Discrimination or Interference: A discrimination proceeding is a case that involves a miner’s allegation that he or she has suffered a wrong by the operator because he or she engaged in some type of activity protected under the Mine Act, such as making a safety complaint.
Applications for Temporary Relief: An application for temporary relief from any modification or termination of any order or from any order issued under section 104 of the Mine Act.
Appeals of Judges’ Decisions or Orders to the Commission: A filing with the Commission of a petition for discretionary review of a Judge’s decision or order by a person who has been adversely affected or aggrieved by such decision or order.
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The following table reflects the types of legal actions pending before the Commission as of September 30, 2021.
Mine (1)
Contests of Citations and Orders
Contests of Proposed Penalties (2)
Complaints for Compensation Complaints of Discharge, Discrimination or Interference Applications for Temporary Relief Appeals of Judges' Decisions or Orders to the Commission
Cripple Creek & Victor —  —  —  —  — 
TOTAL 1    —    —   
____________________________
(1)The definition of a mine under section 3 of the Mine Act includes the mine, as well as other items used in, or to be used in, or resulting from, the work of extracting minerals, such as land, structures, facilities, equipment, machines, tools and minerals preparation facilities. Unless otherwise indicated, any of these other items associated with a single mine have been aggregated in the totals for that mine. MSHA assigns an identification number to each mine and may or may not assign separate identification numbers to related facilities such as preparation facilities. We are providing the information in the table by mine rather than MSHA identification number because that is how we manage and operate our mining business and we believe this presentation will be more useful to investors than providing information based on MSHA identification numbers.
(2)The number of contests of proposed penalties noted above is reported on a per docket basis. In some cases, an individual docket may include more than one type of legal action. If presented on a per citation basis the number of contests of proposed penalties would be Cripple Creek & Victor: one.
3