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Press release from PR Newswire

Newmont Announces Quarterly Revenue of $2.5 Billion, Cash Flow from Continuing Operations of $578 Million

Thursday, November 01, 2012

Newmont Announces Quarterly Revenue of $2.5 Billion, Cash Flow from Continuing Operations of $578 Million17:14 EDT Thursday, November 01, 2012This release should be read in conjunction with Newmont's Third Quarter 2012 Form 10-Q filed with the Securities and Exchange Commission on November 1, 2012 (available at www.newmont.com).DENVER, Nov. 1, 2012 /PRNewswire/ -- Newmont Mining Corporation (NYSE: NEM) ("Newmont" or the "Company") today reported attributable net income from continuing operations of $400 million, or $0.81 per share, down 19% from $493 million, or $1.00 per share in the third quarter of 2011. Results for the third quarter of 2012 compared to the third quarter of 2011 were positively influenced by higher production from Nevada and at Yanacocha. Revenue from product sales also benefited from higher copper prices in the quarter. Results were also impacted by lower production and higher costs at Batu Hijau, (due to planned Phase 6 stripping), as well as previously announced lower ore tonnes and grade mined at Tanami and slightly lower grade at Ahafo due to mine sequencing. In addition, the Company incurred previously announced restructuring and other charges of $48 million. Adjusted net income[1] was $426 million, or $0.86 per share, compared with $635 million, or $1.29 per share, for the prior year quarter. Quarterly ResultsConsolidated revenue of $2.5 billion, a decrease of 10% from the prior year quarter; Average realized gold and copper price of $1,659 per ounce and $3.55 per pound, down 2% and up 21%, respectively, from the prior year quarter; Attributable gold and copper production of 1.2 million ounces and 35 million pounds, down 5% and 38%, respectively, from the prior year quarter; attributable gold and copper sales of 1.2 million ounces and 37 million pounds, down 4% and 27%, respectively, from the prior year quarter; Gold and copper costs applicable to sales ("CAS") of $693 per ounce and $2.38 per pound, up 11% and 116%, respectively, from the prior year quarter; Cash flow from continuing operations of $578 million, down 54% from the prior year quarter; and Fourth quarter gold price-linked dividend payable of $0.35 per share, consistent with the prior year quarter."Balanced performance from our operating portfolio allowed us to deliver results that were on track with our expectations for the quarter with strong performances at both our Nevada complex in North America and Yanacocha in Peru offset by weaker performance in our Asia Pacific region, primarily at Boddington and Tanami in Australia," said Richard O'Brien, Chief Executive Officer.  "We are also seeing clear progress on our commitment to deliver profitable ounces from new projects including our Akyem project in Ghana, which is 65% complete and proceeding on budget and on schedule to begin production in late 2013, and in Nevada where our Emigrant mine commenced production this quarter."Newmont now expects to be at the low end of its previously announced 2012 outlook for attributable gold and copper production of 5.0 to 5.1 million ounces and 145 to 165 million pounds, and at the high end of its narrower CAS outlook range of between $650 and $675 per ounce (on a co-product basis), due to previously announced issues at Tanami, Boddington and Waihi.  Newmont also increased its 2012 copper CAS outlook range to between $2.20 and $2.35 per pound, primarily due to higher cost production from Boddington and Batu Hijau in Indonesia.  Newmont is maintaining its 2012 attributable capital expenditure outlook of $2.7 to $3.0 billion, or $3.0 to $3.3 billion on a consolidated basis.  As previously announced, Newmont's Board of Directors approved a fourth quarter gold price-linked dividend payable of $0.35 per share[2] based upon the average London P.M. Gold Fix for the third quarter.  OperationsNorth America Nevada ? Attributable gold production in Nevada was 457,000 ounces at CAS of $661 per ounce during the third quarter. Gold production increased 7% from the prior year quarter due to higher mill grade at the Carlin Roaster, higher recovery at Mill 5 and higher leach placement as Emigrant commenced production, partially offset by lower grade at Phoenix. CAS per ounce increased 3% due to higher fuel prices, higher underground mining costs and lower capitalization of development costs, partially offset by higher by-product credits.The Company is narrowing its outlook for 2012 attributable gold production of between 1.76 million and 1.78 million ounces at CAS of between $615 and $645 per ounce.La Herradura ? Attributable gold production at La Herradura in Mexico was 51,000 ounces at CAS of $608 per ounce during the third quarter.  Gold production decreased 6% from the prior year quarter due to smelter adjustments, partially offset by additional leach placement. Leach placement was higher due to additional tons mined at Noche Buena. CAS per ounce increased 6% due to higher waste mining and employee profit sharing costs.The Company is maintaining its outlook for 2012 attributable gold production of between 220,000 and 230,000 ounces at a higher CAS of between $585 and $615 per ounce, due to the expectation of mining lower grade material at Soledad and Dipolos due to mine sequencing. South America Yanacocha ? Attributable gold production at Yanacocha in Peru was 182,000 ounces at CAS of $520 per ounce during the third quarter. Gold production increased 8% from the prior year quarter due to higher mill and leach pad recovery, partially offset by lower leach placement at Yanacocha, Carachugo and La Quinua. CAS per ounce decreased 15% due to higher production and lower mining costs, partially offset by higher royalties and lower by-product credits.The Company is narrowing its outlook for 2012 attributable gold production to between 680,000 and 690,000 ounces at CAS of between $485 and $515 per ounce.La Zanja ? Attributable gold production during the third quarter at La Zanja in Peru was approximately 14,000 ounces.  The Company is maintaining its outlook for 2012 attributable gold production of between 50,000 and 60,000 ounces.Asia Pacific Boddington ? Attributable gold and copper production during the third quarter at Boddington in Australia was 166,000 ounces and 16 million pounds, respectively, at CAS of $928 per ounce and $2.29 per pound, respectively.  Gold and copper production increased 1% and 7%, respectively, from the prior year quarter due to higher mill grade. Gold CAS per ounce increased 25% from the prior year quarter due to higher mill maintenance costs and the impact of the carbon tax, which took effect in July 2012. Copper CAS increased 2% per pound due to higher mill maintenance costs, partially offset by higher copper production. CAS per ounce and per pound were also impacted by a stronger Australian dollar, net of hedging gains.The Company is reducing its outlook for 2012 attributable gold production to between 725,000 and 750,000 ounces due to unplanned mill downtime, at a higher CAS of between $865 and $895 per ounce due to higher mill maintenance costs. The Company is maintaining its outlook for attributable copper production of between 70 and 80 million pounds at a slightly higher CAS of between $2.25 and $2.40 per pound, due to higher mill maintenance costs.Batu Hijau ? Attributable gold and copper production during the third quarter at Batu Hijau in Indonesia was 7,000 ounces and 19 million pounds, respectively, at CAS of $1,115 per ounce and $2.38 per pound, respectively. Gold and copper production decreased 89% and 54%, respectively, due to processing lower grade stockpile ore. Waste tons mined increased 57% from the prior year quarter as Phase 6 waste removal continues as planned. CAS increased 134% per ounce and 164% per pound, respectively, due to lower production and higher waste mining costs. The Company is maintaining its outlook for 2012 attributable gold production of between 30,000 and 40,000 ounces of gold at a higher CAS of between $955 and $985 per ounce, due to higher waste mining costs. The Company is maintaining its outlook for attributable copper production of 75 to 85 million pounds at a slightly higher CAS of between $2.15 and $2.30 per pound, due to higher waste mining costs.  Other Australia/New Zealand ? Attributable gold production during the third quarter was 222,000 ounces at CAS of $931 per ounce. Gold production decreased 14% from the prior year quarter due to lower underground mining rates at Tanami, a delay in open pit ore production at Waihi and lower grade at Jundee and Kalgoorlie, partially offset by higher throughput at Jundee and higher grade at Tanami. CAS per ounce increased 36% from the prior year quarter due to lower production, higher operating costs, a stronger Australian dollar, net of hedging gains and the impact of the carbon tax in Australia. The Company is reducing its outlook for 2012 attributable gold production to between 935,000 and 960,000 ounces due to continued lower tonnes mined at Tanami and Waihi, at a higher CAS of between $885 and $915 per ounce due to lower production. AfricaAhafo ? Attributable gold production during the third quarter at Ahafo in Ghana was 131,000 ounces at CAS of $561 per ounce. Gold production decreased 10% from the prior year quarter due to lower ore grade, partially offset by higher throughput and a drawdown of in-process inventory. CAS per ounce increased 12% from the prior year quarter due to lower production and higher labor costs, partially offset by lower power and mill maintenance costs.The Company is maintaining its outlook for 2012 attributable gold production of between 555,000 to 570,000 ounces and narrowing its expected range of CAS to between $560 and $590 per ounce.Capital UpdateConsolidated capital expenditures were $811 million during the third quarter. Capital expenditures in North America were primarily related to the construction of the Phoenix secondary crusher and development of the Emigrant mine. Capital expenditures in South America were primarily related to the Conga and Merian projects, and the majority of capital expenditures in Asia Pacific were for surface and underground development. Capital expenditures in Africa were primarily related to the Akyem project. For the remainder of the year, 50% of 2012 consolidated capital expenditures are expected to be associated with major projects, while the remaining 50% is expected to be sustaining capital. Newmont is maintaining its 2012 attributable capital expenditure outlook to $2.7 to $3.0 billion, or $3.3 to $3.6 billion on a consolidated basis.2012 Outlook Attributable ProductionConsolidated CASConsolidated CapitalAttributable CapitalRegion(Kozs, Mlbs)($/oz, $/lb)Expenditures ($M)Expenditures ($M)Nevada1,760 - 1,780$615 - $645$750 - $800$750 - $800La Herradura 220 - 230$585 - $615$80 - $130$80 - $130  North America1,980 - 2,010$615 - $645$850 - $900$850 - $900Yanacocha680 - 690$485 - $515$530 - $580$270 - $310La Zanja50 - 60n/a--Conga--$500 - $600$250 - $300  South America730 - 750$485 - $515$1,100 - $1,200$550 - $600Boddington725 - 750$865 - $895$150 - $200$150 - $200Other Australia/NZ  935 - 960$885 - $915$325 - $375$325 - $375Batu Hijaud30 - 40$955 - $985$200 - $225$100 - $125  Asia Pacific1,690 - 1,750$870 - $900$700 - $800$600 - $700Ahafo555 - 570$560 - $590$240 - $270$240 - $270Akyem--$370 - $420$370 - $420  Africa555 - 570$560 -$590$600 - $700$600 - $700Corporate/Other--$55 - $65$55 - $65Total Gold5,000 - 5,100$650 - $675 a,b$3,300 - $3,600 c$2,700 - $3,000Boddington 70 - 80$2.25 - $2.40--Batu Hijaud75 - 85$2.15 - $2.30--Total Copper145 - 165$2.20 - $2.35a 2012 Attributable CAS Outlook is $640 - $690 per ounce.b 2012 Net Attributable CAS Outlook (inclusive of by-product credits) is $600 - $650 per ounce.c Includes capitalized interest of approximately $140 million.d Assumes Batu Hijau economic interest of 48.5% for 2012, subject to final divestiture obligations.2012 Outlook and AssumptionsDescriptionConsolidated Expenses ($M)Attributable Expenses ($M)General & Administrative$200 - $220$200 - $220Interest Expense$240 - $260$230 - $250DD&A$1,050 - $1,080$890 - $920Exploration Expense$370 - $400$340 - $370Advanced Projects & R&D$410 - $440$350 - $380Tax Rate~32%~32%AssumptionsGold Price ($/ounce)$1,500$1,500Copper Price ($/pound)$3.50$3.50Oil Price ($/barrel)$90$90AUD Exchange Rate$1.001.00   NEWMONT MINING CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF INCOME(unaudited, in millions except per share)Three Months EndedNine Months EndedSeptember 30,September 30,2012201120122011Sales  $2,480$2,744$7,392$7,593Costs and expenses  Costs applicable to sales (1) 1,0881,0083,1072,865Amortization   272270751776Reclamation and remediation  1764963Exploration    115104309255Advanced projects, research and development   7493258247General and administrative    5150162145Other expense, net  131363771961,7481,5675,0134,547Other income (expense)  Other income, net  52(76)1213Interest expense, net    (67)(65)(190)(193)(15)(141)(69)(190)Income before income and mining tax and other items  7171,0362,3102,856Income and mining tax expense  (228)(371)(746)(863)Equity income (loss) of affiliates    (9)10(39)12Income from continuing operations    4806751,5252,005Loss from discontinued operations  (33)-(104)(136)Net income    4476751,4211,869Net income attributable to noncontrolling interests  (80)(182)(285)(475)Net income attributable to Newmont stockholders    $367$493$1,136$1,394Net income attributable to Newmont stockholders:  Continuing operations    $400$493$1,240$1,530Discontinued operations    (33)-(104)(136)$367$493$1,136$1,394Income per common share   Basic:  Continuing operations    $0.81$1.00$2.50$3.10Discontinued operations    (0.07)-(0.21)(0.28)$0.74$1.00$2.29$2.82Diluted:  Continuing operations    $0.81$0.98$2.48$3.05Discontinued operations    (0.07)-(0.21)(0.27)$0.74$0.98$2.27$2.78Cash dividends declared per common share    $0.35$0.30$1.05$0.65(1) Excludes Amortization and Reclamation and remediation.  NEWMONT MINING CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS     (unaudited, in millions)Three Months Ended September 30,Nine Months Ended September 30,2012201120122011Operating activities:Net income$447$675$1,421$1,869Adjustments:Amortization 272270751776Loss from discontinued operations33-104136Reclamation and remediation1764963Deferred income taxes 13(68)25(106)Stock based compensation and other non-cash benefits19185562Impairment of marketable securities717439175Gain on asset sales, net(2)(15)(12)(68)Other operating adjustments and write-downs436149102Net change in operating assets and liabilities(271)197(1,039)(343)Net cash provided from continuing operations  5781,2631,5422,666Net cash used in discontinued operations  (4)(2)(12)(4)Net cash provided from operations  5741,2611,5302,662Investing activities:Additions to property, plant and mine development (816)(761)(2,394)(1,781)Proceeds from sale of marketable securities1031920974Purchases of marketable securities(13)(2)(209)(17)Acquisitions, net-(10)(22)(2,301)Proceeds from sale of other assets--136Other  (11)6(48)(9)Net cash used in investing activities(737)(748)(2,451)(4,028)Financing activities:Proceeds from debt, net-1,0233,3431,798Repayment of debt  (15)(1,113)(1,956)(2,086)Payment of conversion premium on debt-(172)-Dividends paid to common stockholders  (174)(148)(521)(321)Dividends paid to noncontrolling interests--(3)(17)Proceeds from stock issuance, net  5272035Other  (1)3(2)3Net cash provided from (used in) financing activities(185)(208)709(588)Effect of exchange rate changes on cash  -(25)133Net change in cash and cash equivalents  (348)280(211)(1,921)Cash and cash equivalents at beginning of period  1,8971,8551,7604,056Cash and cash equivalents at end of period  $1,549$2,135$1,549$2,135   NEWMONT MINING CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(unaudited, in millions)At September 30,At December 31,20122011ASSETS Cash and cash equivalents   $1,549$1,760Trade receivables   314300Accounts receivable   470320Investments 8994Inventories 842714Stockpiles and ore on leach pads 720671Deferred income tax assets   251396Other current assets 1,0891,133Current assets   5,3245,388Property, plant and mine development, net   17,47215,881Investments 1,3971,472Stockpiles and ore on leach pads 2,7752,271Deferred income tax assets   1,6591,605Other long-term assets 896857Total assets   $29,523$27,474LIABILITIES Debt $25$689Accounts payable   612561Employee-related benefits   320307Income and mining taxes   87250Other current liabilities 1,5272,133Current liabilities   2,5713,940Debt 6,0993,624Reclamation and remediation liabilities 1,2761,169Deferred income tax liabilities   2,1862,147Employee-related benefits   479459Other long-term liabilities 396364Total liabilities   13,00711,703EQUITY Common stock   786784Additional paid-in capital   8,3078,408Accumulated other comprehensive income 595652Retained earnings   3,6673,052Newmont stockholders' equity   13,35512,896Noncontrolling interests   3,1612,875Total equity  16,51615,771Total liabilities and equity   $29,523$27,474   Regional Operating Statistics  Production Statistics Summary  Three Months Ended September 30,  Nine Months Ended September 30, 2012201120122011 Gold  Consolidated ounces produced (thousands):    North America Nevada4574261,2701,216La Herradura51541641565084801,4341,372   South America Yanacocha3543281,110958   Asia Pacific Boddington166164508528Batu Hijau1613354276Other Australia/New Zealand2222596948024045561,2561,606   Africa Ahafo1311464384781,3971,5104,2384,414 Copper  Consolidated pounds produced (millions):    Asia Pacific Boddington16154843Batu Hijau39821242235597172266 Gold  Attributable ounces produced (thousands):    North America Nevada4574261,2701,216La Herradura51541641565084801,4341,372   South America Yanacocha182169570492Other South America Equity Interests14194049196188610541   Asia Pacific Boddington166164508528Batu Hijau76526134Other Australia/New Zealand222259694802Other Asia Pacific Equity Interests7416124024921,2441,476   Africa Ahafo1311464384781,2371,3063,7263,867 Copper  Attributable pounds produced (millions):    Asia Pacific Boddington16154843Batu Hijau1941601093556108152    CAS and Capital Expenditures  Three Months EndedSeptember 30,  Nine Months EndedSeptember 30, 2012201120122011 Gold Costs Applicable to Sales ($/ounce)(1)        North America      Nevada$661$641$661$640     La Herradura608575585498655633652624        South America      Yanacocha520610481578        Asia Pacific      Boddington928743886657     Batu Hijau1,115476985423     Other Australia/New Zealand931684850623937652870597        Africa      Ahafo561501571465   Average $693$622$664$587   Attributable to Newmont $716$628$689$593Copper Costs Applicable to Sales ($/pound)(1)        Asia Pacific      Boddington$2.29$2.25$2.33$2.12     Batu Hijau2.380.902.191.01   Average $2.38$1.10$2.23$1.17   Attributable to Newmont $2.35$1.25$2.23$1.30 (1) Consolidated Costs applicable to sales excludes Amortization and Reclamation and remediation. Three Months Ended September 30,  Nine Months Ended September 30, 2012201120122011Consolidated Capital Expenditures ($ million)    North America Nevada$150$152$520$380La Herradura12284155Other North America933974171213570509   South America Yanacocha149117392244Conga125197467448274314859692   Asia Pacific Boddington254777122Batu Hijau376198149Other Australia/New Zealand7778214212Other Asia Pacific44128143190401491   Africa Ahafo683417671Akyem1166030512718494481198Corporate and Other3957623 Total - Accrual Basis $811$816$2,387$1,913 Change in Capital Accrual 5(55)7(132) Total - Cash Basis $816$761$2,394$1,781 Attributable to Newmont (Accrual Basis) $659$632$1,919$1,500 Supplemental Information Non-GAAP Financial Measures Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by 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. Reconciliation of Adjusted Net Income to GAAP Net Income Management uses the non-GAAP financial measure Adjusted net income to evaluate the Company's operating performance, and for planning and forecasting future business operations. The Company believes the use of Adjusted net income allows investors and analysts to compare the results of the continuing operations of the Company and its direct and indirect subsidiaries relating to the production and sale of minerals to similar operating results of other mining companies, by excluding exceptional or unusual items, income or loss from discontinued operations and the permanent impairment of assets, including marketable securities and goodwill. Management's determination of the components of Adjusted net income are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income attributable to Newmont stockholders is reconciled to Adjusted net income as follows: Three Months Ended September30,Nine Months Ended September30,2012 201120122011Net income attributable to Newmont stockholders $367$493$1,136$1,394Loss from discontinued operations   33-104136Impairments/asset sales, net 614230110Restructuring and other 20-20-Boddington contingent consideration --8-Fronteer acquisition costs   ---18Income tax benefit from internal restructuring ---(65) Adjusted net income   $426$635$1,298$1,593 Adjusted net income per share, basic $0.86$1.29$2.62$3.23 Adjusted net income per share, diluted $0.85$1.26$2.60$3.17 Costs Applicable to Sales per Ounce/Pound Costs applicable to sales per ounce/pound are non-GAAP financial measures. These measures are calculated by dividing the costs applicable to sales of gold and copper by gold ounces or copper pounds sold, respectively. These measures are calculated on a consistent basis for the periods presented on both a consolidated and attributable to Newmont basis. Attributable costs applicable to sales are based on our economic interest in production from our mines. For operations where we hold less than a 100% economic share in the production, we exclude the share of gold or copper production attributable to the non-controlling interest. We include attributable costs applicable to sales per ounce/pound to provide management, investors and analysts with information with which to compare our performance to other gold producers. Costs applicable to sales per ounce/pound 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. Net attributable costs applicable to sales per ounce measures the benefit of copper produced in conjunction with gold, as a credit against the cost of producing gold. A number of other gold producers present their costs net of the contribution from copper and other non-gold sales. We believe that including a measure of this basis provides management, investors and analysts with information with which to compare our performance to other gold producers, and to better assess the overall performance of our business. In addition, this measure provides information to enable investors and analysts to understand the importance of non-gold revenues to our cost structure.  Costs applicable to sales per ounceThree Months Ended September30,Nine Months Ended September30,2012201120122011 Costs applicable to sales: Consolidated per financial statements(1)$950$907$2,746$2,541Noncontrolling interests(2)(99)(128)(278)(333)Attributable to Newmont $851$779$2,468$2,208 Gold sold (thousand ounces):Consolidated 1,3701,4584,1384,327Noncontrolling interests(2)(181)(218)(554)(601)Attributable to Newmont 1,1891,2403,5843,726 Costs applicable to sales per ounce: Consolidated $693$622$664$587Attributable to Newmont $716$628$689$593(1)Includes by-product credits of $57 and $165 in the third quarter and first nine months of 2012, respectively and $70 and $237 in the third quarter and first nine months of 2011, respectively.(2)Relates to partners' interests in Batu Hijau and Yanacocha.   Costs applicable to sales per poundThree Months Ended September30,Nine Months Ended September30,2012201120122011 Costs applicable to sales: Consolidated per financial statements(1)$138$101$361$324Noncontrolling interests(2)(51)(37)(131)(124)Attributable to Newmont $87$64$230$200 Copper sold (million pounds):Consolidated 5892162276Noncontrolling interests(2)(21)(41)(59)(122)Attributable to Newmont 3751103154 Costs applicable to sales per pound: Consolidated $2.38$1.10$2.23$1.17Attributable to Newmont $2.35$1.25$2.23$1.30(1)Includes by-product credits of $3 and $8 in the third quarter and first nine months of 2012, respectively and $7 and $23 in the third quarter and first nine months of 2011, respectively.(2)Relates to partners' interests in Batu Hijau.   Net attributable costs applicable to sales per ounceThree Months Ended September30,Nine Months Ended September30,2012201120122011 Attributable costs applicable to sales: Gold $851$779$2,468$2,208Copper  87642302009388432,6982,408 Copper revenue: Consolidated (206)(273)(569)(991)Noncontrolling interests(1)75119209434(131)(154)(360)(557) Net attributable costs applicable to sales $807$689$2,338$1,851 Attributable gold ounces sold (thousands) 1,1891,2403,5843,726 Net attributable costs applicable to sales per ounce $679$556$652$497(1)Relates to partners' interests in Batu Hijau. Conference Call InformationA conference call will be held on Friday, November 2, 2012 at 10:00 a.m. Eastern Time (8:00 a.m. Mountain Time); it will also be carried on the Company's website.Conference Call DetailsDial-In Number888.566.1822Intl Dial-In Number312.470.7116LeaderJohn SeabergPasscodeNewmontReplay Number800-834-5839Intl Replay Number203-369-3351Replay Passcode2012Webcast DetailsURLhttp://services.choruscall.com/links/newmont121102.htmlPlease download the free Newmont Investor Relations iPad application from the Apple Online App Store, keyword search "Newmont".Cautionary Statement This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended which are intended to be covered by the safe harbor created by such sections and other applicable laws. Such forward-looking statements may include, without limitation: (i) estimates and expectations regarding the Company's strategy and plans; (ii) estimates of future mineral production and sales; (iii) estimates of future operating costs, costs applicable to sales and other costs; (iv) estimates of future capital expenditures and consolidated advanced projects, research and development expenditures; and (v) the Company's exploration pipeline and expectations regarding the development, growth and exploration potential of the Company's projects, including project start dates, ramp up, life, pipeline timelines (including commencement of mining, drilling and stage gate advancement and expansion opportunities) and expected project returns; (vi) potential ounces or tons of reserves, non-reserve mineralization and potential resources; (vii) dividend payments and increases; (viii) future liquidity, cash and balance sheet expectations; and (ix) other financial outlook for the Company's operations and projects. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of the Company's projects being consistent with current expectations and mine plans; (iii) political, social and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar to the U.S. dollar, as well as other exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper and oil; (vi) prices for key supplies being approximately consistent with current levels and such supplies otherwise being available on bases consistent with the Company's current expectations; and (vii) the accuracy of our current mineral reserve and mineral resource estimates and exploration information. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such 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 the "forward-looking statements". Such risks include, but are not limited to: (i) gold and other metals price volatility; (ii) currency fluctuations; (iii) increased capital and operating costs and scarcity of competition for required labor and supplies; (iv) variances in ore grade or recovery rates from those assumed in mining plans; (v) political and operational risks; (vi) community relations, conflict resolution and outcome of projects or oppositions; and (vii) governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company's 2011 Annual Report on Form 10-K, filed on February 24, 2012, with the Securities and Exchange Commission, as well as the Company's other SEC filings. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued "forward-looking statement" constitutes a reaffirmation of that statement. Continued reliance on "forward-looking statements" is at investors' own risk.[1] Non-GAAP measure.  See page 11 for reconciliation.[2] Payable on December 28, 2012 to shareholders of record as of December 6, 2012.SOURCE Newmont Mining CorporationFor further information: Media, Omar Jabara, +1-303-837-5114, omar.jabara@newmont.com or Diane Reberger, +1-303-967-9455, diane.reberger@newmont.com, or Investors, John Seaberg, +1-303-837-5743, john.seaberg@newmont.com or Karli Anderson, +1-303-837-6049, karli.anderson@newmont.com