<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 HOURLY 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 HOURLY 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 HOURLY RETIREMENT SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS AND
SUPPLEMENTAL SCHEDULES
<TABLE>
<CAPTION>
Page(s)
-------
<S> <C>
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
</TABLE>
<PAGE> 4
ARTHUR ANDERSEN LLP
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Participants and Administration Committee of the
Newmont Gold Company Hourly Retirement Savings Plan:
We have audited the accompanying statements of net assets available for plan
benefits, with fund information, of the NEWMONT GOLD COMPANY HOURLY 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.
ARTHUR ANDERSEN LLP
/s/ ARTHUR ANDERSEN LLP
----------------------------
Denver, Colorado,
June 25, 1996.
<PAGE> 5
NEWMONT GOLD COMPANY HOURLY 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 Templeton
Duration Guardian S&P 500 Constellation Foreign
Cash Fund Trust Stock Fund Fund Fund
----------- ---------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENTS, at fair value:
Cash and cash equivalents $ 4,470 $ -- $ -- $ -- $ -- $ --
Collective investment funds -- -- -- -- -- --
Mutual funds -- 1,605,283 2,474,151 1,179,719 1,948,452 398,919
Employer stock fund -- -- -- -- -- --
Participant loans -- -- -- -- -- --
----------- ---------- ----------- ----------- ----------- -----------
Total investments 4,470 1,605,283 2,474,151 1,179,719 1,948,452 398,919
CONTRIBUTIONS RECEIVABLE:
Participant rollovers -- -- -- 2,213 6,224 --
---------- ----------- ----------- ----------- -----------
Total contributions receivable -- -- -- 2,213 6,224 --
---------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $ 4,470 $1,605,283 $ 2,474,151 $ 1,181,932 $ 1,954,676 $ 398,919
=========== ========== =========== =========== =========== ===========
<CAPTION>
Participant Directed
---------------------------------------------------------------------------
Newmont
Gold U.S.
Company Government
Common Money LifePath LifePath LifePath
Stock Market 2000 2010 2020
Fund Fund Fund Fund Fund
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
INVESTMENTS, at fair value:
Cash and cash equivalents $ -- $ -- $ -- $ -- $ --
Collective investment funds -- 1,171,435 228,031 691,654 687,842
Mutual funds -- -- -- -- --
Employer stock fund 493,944 -- -- -- --
Participant loans -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total investments 493,944 1,171,435 228,031 691,654 687,842
CONTRIBUTIONS RECEIVABLE:
Participant rollovers -- 89,927 -- 1,211 --
----------- ----------- ----------- ----------- -----------
Total contributions receivable -- 89,927 -- 1,211 --
----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $ 493,944 $ 1,261,362 $ 228,031 $ 692,865 $ 687,842
=========== =========== =========== =========== ===========
<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 $ -- $ -- $ -- $ 4,470
Collective investment funds 434,362 338,192 -- 3,551,516
Mutual funds -- -- -- 7,606,524
Employer stock fund -- -- -- 493,944
Participant loans -- -- 643,221 643,221
----------- ----------- ----------- -----------
Total investments 434,362 338,192 643,221 12,299,675
CONTRIBUTIONS RECEIVABLE:
Participant rollovers -- 20,285 -- 119,860
----------- ----------- ----------- -----------
Total contributions receivable -- 20,285 -- 119,860
----------- ----------- ----------- -----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $ 434,362 $ 358,477 $ 643,221 $12,419,535
=========== =========== =========== ===========
</TABLE>
The accompanying notes to financial statements and supplemental schedules are an
integral part of this statement.
-2-
<PAGE> 6
NEWMONT GOLD COMPANY HOURLY 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 $1,233,487 $2,479,138 $3,364,498 $ 438,902 $7,516,025
CONTRIBUTIONS
RECEIVABLE:
Employer 13,431 34,665 47,122 -- 95,218
Participants 26,086 77,960 88,242 -- 192,288
---------- ---------- ---------- ---------- ----------
Total contributions
receivable 39,517 112,625 135,364 -- 287,506
---------- ---------- ---------- ---------- ----------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $1,273,004 $2,591,763 $3,499,862 $ 438,902 $7,803,531
========== ========== ========== ========== ==========
</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 HOURLY RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDING DECEMBER 31, 1995
<TABLE>
<CAPTION>
Non-Participant
Directed Participant Directed
--------------- -------------------------------------------------------
Short- Fixed
Term Equity Income Participant
Cash Fund Fund Fund Loans
--------------- ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS:
Contributions (Note 1)-
Employee $ -- $ 282,027 $ 733,593 $ 827,405 $ --
Employer -- 136,753 313,317 427,837 --
Rollovers and repayments, net -- 5,026 17,674 5,481 (21,189)
Investment income-
Interest and dividends 6,573 57,432 61,949 216,319 54,389
Net appreciation/(depreciation) in fair
value of investments -- -- 629,823 146,245 --
------- ----------- ----------- ----------- ---------
Total additions 6,573 481,238 1,756,356 1,623,287 33,200
DEDUCTIONS FROM NET ASSETS:
Distributions to participants -- (116,180) (208,225) (249,771) (31,378)
Administrative fees and other, net -- (684) (993) (855) (1)
------- ----------- ----------- ----------- ---------
Total deductions -- (116,864) (209,218) (250,626) (31,379)
INTERFUND TRANSFERS, net (2,103) (86,596) (33,156) (123,549) 243,301
ASSET TRANSFER (Note 1) -- (1,550,782) (4,105,745) (4,748,974) (684,024)
------- ----------- ----------- ----------- ---------
Net increase/(decrease) 4,470 (1,273,004) (2,591,763) (3,499,862) (438,902)
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
beginning of year -- 1,273,004 2,591,763 3,499,862 438,902
------- ----------- ----------- ----------- ---------
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
end of year $ 4,470 $ -- $ -- $ -- $ --
======= =========== =========== =========== =========
<CAPTION>
Participant Directed
-----------------------------------------------------------
PIMCO Neuberger & Stagecoach AIM
Low Duration Berman S&P 500 Constellation
Fund Guardian Trust Stock Fund Fund
------------ -------------- ----------- -------------
<S> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS:
Contributions (Note 1)-
Employee $ 19,207 $ 96,674 $ 67,926 $ 113,903
Employer 8,900 40,373 30,871 48,036
Rollovers and repayments, net 808 1,576 2,213 12,095
Investment income-
Interest and dividends -- 35,491 6,864 --
Net appreciation/(depreciation) in fair
value of investments 144,637 (43,021) (3,505) 11,251
----------- ----------- ---------- ----------
Total additions 173,552 131,093 104,369 185,285
DEDUCTIONS FROM NET ASSETS:
Distributions to participants (12,211) (7,971) -- --
Administrative fees and other, net (3) (2) -- 1
----------- ----------- ---------- ----------
Total deductions (12,214) (7,973) -- 1
INTERFUND TRANSFERS, net (3,305,024) (1,754,711) 1,077,563 1,769,390
ASSET TRANSFER (Note 1) 4,748,969 4,105,742 -- --
----------- ----------- ---------- ----------
Net increase/(decrease) 1,605,283 2,474,151 1,181,932 1,954,676
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
beginning of year -- -- -- --
----------- ----------- ---------- ----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
end of year $ 1,605,283 $ 2,474,151 $1,181,932 $1,954,676
=========== =========== ========== ==========
</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 HOURLY 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 $ 23,080 $ 32,255 $ 180,738 $ 13,037 $ 31,806
Employer 9,682 13,999 100,111 5,090 17,054
Rollovers and repayments, net -- 1,010 89,927 -- 1,211
Investment income-
Interest and dividends -- -- 18,958 -- --
Net appreciation/(depreciation) in fair
value of investments 1,289 497 -- 1,001 2,896
-------- -------- ---------- -------- --------
Total additions 34,051 47,761 389,734 19,128 52,967
DEDUCTIONS FROM NET ASSETS:
Distributions to participants -- -- (352) -- --
Administrative fees (1) -- 181 -- --
-------- -------- ---------- -------- --------
Total deductions (1) -- (171) -- --
INTERFUND TRANSFERS, net 364,869 446,183 (678,991) 208,903 639,898
ASSET TRANSFER (Note 1) -- -- 1,550,790 -- --
-------- -------- ---------- -------- --------
Net increase/(decrease) 398,919 493,944 1,261,362 228,031 692,865
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
beginning of year -- -- -- -- --
-------- -------- ---------- -------- --------
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
end of year $398,919 $493,944 $1,261,362 $228,031 $692,865
======== ======== ========== ======== ========
<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 $ 38,075 $ 23,514 $ 22,638 $ -- $ 2,505,878
Employer 17,607 11,605 11,808 -- 1,193,043
Rollovers and repayments, net 22,756 -- 39,023 -- 177,611
Investment income-
Interest and dividends -- -- -- 13,939 471,914
Net appreciation/(depreciation) in fair
value of investments 2,741 2,056 1,270 -- 897,180
-------- -------- -------- -------- -----------
Total additions 81,179 37,175 74,739 13,939 5,245,626
DEDUCTIONS FROM NET ASSETS:
Distributions to participants -- -- -- (1,177) (627,265)
Administrative fees -- -- -- -- (2,357)
-------- -------- -------- -------- -----------
Total deductions -- -- -- (1,177) (629,622)
INTERFUND TRANSFERS, net 606,663 397,187 283,738 (53,565) --
ASSET TRANSFER (Note 1) -- -- -- 684,024 --
-------- -------- -------- -------- -----------
Net increase/(decrease) 687,842 434,362 358,477 643,221 4,616,004
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
beginning of year -- -- -- -- 7,803,531
-------- -------- -------- -------- -----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
end of year $687,842 $434,362 $358,477 $643,221 $12,419,535
======== ======== ======== ======== ===========
</TABLE>
The accompanying notes to financial statements and supplemental schedules are an
integral part of this statement.
-5-
<PAGE> 9
NEWMONT GOLD COMPANY HOURLY 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 Retirement
Savings Plan for Hourly-Rated Employees of Newmont Gold Company to the Newmont
Gold Company Hourly 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 October 1, 1991 by Newmont Gold Company (the
"Company"). The Plan is a collectively bargained, 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.
An Investment Committee consisting 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.
-6-
<PAGE> 10
Eligibility and Contributions
Effective October 1, 1995, hourly employees are eligible to participate in the
Plan on the first day of the first month following 46 days of work. Prior to
that date, hourly employees were eligible to participate in the Plan after
twelve months of service. Participants may elect to contribute to the Plan up to
15% of their regular 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 4% of their regular compensation. 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
contributions for each year of participation in the Plan to a maximum of 100%
after four 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 $4,470. These
accounts will be used to reduce future Company contributions. During 1995,
Company contributions were reduced by $22,144 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 $29,532 at December 31, 1995 and 1994,
respectively. Such amounts are included in Net Assets Available for Plan
Benefits in the accompanying financial statement at year end. The distributions
to participants were made after year end.
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.
-7-
<PAGE> 11
Investments
Prior to October 1, 1995, participants could elect to invest their contributions
and their portion of Company 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 $12,265,671 and $7,855,804 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 $ 691,654 $ --
Wells Fargo - LifePath 2020 Fund 687,842 --
Wells Fargo - U.S. Government
Money Market Fund 1,171,435 --
AIM Constellation Fund 1,948,452 --
Neuberger & Berman Guardian Trust 2,474,151 --
Wells Fargo - Stagecoach S&P 500 Stock Fund 1,179,719 --
PIMCO Low Duration Fund 1,605,283 --
Participant Loans 643,221 438,902
Dreyfus Liquid Assets Fund -- 1,233,487
American Mutual Fund -- 2,479,138
Fidelity U.S. Short Intermediate
Government Portfolio -- 3,364,498
</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 instruments consist mainly of
future 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
Beginning January 1, 1994, loans are permitted from individual plan accounts 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
general 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 was 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 July 14, 1995. The Plan administrator and
the Plan's legal counsel believe that the Plan is 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 HOURLY 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 $ 4,470 $ 4,470
PIMCO Low Duration Fund Mutual Fund 1,605,283 1,553,550
Neuberger & Berman Guardian Trust Mutual Fund 2,474,151 2,511,379
*Wells Fargo - Stagecoach S&P 500
Stock Fund Mutual Fund 1,179,719 1,183,227
AIM Constellation Fund Mutual Fund 1,948,452 1,937,193
Templeton Foreign Fund Mutual Fund 398,919 397,631
*Newmont Gold Company Common
Stock Fund Employer Stock Fund 493,944 493,448
*Wells Fargo - U.S. Government
Money Market Fund Collective Investment Fund 1,171,435 1,171,435
*Wells Fargo - LifePath 2000 Fund Collective Investment Fund 228,031 227,030
*Wells Fargo - LifePath 2010 Fund Collective Investment Fund 691,654 688,758
*Wells Fargo - LifePath 2020 Fund Collective Investment Fund 687,842 685,101
*Wells Fargo - LifePath 2030 Fund Collective Investment Fund 434,362 432,307
*Wells Fargo - LifePath 2040 Fund Collective Investment Fund 338,192 336,921
Participant Loans (a) (Interest rates ranging
from 7.0% to 11.0%) 643,221 643,221
</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 HOURLY 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
transaction.
<TABLE>
<CAPTION>
Number of
Transactions
-------------------- Purchase Selling Cost of Net Gain
Identity of Party Involved/Description Purchases Sales Price Price Asset or (Loss)
- --------------------------------------------- --------- ----- -------- ------- ------- ---------
<S> <C> <C> <C> <C> <C> <C>
American Mutual Fund, Inc. - Equity Fund 20 -- $1,298,918 $ -- $1,298,918 $ --
American Mutual Fund, Inc. - Equity Fund -- 26 -- 4,407,876 3,930,237 477,639
*Wachovia Bank Short-Term Investment Fund 95 -- 2,653,602 -- 2,653,602 --
*Wachovia Bank Short-Term Investment Fund -- 80 -- 2,354,284 2,354,284 --
Dreyfus Liquid Assets, Inc. - Cash Equivalent 66 -- 795,517 -- 795,517 --
Dreyfus Liquid Assets, Inc. - Cash Equivalent -- 31 -- 2,022,616 2,022,616 --
Fidelity Management and Research Company -
Government Bond Portfolio 22 -- 1,589,657 -- 1,589,657 --
Fidelity Management and Research Company -
Government Bond Portfolio -- 30 -- 5,100,354 5,141,703 (41,349)
AIM Constellation - Mutual Fund 3 -- 1,938,546 -- 1,938,546 --
AIM Constellation - Mutual Fund -- 1 -- 1,346 1,353 (7)
</TABLE>
*Represents a party-in-interest.
The accompanying notes to financial statements are
an integral part of this schedule.
-13-
<PAGE> 17
SCHEDULE II
Page 2 of 2
NEWMONT GOLD COMPANY HOURLY 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
transaction.
<TABLE>
<CAPTION>
Number of
Transactions
----------------- Purchase Selling Cost of Net Gain
Identity of Party Involved/Description Purchases Sales Price Price Asset or (Loss)
- --------------------------------------------------------- --------- ----- -------- ------- ------- ---------
<S> <C> <C> <C> <C> <C> <C>
*Wells Fargo - LifePath 2010 - Collective Investment Fund 1 -- $ 688,758 $ -- $ 688,758 $ --
*Wells Fargo - LifePath 2020 - Collective Investment Fund 3 -- 685,101 -- 685,101 --
*Wells Fargo - LifePath 2030 - Collective Investment Fund 2 -- 432,307 -- 432,307 --
Neuberger & Berman Guardian Trust - Mutual Fund 3 -- 4,129,518 -- 4,129,518 --
Neuberger & Berman Guardian Trust - Mutual Fund -- 3 -- 1,612,346 1,618,139 (5,793)
Templeton Foreign - Mutual Fund 4 -- 397,630 -- 397,630 --
*Wells Fargo - U.S. Government Money Market -
Collective Investment Fund 3 -- 1,567,397 -- 1,567,397 --
*Wells Fargo - U.S. Government Money Market -
Collective Investment Fund -- 4 -- 395,962 395,962 --
*Wells Fargo - Stagecoach-S&P 500 Stock - Mutual Fund 2 -- 1,188,390 -- 1,188,390 --
*Wells Fargo - Stagecoach-S&P 500 Stock - Mutual Fund -- 2 -- 5,165 5,162 3
PIMCO Low Duration - Mutual Fund 2 -- 4,749,499 -- 4,749,499 --
PIMCO Low Duration - Mutual Fund -- 3 -- 3,288,853 3,195,949 92,904
*Newmont Gold Company - Common Stock Fund 4 -- 493,448 -- 493,448 --
</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 HOURLY 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 reports
dated June 25, 1996 on the Newmont Gold Company Hourly 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.
