NEWMONT MINING CORP /DE/ FORM 8-K (Current report filing) Filed 05/11/04 for the Period Ending 05/11/04 Address 6363 SOUTH FIDDLERS GREEN CIRCLE GREENWOOD VILLAGE, CO 80111 Telephone 303-863-7414 CIK 0001164727 Symbol NEM SIC Code 1040 - Gold And Silver Ores Industry Gold & Silver Sector Basic Materials Fiscal Year 12/31 http://www.edgar-online.com Copyright 2015, EDGAR Online, Inc. All Rights Reserved. Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Sections 13 and 15(d) of the Securities Exchange Act of 1934 May 11, 2004 Date of Report (Date of earliest event reported) NEWMONT MINING CORPORATION (Exact Name of Registrant as Specified in Its Charter) Delaware 011-31240 84-1611629 (State of Incorporation) (Commission File Number) 1700 Lincoln Street Denver, Colorado 80203 (Address of Principal Executive Office) (303) 863-7414 (Registrant s Telephone Number, Including Area Code) (Not Applicable) (Former Name or Former Address, If Changed Since Last Report) (IRS Employer Identification No.)
Item 7. (c) Exhibits. EXHIBITS Exhibit No. Description 99.1 Presentation Materials Item 9. The following information and exhibit is being furnished under Item 9. Representatives of Newmont Mining Corporation ( Newmont ) are scheduled to meet with analysts and investors in Boston, Massachusetts on the afternoon of Tuesday, May 11, 2004 and on Wednesday, May 12, 2004, and make an investor presentation at the Merrill Lynch Global Metals, Mining and Steel Conference (the Conference ) in Boston on Wednesday, May 12, 2004, beginning at 12:00 noon Eastern Daylight Time. At such meetings and the Conference, Wayne Murdy, Chairman and Chief Executive Officer of Newmont, will discuss the information included in the attached presentation materials including, among other things, Newmont s strategy, operating and financial results, and 2004 guidance. The presentation materials to be used in the meetings and at the Conference are available on Newmont s website at www.newmont.com and a copy of these materials is furnished herewith as Exhibit 99.1. -2-
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. -3- NEWMONT MINING CORPORATION DATE: May 11, 2004 By: /s/ Bruce D. Hansen Name: Bruce D. Hansen Title: Senior Vice President and Chief Financial Officer
EXHIBIT INDEX Exhibit Number Description of Exhibits 99.1 Presentation Materials -4-
Exhibit 99.1 Exhibit Take Wayne Chairman Merrill Boston, May 12, Stock W. Lynch 99.1 MA 2004 & Murdy in Chief Gold Global Executive Metals, Officer Mining & Steel Conference
CAUTIONARY PRIVATE This 1934, earnings, production (vi) future expectation cause metals countries Form revisions required May estimates presentation 12, 10-K, actual asset price 2004 Slide under amended, to and in SECURITIES costs; sales or any which volatility, results the regarding belief applicable forward-looking STATEMENT sensitivity (iv) contains we is that to rationalization is statements 2 differ operate, currency expressed are timing file LITIGATION securities forward-looking intended of with materially earnings and of fluctuations, of the future statement, efforts; governmental laws. to good Securities be from to production REFORM covered faith cash the and future statements increased to gold (ix) flows, and reflect regulation by results believed estimates and ACT Exchange or the and closure production other events within safe SAFE expressed, and to of metals harbor sensitivity Commission, activities; have HARBOR the future judicial circumstances costs meaning a prices; created projected reasonable royalty and outcomes. of (vii) STATEMENT cash (ii) variances by of statements revenues well or estimates Section such after flows basis. implied For sections. the in to a However, 27A Where regarding date more the of Company s by future of grade gold such of Such detailed the this and forward-looking gold Company Securities future news recovery other discussion and exploration release, SEC other metals expresses Act rates filings. of metals of prices; statements. 1933, from such to results or reflect The production implies those (v) risks as and Company amended, estimates are the Such and assumed include, the subject occurrence other and replacement expectation risks does and of sales; without in factors, include, future mining Section risks, not of (iii) undertake limitation, unanticipated or capital of see uncertainties but estimates plans, belief 21E reserves; the are expenditures, of Company s political as not the (i) to of (viii) limited statements Securities events, future obligation and and statements other 2003 events to, cash expenses except operational gold factors, Exchange regarding Annual costs release and regarding results, and may which other risks Report Act publicly future tax total be such rates; could in of on the
Introduction Outline Strategic Gold Operating 2004 Reserves Conclusion May 12, Guidance Fundamentals 2004 Slide Overview and & Financial Exploration 3 Results
Strategic Gold No Land Conservative Economic NAV Long-term Reserve Free EPS May Gold cash 12, Company Position per replacement 2004 Slide Overview share flow Hedging Value Balance per Drivers share Introduction Philosophy 4 Sheet Short-term Large
Strategic Gold Copper/Other Midas Twin Carlin Lone Phoenix Leeville May 12, Tree Creeks NEVADA 2004 Slide Overview Global 5 Footprint
Gold Source: May 12, Fundamentals Bloomberg 2004 Slide Historical 6 Perspective
Gold Spring/Early Source: 1) May Index 12, Fundamentals Merrill 2004 Slide reflects Summer Lynch TSE Seasonality Gold 7 Decline & Price Precious Index of Gold Metals 1 Prices Index (1989-2003); S&P/TSX Gold Index for 2004
Gold Summer/Early Source: 1) May Index 12, Fundamentals Merrill 2004 Slide reflects Fall Lynch TSE Rally Seasonality Gold 8 & Price Precious Index1 of Gold Metals Prices Index (1989-2003)
Gold 1993 SUPPLY Mine Official Scrap Producer DEMAND Jewelry Other Bar Implied 3,478 Average Source: May Hoarding 12, 2000 Fundamentals Production 3,665 577 Fabrication GFMS Investment Sector 2004 Slide Spot Hedging 610 2003 (tonnes) 3,832 182 Gold 943 Sales 2,291 491 230 (Dehedging) Price (Divestment) 2,559 468 Supply 9555 183 2,591 $360 479 3,222 516 and 2,593 606 $279 142 2,533 246 Demand (15) $363 (342) (310) 600
Gold Source: May 12, Fundamentals GFMS, 2004 Slide Bloomberg Mine 10 Production
Gold (September US/Euro May 12, Fundamentals price 2004 Slide and 1, 2001 the USD/Euro to 11 April Dollar 30, Exchange 2004) and Gold Rate
Gold US Asian December Source: May Current 12, Fundamentals Holdings Bloomberg US 2004 Slide 2003 Account Treasury of $1.2 Long-Dated Surplus/Deficit trillion US 12 Dollar: US Long-Term Treasuries (% of GDP) -
Gold May 12, Fundamentals Price 2004 Slide 10-Year Treasury Interest 13 Yield Rates
Gold Nominal Real Source: May 12, Federal Fundamentals HSBC 2004 Slide Federal Funds Funds Interest 14 % % Rates
Gold Source: May 12, Fundamentals Bloomberg 2004 Slide Paper 15 vs. Hard Assets.
Operating May 12, 2004 Slide & Financial 16 Results
Operating Equity Interests May 12, Gold 2004 Slide in Results Echo Sales Reserves Bay Gold and 17 Sales TVX & Newmont Reserves America JV, which were exchanged/sold on January 31, 2003. Data for 1999 and 2000 reflect Newmont reserves before the 2001 acquisitions.
Financial Revenues Net 1) May Before Income 12, 2004 Slide Results cumulative (Loss) Revenues effect 18 of & a Net change Income in accounting principle to conform Batu Hijau s accounting policies on consolidation
Financial Total 1) 2) May Please Average 12, Cash 2004 Slide refer Results Costs1 realized to the Focus Total gold attached 19 Production price on Margins Supplemental less total Costs1 production Margin1, Information costs 2 for per an ounce. explanation of non-gaap performance measures.
Financial Gold United Canada South Australia Source: May 12, Price Africa States Bloomberg 2004 Slide Results in Local Margin Currencies 20 Pressure
Core 35.2 2.9 0.7 North 16.3.41 Yanacocha 11.9 `03 Ghana Copper 6,290 370 74 Q1`04`04E Gold 7.1 Batu 16.9 1.7 0.5 May 0.05 1.6 12, Hijau Operating America `04E 0.36 2004 Slide `03 Q1`04 Districts Australia `04E 21 `03
Financial Portfolio Royalty Gold May Semi-annual Acquisition Sale Natural Revenues Diversified Interest 12, Marketing of Business 2004 Slide non-core Optimization Results hedge up European portfolio of strategic 58% minority 25% Newmont Wiluna, to interest 22 and $56.3 asset interests Australian TVX million review Capital Turquoise NA in and Gold 2003 Mesquite Ridge Refiners joint operations venture
2004 Gold Copper CAPEX1 Annualized $ 1) May 7.0 420 1.8 Approximate Stronger ~$50 ~$55 Guidance 225 0.63 750 $800 1012, to Sales change million total 7.2 Sales 2004 Slide $235 second million Sensitivities cash now in equity million total change 10% gold includes cost half equity ounces cash pounds decline price 23 per of costs net cash the ounces pound 100% in income year Q1 generated per Q2 of ounce (vs. Batu Q1) by Hijau, operations effective January 1, 2004
Reserves May 12, 2004 Slide & Exploration 24
Reserves May 12, 2004 Slide & Exploration 25 Equity Gold Reserves
Reserves Drill May 12, constrained 2004 Slide & Exploration rather 26 than Reserve mineralization Sensitivity constrained at higher prices
Conclusion Gold Strong Record Large, Strengthened Merger Only May 12, Market S&P Prospective Operating 91.3 Integration 2004 Slide 500 Million Fundamentals Balance Gold and Land Complete Reserve Stock Financial 27 Sheet Position Remain Ounces Results Positive (at $325 gold)
Take Wayne Chairman Merrill Boston, May 12, Stock W. Lynch MA 2004 & Murdy in Chief Gold Global Executive Metals, Officer Mining & Steel Conference
SUPPLEMENTAL Year December Costs Write-down Purchase Reclamation/accretion Depreciation, Minority Total Equity May 12, ended applicable ounces cash production 2004 Slide interest ore 31, Q1 cost inventories and depletion ($ sold for per (62.8) and other cost per (000) sales INFORMATION ounce 2003 other for 29 expense per (11.8) and (192.2) million) (2.7) under per 1,812.4 2002 ounce sold (27.3) amortization calculation (20.1) (71.0) GAAP (4.2) and (173.0) $ Consolidated sold 7,005.6 231 (143.6) calculation other (44.4) (37.6) (13.1) $ Reconciliation 203 299 501.5 419.6 145.7 4.0 6,971.4 (124.9) (25.4) $ 11.2 189 266 Consolidated 1,403.9 $ 564.5 1,700.3 542.0 44.1 $ 2505.6 of 1,315.3 $ $ 1,836.0 Costs 1,616.4 Consolidated Applicable $ 1,740.1 to Sales to Total Cash Costs Per Ounce