<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
January 29, 1997
----------------
Newmont Mining Corporation
--------------------------------------------------------
Delaware 1-1153 13-1806811
---------------- ------------- -------------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
1700 Lincoln Street, Denver, Colorado 80203
-----------------------------------------------------
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code:
(303) 863-7414
---------------
<PAGE>
Item 5. Other Events.
------------
On January 29, 1997, Newmont Mining Corporation issued a press release
which is attached hereto as Exhibit 99 and is incorporated by reference herein
in its entirety.
Item 7. Financial Statements and Exhibits.
---------------------------------
(a) None.
(b) None.
(c) Exhibits.
99 Press Release dated January 29, 1997.
<PAGE>
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 hereunto duly authorized.
NEWMONT MINING CORPORATION
Date: January 29, 1997 By: /S/ Timothy J. Schmitt
----------------- -----------------------------
Timothy J. Schmitt
Vice President and Secretary
<PAGE>
Exhibit 99
FOR IMMEDIATE RELEASE
NEWMONT
NEWS RELEASE
NEWMONT MINING CORPORATION, 1700 LINCOLN STREET, DENVER, COLORADO 80203
Investor Contact: Terry Terens Media Contact: Doug Hock
(303) 837-6141 (303) 837-5812
NEWMONT ACHIEVED RECORD PRODUCTION OF 2.28 MILLION OUNCES IN 1996;
EARNINGS REACHED 86 CENTS PER SHARE
DENVER, January 29, 1997 -- Newmont Gold Company and Newmont Mining
Corporation earned 86 cents per share in 1996 compared with 81 cents before an
asset sale and write-offs in 1995. Equity gold production increased 23 percent
to a record 2.28 million ounces from 1.86 million equity ounces a year earlier.
During 1996, Newmont Gold earned $94.0 million and Newmont Mining, whose
sole asset is its 91 percent ownership of Newmont Gold, earned $85.1 million.
In 1995, Newmont Gold had net income of $124.9 million ($1.17 per share)
including an after-tax gain of $72 million (74 cents per share) from the sale of
the company's interest in Southern Peru Copper Corporation and after-tax charges
of $37.1 million (38 cents per share) from the write-off and reclamation
provision of two exploration properties. Newmont Mining's net income in 1995
totaled $112.7 million.
Higher production and a $5 increase in the average realized gold price to
$390 per ounce contributed to a 21 percent increase in gold sales to $768.5
million in 1996. Total cash costs rose $10 to $220 per equity ounce during the
year.
In the fourth quarter, Newmont earned 20 cents per share compared with 27
cents before the write-off of an exploration property in 1995. Equity gold
production of 618,100 ounces was 16 percent higher than the 534,700 ounces
produced in the fourth quarter of 1995. However, an $8 decrease in the average
realized gold price and a $14 increase to $222 in the weighted average cost per
equity ounce more than offset higher production for the quarter.
Newmont Gold's earnings of $21.5 million in the 1996 quarter compared with
$4.6 million, or 5 cents per share in the 1995 period, which included an after-
tax charge of $22 million (22 cents per share) for an asset write-off. Newmont
Mining earned $19.5 million in the 1996 quarter versus $4.1 million in the
corresponding 1995 period. Gold sales for the fourth quarter equaled $206.5
million in 1996 and $184.4 million in 1995.
"We exceeded our production target of 2.1 million ounces for the year, but
with a sharp decline in the gold price during the fourth quarter and higher
total cash costs throughout the year, earnings rose 6 percent instead of our
goal of 10 percent. " said Ronald C. Cambre, Newmont's Chairman, President, and
Chief Executive Officer.
(more)
<PAGE>
Page 2
Mr. Cambre continued, "Our results for the year include a number of significant
accomplishments that underscore our position as the premier growth company in
the gold industry. These are:
. achieving record production at all operations,
. beginning production at our third international site,
. nearly tripling underground operations at Carlin,
. reaching design capacity at both the Carlin roaster and the crushing
plant in Uzbekistan and,
. increasing reserves net of depletion for the sixth consecutive year.
(Final reserve numbers will be updated in February.)
As a result, we are confident that we will meet our 1997 production target of
2.5 million ounces while reducing total cash costs by approximately 10 percent."
Much of the improvement is expected to occur in the second half of the year as
higher grade ores are mined from the Post Pit at Carlin, Nevada.
The Carlin operations produced 455,300 ounces in the fourth quarter,
similar to 1995 results. Underground mining produced 107,500 ounces in the
quarter, up 79 percent from the year ago period. The roaster for processing
high-grade refractory ore produced 145,000 ounces during the fourth quarter
compared with 115,100 ounces a year earlier, despite a scheduled 14-day shutdown
for maintenance and the replacement of several waste heat boiler tube bundles.
Furthermore, the roaster achieved record throughput of 8,526 tons per operating
day. However, the higher throughput rates at the roaster and an increase in the
refractory content of ore processed in the oxide mills resulted in lower mill
recovery rates. Oxide leach production decreased, as anticipated. Total cash
costs at Carlin equaled $239 per ounce for the quarter, versus $220 for the
corresponding 1995 period.
Minera Yanacocha in Peru produced 200,100 ounces (76,000 equity ounces) in
the quarter, nearly 30 percent greater than a year earlier. Total cash costs of
$107 per ounce, down from $127 per ounce in the 1995 quarter, remain among the
lowest in the industry. Early in the quarter the Fifth Civil Court of Peru
upheld Newmont's right to acquire a 51.4 percent interest in Minera Yanacocha.
This ruling has been appealed to the Superior Court, which has not yet issued a
final ruling. Therefore, Newmont continues to account for its interest in
Yanacocha on a 38 percent basis.
The 50 percent-owned Zarafshan-Newmont Joint Venture in Uzbekistan achieved
design production rates during the quarter of 100,300 ounces (50,200 equity
ounces) compared with 30,800 ounces (15,400 equity ounces) in the year ago
period. Total cash costs of $233 per ounce compared with $219 a year earlier,
but were down from the third quarter's $242 per ounce.
Minahasa in Indonesia, which began commercial operation in the second
quarter, produced 36,600 ounces. Total cash costs of $257 per ounce included
some expenses not expected to be incurred on an ongoing basis. The operation is
depleting its remaining oxide ore in anticipation of the start-up of a roaster
for processing refractory ore during the first quarter of 1997.
For the year, Carlin produced a record 1.70 million ounces of gold compared
with 1.63 million in 1995. Total cash costs increased to $243 per ounce from
$223. As expected, 1996 was a transitional year at Carlin with depleting oxide
ore from open pit mines and increasing underground mining and refractory ore
processing. As the year progressed, both higher production rates and ore grades
began to offset the greater costs associated with mining and processing
refractory ore. Second half 1996 costs of $236 per ounce compared with $252 per
ounce in the first half. This downward cost trend will continue in 1997.
(more)
<PAGE>
Page 3
Underground production nearly tripled during 1996 to 306,800 ounces.
Production from milling operations grew 14 percent to 1.1 million ounces, with
the roaster contributing 540,000 ounces, 52 percent more than in 1995. Leach
production declined to 566,900 ounces from 647,100 ounces the prior year.
Newmont's patented refractory leach demonstration project produced 27,820 ounces
in 1996 compared with 5,200 ounces in 1995.
Minera Yanacocha produced a record 811,400 ounces (308,300 equity ounces)
in 1996, nearly 50 percent greater than the 552,000 ounces(209,800 equity
ounces) in 1995. Total cash costs equaled $107 per ounce versus $119.
The Zarafshan-Newmont Joint Venture produced 326,500 ounces (163,200 equity
ounces) in 1996, its first full year of operation, at a total cash cost of $225
per ounce. In 1995, it produced 37,000 ounces (18,500 equity ounces) at a total
cash cost of $219 per ounce. Minahasa produced 112,700 ounces during its first
three quarters of production with total cash costs of $224 per ounce.
Exploration expense of $57.5 million, consistent with 1995, highlights
Newmont's continued commitment to growth through exploration and technology. An
$18 million increase in depreciation, depletion, and amortization and $6.1
million increase in general and administrative expenses for the year reflect
Newmont's expanding operations, both domestically and internationally. In 1996,
Newmont-managed operations produced a total of 2.95 million ounces, a 33 percent
increase over 1995. As new projects have become operational and less interest
is capitalized, net interest expense has increased as well, to $44 million from
$36.4 million.
Capital expenditures decreased $74.1 million to $235.2 million, following
construction at the Zarafshan-Newmont and Minahasa projects in 1995.
Newmont's balance sheet strengthened during 1996 as cash grew to $185.7
million from $59.1 million following the issuance of 4.65 million shares of
common stock in January. The company's ratio of total debt to total
capitalization was 36.5 percent at year end 1996, compared with 43.6 percent a
year earlier. Additionally, in July 1996 Newmont and Sumitomo Corporation
finalized their agreement to develop jointly the Batu Hijau project in
Indonesia, thus enhancing Newmont's financial flexibility to pursue future
growth opportunities.
The Batu Hijau project progressed as planned during 1996 with engineering
and pre-construction site preparation nearing completion. Marketing of the
copper/gold concentrate and arranging required financing is proceeding on
schedule. Construction on the $1.9 billion project will begin as soon as the
Indonesian government issues the final construction and forestry permits.
Production could begin by the end of 1999. Development of another project, La
Herradura in Mexico, has begun with start-up scheduled for early 1998. This 44
percent-owned joint venture with Penoles is expected to produce 140,000 ounces
(62,000 equity ounces) annually over its eight year mine life.
(more)
<PAGE>
NEWMONT MINING CORPORATION AND NEWMONT GOLD COMPANY
STATEMENTS OF CONSOLIDATED INCOME
(IN MILLIONS, EXCEPT PER SHARE)
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
December 31, December 31,
-------------------- --------------------
1996 1995 1996 1995
-------------------- --------------------
<S> <C> <C> <C> <C>
Sales and other income
Sales $ 206.5 $ 184.4 $ 768.5 $ 636.2
Dividends, interest and other 7.7 2.5 26.5 42.1
Gain on disposition of investment - - - 113.2
------- ------- ------- -------
214.2 186.9 795.0 791.5
------- ------- ------- -------
Costs and expenses
Costs applicable to sales 130.4 105.5 476.1 370.6
Depreciation, depletion and amortization 33.3 30.3 124.8 106.8
Exploration and research 18.4 16.7 57.5 57.3
General and administrative 12.4 8.9 49.3 43.2
Interest, net of capitalized interest of
$1.2 in 1996 and $2.0 in 1995 quarters
and of $5.4 in 1996 and $11.6 in 1995
twelve months 11.3 10.3 44.0 36.4
Write-off of exploration properties - 33.8 - 52.5
Other 5.1 3.1 13.9 11.8
------- ------- ------- -------
210.9 208.6 765.6 678.6
------- ------- ------- -------
Equity in income of affiliated companies 9.6 7.9 45.2 29.0
------- ------- ------- -------
Pre-tax income 12.9 (13.8) 74.6 141.9
Income tax benefit (provision) 8.6 18.4 19.4 (17.0)
------- ------- ------- -------
NEWMONT GOLD NET INCOME 21.5 4.6 94.0 124.9
Minority interest in income
of Newmont Gold Company 2.0 0.5 8.9 12.2
------- ------- ------- -------
NEWMONT MINING NET INCOME $ 19.5 $ 4.1 $ 85.1 $ 112.7
======= ======= ======= =======
Preferred stock dividends $ - $ 0.7 $ - $( 11.2)
------- ------- ------- -------
Net income per common share $ 0.20 $ 0.05 $ 0.86 $ 1.17
======= ======= ======= =======
Weighted average number of shares of
common stock and common stock
equivalents outstanding:
Newmont Gold 110.1 99.6 109.8 97.4
Newmont Mining 99.7 89.3 99.4 87.0
Cash dividends declared per common
share $ 0.12 $ 0.12 $ 0.48 $ 0.48
</TABLE>
(more)
<PAGE>
NEWMONT GOLD COMPANY
(In millions)
(Unaudited)
Consolidated Balance Sheet Information
<TABLE>
<CAPTION>
December 31, December 31,
1996 1995
------------ ------------
<S> <C> <C>
ASSETS
Cash and cash equivalents $ 185.7 $ 59.1
Other current assets 270.2 230.4
------------ ------------
Current assets 455.9 289.5
Other assets, primarily property, plant
and equipment 1,625.2 1,484.3
------------ ------------
Total assets $ 2,081.1 $ 1,773.8
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 224.1 $ 194.4
Long-term debt 585.0 604.3
Other liabilities 139.9 150.2
Stockholders' equity 1,132.1 824.9
------------ ------------
Total liabilities and stockholders' equity $ 2,081.1 $ 1,773.8
============ ============
</TABLE>
RECONCILIATION OF STOCKHOLDERS' EQUITY TO NEWMONT MINING CORPORATION
<TABLE>
<CAPTION>
At December 31, At December 31,
1996 1995
-------------- ---------------
<S> <C> <C>
Newmont Gold Company's stockholders' equity $ 1,132.1 $ 824.9
Minority interest in Newmont Gold Company (107.2) (82.0)
-------------- ---------------
Newmont Mining Corporation's stockholders' equity $ 1,024.9 $ 742.9
============== ===============
</TABLE>
Consolidated Cash Flow Information
<TABLE>
<CAPTION>
For Years Ended
December 31,
---------------------------------
1996 1995
-------------- ---------------
<S> <C> <C>
OPERATING ACTIVITIES
Net income $ 94.0 $ 124.9
Adjustments to reconcile net income to net
cash provided by operating activities 47.4 32.3
-------------- ---------------
Net cash provided by operating activities 141.4 157.2
-------------- ---------------
INVESTING ACTIVITIES
Additions to property, plant and mine development (235.2) (309.3)
Proceeds from sale of investment - 116.4
Other (4.7) (38.9)
-------------- ---------------
Net cash used in investing activities (239.9) (231.8)
-------------- ---------------
FINANCING ACTIVITIES
Net borrowings 12.4 28.4
Proceeds from issuance of common stock 265.4 8.0
Dividends paid (52.7) (58.7)
Other - (4.6)
-------------- ---------------
Net cash provided by (used in) financing activities 225.1 (26.9)
-------------- ---------------
Net increase in cash and cash equivalents 126.6 (101.5)
Cash and cash equivalents at beginning of period 59.1 160.6
-------------- ---------------
Cash and cash equivalents at end of period $ 185.7 $ 59.1
============== ===============
</TABLE>
(more)
<PAGE>
UNIT COST BY AREA*
FOR THREE MONTHS ENDED DECEMBER 31,
(IN DOLLARS PER OUNCE)
<TABLE>
<CAPTION>
Minera Zarafshan- Mina- Total
Carlin Yanacocha Newmont hasa Equity
--------------- ---------------- ---------------- ------ ----------------
1996 1995 1996 1995 1996 1995 1996 1996 1995
------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Direct mining and production costs $ 238 $ 247 $ 95 $ 114 $ 230 $ 214 $ 327 $ 225 $ 231
Capitalized mining cost adjustments (20) (60) 0 0 0 0 (74) (19) (52)
Other 2 3 1 2 3 5 0 2 3
------ ------ ------ ------ ------ ------ ------ ------ ------
Cash Operating Costs 220 190 96 116 233 219 253 208 182
Royalties 16 30 11 11 0 0 4 12 26
Production taxes 3 0 0 0 0 0 0 2 0
------ ------ ------ ------ ------ ------ ------ ------ ------
Total Cash Costs 239 220 107 127 233 219 257 222 208
Depreciation, depletion and amortization 58 59 32 38 55 167 93 56 59
Reclamation and mine closure 2 2 3 2 1 1 2 2 2
------ ------ ------ ------ ------ ------ ------ ------ ------
Total Production Costs $ 299 $ 281 $ 142 $ 167 $ 289 $ 387 $ 352 $ 280 $ 269
Equity ounces produced (000) 455.3 460.2 76.0 59.1 50.2 15.4 36.6 618.1 534.7
Average gold price $ 376 $ 388 $ 375 $ 386 $ 373 $ 386 $ 452 $ 380 $ 388
</TABLE>
*Prepared in accordance with Gold Institute Production Cost Standard
RECONCILIATION OF TOTAL EQUITY CASH COSTS PER OUNCE TO FINANCIAL STATEMENTS
FOR THREE MONTHS ENDED DECEMBER 31,
(MILLIONS OF DOLLARS EXCEPT PER OUNCE AMOUNTS)
<TABLE>
<CAPTION>
1996 1995
-------- --------
<S> <C> <C>
Production costs per Financial Statements $ 130.4 $ 105.5
Equity Cash Costs of Minera Yanacocha 7.3 6.9
Reclamation Accruals (0.8) (0.8)
-------- --------
Production Costs for Per Ounce Calculation Purposes $ 136.9 $ 111.6
======== ========
Equity Ounces Produced (000) 618.1 534.7
Total Equity Cash Cost per Ounce $ 222 $ 208
</TABLE>
(more)
<PAGE>
UNIT COST BY AREA*
FOR TWELVE MONTHS ENDED DECEMBER 31,
(IN DOLLARS PER OUNCE)
<TABLE>
<CAPTION>
Minera Zarafshan- Mina- Total
Carlin Yanacocha Newmont hasa Equity
--------------- ---------------- ---------------- ------ ----------------
1996 1995 1996 1995 1996 1995 1996 1996 1995
------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Direct mining and production costs $ 257 $ 221 $ 94 $ 107 $ 223 $ 215 $ 271 $ 233 $ 208
Capitalized mining cost adjustments (37) (34) 0 0 0 0 (57) (31) (30)
Other 2 2 1 0 2 4 3 2 2
------ ------ ------ ------ ------ ------ ------ ------ ------
Cash Operating Costs 222 189 95 107 225 219 217 204 180
Royalties 20 32 12 12 0 0 7 15 28
Production taxes 1 2 0 0 0 0 0 1 2
------ ------ ------ ------ ------ ------ ------ ------ ------
Total Cash Costs 243 223 107 119 225 219 224 220 210
Depreciation, depletion and amortization 60 61 30 28 67 186 82 58 58
Reclamation and mine closure 1 1 3 2 1 1 2 2 2
------ ------ ------ ------ ------ ------ ------ ------ ------
Total Production Costs $ 304 $ 285 $ 140 $ 149 $ 293 $ 406 $ 308 $ 280 $ 270
Equity ounces produced (000) 1,700.0 1,634.5 308.3 209.8 163.2 18.5 112.7** 2,284.2 1,862.8**
Average gold price $ 387 $ 385 $ 387 $ 385 $ 384 $ 387 $ 448 $ 390 $ 385
</TABLE>
*Prepared in accordance with Gold Institute Production Cost Standard
**Includes 5,700 produced at Minahasa before commercial operations commenced
RECONCILIATION OF TOTAL EQUITY CASH COSTS PER OUNCE TO FINANCIAL STATEMENTS
FOR TWELVE MONTHS ENDED DECEMBER 31,
(MILLIONS OF DOLLARS EXCEPT PER OUNCE AMOUNTS)
<TABLE>
<CAPTION>
1996 1995
-------- --------
<S> <C> <C>
Production costs per Financial Statements $ 476.1 $ 370.6
Equity Cash Costs of Minera Yanacocha 29.0 22.1
Reclamation Accruals (3.1) (2.4)
-------- --------
Production Costs for Per Ounce Calculation Purposes $ 502.0 $ 390.3
======== ========
Equity Ounces Produced (000) 2,278.5* 1,862.8
Total Equity Cash Cost per Ounce $ 220 $ 210
</TABLE>
*Excludes 5,700 produced at Minahasa before commercial operations commenced
(more)
<PAGE>
CARLIN TREND OPERATING STATISTICS
FOR THREE MONTHS ENDED DECEMBER 31,
MINE PRODUCTION
DRY SHORT TONS (000)
<TABLE>
<CAPTION>
1996 1995
----------------------------------------------- -------------------------------------------------
Mill Leach Mill Leach
Ore Ore Waste Total Ore Ore Waste Total
--------- --------- --------- --------- --------- --------- --------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Open-Pit:
Genesis 111 470 2,144 2,725 843 3,775 9,105 13,723
Capstone 301 522 1,382 2,205 0 0 0 0
Bootstrap 9 101 93 203 0 0 0 0
Carlin/Lantern 58 118 190 366 0 18 1,439 1,457
Post 535 0 14,747 15,282 395 350 17,809 18,554
Gold Quarry/Tusc 2,038 7,889 13,180 23,107 2,575 7,678 14,942 25,195
Northstar 164 1,246 4,631 6,041 5 25 302 332
Rain Area 0 0 0 0 0 0 0 0
Bobcat/Sold 0 242 189 431 11 68 1,896 1,975
Beast 83 1,489 1,714 3,286 0 0 0 0
--------- --------- --------- --------- --------- --------- --------- ---------
Total Open-Pit 3,299 12,077 38,270 53,646 3,829 11,914 45,493 61,236
========= ========= ========= ========= ========= ========= ========= =========
Underground:
East Carlin 69 0 0 69 83 0 0 83
Carlin Main 41 0 0 41 31 0 0 31
Deep Star 55 0 0 55 14 0 0 14
Rain 26 2 0 28 41 0 0 41
--------- --------- --------- --------- --------- --------- --------- ---------
Total
Underground 191 2 0 193 169 0 0 169
--------- --------- --------- --------- --------- --------- --------- ---------
Grand
Total 3,490 12,079 38,270 53,839 3,998 11,914 45,493 61,405
========= ========= ========= ========= ========= ========= ========= =========
</TABLE>
MILL AND LEACH PRODUCTION
<TABLE>
<CAPTION>
1996 1995
----------------------------------------------- -------------------------------------------------
Dry Dry
Short Grade Ounces Average Short Grade Ounces Average
Tons (Ounces Produced Recovery Tons (Ounces Produced Recovery
(000) Per Ton) (000s) Rate (%) (000s) Per Ton) (000s) Rate (%)
--------- --------- --------- --------- --------- --------- --------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Mill No. 3 140 0.190 25.8 85.09 0 0.000 0.0 0.00
Mill No. 4 671 0.081 40.7 71.32 712 0.063 35.7 81.18
Mill No. 5 1,511 0.072 88.8 74.16 1,556 0.099 136.8 84.51
Mill No. 6 623 0.271 145.0 82.27 468 0.267 115.1 88.08
--------- --------- --------- --------- --------- --------- --------- -----------
Total 2,945 0.122 300.3 76.25 2,736 0.118 287.6 84.26
--------- --------- --------- --------- --------- --------- --------- -----------
Leach Operations 10,633 0.020 155.0 9,971 0.023 172.6
Total Ounces Produced
(000) 455.3 460.2
----------------------------------------------- -------------------------------------------------
</TABLE>
(more)
<PAGE>
CARLIN TREND OPERATING STATISTICS
FOR TWELVE MONTHS ENDED DECEMBER 31,
MINE PRODUCTION
Dry Short Tons (000)
<TABLE>
<CAPTION>
1996 1995
--------------------------------------- ---------------------------------------
Mill Leach Mill Leach
Ore Ore Waste Total Ore Ore Waste Total
------- ------- -------- -------- ------- ------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Open-Pit:
Genesis 968 6,327 22,454 29,749 3,235 15,125 42,727 61,087
Capstone 301 590 1,879 2,770 0 0 0 0
Bootstrap 9 282 314 605 0 0 0 0
Carlin / Lantern 351 416 2,775 3,542 13 65 2,460 2,538
Post 1,037 136 78,180 79,353 2,084 752 63,024 65,860
Gold Quarry / Tusc 8,407 30,891 57,805 97,103 9,163 34,498 59,382 103,043
Northstar 695 2,593 12,774 16,062 11 187 1,936 2,134
Rain Area 0 0 0 0 0 0 0 0
Bobcat / Sold 0 994 5,081 6,075 11 68 2,065 2,144
Beast 89 2,579 3,514 6,182 0 0 0 0
------- ------- -------- -------- ------- ------- -------- --------
Total Open-Pit 11,857 44,808 184,776 241,441 14,517 50,695 171,594 236,806
------- ------- -------- -------- ------- ------- -------- --------
Underground:
East Carlin 278 0 0 278 271 0 0 271
Carlin Main 123 0 0 123 72 0 0 72
Deep Star 145 0 0 145 15 0 0 15
Rain 160 6 0 166 146 0 0 146
------- ------- -------- -------- ------- ------- -------- --------
Total Underground 706 6 0 712 504 0 0 504
------- ------- -------- -------- ------- ------- -------- --------
Grand Total 12,563 44,814 184,776 242,153 15,021 50,695 171,594 237,310
======= ======= ======== ======== ======= ======= ======== ========
MILL AND LEACH PRODUCTION
1996 1995
--------------------------------------- ---------------------------------------
Dry Dry
Short Grade Ounces Average Short Grade Ounces Average
Tons (Ounces Produced Recovery Tons (Ounces Produced Recovery
(000) Per Ton) (000s) Rate (%) (000s) Per Ton) (000s) Rate (%)
--------------------------------------- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Mill No. 3 242 0.186 39.6 84.93 105 0.211 19.9 87.55
Mill No. 4 2,741 0.071 152.7 75.84 2,713 0.063 139.6 80.55
Mill No. 5 5,904 0.084 400.8 77.81 6,172 0.091 473.5 82.81
Mill No. 6 2,364 0.257 540.0 86.12 1,383 0.281 354.4 91.02
--------------------------------------- ---------------------------------------
Total 11,251 0.119 1133.1 79.12 10,373 0.109 987.4 83.37
--------------------------------------- ---------------------------------------
Leach Operations 41,909 0.023 566.9 44,095 0.023 647.1
Total Ounces Produced 1,700.0 1,634.5
(000)
--------------------------------------- ---------------------------------------
</TABLE>
(more)
<PAGE>
MINERA YANACOCHA OPERATING STATISTICS (100%)
FOR THREE MONTHS AND TWELVE MONTHS ENDED DECEMBER 31,
MINE PRODUCTION
Dry Short Tons (000)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
Three Months Twelve Months
------------------------------------------------ --------------------------------------------------
1996 1995 1996 1995
----------------------- ----------------------- ------------------------ ------------------------
Leach Ore Waste Total Leach Ore Waste Total Leach Ore Waste Total Leach Ore Waste Total
--------- ----- ----- --------- ----- ----- --------- ----- ------ --------- ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Carachugo 949 297 1,246 2,230 1,095 3,325 2,491 1,380 3,871 9,238 4,647 13,885
Maqui Maqui 3,239 1,371 4,610 2,331 433 2,764 15,218 4,291 19,509 8,521 2,071 10,592
San Jose 1,782 353 2,135 0 0 0 6,026 1,145 7,171 0 0 0
--------- ----- ----- --------- ----- ----- --------- ----- ------ --------- ----- ------
Total 5,970 2,021 7,991 4,561 1,528 6,089 23,735 6,816 30,551 17,759 6,718 24,477
========= ===== ===== ========= ===== ===== ========= ===== ====== ========= ===== ======
LEACH PRODUCTION
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Ore placed on leach pads 5,970 4,561 23,735 17,759
(Dry Short Tons)(000)
Average ore grade 0.041 0.050 0.046 0.045
(Ounce Per Ton)
Ounces of gold produced 200.1 155.6 811.4 552.0
(000)
========================================================================================================
</TABLE>
ZARAFSHAN-NEWMONT OPERATING STATISTICS (100%)
FOR THREE MONTHS AND TWELVE MONTHS ENDED DECEMBER 31,
LEACH PRODUCTION
Three Months Twelve Months
1996 1995 1996 1995
------ ------ ------ ------
Ore placed on 3,632 2,590 12,737 4,321
leach pads
(Dry Short Tons)(000)
Average ore grade 0.054 0.051 0.053 0.051
(Ounce Per Ton)
Ounces of gold 100.3 30.8 326.5 37.0
produced (000)
MINAHASA OPERATING STATISTICS (100%)
FOR THREE MONTHS AND TWELVE MONTHS ENDED DECEMBER 31, 1996
MINE PRODUCTION
Dry Short Tons (000)
Three Months Twelve Months
-------------------------- --------------------------
Mill Ore Waste Total Mill Ore Waste Total
-------- ------- ------- -------- ------- -------
Tons Mined 171 1,770 1,941 1,048 9,062 10,110
======== ======= ======= ======== ======= =======
MILL PRODUCTION
Average ore grade 0.206 0.279
(Ounce Per Ton)
Average recovery rate (%) 89.1 90.3
Ounces of gold produced (000) 36.6 112.7*
*Includes 5,700 ounces produced before commercial operations commenced
