Cover and table of contents

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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

Form 10-K

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from__________to__________

Commission File Number: 001-31240

NEWMONT CORPORATION

(Exact name of registrant as specified in its charter)



Delaware						84-1611629
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)

6900 E Layton Ave
Denver, Colorado						80237
(Address of Principal Executive Offices)						(Zip Code)
Registrant’s telephone number, including area code (303) 863-7414

Securities registered or to be registered pursuant to Section 12(b) of the Act.


Title of each class						Trading Symbol						Name of each exchange on which registered
Common stock, par value $1.60 per share						NEM						New York Stock Exchange

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒ Yes ☐ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. ☐ Yes ☒ No

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	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☒

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b2 of the Exchange Act). ☐ Yes ☒ No

At June 30, 2023, the aggregate market value of the registrant’s voting and non-voting common equity held by non-affiliates of the registrant was $33,878,942,644 based on the closing sale price as reported on the New York Stock Exchange. There were 1,152,551,607 shares of common stock outstanding on February 15, 2024.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of Registrant’s definitive Proxy Statement for the Registrant’s 2024 Annual Stockholders Meeting will be filed no later than 120 days after the close of the Registrant's fiscal year ended December 31, 2023, are incorporated by reference into Part III of this report.

TABLE OF CONTENTS


	PART I	Page
GLOSSARY: UNITS OF MEASURE AND ABBREVIATIONS		1
2023 RESULTS AND HIGHLIGHTS		2
ITEM 1.	BUSINESS	5
	Introduction	5
	Segment Information	5
	Products	5
	Competition	8
	Licenses and Concessions	8
	Condition of Physical Assets and Insurance	8
	Environmental, Social and Governance	9
	Risk Factor Summary	12
	Forward-Looking Statements	14
	Available Information	16
ITEM 1A.	RISK FACTORS	16
ITEM 1B.	UNRESOLVED STAFF COMMENTS	47
ITEM 1 C .	CYBERSECURITY	48
ITEM 2.	PROPERTIES	50
	Production and Development Properties	50
	Operating Statistics	60
	Proven and Probable Reserves	67
	Measured, Indicated, and Inferred Resources	76
ITEM 3.	LEGAL PROCEEDINGS	88
ITEM 4.	MINE SAFETY DISCLOSURES	88
	PART II
ITEM 5.	MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES	89
ITEM 6.	RESERVED	89
ITEM 7.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS	90
	Overview	90
	Consolidated Financial Results	91
	Results of Consolidated Operations	96
	Foreign Currency Exchange Rates	99
	Liquidity and Capital Resources	111
	Environmental	117
	Forward Looking Statements	117
	Non-GAAP Financial Measures	100
	Accounting Developments	117
	Critical Accounting Estimates	117
ITEM 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	123
	Metal Prices	123
	Foreign Currency	124
	Commodity Price Exposure	125
ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	126
ITEM 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	193
ITEM 9A.	CONTROLS AND PROCEDURES	193
ITEM 9B.	OTHER INFORMATION	195
	PART III
ITEM 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	196
ITEM 11.	EXECUTIVE COMPENSATION	197
ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	197
ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE	198
ITEM 14.	PRINCIPAL ACCOUNTANT FEES AND SERVICES	198
	PART IV
ITEM 15.	EXHIBITS, FINANCIAL STATEMENT SCHEDULES	199
ITEM 16.	FORM 10-K SUMMARY	199
SIGNATURES		SCH-1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS		SCH-2

GLOSSARY: UNITS OF MEASURE AND ABBREVIATIONS


Unit						Unit of Measure
$						United States Dollar
%						Percent
A$						Australian Dollar
C$						Canadian Dollar
gram						Metric Gram
ounce						Troy Ounce
pound						United States Pound
tonne						Metric Ton


Abbreviation						Description
AISC (1)						All-In Sustaining Costs
ARC						Asset Retirement Cost
ARS						Argentine Peso
ASC						FASB Accounting Standard Codification
ASU						FASB Accounting Standard Update
AUD						Australian Dollar
CAD						Canadian Dollar
CAS						Costs Applicable to Sales
EBITDA (1)						Earnings Before Interest, Taxes, Depreciation and Amortization
EIA						Environmental Impact Assessment
EPA						U.S. Environmental Protection Agency
ESG						Environmental, Social and Governance
Exchange Act						U.S. Securities Exchange Act of 1934
FASB						Financial Accounting Standards Board
GAAP						U.S. Generally Accepted Accounting Principles
GEO (2)						Gold Equivalent Ounces
GHG						Greenhouse Gases, which are defined by the EPA as gases that trap heat in the atmosphere
GISTM						Global Industry Standard on Tailings Management
IFRS						International Financial Reporting Standards

LIBOR						London Interbank Offered Rate
LBMA						London Bullion Market Association
LME						London Metal Exchange
MD&A						Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations
MINAM						Ministry of the Environment of Peru
Mine Act						U.S. Federal Mine Safety and Health Act of 1977
MINEM						Ministry of Energy and Mines of Peru
MSHA						Federal Mine Safety and Health Administration
MXN						Mexican Peso
NPDES						National Pollutant Discharge Elimination System
PGK						Papua New Guinea Kina
PNG						Papua New Guinea
PSU						Performance Leverage Stock Unit
RSU						Restricted Stock Unit
SAG						Semi-Autogenous Grinding
SEC						U.S. Securities and Exchange Commission
Securities Act						U.S. Securities Act of 1933
SOFR						Secured Overnight Financing Rate
UN						The United Nations
UOP						Units of Production
U.S.						The United States of America
USD						United States Dollar
WTP						Water Treatment Plant

____________________________

(1)Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.

(2)Refer to Results of Consolidated Operations within Part II, Item 7, MD&A.

NEWMONT CORPORATION

2023 RESULTS AND HIGHLIGHTS

(unaudited, in millions, except per share, per ounce and per pound)


	Year Ended December 31,
	2023		2022		2021
Financial Results:
Sales	$	11,812	$	11,915	$	12,222
Gold	$	10,593	$	10,416	$	10,543
Copper	$	575	$	316	$	295
Silver	$	335	$	549	$	651
Lead	$	96	$	133	$	172
Zinc	$	213	$	501	$	561
Costs applicable to sales (1)	$	6,699	$	6,468	$	5,435
Gold	$	5,689	$	5,423	$	4,628
Copper	$	359	$	181	$	143
Silver	$	300	$	454	$	332
Lead	$	98	$	94	$	76
Zinc	$	253	$	316	$	256
Net income (loss) from continuing operations	$	(2,494)	$	(399)	$	176
Net income (loss)	$	(2,467)	$	(369)	$	233
Net income (loss) from continuing operations attributable to Newmont stockholders	$	(2,521)	$	(459)	$	1,109
Per common share, diluted:
Net income (loss) from continuing operations attributable to Newmont stockholders	$	(3.00)	$	(0.58)	$	1.39
Net income (loss) attributable to Newmont stockholders	$	(2.97)	$	(0.54)	$	1.46
Adjusted net income (loss) (2)	$	1,324	$	1,468	$	2,371
Adjusted net income (loss) per share, diluted (2)	$	1.57	$	1.85	$	2.96
Earnings before interest, taxes and depreciation and amortization (2)	$	320	$	2,361	$	3,705
Adjusted earnings before interest, taxes and depreciation and amortization (2)	$	4,215	$	4,550	$	5,963
Net cash provided by (used in) operating activities of continuing operations	$	2,754	$	3,198	$	4,266
Free cash flow (2)	$	88	$	1,067	$	2,613
Regular cash dividends paid per common share	$	1.60	$	2.20	$	2.20
Regular cash dividends declared per common share	$	1.45	$	2.05	$	2.20

____________________________

(1)Excludes Depreciation and amortization and Reclamation and remediation.

(2)Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.

NEWMONT CORPORATION

2023 RESULTS AND HIGHLIGHTS

(unaudited, in millions, except per share, per ounce and per pound)


	Year Ended December 31,
		2023		2022		2021
Operating Results:
Consolidated gold ounces (thousands):
Produced		5,401		5,786		5,884
Sold		5,420		5,812		5,897
Attributable gold ounces (thousands):
Produced (1)		5,545		5,956		5,971
Sold (2)		5,340		5,696		5,660
Consolidated and attributable gold equivalent ounces - other metals (thousands): (3)
Produced		891		1,275		1,252
Sold		896		1,275		1,258
Consolidated and attributable - other metals:
Produced copper (million pounds)		145		84		71
Sold copper (million pounds)		155		85		69
Produced silver (million ounces)		18		30		31
Sold silver (million ounces)		17		30		32
Produced lead (million pounds)		113		149		177
Sold lead (million pounds)		107		147		173
Produced zinc (million pounds)		230		377		435
Sold zinc (million pounds)		222		373		433
Average realized price:
Gold (per ounce)		$	1,954	$	1,792	$	1,788
Copper (per pound)		$	3.71	$	3.69	$	4.29
Silver (per ounce)		$	19.97	$	18.45	$	20.19
Lead (per pound)		$	0.90	$	0.91	$	1.00
Zinc (per pound)		$	0.96	$	1.34	$	1.30
Consolidated costs applicable to sales: (4)(5)
Gold (per ounce)		$	1,050	$	933	$	785
Gold equivalent ounces - other metals (per ounce) (3)		$	1,127	$	819	$	640
All-in sustaining costs: (5)
Gold (per ounce)		$	1,444	$	1,211	$	1,062
Gold equivalent ounces - other metals (per ounce) (3)		$	1,579	$	1,114	$	900

____________________________

(1)Attributable gold ounces produced includes 224, 285 and 325 ounces for the years ended December 31, 2023, 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, and the Fruta del Norte mine, which is wholly owned by Lundin Gold whom the Company holds a 32% interest and is accounted for as an equity method investment.

(3)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. In 2023, the Company updated the metal prices utilized for this calculation to align with reserve metal price assumptions; this resulted in fewer calculated gold equivalent ounces - other metals produced and sold of 148 thousand ounces and 145 thousand ounces, respectively, for the year ended December 31, 2023, than would have been calculated based on the pricing used in 2022 for this calculation. Refer to Results of Consolidated Operations within Part II, Item 7, MD&A for further information.

(4)Excludes Depreciation and amortization and Reclamation and remediation.

(5)Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.

Highlights (dollars in millions, except per share, per ounce and per pound amounts)

Newcrest Transaction:** On November 6, 2023, the Company completed its business combination transaction with Newcrest Mining Limited, a public Australian mining company limited by shares ("Newcrest"), whereby Newmont, through Newmont Overseas Holdings Pty Ltd, an Australian proprietary company limited by shares (“Newmont Sub”), acquired all of the ordinary shares of Newcrest in a fully stock transaction for total non-cash consideration of $13,549. Newcrest became a direct wholly owned subsidiary of Newmont Sub and an indirect wholly owned subsidiary of Newmont. The combined company continues to be traded on the New York Stock Exchange under the ticker NEM. The combined company is also listed on the Toronto Stock Exchange under the ticker NGT, on the Australian Securities Exchange under the ticker NEM, and on the Papua New Guinea Securities Exchange under the ticker NEM.
Net income:** Delivered Net income (loss) from continuing operations attributable to Newmont stockholders of $(2,521) or $(3.00) per diluted share, a decrease of $2,062 from the prior year primarily due to higher Reclamation and Remediation, higher Impairment charges, the Peñasquito labor strike, Newcrest transaction and integration costs, a loss on abandonment of the Peñasquito pyrite leach plant, higher income tax expense, and lower production at Akyem, partially offset by higher average realized prices for gold, silver and copper.
Adjusted net income:** Reported Adjusted Net Income of $1,324 or $1.57 per diluted share, a decrease of $0.28 per diluted share from the prior year (refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A).
Adjusted EBITDA:** Reported $4,215 in Adjusted EBITDA, a decrease of 7% from the prior year (refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A).
Cash Flow:** Reported Net cash provided by (used in) operating activities of continuing operations of $2,754 for the year ended December 31, 2023, a decrease of 14% from the prior year, and free cash flow of $88 (refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A).
ESG:** Published annual sustainability report providing a transparent view of ESG performance; published third annual climate report providing a view on how the Company understands and is addressing climate change; contributed $56, of which $17 was contributed in 2023 as part of the Company's strategic alliance with Caterpillar Inc. to develop and deliver electric autonomous mining systems to make our mines safer and more productive while also supporting Newmont in reaching our greenhouse gas reduction 2030 and 2050 targets; published second Taxes and Royalties Contribution Report, providing an overview of the Company's tax strategy and economic contributions as part of its commitment to shared value creation; ranked Top Miner in 2023 Dow Jones Sustainability World Index.
Attributable gold production:** Produced approximately 6 million ounces of gold, in line with prior year.
Financial strength:** Ended the year with $3.0 billion of consolidated cash and approximately $6.1 billion of liquidity; declared a total dividend of $1.45 per share for the year.

Our global project pipeline

Newmont’s project pipeline supports stable production with improving margins and mine life. Near-term development capital projects are presented below. Additional projects represent incremental improvements to production and cost guidance. We manage our wider project portfolio to maintain flexibility to address the development risks associated with our projects including permitting, local community and government support, engineering and procurement availability, technical issues, escalating costs and other associated risks that could adversely impact the timing and costs of certain opportunities.

Ahafo North, Ahafo. This project expands our existing footprint in Ghana with four open pit mines and a stand-alone mill located approximately 30 kilometers from the Company’s Ahafo South operations and will deliver value through the open pit mining and processing of over three million ounces of gold over a 13-year mine life. The project is expected to add between 275,000 and 325,000 ounces per year for the first five full years of production beginning in 2026. Capital costs for the project are estimated to be between $950 and $1,050 with an expected commercial production date in late 2025. Development capital costs (excluding capitalized interest) since approval were $375, of which $163 related to 2023.

Tanami Expansion 2, Tanami. This project secures Tanami’s future as a long-life, low-cost producer with potential to extend mine life to 2040 through the addition of a 1,460-meter hoisting shaft and supporting infrastructure to achieve higher production and provide a platform for future growth. The expansion is expected to increase average annual gold production by approximately 150,000 to 200,000 ounces per year for the first five years and is expected to reduce operating costs by approximately 30 percent. Capital costs for the project are estimated to be between $1,700 and $1,800 with an expected commercial production date in the second half of 2027. Development capital costs (excluding capitalized interest) since approval were $752, of which $253 related to 2023.

Cadia Block Caves, Cadia. This project includes two panel caves to recover approximately 5.9 million ounces of gold reserves and 2.9 billion pounds of copper reserves. First ore has been delivered from the first panel cave (PC2-3), and development is underway at the second panel cave (PC1-2). The newly acquired project is currently under review, and a more fulsome update on the anticipated metrics is expected to be provided in mid 2024. Development capital costs (excluding capitalized interest) since approval were $36, of which all related to 2023.

PART I

Next: Item 1. BUSINESS (dollars in millions, except per share, per ounce and per pound amounts)