DENVER--(BUSINESS WIRE)--Newmont Mining Corporation (NYSE: NEM) (Newmont or the Company) announced second quarter 2018 results.
- Net income: Delivered GAAP net income from continuing operations attributable to stockholders of $274 million or $0.51 per diluted share; delivered adjusted net income1 of $144 million or $0.26 per diluted share, down 43 percent compared to the prior year quarter
- EBITDA: Generated $545 million in adjusted EBITDA2, down 22 percent from the prior year quarter
- Cash flow: Reported consolidated cash flow from continuing operations of $401 million and free cash flow3 of $143 million
- Gold costs applicable to sales (CAS)4: Reported CAS of $751 per ounce, with no change to the Company’s full year guidance
- Gold all-in sustaining costs (AISC)5: Reported AISC of $1,024 per ounce, with no change to the Company’s full year guidance
- Attributable gold production: Produced 1.16 million ounces of gold, in line with the Company’s full year guidance
- Portfolio improvements: Agreement to acquire 50 percent ownership interest in Galore Creek from NovaGold, partnering with Teck; completed the Twin Underground and Northwest Exodus projects in Nevada; advanced the Akyem Underground project to prefeasibility study in Africa; welcomed Sumitomo Corporation as a new five percent partner at Yanacocha in Peru; and divested royalty portfolio forming a strategic partnership with Maverix Metals
- Financial strength: Ended the quarter with $3.1 billion cash on hand and net debt under $1.0 billion; an industry-leading balance sheet with investment-grade credit profile; and a quarterly dividend declared of $0.14 per share, an increase of 87 percent over the prior year quarter
- Outlook: Maintained corporate-level production, unit cost and capital outlook for 2018
“Newmont delivered $545 million in adjusted EBITDA and $143 million in free cash flow in the second quarter, as strong operational performance helped offset the impacts of geotechnical challenges and back-half weighted results,” said Gary J. Goldberg, President and Chief Executive Officer. “We continued to add lower cost production by completing our Twin Underground and Northwest Exodus projects safely, on budget and ahead of schedule. And we invested in future value-creation by forging a partnership with Teck to advance prefeasibility studies on Galore Creek in British Colombia, one of the world’s largest undeveloped copper-gold deposits, and with Sumitomo to develop Yanacocha Sulfides in Peru.”
Second Quarter 2018 Summary Results
Net income from continuing operations attributable to Newmont stockholders of $274 million or $0.51 per diluted share, an increase of $84 million from the prior year quarter primarily due to lower income taxes, a gain from the sale of the Company’s royalty portfolio in June 2018 and higher average realized prices, partially offset by lower production at CC&V, Boddington, Akyem and Twin Creeks.
Adjusted net income was $144 million or $0.26 per diluted share, compared to $248 million or $0.46 per diluted share in the prior year quarter resulting from lower production. Primary adjustments to net income include $0.18 per share related to the sale of the Company’s royalty portfolio and $0.08 per share of net tax adjustments primarily related to valuation allowances.
Revenue decreased 11 percent to $1,662 million for the quarter primarily due to lower production, partially offset by higher average realized gold prices.
Average realized price6 for gold was $1,292, an improvement of $42 per ounce over the prior year quarter; average realized price for copper was $2.99 per pound, an improvement of $0.53 over the prior year quarter.
Attributable gold production decreased 14 percent to 1.16 million ounces primarily from lower grades at Carlin, Twin Creeks, Boddington and Akyem and a build of CC&V concentrate inventory to be processed in Nevada.
Gold CAS rose 13 percent to $751 per ounce for the quarter due to lower production, higher stockpile and leach pad inventory adjustments, the impact of KCGM rock falls, and higher oil prices.
Gold AISC rose 16 percent to $1,024 per ounce for the quarter on higher CAS, sustaining capital and advanced project and exploration expense.
Attributable copper production from Phoenix and Boddington decreased 7 percent to 14,000 tonnes for the quarter. Copper CAS totaled $46 million for the quarter. Copper CAS was $1.70 per pound for the quarter due to higher volume driven allocation of costs to copper. Copper AISC increased 21 percent to $2.05 per pound for the quarter due to higher unit CAS and higher sustaining capital spend.
Capital expenditures7 increased by 41 percent from the prior year quarter to $258 million with increased investment in Quecher Main, Subika Underground, and the Ahafo Mill expansion.
Consolidated operating cash flow from continuing operations decreased 24 percent from the prior year quarter to $401 million primarily due to lower volumes, changes in working capital primarily due to tax payments, and a build in inventory partially offset by collection of accounts receivable and higher realized metal prices. Free cash flow decreased 58 percent from the prior year quarter to $143 million from lower operating cash flow and higher investment in growth projects.
Balance sheet ended the quarter with $3.1 billion cash on hand, a leverage ratio of 0.4x net debt to adjusted EBITDA and one of the best credit ratings in the mining sector. The Company is committed to maintaining an investment-grade credit profile.
Projects update
Newmont’s capital-efficient project pipeline supports stable production with improving margins and mine life. Near-term development capital projects are presented below. Funding for Subika Underground, Ahafo Mill Expansion, Quecher Main and Tanami Power projects has been approved and these projects are in execution. Additional projects represent incremental improvements to production and cost guidance. Internal rates of return (IRR) on these projects are calculated at a $1,200 gold price.
- Subika Underground (Africa) leverages existing infrastructure and an optimized approach to develop Ahafo’s most promising underground resource. First production was achieved in June 2017 with commercial production expected in the fourth quarter of 2018. The project is expected to increase average annual gold production by between 150,000 and 200,000 ounces per year for the first five years beginning in 2019 with an initial mine life of approximately 11 years. Capital costs for the project are estimated at between $160 and $200 million with expenditure of between $85 and $95 million in 2018. The project has an IRR of more than 20 percent.
- Ahafo Mill Expansion (Africa) is designed to maximize resource value by improving production margins and accelerating stockpile processing. The project also supports profitable development of Ahafo’s highly prospective underground resources. First production is expected in the second half of 2019 with commercial production also expected in the second half of 2019. The expansion is expected to increase average annual gold production by between 75,000 and 100,000 ounces per year for the first five years beginning in 2020. Capital costs for the project are estimated at between $140 and $180 million with expenditure of approximately $75 to $85 million in 2018. The project has an IRR of more than 20 percent.
Together the Ahafo expansion projects (Ahafo Mill Expansion and Subika Underground) improve Ahafo’s production to between 550,000 and 650,000 ounces per year for the first five full years of production (2020 to 2024). During this period Ahafo’s CAS is expected to be between $650 and $750 per ounce and AISC is expected to be between $800 and $900 per ounce. This represents average production improvement of between 200,000 and 300,000 ounces at CAS improvement of between $150 and $250 per ounce and AISC improvement of $250 to $350 per ounce, compared to 2016 actuals.
- Quecher Main (South America) will add oxide production at Yanacocha, leverage existing infrastructure and enable potential future growth at Yanacocha. First production is expected in late 2018 with commercial production in the second half of 2019. Quecher Main extends the life of the Yanacocha operation to 2027 with average annual gold production of approximately 200,000 ounces per year between 2020 and 2025 (100 percent basis). During the same period incremental CAS is expected to be between $750 and $850 per ounce and AISC between $900 and $1,000 per ounce. Capital costs for the project are expected to be between $250 and $300 million with expenditure of $80 to $90 million in 2018. The project IRR is expected to be greater than 10 percent.
- Tanami Power (Australia) will lower Tanami power costs by approximately 20 percent beginning in 2019, mitigate fuel supply risk and reduce carbon emissions by 20 percent. The project includes a 450 kilometer natural gas pipeline to be constructed connecting the Tanami site to the Amadeus Gas Pipeline, and construction and operation of two on-site power stations. The gas supply, gas transmission and power purchase agreements are for a 10 year term with options to extend. The project is expected to result in net cash savings of approximately $34 per ounce beginning in 2019. Capital costs are estimated at between $225 and $275 million with annual cash lease payments over a 10 year term beginning in 2019 with approximately $10 million of owner’s costs paid in 2018. The project IRR is expected to be greater than 50 percent at $0.75 AUD.
Outlook
Newmont’s outlook reflects stable gold production and ongoing investment in its operating assets and most promising growth prospects. Newmont does not include development projects that have not yet been funded or reached execution stage in its outlook, which represents upside to production and cost guidance.
Attributable gold production remains unchanged at between 4.9 and 5.4 million ounces in 2018 and 2019. Longer term production is expected to remain stable at between 4.6 and 5.1 million ounces per year through 2022 excluding development projects which have yet to be approved.
- North America production remains unchanged at between 2.0 and 2.2 million ounces in 2018. Production declines slightly in 2019 to between 1.8 and 2.0 million ounces due to planned stripping at Carlin and then increases to between 1.9 and 2.1 million ounces in 2020 due to higher grades at Twin Creeks, Cripple Creek & Victor and Long Canyon. The Company continues to pursue profitable growth opportunities at Carlin and Long Canyon.
- South America production remains unchanged at between 615,000 and 675,000 ounces in 2018. Production is expected to be between 590,000 and 690,000 ounces in 2019 with the addition of Quecher Main and between 475,000 and 575,000 ounces per year in 2020 as Yanacocha laybacks are mined out and Merian transitions from saprolite to hard rock. The Company continues to advance near-mine growth opportunities at Merian and both oxide and sulfide potential at Yanacocha.
- Australia production decreases to between 1.4 and 1.6 million ounces in 2018 driven by the East wall slip at KCGM. Production in 2019 and 2020 may be impacted by the KCGM rock falls and life of mine plans are being assessed. The Company continues to advance studies for a second expansion at Tanami.
- Africa production remains unchanged at between 815,000 and 875,000 ounces in 2018. Production is expected to be between 1.1 and 1.2 million ounces in 2019 as the Ahafo Mill expansion reaches commercial production and between 880,000 and 980,000 ounces in 2020 as both Ahafo and Akyem reach lower open pit grade. The company continues to advance the Ahafo North project and other prospective surface and underground opportunities.
Gold cost outlook – CAS remains unchanged at between $700 and $750 per ounce in 2018. CAS is expected to be between $620 and $720 per ounce for 2019 and between $650 and $750 per ounce longer term through 2022. AISC remains unchanged at between $965 and $1,025 per ounce in 2018. AISC is expected to be between $870 and $970 per ounce in 2019 and longer-term through 2022. Further Full Potential savings and profitable ounces from projects that are not yet approved represent additional upside not currently captured in guidance.
- North America CAS remains unchanged at between $730 and $780 per ounce in 2018. CAS is expected to be between $680 and $780 per ounce in 2019 and between $655 and $755 per ounce in 2020 on higher production at Twin Creeks, Cripple Creek & Victor and Long Canyon. AISC has improved to be between $920 and $955 per ounce in 2018 on improved unit CAS. AISC is expected to be between $870 and $970 per ounce in 2019 and between $825 and $925 in 2020.
- South America CAS remains unchanged at between $675 and $735 per ounce in 2018. CAS is expected to be between $560 and $660 per ounce in 2019 as Quecher Main reaches commercial production and be between $690 and $790 per ounce in 2020. AISC improved to be between $925 and $1,025 per ounce in 2018 on lower unit CAS. AISC is expected to be between $810 and $910 per ounce in 2019 on improved unit CAS and be between $970 and $1,070 per ounce in 2020.
- Australia CAS increases to between $695 and $745 per ounce in 2018 driven by the East wall slip at KCGM. CAS and AISC in 2019 and 2020 may be impacted by the KCGM rock falls and life of mine plans are being assessed.
- Africa CAS increases to between $715 and $765 per ounce in 2018 due to higher inventory costs from lower grade mined and higher surface mining costs. CAS is expected to be between $520 and $620 per ounce in 2019 and between $610 and $710 per ounce in 2020. AISC increases to between $880 and $940 per ounce in 2018. AISC is expected to be between $700 and $800 per ounce in 2019 as the Ahafo Mill expansion reaches commercial production and between $775 and $875 per ounce in 2020.
Copper – Attributable production remains unchanged at between 40,000 and 60,000 tonnes in 2018 and 2019, increasing to between 45,000 and 65,000 tonnes longer term through 2022 as Phoenix moves into higher copper zones. CAS remains unchanged at between $1.65 and $1.85 per pound in 2018. CAS is expected to be between $1.80 and $2.20 per pound in 2019 before falling to between $1.40 and $1.80 per pound longer term as Phoenix moves into higher copper zones. AISC remains unchanged at between $2.00 and $2.20 per pound in 2018. AISC is expected to be between $2.25 and $2.55 per pound in 2019 and between $1.80 and $2.10 per pound longer term.
Capital – Total capital remains unchanged at between $1,200 and $1,300 million for 2018 and is expected to remain between $730 and $830 million for 2019. Primary development capital includes expenditure on the Ahafo Mill and Subika Underground expansions in Africa, Twin Underground in North America and Quecher Main in South America and Tanami Power Project. Sustaining capital remains unchanged at between $600 and $700 million in 2018, between $600 and $700 million for 2019 and between $550 and $650 million per year longer term to cover infrastructure, equipment and ongoing mine development.
Consolidated expense outlook – Interest expense for 2018 remains unchanged at between $175 and $215 million and investment in exploration and advanced projects remains unchanged at between $350 and $400 million. 2018 outlook for general & administrative costs increases to between $225 and $250 million due primarily to additional investments in the Company’s cyber security and leadership development programs. Guidance for depreciation and amortization remains unchanged at between $1,225 and $1,325 million.
Assumptions and sensitivities – Newmont’s outlook assumes $1,200 per ounce gold price, $2.50 per pound copper price, $0.75 USD/AUD exchange rate and $55 per barrel WTI oil price. A $100 per ounce increase in gold price would deliver an expected $335 million improvement in attributable free cash flow. Similarly, a $10 per barrel reduction in the price of oil and a $0.05 favorable change in the Australian dollar would deliver an expected $25 million and $45 million improvement in attributable free cash flow, respectively. These estimates exclude current hedge programs; please refer to Newmont’s Form 10-Q which was filed with the SEC on July 26, 2018 for further information on hedging positions.
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1 Non-GAAP measure. See end of this release for reconciliation to Net income (loss) attributable to Newmont stockholders.
2 Non-GAAP measure. See end of this release for reconciliation to Net income (loss) attributable to Newmont stockholders.
3 Non-GAAP measure. See end of this release for reconciliation to Net cash provided by operating activities.
4 Non-GAAP measure. See end of this release for reconciliation to Costs applicable to sales.
5 Non-GAAP measure. See end of this release for reconciliation to Costs applicable to sales.
6 Non-GAAP measure. See end of this release for reconciliation to Sales.
7 Capital expenditures refers to Additions to property plant and mine development from the Condensed Consolidated Statements of Cash Flows.
| 2018 Outlooka | |||||||||||||||||||||||||
| Consolidated | |||||||||||||||||||||||||
| All-in | Consolidated | ||||||||||||||||||||||||
| Consolidated | Attributable | Consolidated | Sustaining | Total Capital | |||||||||||||||||||||
| Production | Production | CAS | Costsb | Expenditures | |||||||||||||||||||||
| (Koz, Kt) | (Koz, Kt) | ($/oz, $/lb) | ($/oz, $/lb) | ($M) | |||||||||||||||||||||
| North America | |||||||||||||||||||||||||
| Carlin | 950 | – | 1,015 | 950 | – | 1,015 | 775 | – | 825 | 980 | – | 1,040 | 155 | – | 190 | ||||||||||
| Phoenixc | 210 | – | 230 | 210 | – | 230 | 810 | – | 860 | 990 | – | 1,050 | 20 | – | 30 | ||||||||||
| Twin Creeksd | 315 | – | 345 | 315 | – | 345 | 700 | – | 750 | 875 | – | 925 | 80 | – | 100 | ||||||||||
| CC&V | 345 | – | 395 | 345 | – | 395 | 670 | – | 725 | 800 | – | 860 | 30 | – | 40 | ||||||||||
| Long Canyon | 130 | – | 170 | 130 | – | 170 | 510 | – | 560 | 605 | – | 655 | 10 | – | 20 | ||||||||||
| Other North America | 10 | – | 20 | ||||||||||||||||||||||
| Total | 2,010 | – | 2,170 | 2,010 | – | 2,170 | 730 | – | 780 | 920 | – | 995 | 300 | – | 380 | ||||||||||
| South America | |||||||||||||||||||||||||
| Yanacochae | 470 | – | 545 | 240 | – | 280 | 885 | – | 925 | 1,125 | – | 1,175 | 110 | – | 140 | ||||||||||
| Meriane | 485 | – | 540 | 365 | – | 405 | 455 | – | 495 | 580 | – | 630 | 55 | – | 95 | ||||||||||
| Other South America | |||||||||||||||||||||||||
| Total | 970 | – | 1,070 | 615 | – | 675 | 675 | – | 735 | 925 | – | 1,025 | 170 | – | 230 | ||||||||||
| Australia | |||||||||||||||||||||||||
| Boddington | 665 | – | 715 | 665 | – | 715 | 820 | – | 870 | 950 | – | 1,000 | 60 | – | 75 | ||||||||||
| Tanami | 440 | – | 515 | 440 | – | 515 | 535 | – | 605 | 705 | – | 775 | 300i | – | 380i | ||||||||||
| Kalgoorlief | 280 | – | 330 | 280 | – | 330 | 715 | – | 765 | 825 | – | 875 | 20 | – | 30 | ||||||||||
| Other Australia | 5 | – | 15 | ||||||||||||||||||||||
| Total | 1,420 | – | 1,560 | 1,420 | – | 1,560 | 695 | – | 745 | 850 | – | 910 | 400i | – | 480i | ||||||||||
| Africa | |||||||||||||||||||||||||
| Ahafo | 435 | – | 465 | 435 | – | 465 | 780 | – | 835 | 900 | – | 980 | 195 | – | 240 | ||||||||||
| Akyem | 380 | – | 410 | 380 | – | 410 | 640 | – | 680 | 765 | – | 815 | 30 | – | 40 | ||||||||||
| Other Africa | |||||||||||||||||||||||||
| Total | 815 | – | 875 | 815 | – | 875 | 715 | – | 765 | 880 | – | 940 | 225 | – | 275 | ||||||||||
| Corporate/Other | 10 | – | 15 | ||||||||||||||||||||||
| Total Goldg | 5,300 | – | 5,800 | 4,900 | – | 5,400 | 700 | – | 750 | 965 | – | 1,025 | 1,200 | – | 1,300 | ||||||||||
| Phoenix | 10 | – | 20 | 10 | – | 20 | 1.50 | – | 1.70 | 1.85 | – | 2.05 | |||||||||||||
| Boddington | 30 | – | 40 | 30 | – | 40 | 1.75 | – | 1.95 | 2.05 | – | 2.25 | |||||||||||||
| Total Copper | 40 | – | 60 | 40 | – | 60 | 1.65 | – | 1.85 | 2.00 | – | 2.20 | |||||||||||||
| 2018 Consolidated Expense Outlookh | |||||||
| General & Administrative | $ | 225 | – | $ | 250 | ||
| Interest Expense | $ | 175 | – | $ | 215 | ||
| Depreciation and Amortization | $ | 1,225 | – | $ | 1,325 | ||
| Advanced Projects & Exploration | $ | 350 | – | $ | 400 | ||
| Sustaining Capital | $ | 600 | – | $ | 700 | ||
| Tax Ratej | 28% | – | 34% | ||||
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a |
2018 Outlook in the table above are considered “forward-looking statements” and are based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2018 Outlook assumes $1,200/oz Au, $2.50/lb Cu, $0.75 USD/AUD exchange rate and $55/barrel WTI; AISC and CAS estimates do not include inflation, for the remainder of the year. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Outlook. Such assumptions may prove to be incorrect and actual results may differ materially from those anticipated. See cautionary note at the end of the release. |
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b |
All-in sustaining costs or AISC as used in the Company’s Outlook is a non-GAAP metric defined as the sum of costs applicable to sales (including all direct and indirect costs related to current production incurred to execute on the current mine plan), reclamation costs (including operating accretion and amortization of asset retirement costs), G&A, exploration expense, advanced projects and R&D, treatment and refining costs, other expense, net of one-time adjustments and sustaining capital. See reconciliation at the end of this release. |
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c |
Includes Lone Tree operations. |
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d |
Includes TRJV operations shown on a pro-rata basis with a 25% ownership interest. |
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e |
Consolidated production for Yanacocha and Merian is presented on a total production basis for the mine site; attributable production represents a 51.35% interest for Yanacocha and a 75% interest for Merian. |
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f |
Both consolidated and attributable production are shown on a pro-rata basis with a 50% ownership for Kalgoorlie. |
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g |
Production outlook does not include equity production from stakes in TMAC (28.71%) or La Zanja (46.94%). |
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h |
Consolidated expense outlook is adjusted to exclude extraordinary items. For example, the tax rate outlook above is a consolidated adjusted rate, which assumes the exclusion of certain tax valuation allowance adjustments. |
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i |
Includes $225-$275M for a capital lease related to the Tanami Power Project paid over a 10 year term beginning in 2019. |
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j |
Assuming average prices of $1,300 per ounce for gold and $2.70 per pound for copper and achievement of current production and sales volumes and cost estimates, we estimate our consolidated adjusted effective tax rate related to continuing operations for 2018 will be between 28-34%. |
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| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
| Operating Results | 2018 | 2017 | % Change | 2018 | 2017 | % Change | |||||||||||||||||||
| Attributable Sales (koz, kt) | |||||||||||||||||||||||||
| Attributable gold ounces sold | 1,147 | 1,350 | (15 | ) | % | 2,378 | 2,579 | (8 | ) | % | |||||||||||||||
| Attributable copper tonnes sold | 13 | 14 | (7 | ) | % | 25 | 26 | (4 | ) | % | |||||||||||||||
| Average Realized Price ($/oz, $/lb) | |||||||||||||||||||||||||
| Average realized gold price | $ | 1,292 | $ | 1,250 | 3 | % | $ | 1,310 | $ | 1,235 | 6 | % | |||||||||||||
| Average realized copper price | $ | 2.99 | $ | 2.46 | 22 | % | $ | 2.93 | $ | 2.56 | 14 | % | |||||||||||||
| Attributable Production (koz, kt) | |||||||||||||||||||||||||
| North America | 430 | 578 | (26 | ) | % | 920 | 1,082 | (15 | ) | % | |||||||||||||||
| South America | 141 | 153 | (8 | ) | % | 285 | 303 | (6 | ) | % | |||||||||||||||
| Australia | 391 | 401 | (2 | ) | % | 757 | 761 | (1 | ) | % | |||||||||||||||
| Africa | 200 | 220 | (9 | ) | % | 409 | 440 | (7 | ) | % | |||||||||||||||
| Total Gold | 1,162 | 1,352 | (14 | ) | % | 2,371 | 2,586 | (8 | ) | % | |||||||||||||||
| North America | 4 | 5 | (20 | ) | % | 7 | 9 | (22 | ) | % | |||||||||||||||
| Australia | 10 | 10 | — | % | 19 | 19 | - | % | |||||||||||||||||
| Total Copper | 14 | 15 | (7 | ) | % | 26 | 28 | (7 | ) | % | |||||||||||||||
| CAS Consolidated ($/oz, $/lb) | |||||||||||||||||||||||||
| North America | $ | 802 | $ | 628 | 28 | % | $ | 782 | $ | 693 | 13 | % | |||||||||||||
| South America | $ | 711 | $ | 825 | (14 | ) | % | $ | 747 | $ | 736 | 1 | % | ||||||||||||
| Australia | $ | 710 | $ | 652 | 9 | % | $ | 709 | $ | 651 | 9 | % | |||||||||||||
| Africa | $ | 762 | $ | 605 | 26 | % | $ | 754 | $ | 615 | 23 | % | |||||||||||||
| Total Gold | $ | 751 | $ | 664 | 13 | % | $ | 750 | $ | 677 | 11 | % | |||||||||||||
| Total Gold (by-product) | $ | 722 | $ | 641 | 13 | % | $ | 724 | $ | 654 | 11 | % | |||||||||||||
| North America | $ | 2.00 | $ | 1.60 | 25 | % | $ | 1.93 | $ | 1.70 | 14 | % | |||||||||||||
| Australia | $ | 1.59 | $ | 1.27 | 25 | % | $ | 1.63 | $ | 1.29 | 26 | % | |||||||||||||
| Total Copper | $ | 1.70 | $ | 1.38 | 23 | % | $ | 1.72 | $ | 1.43 | 20 | % | |||||||||||||
| AISC Consolidated ($/oz, $/lb) | |||||||||||||||||||||||||
| North America | $ | 1,056 | $ | 797 | 32 | % | $ | 996 | $ | 869 | 15 | % | |||||||||||||
| South America | $ | 1,005 | $ | 1,071 | (6 | ) | % | $ | 1,002 | $ | 958 | 5 | % | ||||||||||||
| Australia | $ | 851 | $ | 782 | 9 | % | $ | 853 | $ | 779 | 9 | % | |||||||||||||
| Africa | $ | 942 | $ | 795 | 18 | % | $ | 923 | $ | 773 | 19 | % | |||||||||||||
| Total Gold | $ | 1,024 | $ | 883 | 16 | % | $ | 998 | $ | 891 | 12 | % | |||||||||||||
| Total Gold (by-product) | $ | 1,002 | $ | 868 | 15 | % | $ | 979 | $ | 874 | 12 | % | |||||||||||||
| North America | $ | 2.57 | $ | 2.00 | 29 | % | $ | 2.35 | $ | 2.05 | 15 | % | |||||||||||||
| Australia | $ | 1.87 | $ | 1.55 | 21 | % | $ | 1.95 | $ | 1.55 | 26 | % | |||||||||||||
| Total Copper | $ | 2.05 | $ | 1.69 | 21 | % | $ | 2.06 | $ | 1.72 | 20 | % | |||||||||||||
