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, 1995
HOMESTAKE MINING COMPANY
RETIREMENT SAVINGS PLAN FOR HOURLY EMPLOYEES AT LEAD
(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 RETIREMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES AT LEAD
By /s/ T.H. Wong
---------------
T.H. Wong
Assistant Treasurer and
Assistant Secretary
June 27, 1996
<PAGE>
Item 1. Financial Statements and Exhibits
a. Financial Statements as of December 31, 1995 and 1994 and
for the year ended December 31, 1995 and Supplemental
Schedules as of and for the year ended December 31, 1995
and Independent Auditors' Report.
b. Exhibit No. 23
Independent Auditors' Consent
<PAGE>
HOMESTAKE MINING COMPANY RETIREMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES AT LEAD
-------
FINANCIAL STATEMENTS
as of December 31, 1995 and 1994 and for the year ended December 31, 1995
<PAGE>
HOMESTAKE MINING COMPANY RETIREMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES AT LEAD
-------
TABLE OF CONTENTS
<TABLE>
<CAPTION>
<S> <C>
Financial Statements:
Report of Independent Accountants 2
Statements of Net Assets Available for Benefits
as of December 31, 1995 and 1994 3
Statement of Changes in Net Assets Available for
Benefits for the Year Ended December 31, 1995 4
Notes to Financial Statements 5-13
Supplemental Schedules:
Item 27a - Schedule of Assets Held for Investment
Purposes as of December 31, 1995 14
Item 27d - Schedule of Reportable Transactions
for the year ended December 31, 1995 15
</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 Homestake Mining Company Retirement Savings Plan for Hourly Employees at Lead
(the Plan) as of December 31, 1995 and 1994, and the related statement of
changes in net assets available for benefits for the year ended December 31,
1995. 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 audits 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 the significant estimates made by
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, 1995 and 1994, and the changes in net assets available for benefits
for the year ended December 31, 1995 in conformity with generally accepted
accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental schedules
of assets held for investment purposes as of December 31, 1995 and of reportable
transactions for the year then ended 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. These schedules are the responsibility of the Plan's
management. Such schedules have been subjected to the auditing procedures
applied in our audits of the basic financial statements and, in our opinion, are
fairly stated, in all material respects, when considered in relation to the
basic financial statements taken as a whole.
/s/ Coopers & Lybrand L.L.P.
- ----------------------------
San Francisco, California
June 20, 1996
2
<PAGE>
HOMESTAKE MINING COMPANY RETIREMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES AT LEAD
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
as of December 31, 1995 and 1994
(in thousands)
<TABLE>
<CAPTION>
ASSETS 1995 1994
---- ----
<S> <C> <C>
Cash and cash equivalents $ - $ 6
Investments:
Homestake Mining Company Stock Fund 328 313
Norwest Bank Income Equity Stock Fund 910 429
Norwest Bank Growth Balanced Fund 1,779 1,281
Norwest Bank Stable Return Fund 2,811 2,385
Norwest Bank Short Term Investment Fund 83 -
Norwest Bank Growth Equity Fund 256 -
Participant loans receivable 358 200
----- -----
Total investments 6,525 4,608
----- -----
Total assets 6,525 4,614
LIABILITIES
Amounts due brokers for securities purchases 32 9
------ ------
Net assets available for
benefits $6,493 $4,605
====== ======
</TABLE>
The accompanying notes are an integral part of these
financial statements.
3
<PAGE>
HOMESTAKE MINING COMPANY RETIREMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES AT LEAD
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
for the year ended December 31, 1995
(in thousands)
<TABLE>
<CAPTION>
<S> <C>
Additions to net assets attributed to:
Interest and dividends $ 73
Interest on participants' loans 20
Net appreciation in fair value of investments 638
--------
731
--------
Contributions:
Company, in cash 249
Participants, in cash 1,112
Transfers in from other plans 37
--------
1,398
--------
Total additions 2,129
--------
Deductions from net assets attributed to:
Net depreciation in fair value of Homestake Mining Company Stock Fund 32
Benefits paid to participants 184
Transfers out to other plans 25
--------
Total deductions 241
--------
Net increase 1,888
Net assets available for benefits:
Beginning of year 4,605
-------
End of year $ 6,493
=======
</TABLE>
The accompanying notes are an integral part of these
financial statements.
4
<PAGE>
HOMESTAKE MINING COMPANY RETIREMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES AT LEAD
NOTES TO FINANCIAL STATEMENTS
-------
1. Description of the Plan:
The following description of the Homestake Mining Company Retirement
Savings Plan for Hourly Employees at Lead (the Plan) provides only
general information. Participants should refer to the full Plan for a
more complete description of the Plans provisions.
The Plan is sponsored by Homestake Mining Company (the Company) and
allows employees who are subject to a collective bargaining agreement
which provides for their participation in the Plan, to save for their
retirement under a structured savings plan. The Plan is a defined
contribution plan and became effective January 1, 1990, and is subject
to the provisions of the Employee Retirement Income Security Act (ERISA)
of 1974, as amended.
The Plan is administered by the Savings Plan Committee appointed by the
Board of Directors of the Company. Norwest Bank is the Trustee of the
Plan.
Participation:
Hourly employees of the Company's mine in Lead, South Dakota, who have
completed three months of service are eligible to participate in the
Plan.
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. Net earnings from
each investment fund, including appreciation (depreciation) in fair
value, are allocated to each participant's account based on the ratio
which the participant's account balance in that investment fund bears to
the total of all participants' account balances in that investment fund.
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.
Contributions:
Contributions to the Plan are made by Plan participants through wage
deferrals. Plan participants may contribute from 1% to 16% of their Plan
compensation and may allocate contributions to one or more of the funds.
Participants may also contribute amounts from certain other qualified
plans. From January 1 through May 28, 1995, the Company matched 25% of
the first 6% of each employee's compensation contributed. Thereon, the
Company matching rate increased to 35% from 25%.
Each participating employee may cause some or all of its current or
cumulative contributions, including any amounts contributed by the
Company to match contributions, to be invested in one or more of the
investments made available through the Plan.
5
<PAGE>
HOMESTAKE MINING COMPANY RETIREMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES AT LEAD
NOTES TO FINANCIAL STATEMENTS
-------
1. Description of the Plan, continued:
Vesting:
Participant contributions and any income (loss) thereon are fully vested
at all times. Company contributions and the related income (loss) for
these contributions vest 60% after three years, 80% after four years,
and 100% after five years from the initial date of employment.
Payment of Benefits:
Participants or their designated beneficiaries are eligible to withdraw
from their accounts following the participant's attainment of age
59-1/2, termination of employment with the Company, death, or in the
case of financial hardship.
The Plan permits withdrawal of matching contributions made by the
Company that have vested and were made not less than 2 years prior to
such withdrawals; however, the right of the participant who makes such a
withdrawal to continue participating in the Plan is suspended for six to
twelve months depending upon amounts so withdrawn.
Participant Loans Receivable:
Participants may borrow from $1,000 to $50,000 from their vested
accounts, limited to 50% of the vested value of such accounts.
Borrowings cannot exceed five years unless the loan is for the purchase
of a principal residence, in which case, it cannot exceed ten years.
Borrowings bear interest at rates determined by the lending institution,
subject to approval of the Plan Committee at the origination of the loan
and are repayable through biweekly payroll deductions. During 1995, the
borrowing rate was 8.75%. Loans are collateralized by the borrower's
note and vested interest in the Plan.
Forfeitures:
Forfeitures of terminated employees' unvested Company contributions are
allocated to active participants at the end of each Plan year. The
forfeitures are allocated in proportion to the Company contribution made
to the individual participant accounts during the Plan year.
6
<PAGE>
HOMESTAKE MINING COMPANY RETIREMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES AT LEAD
NOTES TO FINANCIAL STATEMENTS
-------
2. Significant Accounting Policies:
Use of Estimates
The preparation of financial statements in conformity with general
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of net assets available for
benefits at the date of the financial statements and the reported
amounts of changes in net assets available for benefits during the
reporting period. Actual results could differ from those estimates.
Basis of Accounting:
The financial statements of the Plan are prepared under the accrual
basis of accounting in accordance with generally accepted accounting
principles.
Investment Valuation and Income Recognition:
The Plan's investments are stated at fair value by reference to quoted
market prices. Participant notes receivable are valued at cost which
approximates fair value.
Purchases and sales of securities are recorded on a trade-date basis.
Interest income is recorded on the accrual basis. Dividends are recorded
on the ex-dividend date.
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 in fair value of its investments,
which consists of realized gains (losses) and the unrealized
appreciation (depreciation) on those investments.
Payment of Benefits:
Amounts allocated to accounts of participants who have elected to
withdraw from the Plan but have not been paid as of year end are
included in net assets available for benefits.
Reclassifications:
Certain amounts for 1994 have been reclassified to conform to the
current year's presentatio, with no effect on the net assets available
for benefits or net change in net assets available for benefits, as
previously reported.
3. Related Party Transactions:
Certain Plan investments are units in investment funds managed by
Norwest Bank. Norwest Bank is the Plan's Trustee, therefore, these
transactions qualify as party-in-interest.
7
<PAGE>
HOMESTAKE MINING COMPANY RETIREMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES AT LEAD
NOTES TO FINANCIAL STATEMENTS
-------
4. Plan Termination:
Although the Company has not expressed any intent to do so, it has the
right, under the Plan and subject to applicable law, to discontinue its
contribution at any time and to terminate the Plan. 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.
5. Plan Tax Status:
The Plan received a favorable tax determination letter in July, 1991 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 are not aware of circumstances creating a material risk of Plan
disqualification. Therefore, no provision for income taxes has been
included in the Plan's financial statements.
Participating employees are not subject to federal income tax on amounts
added to their accounts for contributions and investment income until
such time as they withdraw amounts from the Plan.
6. Administrative Expenses:
Certain administrative expenses of the Plan are paid for by the Company.
8
<PAGE>
HOMESTAKE MINING COMPANY RETIREMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES AT LEAD
NOTES TO FINANCIAL STATEMENTS
-------
7. Investments:
Investments at December 31, 1995 and 1994 are comprised of the following
(in thousands) :
<TABLE>
<CAPTION>
December 31, 1995
--------------------------------------------------------
Number of Value Reported
Shares or Per Value
Units Held Unit (in thousands)
---------- -------- --------------
<S> <C> <C> <C>
Homestake Mining Company Stock Fund 21,178 $ 15.49 $ 328
Norwest Bank Income Equity Stock Fund 35,681 25.49 910
Norwest Bank Growth Balanced Fund 83,383 21.33 1,779
Norwest Bank Stable Return Fund 126,896 22.15 2,811
Norwest Bank Short Term Investment Fund 82,521 1.00 83
Norwest Bank Growth Equity Fund 9,699 26.41 256
Participant loans receivable - - 358
--------
$6,525
========
<CAPTION>
December 31, 1994
--------------------------------------------------------
Number of Value Reported
Shares or Per Value
Units Held Unit (in thousands)
----------- ------- --------------
<S> <C> <C> <C>
Homestake Mining Company Stock Fund 18,272 $ 17.13 $ 313
Norwest Bank Income Equity Stock Fund 22,908 18.74 429
Norwest Bank Growth Balanced Fund 71,704 17.86 1,281
Norwest Bank Stable Return Fund 114,652 20.80 2,385
Participant loans receivable - - 200
--------
$4,608
========
</TABLE>
9
<PAGE>
HOMESTAKE MINING COMPANY RETIREMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES AT LEAD
NOTES TO FINANCIAL STATEMENTS
-------
7. Investments, continued:
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. The Homestake Mining Company
Stock Fund invests in shares of Homestake Mining Company. The Income
Equity Fund's objective is to achieve a high level of current income
with moderate appreciation through investment in equity securities. The
Growth Balanced Fund's objective is to maximize growth through
appreciation from quality stocks, while moderating risk by investing in
intermediate maturity bonds, including corporate, U.S. government and
mortgage-backed and related securities. The Stable Return Fund's
objective is to achieve reasonable and consistent current income by
investing in fixed income securities and other investments. The Short
Term Investment Fund consists of short term and floating rate
investments. The Growth Equity Fund invests in U.S. and international
equity securities.
8. Reconciliation of Financial Statements to Form 5500:
The following is a reconciliation of net assets available for benefits
per the financial statements to the Form 5500 as of December 31, 1995
(in thousands):
<TABLE>
<CAPTION>
<S> <C>
Net assets available for benefits per the financial statements $6,493
Amounts allocated to withdrawing participants (33)
------
Net assets available for benefits per the Form 5500 $6,460
======
</TABLE>
The following is a reconciliation of benefits paid to participants per
the financial statements to the Form 5500 for the year ended December
31, 1995 (in thousands):
<TABLE>
<CAPTION>
<S> <C>
Benefits paid to participants per the financial statements $184
Amounts allocated to withdrawing participants at December 31, 1995 33
----
Benefits paid to participants per the Form 5500 $217
=====
</TABLE>
10
<PAGE>
HOMESTAKE MINING COMPANY RETIREMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES AT LEAD
NOTES TO FINANCIAL STATEMENTS
-------
9. Net Assets Available for Benefits by Investment Type:
At December 31, 1995 and 1994, net assets available for benefits were
held in the following participant-designed investment types (in thousands):
<TABLE>
<CAPTION>
Norwest
Homestake Bank Norwest Norwest
Mining Income Bank Bank
Company Equity Growth Stable
Stock Stock Balanced Return
Fund Fund Fund Fund
---------- -------- -------- -------
December 31, 1995:
<S> <C> <C> <C> <C>
ASSETS
Investments, at fair value:
Investments held by trustee - $ 910 $ 1,779 $ 2,811
Common stock of the Company $ 328 - - -
Participant loans receivable - - - -
--------- --------- ----------- -----------
Total assets 328 910 1,779 2,811
LIABILITIES
Amounts due to brokers for
securities purchased - 11 12 -
--------- ------- ---------- ------------
Net assets available
for benefits $ 328 $ 899 $ 1,767 $ 2,811
====== ====== ======= ========
<CAPTION>
Norwest Norwest
Bank Bank
Short Term Growth
Investment Equity Participant
Fund Fund Loans Total
---------- -------- ----------- ---------
December 31, 1995:
<S> <C> <C> <C> <C>
ASSETS
Investments, at fair value:
Investments held by trustee $ 83 $ 256 - $ 5,839
Common stock of the Company - - - 328
Participant loans receivable - - $ 358 358
------ ------- ------ ---------
Total assets 83 256 358 6,525
LIABILITIES
Amounts due to brokers for
securities purchased - 9 - 32
------ ------- ------- ----------
Net assets available
for benefits $ 83 $ 247 $ 358 $ 6,493
======= ====== ======= ========
</TABLE>
11
<PAGE>
HOMESTAKE MINING COMPANY RETIREMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES AT LEAD
NOTES TO FINANCIAL STATEMENTS
9. Net Assets Available for Benefits by Investment Type, continued:
<TABLE>
<CAPTION>
Norwest
Homestake Bank Norwest Norwest
Mining Income Bank Bank
Company Equity Growth Stable
Stock Stock Balanced Return Participant
Fund Fund Fund Fund Loans Total
---------- ------- -------- -------- ----------- ------
December 31, 1994:
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Cash and cash equivalents $ 6 - - - - $ 6
---- ------ ------- -------- ------- -------
Investments, at fair value:
Investments held by trustee - $429 $1,281 $2,385 - 4,095
Common stock of the Company 313 - - - - 313
Participant loans receivable - - - $ 200 200
----- ------ ------- -------- ----- ------
Total investments 313 429 1,281 2,385 200 4,608
----- ----- ------- -------- ------ ------
Total assets 319 429 1,281 2,385 200 4,614
LIABILITIES
Amounts due to brokers for
securities purchased 6 1 2 - - 9
------ ------ ------- ------- ------ -------
Net assets available
for benefits $ 313 $ 428 $ 1,279 $ 2,385 $ 200 $4,605
===== ===== ======= ======= ===== =======
</TABLE>
12
<PAGE>
HOMESTAKE MINING COMPANY RETIREMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES AT LEAD
NOTES TO FINANCIAL STATEMENTS
-------
10. Changes in Net Assets Available for Benefits by Investment Type:
During the year ended December 31, 1995, changes in net assets available
for benefits are allocated among the Plan's investment funds as follows
(in thousands):
<TABLE>
<CAPTION>
Year Ended December 31, 1995
------------------------------------------------------
Norwest
Homestake Bank Norwest Norwest
Mining Income Bank Bank
Company Equity Growth Stable
Stock Stock Balanced Return
Fund Fund Fund Fund
--------- -------- -------- ---------
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Interest and dividends $ 4 $ 18 $ 49 -
Interest on participants' loans - - - -
Net appreciation in the fair value of
investments - 189 275 $ 169
Contributions:
Company, in cash 13 40 59 109
Participants, in cash 60 183 266 490
Transfers in from other plans - - 2 35
------- ------- ------- ------
Total Additions 77 430 651 803
----- ---- ----- -----
Deductions to net assets attributed to:
Net depreciation in the fair value of
Homestake Mining Company Stock Fund 32 - - -
Benefits paid to participants 20 21 63 66
Transfers out to other plans 2 5 16 2
------ ------ ------ -------
Total Deductions 54 26 79 68
----- ----- ------ ------
Interfund Transfers (8) 67 (84) (309)
------- ----- ------ ------
Net increase (decrease) 15 471 488 426
Net assets available for benefits:
Beginning of year 313 428 1,279 2,385
----- ----- ------ ------
End of year $ 328 $ 899 $1,767 $2,811
===== ===== ====== ======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Year Ended December 31, 1995
----------------------------------------------------
Norwest Norwest
Bank Bank
Short Term Growth
Investment Equity Participant
Fund Fund Loans Total
---------- ------- ----------- -----
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Interest and dividends $ 1 $ 1 - $ 73
Interest on participants' loans - - $ 20 20
Net appreciation in the fair value of
investments - 5 - 638
Contributions:
Company, in cash 17 11 - 249
Participants, in cash 64 49 - 1,112
Transfers in from other plans - - - 37
------ ----- ------ -------
Total Additions 82 66 20 2,129
------ ----- ------ -------
Deductions to net assets attributed to:
Net depreciation in the fair value of
Homestake Mining Company Stock Fund - - - 32
Benefits paid to participants 1 - 13 184
Transfers out to other plans - - - 25
------ ------ ------ -------
Total Deductions 1 - 13 241
------ ------ ------ -------
Interfund Transfers 2 181 151 -
------ ------ ------ -------
Net increase (decrease) 83 247 158 1,888
Net assets available for benefits:
Beginning of year - - 200 4,605
------ ------ ------ -------
End of year $ 83 $ 247 $ 358 $ 6,493
===== ===== ====== =======
</TABLE>
13
<PAGE>
HOMESTAKE MINING COMPANY RETIREMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES AT LEAD
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
as of December 31, 1995
<TABLE>
<CAPTION>
(c) Description of
Investment (including
(b) Identity of Maturity Date, Rate
Issuer, Borrower, of Interest, (e) Current
Lessor, or Collateral, Par (d) Cost Value
(a) Similar Party or Maturity Value) (in thousands) (in thousands)
--- ----------------- ---------------------- -------------- --------------
<S> <C> <C> <C> <C>
* Homestake Mining Common stock (21,178
Company shares; no par value) $ 338 $ 328
* Norwest Bank Norwest Bank Income
Equity Stock Fund
(35,681 units) 721 910
* Norwest Bank Norwest Bank Growth
Balanced Fund
(83,383 units) 1,533 1,779
* Norwest Bank Norwest Bank Stable
Return Fund
(126,896 units) 2,394 2,811
* Norwest Bank Norwest Bank Short Term
Investment Fund
(82,521 units) 83 83
* Norwest Bank Norwest Bank Growth
Equity Fund (9,699 units) 251 256
* Participant notes (Repayable over five years
unless it is for purchase
of a principal residence
which is repayable over ten
years. Interest rate was
8.75% per annum in 1995) 358 358
* Represents party-in-interest to Plan.
</TABLE>
14
<PAGE>
HOMESTAKE MINING COMPANY RETIREMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES AT LEAD
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
for the year ended December 31, 1995
(in thousands)
<TABLE>
<CAPTION>
(f) Expenses
(b) Description of Asset Incurred
(a) Identity of (Include Interest Rate and (c) Purchase (d) Selling (e) Lease with
Party Involved Maturity in Case of a Loan) Price Price Rental Transaction
-------------- --------------------------- ------------ ----------- --------- ------------
<S> <C> <C> <C> <C> <C>
Combined transactions:
Norwest Bank Income Equity Stock Fund $387 - - -
Norwest Bank Growth Balanced Fund 517 - - -
- $295 - -
Norwest Bank Stable Return Fund 780 - - -
- 523 - -
Norwest Bank Growth Equity Fund 264 - - -
</TABLE>
<TABLE>
<CAPTION>
(h) Current
Value of (i) Net
(b) Description of Asset Asset on Gain
(a) Identity of (Include Interest Rate and (g) Cost Transaction or
Party Involved Maturity in Case of a Loan) of Asset Date (Loss)
--------------- --------------------------- -------- ------------ --------
<S> <C> <C> <C> <C>
Combined transactions:
Norwest Bank Income Equity Stock Fund - - -
Norwest Bank Growth Balanced Fund - - -
$260 $295 $35
Norwest Bank Stable Return Fund - - -
464 523 59
Norwest Bank Growth Equity Fund - - -
</TABLE>
15
Exhibit 23
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in Post-Effective Amendment No. 5
to the Registration Statement of Homestake Mining Company on Form S-8 (File No.
33-32174) of our report dated June 20, 1996, on our audits of the financial
statements and financial statement schedules of the Homestake Mining Company
Retirement Savings Plan for Hourly Employees at Lead as of December 31, 1995 and
1994, and for the year ended December 31, 1995, which report is included in this
Annual Report on Form 11-K.
/s/ Coopers & Lybrand L.L. P.
- ------------------------------
COOPERS & LYBRAND L.L.P.
San Francisco, California
June 24, 1996
