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):
February 17, 1997
Newmont Mining Corporation
Delaware 1-1153 13-1806811
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
1700 Lincoln Street, Denver CO 80203
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(303) 863-7414
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See Table of Co-Registrants Below
State or other IRS
Jurisdiction of Employer
Incorporation Identification
Name/Address or Organization Number
Newmont Gold Company Delaware 13-2526632
1700 Lincoln Street
Denver, CO 80203
Item 2. Acquisition or Disposition of Assets.
On February 17, 1997, Newmont Gold Company ("Newmont Gold"), which is 91%
owned by Newmont Mining Corporation, and Compania de Minas Buenaventura, S.A.
("Buenaventura") were advised that the Eighth Court of the Superior Court of
Lima Peru had upheld the decision of the Fifth Civil Court of Lima regarding
Newmont Gold's and Buenaventura's exercise of pre-emptive rights with respect
to an additional 24.7% interest in Minera Yanacocha S.A. ("Minera Yanacocha"),
the largest gold mining operation in Latin America.
The Fifth Civil Court had affirmed in September 1996 the right of Newmont
Gold and Buenaventura to exercise their preemptive rights under Minera
Yanacocha's by-laws to acquire the 24.7% interest in Minera Yanacocha
originally held by Bureau de Recherches Geologiques et Minieres, the
geological and mining bureau of the French government ("BRGM"). The court had
set a purchase price of $109.3 million for the interest, resulting in a $59
million purchase price for the 13.35% additional interest applicable to
Newmont Gold.
Newmont Gold has been advised by its Peruvian counsel that under Peru's
Civil Procedure Code decisions of the Superior Court can be modified by the
Supreme Court of Peru only under very limited circumstances and that the
issues in this matter do not qualify for such review so that it is not likely
that further review will be granted.
Pending the final decision by the Superior Court, Newmont Gold had not
reflected the additional 13.35% interest in its financial statements. As the
result of the Superior Court's decision, Newmont Gold now is treating the
13.35% additional interest in Minera Yanacocha as having been acquired by it,
thereby increasing Newmont Gold's interest in Minera Yanacocha from 38% to
51.35%. Therefore, beginning in February 1997, Newmont Gold will consolidate
Minera Yanacocha in its financial statements. (Previously, Newmont Gold had
accounted for its 38% interest in Minera Yanacocha on an equity basis.)
Newmont Gold intends to use existing cash balances or borrowings under
its existing credit facilities to pay the purchase price for the additional
13.35% interest in Minera Yanacocha and the related costs and expenses.
Item 7. Financial Statements and Exhibits
(a) Financial statements of business acquired - To be filed no later
than 60 days after this report on Form 8-K must be filed.
(b) Pro forma financial information - To be filed no later than 60 days
after this report on Form 8-K must be filed.
(c) Exhibits - None.
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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 hereunto duly authorized.
NEWMONT MINING CORPORATION
Date: March 4, 1997 By: /s/ Timothy J. Schmitt
Timothy J. Schmitt
Vice President, Secretary and
Assistant General Counsel
