Newmont Corp  (NEM)
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    Sector  Basic Materials    Industry Metal Mining
   Industry Metal Mining
   Sector  Basic Materials

Newmont Corp

Business Description

Newmont Mining Corporation is the world’s largest gold producer with significant assets or operations on five continents. We have mining operations in the United States, Australia, Peru, Indonesia, Canada, Uzbekistan, Turkey, Bolivia, New Zealand and Mexico. We obtained more than 65% of our equity gold production from politically and economically stable countries, namely the United States, Australia and Canada. Newmont is also engaged in the production of silver, copper and zinc.

On February 16, 2002, Newmont completed the acquisition of Franco-Nevada Mining Corporation Limited, a Canadian company, pursuant to a Plan of Arrangement. On February 20, 2002, Newmont gained control of Normandy Mining Limited, an Australian company, through an off-market bid for all of the ordinary shares of Normandy. On February 26, 2002, when Newmont’s off-market bid for Normandy expired, Newmont had a relevant interest in more than 96% of Normandy’s outstanding shares. Newmont exercised compulsory acquisition rights under Australian law to acquire all of the remaining shares of Normandy in April 2002. The results of operations of Normandy and Franco-Nevada have been included in this Annual Report and Newmont’s financial statements from February 16, 2002 forward.

In 2001, Newmont completed an acquisition of Battle Mountain Gold Company. The acquisition was accounted for as a pooling of interests and, as such, the financial statements in this report include Battle Mountain’s financial data as if Battle Mountain had always been a part of Newmont.

During 2002 and 2003, Newmont continued to review its asset base and operations, with the goal of achieving synergies by consolidating separately-managed assets, combining administrative and exploration staffs, achieving purchasing economies and better utilizing existing processing facilities. We also sold or disposed of lower-margin or non-core operations or interests. Although we will continue to evaluate the potential of achieving additional synergies, the review of our asset base and operations, integration of separately-managed assets and consolidation of administrative and exploration staffs is substantially complete.

Newmont predominantly operates in a single industry, engaged in worldwide gold production, exploration for gold and acquisition of gold properties. Newmont also has a Base Metals Segment, a Merchant Banking Segment and an Exploration Segment.

Hedging Activities

With respect to gold, Newmont’s philosophy is to remain largely unhedged. Therefore, Newmont generally sells its gold production at market prices. Historically, Newmont has, on a limited basis, entered into derivative contracts to protect the selling price for certain anticipated gold production and to manage risks associated with commodities, interest rates and foreign currency. The hedging policy authorized by Newmont’s Board of Directors limits total gold hedging activity to 16 million ounces. Prior to the acquisitions of Normandy and Franco-Nevada, Newmont utilized forward sales contracts for a portion of the gold production from the Minahasa mine in Indonesia and from the Nevada and Canadian operations. No costs were incurred in connection with these forward sales contracts and there were no margin requirements related to these contracts.

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