<PAGE> 1
FORM 11-K
[x] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from _____ to _____
Commission file number 1-9184
NEWMONT GOLD COMPANY SALARIED RETIREMENT SAVINGS PLAN
(Title of Plan)
NEWMONT GOLD COMPANY
---------------------------
(Issuer of Securities)
1700 Lincoln Street, Denver, Colorado 80203
----------------------------------------------
(Principal Executive Office)
<PAGE> 2
ARTHUR ANDERSEN LLP
NEWMONT GOLD COMPANY SALARIED RETIREMENT SAVINGS PLAN
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
AS OF DECEMBER 31, 1995 AND 1994
TOGETHER WITH REPORT OF INDEPENDENT
PUBLIC ACCOUNTANTS
<PAGE> 3
NEWMONT GOLD COMPANY SALARIED RETIREMENT SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS AND
SUPPLEMENTAL SCHEDULES
Page(s)
-------
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS 1
FINANCIAL STATEMENTS:
Statement of Net Assets Available for Plan Benefits,
with Fund Information, as of December 31, 1995 2
Statement of Net Assets Available for Plan Benefits,
with Fund Information, as of December 31, 1994 3
Statement of Changes in Net Assets Available for
Plan Benefits, with Fund Information, for the Year
Ended December 31, 1995 4-5
NOTES TO FINANCIAL STATEMENTS 6-11
SCHEDULES SUPPORTING FINANCIAL STATEMENTS:
Schedule I--Item 27a--Schedule of Assets Held for
Investment Purposes as of December 31, 1995 12
Schedule II--Item 27d--Schedule of Reportable Transactions,
January 1, 1995 through December 31, 1995 13-14
<PAGE> 4
ARTHUR ANDERSEN LLP
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Participants and Administration Committee of the
Newmont Gold Company Salaried Retirement Savings Plan:
We have audited the accompanying statements of net assets available for plan
benefits, with fund information, of the NEWMONT GOLD COMPANY SALARIED RETIREMENT
SAVINGS PLAN as of December 31, 1995 and 1994 and the related statement of
changes in net assets available for plan benefits, with fund information, for
the year ended December 31, 1995. These financial statements and the schedules
referred to below are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements and
schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
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 its net assets available for plan
benefits for the year ended December 31, 1995, 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 fund information in the
statements of net assets available for plan benefits and the statement of
changes in net assets available for plan benefits is presented for purposes of
additional analysis rather than to present the net assets available for plan
benefits and changes in net assets available for plan benefits of each fund. The
supplemental schedules and fund information 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/ Arthur Andersen LLP
Denver, Colorado,
June 25, 1996.
-1-
<PAGE> 5
NEWMONT GOLD COMPANY SALARIED RETIREMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
AS OF DECEMBER 31, 1995
<TABLE>
<CAPTION>
Non-Participant
Directed Participant Directed
--------------- ---------------------------------------------------------
Neuberger
PIMCO &
Low Berman Stagecoach AIM
Duration Guardian S&P 500 Constellation
Cash Fund Trust Stock Fund Fund
------- ---------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C>
INVESTMENTS, at fair value:
Cash and cash equivalents $17,076 $ -- $ -- $ -- $ --
Collective investment funds -- -- -- -- --
Mutual funds -- 5,669,629 7,217,617 3,145,711 6,003,535
Employer stock fund -- -- -- -- --
Participant loans -- -- -- -- --
------- ---------- ---------- ---------- ----------
Total investments 17,076 5,669,629 7,217,617 3,145,711 6,003,535
CONTRIBUTIONS RECEIVABLE:
Participant rollovers -- -- 12,213 15,488 8,450
------- ---------- ---------- ---------- ----------
Total contributions receivable -- -- 12,213 15,488 8,450
------- ---------- ---------- ---------- ----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $17,076 $5,669,629 $7,229,830 $3,161,199 $6,011,985
======= ========== ========== ========== ==========
<CAPTION>
Participant Directed
----------------------------------------------------------------------------------
Newmont
Gold U.S.
Company Government
Templeton Common Money LifePath LifePath LifePath
Foreign Stock Market 2000 2010 2020
Fund Fund Fund Fund Fund Fund
---------- -------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENTS, at fair value:
Cash and cash equivalents $ -- $ -- $ -- $ -- $ -- $ --
Collective investment funds -- -- 2,574,376 1,212,379 2,255,733 1,632,771
Mutual funds 1,993,854 -- -- -- -- --
Employer stock fund -- 613,264 -- -- -- --
Participant loans -- -- -- -- -- --
---------- -------- ---------- ---------- ---------- ----------
Total investments 1,993,854 613,264 2,574,376 1,212,379 2,255,733 1,632,771
CONTRIBUTIONS RECEIVABLE:
Participant rollovers 634 185,872 -- -- -- --
---------- -------- ---------- ---------- ---------- ----------
Total contributions receivable 634 185,872 -- -- -- --
---------- -------- ---------- ---------- ---------- ----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $1,994,488 $799,136 $2,574,376 $1,212,379 $2,255,733 $1,632,771
========== ======== ========== ========== ========== ==========
<CAPTION>
Participant Directed
-------------------------------------------------
LifePath LifePath
2030 2040 Participant
Fund Fund Loans Total
-------- -------- ---------- -----------
<S> <C> <C> <C> <C>
INVESTMENTS, at fair value:
Cash and cash equivalents $ -- $ -- $ -- $ 17,076
Collective investment funds 848,280 429,959 -- 8,953,498
Mutual funds -- -- -- 24,030,346
Employer stock fund -- -- -- 613,264
Participant loans -- -- 1,567,959 1,567,959
-------- -------- ---------- -----------
Total investments 848,280 429,959 1,567,959 35,182,143
CONTRIBUTIONS RECEIVABLE:
Participant rollovers 53,042 4,869 -- 280,568
-------- -------- ---------- -----------
Total contributions receivable 53,042 4,869 -- 280,568
-------- -------- ---------- -----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $901,322 $434,828 $1,567,959 $35,462,711
======== ======== ========== ===========
</TABLE>
The accompanying notes to financial statements and supplemental
schedules are an integral part of this statement.
-2-
<PAGE> 6
NEWMONT GOLD COMPANY SALARIED RETIREMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
AS OF DECEMBER 31, 1994
<TABLE>
<CAPTION>
Fixed
Short-Term Equity Income Participant
Fund Fund Fund Loans Total
------------ ------------- -------------- ------------ --------------
<S> <C> <C> <C> <C> <C>
INVESTMENT FUNDS,
at fair value $ 2,417,436 $ 9,764,195 $ 14,048,348 $ 1,230,097 $ 27,460,076
------------ ------------- -------------- ------------ --------------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $ 2,417,436 $ 9,764,195 $ 14,048,348 $ 1,230,097 $ 27,460,076
============ ============= ============== ============ ==============
</TABLE>
The accompanying notes to financial statements and supplemental
schedules are an integral part of this statement.
-3-
<PAGE> 7
Page 1 of 2
NEWMONT GOLD COMPANY SALARIED RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
Non-Participant
Directed Participant Directed
--------------- --------------------------------------------
Short- Fixed
Term Equity Income
Cash Fund Fund Fund
---- ---- ---- ----
<S> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS:
Contributions (Note 1)-
Employee $ -- $ 315,081 $ 1,417,562 $ 1,130,327
Employer -- 178,516 781,631 672,276
Rollovers and repayments, net -- 22,804 257,526 235,548
Investment income-
Interest and dividends 14,479 125,399 208,799 745,429
Net appreciation/(depreciation) in fair
value of investments -- -- 2,205,994 520,778
-------- ----------- ------------ ------------
Total additions 14,479 641,800 4,871,512 3,304,358
DEDUCTIONS FROM NET ASSETS:
Distributions to participants -- (242,098) (600,682) (2,394,807)
Administrative fees (81) (5) (21) (38)
-------- ----------- ------------ ------------
Total deductions (81) (242,103) (600,703) (2,394,845)
INTERFUND TRANSFERS, net (11,831) 636,597 (249,430) (873,612)
ASSET TRANSFER (Note 1) -- (3,453,730) (13,776,736) (14,081,084)
OTHER, net 14,509 -- (8,838) (3,165)
-------- ----------- ------------ ------------
Net increase/(decrease) 17,076 (2,417,436) (9,764,195) (14,048,348)
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
beginning of year -- 2,417,436 9,764,195 14,048,348
-------- ----------- ------------ ------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
end of year $ 17,076 $ -- $ -- $ --
======== =========== ============ ============
<CAPTION>
Participant Directed
--------------------------------------------------------------------------
PIMCO Neuberger & Stagecoach AIM
Participant Low Duration Berman S&P 500 Constellation
Loans Fund Guardian Trust Stock Fund Fund
----- ---- -------------- ---------- ----
<S> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS:
Contributions (Note 1)-
Employee $ -- $ 37,647 $ 142,807 $ 96,167 $ 199,230
Employer -- 25,513 89,117 61,792 125,451
Rollovers and repayments, net (78,959) -- 12,213 15,488 8,450
Investment income-
Interest and dividends 119,392 -- 103,189 17,960 --
Net appreciation/(depreciation) in fair
value of investments -- 432,411 (129,836) (9,182) 34,244
----------- ----------- ----------- ---------- ----------
Total additions 40,433 495,571 217,490 182,225 367,375
DEDUCTIONS FROM NET ASSETS:
Distributions to participants (47,683) -- -- -- --
Administrative fees (6) (6) (2) (1) (2)
----------- ----------- ----------- ---------- ----------
Total deductions (47,689) (6) (2) (1) (2)
INTERFUND TRANSFERS, net 486,444 (8,907,069) (6,784,471) 2,978,878 5,644,535
ASSET TRANSFER (Note 1) (1,709,285) 14,081,085 13,796,736 -- --
OTHER, net -- 48 77 97 77
----------- ----------- ----------- ---------- ----------
Net increase/(decrease) (1,230,097) 5,669,629 7,229,830 3,161,199 6,011,985
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
beginning of year 1,230,097 -- -- -- --
----------- ----------- ----------- ---------- ----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
end of year $ -- $ 5,669,629 $ 7,229,830 $3,161,199 $6,011,985
=========== =========== =========== ========== ==========
</TABLE>
The accompanying notes to financial statements and supplemental
schedules are an integral part of this statement.
-4-
<PAGE> 8
Page 2 of 2
NEWMONT GOLD COMPANY SALARIED RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
Participant Directed
------------------------------------------------------------------------------
Newmont Gold U.S.
Templeton Company Government LifePath LifePath
Foreign Common Stock Money Market 2000 2010
Fund Fund Fund Fund Fund
---------- ------------ ------------ ---------- -----------
<S> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS:
Contributions (Note 1)-
Employee $ 56,389 $ 31,757 $ 217,624 $ 15,827 $ 62,271
Employer 33,964 19,769 148,505 9,139 39,195
Rollovers and repayments, net 634 185,872 2,065 -- --
Investment income-
Interest and dividends -- -- 42,455 -- --
Net appreciation/(depreciation) in fair
value of investments 6,454 582 -- 5,304 9,382
---------- -------- ----------- ---------- -----------
Total additions 97,441 237,980 410,649 30,270 110,848
DEDUCTIONS FROM NET ASSETS:
Distributions to participants -- -- -- -- --
Administrative fees -- -- (3) (2) --
---------- -------- ----------- ---------- -----------
Total deductions -- -- (3) (2) --
INTERFUND TRANSFERS, net 1,897,042 561,156 (1,290,305) 1,182,111 2,144,491
ASSET TRANSFER (Note 1) -- -- 3,453,730 -- --
OTHER, net 5 -- 305 -- 394
---------- -------- ----------- ---------- -----------
Net increase/(decrease) 1,994,488 799,136 2,574,376 1,212,379 2,255,733
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
beginning of year -- -- -- -- --
---------- -------- ----------- ---------- -----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
end of year $1,994,488 $799,136 $ 2,574,376 $1,212,379 $ 2,255,733
========== ======== =========== ========== ===========
<CAPTION>
Participant Directed
----------------------------------------------------------
LifePath LifePath LifePath
2020 2030 2040 Participant
Fund Fund Fund Loans Total
---------- -------- -------- ----------- -----------
<S> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS:
Contributions (Note 1)-
Employee $ 48,508 $ 32,509 $ 22,215 $ -- $ 3,825,921
Employer 34,026 22,703 14,882 -- 2,256,479
Rollovers and repayments, net -- 53,042 4,869 -- 719,552
Investment income-
Interest and dividends -- -- -- 33,031 1,410,133
Net appreciation/(depreciation) in fair
value of investments 6,527 3,988 1,601 -- 3,088,247
---------- -------- -------- ---------- -----------
Total additions 89,061 112,242 43,567 33,031 11,300,332
DEDUCTIONS FROM NET ASSETS:
Distributions to participants -- -- -- (15,942) (3,301,212)
Administrative fees -- -- -- -- (167)
---------- -------- -------- ---------- -----------
Total deductions -- -- -- (15,942) (3,301,379)
INTERFUND TRANSFERS, net 1,543,537 789,080 391,261 (138,414) --
ASSET TRANSFER (Note 1) -- -- -- 1,689,284 --
OTHER, net 173 -- -- -- 3,682
---------- -------- -------- ---------- -----------
Net increase/(decrease) 1,632,771 901,322 434,828 1,567,959 8,002,635
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
beginning of year -- -- -- -- 27,460,076
---------- -------- -------- ---------- -----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
end of year $1,632,771 $901,322 $434,828 $1,567,959 $35,462,711
========== ======== ======== ========== ===========
</TABLE>
The accompanying notes to financial statements and supplemental
schedules are an integral part of this statement.
-5-
<PAGE> 9
NEWMONT GOLD COMPANY SALARIED RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
(1) DESCRIPTION OF PLAN
Effective October 1, 1995, the Plan name was changed from the Employee Savings
Plan of Newmont Gold Company to the Newmont Gold Company Salaried Retirement
Savings Plan (the "Plan").
The following description of the Plan provides only general information.
Participants should refer to the Plan document for a more complete description
of the Plan's provisions.
General
The Plan was established on July 1, 1973 by Newmont Mining Corporation. The Plan
sponsorship transferred in 1994 to Newmont Gold Company (the "Company"). The
Plan is a defined contribution plan subject to the provisions of the Employee
Retirement Income Security Act of 1974 ("ERISA"). Benefits under the Plan are
not subject to guarantee by the Pension Benefit Guaranty Corporation.
Trust
Prior to October 1, 1995, the individual assets of the Plan were held under a
trust agreement maintained by Wachovia Bank of North Carolina, N.A.
Effective October 1, 1995, trustee, record keeping, and investment management
services were changed from Wachovia Bank of North Carolina, N.A. to the 401(k)
MasterWorks Division of Wells Fargo Institutional Trust Company, N.A. and
various new investment managers. Plan assets are held under a Trust Agreement
(the "Trust") maintained by Wells Fargo Bank, N.A. (the "Trustee").
Barclays Bank PLC and certain of its affiliates acquired substantially all of
Wells Fargo Institutional Trust Company, N.A. ("WFITC") as of December 31, 1995.
As a result, the name WFITC was changed to BZW Barclays Global Investors, N.A.
("BGI"), effective January 1, 1996. Additionally, as a result of its acquisition
of WFITC, BGI acquired the 401(k) MasterWorks Division of Wells Fargo and
succeeded the business of the MasterWorks Division, effective January 1, 1996.
-6-
<PAGE> 10
An Investment Committee of not less than three nor more than five members is
appointed by the Company's Board of Directors. The Investment Committee
evaluates the performance of the Trustee, may retain independent advisors and
consultants, and selects the investment options offered under the Plan.
Eligibility and Contributions
Effective October 1, 1995, salaried employees are eligible to participate in the
Plan on the first day of the first month following their date of employment.
Prior to that date, employees were eligible to participate in the Plan after six
months of service. Participants may elect to contribute to the Plan up to 15% of
their base annual compensation to a maximum of $9,240 on a pre-tax basis for the
1995 and 1994 plan years. Participant's contributions are matched by the
Company, not to exceed 6% of their base compensation. Total matching
contributions are limited to $9,000 annually per participant. Total annual
additions under the Plan and all other plans sponsored by the Company are
limited to the lesser of 25% of eligible compensation or $30,000. Annual
additions are defined as the participant's contributions and Company's matching
contributions.
Vesting
Participants' contributions are fully vested. Participants vest 20% in Company
matching contributions for each year of participation in the Plan to a maximum
of 100% after four and one-half years of participation. Additionally,
participants may become fully vested in the matching Company contributions under
certain other circumstances, including Plan termination.
At December 31, 1995, forfeited nonvested accounts totaled $17,076. These
accounts will be used to reduce future Company contributions. During 1995,
Company contributions were reduced by $91,063 from forfeited nonvested accounts.
The Plan provides that the Trustee may accept from a participant a contribution
representing distributions from another plan which meets the requirements of
Section 401(a) of the Internal Revenue Code (the "Code"). Such "rollover
contributions" shall be fully vested and shall not be subject to, or affect in
any way, the maximum annual contribution limitation.
Participant Accounts
Prior to October 1, 1995, each participant's account was credited with the
participant's contribution, the Company's matching contribution and an
allocation of Plan earnings, based on participant account balances on a monthly
basis. Effective October 1, 1995, the allocation of Plan earnings occurs on a
daily basis.
Amounts payable to participants who have requested withdrawals from their
account balances aggregated $0 and $174,537 at December 31, 1995 and 1994,
respectively. Such amounts are included in Net Assets Available for Plan
Benefits in the accompanying financial statements at year end. The distributions
to participants were made after year end.
-7-
<PAGE> 11
Payment of Benefits
Upon retirement, death, disability, or termination of service, a participant may
elect to receive a lump-sum distribution equal to his or her vested account
balance.
Investments
Prior to October 1, 1995, participants could elect to invest their contributions
and their portion of the Company's matching contributions in up to three
individual funds. The short-term investment fund consisted of reserve funds held
in the Dreyfus Liquid Assets Fund. The equity investment fund consisted of
investments in a portfolio of corporate stocks, or securities convertible into
stock, managed by American Mutual Fund, Inc. The fixed income investment fund
consisted of a portfolio of investments in U.S. Short-Term Government Bonds held
in Fidelity Management and Research Company's Short-Intermediate Government
Portfolio.
Effective October 1, 1995, existing account balances were transferred to Wells
Fargo Bank, N.A. and invested in the following three new funds during the
transition period:
- U.S. Government Money Market Fund - Invests primarily in
securities of the U.S. Government or its agencies with
maturities of less than one year.
- PIMCO Low Duration Fund - Holds cash and shares of the PIMCO
Low Duration Mutual Fund which invests in a diversified
portfolio of fixed-income securities with an average duration
between one and three years.
- Neuberger & Berman Guardian Trust - A growth and income fund
which invests in stocks of established high-quality companies
considered to be undervalued in comparison to stocks of
similar companies.
All contributions made during the conversion period were directed into the U.S.
Government Money Market Fund.
Beginning December 26, 1995, participants were offered new investment elections
which included the three conversion period funds and the following additional
funds:
- Stagecoach S&P 500 Stock Fund - Invests in the companies
included in the Standard & Poor's 500 Index.
- AIM Constellation Fund - Aggressively seeks capital
appreciation by investing principally in common stocks, with
emphasis on medium-sized and smaller emerging-growth
companies.
- Templeton Foreign Fund - Seeks long-term capital growth
through a flexible policy of investing in stocks and debt
obligations of companies and governments outside the United
States.
-8-
<PAGE> 12
- Newmont Gold Company Common Stock Fund - Invests solely in the
common stock of Newmont Gold Company.
- LifePath Collective Trust (five fund elections) - The
LifePath Funds invest in a changing mix of U.S. and
international stocks, bonds, and money market securities
according to the targeted retirement year of the investor.
The cost basis of the Plan's investments was $35,047,884 and $28,834,122 at
December 31, 1995 and 1994, respectively. The fair market value of individual
investments that represent 5% or more of the Plan's total investments as of
December 31, 1995 and 1994 are as follows:
<TABLE>
<CAPTION>
1995 1994
------------ ------------
<S> <C> <C>
Wells Fargo - LifePath 2010 Fund $ 2,255,733 $ -
Well Fargo - U.S. Government
Money Market Fund 2,574,376 -
AIM Constellation Fund 6,003,535 -
Neuberger & Berman Guardian Trust Fund 7,217,617 -
Templeton Foreign Fund 1,993,854 -
Wells Fargo - Stagecoach S&P 500 Stock Fund 3,145,711 -
PIMCO Low Duration Fund 5,669,629 -
Dreyfus Liquid Assets Fund - 2,417,436
American Mutual Fund - 9,764,195
Fidelity U.S. Short-Intermediate
Government Portfolio - 14,048,348
</TABLE>
At December 31, 1995, the Plan held no derivative instruments directly. However,
the Plan held such instruments indirectly through their investments in the
collective investment funds and mutual funds, which under their trust
agreements, may invest in such instruments. These consist mainly of futures
contracts and options. Credit risk exists with respect to these instruments. The
credit related gains and losses during the year ended December 31, 1995 were
immaterial.
Loans
Loans are permitted by the Plan on 50% of the participant's vested balance. The
minimum loan amount is $1,000 and the maximum is the lesser of 50% of the vested
balance or $50,000. The repayment period may be up to five years, or up to ten
years if the loan is for the purchase of a principal residence. The interest
rate is determined by the plan administrator based on prime plus 1% and is fixed
over the life of the note.
-9-
<PAGE> 13
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The accompanying financial statements are prepared on the accrual basis of
accounting. The preparation of the financial statements in conformity with
generally accepted accounting principles requires the Plan's management to use
estimates and assumptions that affect the accompanying financial statements and
disclosures. Actual results could differ from these estimates.
Valuation of Investments
The Plan's investment funds are stated at fair value based on quoted market
prices, which were readily determinable at December 31, 1995 and 1994. Cash
equivalents and participant loans are stated at cost which approximates fair
market value.
Net Appreciation (Depreciation) in Fair Value of Investments
Net realized and unrealized appreciation (depreciation) is recorded in the
accompanying statement of changes in net assets available for plan benefits as
net appreciation (depreciation) in fair value of investments.
Payment of Benefits
Benefits are recorded when paid.
Administrative Fees
The Company pays all administrative expenses of the Plan, except for loan
processing fees.
(3) PLAN TERMINATION
Although it is the expectation of the Company to continue the Plan indefinitely,
in the event of termination of the Plan, with respect to a group or class of
participants, or partial discontinuance of contributions, the balance credited
to the Company's matching contributions accounts of all participants subject to
such partial termination or partial discontinuance of contributions, will become
fully vested and nonforfeitable.
(4) TAX STATUS
The Trust established under the Plan is qualified under the Internal Revenue
Code as exempt from Federal income taxes and a favorable determination letter
has been received from the IRS dated December 27, 1995. The Plan administrator
and the Plan's legal counsel believe that the Plan is currently designed and
being operated in compliance with the applicable requirements of the Internal
Revenue Code. Therefore, they believe that the Plan is qualified and the related
Trust is tax exempt as of the financial statement date.
-10-
<PAGE> 14
(5) RELATED PARTY TRANSACTIONS
Certain plan investments are units of collective investment funds managed by
WFITC, an affiliate of the Trustee. Also, certain plan investments are shares of
Newmont Gold Company, the sponsor of the Plan.
-11-
<PAGE> 15
SCHEDULE I
NEWMONT GOLD COMPANY SALARIED RETIREMENT SAVINGS PLAN
ITEM 27a--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1995
<TABLE>
<CAPTION>
Name of Issuer Market Cost
or Party Involved Description of Assets Value Basis
- --------------------------------- -------------------------- ------------ ------------
<S> <C> <C> <C>
Cash Cash and Cash Equivalents
Fund $ 17,076 $ 17,076
PIMCO Low Duration Fund Mutual Fund 5,669,629 5,486,972
Neuberger & Berman Guardian Trust Mutual Fund 7,217,617 7,324,926
*Wells Fargo - Stagecoach S&P 500
Stock Fund Mutual Fund 3,145,711 3,154,893
AIM Constellation Fund Mutual Fund 6,003,535 5,969,262
Templeton Foreign Fund Mutual Fund 1,993,854 1,987,400
*Newmont Gold Company
Common Stock Fund Employer Stock Fund 613,264 612,681
*Wells Fargo - U.S. Government
Money Market Fund Collective Investment Fund 2,574,376 2,574,376
*Wells Fargo - LifePath 2000 Fund Collective Investment Fund 1,212,379 1,207,076
*Wells Fargo - LifePath 2010 Fund Collective Investment Fund 2,255,733 2,246,369
*Wells Fargo - LifePath 2020 Fund Collective Investment Fund 1,632,771 1,626,244
*Wells Fargo - LifePath 2030 Fund Collective Investment Fund 848,280 844,292
*Wells Fargo - LifePath 2040 Fund Collective Investment Fund 429,959 428,358
Participant Loans (a) Interest rates ranging
from 7.0% to 11.0% 1,567,959 1,567,959
</TABLE>
* Represents a party-in-interest.
(a) Participant loans under the Plan bear interest at prime plus one percent.
The accompanying notes to financial statements
are an integral part of this schedule.
-12-
<PAGE> 16
SCHEDULE II
Page 1 of 2
NEWMONT GOLD COMPANY SALARIED RETIREMENT SAVINGS PLAN
ITEM 27d--SCHEDULE OF REPORTABLE TRANSACTIONS (a)
JANUARY 1, 1995 THROUGH DECEMBER 31, 1995
(a) Individual or series of transactions which, when aggregated, involve an
amount in excess of 5% of plan assets as of the beginning of the plan
year. Purchases and sales are made at current value on the date of the
transactions.
<TABLE>
<CAPTION>
Number of
Transactions
---------------------- Purchase Selling Gain
Name of Issuer or Party Involved/Description Purchases Sales Price Price Cost (Loss)
- ---------------------------------------------- --------- ----- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
American Mutual Fund, Inc. - Equity Fund 42 - $ 4,130,420 $ - $ 4,130,420 $ -
American Mutual Fund, Inc. - Equity Fund - 23 - 15,858,228 14,066,800 1,791,428
*Wachovia Bank Short-Term Investment Fund 112 - 5,787,728 - 5,787,728 -
*Wachovia Bank Short-Term Investment Fund - 96 - 6,219,064 6,219,064 -
Dreyfus Liquid Assets, Inc. - Cash Equivalent 84 - 1,975,054 - 1,975,054 -
Dreyfus Liquid Assets, Inc. - Cash Equivalent - 22 - 4,340,203 4,340,203 -
Fidelity Management and Research Company -
Government Bond Portfolio 38 - 3,268,953 - 3,268,953 -
Fidelity Management and Research Company -
Government Bond Portfolio - 29 - 17,220,817 17,659,518 (438,701)
AIM Constellation - Mutual Fund 3 - 5,974,771 - 5,974,771 -
AIM Constellation - Mutual Fund - 1 - 5,480 5,510 (30)
</TABLE>
*Represents a party-in-interest.
The accompanying notes to financial statements are an integral part of this
schedule.
-13-
<PAGE> 17
SCHEDULE 11
Page 2 of 2
NEWMONT GOLD COMPANY SALARIED RETIREMENT SAVINGS PLAN
ITEM 27d--SCHEDULE OF REPORTABLE TRANSACTIONS (a)
JANUARY 1, 1995 THROUGH DECEMBER 31, 1995
(a) Individual or series of transactions which, when aggregated, involve an
amount in excess of 5% of plan assets as of the beginning of the plan
year. Purchases and sales are made at current value on the date of the
transactions.
<TABLE>
<CAPTION>
Number of
Transactions
---------------- Purchase Selling Gain
Name of Issuer or Party Involved/Description Purchases Sales Price Price Cost (Loss)
- -------------------------------------------------------- --------- ----- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
*Wells Fargo - LifePath 2010 - Collective Investment Fund 2 - $ 2,257,389 $ - $ 2,257,389 $ -
*Wells Fargo - LifePath 2010 - Collective Investment Fund - 1 - 11,038 11,019 19
*Wells Fargo - LifePath 2020 - Collective Investment Fund 2 - 1,626,244 - 1,626,244 -
Neuberger & Berman Guardian Trust - Mutual Fund 3 - 13,893,246 - 13,893,246 -
Neuberger & Berman Guardian Trust - Mutual Fund - 3 - 6,545,793 6,568,320 (22,527)
Templeton Foreign - Mutual Fund 3 - 1,987,400 - 1,987,400 -
*Wells Fargo - U.S. Government Money Market -
Collective Investment Fund 5 - 3,571,261 - 3,571,261 -
*Wells Fargo - U.S. Government Money Market -
Collective Investment Fund - 2 - 996,886 996,886 -
*Wells Fargo - Stagecoach--S&P 500 Stock - Mutual Fund 2 - 3,154,893 - 3,154,893 -
PIMCO Low Duration - Mutual Fund 2 - 14,084,526 - 14,084,526 -
PIMCO Low Duration - Mutual Fund - 2 - 8,847,308 8,597,553 249,755
</TABLE>
*Represents a party-in-interest.
The accompanying notes to financial
statements are an integral part of this schedule.
-14-
<PAGE> 18
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act
of 1934, the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
NEWMONT GOLD COMPANY SALARIED RETIREMENT SAVINGS PLAN
By: /s/ Dawn M. Putaturo
-----------------------------
Administration Committee Member
Dated: August 26, 1996 By: /s/ Timothy J. Schmitt
-----------------------
Vice President, Secretary and
Assistant General Counsel
<PAGE> 19
EXHIBIT INDEX
Exhibit No. Exhibit
----------- -------
23 Consent of Arthur Andersen LLP
<PAGE> 1
Exhibit 23
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the use of our report
dated June 25, 1996 on the Newmont Gold Company Salaried Retirement Savings
Plan, included in this Form 11-K for the year ended December 31, 1995.
/s/ ARTHUR ANDERSEN LLP
Denver, Colorado,
August 26, 1996
