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, 1996
HOMESTAKE 401(k)
RETIREMENT 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 401(k) RETIREMENT SAVINGS PLAN
By /s/ T.H. Wong
----------------------------
T.H. Wong
Assistant Treasurer and
Assistant Secretary
June 24, 1997
<PAGE>
Item 1. Financial Statements and Exhibits
a. Financial Statements for the years ended December 31, 1996
and 1995 and Supplemental Schedules as of and for the year
ended December 31, 1996 and Independent Accountants'
Report.
b. Exhibit No. 23
Independent Accountants' Consent
<PAGE>
HOMESTAKE 401(k) RETIREMENT SAVINGS PLAN
-------
FINANCIAL STATEMENTS
as of December 31, 1996 and 1995
and for the year ended December 31, 1996
<PAGE>
HOMESTAKE 401(k) RETIREMENT SAVINGS PLAN
-------
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Pages
<S> <C>
Financial Statements:
Report of Independent Accountants 2
Statements of Net Assets Available for Benefits
as of December 31, 1996 and 1995 3
Statement of Changes in Net Assets Available for
Benefits for the Year Ended December 31, 1996 4
Notes to Financial Statements 5-14
Supplemental Schedules:
Item 27a - Schedule of Assets Held for Investment
Purposes as of December 31, 1996 15
Item 27d - Schedule of Reportable Transactions
for the year ended December 31, 1996 16
</TABLE>
1
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
Homestake Mining Company
San Francisco, California
We have audited the accompanying statements of net assets available for benefits
of the Homestake 401(k) Retirement Savings Plan (the Plan) as of December 31,
1996 and 1995, and the related statement of changes in net assets available for
benefits for the year ended December 31, 1996. 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, 1996 and 1995, and the changes in net assets available for benefits
for the year ended December 31, 1996, 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 as of December 31, 1996 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. The supplemental schedules have been subjected to the auditing procedures
applied in the audits 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.
- ----------------------------
San Francisco, California
June 16, 1997
2
<PAGE>
HOMESTAKE 401(k) RETIREMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
as of December 31, 1996 and 1995
(in thousands)
<TABLE>
<CAPTION>
ASSETS 1996 1995
---- ----
<S> <C> <C>
Investments:
At Fair Value (Note 2)
Homestake Mining Company Stock Fund $ 468 $ 328
Norwest Bank Income Equity Stock Fund 1,644 910
Norwest Bank Growth Balanced Fund 2,200 1,779
Norwest Bank Stable Return Fund 2,934 2,811
Norwest Bank Short Term Investment Fund 446 83
Norwest Bank Growth Equity Fund 887 256
Participant loans receivable 534 358
------------- --------------
Total investments 9,113 6,525
------------- --------------
Total assets 9,113 6,525
LIABILITIES
Amounts due brokers for securities purchases 2 32
------------- --------------
Net assets available for
benefits $ 9,111 $ 6,493
============= ==============
The accompanying notes are an integral part of these financial statements.
</TABLE>
3
<PAGE>
HOMESTAKE 401(k) RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
for the year ended December 31, 1996
(in thousands)
<TABLE>
<CAPTION>
<S> <C>
Additions to net assets attributed to:
Interest and dividends $ 126
Interest on Participant's Loans 39
Net appreciation in fair value of investments 668
-----------
833
-----------
Contributions:
Company, in cash 382
Participants, in cash 1,603
Transfers in from other plans 73
-----------
2,058
-----------
Total additions
2,891
-----------
Deductions from net assets attributed to:
Net depreciation in fair value of Homestake Mining Company Stock Fund
18
Benefits paid to participants
116
Transfers out to other plans
139
-----------
Total deductions
273
-----------
Net increase 2,618
Net assets available for benefits:
Beginning of year 6,493
-----------
End of year $ 9,111
===========
The accompanying notes are an integral part of these financial statements.
</TABLE>
4
<PAGE>
HOMESTAKE 401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
-------
1. Description of Plan:
The following description of the Homestake 401(k) Retirement Savings
Plan (the Plan) provides only general information. Participants should
refer to the full Plan document for a more complete description of the
Plan's provisions.
General:
The Plan is a defined contribution profit sharing plan (designed to be
qualified under Internal Revenue Code Sections 401(a) and 401(k))
covering all employees of the Company who are covered by collective
bargaining agreements and have completed three months of service. 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 Company. Effective January 1, 1997, the
Plan's trustee and investment advisor is Norwest Bank, Minnesota, N.A.
("Norwest Bank"). Prior to January 1, 1997, the Plan's trustee and
investment advisor was Norwest Bank, South Dakota.
Contributions:
Participation is voluntary. Participants may make pre-tax
contributions only of between 1% and 16% of compensation. Participant
contributions not exceeding 6% of wages or of salary are matched 35%
by the Company.
Participants may make a rollover contribution to the Plan of amounts
previously contributed to another qualified plan. Rollover contributions
are not matched by the Company.
Each participant 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 401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
-------
1. Description of the 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. 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.
Vesting:
Participant contributions and any income (loss) thereon are fully vested
at all times. Company contributions and any income (loss) thereon 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:
The Plan permits withdrawal of contributions upon:
(1) Termination of employment;
(2) Attainment of age 59 1/2;
(3) Death (with vested account balance paid to designated
beneficiary);
(4) Hardship.
Distribution of benefits can be in the form of single lump-sum cash
payments or a portion paid in lump-sum payments and the remainder paid
later.
Participant Loans Receivable:
Participants may borrow from their vested accounts $1,000 to $50,000
limited to 50% of the value of such accounts. The loan term 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 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.
6
<PAGE>
HOMESTAKE 401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
-------
1. Description of the Plan, continued:
Forfeitures:
Forfeitures of Company contributions made on behalf of former employees
whose employment was terminated before such contributions were vested
are allocated to active participants at the end of each Plan year. The
forfeitures are allocated in proportion to the Company contributions
made to the individual participant accounts during the Plan year.
2. Significant Accounting Policies:
Basis of Accounting:
The financial statements of the Plan are prepared under the accrual
basis of accounting in accordance with generally accepted accounting
principles.
Use of Estimates:
The preparation of financial statements in conformity with generally
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.
Investment Valuation and Income Recognition:
Shares and units in investments funds are valued at quoted market
prices, representing the net asset value of the shares or units held by
the Plan at year end.
Participant loans receivable are valued at cost, which approximates
market value.
Purchases and sales of securities are recorded on a trade-date basis,
utilizing the average cost method in determining the basis of
investments sold. Interest income is recorded on the accrual basis.
Dividends are recorded on the ex-dividend date.
7
<PAGE>
HOMESTAKE 401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
-------
2. Significant Accounting Policies, continued:
Withdrawals:
Withdrawals of securities from the Homestake Mining Company Common Stock
Fund may be made in cash, common stock, or both, and are reported at
market value. Withdrawals from the Norwest Bank Income Equity Stock
Fund, Norwest Bank Growth Balanced Fund, the Norwest Stable Return Fund,
the Norwest Bank Short Term Investment Fund, and the Norwest Bank Growth
Equity Fund 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).
3. Risks and Uncertainties:
All Plan investments are managed by Norwest Bank. Ultimate Plan
performance is dependent upon the ability of Norwest Bank to manage the
funds.
A significant portion of the Plan's assets is invested in the Homestake
Mining Company Common Stock Fund and is, therefore, subject to
fluctuations in the market value of such stock, which is, in turn,
impacted by the price of gold.
The Plan's assets are invested in collective trust and mutual funds, and
other investment securities. Investments are exposed to various risks,
such as interest rate, market and credit. Due to the level of risk
associated with certain investments and the level of uncertainty related
to changes in the value of such investments, it is possible that changes
in the value of one or more of such investments in the near term could
materially affect participants' account balances, the amounts reported
in the statements of net assets available for Plan benefits, and the
statement of changes in net assets available for Plan benefits.
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
contributions 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.
8
<PAGE>
HOMESTAKE 401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
-----
5. Plan Tax Status:
The Plan obtained its latest 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.
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 the
Trustee. Therefore, these transactions are transactions with
parties-in-interest.
7. Administrative Expenses:
Certain administrative expenses of the Plan are paid for by the Company.
9
<PAGE>
HOMESTAKE 401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
-------
8. Investments
Investments at December 31, 1996 and 1995 are comprised of the following:
<TABLE>
<CAPTION>
December 31, 1996
------------------------------------------------------------
Number of Value Reported
Shares or Per Value
Units Held Unit (in thousands)
---------- ----- ---------
<S> <C> <C> <C>
Homestake Mining Company Stock Fund 40,117 $ 11.67 $ 468
Norwest Bank Income Equity Stock Fund 54,934 29.93 1,644
Norwest Bank Growth Balanced Fund 94,404 23.30 2,200
Norwest Bank Stable Return Fund 124,407 23.58 2,934
Norwest Bank Short Term Investment Fund 444,809 1.00 446
Norwest Bank Growth Equity Fund 29,800 29.77 887
Participant loans receivable - - 534
------------
$ 9,113
============
</TABLE>
<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
============
</TABLE>
10
<PAGE>
HOMESTAKE 401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
-------
8. 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 Stock 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.
11
<PAGE>
HOMESTAKE 401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
-------
9. Net Assets Available for Benefits by Investment Type
(in thousands):
At December 31, 1996 and 1995, net assets available for benefits were
held in the following participant-designated investment types :
<TABLE>
<CAPTION>
Norwest
Homestake Bank Norwest
Mining Income Bank
Company Equity Growth
Stock Stock Balanced
Fund Fund Fund
---------- -------- ----------
<S> <C> <C> <C>
December 31, 1996:
- ------------------
ASSETS
Investments, at fair value:
Investments held by trustee - $ 1,644 $ 2,200
Common stock of the Company $468 - -
Participant loans receivable - - -
----------------- ---------------- ----------------
Total assets 468 1,644 2,200
LIABILITIES
Amounts due to brokers for
securities purchased 2 - -
----------------- ---------------- ----------------
Net assets available
for benefits $ 466 $ 1,644 $ 2,200
================= ================ ================
</TABLE>
<TABLE>
<CAPTION>
Norwest Norwest Norwest
Bank Bank Bank
Stable Short Term Growth
Return Investment Equity Participant
Fund Fund Fund Loans Total
---------- ----------- --------- ----------- ----------
<S> <C> <C> <C> <C> <C>
December 31, 1996:
ASSETS
Investments, at fair value:
Investments held by trustee $ 2,934 $ 446 $ 887 - $ 8,111
Common stock of the Company - - - - 468
Participant loans receivable - - - $ 534 534
------------ -------------- --------------- ----------- -----------
Total assets 2,934 446 887 534 9,113
LIABILITIES
Amounts due to brokers for
securities purchased - - - - 2
------------ -------------- --------------- ----------- ------------
Net assets available
for benefits $ 2,934 $ 446 $ 887 $ 534 $ 9,111
============ ============== =============== =========== ============
</TABLE>
12
<PAGE>
HOMESTAKE 401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
-------
9. Net Assets Available for Benefits by Investment Type (in
thousands), continued:
<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
================ ================ ================== ===============
</TABLE>
<TABLE>
<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>
13
<PAGE>
HOMESTAKE 401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
-------
10. Changes in Net Assets Available for Benefits by Investment Type:
During the year ended December 31, 1996, 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, 1996
-------------------------------------------------------------------------------
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 $ 5 $ 33 $ 67 -
Interest on participants' loans - - - -
Net appreciation in the fair value of
investments - 198 201 $ 179
Contributions:
Company, in cash 13 70 70 93
Participants, in cash 55 312 295 377
Transfers in from other plans - 1 15 17
---------------- --------------- ---------------- -------------
Total Additions 73 614 648 666
---------------- --------------- ---------------- -------------
Deductions to net assets attributed to:
Net depreciation in the fair value of
Homestake Mining Company
Stock Fund 18 - - -
Benefits paid to participants 40 6 14 49
Transfers out to other plans 2 6 43 87
---------------- --------------- ---------------- --------------
Total Deductions 60 12 57 136
---------------- --------------- ---------------- --------------
Interfund Transfers 125 143 (158) (407)
---------------- --------------- ---------------- --------------
Net increase 138 745 433 123
Net assets available for benefits:
Beginning of year 328 899 1,767 2,811
---------------- --------------- ---------------- --------------
End of year $ 466 $ 1,644 $ 2,200 $ 2,934
================ ================ ================ ==============
</TABLE>
<TABLE>
<CAPTION>
Year Ended December 31, 1996
----------------------------------------------------------------------------------
Norwest Norwest
Bank Bank
Short Term Growth
Investment Equity Participant
Fund Fund Loans Total
-------------- --------------- ------------- -----------
<S> <C> <C> <C>
Additions to net assets attributed to:
Interest and dividends $ 15 $ 6 - $ 126
Interest on participants' loans - - $ 39 39
Net appreciation in the fair value of - 90 - 668
investments
Contributions:
Company, in cash 79 57 - 382
Participants, in cash 299 265 - 1,603
Transfers in from other plans 4 3 33 73
--------------- ---------------- -------------- -----------
Total Additions 397 421 72 2,891
--------------- ---------------- -------------- -----------
Deductions to net assets attributed to:
Net depreciation in the fair value of
Homestake Mining Company Stock Fund - - - 18
Benefits paid to participants 5 2 - 116
Transfers out to other plans - 1 - 139
--------------- ---------------- -------------- -----------
Total Deductions 5 3 - 273
--------------- ---------------- -------------- -----------
Interfund Transfers (29) 222 104 -
--------------- ---------------- -------------- -----------
Net increase 363 640 176 2,618
Net assets available for benefits:
Beginning of year 83 247 358 6,493
--------------- ---------------- -------------- -----------
End of year $ 446 $ 887 $ 534 $ 9,111
================ ================ =============== ===========
</TABLE>
14
<PAGE>
HOMESTAKE 401(k) RETIREMENT SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
as of December 31, 1996
<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)
------------------- ------------------------ --------------- --------------
<C> <S> <C> <C> <C>
* Homestake Mining Common stock (40,117
Company shares; no par value) $ 534 $ 468
* Norwest Bank Norwest Bank Income
Equity Stock Fund
(54,934 units) 1,312 1,644
* Norwest Bank Norwest Bank Growth
Balanced Fund
(94,404 units) 1,896 2,200
* Norwest Bank Norwest Bank Stable
Return Fund
(124,407 units) 2,543 2,934
* Norwest Bank Norwest Bank Short Term
Investment Fund
(444,809 units) 447 446
* Norwest Bank Norwest Bank Growth
Equity Fund (29,800 units) 834 887
* Participant notes
(Repayable over five years
unless it is for purchase
of a principal residence
which is repayable over ten
years. Rate during 1996
ranged from 7.0% to 10.0%.) 534 534
<FN>
* Represents party-in-interest to Plan.
</TABLE>
15
<PAGE>
HOMESTAKE 401(k) RETIREMENT SAVINGS PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
for the year ended December 31, 1996
(in thousands)
<TABLE>
<CAPTION>
(b) Description of Asset
(a) Identity of (Include Interest Rate and c) Purchase (d) Selling (e) Lease
Party Involved Maturity in Case of a Loan) Price Price Rental
- -------------- --------------------------- ---------- ------ --------
<S> <C> <C> <C> <C>
Combined transactions:
Norwest Bank HMC Stock Fund $ 965 -
- $ 807
Norwest Bank Income Equity Stock Fund 972 -
- 436
Norwest Bank Growth Balanced Fund 853 -
- 633
Norwest Bank Stable Return Fund 1,256 -
- 1,312
Norwest Bank Growth Equity Fund 738 -
Norwest Bank Short-Term Investment Fund 424 -
</TABLE>
<TABLE>
<CAPTION>
(h) Current
(f) Expenses Value of (i) Net
(b) Description of Asset Incurred Asset on Gain
(a) Identity of (Include Interest Rate and with (g) Cost Transaction or
Party Involved Maturity in Case of a Loan) Transaction of Asset Date (Loss)
- ---------------- ----------------------------- ------------- -------- ----------- -------
<S> <C> <C> <C> <C> <C>
Combined transactions:
Norwest Bank HMC Stock Fund - - -
$ 769 $ 807 $ 38
Norwest Bank Income Equity Stock Fund - - -
393 436 43
Norwest Bank Growth Balanced Fund - - -
502 633 131
Norwest Bank Stable Return Fund - - -
1,197 1,312 115
Norwest Bank Growth Equity Fund - - -
Norwest Bank Short-Term Investment Fund - - -
</TABLE>
16
Exhibit 23
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in (i) Registration Statement of
Homestake Mining Company (333-17357) and (ii) 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 16, 1997, on our audits of the financial
statements and financial statement schedules of the Homestake 401(k) Retirement
Savings Plan as of December 31, 1996 and 1995 and for the year ended December
31, 1996, 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 18, 1997
