<PAGE>
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, 1994
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 29, 1995
<PAGE>
Item 1. Financial Statements and Exhibits
a. Financial Statements for the years ended December 31,
1994 and 1993 and Supplemental Schedules as of and
for the year ended December 31, 1994 and Independent
Auditors' Report.
b. Exhibit No. 24
Independent Auditors' Consent
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
_______
FINANCIAL STATEMENTS
for the years ended December 31, 1994 and 1993
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
_______
INDEX
Page
Financial Statements:
Report of Independent Accountants 2
Statements of Net Assets Available for Benefits
as of December 31, 1994 and 1993 3
Statement of Changes in Net Assets Available for
Benefits for the Year Ended December 31, 1994 4
Notes to Financial Statements 5-16
Supplemental Schedules:
Item 27a - Schedule of Assets Held for Investment
Purposes as of December 31, 1994 17
Item 27d - Schedule of Reportable Transactions 18
for the Year Ended December 31, 1994
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, 1994 and 1993, and the related statement of changes in net
assets available for benefits for the year ended December 31, 1994. 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 an 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, 1994 and 1993, and the changes in net assets available
for benefits for the year ended December 31, 1994, in conformity with
generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental schedules of
assets held for investment purposes and reportable transactions 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 L.L.P.
- ----------------------------
Coopers & Lybrand L.L.P.
Oakland, California
June 26, 1995
2
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1994 and 1993
_______
<TABLE>
<CAPTION>
ASSETS 1994 1993
-------- ----- -----
<S> <C> <C>
Cash and cash equivalents $ 518,255 $ 6,925,801
----------- -----------
Investments, at fair value:
Mellon Bank Investment Fund - 5,477,911
Wells Fargo Asset Allocation Fund 7,107,229 -
Wells Fargo Equity Index Fund - 1,520,314
Wells Fargo S&P 500 Stock Fund 4,169,095 -
Wells Fargo Lifepath Funds 4,214,761 -
Homestake Mining Company Stock Fund 10,164,877 12,939,608
Participant loans receivable 2,051,147 1,903,128
----------- -----------
27,707,109 21,840,961
----------- -----------
Investments, at contract value:
Fixed Income Fund 21,235,803 27,924,594
Frozen Confederation Life
Guaranteed Investment
Contracts 3,090,586 -
----------- -----------
24,326,389 27,924,594
----------- -----------
Receivables:
Company contributions 430 69,460
Participants' contributions 2,131 191,143
Other - loans - 59,018
----------- -----------
2,561 319,621
----------- -----------
Other:
Homestake common stock receivable - 962,618
Other assets 354 15,444
----------- -----------
354 978,062
----------- -----------
Total assets 52,554,668 57,989,039
LIABILITIES
Accrued payables 143,500 6,448
----------- -----------
Net assets available for
benefits $52,411,168 $57,982,591
=========== ===========
</TABLE>
The accompanying notes are an integral
part of these financial statements.
3
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
for the year ended December 31, 1994
_______
<TABLE>
<CAPTION>
1994
-----------
<S> <C>
Additions to net assets attributed to:
Interest and dividends $ 1,759,579
Interest on participants' loans 160,358
-----------
1,919,937
-----------
Contributions:
Company, in cash 1,216,129
Participants, in cash 2,367,245
Transfers in from other plans 27,068
-----------
3,610,442
-----------
Total additions 5,530,379
-----------
Deductions from net assets
attributed to:
Net depreciation in the fair value
of investments 359,297
Net depreciation in the fair value
of investment in Homestake
common stock 2,158,288
Benefits paid to participants 8,247,008
Transfers out to other plans 337,209
-----------
Total deductions 11,101,802
-----------
Net decrease (5,571,423)
Net assets available for benefits:
Beginning of year 57,982,591
-----------
End of year $52,411,168
===========
</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 Sections 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 appointed by
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 between 1% and 6% of their monthly salary. The
Company contributes a percentage, not less than 25%, of the
employee's regular contribution. From January 1, 1994, the Company
matching rate was increased to 75% from 50%.
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 its
total contribution, including the Company's matching portion, to be
invested in the Homestake Mining Company Stock Fund or in any of the
funds in which the Plan invests.
Continued
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 investment
funds, which includes appreciation (depreciation) in fair value, are
allocated to each participant's account based on the ratio which the
investment fund portion of that participant's account balance bears
to the total of the investment fund portion of all participants'
account balances.
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, on
attainment of age 65, or on the occurrence of death or disability.
Payment of Benefits:
-------------------
Participants may withdraw any portion of their accounts related to
their own after-tax contributions and the vested portion of the pre-
1994 match, in accordance with the provisions of the Plan.
Once the after-tax and pre-1994 match accounts are exhausted,
participants may withdraw from the vested portion of their other
accounts under any of the following circumstances:
- Hardship (approved by the Plan administrator or the Savings Plan
Committee)
- Attainment of age 59 1/2
- Retirement
- Termination of employment
- Death (vested account balance is paid to a designated
beneficiary)
Continued
6
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
_______
1. Description of Plan, continued:
-------------------
Payment of Benefits, continued:
--------------------
Distribution of benefits can be in the form of a single lump-sum
cash payment, a portion paid in a lump-sum and the remainder paid
later, or by periodic installments. Participants may elect to
receive their units in the Homestake Mining Company Stock Fund in
either whole shares of stock or a cash payment equal to the then-
current fair value of the stock. Participants or their
beneficiaries may elect to maintain their accounts with the Plan
even though such amounts may otherwise be withdrawn.
Participant Loans Receivable:
----------------------------
Participants may borrow from $1,000 to $50,000 from their accounts,
including Company matching contributions, limited to 50% of the
vested value of such accounts. Borrowing cannot exceed five years
unless the loan is for the purchase of a principal residence, in
which case, it cannot exceed ten years. These loans bear interest
at bank prime rate plus 1%. Loans are collateralized by the
borrower's note and vested interest in the plan and repayments are
made on at least a monthly basis through payroll deductions.
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:
-------------------------------
Investment Valuation and Income Recognition:
-------------------------------------------
Shares and units in investment funds are valued at quoted market
prices, which represent the net asset value of the shares or units
held by the Plan at year end. The Company stock is valued at its
quoted market price. Guaranteed Investment Contracts (held with
bank and insurance companies and in the Wells Fargo Income Accumula-
tion Fund) are stated at contract value (cost plus accrued interest).
Participant notes receivable are valued at cost which approximates
fair value.
Continued
7
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
_______
2. Significant Accounting Policies, continued:
-------------------------------
Investment Valuation and Income Recognition, continued:
-------------------------------------------
Purchases and sales of securities are recorded on a trade-date
basis, utilizing the average cost method in determining the basis of
stock sold. Interest income is recorded on the accrual basis.
Dividends are recorded on the ex-dividend date.
Withdrawals:
-----------
Withdrawals of securities from the Homestake Mining Company Common
Stock Fund are reported at market valuations and are made in cash,
common stock, or both. Withdrawals from the Fixed Income Fund,
Wells Fargo Asset Allocation Fund, Wells Fargo S&P 500 Stock Fund,
and Wells Fargo Lifepath Funds are made in cash.
Net Appreciation (Depreciation) in Fair Value of Investments:
------------------------------------------------------------
The Plan presents in the statement of changes in net assets
available for benefits the net appreciation (depreciation) in the
fair value of its investments, which consists of realized gains
(losses) and the unrealized appreciation (depreciation) on those
investments.
3. Plan Termination:
----------------
Although the Company has not expressed any intent to do so, it 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 1993 balances to conform with
the 1994 presentation, with no effect on the net assets available for
benefits or net change in net assets available for benefits as
previously reported.
Continued
8
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
_______
5. Tax Status:
----------
The Plan obtained its latest determination letter in May 1988, in which
the Internal Revenue Service stated that the Plan, as then designed,
was in compliance with Sections 401(a) and 401(k) of the Internal
Revenue Code. The Plan has been amended since receiving the
determination letter; however, the Plan administrator and the Plan's
tax counsel believe that the Plan is currently designed and being
operated in compliance with the applicable requirements of the Internal
Revenue Code. Therefore, no provision for income taxes has been
included in the Plan's financial statements.
Participants are not subject to federal income taxes on their pre-tax
contributions, Company matching contributions, or investment earnings
allocated to their accounts until withdrawals are made.
6. Related Party Transactions:
--------------------------
Certain Plan investments are units in investment funds managed by Wells
Fargo Bank. Wells Fargo Bank is the Plan's trustee. For the year
ended December 31, 1993, the Plan held units in investment funds
managed by Mellon Bank, the Plan's previous trustee. Transactions with
both Wells Fargo Bank and Mellon Bank qualify as party-in-interest.
Continued
9
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
_______
7. Investments:
-----------
Investments at December 31, 1994 and 1993 are comprised of the
following:
<TABLE>
<CAPTION>
Number Value
of Per Reported
Units Unit Value
------- ------- ---------
<S> <C> <C> <C>
1994:
----
Wells Fargo Bank Investment
Funds, at fair value:
Wells Fargo Asset
Allocation Fund 477,636 $14.88 $ 7,107,229
Wells Fargo S&P 500
Stock Fund 253,440 16.45 4,169,095
Wells Fargo Lifepath Funds 430,268 9.80 4,214,761
-----------
15,491,085
-----------
Homestake Mining Company Stock
Fund, at fair value 1,354,445 7.50 10,164,877
-----------
Participant loans receivable,
at book value, which
approximates fair value 2,051,147 1.00 2,051,147
-----------
Fixed Income Fund, Guaranteed
Investment Contracts
at contract value:
Allstate Life Insurance
Company 2,015,205 1.00 2,015,205
Massachusetts Mutual Life
Insurance Company 2,107,174 1.00 2,107,174
Bankers Trust Company 3,230,702 1.00 3,230,702
Canada Life Assurance
Company 2,055,325 1.00 2,055,325
Crown Life Insurance
Company 1,168,226 1.00 1,168,226
John Hancock Mutual Life
Insurance Company 2,865,294 1.00 2,865,294
New York Life
Insurance Company 5,541,050 1.00 5,541,050
Wells Fargo Income
Accumulation Fund 193,434 11.65 2,252,827
-----------
21,235,803
-----------
Confederation Life Guaranteed
Investment Contracts,
at contract value
(see Note 12) 3,090,586 1.00 3,090,586
-----------
Total investments $52,033,498
===========
</TABLE>
Continued
10
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
_______
7. Investments, continued:
-----------
<TABLE>
<CAPTION>
Number Value
of Per Reported
Units Unit Value
------- ------ -------
<S> <C> <C> <C>
1993:
----
Mellon Bank Investment Funds,
at fair value:
Equity Fund 38,215 $115.064 $ 4,397,183
Fixed Income Fund 19,896 54.318 1,080,728
-----------
5,477,911
-----------
Wells Fargo Equity Index Fund,
at fair value 93,443 16.270 1,520,314
-----------
Homestake Mining Company
Stock Fund, at fair value 588,164 22.000 12,939,608
-----------
Participant loans receivable,
at book value, which
approximates fair value 1,903,128 1.000 1,903,128
-----------
Fixed Income Fund, Guaranteed
Investment Contracts,
at contract 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
-----------
$49,765,555
===========
</TABLE>
All earnings on the investment funds are reinvested in and credited to
each fund daily. These earnings include interest, dividends, and
appreciation (depreciation) in fair value.
Continued
11
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
_______
7. Investments, continued:
-----------
On January 1, 1994, all participant balances of the Mellon Bank
Investment Fund and Wells Fargo Equity Index Fund were transferred to
the Wells Fargo Asset Allocation Fund and Wells Fargo S&P 500 Stock
Fund, respectively. The Asset Allocation Fund and S&P 500 Stock Fund
replaced the Investment Fund and Equity Index Fund from the transfer
date.
The Asset Allocation Fund invests in a changing mix of stocks, bonds,
and money market securities and aims for a high level of total return
over the long term, consistent with reasonable risk. The Lifepath
Funds invest in a changing mix of US and international stocks, bonds,
and money market securities and aim for greater growth potential in
early years and then gradually reduce risk to exposure over time. The
S&P 500 Fund invests in substantially the same stocks in substantially
the same percentages as the Standard & Poor's 500 Composite Stock Price
Index and seeks to approximate as closely as practicable the rate of
return of that index.
The Homestake Mining Company Stock Fund invests in shares of Homestake
Mining Company.
The Fixed Income Fund consists of guaranteed investment contracts
previously purchased by the Plan from bank and insurance companies and
shares in the Wells Fargo Income Accumulation Fund. Guaranteed
investment contracts of Confederation Life Insurance Company have been
separated from the Fixed Income Fund into a separate fund as detailed
in note 12.
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 $0 and $344,766 at December 31, 1994 and 1993,
respectively.
Continued
12
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
_______
10. Net Assets Available for Benefits by Investment Type:
At December 31, 1994 and 1993, net assets available for benefits
were held in the following participant-designated investment types:
<TABLE>
<CAPTION>
Wells Fargo Wells Fargo
Asset S&P 500 Wells Fargo
Allocation Stock Lifepath
Fund Fund Funds
---------- ---------- -----------
<S> <C> <C> <C>
Year Ended December 31, 1994:
----------------------------
ASSETS
Cash and cash equivalents - - -
---------- ---------- -----------
Investments, at fair value:
Fund investments held by $7,107,229 $4,169,095 $4,214,761
trustee
Common stock of the Company - - -
Participant loans receivable - - -
---------- ---------- -----------
7,107,229 4,169,095 4,214,761
---------- ---------- -----------
Investments, at contract value:
Fund investments held by
trustee - - -
---------- ---------- -----------
Receivables:
Company contributions 97 12 321
Participants' contributions 185 829 1,117
---------- ---------- -----------
282 841 1,438
---------- ---------- -----------
Other:
Other assets - - -
---------- ---------- -----------
Total assets 7,107,511 4,169,936 4,216,199
LIABILITIES
Accrued payables - - -
---------- ---------- -----------
Net assets available for
benefits $7,107,511 $4,169,936 $4,216,199
========== ========== ===========
TABLE CONTINUED
===============
<CAPTION>
Homestake
Mining Participant Fixed
Company Loan Income
Common Stock Fund Fund
------------ ----------- -----------
<S> <C> <C> <C>
Year Ended December 31, 1994:
----------------------------
ASSETS
Cash and cash equivalents $413,336 - -
------------ ----------- -----------
Investments, at fair value:
Fund investments held by - - -
trustee
Common stock of the Company 10,164,877 - -
Participant loans receivable - $2,051,147 -
------------ ----------- -----------
10,164,877 2,051,147 -
------------ ----------- -----------
Investments, at contract value:
Fund investments held by
trustee - - $21,235,803
------------ ----------- -----------
Receivables:
Company contributions - - -
Participants' contributions - - -
------------ ----------- ------------
- - -
------------ ----------- ------------
Other:
Other assets - - 354
------------ ----------- ------------
Total assets 10,578,213 2,051,147 21,236,157
LIABILITIES
Accrued payables - - 143,500
------------ ----------- ------------
Net assets available for
benefits $10,578,213 $2,051,147 $21,092,657
============ =========== ============
TABLE CONTINUED
===============
<CAPTION>
Confederation
Life
Guaranteed Short-Term
Investment Investment Total
Contracts Account
------------- ---------- -----------
<S> <C> <C> <C>
Year Ended December 31, 1994:
----------------------------
ASSETS
Cash and cash equivalents
- $104,919 $ 518,255
-------------- ----------- ------------
Investments, at fair value:
Fund investments held by
trustee - - 15,491,085
Common stock of the Company - - 10,164,877
Participant loans receivable - - 2,051,147
-------------- ----------- ------------
- - 27,707,109
-------------- ----------- ------------
Investments, at contract value:
Fund investments held by
trustee $3,090,586 - 24,326,389
-------------- ----------- ------------
Receivables:
Company contributions - - 430
Participants' contributions - - 2,131
-------------- ----------- ------------
- - 2,561
-------------- ----------- ------------
Other assets - - 354
-------------- ----------- ------------
Total assets 3,090,586 104,919 52,554,668
LIABILITIES
Accrued payables - - 143,500
-------------- ----------- ------------
Net assets available for
benefits $3,090,586 $104,919 $52,411,168
============== =========== ============
</TABLE>
Continued
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 Homestake
Mellon Fargo Mining
Bank Equity Company
Investment Index Stock
Fund Fund Fund
---------- ------- ---------
<S> <C> <C> <C>
December 31, 1993:
- -----------------
ASSETS
Cash and cash equivalents $ 220,758 $ 169,120 $ 34,907
---------- ----------- ----------
Investments, at fair
value:
Fund investments held by
trustee 5,477,911 1,520,314 -
Common stock of the
Company - - 12,939,608
Participant loans
receivable - - -
---------- ----------- ----------
5,477,911 1,520,314 12,939,608
---------- ----------- ----------
Investments, at contract
value:
Fund investments held
by trustee - - -
---------- ----------- ----------
Receivables:
Company contributions 12,239 5,845 13,904
Participants' contributions 37,759 21,134 33,857
Other - loans 4,641 1,867 6,396
---------- ----------- ----------
54,639 28,846 54,157
---------- ----------- ----------
Other:
Homestake common
stock receivable - - 962,618
Other assets 13,467 2 -
---------- ----------- ----------
13,467 2 962,618
---------- ----------- ----------
Total assets 5,766,775 1,718,282 13,991,290
LIABILITIES
Accrued payables - - 6,143
---------- ----------- ----------
Net assets available
for benefits $5,766,775 $1,718,282 $13,985,147
========== =========== ==========
TABLE CONTINUED
===============
<CAPTION>
Participant Fixed
Loan Income
Fund Fund Total
----------- --------- -------
<S> <C> <C> <C>
December 31, 1993:
- -----------------
ASSETS
Cash and cash equivalents $ 36 $ 6,500,980 $ 6,925,801
----------- ---------- -----------
Investments, at fair
value:
Fund investments held by
trustee - - 6,998,225
Common stock of the
Company - - 12,939,608
Participant loans
receivable 1,903,128 - 1,903,128
----------- ---------- -----------
1,903,128 - 21,840,961
----------- ---------- -----------
Investments, at contract
value:
Fund investments held
by trustee
- 27,924,594 27,924,594
----------- ---------- -----------
Receivables:
Company contributions - 37,472 69,460
Participants' contributions - 98,393 191,143
Other - loans - 46,114 59,018
----------- ---------- -----------
- 181,979 319,621
----------- ---------- -----------
Other:
Homestake common
stock receivable - - 962,618
Other assets - 1,975 15,444
----------- ---------- -----------
- 1,975 978,062
----------- ---------- -----------
Total assets 1,903,164 34,609,528 57,989,039
LIABILITIES
Accrued payables 240 65 6,448
----------- ---------- -----------
Net assets
available for
benefits $1,902,924 $34,609,463 $57,982,591
=========== ========== ===========
</TABLE>
Continued
14
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
_______
11. Changes in Net Assets Available for Benefits by Investment Type:
During the year ended December 31, 1994, changes in net assets
available for benefits by participant-designated investment types
were as follows:
<TABLE>
<CAPTION>
Wells Wells
Mellon Fargo Fargo
Bank Asset Equity
Investment Allocation Index
Fund Fund Fund
---------- ---------- ------
<S> <C> <C> <C>
Year Ended December 31, 1994:
- ----------------------------
Additions to net assets
attributed to:
Interest and dividends - - -
Interest on participants' loans - - -
Contributions:
Company, in cash - $ 277,302 -
Participants, in cash - 527,884 -
Transfers in from other
plans - 6,454 -
---------- ---------- -----------
Total additions - 811,640 -
---------- ---------- -----------
Deductions from net assets
attributed to:
Net depreciation in the fair
value of investments - 279,230 -
Net depreciation in the fair
value of investment in
Homestake common stock - - -
Benefits paid to
participants - 464,295
Transfers out to other
plans - 49,221 -
----------- ---------- -----------
Total deductions - 792,746 -
----------- ---------- -----------
Interfund transfers $(5,766,775) 7,262,255 $(1,718,282)
----------- ---------- -----------
Net increase (decrease) (5,766,775) 7,281,149 (1,718,282)
Net assets available for
benefits:
Beginning of year 5,766,775 - 1,718,282
----------- ---------- -----------
End of year - $7,281,149 -
=========== ========== ===========
TABLE CONTINUED
===============
<CAPTION>
Wells
Fargo Wells
S&P 500 Fargo
Stock Lifepath
Fund Funds
-------- --------
<S> <C> <C>
Year Ended December 31, 1994:
- ----------------------------
Additions to net assets
attributed to:
Interest and dividends - -
Interest on participants' loans - -
Contributions:
Company, in cash $ 213,599 $ 182,327
Participants, in cash 433,433 365,669
Transfers in from other plans 15,353 -
---------- ----------
Total additions 662,385 547,996
---------- ----------
Deductions from net assets
attributed to:
Net depreciation in the fair
value of investments 4,468 75,599
Net depreciation in the fair
value of investment in
Homestake common stock - -
Benefits paid to participants 67,141 84,552
Transfers out to other plans - -
---------- ----------
Total deductions 71,609 160,151
---------- ----------
Interfund transfers 3,680,171 3,828,357
---------- ----------
Net increase (decrease) 4,270,947 4,216,202
Net assets available for
benefits:
Beginning of year - -
----------- ----------
End of year $4,270,947 $4,216,202
=========== ==========
</TABLE>
<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>
Homestake
Mining Parti-
Company cipant Fixed
Stock Loan Income
Fund Fund Fund
--------- ----------- --------
<S> <C> <C> <C>
Year Ended December 31, 1994,
- -----------------------------
continued:
Additions to net assets
attributed to:
Investment and dividends $90,743 - $1,668,836
Interest on participants'
loans - $ 160,358 -
Contributions:
Company, in cash 171,207 - 649,817
Participants, in cash 318,015 - 722,244
Transfers in from
other plans 1,684 - 3,577
----------- ---------- ----------
Total additions 581,649 160,358 3,044,474
----------- ---------- ----------
Deductions from net
assets attributed to:
Net depreciation in
the fair value
of investments - - -
Net depreciation in the
fair value of investment
in Homestake common stock 2,158,288 - -
Benefits paid to
participants 1,538,015 333,632 5,758,889
Transfers out to
other plans 57,655 - 215,341
------------ ---------- -----------
Total deductions 3,753,958 333,632 5,974,230
------------ ---------- -----------
Interfund transfers (1,206,150) 263,497 (9,916,155)
------------ ---------- -----------
Net increase (decrease) (4,378,459) 90,223 (12,845,911)
Net assets available
for benefits:
Beginning of year 13,985,147 1,902,924 34,609,463
------------ ---------- ----------
End of year $ 9,606,688 $1,993,147 $21,763,552
============ ========== ===========
TABLE CONTINUED
===============
<CAPTION>
Confedera-
tion Life
Guaranteed Short-Term
Investment Investment
Contracts Account Total
----------- ---------- -------
<S> <C> <C> <C>
Year Ended December 31, 1994,
- ----------------------------
continued:
Additions to net assets
attributed to:
Investment and dividends - - $ 1,759,579
Interest on participants'
loans - - 160,358
Contributions:
Company, in cash - $(278,123) 1,216,129
Participants, in cash - - 2,367,245
Transfers in from
other plans - - 27,068
---------- ---------- -----------
Total additions - (278,123) 5,530,379
Deductions from net
assets attributed to:
Net depreciation in
the fair value of investments - - 359,297
Net depreciation in
the fair value of investment
in Homestake common stock - - 2,158,288
Benefits paid to
participants - 484 8,247,008
Transfers out to
other plans - 14,992 337,209
----------- --------- -----------
Total deductions - 15,476 11,101,802
----------- --------- -----------
Interfund transfers $3,090,586 482,496 -
----------- --------- -----------
Net increase (decrease) 3,090,586 188,897 (5,571,423)
Net assets available
for benefits:
Beginning of year - - 57,982,591
----------- --------- -----------
End of year $3,090,586 $ 188,897 $52,411,168
=========== ========= ===========
</TABLE>
15
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
_______
12. Confederation Life Guaranteed Investment Contracts:
--------------------------------------------------
Confederation Life Insurance Company (CLIC) was seized by insurance
regulators on August 12, 1994, to protect the financial interest of all
policyholders. The Plan's investment contracts with CLIC will be paid
out as part of a rehabilitation plan, the timing and value of which is
uncertain at this time.
On August 18, 1994, the Plan suspended withdrawals and transfers by
participants of amounts in the Plan held by CLIC and froze the value of
its CLIC guaranteed investment contracts at their then-current book
values (cost plus accrued interest through August 15, 1994). The Plan
has not accrued any interest on these contracts since they were frozen.
These frozen contracts have been separated from the Fixed Income Fund
into a separate frozen fund.
Until a Rehabilitation Plan is finalized and approved, or other
additional relevant information becomes available, the ultimate effect
on the Plan's CLIC investments and the participants' ability to
withdraw funds from CLIC cannot be determined. Based on the
information received from the Rehabilitator and the Plan's advisors
available as of June 26, 1995, Plan management believes
that such effect would not result in a material impact on the Plan's
financial statements. Consequently, adjustments, if any, which may
arise as a result of the ultimate outcome of the rehabilitation have
not been reflected in the accompanying financial statements.
13. Subsequent Events:
-----------------
Amendment No. 1 to the Plan was executed on May 9, 1995 and is
effective from July 1, 1995. This amendment changed the definition of
compensation for the purposes of the Plan to include profit incentive
payments. In addition, the Company-matched contribution increased from
75% to 100% of the first 6% of each employee's compensation contributed
for pay periods beginning on or after January 1, 1995.
Two new funds were added to the investment options of the Plan on April
1, 1995. Templeton Foreign Fund invests in stocks and debt obligations
of companies and governments outside the United States. Neuberger &
Berman Guardian Trust invests in established high-quality companies
considered to be undervalued in comparison to stocks of similar
companies. In addition, the Wells Fargo S&P 500 Stock Fund was replaced
with the Stagecoach S&P 500 Stock Fund on April 1, 1995.
16
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
Item 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
as of December 31, 1994
_______
<TABLE>
<CAPTION>
(c) Description of
Investment including
(b) Identity of Maturity Date, Rate
Issuer, Borrower, of Interest,
Lessor, or Collateral, Par (e) Current
(a) Similar Party or Maturity Value (d) Cost Value
- --- -------------- --------------------- ------------ -----------
<S> <C> <C> <C>
Allstate Life GIC (maturing 11/12/98,
Insurance 5.46%) $ 2,015,205 $ 2,015,205
Company
Bankers Trust GIC (maturing 09/30/00,
Company 4.84%) 3,230,702 3,230,702
Canada Life GIC (maturing 09/10/95, 2,055,325 2,055,325
Assurance 9.30%)
Company
Crown Life
Insurance GIC (maturing 03/03/98,
Company 4.02%) 1,168,226 1,168,226
John Hancock GIC (maturing 06/30/98,
Mutual Life 5.16%) 2,865,294 2,865,294
Insurance
Company
Massachusetts GIC (maturing 07/05/02,
Mutual Life 6.73%) 1,531,410 1,531,410
Insurance GIC (maturing 12/01/95,
Company 9.00%) 575,764 575,764
New York Life
Insurance GIC (maturing 08/01/96,
Company 8.45%) 2,084,837 2,084,837
GIC (maturing 10/28/96,
7.60%) 2,026,681 2,026,681
GIC (maturing 03/02/98,
6.05%) 1,429,532 1,429,532
* Wells Fargo Wells Fargo Income
Bank Accumulation Fund
(193,434 units) 2,252,827 2,252,827
Confederation GIC (frozen 08/15/95,
Life Insu- originally maturing
rance Company 01/02/95, 8.70%) 1,051,807 1,051,807
GIC (frozen 08/15/95,
originally maturing
07/24/95, 9.14%) 1,004,323 1,004,323
GIC (frozen 08/15/95,
originally maturing
03/15/96, 8.54%) 1,034,456 1,034,456
* Wells Fargo Wells Fargo Asset
Bank Allocation Fund
(477,636 units) 7,275,906 7,107,229
Wells Fargo S&P 500
Stock Fund
(253,440 units) 4,136,157 4,169,095
Wells Fargo
Lifepath 2000 Fund
(157,029 units) 1,560,847 1,535,742
Wells Fargo
Lifepath 2010 Fund
(115,034 units) 1,147,108 1,126,181
Wells Fargo
Lifepath 2020 Fund
(91,009 units) 906,620 892,802
Wells Fargo
Lifepath 2030 Fund
(37,748 units) 373,756 368,795
Wells Fargo
Lifepath 2040 Fund
(29,448 units) 291,994 291,241
* Wells Fargo Homestake Mining
Bank Company Stock Fund
(1,354,445 units) 11,959,393 10,164,877
* Participant notes Repayable over a term
of up to five years at
an interest rate set
at the time of issue
of the loan. Rate
during 1994 ranged
from 7% to 9.5% 2,051,147 2,051,147
* Represents party-in-interest to Plan
Note: GIC has been used above as an abbreviation for Guaranteed
Investment Contract.
</TABLE>
17
<PAGE>
HOMESTAKE MINING COMPANY SAVINGS PLAN
Item 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
for the year ended December 31, 1994
__
<TABLE>
<CAPTION>
(b) Description of Asset
(a) Identity of (Include Interest Rate and (c) Purchase (d)Selling
Party Involved Maturity in Case of a Loan) Price Price
- --------------- --------------------------- -------------- ----------
<S> <C> <C> <C>
Combined transactions:
Wells Fargo Bank Homestake Mining Company $20,049,430 -
Stock Fund
Wells Fargo Bank Homestake Mining Company - $7,403,672
Stock Fund
Mellon Bank Investment Fund - 5,477,911
Wells Fargo Bank Equity Index Fund - 1,520,314
Wells Fargo Bank Fixed Income Fund 41,091,195 -
Wells Fargo Bank Fixed Income Fund - 21,659,692
Wells Fargo Bank S&P 500 Stock Fund 4,543,943 -
Wells Fargo Bank S&P 500 Stock Fund - 1,899,695
Wells Fargo Bank Asset Allocation Fund 10,075,396 -
Wells Fargo Bank Asset Allocation Fund - 2,688,937
Wells Fargo Bank All Lifepath Funds 4,900,386 -
Wells Fargo Bank All Lifepath Funds - 610,026
TABLE CONTINUED
===============
<CAPTION>
(b) Description of Asset (f) Expenses
(a) Identity of (Include Interest Rate and (e) Lease Incurred With
Party Involved Maturity in Case of a Loan) Rental Transaction
- --------------- --------------------------- ---------- ------------
<S> <C>
Combined transactions:
Wells Fargo Bank Homestake Mining Company - -
Stock Fund
Wells Fargo Bank Homestake Mining Company - -
Stock Fund
Mellon Bank Investment Fund - -
Wells Fargo Bank Equity Index Fund - -
Wells Fargo Bank Fixed Income Fund - -
Wells Fargo Bank Fixed Income Fund - -
Wells Fargo Bank S&P 500 Stock Fund - -
Wells Fargo Bank S&P 500 Stock Fund - -
Wells Fargo Bank Asset Allocation Fund - -
Wells Fargo Bank Asset Allocation Fund -
Wells Fargo Bank All Lifepath Funds - -
Wells Fargo Bank All Lifepath Funds - -
TABLE CONTINUED
===============
<CAPTION>
(h) Current
Value of
(b) Description of Asset Asset on
(a) Identity of (Include Interest Rate and (g) Cost of Transaction
Party Involved Maturity in Case of a Loan) Assets on Date
- -------------- --------------------------- ------------ ------------
<S> <C> <C> <C>
Combined transactions:
Wells Fargo Bank Homestake Mining Company - -
Stock Fund
Wells Fargo Bank Homestake Mining Company $7,676,702 $7,403,672
Stock Fund
Mellon Bank Investment Fund 4,510,228 5,477,911
Wells Fargo Bank Equity Index Fund 1,390,955 1,520,314
Wells Fargo Bank Fixed Income Fund - -
Wells Fargo Bank Fixed Income Fund 21,659,692 21,659,692
Wells Fargo Bank S&P 500 Stock Fund - -
Wells Fargo Bank S&P 500 Stock Fund 1,927,101 1,889,695
Wells Fargo Bank Asset Allocation Fund - -
Wells Fargo Bank Asset Allocation Fund 2,799,490 2,688,937
Wells Fargo Bank All Lifepath Funds - -
Wells Fargo Bank All Lifepath Funds 620,060 610,026
TABLE CONTINUED
===============
<CAPTION>
(b) Description of Asset
(a) Identity of (Include Interest Rate and (i) Net Gain
Party Involved Maturity in Case of a Loan) or (Loss)
--------------- --------------------------- --------------
<S> <C> <C>
Combined transactions:
Wells Fargo Bank Homestake Mining Company -
Stock Fund
Wells Fargo Bank Homestake Mining Company $(273,030)
Stock Fund
Mellon Bank Investment Fund 967,683
Wells Fargo Bank Equity Index Fund 129,359
Wells Fargo Bank Fixed Income Fund -
Wells Fargo Bank Fixed Income Fund -
Wells Fargo Bank S&P 500 Stock Fund -
Wells Fargo Bank S&P 500 Stock Fund (37,406)
Wells Fargo Bank Asset Allocation Fund -
Wells Fargo Bank Asset Allocation Fund (110,553)
Wells Fargo Bank All Lifepath Funds -
Wells Fargo Bank All Lifepath Funds (10,034)
</TABLE>
18<PAGE>
Exhibit 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 June 26, 1995, on our audit of the
financial statements of the Homestake Mining Company Savings Plan as of and
for the year ended December 31, 1994, which report is included in this
Annual Report on Form 11-K.
/s/ Coopers & Lybrand L.L.P.
---------------------------
COOPERS & LYBRAND L.L.P.
Oakland, California
June 29, 1995
