SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the year ended December 31, 1993
HOMESTAKE MINING COMPANY
SAVINGS PLAN
(Full Title of Plan)
HOMESTAKE MINING COMPANY
(Issuer of Securities Held Pursuant to the Plan)
650 California Street
San Francisco, California 94108
(Address of principal executive offices)
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Trustees (or other persons who administer the Plan)
have duly caused this annual report to be signed by the
undersigned thereunto duly authorized.
HOMESTAKE MINING COMPANY
SAVINGS PLAN
By /s/T.H.Wong
-------------------------
T. H. Wong
Assistant Treasurer and
Assistant Secretary
June 24, 1994
<PAGE>
Item 1. Financial Statements and Exhibits
a. Financial Statements for the years ended December 31, 1993
and 1992 and Supplemental Schedules as of and for the year
ended December 31, 1993 and Independent Auditors' Report
b. Exhibit No. 24
Independent Auditors' Consent
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
FINANCIAL STATEMENTS
December 31, 1993 and 1992
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
INDEX
<TABLE>
<CAPTION>
Page
----
<S> <C>
Financial Statements:
Report of Independent Accountants 2
Statements of Net Assets Available for Benefits
as of December 31, 1993 and 1992 3
Statements of Changes in Net Assets Available for
Benefits for the Years Ended December 31, 1993
and 1992 4
Notes to Financial Statements 5-19
Supplemental Schedules:
Item 27a - Schedule of Assets Held for Investment
Purposes as of December 31, 1993 20-21
Item 27d - Schedule of Reportable Transactions
for the Year Ended December 31, 1993 22-23
</TABLE>
1
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
The Savings Plan Committee
Homestake Mining Company
San Francisco, California
We have audited the accompanying statements of net assets available for
benefits of the Homestake Mining Company Savings Plan (the Plan) as of
December 31, 1993 and 1992, and the related statements of changes in net
assets available for benefits for the years then ended. These financial
statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by Plan management, as well as
evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for benefits of the Plan
as of December 31, 1993 and 1992, and the changes in net assets available
for benefits for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of the
Plan are presented for the purpose of additional analysis and are not a
required part of the basic financial statements but are supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act
of 1974. The supplemental schedules have been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in
our opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
/s/ Coopers & Lybrand
- - - - - ---------------------
COOPERS & LYBRAND
Oakland, California
April 14, 1994
2
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1993 and 1992
<TABLE>
<CAPTION>
ASSETS 1993 1992
---- ----
<S> <C> <C>
Investments, at fair value:
Guaranteed Investment Contract Fund $27,924,594 $31,995,589
Mellon Bank Investment Fund 5,477,911 3,410,953
Wells Fargo Equity Index Fund 1,520,314 770,788
Common stock 12,939,608 8,950,392
Cash and cash equivalents 6,925,801 226,984
---------- ----------
54,788,228 45,354,706
---------- ----------
Contributions receivable:
Company 69,460 129,929
Participants 191,143 173,446
Other - loans 59,018 97,358
---------- ----------
319,621 400,733
---------- ----------
Loans receivable from participants 1,903,128 1,963,518
Homestake common stock receivable 962,618 -
Other assets 15,444 49,745
---------- ----------
2,881,190 2,013,263
---------- ----------
Total assets 57,989,039 47,768,702
LIABILITIES
Accrued payables 6,448 169,537
---------- ----------
Net assets available for
benefits $57,982,591 $47,599,165
========== ==========
</TABLE>
The accompanying notes are an integral
part of these financial statements.
3
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
for the years ended December 31, 1993 and 1992
<TABLE>
<CAPTION>
1993 1992
----- -----
<S> <C> <C>
Additions to net assets attributed to:
Interest income $ 2,335,028 $ 2,696,369
Dividend income 165,329 220,880
Net appreciation in the fair value
of investments 438,303 117,339
Net appreciation (depreciation)
in fair value of investment
in common stock 8,625,027 (3,404,394)
Interest on participants' loans 51,859 171,116
---------- ----------
11,615,546 (198,690)
---------- ----------
Contributions:
Company, in cash 765,110 1,352,049
Company, in common stock of the
Company 170,531 607,040
Participants, in cash 2,340,385 1,996,929
---------- ----------
3,276,026 3,956,018
---------- ----------
Total additions 14,891,572 3,757,328
---------- ----------
Deductions from net assets attributed
to:
Benefits paid to participants 4,514,801 5,715,405
Other (additions) deductions, net (6,655) 53,391
---------- ----------
Total deductions 4,508,146 5,768,796
---------- ----------
Net additions (deductions) 10,383,426 (2,011,468)
Net assets available for benefits:
Beginning of year 47,599,165 49,610,633
---------- ----------
End of year $57,982,591 $47,599,165
========== ==========
</TABLE>
The accompanying notes are an integral
part of these financial statements.
4
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
1. Description of Plan:
--------------------
The following description of the Homestake Mining Company Savings Plan
(the Plan) provides only general information. Participants should
refer to the Plan agreement for a more complete description of the
Plan's provisions.
General:
--------
The Plan is a defined contribution profit sharing plan (qualified
under Internal Revenue Code Section 401(a) and 401(k)) covering all
full-time salaried employees of Homestake Mining Company and its
subsidiaries (the Company) who have completed three months of service
and all temporary employees who have completed one year of service.
Hourly employees of the Company who are not covered by collective
bargaining agreements and have completed three months of service are
also eligible to participate in the Plan. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974
(ERISA), as amended.
The Plan is administered by the Savings Plan Committee of the Board
of Directors of the Company (the Plan Committee). Mellon Bank was
the Plan's trustee through December 31, 1993 and was replaced by
Wells Fargo Bank effective January 1, 1994.
Contributions:
--------------
Participation is voluntary. Participating employees may make
contributions of between 1% and 6% of their monthly salary. The
Company contributes a percentage, not less than 25% of the employee's
regular contribution. Participants may also contribute to the Plan
amounts previously contributed to another qualified plan and
additional amounts not exceeding 10% of their monthly salary. These
contributions are not matched by Company contributions.
Each participating employee may designate the percentage of their
total contribution, including the Company's matching portion, to be
invested in the common stock of Homestake Mining Company or in any of
the funds in which the Plan invests.
5
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
1. Description of Plan, continued:
-------------------
Participants' Accounts:
-----------------------
Separate accounts are maintained for each participant. Each
participant's account is directly credited with the participant's
contribution and the Company's matching contribution. Unless
otherwise specified, discretionary additional Company contributions
are allocated to each participant's account based on the ratio that
each participant's compensation bears to the total compensation of
all participants. Net earnings from investments in trust funds,
which includes appreciation (depreciation) in fair value, are
allocated to each participant's account based on the ratio which the
trust fund portion of that participant's account balance bears to the
total of the trust fund portion of all participants' account
balances. Net earnings from investment in common stock of the
Company, including appreciation (depreciation) in fair value, are
allocated to each participant's account based on the actual number of
shares of such common stock included therein.
Participants have the option of periodically converting the common
stock portion of their account into one of the trust funds, or vice
versa, at the then current fair value of the stock.
Vesting:
--------
The Plan offers full and immediate vesting of the employee
contribution portion of each participant's account. Company
contributions are vested 60% after three years of service, 80% after
four years of service, and 100% after five years of service, or on
attainment of age 65, or at the time of retirement under the
provision of the Homestake Mining Company retirement plan, or death.
6
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
1. Description of Plan, continued:
--------------------
Payment of Benefits:
--------------------
Participants may withdraw any portion of their accounts related to
their own after-tax contributions in accordance with the provisions
of the Plan.
Participants may not withdraw any portion of their accounts
attributable to Company contributions made within the preceding two
years. Certain withdrawals result in suspension of the participant's
right to contribute for specified periods.
Loans:
------
Participants may borrow from their account up to the lesser of 50% of
their vested account balance or $50,000. These loans bear interest
at a composite of bank prime rates and are subject to approval by the
Savings Plan Committee.
Forfeitures:
------------
Forfeitures of unvested Company contributions are allocated as of the
end of each Plan year among remaining participants entitled to
matching Company contributions.
2. Significant Accounting Policies:
--------------------------------
Securities:
-----------
Securities are stated at fair value as determined based on reference
to quoted market prices. Transactions are recorded on the trade date
basis.
Guaranteed Investment Contracts:
--------------------------------
Guaranteed Investment Contracts are held with insurance companies
(primarily fixed income investments) and are stated at cost plus
accrued interest. They are managed by Primco Capital Management,
Inc.
7
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
2. Significant Accounting Policies, continued:
--------------------------------
Withdrawals:
-----------
Withdrawals in kind of securities from the Homestake Mining Company
Common Stock Fund are reported at market valuations. Withdrawals
from the Mellon Bank Investment Fund, Guaranteed Investment Contract
Fund, and Wells Fargo Equity Index Fund are made in cash.
Net Appreciation (Depreciation) in Fair Value of Investments:
-------------------------------------------------------------
The Plan presents in the statements of changes in net assets
available for benefits the net appreciation (depreciation) in the
fair value of its investments which consists of the realized gains or
losses and the unrealized appreciation (depreciation) on those
investments.
3. Plan Termination:
----------------
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and
to terminate the Plan subject to ERISA provisions. In the event of
Plan termination, all accumulated plan benefits will be fully vested
and will be distributed to participants based on their respective
account balances.
4. Reclassifications:
-----------------
Certain reclassifications were made to 1992 balances to conform with
the 1993 presentation with no effect on the net assets available for
benefits or net change in net assets available for benefits as
previously reported.
5. Tax Status:
----------
The Plan has been advised by the Internal Revenue Service that the Plan
constitutes a qualified plan and trust under Section 401(a) and 401(k)
of the Internal Revenue Code and is, therefore, exempt from federal
income taxes under provisions of Section 501(a).
Participants are not subject to federal income taxes on their pre- tax
contributions, Company matching contributions, or investment earnings
allocated to their account until withdrawals are made.
8
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
6. Participants:
------------
The number of employees participating in the individual funds at
December 31, 1993 and 1992 were as follows:
<TABLE>
<CAPTION>
1993 1992
----- -----
<S> <C> <C>
Homestake Mining Company Common Stock Fund 857 853
Mellon Bank Investment Fund 375 309
Guaranteed Investment Contract Fund 798 817
Wells Fargo Equity Index Fund 154 90
----- -----
Total 2,184 2,069
===== =====
</TABLE>
7. Investments:
-----------
Investments at December 31, 1993 and 1992 are comprised of the
following:
<TABLE>
<CAPTION>
Fair
Number Value
of Per Fair
Units Unit Value
------ ----- -----
<S> <C> <C> <C>
1993:
-----
Guaranteed Investment Contract
Fund, at fair value:
Allstate Life Insurance Company 2,013,445 $1.000 $2,013,445
Bankers Trust Company 3,069,545 1.000 3,069,545
Canada Life Assurance Company 2,055,325 1.000 2,055,325
Confederation Life Insurance
Company 3,192,845 1.000 3,192,845
Crown Life Insurance Company 1,216,121 1.000 1,216,121
IBM Credit Corporation 1,425,433 1.000 1,425,433
John Hancock Mutual Life
Insurance Company 2,724,699 1.000 2,724,699
Life Insurance Company of
Virginia 2,370,816 1.000 2,370,816
Massachusetts Mutual Life
Insurance Company 2,962,684 1.000 2,962,684
New York Life Insurance Company 5,600,145 1.000 5,600,145
United of Omaha Mutual Life
Insurance Company 1,293,536 1.000 1,293,536
---------- ----- ----------
27,924,594 27,924,594
---------- ----------
Mellon Bank Investment Fund, at
fair value (as certified
by Mellon Bank):
Equity Fund 38,215 115.064 4,397,183
Fixed Income Fund 19,896 54.318 1,080,728
------ ---------
58,111 5,477,911
------ ---------
9
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
7. Investments, continued:
-----------
<CAPTION>
Fair
Number Value
of Per Fair
Units Unit Value
1993, continued
---- ------ ------ ------
<S> <C> <C> <C>
Wells Fargo Equity Index Fund,
at fair value (as certified
by Mellon Bank) 93,443 16.270 1,520,314
---------- ----------
93,443 1,520,314
---------- ----------
28,076,148 $34,922,819
========== ==========
1992:
-----
Guaranteed Investment Contract
Fund, at fair value:
Allstate Life Insurance Company 806,485 $ 1.000 $ 806,485
Canada Life Assurance Company 2,055,325 1.000 2,055,325
Confederation Life Insurance
Company 3,193,600 1.000 3,193,600
Crown Life Insurance Company 2,512,460 1.000 2,512,460
IBM Credit Corporation 1,425,433 1.000 1,425,433
Life Insurance Company of
Virginia 3,243,587 1.000 3,243,587
Massachusetts Mutual Life
Insurance Company 3,652,959 1.000 3,652,959
Metropolitan Life Insurance
Company 3,252,979 1.000 3,252,979
New York Life Insurance Company 5,614,042 1.000 5,614,042
Union Mutual Pension and
Insurance Corporation 3,442,716 1.000 3,442,716
United of Omaha Mutual Life
Insurance Company 2,796,003 1.000 2,796,003
---------- ----------
31,995,589 31,995,589
---------- ----------
Mellon Bank Investment Fund, at
fair value (as certified
by Mellon Bank):
Equity Fund 26,365 105.145 2,772,138
Fixed Income Fund 11,961 53.408 638,815
---------- ----------
38,326 3,410,953
---------- ----------
Wells Fargo Equity Index Fund,
at fair value (as certified
by Mellon Bank) 51,940 14.840 770,788
---------- ----------
51,940 770,788
---------- ----------
32,085,855 $36,177,330
========== ==========
</TABLE>
10
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
7. Investments, continued:
------------
All earnings are reinvested in and credited to each fund monthly.
These earnings include interest, dividends, and appreciation
(depreciation) in fair value of investments. The Mellon Bank
Investment Fund and Wells Fargo Equity Index Fund seek to maximize
total return while maintaining a moderate level of risk by investing in
equity securities. The Mellon Bank Fixed Income Fund consists of high
quality fixed income vehicles.
Investment in common stock of the Company at December 31, 1993 and 1992
is comprised of the following:
<TABLE>
<CAPTION>
1993 1992
---- ----
<S> <C> <C>
Number of shares of Homestake
Mining Company common stock 588,164 813,672
========== ==========
Quoted market price per share $22.00 $11.00
========== ==========
Fair value of investment $12,939,608 $8,950,392
Cost basis of investment 8,560,770 11,698,642
---------- -----------
Unrealized appreciation
(depreciation) associated
with investment $ 4,378,838 $(2,748,250)
========== ==========
</TABLE>
8. Administrative Expenses:
-----------------------
All costs associated with administering the Plan are paid directly by
the Company.
9. Amount Due to Plan Participants:
-------------------------------
Net assets available for benefits include amounts due to Plan
participants who have withdrawn on or before the Plan's year-end. Such
amounts were $344,766 and $835,409 at December 31, 1993 and 1992,
respectively.
11
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
10. Net Assets Available for Benefits by Investment Type:
----------------------------------------------------
At December 31, 1993 and 1992, net assets available for benefits
were held in the following participant-designated investment types:
<TABLE>
<CAPTION>
Wells
Guaranteed Mellon Fargo
Investment Bank Equity
Contract Investment Index
Fund Fund Fund
---------- ---------- --------
<S> <C> <C> <C>
December 31, 1993:
-----------------
ASSETS
Investments, at fair
value:
Investments held by
trustee $27,924,594 $5,477,911 $1,520,314
Common stock of the
Company - - -
Cash and cash equivalents 6,500,980 220,758 169,120
---------- ---------- ----------
34,425,574 5,698,669 1,689,434
---------- ---------- ----------
Contributions receivable:
Company 37,472 12,239 5,845
Participants 98,393 37,759 21,134
Other - loans 46,114 4,641 1,867
---------- ---------- ----------
181,979 54,639 28,846
---------- ---------- ----------
Loans receivable from
participants - - -
Homestake common stock
receivable - - -
Other assets 1,975 13,467 2
---------- ---------- ----------
1,975 13,467 2
---------- ----------- ----------
Total assets 34,609,528 5,766,775 1,718,282
LIABILITIES
Accrued payables 65 - -
---------- ---------- ----------
Net assets
available
for benefits $34,609,463 $5,766,775 $1,718,282
========== ========== ==========
12
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
10. Net Assets Available for Benefits by Investment Type: (continued)
----------------------------------------------------
<CAPTION>
Homestake
Mining
Company
Common Participant
Stock Loan Fund Total
--------- ----------- ------
<S> <C> <C> <C>
December 31, 1993:
-----------------
ASSETS
Investments, at fair
value:
Investments held by
trustee - - $34,922,819
Common stock of the
Company $12,939,608 - 12,939,608
Cash and cash equivalents 34,907 $ 36 6,925,801
----------- ----------- ---- ------
12,974,515 36 54,788,228
----------- ----------- -----------
Contributions receivable:
Company 13,904 - 69,460
Participants 33,857 - 191,143
Other - loans 6,396 - 59,018
----------- ----------- -----------
54,157 - 319,621
----------- ----------- -----------
Loans receivable from
participants - 1,903,128 1,903,128
Homestake common stock
receivable 962,618 - 962,618
Other assets - - 15,444
----------- ----------- -----------
962,618 1,903,128 2,881,190
----------- ----------- -----------
Total assets 13,991,290 1,903,164 57,989,039
LIABILITIES
Accrued payables 6,143 240 6,448
----------- ----------- -----------
Net assets
available
for
benefits $13,985,147 $1,902,924 $57,982,591
=========== =========== ===========
</TABLE>
13
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
10. Net Assets Available for Benefits by Investment Type, continued:
-----------------------------------------------------
<TABLE>
<CAPTION>
Wells
Guaranteed Mellon Fargo
Investment Bank Equity
Contract Investment Index
Fund Fund Fund
---------- ---------- --------
<S> <C> <C> <C>
December 31, 1992:
-----------------
ASSETS
Investments, at fair
value:
Investments held by
trustee $31,995,589 $3,410,953 $770,788
Common stock of the
Company - - -
Cash and cash equivalents (6,604) 39,914 -
---------- ---------- ----------
31,988,985 3,450,867 770,788
---------- ---------- ----------
Contributions receivable:
Company 83,934 19,292 5,471
Participants 110,111 28,471 9,544
Other - loans 86,860 4,292 268
---------- ---------- ----------
280,905 52,055 15,283
---------- ---------- ----------
Loans receivable from
participants - - -
Other assets - 9,354 -
---------- ----------- ---------
- 9,354 -
---------- ---------- ---------
Total assets 32,269,890 3,512,276 786,071
LIABILITIES
Accrued payables 15 - -
---------- ---------- ----------
Net assets
available
for benefits $32,269,875 $3,512,276 $786,071
========== ========== ==========
14
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
10. Net Assets Available for Benefits by Investment Type: (continued)
----------------------------------------------------
<CAPTION>
Homestake
Mining
Company
Common Participant
Stock Loan Fund Total
--------- ----------- ------
<S> <C> <C> <C>
December 31, 1992:
------------------
ASSETS
Investments, at fair
value:
Investments held by
trustee - - $36,177,330
Common stock of the
Company $8,950,392 - 8,950,392
Cash and cash equivalents 117,757 $ 75,917 226,984
----------- ----------- -----------
9,068,149 75,917 45,354,706
----------- ----------- -----------
Contributions receivable:
Company 21,232 - 129,929
Participants 25,320 - 173,446
Other - loans 5,938 - 97,358
----------- ----------- -----------
52,490 - 400,733
----------- ----------- -----------
Loans receivable from
participants - 1,963,518 1,963,518
Other assets 40,391 - 49,745
----------- ----------- -----------
40,391 1,963,518 2,013,263
----------- ----------- -----------
Total assets 9,161,030 2,039,435 47,768,702
LIABILITIES
Accrued payables 100,101 69,421 169,537
----------- ----------- -----------
Net assets
available
for
benefits $9,060,929 $1,970,014 $47,599,165
=========== =========== ===========
</TABLE>
15
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
11. Changes in Net Assets Available for Benefits by Investment Type:
---------------------------------------------------------------
During the years ended December 31, 1993 and 1992, changes in net
assets available for benefits by participant-designated investment
types were as follows:
<TABLE>
<CAPTION>
Wells
Guaranteed Mellon Fargo
Investment Bank Equity
Contract Investment Index
Fund Fund Fund
---------- ---------- ------
<S> <C> <C> <C>
Year Ended December 31, 1993:
----------------------------
Additions to net assets
attributed to:
Investment income $ 2,266,598 $ 153,474 $ 10
Net appreciation in the
fair value of
investments - 339,904 98,399
Net appreciation in fair
value of investment
in common stock - - -
Interest on participants'
loans - - -
----------- ---------- ----------
2,266,598 493,378 98,409
----------- ---------- ----------
Contributions:
Company, in cash 550,147 154,211 60,752
Company, in common stock
of the Company - - -
Participants, in cash 1,315,358 446,035 196,826
----------- ---------- ----------
1,865,505 600,246 257,578
----------- ---------- ----------
Interfund transfers 1,672,322 1,414,909 588,411
----------- ---------- ----------
Total additions 5,804,425 2,508,533 944,398
----------- ---------- ----------
Deductions from net assets
attributed to:
Benefits paid to
participants 3,419,703 254,382 13,686
Other (additions)
deductions, net 45,134 (348) (1,499)
----------- ----------- -----------
Total deductions
(additions) 3,464,837 254,034 12,187
----------- ----------- -----------
Net additions
(deductions) 2,339,588 2,254,499 932,211
Net assets available for
benefits:
Beginning of year 32,269,875 3,512,276 786,071
----------- ---------- ----------
End of year $34,609,463 $5,766,775 $1,718,282
=========== ========== ==========
16
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
11. Changes in Net Assets Available for Benefits by Investment Type,
---------------------------------------------------------------
continued:
<CAPTION>
Homestake
Mining
Company
Common Paticipant
Stock Loan Fund
Total
--------- ---------- -----
<S> <C> <C> <C>
Year Ended December 31, 1993:
- - - - - ----------------------------
Additions to net assets
attributed to:
Investment income $ 80,275 - $ 2,500,357
Net appreciation in the fair
value of investments - - 438,303
Net appreciation in fair
value of investment
in common stock 8,625,027 - 8,625,027
Interest on participants'
loans - $ 51,859 51,859
----------- ---------- -----------
8,705,302 51,859 11,615,546
----------- ---------- -----------
Contributions:
Company, in cash - - 765,110
Company, in common stock
of the Company 170,531 - 170,531
Participants, in cash 382,166 - 2,340,385
----------- ---------- -----------
552,697 - 3,276,026
----------- ---------- -----------
Interfund transfers (3,515,322) (160,320) -
----------- ---------- -----------
Total additions
(deductions) 5,742,677 (108,461) 14,891,572
----------- ---------- -----------
Deductions from net assets
attributed to:
Benefits paid to participants 827,030 - 4,514,801
Other (additions) deductions,
net (8,571) (41,371) (6,655)
----------- ---------- -----------
Total deductions
(additions) 818,459 (41,371) 4,508,146
----------- ---------- -----------
Net additions
(deductions) 4,924,218 (67,090) 10,383,426
Net assets available for
benefits:
Beginning of year 9,060,929 1,970,014 47,599,165
----------- ---------- -----------
End of year $13,985,147 $1,902,924 $57,982,591
=========== ========== ===========
</TABLE>
17
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
11. Changes in Net Assets Available for Benefits by Investment
Type,(continued)
---------------------------------------------------------------
<TABLE>
<CAPTION>
Wells
Guaranteed Melllon Fargo
Investment Bank Equity
Contract Investment Index
Fund Fund Fund
---------- ---------- --------
<S> <C> <C> <C>
Year Ended December 31, 1992:
- - - - - ----------------------------
Additions to net assets
attributed to:
Investment income $ 2,594,458 $ 130,867 $ 40,039
Net appreciation in the fair
value of investments - 76,455 40,884
Net depreciation in fair
value of investment in
common stock - - -
Interest on participants'
loans - - -
Other, net - - -
----------- ---------- ---------
2,594,458 207,322 80,923
----------- ---------- ---------
Contributions:
Company, in cash 1,079,610 222,261 50,178
Company, in common stock
of the Company - - -
Participants, in cash 1,541,685 350,001 105,243
----------- ---------- ---------
2,621,295 572,262 155,421
----------- ---------- ---------
Interfund transfers (1,155,121) (292,330) (135,564)
----------- ---------- ---------
Total additions 4,060,632 487,254 100,780
----------- ---------- ---------
Deductions from net assets
attributed to:
Benefits paid to
participants 4,942,158 185,714 12,381
Other, net (24,158) (2,582) 42,650
----------- ---------- ---------
Total deductions 4,918,000 183,132 55,031
----------- ---------- ---------
Net (deductions)
additions (857,368) 304,122 45,749
Net assets available for
benefits:
Beginning of year 33,127,243 3,208,154 740,322
----------- ---------- ---------
End of year $32,269,875 $3,512,276 $ 786,071
=========== ========== =========
18
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
<CAPTION>
Homestake
Mining
Company
Common Participant
Stock Loan Fund Total
----------- ----------- ---------
<S> <C> <C> <C>
Year Ended December 31, 1992:
- - - - - ----------------------------
Additions to net assets
attributed to:
Investment income $ 151,885 - $ 2,917,249
Net appreciation in the fair
value of investments - - 117,339
Net depreciation in fair
value of investment in
common stock (3,404,394) - (3,404,394)
Interest on participants'
loans - $ 171,116 171,116
Other, net - - -
------------ ---------- -----------
(3,252,509) 171,116 (198,690)
------------ ---------- -----------
Contributions:
Company, in cash - - 1,352,049
Company, in common stock
of the Company 607,040 - 607,040
Participants, in cash - - 1,996,929
------------ ---------- -----------
607,040 - 3,956,018
------------ ---------- -----------
Interfund transfers 1,576,104 6,911 -
------------ ---------- -----------
Total additions (1,069,365) 178,027 3,757,328
------------ ---------- -----------
Deductions from net assets
attributed to:
Benefits paid to
participants 500,329 74,823 5,715,405
Other, net 488 36,993 53,391
------------ ---------- -----------
Total deductions 500,817 111,816 5,768,796
------------ ---------- -----------
Net (deductions)
additions (1,570,182) 66,211 (2,011,468)
Net assets available for
benefits:
Beginning of year 10,631,111 1,903,803 49,610,633
------------ ---------- -----------
End of year $ 9,060,929 $1,970,014 $47,599,165
============ ========== ===========
</TABLE>
19
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
Item 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
as of December 31, 1993
<TABLE>
<CAPTION>
Matu- Inter- Number of
rity est Shares
Issuer Date Rate or Units
------ -------- ----- ----------
<S> <C> <C> <C>
Guaranteed Investment Contract Fund (1):
Allstate Life Insurance Company 11/12/98 5.46% 2,013,445
Bankers Trust Company 09/30/00 4.84 3,069,545
Canada Life Assurance Company 09/10/95 9.30 2,055,325
Confederation Life Insurance Company 01/02/95 8.70 1,086,255
Confederation Life Insurance Company 07/24/95 9.14 1,038,835
Confederation Life Insurance Company 03/15/96 8.54 1,067,756
Crown Life Insurance Company 03/03/98 4.02 1,216,121
IBM Credit Corporation 07/25/94 5.52 1,425,433
John Hancock Mutual Life Insurance
Company 06/30/98 5.16 2,724,699
Life Insurance Company of Virginia 11/29/94 4.68 2,370,815
Massachusetts Mutual Life Insurance
Company 07/05/02 6.77 1,859,469
Massachusetts Mutual Life Insurance
Company 12/01/95 9.00 1,103,215
New York Life Insurance Company 08/01/96 8.45 2,084,732
New York Life Insurance Company 10/28/96 7.60 2,026,652
New York Life Insurance Company 03/02/98 6.01 1,488,762
United of Omaha Mutual Life Insurance
Company 02/09/94 8.65 1,293,536
Mellon Bank Equity Fund Various Fluc-
tuates 38,215
Mellon Bank Fixed Income Fund Various Fluc-
tuates 19,896
Wells Fargo Equity Index Fund Various Fluc-
tuates 93,443
Homestake Mining Company common stock - - 588,164
Loans receivable from participants Various Various
Cash and cash equivalents - Various
20
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
Item 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES, Continued
as of December 31, 1993
<CAPTION>
Market
Issuer Cost Value
- - - - - ------ ---------- ----------
<S> <C> <C>
Guaranteed Investment Contract Fund (1):
Allstate Life Insurance Company $ 2,013,445 $ 2,013,445
Bankers Trust Company 3,069,545 3,069,545
Canada Life Assurance Company 2,055,325 2,055,325
Confederation Life Insurance Company 1,086,255 1,086,255
Confederation Life Insurance Company 1,038,835 1,038,835
Confederation Life Insurance Company 1,067,756 1,067,756
Crown Life Insurance Company 1,216,121 1,216,121
IBM Credit Corporation 1,425,433 1,425,433
John Hancock Mutual Life Insurance
Company 2,724,699 2,724,699
Life Insurance Company of Virginia 2,370,815 2,370,815
Massachusetts Mutual Life Insurance
Company 1,859,469 1,859,469
Massachusetts Mutual Life Insurance
Company 1,103,215 1,103,215
New York Life Insurance Company 2,084,732 2,084,732
New York Life Insurance Company 2,026,652 2,026,652
New York Life Insurance Company 1,488,762 1,488,762
United of Omaha Mutual Life Insurance
Company 1,293,536 1,293,536
----------- -----------
27,924,595 27,924,595
----------- -----------
Mellon Bank Equity Fund 3,456,304 4,397,183
Mellon Bank Fixed Income Fund 1,053,924 1,080,728
Wells Fargo Equity Index Fund 1,390,955 1,520,313
----------- -----------
5,901,183 6,998,224
----------- -----------
$33,825,778 $34,922,819
=========== ===========
Homestake Mining Company common stock $ 8,560,770 $12,939,608
=========== ===========
Loans receivable from participants $ 1,903,128 $ 1,903,128
=========== ===========
Cash and cash equivalents $ 6,925,801 $ 6,925,801
=========== ===========
<FN>
(1) Market value represents cost plus accrued interest.
</TABLE>
21
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
Item 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
for the year ended December 31, 1993
<TABLE>
<CAPTION>
Purchases
---------------------------
Identity of Description Number of
Party Involved of Assets Transactions Cost
- - - - - -------------- ----------------- ------------ -----------
<S> <C> <C> <C>
Homestake Purchase and sale
Mining of company
Company stock 23 $ 1,178,881
Mellon Bank Short-Term Income
Fund (cash
equivalents) - -
Mellon Bank Short-Term Income
Fund (cash
equivalents) 1 3,303,292
Mellon Bank Short-Term Income
Fund (cash
equivalents) 345 23,945,793
John Hancock Guaranteed Invest-
Mutual Life ment Contract 1 2,680,000
Insurance
Company
Bankers Trust Guaranteed Invest-
Company ment Contract 1 3,000,000
Unum Life Guaranteed Invest-
Insurance ment Contract - -
Company
Metropolitan Guaranteed Invest-
Life ment Contract - -
Insurance
Company
22
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
Item 27d - SCHEDULE OF REPORTABLE TRANSACTIONS, Continued
for the year ended December 31, 1993
<CAPTION>
Sales
------------------------------------------
Sales
Price of
Asset at
Identity Number Date of Cost of
of Party Description of Tran- Tran- Asset Net
Involved of Assets sactions saction Sold Gain
- - - - - --------- ------------ ------------------ ----------- ----------
<S> <C> <C><C> <C> <C>
Homestake Purchase and
Mining sale of com-
Company pany stock 23 $ 6,158,268 $ 4,661,265 $1,497,003
Mellon Bank Short-Term
Income
Fund (cash
equivalents) 1 2,679,181 2,679,181 -
Mellon Bank Short-Term
Income Fund
(cash
equivalents) - - - -
Mellon Bank Short-Term
Income Fund
(cash equiv-
alents) 124 17,402,568 17,402,568 -
John
Hancock Guaranteed
Mutual Investment - - - -
Life Contract
Insurance
Company
Bankers Guaranteed
Trust Investment
Company Contract - - - -
Unum Guaranteed
Life Investment
Insurance Contract 1 3,626,218 3,626,218 -
Company
Metropoli- Guaranteed
tan Life Investment
Insurance Contract
Company 2 3,483,249 3,483,249 -
Note: Under the Employee Retirement Income Security Act (ERISA), a
reportable transaction is a transaction or series of transactions
during the year that involved more than 5% of the value of the
Plan's assets at the beginning of the year.
</TABLE>
23
<PAGE>
Exhibit No. 24
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in Post-Effective Amendment
No. 5 to Registration Statement No. 2-90903 on Form S-8 of Homestake Mining
Company of our report dated April 14, 1994, on our audit of the financial
statements of the Homestake Mining Company Savings Plan as of and for the
year ended December 31, 1993, which report is included in this Annual
Report on Form 11-K.
/s/ Coopers & Lybrand
- - - - - ---------------------
COOPERS & LYBRAND
Oakland, California
June 15, 1994
