Newmont Corp. Files 2023 Annual Report on Form 10-K

Ticker: NEMCL · Form: 10-K · Filed: Feb 29, 2024 · CIK: 1164727

Newmont Corp /De/ 10-K Filing Summary
FieldDetail
CompanyNewmont Corp /De/ (NEMCL)
Form Type10-K
Filed DateFeb 29, 2024
Risk Levelmedium
Pages15
Reading Time19 min
Key Dollar Amounts$1.60, $13,549, $2,062, $1,324, $1.57
Sentimentneutral

Sentiment: neutral

Topics: Newmont, 10-K, Annual Report, Mining, Gold

TL;DR

<b>Newmont Corporation has filed its 2023 10-K report detailing its financial performance and operations.</b>

AI Summary

NEWMONT Corp /DE/ (NEMCL) filed a Annual Report (10-K) with the SEC on February 29, 2024. Newmont Corporation filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is Gold & Silver Ores (SIC code 1040). Newmont Corporation is incorporated in Delaware. The company's business address is 6900 E Layton Ave, Suite 700, Denver, CO 80237.

Why It Matters

For investors and stakeholders tracking NEWMONT Corp /DE/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Newmont's financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. As a major player in the gold and silver mining industry, Newmont's annual report offers insights into market trends, production levels, and potential risks that could impact the broader precious metals sector.

Risk Assessment

Risk Level: medium — NEWMONT Corp /DE/ shows moderate risk based on this filing. The company operates in the highly volatile gold and silver mining industry, which is subject to significant price fluctuations and regulatory changes, as detailed in their risk factors section.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Newmont's performance and potential challenges in the mining sector.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Fiscal year end date)
  • 2024-02-29 — Filing Date (Date the 10-K was filed)
  • 1040 — SIC Code (Standard Industrial Classification for Gold & Silver Ores)
  • DE — State of Incorporation (State where Newmont Corporation is incorporated)

Key Players & Entities

  • NEWMONT Corp /DE/ (company) — Filer
  • 20231231 (date) — Conformed period of report
  • 20240229 (date) — Filed as of date
  • Gold & Silver Ores (industry) — Standard Industrial Classification
  • DE (jurisdiction) — State of incorporation
  • 6900 E Layton Ave (address) — Business address street 1
  • Denver (city) — Business address city
  • CO (state) — Business address state

FAQ

When did NEWMONT Corp /DE/ file this 10-K?

NEWMONT Corp /DE/ filed this Annual Report (10-K) with the SEC on February 29, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by NEWMONT Corp /DE/ (NEMCL).

Where can I read the original 10-K filing from NEWMONT Corp /DE/?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by NEWMONT Corp /DE/.

What are the key takeaways from NEWMONT Corp /DE/'s 10-K?

NEWMONT Corp /DE/ filed this 10-K on February 29, 2024. Key takeaways: Newmont Corporation filed its annual report on Form 10-K for the fiscal year ended December 31, 2023.. The filing covers the period from January 1, 2023, to December 31, 2023.. The company's principal business is Gold & Silver Ores (SIC code 1040)..

Is NEWMONT Corp /DE/ a risky investment based on this filing?

Based on this 10-K, NEWMONT Corp /DE/ presents a moderate-risk profile. The company operates in the highly volatile gold and silver mining industry, which is subject to significant price fluctuations and regulatory changes, as detailed in their risk factors section.

What should investors do after reading NEWMONT Corp /DE/'s 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to understand Newmont's performance and potential challenges in the mining sector. The overall sentiment from this filing is neutral.

How does NEWMONT Corp /DE/ compare to its industry peers?

Newmont Corporation operates in the mining industry, specifically focusing on gold and silver ores. This sector is characterized by significant capital investment, commodity price volatility, and complex regulatory environments.

Are there regulatory concerns for NEWMONT Corp /DE/?

As a publicly traded company, Newmont is subject to the regulations of the U.S. Securities and Exchange Commission (SEC), requiring regular filings such as this 10-K to ensure transparency for investors.

Industry Context

Newmont Corporation operates in the mining industry, specifically focusing on gold and silver ores. This sector is characterized by significant capital investment, commodity price volatility, and complex regulatory environments.

Regulatory Implications

As a publicly traded company, Newmont is subject to the regulations of the U.S. Securities and Exchange Commission (SEC), requiring regular filings such as this 10-K to ensure transparency for investors.

What Investors Should Do

  1. Review the full financial statements and management's discussion and analysis in the 10-K for detailed performance insights.
  2. Analyze the risk factors section to understand potential challenges and their impact on Newmont's operations and profitability.
  3. Compare Newmont's reported figures with industry benchmarks and previous filings to assess trends and competitive positioning.

Key Dates

  • 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
  • 2024-02-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the 2023 Form 10-K, representing the company's annual report. Specific comparisons to the prior year's filing (2022 10-K) would require access to that document's data.

Filing Stats: 4,635 words · 19 min read · ~15 pages · Grade level 12.9 · Accepted 2024-02-29 07:51:31

Key Financial Figures

  • $1.60 — ich registered Common stock, par value $1.60 per share NEM New York Stock Exchange
  • $13,549 — ion for total non-cash consideration of $13,549. Newcrest became a direct wholly owned
  • $2,062 — (3.00) per diluted share, a decrease of $2,062 from the prior year primarily due to hi
  • $1,324 — income: Reported Adjusted Net Income of $1,324 or $1.57 per diluted share, a decrease
  • $1.57 — ported Adjusted Net Income of $1,324 or $1.57 per diluted share, a decrease of $0.28
  • $0.28 — $1.57 per diluted share, a decrease of $0.28 per diluted share from the prior year (
  • $4,215 — em 7, MD&A). Adjusted EBITDA: Reported $4,215 in Adjusted EBITDA, a decrease of 7% fr
  • $2,754 — activities of continuing operations of $2,754 for the year ended December 31, 2023, a
  • $88 — m the prior year, and free cash flow of $88 (refer to Non-GAAP Financial Measures w
  • $56 — addressing climate change; contributed $56, of which $17 was contributed in 2023 a
  • $17 — imate change; contributed $56, of which $17 was contributed in 2023 as part of the
  • $3.0 billion — Financial strength: Ended the year with $3.0 billion of consolidated cash and approximately
  • $6.1 billion — of consolidated cash and approximately $6.1 billion of liquidity; declared a total dividend
  • $1.45 — liquidity; declared a total dividend of $1.45 per share for the year. Our global pro
  • $950 — the project are estimated to be between $950 and $1,050 with an expected commercial

Filing Documents

BUSINESS

BUSINESS 5 Introduction 5 Segment Information 5 Products 5 Competition 8 Licenses and Concessions 8 Condition of Physical Assets and Insurance 8 Environmental, Social and Governance 9 Risk Factor Summary 12

Forward-Looking Statements

Forward-Looking Statements 14 Available Information 16 ITEM 1A.

RISK FACTORS

RISK FACTORS 16 ITEM 1B. UNRESOLVED STAFF COMMENTS 47

C

ITEM 1 C . CYBERSECURITY 48 ITEM 2.

PROPERTIES

PROPERTIES 50 Production and Development Properties 50 Operating Statistics 60 Proven and Probable Reserves 67 Measured, Indicated, and Inferred Resources 76 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 88 ITEM 4. MINE SAFETY DISCLOSURES 88 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES 89 ITEM 6. RESERVED 89 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS 90 Overview 90 Consolidated Financial Results 91 Results of Consolidated Operations 96 Foreign Currency Exchange Rates 99 Liquidity and Capital Resources 111 Environmental 117

Forward Looking Statements

Forward Looking Statements 117 Non-GAAP Financial Measures 100 Accounting Developments 117 Critical Accounting Estimates 117 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 123 Metal Prices 123 Foreign Currency 124 Commodity Price Exposure 125 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 126 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 193 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 193 ITEM 9B. OTHER INFORMATION 195 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 196 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 197 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 197 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 198 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 198 PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 199 ITEM 16. FORM 10-K SUMMARY 199

SIGNATURES

SIGNATURES SCH- 1 SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS SCH- 2 Table of Contents GLOSSARY: UNITS OF MEASURE AND ABBREVIATIONS Unit Unit of Measure $ United States Dollar % Percent A$ Australian Dollar C$ Canadian Dollar gram Metric Gram ounce Troy Ounce pound United States Pound tonne Metric Ton Abbreviation Description AISC (1) All-In Sustaining Costs ARC Asset Retirement Cost ARS Argentine Peso ASC FASB Accounting Standard Codification ASU FASB Accounting Standard Update AUD Australian Dollar CAD Canadian Dollar CAS Costs Applicable to Sales EBITDA (1) Earnings Before Interest, Taxes, Depreciation and Amortization EIA Environmental Impact Assessment EPA U.S. Environmental Protection Agency ESG Environmental, Social and Governance Exchange Act U.S. Securities Exchange Act of 1934 FASB Financial Accounting Standards Board GAAP U.S. Generally Accepted Accounting Principles GEO (2) Gold Equivalent Ounces GHG Greenhouse Gases, which are defined by the EPA as gases that trap heat in the atmosphere GISTM Global Industry Standard on Tailings Management IFRS International Financial Reporting Standards LIBOR London Interbank Offered Rate LBMA London Bullion Market Association LME London Metal Exchange MD&A

Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations

Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations MINAM Ministry of the Environment of Peru Mine Act U.S. Federal Mine Safety and Health Act of 1977 MINEM Ministry of Energy and Mines of Peru MSHA Federal Mine Safety and Health Administration MXN Mexican Peso NPDES National Pollutant Discharge Elimination System PGK Papua New Guinea Kina PNG Papua New Guinea PSU Performance Leverage Stock Unit RSU Restricted Stock Unit SAG Semi-Autogenous Grinding SEC U.S. Securities and Exchange Commission Securities Act U.S. Securities Act of 1933 SOFR Secured Overnight Financing Rate UN The United Nations UOP Units of Production U.S. The United States of America USD United States Dollar WTP Water Treatment Plant ____________________________ (1) Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A. (2) Refer to Results of Consolidated Operations within Part II, Item 7, MD&A. 1 Table of Contents NEWMONT CORPORATION 2023 RESULTS AND HIGHLIGHTS (unaudited, in millions, except per share, per ounce and per pound) Year Ended December 31, 2023 2022 2021 Financial Results: Sales $ 11,812 $ 11,915 $ 12,222 Gold $ 10,593 $ 10,416 $ 10,543 Copper $ 575 $ 316 $ 295 Silver $ 335 $ 549 $ 651 Lead $ 96 $ 133 $ 172 Zinc $ 213 $ 501 $ 561 Costs applicable to sales (1) $ 6,699 $ 6,468 $ 5,435 Gold $ 5,689 $ 5,423 $ 4,628 Copper $ 359 $ 181 $ 143 Silver $ 300 $ 454 $ 332 Lead $ 98 $ 94 $ 76 Zinc $ 253 $ 316 $ 256 Net income (loss) from continuing operations $ (2,494) $ (399) $ 176 Net income (loss) $ (2,467) $ (369) $ 233 Net income (loss) from continuing operations attributable to Newmont stockholders $ (2,521) $ (459) $ 1,109 Per common share, diluted: Net income (loss) from continuing operations attributable to Newmont stockholders $ (3.00) $ (0.58) $ 1.39 Net income (loss) attributable to Newmont stockholders $ (2.97) $ (0.54) $ 1.46 Adjusted net income (loss)

BUSINESS (dollars in millions, except per share, per ounce and per pound amounts)

ITEM 1. BUSINESS (dollars in millions, except per share, per ounce and per pound amounts) Introduction Newmont Corporation was incorporated in 1921 and is primarily a gold producer with significant operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji and Ghana. At December 31, 2023, Newmont had attributable proven and probable gold reserves of 135.9 million ounces, attributable measured and indicated gold resources of 104.8 million ounces, attributable inferred gold resources of 69.1 million ounces, and an aggregate land position of approximately 24,900 square miles (64,400 square kilometers). Newmont is also engaged in the production of copper, silver, lead, and zinc. As the world's leading gold company, Newmont remains committed to creating value and improving lives through sustainable and responsible mining. Newmont's corporate headquarters are in Denver, Colorado, U.S. In this report, "Newmont," the "Company," "our" and "we" refer to Newmont Corporation together with our affiliates and subsidiaries, unless the context otherwise requires. On November 6, 2023, we completed the acquisition of Newcrest Mining Limited ("Newcrest") ("the Newcrest transaction"). Results of Newcrest for the period November 6 to December 31, 2023 are included in this report. For further information, refer to Note 3 to the Consolidated Financial Statements. Segment Information In January 2023, Newmont reassessed and revised its operating strategies and the accountabilities of the senior leadership team in light of the continuing volatile and uncertain market conditions and in November 2023, the Company completed the Newcrest transaction (refer to Note 3 to the Consolidated Financial Statements for further information). Following these changes, the Company reevaluated its segments to reflect the mining operations acquired and certain changes in the financial information regula

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