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yanacocha.com

Founded Year

1992

Stage

Corporate Minority | Alive

About Minera Yanacocha

Minera Yanacocha (Yanacocha) is a Lima-based JV between US company Newmont Mining, local mining company Buenaventura, and Sumitomo Corporation. It was established to develop and operate the Yanacocha mine, in the Cajamarca district. Its main activities are conducted in four basins: Quebrada Honda, Rio Chonta, Rio Porcon y Rio Rejo.

Minera Yanacocha Headquarters Location

Lima,

Peru

076 584000

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Newmont : Quarterly Report (Form 10-Q)

Apr 22, 2022

04/22/2022 | 07:18am EDT Message : For the Quarterly Period Ended March 31, 2022 or For the transition period from__________to__________ Commission File Number: 001-31240 Delaware (I.R.S. Employer Identification No.) (Zip Code) Securities registered or to be registered pursuant to Section 12(b) of the Act. Title of each class Common stock, par value $1.60 per share NEM New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12-b2 of the Exchange Act. Large accelerated filer ____________________________ (1)Attributable gold ounces produced includes 69 and 91 thousand ounces for the three months ended March 31, 2022 and 2021, respectively, related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment. (2)Attributable gold ounces sold excludes ounces related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment. (3)For the definition of gold equivalent ounces see "Results of Consolidated Operations" within Part I, Item 2, Management's Discussion and Analysis. (4)Excludes Depreciation and amortizationand Reclamation and remediation. (5)See "Non-GAAP Financial Measures" within Part I, Item 2, Management's Discussion and Analysis. 2 Table of Contents First Quarter 2022 Highlights (dollars in millions, except per share, per ounce and per pound amounts) •Net income:ReportedNet income (loss) from continuing operations attributable to Newmont stockholdersof $432 or $0.54 per diluted share, a decrease of $106 from the prior-year quarter primarily due to lower gold sales volume, higher Costs applicable to sales, non-cash pension settlement charges, loss on the sale of the La Zanja equity method investment and higher reclamation and remediation charges partially offset by higher realized metal prices, unrealized gains on marketable and other equity securities in 2022 compared to unrealized losses in 2021 and lower income tax expense. •Adjusted net income: Reported Adjusted net income of $546 or $0.69 per diluted share, a decrease of $0.05 per diluted share from the prior-year quarter (see "Non-GAAP Financial Measures" within Part I, Item 2, Management's Discussion and Analysis). •Adjusted EBITDA:Generated $1,390 in Adjusted EBITDA, a decrease of 5% from the prior-year quarter (see "Non-GAAP Financial Measures" within Part I, Item 2, Management's Discussion and Analysis). •Cash Flow:Reported Net cash provided by (used in) operating activities of continuing operationsof $689, a decrease of 18% from the prior year, and free cash flow of $252 (see "Non-GAAP Financial Measures" within Part I, Item 2, Management's Discussion and Analysis). •ESG: Published annual sustainability report in April 2022 providing a transparent view of ESG performance. •Portfolio Improvements:In February 2022, the Company acquired the 43.65% noncontrolling interest in Yanacocha previously held by Compañia de Minas Buenaventura S.A.A., increasing the Company's ownership interest to 95%. Subsequent Sumitomo put option exercise, expected to closed in the second quarter of 2022, will transfer the remaining 5% interest in Yanacocha resulting in 100% ownership. •Attributable production:Produced 1.3 million attributable ounces of gold and 350 thousand attributable gold equivalent ounces from co-products. •Financial strength:Ended the quarter with $4.3 billion of consolidated cash and $7.3 billion of liquidity; declared dividend for the first quarter of $0.55. COVID-19 Update An outbreak of a novel strain of coronavirus ("COVID-19") was declared a pandemic by the World Health Organization in March 2020. COVID-19 has since spread worldwide, posing public health risks across the globe and continues to negatively impact the global economy, disrupt global supply chains and workforce participation and create significant volatility and disruption of financial markets. For a discussion of the precautions we are taking to protect our workforce and nearby communities, while also taking steps to preserve the long-term value of our business, refer to "COVID-19 Pandemic" within Part I, Item 1, Business on our Form 10-K filed with the SEC on February 24, 2022. For a discussion of COVID-19 related risks to the business, see Part I, Item 1A, Risk Factors on our Form 10-K filed with the SEC on February 24, 2022. Our operations continue to be affected by a range of external factors related to the COVID-19 pandemic that are not within our control. Refer to "Consolidated Financial Results", "Results of Consolidated Operations", "Liquidity and Capital Resources" and "Non-GAAP Financial Measures" within Part I, Item 2, Management's Discussion and Analysis of this report for additional information about the continued impacts of COVID-19 on our business and operations. 3 ____________________________ (1)Cash dividends per common share were $0.55 for the three months ended March 31, 2022. Dividends declared and dividends paid to common stockholders differ by $3 due to timing. (2)Distributions declared to noncontrolling interests of $59 for the three months ended March 31, 2022 represent amounts declared by Newmont to Staatsolie for the Suriname Gold project C.V. ("Merian") mine. Newmont paid $59 for distributions during the three months ended March 31, 2022. Any differences are due to timing of payments. (3)Cash calls requested from noncontrolling interests of $30 for the three months ended March 31, 2022 represent cash calls requested from Staatsolie for the Merian mine. Staatsolie paid $32 for cash calls during the three months ended March 31, 2022. Differences are due to timing of receipts. (4)Refer to Note 1 for additional information. The accompanying notes are an integral part of the Condensed Consolidated Financial Statements. 8 (1)Cash dividends per common share were $0.55 for the three months ended March 31, 2021. (2)Distributions declared to noncontrolling interests of $54 for the three months ended March 31, 2021 represent amounts to Staatsolie for the Merian mine. Newmont paid $54 for distributions during the three months ended March 31, 2021. Any differences are due to timing of payments. (3)Cash calls requested from noncontrolling interests of $28 for the three months ended March 31, 2021 represent cash calls requested from Staatsolie for the Merian mine. Staatsolie paid $30 for cash calls during the three months ended March 31, 2021. Differences are due to timing of receipts. The accompanying notes are an integral part of the Condensed Consolidated Financial Statements. 9 (dollars in millions, except per share, per ounce and per pound amounts) NOTE 1 BASIS OF PRESENTATION The interim Condensed Consolidated Financial Statements ("interim statements") of Newmont Corporation, a Delaware corporation and its subsidiaries (collectively, "Newmont" or the "Company") are unaudited. In the opinion of management, all normal recurring adjustments and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with Newmont's Consolidated Financial Statements for the year ended December 31, 2021 filed on February 24, 2022 on Form 10-K. The year-end balance sheet data was derived from the audited financial statements and, in accordance with the instructions to Form 10-Q, certain information and footnote disclosures required by GAAP have been condensed or omitted. References to "C$" refer to Canadian currency. Noncontrolling Interests Net loss (income) attributable to noncontrolling interestis primarily comprised of $20 and $20 for the three months ended March 31, 2022 and 2021, respectively, related to Merian. Newmont consolidates Merian through its wholly-owned subsidiary, Newmont Suriname LLC., in its Condensed Consolidated Financial Statements as the primary beneficiary of Merian, which is a variable interest entity. Yanacocha transaction At December 31, 2021, Compañia de Minas Buenaventura S.A.A. ("Buenaventura") held 43.65% ownership interest in Minera Yanacocha S.R.L. ("Yanacocha"). During the first quarter of 2022, the Company completed the acquisition of Buenaventura's 43.65% noncontrolling interest in Yanacocha (the "Yanacocha Transaction") for $300 cash consideration, certain royalties on any production from other future potential projects, and contingent payments of up to $100 tied to higher metal prices, achieving commercial production at the Yanacocha Sulfides project and resolution on the outstanding Yanacocha tax dispute (see Note 17). The Yanacocha Transaction was accounted for as an equity transaction, resulting in a decrease to additional paid-in-capital and no gain or loss recognition. Upon close of the Yanacocha Transaction, the Company's ownership interest in Yanacocha increased to 95%, with the remaining 5% held by Summit Global Management II VB, a subsidiary of Sumitomo Corporation ("Sumitomo"). Concurrent with the Yanacocha Transaction, the Company sold its 46.94% ownership interest in Minera La Zanja S.R.L. ("La Zanja"), accounted for as an equity method investment with a carrying value of $- as of December 31, 2021. Per the terms of the sale, the Company sold its interest in La Zanja to Buenaventura, the parent company of La Zanja, in exchange for royalties on potential future production from the La Zanja operation and contributed cash of $45 to be used exclusively for reclamation costs at the La Zanja operation. Upon close of the sale, the Company recognized a $45 loss on sale of its equity interest, included inOther income (loss), net. Contingently redeemable noncontrolling interest In 2018, Sumitomo acquired a 5% interest in Yanacocha for $48 in cash. Under the terms of the acquisition, Sumitomo had the option to require Yanacocha to repurchase the interest for the $48, which has been placed in escrow. In March 2022, Sumitomo exercised this option, in accordance with the terms of the acquisition, which is expected to close in Q2 2022. Upon close, Yanacocha will repay the $48 in exchange for the 5% ownership interest held by Sumitomo and the Company will hold 100% ownership interest in Yanacocha. As a result, the $48 previously classified outside of permanent equity as Contingently redeemable noncontrolling interest was reclassified to Other current liabilities and the $48 restricted cash held in escrow was reclassified to Other current assets on the Condensed Consolidated Balance Sheets at March 31, 2022. NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Risks and Uncertainties The COVID-19 pandemic continues to affect the Company and its ongoing impacts could include sites being placed into care and maintenance, significant COVID-19 specific costs, volatility in the prices for gold and other metals, logistical challenges shipping our products, delays in product refining and smelting due to restrictions or temporary closures, additional travel restrictions, other supply chain disruptions and workforce interruptions, including loss of life, as well as potential impacts to estimated costs and timing of projects. Depending on the duration and extent of the impact of COVID-19, this could materially impact the Company's results of operations, cash flows and financial condition and could result in material impairment charges to the Company's Property, plant and mine development, net; Inventories; Stockpiles and ore on leach pads; Investments; Deferred income tax assets; and Goodwill. Although the Company does not currently have operations in Ukraine, Russia or other parts of Europe, there are certain impacts arising from Russia's invasion of Ukraine that could have a potential effect on the Company including, but not limited to, volatility in commodity prices, cost and supply chain pressures and availability and currencies and disruption in banking systems and capital markets. As of the date of filing, there have been no material impacts. 10 (dollars in millions, except per share, per ounce and per pound amounts) The Company is currently monitoring the potential further impacts to estimated capital expenditures and timing of projects related to cost pressures and supply chain disruptions as a result of COVID-19 and variants and the war in Ukraine. Refer to Note 2 of the Consolidated Financial Statements included in Part II of our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 24, 2022 for further information on risks and uncertainties that could have a potential impact on the Company. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. The Company must make these estimates and assumptions because certain information used is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. Actual results could differ from these estimates. Reclassifications Certain amounts and disclosures in prior years have been reclassified to conform to the current year presentation. Recently Adopted Accounting Pronouncements and Securities and Exchange Commission Rules Financial Disclosures of Government Assistance In November 2021, ASU No. 2021-10 was issued which provides guidance for required annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The Company adopted this standard as of January 1, 2022. The adoption did not have a material impact on the Condensed Consolidated Financial Statements or disclosures. Recently Issued Accounting Pronouncements Effects of Reference Rate Reform In March 2020, ASU No. 2020-04 was issued which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform. In January 2021, ASU No. 2021-01 was issued which broadened the scope of ASU No. 2020-04 to include certain derivative instruments. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. The Company is in the process of reviewing key contracts to identify any contracts that reference the London Interbank Offered Rate ("LIBOR") and to implement adequate fallback provisions if not already implemented to mitigate the risks or impacts from the transition. No material impacts are expected to the Condensed Consolidated Financial Statements or disclosures. NOTE 3 SEGMENT INFORMATION The Company has organized its operations into five geographic regions: North America, South America, Australia, Africa and Nevada, which also represent Newmont's reportable and operating segments. The results of these operating segments are reviewed by the Company's chief operating decision maker to make decisions about resources to be allocated to the segments and assess their performance. As a result, these operating segments represent the Company's reportable segments. Notwithstanding this structure, the Company internally reports information on a mine-by-mine basis for each mining operation and has chosen to disclose this information in the following tables. Income (loss) before income and mining tax and other itemsfrom reportable segments does not reflect general corporate expenses, interest (except project-specific interest) or income and mining taxes. Intercompany revenue and expense amounts have been eliminated within each segment in order to report on the basis that management uses internally for evaluating segment performance. Newmont's business activities that are not considered operating segments are included in Corporate and Other. Although they are not required to be included in this footnote, they are provided for reconciliation purposes. 11 NOTE 5 RECLAMATION AND REMEDIATION The Company's mining and exploration activities are subject to various domestic and international laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. The Company conducts its operations to protect public health and the environment and believes its operations are in compliance with applicable laws and regulations in all material respects. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. Estimated future reclamation and remediation costs are based principally on current legal and regulatory requirements. The Company's Reclamation and remediationexpense consisted of: Three Months Ended (dollars in millions, except per share, per ounce and per pound amounts) sites involved. Depending upon the ultimate resolution of these matters, the Company believes that it is reasonably possible that the liability for these matters could be as much as 51% greater or -% lower than the amount accrued at March 31, 2022. The amounts accrued are reviewed periodically based upon facts and circumstances available at the time. Changes in estimates are recorded in Other current liabilitiesand Reclamation and remediation liabilitiesin the period estimates are revised. Included in Other non-current assetsat March 31, 2022 and December 31, 2021 are $53 and $49 respectively, of non-current restricted cash held for purposes of settling reclamation and remediation obligations. Of the amounts at March 31, 2022, $41 related to the Ahafo and Akyem mines in Ghana, Africa and $3 related to NGM in Nevada, U.S., $7 related to the Midnite mine and Dawn mill site in Washington, U.S. and $2 related to the Ross Adams mine in Alaska, U.S. Of the amounts at December 31, 2021, $40 related to the Ahafo and Akyem mines in Ghana, Africa, $4 related to NGM in Nevada, U.S., $3 related to the Midnite mine site in Washington, U.S. and $2 related to the Ross Adams mine in Alaska, U.S. Included in Other non-current assetsat March 31, 2022 and December 31, 2021 are $46 and $51, respectively, of non-current restricted investments, which are legally pledged for purposes of settling reclamation and remediation obligations. Of the amounts at March 31, 2022, $7 related to the Midnite mine and Dawn mill sites in Washington, U.S., $16 related to Akyem in Ghana, Africa and $23 related to San Jose Reservoir in Peru, South America. Of the amounts at December 31, 2021, $11 related to the Midnite mine and Dawn mill sites in Washington, U.S., $16 related to Akyem in Ghana, Africa and $24 related to the San Jose Reservoir in Peru, South America. Refer to Note 17 for further discussion of reclamation and remediation matters. NOTE 6 OTHER EXPENSE, NET Three Months Ended ____________________________ (1)Primarily comprised of the loss recognized on the sale of the La Zanja equity method investment for the three months ended March 31, 2022 (see Note 1 for additional information) and the sale of all of the Company's outstanding shares of TMAC to Agnico Eagle Mines Ltd which resulted in a gain of $42 for the three months ended March 31, 2021. Pension settlement. In March 2022, the Company executed an annuitization to transfer a portion of the pension plan obligations from one of the Company's U.S. qualified defined benefit pension plans to an insurance company using plan assets. As a result, $527 of the previously recognized pension obligations were transferred and a non-cash settlement loss of $130 was recognized in Other income (loss), net, during the three months ended March 31, 2022 due to the recognition of the related unrecognized actuarial losses previously included in Accumulated other comprehensive income (loss) related to these retirees. The remaining pension obligations and plan assets of the associated qualified pension benefit plan were valued at $302 and $348, respectively, resulting in a net funded status of $46 recorded in Other non-current assetson the Condensed Consolidated Balance Sheets at March 31, 2022. 17 NOTE 9 FAIR VALUE ACCOUNTING The following tables set forth the Company's assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Refer to Note 15 of the Consolidated Financial Statements included in Part II of our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 24, 2022 for further information on the Company's assets and liabilities included in the fair value hierarchy presented below. Fair Value at March 31, 2022 Total ____________________________ (1)Marketable equity securities includes warrants reported in the Maverix Metals Inc. equity method investment balance of $9 and $8 at March 31, 2022 and December 31, 2021, respectively. (2)Debt is carried at amortized cost. The outstanding carrying value was $5,566 and $5,652 at March 31, 2022 and December 31, 2021, respectively. The fair value measurement of debt was based on an independent third-party pricing source. The following tables set forth a summary of the quantitative and qualitative information related to the significant observable and unobservable inputs used in the calculation of the Company's Level 3 financial assets and liabilities at March 31, 2022 and December 31, 2021: Description ____________________________ (1)Non-current restricted investments are legally pledged for purposes of settling reclamation and remediation obligations and are included in Other non-current assets. Refer to Note 5 for further information regarding these amounts. Equity method investments Income (loss) from the Company's equity method investments is recognized in Equity income (loss) of affiliates, which for the three months ended March 31, 2022 and 2021 primarily consists of income of $35 and $50, respectively, from the Pueblo Viejo mine. See below for further information on the Company's equity method investments. Pueblo Viejo As of March 31, 2022 and December 31, 2021, the Company had outstanding shareholder loans to Pueblo Viejo of $304 and $260, with accrued interest of $1 and $3, respectively, included in the Pueblo Viejo equity method investment. Additionally, the Company has an unfunded commitment to Pueblo Viejo in the form of a revolving loan facility ("Revolving Facility"). There were no borrowings outstanding under the Revolving Facility as of March 31, 2022. 20 (dollars in millions, except per share, per ounce and per pound amounts) The Company purchases its portion (40%) of gold and silver produced from Pueblo Viejo at market price and resells those ounces to third parties. Total payments made to Pueblo Viejo for gold and silver purchased were $138 and $171 for the three months ended March 31, 2022 and 2021, respectively. These purchases, net of subsequent sales, are included in Other income (loss), net and the net amount is immaterial. There were no amounts due to or due from Pueblo Viejo for gold and silver purchases as of March 31, 2022 or December 31, 2021. NOTE 11 INVENTORIES 2,632 During the three months ended March 31, 2022, the Company recorded write-downs of $9 classified as a component of Costs applicable to salesand write-downs of $3 classified as components of Depreciation and amortization,to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Of the write-downs during the three months ended March 31, 2022, $6 was related to CC&V, $2 to NGM and $4 to Merian. During the three months ended March 31, 2021, the Company recorded write-downs of $14 classified as a component of Costs applicable to salesand write-downs of $7 classified as components of Depreciation and amortization,to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Of the write-downs during the three months ended March 31, 2021, $5 was related to CC&V and $16 was related to NGM. NOTE 13 DEBT _________________________ (1)Payables to NGM at March 31, 2022 and December 31, 2021 consist of amounts due to (from) NGM representing Barrick's 61.5% proportionate share of the amount owed to NGM for gold and silver purchased by Newmont and CC&V toll milling provided by NGM. Newmont's 38.5% share of such amounts is eliminated upon proportionate consolidation of its interest in NGM. Receivables for Newmont's 38.5% proportionate share related to NGM's activities with Barrick are presented within Other current assets. (2)Primarily consists of accrued interest, the current portion of the silver streaming agreement liability, royalties, taxes other than income and mining taxes and the current portion of the Norte Abierto deferred payments. (3)Income and mining taxes at March 31, 2022 and December 31, 2021 includes unrecognized tax benefits, including penalties and interest, of $331 and $319, respectively. (4)Primarily consists of the non-current portion of the Norte Abierto deferred payments, the Galore Creek deferred payments and social development and community obligations. NOTE 15 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Unrealized Gain (Loss) on Investment Securities, net Foreign Currency Translation Adjustments General Estimated losses from contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a liability could be incurred and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the contingency and estimated range of loss, if determinable, is made in the financial statements when it is at least reasonably possible that a material loss could be incurred. Operating Segments The Company's operating and reportable segments are identified in Note 3. Except as noted in this paragraph, all of the Company's commitments and contingencies specifically described herein are included in Corporate and Other. The Yanacocha matters relate to the South America reportable segment. The Newmont Ghana Gold and Newmont Golden Ridge matters relate to the Africa reportable segment. The CC&V matter and the Mexico tax matter relates to the North America reportable segment. Environmental Matters Refer to Note 5 for further information regarding reclamation and remediation. Details about certain significant matters are discussed below. Minera Yanacocha S.R.L. - 95% Newmont Owned In early 2015 and again in June 2017, the Peruvian government agency responsible for certain environmental regulations, the Ministry of the Environment ("MINAM"), issued proposed modifications to water quality criteria for designated beneficial uses which apply to mining companies, including Yanacocha. These criteria modified the in-stream water quality criteria pursuant to which Yanacocha has been designing water treatment processes and infrastructure. In December 2015, MINAM issued the final regulation that modified the water quality standards. These Peruvian regulations allow time to formulate a compliance plan and make any necessary changes to achieve compliance. In February 2017, Yanacocha submitted a modification to its previously approved compliance achievement plan to the MINEM. The Company did not receive a response or comments to this submission until April 2021 and is now in the process of updating its compliance achievement plan to address these comments. During this interim period, Yanacocha separately submitted an Environmental Impact Assessment ("EIA") modification considering the ongoing operations and the projects to be developed and obtained authorization from MINEM for such projects. This authorization included a deadline for compliance with the modified water quality criteria by January 2024. Consequently, part of the Company response to MINEM will include a request for an extension of time for coming into full compliance with the new regulations. In the event that MINEM does not grant Yanacocha an extension of the previously authorized timeline for, and agree to, the updated compliance achievement plan, fines and penalties relating to noncompliance may result beyond January 2024. The Company currently operates five water treatment plants at Yanacocha that have been and currently meet all currently applicable water discharge requirements except as further described below related to recent significant rainfall. The Company is conducting detailed studies to better estimate water management and other closure activities that will ensure water quality and quantity discharge requirements, including the modifications promulgated by MINAM, as referenced above, will be met. This also includes performing a comprehensive update to the Yanacocha reclamation plan to address changes in closure activities and estimated 23 (dollars in millions, except per share, per ounce and per pound amounts) closure costs while preserving optionality for potential future projects at Yanacocha. These ongoing studies, which will extend beyond the current year, continue to evaluate and revise assumptions and estimated costs of changes to the reclamation plan. While certain estimated costs remain subject to revision, the Company's asset retirement obligation at December 31, 2021 included updates primarily to the expected construction of two water treatment plants, a related increase in the annual operating costs over the extended closure period, and initial consideration of known risks (including the associated risk that these water treatment estimates could change in the future as more work is completed). However, these and other additional risks and contingencies that are the subject of ongoing studies could result in future material increases to the reclamation obligation at Yanacocha, including, but not limited to, a comprehensive review of our tailings storage facility management, review of Yanacocha's water balance and storm water management system, and review of post-closure management costs. The ongoing studies, which are expected to be progressed in 2022, are intended to evaluate and further understand these risks and determine what, if any, additional modification may be required to the reclamation plan, therefore, the Company is currently unable to reasonably estimate the impacts these risks, if realized, may have on the reclamation obligation as of March 31, 2022. Yanacocha has been experiencing heavy rainfall in 2022, above average historical levels, resulting in significant water balance stress and requiring active water management. Yanacocha has been in communication with Organismo Evaluación y Fiscalización Ambiental ("OEFA"), under MINAM, and local government regarding the emergency measures undertaken and contingency planning. To the extent that inflow rates exceed capacity of existing water infrastructure and excess water system, or alternate excess water discharge locations required are deemed a violation of existing permits, it could result in fines and penalties for unauthorized discharge. Such fines and penalties, if ultimately assessed, are currently unknown and otherwise cannot be reasonably estimated at this time. Extended periods of rainfall beyond historical or planned levels may also result in stress on tailings storage facilities, delays to planned study work, increased cost related to water infrastructure adjustments and potential negative impacts to permitting and operations. In March 2022, Sumitomo exercised its option to require Yanacocha to repurchase its 5% interest, which is expected to close in the second quarter of 2022. Upon close, the Company will hold 100% ownership interest in Yanacocha. Refer to Note 1 for further information. Cripple Creek & Victor Gold Mining Company LLC - 100% Newmont Owned In December 2021, Cripple Creek & Victor Gold Mining Company LLC ("CC&V", a wholly-owned subsidiary of the Company) entered into a Settlement Agreement ("Settlement Agreement") with the Water Quality Control Division of the Colorado Department of Public Health and Environment (the "Division") with a mutual objective of resolving issues associated with the new discharge permits issued by the Division in January 2021 for the historic Carlton Tunnel. The Carlton Tunnel was a historic tunnel completed in 1941 with the purpose of draining the southern portion of the mining district, subsequently consolidated by CC&V. CC&V has held discharge permits for the Carlton Tunnel since 1983, but the January 2021 new permits contained new water quality limits. The Settlement Agreement, once implemented through permit modification applications, would involve installation of interim passive water treatment and ongoing monitoring over the next three years, and then more long-term water treatment installed with target compliance by November 2027. The Company is currently considering various interim passive water treatment options, with related studies expected to be progressed in 2022, and based on an evaluation of those options, a remediation liability of $10 was recorded as of December 31, 2021. If one of these passive water treatment options is determined not to be a viable long-term water treatment strategy, CC&V may be required to develop and implement alternative remediation plans for water discharged from the Carlton Tunnel. Depending on the remediation plans that may ultimately be agreed with the Division, a material adjustment to the remediation liability may be required. Dawn Mining Company LLC ("Dawn") - 58.19% Newmont Owned Midnite mine site and Dawn mill site. Dawn previously leased an open pit uranium mine, currently inactive, on the Spokane Indian Reservation in the State of Washington. The mine site is subject to regulation by agencies of the U.S. Department of Interior (the Bureau of Indian Affairs and the Bureau of Land Management), as well as the EPA. As per the Consent Decree approved by the U.S. District Court for the Eastern District of Washington on January 17, 2012, the following actions were required of Newmont, Dawn, the Department of the Interior and the EPA: (i) Newmont and Dawn would design, construct and implement the cleanup plan selected by the EPA in 2006 for the Midnite mine site; (ii) Newmont and Dawn would reimburse the EPA for its past costs associated with overseeing the work; (iii) the Department of the Interior would contribute a lump sum amount toward past EPA costs and future costs related to the cleanup of the Midnite mine site; (iv) Newmont and Dawn would be responsible for all future EPA oversight costs and Midnite mine site cleanup costs; and (v) Newmont would post a surety bond for work at the site. During 2012, the Department of Interior contributed its share of past EPA costs and future costs related to the cleanup of the Midnite mine site in a lump sum payment of $42, which Newmont classified as restricted assets with interest on the Consolidated Balance Sheets for all periods presented. In 2016, Newmont completed the remedial design process, with the exception of the new WTP design which was awaiting the approval of the new NPDES permit. Subsequently, the new NPDES permit was received in 2017 and the WTP design commenced in 2018. The EPA completed their assessment and approval of the WTP design in 2021 and Newmont has selected contractors for the construction of the new water treatment plant and effluent pipeline. Construction of the effluent pipeline began in 2021, and construction of the new WTP will begin this year. 24 (dollars in millions, except per share, per ounce and per pound amounts) The Dawn mill site is regulated by the Washington Department of Health and is in the process of being closed in accordance with the federal Uranium Mill Tailings Radiation Control Act, and associated Washington state regulations. Remediation at the Dawn mill site began in 2013. The Tailing Disposal Area 1-4 reclamation earthworks component was completed during 2017 with the embankment erosion protection completed in the second quarter of 2018. The remaining closure activities will consist primarily of finalizing an Alternative Concentration Limit application submitted in 2020 to the Washington Department of Health to address groundwater issues, and also evaporating the remaining balance of process water at the site. The remediation liability for the Midnite mine site and Dawn mill site is approximately $180 at March 31, 2022. Other Legal Matters Minera Yanacocha S.R.L. - 95% Newmont Owned Administrative Actions. The Peruvian government agency responsible for environmental evaluation and inspection, Organismo Evaluación y Fiscalización Ambiental ("OEFA"), conducts periodic reviews of the Yanacocha site. From 2011 to the third quarter of 2021, OEFA issued notices of alleged violations of OEFA standards to Yanacocha and Conga relating to past inspections. The water authority that is in charge of supervising the proper water administration has also issued notices of alleged regulatory violations in previous years. The experience with OEFA and the water authority is that in the case of a finding of violation, remedial action is often the outcome rather than a significant fine. There are no current alleged OEFA violations and the water authority alleged violations range from zero to 10 units, with each unit having a potential fine equivalent to approximately $.001110 based on current exchange rates, with a total potential fine amount for outstanding matters of $- to $0.01. Yanacocha is responding to all notices of alleged violations, but cannot reasonably predict the outcome of the agency allegations. Conga Project Constitutional Claim. On October 18, 2012, Marco Antonio Arana Zegarra filed a constitutional claim against the Ministry of Energy and Mines and Yanacocha requesting the Court to order the suspension of the Conga project as well as to declare not applicable the October 27, 2010, directorial resolution approving the Conga project EIA. On October 23, 2012, a Cajamarca judge dismissed the claims based on formal grounds finding that: (i) plaintiffs had not exhausted previous administrative proceedings; (ii) the directorial resolution approving the Conga EIA is valid, and was not challenged when issued in the administrative proceedings; (iii) there was inadequate evidence to conclude that the Conga project is a threat to the constitutional right of living in an adequate environment; and (iv) the directorial resolution approving the Conga project EIA does not guarantee that the Conga project will proceed, so there was no imminent threat to be addressed by the Court. The plaintiffs appealed the dismissal of the case. The Civil Court of the Superior Court of Cajamarca confirmed the above mentioned resolution and the plaintiff presented an appeal. On March 13, 2015, the Constitutional Court published its ruling stating that the case should be sent back to the first court with an order to formally admit the case and start the judicial process in order to review the claim and the proofs presented by the plaintiff. Yanacocha has answered the claim. Neither the Company nor Yanacocha can reasonably predict the outcome of this litigation. Newmont Corporation, as well as Newmont Canada Corporation, and Newmont Canada FN Holdings ULC - 100% Newmont Owned Kirkland Lake Gold Inc. ("Kirkland") owns certain mining and mineral rights in northeastern Ontario, Canada, referred to here as the Holt-McDermott property, on which it suspended operations in April 2020. A subsidiary of the Company has a retained royalty obligation ("Holt royalty obligation") to Royal Gold, Inc. ("Royal Gold") for production on the Holt-McDermott property. In August 2020, the Company and Kirkland signed a Strategic Alliance Agreement (the "Kirkland Agreement"). As part of the Kirkland Agreement, the Company purchased an option (the "Holt option") for $75 from Kirkland for the mining and mineral rights subject to the Holt royalty obligation. The Company has the right to exercise the Holt option and acquire ownership to the mineral interests subject to the Holt royalty obligation in the event Kirkland intends to resume operations and process material subject to the obligation. Kirkland has the right to assume the Company's Holt royalty obligation at any time, in which case the Holt option would terminate. On August 16, 2021, International Royalty Corporation ("IRC"), a wholly-owned subsidiary of Royal Gold, filed an action in the Supreme Court of Nova Scotia against Newmont Corporation, Newmont Canada Corporation, Newmont Canada FN Holdings ULC, and Kirkland. IRC alleges the Kirkland Agreement is oppressive to the interests of Royal Gold under the Nova Scotia Companies Act and the Canada Business Corporations Act, and that, by entering into the Kirkland Agreement, Newmont breached its contractual obligations to Royal Gold. IRC seeks declaratory relief, and $350 in alleged royalty payments that it claims Newmont expected to pay under the Holt royalty obligation, but for the Kirkland Agreement. Kirkland filed a motion seeking dismissal of the case against it, which the court heard in March 2022 and took under advisement. The Company intends to vigorously defend this matter, but cannot reasonably predict the outcome. NWG Investments Inc. v. Fronteer Gold Inc. In April 2011, Newmont acquired Fronteer Gold Inc. ("Fronteer"). Fronteer acquired NewWest Gold Corporation ("NewWest Gold") in September 2007. At the time of that acquisition, NWG Investments Inc. ("NWG") owned approximately 86% of NewWest Gold and an individual named Jacob Safra owned or controlled 100% of NWG. Prior to its acquisition of NewWest Gold, Fronteer entered into a June 2007 lock-up agreement with NWG providing 25 (dollars in millions, except per share, per ounce and per pound amounts) that, among other things, NWG would support Fronteer's acquisition of NewWest Gold. At that time, Fronteer owned approximately 47% of Aurora Energy Resources Inc. ("Aurora"), which, among other things, had a uranium exploration project in Labrador, Canada. NWG contends that, during the negotiations leading up to the lock-up agreement, Fronteer represented to NWG, among other things, that Aurora would commence uranium mining in Labrador by 2013, that this was a firm date, that Aurora faced no current environmental issues in Labrador and that Aurora's competitors faced delays in commencing uranium mining. NWG further contends that it entered into the lock-up agreement and agreed to support Fronteer's acquisition of NewWest Gold in reliance upon these purported representations. On October 11, 2007, less than three weeks after the Fronteer-NewWest Gold transaction closed, a member of the Nunatsiavut Assembly introduced a motion calling for the adoption of a moratorium on uranium mining in Labrador. On April 8, 2008, the Nunatsiavut Assembly adopted a three-year moratorium on uranium mining in Labrador. NWG contends that Fronteer was aware during the negotiations of the NWG/Fronteer lock-up agreement that the Nunatsiavut Assembly planned on adopting this moratorium and that its adoption would preclude Aurora from commencing uranium mining by 2013, but Fronteer nonetheless fraudulently induced NWG to enter into the lock-up agreement. On September 24, 2012, NWG served a summons and complaint on the Company, and then amended the complaint to add Newmont Canada Holdings ULC as a defendant. The complaint also named Fronteer Gold Inc. and Mark O'Dea as defendants. The complaint sought rescission of the merger between Fronteer and NewWest Gold and $750 in damages. In August 2013 the Supreme Court of New York, New York County issued an order granting the defendants' motion to dismiss on forum non conveniens. Subsequently, NWG filed a notice of appeal of the decision and then a notice of dismissal of the appeal on March 24, 2014. On February 26, 2014, NWG filed a lawsuit in Ontario Superior Court of Justice against Fronteer Gold Inc., Newmont Mining Corporation, Newmont Canada Holdings ULC, Newmont FH B.V. and Mark O'Dea. The Ontario complaint is based upon substantially the same allegations contained in the New York lawsuit with claims for fraudulent and negligent misrepresentation. NWG seeks disgorgement of profits since the close of the NWG deal on September 24, 2007 and damages in the amount of C$1,200. Newmont, along with other defendants, served the plaintiff with its statement of defense on October 17, 2014. Newmont intends to vigorously defend this matter, but cannot reasonably predict the outcome. Newmont Ghana Gold Limited and Newmont Golden Ridge Limited - 100% Newmont Owned On December 24, 2018, two individual plaintiffs, who are members of the Ghana Parliament ("Plaintiffs"), filed a writ to invoke the original jurisdiction of the Supreme Court of Ghana. On January 16, 2019, Plaintiffs filed the Statement of Plaintiff's Case outlining the details of the Plaintiff's case and subsequently served Newmont Ghana Gold Limited ("NGGL") and Newmont Golden Ridge Limited ("NGRL") along with the other named defendants, the Attorney General of Ghana, the Minerals Commission of Ghana and 33 other mining companies with interests in Ghana. The Plaintiffs allege that under article 268 of the 1992 Constitution of Ghana, the mining company defendants are not entitled to carry out any exploitation of minerals or other natural resources in Ghana, unless their respective transactions, contracts or concessions are ratified or exempted from ratification by the Parliament of Ghana. Newmont's current mining leases are both ratified by Parliament; NGGL June 13, 2001 mining lease, ratified by Parliament on October 21, 2008, and NGRL January 19, 2010 mining lease; ratified by Parliament on December 3, 2015. The writ alleges that any mineral exploitation prior to Parliamentary ratification is unconstitutional. The Plaintiffs seek several remedies including: (i) a declaration as to the meaning of constitutional language at issue; (ii) an injunction precluding exploitation of minerals for any mining company without prior Parliamentary ratification; (iii) a declaration that all revenue as a result of violation of the Constitution shall be accounted for and recovered via cash equivalent; and (iv) an order that the Attorney General and Minerals Commission submit all un-ratified mining leases, undertakings or contracts to Parliament for ratification. Newmont intends to vigorously defend this matter, but cannot reasonably predict the outcome. Mexico Tax Matter Tax Reassessment from Mexican Tax Authority. During 2016, the Mexican Tax Authority issued reassessment notices to several of Goldcorp, Inc.'s Mexican subsidiaries. Topics under dispute generally involve transfer pricing, deductibility of mine stripping costs, and gain recognized on certain asset sales. The Company has made significant progress in reaching resolution with the Mexican Tax Authority on these matters. In the second quarter of 2019, a number of issues were settled, resulting in a $96 payment, which was previously accrued in the financial statements. In the first quarter of 2020, further settlement was reached for an immaterial amount, with dialogue continuing in an effort to resolve the outstanding reassessment. Additionally, the Company continues to work through several audits in which observation letters have been received from the Mexican Tax Authority. During the fourth quarter of 2021, a framework to settle a number of years and matters was reached, resulting in a $76 payment, which was previously accrued in the financial statements. Full settlement of these years and matters is expected to be reached this year. Other Commitments and Contingencies Newmont is from time to time involved in various legal proceedings related to its business. Except in the above described proceedings, management does not believe that adverse decisions in any pending or threatened proceeding or that amounts that may be required to be paid by reason thereof will have a material adverse effect on the Company's financial condition or results of operations. 26 (dollars in millions, except per share, per ounce and per pound amounts) In connection with our investment in Galore Creek, Newmont will owe NovaGold Resources Inc. $75 upon the earlier of approval to construct a mine, mill and all related infrastructure for the Galore Creek project or the initiation of construction of a mine, mill or any related infrastructure. The amount due is non-interest bearing. The decision for an approval and commencement of construction is contingent on the results of a prefeasibility and feasibility study, neither of which have occurred. As such, this amount has not been accrued. Deferred payments to Barrick of $123 and $124 as of March 31, 2022 and December 31, 2021, respectively, are to be satisfied through funding a portion of Barrick's share of project expenditures at the Norte Abierto project. These deferred payments to Barrick are included in Other current liabilities and Other non-current liabilities. 27 Table of Contents ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (dollars in millions, except per share, per ounce and per pound amounts) The following Management's Discussion and Analysis ("MD&A") provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Newmont Corporation, a Delaware corporation, and its subsidiaries (collectively, "Newmont," the "Company," "our" and "we"). We use certain non-GAAP financial measures in our MD&A. For a detailed description of each of the non-GAAP measures used in this MD&A, please see the discussion under "Non-GAAP Financial Measures" within Part I, Item 2, Management's Discussion and Analysis. This item should be read in conjunction with our interim unaudited Condensed Consolidated Financial Statements and the notes thereto included in this quarterly report. Additionally, the following discussion and analysis should be read in conjunction with Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations and the Consolidated Financial Statements included in Part II of our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 24, 2022. Overview Newmont is the world's leading gold company and is the only gold company included in the S&P 500 Index and the Fortune 500 list of companies. We have been included in the Dow Jones Sustainability Index-World since 2007and have adopted the World Gold Council's Conflict-Free Gold Policy.Since 2015, Newmont has been ranked as the mining and metal sector's top gold miner by the SAM S&P Corporate Sustainability Assessment. Newmont was ranked the top miner in 3BL Media's 100 Best Corporate Citizens list which ranks the 1,000 largest publicly traded U.S. companies on ESG transparency and performance since 2020. We are primarily engaged in the exploration for and acquisition of gold properties, some of which may contain copper, silver, lead, zinc or other metals. We have significant operations and/or assets in the U.S., Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia and Ghana. Refer to the "First Quarter 2022 Highlights", "Results of Consolidated Operations", "Liquidity and Capital Resources" and "Non-GAAP Financial Measures" for information about the continued impacts of the COVID-19 pandemic on the Company. In February 2022, the Company completed the acquisition of Buenaventura's 43.65% noncontrolling interest in Minera Yanacocha S.R.L. ("Yanacocha") (the "Yanacocha Transaction") and sold its 46.94% ownership interest in Minera La Zanja S.R.L. ("La Zanja"). Additionally, in March 2022, Sumitomo exercised its option to require Yanacocha to repurchase its 5% interest which is expected to close in the second quarter of 2022. Upon close, the Company will hold 100% ownership interest in Yanacocha. Refer to Note 1of the Condensed Consolidated Financial Statements for further details regarding these transactions. We continue to focus on improving safety and efficiency at our operations, maintaining leading ESG practices, and sustaining our global portfolio of longer-life, lower cost mines to generate the financial flexibility we need to strategically reinvest in the business, strengthen the Company's investment-grade balance sheet and return cash to shareholders. Consolidated Financial Results The details of our Net income (loss) from continuing operations attributable to Newmont stockholdersare set forth below: Three Months Ended (0.13) The decrease in Net income (loss) from continuing operations attributable to Newmont stockholdersfor the three months ended March 31, 2022, compared to the same period in 2021, is primarily due to lower gold sales volume, higher Costs applicable to sales, a non-cash pension settlement charge in 2022, loss on the sale of the La Zanja equity method investment in 2022 and higher reclamation and remediation charges partially offset by higher realized metal prices, unrealized gains on marketable and other equity securities in 2022 compared to unrealized losses in 2021 and lower income tax expense. 28 Table of Contents The details of our Salesare set forth below. Refer to Note 4 of the Condensed Consolidated Financial Statements for further information. Three Months Ended % The increase in Costs applicable to salesfor gold during the three months ended March 31, 2022, compared to the same period in 2021, is primarily due to lower by-product credits and higher third party royalties, partially offset by lower sales volumes. The increase inCosts applicable to salesfor copper during the three months ended March 31, 2022, compared to the same period in 2021, is primarily due to higher sales volumes, higher co-product allocation of costs at Boddington and higher shipping costs at Boddington. The increases inCosts applicable to salesfor silver and lead during the three months ended March 31, 2022, compared to the same period in 2021, is primarily due to higher co-product allocation of costs at Peñasquito, partially offset by lower sales volumes. The increase inCosts applicable to salesfor zinc during the three months ended March 31, 2022, compared to the same period in 2021, is primarily due to higher sales of zinc concentrate and higher royalties resulting from the higher realized zinc prices at Peñasquito. For discussion regarding variations in operations, see Results of Consolidated Operations below. The details of our Depreciation and amortizationare set forth below. Refer to Note 3 of the Condensed Consolidated Financial Statements for further information. Three Months Ended % The decrease in Depreciation and amortizationfor gold during the three months ended March 31, 2022, compared to the same period in 2021, is primarily due to lower sales volume at (i) Peñasquito as a result of lower ore grade milled and lower mill 30 Table of Contents recovery and (ii) CC&V as a result of lower leach pad recoveries and lower ore milled due to the mill shut down and temporary idling in the current year. The increase in Depreciation and amortizationfor copper during the three months ended March 31, 2022, compared to the same period in 2021, is primarily due to higher co-product allocation of costs to copper at Boddington and higher sales volumes. The increases inDepreciation and amortizationfor silver and zinc during the three months ended March 31, 2022, compared to the same period in 2021, is primarily due to higher co-product allocation of costs at Peñasquito. Depreciation and amortizationfor lead remained consistent during the three months ended March 31, 2022, compared to the same period in 2021. For discussion regarding variations in operations, see Results of Consolidated Operations below. Advanced projects, research and developmentexpense increased by $13 during the three months ended March 31, 2022, compared to the same period in 2021, primarily due to increased spend associated with full potential programs at various sites and early project study cost at Akyem. Interest expense, net of capitalized interestdecreased by $12 during the three months ended March 31, 2022 compared to the same period in 2021 as a result of the repayment of debt throughout 2021 and into early 2022. Income and mining tax expense (benefit)was $214 and $235 during the three months ended March 31, 2022 and 2021, respectively. The effective tax rate is driven by a number of factors and the comparability of our income tax expense for the reported periods will be primarily affected by (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) impacts of the changes in tax law; (iv) valuation allowances on tax assets; (v) percentage depletion; (vi) fluctuation in the value of the U.S. dollar and foreign currencies; and (vii) the impact of specific transactions and assessments. As a result, the effective tax rate will fluctuate, sometimes significantly, year to year. This trend is expected to continue in future periods. Refer to Note 8 of the Condensed Consolidated Financial Statements for further discussion of income taxes. Three Months Ended ____________________________ (1)Represents income (loss) from continuing operations by geographic location before income taxes and equity income (loss) of affiliates. These amounts will not reconcile to the Segment Information for the reasons stated in Note 3. (2)Includes deduction for percentage depletion of $(14) and $(14) and mining taxes net of associated federal benefit of $7 and $8, respectively. Nevada includes the Company's 38.5% interest in NGM. (3)Includes deduction for percentage depletion of $- and $(2), respectively. (4)Includes valuation allowance of $6 and $25, respectively. (5)Includes mining taxes net of associated federal benefit of $14 and $14 and tax impacts from the exposure to fluctuations in foreign currency of $(5) and $4, respectively. (6)Includes mining taxes net of associated federal benefit of $1 and $- and valuation allowance of $(1) and $(1), respectively. (7)Includes mining tax net of associated federal benefit of $1 and $4, valuation allowance of $- and $1, uncertain tax position reserve adjustment of $(3) and $1, and tax impacts from the exposure to fluctuations in foreign currency of $(1) and $2, respectively. (8)Includes mining tax net of associated federal benefit of $15 and $14, valuation allowance of $- and $(2), uncertain tax position reserve adjustment of $(8) and $-, and tax impact from the exposure to fluctuations in foreign currency of $13 and $(19), respectively. 31 Table of Contents (9)Includes tax impacts from the exposure to fluctuations in foreign currency of $(18) and $(10), respectively. (10)In accordance with applicable accounting rules, the interim provision for income taxes is adjusted to equal the consolidated tax rate. (11)The consolidated effective income tax rate is a function of the combined effective tax rates for the jurisdictions in which we operate. Variations in the relative proportions of jurisdictional income could result in fluctuations to our combined effective income tax rate. Equity income (loss) of affiliatesdecreased by $11 during the three months ended March 31, 2022, compared to the same period in 2021, primarily due to lower performance at the Pueblo Viejo mine. For the three months ended March 31, 2022 and 2021, earnings before income taxes, depreciation and amortization related to the Pueblo Viejo Mine ("Pueblo Viejo EBITDA") was $80 and $117, respectively. Pueblo Viejo EBITDA is a non-GAAP financial measure. For further information regarding Pueblo Viejo EBITDA, refer to "Non-GAAP Financial Measures" within Part I, Item 2, Management's Discussion and Analysis. For further information regarding Equity income (loss) of affiliates, refer to Note 10 of the Condensed Consolidated Financial Statements. Refer to the Notes of the Condensed Consolidated Financial Statements for explanations of other financial statement line items. Results of Consolidated Operations Newmont has developed GEO metrics to provide a comparable basis for analysis and understanding of our operations and performance related to copper, silver, lead and zinc. Gold equivalent ounces are calculated as pounds or ounces produced or sold multiplied by the ratio of the other metals' price to the gold price, using the metal prices in the table below: Gold 1.05 Our mines continued to operate with robust controls, including heightened levels of health screening and testing to protect both our workforce and the local communities in which we operate as a result of the COVID-19 pandemic. We have adopted a risk-based approach to business travel, are providing flexible and remote working plans for employees and are maintaining effective contact tracing procedures. For the three months ended March 31, 2022 and 2021, we incurred $17 and $22, respectively, of incremental direct costs related to our response to the COVID-19 pandemic, included in Other expense, net, as a result of these and other actions taken to protect our employees and operations, and to support the local communities in which we operate, of which $17 and $21, respectively, are included in AISC, a non-GAAP financial measure. See "Non-GAAP Financial Measures" within Part I, Item 2, Management's Discussion and Analysis. For further information regarding costs related to our response to the COVID-19 pandemic, refer to Note 6 of the Condensed Consolidated Financial Statements. Gold or Other Metals Produced Costs Applicable to Sales (1) Depreciation and Amortization (1)Excludes Depreciation and amortizationand Reclamation and remediation. (2)All-in sustaining costs is a non-GAAP financial measure. See "Non-GAAP Financial Measures" within Part I, Item 2, Management's Discussion and Analysis. 32 Table of Contents (3)For the three months ended March 31, 2022, AISC include incremental direct costs related to our response to the COVID-19 pandemic, recorded in Other expense, net of $6, $7, $3, and $1 at North America, South America, Australia, and Africa, respectively. For the three months ended March 31, 2021, AISC include incremental direct costs related to our response to the COVID-19 pandemic, recorded in Other expense, net of $7 , $12, $1 and $1 at North America, South America, Australia, and Africa, respectively. (4)All-in sustaining costs and Depreciation and amortizationinclude expense for other regional projects. (5)For the three months ended March 31, 2022, the Peñasquito mine in North America produced 8,080 thousand ounces of silver, 44 million pounds of lead and 114 million pounds of zinc. For the three months ended March 31, 2021, the Peñasquito mine in North America produced 8,162 thousand ounces of silver, 50 million pounds of lead and 111 million pounds of zinc. (6)For the three months ended March 31, 2022 and 2021, the Boddington mine in Australia produced 19 million and 14 million pounds of copper, respectively. (7)Income and expenses of equity method investments are included in Equity income (loss) of affiliates. Refer to Note 10 of the Condensed Consolidated Financial Statements for further discussion of our equity method investments. Three Months Ended March 31, 2022 compared to 2021 Consolidated gold production decreased 8% primarily due to lower mill throughput, lower ore grades milled, and a build-up of in-circuit inventory compared to a drawdown in the prior year. Consolidated gold equivalent ounces - other metals production increased 10% primarily due to higher ore grade milled. Costs applicable to salesper consolidated gold ounce increased 18% primarily due to lower gold ounces sold and lower by-product credits. Costs applicable to salesper consolidated gold equivalent ounce - other metals increased 29% primarily due to higher co-product allocation of costs to other metals at Peñasquito i

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  • When was Minera Yanacocha founded?

    Minera Yanacocha was founded in 1992.

  • Where is Minera Yanacocha's headquarters?

    Minera Yanacocha's headquarters is located at Lima.

  • What is Minera Yanacocha's latest funding round?

    Minera Yanacocha's latest funding round is Corporate Minority.

  • Who are the investors of Minera Yanacocha?

    Investors of Minera Yanacocha include Newmont Corporation and Sumitomo Corporation.

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