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Goldman Sachs Global Metals & Mining Conference 
Gary Goldberg, CEO and Laurie Brlas, CFO 
November 19-20, 2014
Cautionary Statement 
Cautionary statement regarding forward looking statements, including outlook: 
This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 
21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other 
applicable laws. Such forward-looking statements may include, without limitation: (i) estimates of future production and sales; (ii) estimates of future 
costs applicable to sales and all-in sustaining costs; (iii) estimates of future capital expenditures and development capital; (iv) plans and 
expectations relating to savings, reductions in costs and expenditures, efficiency improvements and optimization; (v) expectations relating to 
decisions regarding future exploration, expansion or development projects; (vi) expectations regarding the development, growth and upside potential 
of operations and projects, including, without limitation, mine plans, ramp-up, first production, anticipated strip ratios, recovery rate and other project 
metrics; (vii) expectations regarding the future receipt of approvals, permits and licenses, including, without limitation, export approvals; (viii) 
expectations regarding the out-coming of ongoing negotiations, including, without limitation, with respect to the Contract of Work, and (ix) 
expectations regarding financial flexibility, project funding, cash retention, free cash flow and portfolio optimization. Forward-looking statements often 
include words such as "anticipates," "estimates," "expects," "projects," "intends," "plans," "believes" and words and terms of similar substance in 
connection with discussions of future operating or financial performance. Estimates or expectations of future events or results are based upon 
certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to 
current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of the 
Company’s projects being consistent with current expectations and mine plans; (iii) political developments in any jurisdiction in which the Company 
operates being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar to the U.S. dollar, as well as 
other the exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper and oil; (vi) prices for key 
supplies being approximately consistent with current levels; and (vii) the accuracy of our current mineral reserve and mineral resource estimates. 
Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith 
and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual 
results to differ materially from future results expressed, projected or implied by the “forward-looking statements.” Such risks include, but are not 
limited to, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from 
those assumed in mining plans, political and operational risks, community relations, conflict resolution and outcome of projects or oppositions and 
governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company’s 2013 Annual 
Report on Form 10-K, filed on February 21, 2014, with the Securities and Exchange Commission (“SEC”), as well as the Company’s other SEC 
filings. The Company does not undertake any obligation to release publicly revisions to any “forward-looking statement,” including, without limitation, 
outlook, to reflect events or circumstances after the date of this presentation, or to reflect the occurrence of unanticipated events, except as may be 
required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” 
constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors' own risk. 
Newmont Mining Corporation Slide 2 
November 19 - 20, 2014
Why Newmont? 
• Industry leading safety performance 
• Optimized asset portfolio with stable 
production and cash flow base with a 
focus on value over volume 
• Global portfolio with industry leading 
project pipeline 
• Continuing trajectory of sustainable 
cost and efficiency improvement that 
offset inflation 
• Strong balance sheet and disciplined 
capital allocation 
• Positioned to thrive across cycles 
Newmont Mining Corporation 
Long Canyon 
November 19 - 20, 2014 Slide 3
Positioning the business to thrive across cycles 
YTD 2014 YTD 2013 
Average Realized Gold Price ($/oz) $1,282 $1,442 
Average Realized Copper Price ($/lb) $2.75 $2.95 
Attributable Gold Production (Koz) 3,584 3,617 
Gold CAS ($/oz) $733 $774 
Gold AISC1 ($/oz) $1,031 $1,140 
YTD 2014 YTD 2013 
Revenue ($M) $5,275 $6,226 
Adjusted Net Income ($M)2 $459 $480 
Adjusted Net Income ($ per share)2 $0.92 $0.97 
Cash from Continuing Operations ($M) $889 $1,175 
Free Cash Flow ($M) $123 ($353) 
Dividends ($ per share) $0.20 $1.025 
Newmont Mining Corporation Slide 4 
Gold AISC1 down 10% YTD 
YTD $476 million improvement in free cash flow Y-O-Y 
November 19 - 20, 2014
Maintaining safe operations and low injury rates 
Newmont Mining Corporation 
0.72 
0.64 
0.46 
0.49 0.49 
0.40 
0.50 
0.47 
0.32 
0.41 
0.80 
0.60 
0.40 
0.20 
0.00 
Q2 
2012 
Q3 
2012 
Q4 
2012 
Q1 
2013 
Q2 
2013 
Q3 
2013 
Q4 
2013 
Q1 
2014 
Q2 
2014 
Q3 
2014 
Total recordable accident frequency rate (per 200,000 hours worked) 
November 19 - 20, 2014 Slide 5
Delivering on our commitments 
Improving the business 
• Q3 CAS at low end of outlook 
• Q3 Gold AISC per ounce below $1,000 
• Maintaining production outlook despite 
asset sales* 
Strengthening the portfolio 
• Secured Merian Right of Exploitation 
• Turf Vent Shaft on budget and schedule 
• Generated almost $1.4B in asset sales in 
the last 18 months** 
Creating value for shareholders 
• Strengthened financial flexibility 
• Generated $51M in free cash flow in Q3 
Loading copper concentrate for export at Batu Hijau 
*With respect to outlook above, see endnote 3. 
**Figure includes funds received from government of Suriname for Merian opt-in in November 2014. 
November 19 - 20, 2014 Newmont Mining Corporation Slide 6
Cost and efficiency improvements total $630M YTD 
Adjusted cash AISC savings4 ($M) 
$291 
$164 
$117 
$58 
$700 
$600 
$500 
$400 
$300 
$200 
$100 
$0 
2014 YTD* 
CAS improvements 
Sustaining Capital 
Advanced Projects & 
Exploration 
General & 
Administrative/Other** 
Newmont Mining Corporation 
$630M 
*2014 year-to-date savings reflects comparison of 9-months ended 09/30/14 versus 9-months ended 09/30/13. Non-GAAP metric. See slide 43 for reconciliation. 
**Includes Remediation, Treatment and Refining Costs, and Other Expense, net. 
November 19 - 20, 2014 Slide 7
Maintain 
(e.g., 
Carlin) 
De-risk 
(e.g., Conga) 
Improve value 
(e.g., Tanami) 
Close or divest 
(e.g., Midas, 
Jundee, 
La Herradura) 
Continued portfolio optimization 
All assets and opportunities are 
rate/ranked on the basis of the 
following: 
• Generate value (Net Present Value, 
Return on Capital Employed) 
• Improve mine life 
• Lower position on cost curve 
• Represent acceptable risk 
Risk 
Value 
Portfolio Approach 
High Low 
Low High 
November 19 - 20, 2014 Newmont Mining Corporation Slide 8
Strong balance sheet and disciplined capital allocation 
Improve financial flexibility 
• >$5B in cash, marketable securities and 
revolver capacity* 
• $328M in Q3 cash from continuing operations 
• $51M in Q3 free cash flow 
Enhance portfolio 
• Generated almost $1.4B in asset sales in last 
18 months 
• Completed sale of La Herradura for cash 
proceeds of $450M on October 6 
Return cash to shareholders 
• Returned $102M in dividends in 2014 YTD 
*As of September 30, 2014; does not include Penmont sales proceeds which closed in Q4 2014. 
Newmont Mining Corporation 
Marketable Securities = $0.4B 
Revolver 
Capacity = 
$3.0B 
Cash and Cash 
Equivalents = 
$1.8B 
November 19 - 20, 2014 Slide 9
Maintaining investment grade credit rating 
• Long-dated maturity with favorable terms 
• No significant debt until 2019 
• Revolver has one financial covenant; maximum net debt to book capital of 62.5% 
compared to 27.9% as of 30 September 2014 
180 
263 
842 
44 
1,303 
1,500 
600 
1,100 
1,000 
10 
2014 
2015 
2016 
2017 
2018 
2019 
Column1 
2022 
Column2 
2035 
2039 
2042 
Ghana PTNNT Corporate Debt 
Newmont Mining Corporation Slide 10 
Scheduled debt repayments ($M) 
November 19 - 20, 2014
Gold price linked dividend 
Newmont Mining Corporation 
• Highly leveraged to gold prices 
• Targeting 20-25% of free cash flow for dividends, reserving the remainder for 
projects and paying down debt 
$0.10 $0.20 
$0.40 
$0.60 
$0.80 
$1.00 
$1.20 
$1.40 
$1.60 
$1.80 
$2.00 
$2.50 
$2.00 
$1.50 
$1.00 
$0.50 
$0.00 
<$1,200 
$1,200 - $1,299 
$1,300 - $1,399 
$1,400 - $1,499 
$1,500 - $1,599 
$1,600 -$1,699 
$1,700-$1,799 
$1,800 -$1,899 
$1,900 -$1,999 
$2,000 -$2,099 
$2,100 -$2,199 
$2,200 - $2,299 
Annualized dividend per share (US$)* 
*For illustrative purposes, declaration of dividend remains subject to Board of Directors approval. 
November 19 - 20, 2014 Slide 11
Merian offers favorable economics and prospects 
Newmont Mining Corporation 
Strong feasibility and economics* 
• Low strip ratio of 3:1 over LOM 
• Capital Costs: $0.9B – $1.0B 
• Production: 400 – 500 koz per year 
• Gold CAS: $650 – $750/oz 
• Gold AISC: $750 – $850/oz 
• Gold Reserves of 4.2Moz6 at 1.22 g/t 
Exploration upside 
• Agreement covers 500,000 hectares with 
promising exploration results 
Funding 
• Government of Suriname acquired 25% 
fully-funded equity stake in early November 
*Capital costs reported on a 100% basis with approximately $100 million sunk to date. Metrics are reported as first 
five year average unless otherwise noted. CAS and AISC are escalated assuming 3-4% inflation. See endnotes 5 
and 6 for more information. 
November 19 - 20, 2014 Slide 12
Merian project metrics and capital breakdown5 
Low strip ratio vs. comparable Breakdown of consolidated capital** 
open pit projects* 
*Life of mine. 
**100% basis. 
Infrastructure 
& Power, 15% 
Mobile 
Equipment, 
15% 
Newmont Mining Corporation 
3.7 
4.2 4.4 
2.4 
West Africa Guiana 
Shield 
Australia North 
America 
Process 
Plant / Tails, 
25% 
Indirect / 
Camp / 
Management, 
25% 
Contingency 
/ Escalation / 
Other, 20% 
November 19 - 20, 2014 Slide 13
Prepared for ongoing market fluctuations
Free cash flow positive across planning scenarios 
2015 contingency planning 
$1,200/oz gold $1,100/oz gold $1,000/oz gold 
• Operating costs and sustaining 
capital optimized to maintain 
positive free cash flow 
• Development capital prioritized for 
Merian, Tanami Expansion, Long 
Canyon Phase 1, and Ahafo Mill 
Expansion 
• Exploration spend focused on 
near-mine and high value targets 
• Support costs reduced across 
business 
• Continue with Merian 
development; reprioritize earlier 
stage projects based on value 
metrics 
• Maintain cost savings to offset 
inflation 
• Reduce sustaining capital spend 
• Generative exploration reduced 
• Further reduce support costs 
across business 
• Repay debt per schedule 
• No dividend payments per policy 
• Continue with Merian 
development; potentially slow 
development of earlier stage 
projects 
• Assess and potentially defer 
highest cost laybacks 
• Further reduce sustaining capital 
spend 
• Exploration focused on 
brownfields and near mine 
opportunities 
• Further reduce support costs 
across business 
• Repay debt per schedule 
• No dividend payments per policy 
November 19 - 20, 2014 Newmont Mining Corporation Slide 15
Strong gold fundamentals support long term pricing 
Gold demand Global gold mine supply projections* and affluent consumer growth* 
120 
100 
80 
60 
40 
20 
0 
2009 
2010 
2011 
2012 
2013 
2014E 
2015E 
2016E 
2017E 
2018E 
2019E 
2020E 
2021E 
2022E 
2023E 
(Moz) 
• Longer-term mine supply growth challenged with fewer new discoveries, capital cost 
inflation, increasing nationalism and activism, aging mines and declining grades 
• Gold demand forecasted to grow by ~25% by 2017 in China 
• Longer-term investment demand expected to strengthen due to robust central bank 
demand, consumer demand growth in China and low interest rates 
Newmont Mining Corporation 
*Source: GaveKel Research and World Gold Council. 
November 19 - 20, 2014 Slide 16
Positioned to thrive in the future
More than 150 years of mining experience 
Gary Goldberg, 
President and CEO 
Laurie Brlas, 
CFO 
Dr. Elaine Dorward- 
King, EVP 
Sustainability and 
External Relations 
Scott Lawson, 
SVP Technical 
Services 
Chris Robison, 
EVP Operations 
and Projects 
Bill MacGowan, 
EVP Human 
Resources 
Susan Keefe, VP 
Strategic 
Relations 
Randy Engel, 
EVP Strategic 
Development 
Steve Gottesfeld, EVP 
General Counsel and 
Corporate Secretary 
November 19 - 20, 2014 Newmont Mining Corporation Slide 18
Our strategy is to be the world’s leading gold miner 
Improve the 
business 
Strengthen 
the portfolio 
Create value for 
shareholders 
Improve the underlying business 
• Cost reductions and efficiency improvements more than offset planned 
inflation rates 
• Maintain steady gold production; focus on value over volume 
Build a more valuable portfolio of long-life, low-cost assets 
• Fund best projects while maintaining positive free cash flow 
• Optimize portfolio and pipeline to support long-term growth 
Develop capabilities and systems for competitive advantage 
• Strengthen financial flexibility and maintain dividend flexibility 
• Improve the balance sheet 
November 19 - 20, 2014 Newmont Mining Corporation Slide 19
2015 sensitivities* 
2015E operating cost breakdown 
Labor 50% 
Conservative planning assumptions 
Materials / 
Parts 20% 
Consumables 
Diesel 10% 
Power 10% 
10% 
Change 
Increment 
FCF (US$M) 
Gold ($/oz) +$100 +$350 
Copper ($/lb) +$0.25 +$100 
Australian Dollar -0.05 +$60 
Oil ($/bbl) -$10 +$40 
• Each $10/bbl reduction in oil price 
adds ~$40M in free cash flow 
• Every +$100/oz change in the gold 
price, Newmont generates ~$350M 
in additional free cash flow 
• For every +$0.25/lb change in the 
copper price, Newmont generates 
~$100M in additional free cash flow 
*All other variables held constant (i.e. FCF for flexed gold price does not include changes to copper price, AUD or WTI). 
All GEO calculated using $1,200/oz Au and $3.00/lb Cu. All figures consolidated. Economics reflect a 35% portfolio tax rate. 
November 19 - 20, 2014 Newmont Mining Corporation Slide 20
Sustaining capital expected to average ~$1B per year* 
Sustaining 70% 
Development 30% 
Equipment 
40% 
Sustaining 
Tailings 
Facilities 
and 
Support 
Buildings 
20% 
Exploration 
DMD 5% 
Other 
15% 
Surface and UG 
Deferred Mine 
Development 20% 
• Merian and Turf Vent Shaft represent approximately 80% of total development capital** 
Newmont Mining Corporation 
Surface and 
Underground 
Deferred Mine 
Development, 20% 
*2014 breakdown of development and sustaining capital. 
**2014 to 2016 estimated capital breakdown. 
November 19 - 20, 2014 Slide 21
Projecting lower costs and steady production 
AISC7 and CAS outlook ($/oz)3 
$710 – $750 $690 – $740 $720 – $760 
2014 2015 2016 
Total Newmont All-in 
Sustaining Costs 
Attributable gold production outlook (Moz)3 
4.7 – 5.0 
2014 2015 2016 
South America Indonesia 
Total Newmont Cost 
Applicable to Sales 
Africa 
Australia/New Zealand 
Newmont Mining Corporation 
4.5 – 4.8 
4.8 – 5.1 
$1,020 – $1,080 $1,000 – $1,080 $985 – $1,085 
North America 
November 19 - 20, 2014 Slide 22
Maximizing productivity and efficiency across portfolio 
NEM market data (11/12/2014): 
Market cap: $9.2 billion 
Enterprise value: $16.8 billion 
# of operations: 11 
2013A Revenue: $8.3 billion 
2013A Attrib. Production: 5.1 Moz Au 
South America: 
Yanacocha 
Conga 
Merian 
Operations 
Projects 
South America: 
11.6% 
Africa: 
13.8% 
Newmont Mining Corporation 
North America: 
Carlin 
Turf Vent Shaft 
Phoenix 
Twin Creeks 
Africa: 
Ahafo 
Akyem Australia / New 
Zealand: 
Boddington 
KCGM 
Tanami 
Waihi/Correnso 
Indonesia: 
Batu Hijau 
% of 2013A 
gold production 
North America: 
38.5% 
Australia/ 
New Zealand: 35.6% 
Indonesia: 
0.5% 
November 19 - 20, 2014 Slide 23
Upcoming catalysts highlight profitable growth 
Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 2016 
Carlin welding shop, Nevada 
Newmont Mining Corporation 
• Decision to 
proceed with 
Subika 
Underground 
• Merian first 
production 
expected 
• Turf Vent 
Shaft first 
production 
• Correnso 
production 
expected 
• FY14 results 
published 
• FY14 reserve 
and resource 
update 
published 
• Decision to 
proceed with 
Long Canyon 
Phase 1 
• Decision to 
proceed with 
Tanami 
Expansion 
• Phase 6 
higher grade 
ore sourced 
at Batu Hijau 
• Decision to 
proceed with 
Ahafo Mill 
Expansion 
• Government 
of Suriname 
opt-in to 
Merian at 
25% 
November 19 - 20, 2014 
Slide 24
Optimized project pipeline and execution approach 
Newmont Mining Corporation 
Turf Vent Shaft 
Ahafo Mill 
Expansion 
Ahafo 
North 
Subika 
Underground 
Correnso 
Greater Leeville 
Chaqui Sulfides 
Long Canyon 
Phase 1 Merian 
Exodus 
Bull Moose 
Yanacocha 
Sulfides 
Quecher 
Exploration / 
Conceptual 
Scoping Prefeasibility 
Feasibility / 
Engineering 
Execution 
North America South America Africa ALuosntgraboliaat/ Nine Swu rZineaamlaend 
Federation 
Conga 
Tanami 
Expansion 
November 19 - 20, 2014 Slide 25
88Moz of reserves with long term exploration upside 
2013 gold reserves at operating properties* 
88% 87% 86% 82% 
Newmont Newcrest Kinross Agnico Goldcorp Barrick 
2013 gold reserves in lower risk jurisdictions* 
71% 
60% 
47% 43% 
71% 67% 
22% 
9% 
Agnico Eagle Newmont Barrick Newcrest Goldcorp Kinross 
*All reserves as reported in reserve statements as of December 31, 2013; low risk jurisdictions include US, Canada and Australia. 
November 19 - 20, 2014 Newmont Mining Corporation 
Slide 26
Why Newmont? 
• Industry leading safety performance 
• Optimized asset portfolio with stable 
production and cash flow base with a 
focus on value over volume 
• Global portfolio with industry leading 
project pipeline 
• Continuing trajectory of sustainable 
cost and efficiency improvement that 
offset inflation 
• Strong balance sheet and disciplined 
capital allocation 
• Positioned to thrive across cycles 
Newmont Mining Corporation 
Long Canyon 
November 19 - 20, 2014 Slide 27
Appendix
Africa – our most prospective region 
Africa YTD Q314 2014 Outlook 
Carlin welding shop, Nevada 
• Akyem recently poured its 500,000 ounce 
and remains amongst the cheapest assets in 
the portfolio 
• Ahafo unit CAS decreased one percent in Q3 
2014 from the prior year period, primarily due 
to lower labor costs and better synchronized 
mining and milling rates 
Newmont Mining Corporation 
• Ahafo Mill Expansion and Subika 
Underground present further upside potential 
First ore to crusher at Akyem 
Attributable 
Production (Kozs) 
675 855 - 920 
Consolidated CAS 
($/oz) 
444 $495 - $540 
All-in-Sustaining 
Costs ($/oz) 
$619 $660 - $725 
Consolidated 
Capital 
Expenditures ($M) 
86 $115 - $140 
November 19 - 20, 2014 Slide 29
Australia/New Zealand - improving performance and efficiency 
Newmont Mining Corporation 
Waihi, New Zealand 
• Boddington unit CAS decreased nine 
percent in Q3 2014 from the prior year 
period in part due to lower mill maintenance 
costs and the repeal of Australia’s carbon tax 
• The Correnso underground mine at Waihi is 
expected to deliver 150,000 ounces per 
annum and adds roughly fours years to 
Waihi’s mine life. An investment decision is 
expected to be made in early 2015 
Australia and New 
Zealand 
YTD Q314 2014 Outlook 
Attributable 
Production (Kozs) 
1,294 1,625 – 1,725 
Consolidated CAS 
($/oz) 
$794 $805 - $880 
All-in-Sustaining 
Costs ($/oz) 
$974 $990 - $1,080 
Consolidated 
Capital 
Expenditures ($M) 
$166 $275 - $300 
November 19 - 20, 2014 Slide 30
Batu Hijau safely restarted in September 20148 
*Batu Hijau 2014 CAS and AISC outlook includes net realizable value (NRV) inventory adjustments of approximately $160-170M primarily due to the change in royalties 
and export duties as a result of PTNNT's recently signed MoU. 
Batu haul truck, Indonesia 
Newmont Mining Corporation 
Batu Hijau, Indonesia 
• Export permit received September 22; 
export shipping has resumed and the 
mine is running at full capacity 
• Memorandum of Understanding signed 
with the government on September 3 
• Contract of Work amendment 
negotiations are on-going 
• On track to reach higher Phase 6 ore in 
H1 2015 
Batu Hijau, Indonesia 2014 Outlook 
Attributable 
Production (kozs, kt) 
25 - 35 
30 - 40 
Consolidated CAS* 
($/oz, $/lb) 
$1,090 - $1,200 
$3.15 - $3.45 
All-in-Sustaining 
Costs* ($/oz) 
$1,430 - $1,560 
Consolidated Capital 
Expenditures ($M) 
$65 - $70 
November 19 - 20, 2014 Slide 31
North America - generating strong and stable cash flow 
• Stripping campaigns at Carlin and Twin 
North America YTD Q314 2014 Outlook 
Carlin welding shop, Nevada 
Newmont Mining Corporation 
Creeks through mid-2015 extend mine 
life and stabilize production 
• The Turf Vent Shaft project adds higher 
grade ore to Mill 6 and is on time and on 
budget. The project is expected to reach 
full depth of 2,050 feet in Q1 2015 with 
first production achieved later that year 
• Completing feasibility studies at Long 
Canyon. Record of decision expected at 
year end 2014 
Turf Vent Shaft 
Attributable 
Production (Kozs) 
1,235 1,550 – 1,650 
Consolidated CAS 
($/oz) 
$760 $750 - $810 
All-in-Sustaining 
Costs ($/oz) 
$1,007 $1,000 - $1,100 
Consolidated 
Capital 
Expenditures ($M) 
$308 $500 - $550 
November 19 - 20, 2014 Slide 32
South America - moving ahead in Suriname with Merian 
South America YTD Q314 2014 Outlook 
• Expect higher second half 2014 production as Yanacocha mines planned higher grades 
• Completed review of Conga alternative development options, continue to assess 
Carlin welding shop, Nevada 
reducing development capital, especially with earthworks 
• Approved Merian project with an anticipated start date of late 2016 
• Progressing Yanacocha sulfide options 
Newmont Mining Corporation 
Chailhuagón reservoir 
Attributable 
Production (Kozs) 
364 510 – 560 
Consolidated CAS 
($/oz) 
$830 $660 - $720 
All-in-Sustaining 
Costs ($/oz) 
$1,159 $1,090 - $1,180 
Consolidated 
Capital 
Expenditures ($M) 
$89 $360 - $400 
November 19 - 20, 2014 Slide 33
Gold supply and demand overview – last decade 
Total supply growth outpaced demand over last decade 
180 
160 
140 
120 
100 
80 
60 
40 
20 
• Mine supply has grown by ~2 percent annually since 
2004 
• Scrap supply averaged over 54M ounces per year from 
2009 to 2012, prior to retreating to ~41M ounces last year 
• Strong market surplus in 2013 driven by ETF liquidations* 
$1,800 
$1,600 
$1,400 
$1,200 
$1,000 
$800 
$600 
$400 
$200 
$0 
• Jewelry decline of ~1 percent per year more than 
offset by increase in gold bar & coin demand 
− Global bar & coin demand has increased from 
*For market balance calculations, this analysis treats ETF buying as demand and liquidations as added supply to the market. 
Newmont Mining Corporation 
~12M ounces in 2004 to over 57M ounces last 
year 
0 
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 
Gold Price ($/oz.) 
Supply & Demand (Moz.) 
Total Supply Total Demand Gold Price (US$/toz) 
November 19 - 20, 2014 Slide 34
Gold supply and demand overview - future 
Near-term balance leads to supply deficit in 2017 onward* 
180 
160 
140 
120 
100 
80 
60 
40 
20 
0 
2009 
2010 
• Jewelry demand expected to increase over 2 percent annually through 2017 
• Central banks acquisitions expected to offset further ETF liquidations 
− ETF additions anticipated in 2018 onward, increasing to ~13M ounces by 2021 
• Mine supply expected to decrease by ~15 percent by 2017 after slightly increasing in 2014 
Newmont Mining Corporation 
*GFMS Base Case projections (May 2014). 
2011 
2012 
2013 
2014E 
2015E 
2016E 
2017E 
2018E 
2019E 
2020E 
2021E 
2022E 
2023E 
Supply & Demand (Moz.) 
Total Supply Total Demand 
November 19 - 20, 2014 Slide 35
Chinese consumption to spur copper demand* 
Electric power consumption – China vs. Copper price expectations 
developed world 
• China accounts for over 40 percent of global copper demand; the power sector represents 
nearly half of Chinese demand and is a key driver to copper prices over the longer term 
• The average Chinese citizen uses: 
– less than one-third the amount of electricity a South Korean citizen uses; and 
– 25 percent of what the average person in the United States consumes 
Newmont Mining Corporation 
*Source: GaveKel Research and Bloomberg. 
November 19 - 20, 2014 Slide 36
Adjusted net income 
Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by generally 
accepted accounting principles (“GAAP”). These measures should not be considered in isolation or as a substitute for measures of performance 
prepared in accordance with GAAP. 
Adjusted net income (loss) 
Management of the Company uses Adjusted net income (loss) to evaluate the Company’s operating performance, and for planning and forecasting 
future business operations. The Company believes the use of Adjusted net income (loss) allows investors and analysts to compare results of the 
continuing operations of the Company and its direct and indirect subsidiaries relating to the production and sale of minerals to similar operating 
results of other mining companies, by excluding exceptional or unusual items. Management’s determination of the components of Adjusted net 
income (loss) are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net 
income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows: 
Three Months Ended September 30, Nine Months Ended September 30, 
2014 2013 2014 2013 
Net income (loss) attributable to Newmont stockholders $ 213 $ 398 $ 493 $ (1,347) 
Loss (income) from discontinued operations (3) 21 16 (53) 
Impairments and loss provisions 5 29 12 1,530 
Tax valuation allowance 21 - (77) 535 
Restructuring and other 11 12 18 28 
Asset sales (17) (243) (31) (243) 
Abnormal production costs at Batu Hijau 19 - 28 - 
TMAC transaction costs - - - 30 
Adjusted net income (loss) $ 249 $ 217 $ 459 $ 480 
Adjusted net income (loss) per share, basic $ 0.50 $ 0.44 $ 0.92 $ 0.97 
Adjusted net income (loss) per share, diluted $ 0.50 $ 0.44 $ 0.92 $ 0.97 
Newmont Mining Corporation Slide 37 
November 19 - 20, 2014
2014 Outlooka as of October 30, 2014 
Newmont Mining Corporation 
a The outlook ranges presented herein 
represent forward looking statements, which 
are subject to certain risks and uncertainties. 
See cautionary statement at the end of this 
presentation on slide 44. Additionally, 
individual site ranges in the table above may 
not sum to total regional or Company levels to 
provide for portfolio flexibility. 
b Non-GAAP measure, see endnote 1 on 
slide 44. 
c Includes Lone Tree operations. 
d Includes GTRJV operations. 
e Both consolidated and attributable 
production are shown on a pro-rata basis with 
a 44% ownership interest for La Herradura (up 
until closing of the sale on October 6, 2014) 
and a 50% ownership for KCGM. 
f Consolidated production for Yanacocha is 
presented on a total production basis for the 
mine site; whereas attributable production 
represents a 51.35% ownership interest. 
g La Zanja and Duketon are not included in 
the consolidated figures above; attributable 
production figures are presented based upon 
a 46.94% ownership interest at La Zanja and 
a 19.45% ownership interest in Duketon. 
h Consolidated production for Batu Hijau is 
presented on a total production basis for the 
mine site; whereas attributable production 
represents 48.5% ownership interest in 2014 
and an expected 44.5625% ownership 
interest in 2015- 2016 outlook (which 
assumes completion of the remaining share 
divestiture in early 2015). Outlook for Batu 
Hijau remains subject to various factors, 
including, without limitation, renegotiation of 
the CoW, issuance of future export approvals 
following the expiration of the six-month 
permit, negotiations with the labor union, 
future in-country smelting availability and 
regulations relating to export quotas, and 
certain other factors. 
See endnote 8. 
Consolidated 
Production 
Attributable 
Production 
Consolidated CAS All-in Sustaining 
b 
Costs 
Consolidated 
Capital 
Expenditures 
(kozs, kt) (kozs, kt) ($/oz, $/lb) ($/oz, $/lb) ($M) 
North America 
Carlin 850 - 930 850 - 930 $830 - $900 $240 - $265 
Phoenixc 200 - 220 200 - 220 $655 - $715 $30 - $35 
Twin Creeksd 360 - 400 360 - 400 $500 - $550 $110 - $120 
La Herradurae 115 - 125 115 - 125 $700 - $750 $20 - $30 
Other North America $25 - $35 
Total 1,550 - 1,650 1,550 - 1,650 $730 - $790 $990 - $1,080 $425 - $465 
South America 
Yanacochaf 910 - 990 470 - 510 $700 - $770 $85 - $100 
La Zanjag 60 - 70 
Other South America $200 - $220 
Total 910 - 990 530 - 580 $700 - $770 $1,020 - $1,110 $280 - $300 
Australia/New Zealand 
Boddington 665 - 725 665 - 725 $880 - $960 $85 - $95 
Tanami 330 - 360 330 - 360 $700 - $765 $85 - $95 
Jundee 138 - 140 138 - 140 $610 - $620 $15 
Waihi 130 - 140 130 - 140 $560 - $610 $15 - $20 
KCGMe 310 - 340 310 - 340 $850 - $930 $30 - $35 
Duketong 45 - 50 
Other Australia/NZ $5 - $10 
Total 1,575 - 1,675 1,625 - 1,725 $790 - $860 $970 - $1,050 $230 - $255 
Batu Hijau, Indonesiah 55 - 65 25 – 35 $1,090 - $1,200 $1,430 - $1,560 $65 - $70 
Africa 
Ahafo 415 - 440 415 - 440 $540 - $590 $95 - $110 
Akyem 440 - 480 440 - 480 $370 - $410 $15 - $25 
Total 855 - 920 855 - 920 $450 - $490 $650 - $700 $115 - $130 
Corporate/Other $15 - $20 
Total Gold 5,100 - 5,400 4,725 - 5,000 $710 - $750 $1,020 - $1,080 $1,150 - $1,220 
Phoenix 15 - 25 15 - 25 $2.10 - $2.30 
Boddington 25 - 35 25 - 35 $2.50 - $2.70 
Batu Hijauh 65 - 75 30 - 40 $3.15 - $3.45 
Total Copper 120 - 125 80 - 90 $2.80 - $3.10 $3.50 - $3.80 
November 19 - 20, 2014 Slide 38
2014 – 2016 Outlooka as of October 30, 2014 
Newmont Mining Corporation 
2014 Expense Outlook 
General & Administrative $175 - $200 
Other Expense $150 - $175 
Interest Expense $325 - $350 
DD&A $1,210 - $1,320 
Exploration and Projects $370 - $410 
Sustaining Capital $910 - $1,000 
Tax Rate 17% - 22% 
2014 2015 2016 
Production (koz, kt) 
Consolidated Gold 5,100 - 5,400 5,100 - 5,450 5,370 - 5,700 
Attributable Gold 4,725 - 5,000 4,500 - 4,750 4,800 - 5,100 
Consolidated Copper 120 - 125 250 - 270 210 - 220 
Attributable Copper 80 - 90 140 - 150 120 - 140 
CAS ($/oz, $/lb) 
North America $730 - $790 $720 - $790 $650 - $710 
South America $700 - $770 $560 - $615 $770 - $840 
Australia/New Zealand $790 - $860 $865 - $950 $850 - $925 
Batu Hijau, Indonesia $1,090 - $1,200 $440 - $500 $440 - $500 
Africa $450 - $490 $695 - $760 $730 - $800 
Total Gold $710 - $750 $690 - $740 $720 - $760 
Total Copper $2.80 - $3.10 $1.30 - $1.60 $1.35 - $1.65 
AISC ($/oz, $/lb) 
North America $990 - $1,080 $960 - $1,040 $810 - $890 
South America $1,020 - $1,110 $900 - $990 $1,180 - $1,290 
Australia/New Zealand $970 - $1,050 $1,040 - $1,140 $985 - $1,075 
Batu Hijau, Indonesia $1,430 - $1,560 $610 - $680 $600 - $670 
Africa $650 - $700 $875 - $995 $885 - $965 
Total Gold $1,020 - $1,080 $1,000 - $1,080 $985 - $1,085 
Total Copper $3.50 - $3.80 $1.75 - $2.05 $1.85 - $2.15 
Capital Expenditures ($M) 
North America $425 - $465 $420 - $460 $250 - $280 
South America $280 - $300 $600 - $655 $420 - $455 
Australia/New Zealand $230 - $255 $220 - $245 $190 - $210 
Batu Hijau, Indonesia $65 - $70 $125 - $140 $125 - $140 
Africa $115 - $130 $80 - $90 $80 - $90 
Total $1,150 - $1,220 $1,500 - $1,600 $1,180 - $1,250 
November 19 - 20, 2014 Slide 39
All-in sustaining costs 
Newmont has worked to develop a metric that expands on GAAP measures such as cost of goods sold and non-GAAP measures to provide visibility into the economics of our mining operations related to 
expenditures, operating performance and the ability to generate cash flow from operations. 
Current GAAP-measures used in the mining industry, such as cost of goods sold, do not capture all of the expenditures incurred to discover, develop, and sustain gold production. Therefore, we believe that 
All-in sustaining costs and attributable All-in sustaining costs are non-GAAP measures that provide additional information to management, investors, and analysts that aid in the understanding of the economics 
of our operations and performance compared to other producers and in the investor’s visibility by better defining the total costs associated with production. 
All-in sustaining cost (“AISC”) amounts are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a 
substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other 
companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks such as in International Financial Reporting 
Standards (“IFRS”), or by reflecting the benefit from selling non-gold metals as a reduction to AISC. Differences may also arise related to definitional differences of sustaining versus development capital 
activities based upon each company’s internal policies. 
The following disclosure provides information regarding the adjustments made in determining Newmont’s All-in sustaining costs measure: 
Cost Applicable to Sales - Includes all direct and indirect costs related to current production incurred to execute the current mine plan. Costs Applicable to Sales (“CAS”) includes by-product credits from certain 
metals obtained during the process of extracting and processing the primary ore-body. CAS is accounted for on an accrual basis and excludes Amortization and Reclamation and remediation, which is 
consistent with our presentation of CAS on the Condensed Consolidated Statements of Income. In determining All-in sustaining costs, only the CAS associated with producing and selling an ounce of gold or a 
pound of copper is included in the measure. Therefore, the amount of CAS included in AISC is derived from the CAS presented in the Company’s Condensed Consolidated Statements of Income. The allocation 
of CAS between gold and copper at the Phoenix, Boddington, and Batu Hijau mines is based upon the relative production percentage of copper and gold sold during the period. 
Remediation Costs - Includes accretion expense related to asset retirement obligations (“ARO”) and the amortization of the related Asset Retirement Cost (“ARC”) for the Company’s operating properties 
recorded as an ARC asset. Accretion related to ARO and the amortization of the ARC assets for reclamation and remediation do not reflect annual cash outflows but are calculated in accordance with GAAP. 
The accretion and amortization reflect the periodic costs of reclamation and remediation associated with current gold production and are therefore included in the measure. The allocation of these costs to gold 
and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Phoenix, Boddington, and Batu Hijau mines. 
Advanced Projects and Exploration - Includes incurred expenses related to projects that are designed to increase or enhance current gold production and gold exploration. We note that as current resources are 
depleted, exploration and advance projects are necessary for us to replace the depleting reserves or enhance the recovery and processing of the current reserves. As this relates to sustaining our gold 
production, and is considered a continuing cost of a mining company, these costs are included in the AISC measure. These costs are derived from the Advanced projects, research and development and 
Exploration amounts presented in the Company’s Condensed Consolidated Statements of Income. The allocation of these costs to gold and copper is determined using the same allocation used in the 
allocation of CAS between gold and copper at the Phoenix, Boddington, and Batu Hijau mines. 
General and Administrative - Includes cost related to administrative tasks not directly related to current gold production, but rather related to support our corporate structure and fulfilling our obligations to 
operate as a public company. Including these expenses in the AISC metric provides visibility of the impact that general and administrative activities have on current operations and profitability on a per ounce 
basis. 
Other Expense, net - Includes costs related to regional administration and community development to support current production. We exclude certain exceptional or unusual expenses from Other expense, net, 
such as restructuring, as these are not indicative to sustaining our current operations. Furthermore, this adjustment to Other expense, net is also consistent with the nature of the adjustments made to Net 
income (loss) as disclosed in the Company’s non-GAAP financial measure Adjusted net income (loss). The allocation of these costs to gold and copper is determined using the same allocation used in the 
allocation of CAS between gold and copper at the Phoenix, Boddington, and Batu Hijau mines. 
Treatment and Refining Costs - Includes costs paid to smelters for treatment and refining of our concentrates to produce the salable precious metal. These costs are presented net as a reduction of Sales. 
Sustaining Capital - We determined sustaining capital as those capital expenditures that are necessary to maintain current gold production and execute the current mine plan. Capital expenditures to develop 
new operations, or related to projects at existing operations where these projects will enhance gold production or reserves, are considered development. We determined the breakout of sustaining and 
development capital costs based on a systematic review of our project portfolio in light of the nature of each project. Sustaining capital costs are relevant to the AISC metric as these are needed to maintain the 
Company’s current gold operations and provide improved transparency related to our ability to finance these expenditures from current operations. The allocation of these costs to gold and copper is determined 
using the same allocation used in the allocation of CAS between gold and copper at the Phoenix, Boddington, and Batu Hijau mines. 
November 19 - 20, 2014 Newmont Mining Corporation Slide 40
All-in sustaining costs 
November 19 - 20, 2014 Newmont Mining Corporation 
(1)Excludes Depreciation and 
amortization and Reclamation and 
remediation. 
(2)Includes by-product credits of $66. 
(3)Includes planned stockpile and leach 
pad inventory adjustments of $95 at 
Carlin, $4 at Phoenix, $7 at Twin 
Creeks, $64 at Yanacocha, $69 at 
Boddington, and $191 at Batu Hijau. 
(4)Remediation costs include operating 
accretion of $54 and amortization of 
asset retirement costs of $78. 
(5)Other expense, net is adjusted for 
restructuring costs of $32. 
(6)Excludes development capital 
expenditures, capitalized interest, and 
the decrease in accrued capital of $188. 
The following are major development 
projects: Turf Vent Shaft, Conga, and 
Merian for 2014. 
Nine Months Ended 
September 30, 2014 
Costs 
Applicable 
to Sales (1) 
(2)(3) 
Remediation 
Costs (4) 
Advanced 
Projects 
and 
Exploration 
General and 
Administrative 
Other 
Expense, 
Net (5) 
Treatment 
and 
Refining 
Costs 
Sustaining 
Capital (6) 
All-In 
Sustaining 
Costs 
Ounces 
(000)/ 
Pounds 
(millions) 
Sold 
All-In 
Sustaining 
Costs per 
oz/lb 
GOLD 
Carlin $ 607 $ 3 $ 16 $ - $ 6 $ - $ 96 $ 728 673 $ 1,082 
Phoenix 116 2 3 - 2 8 12 143 177 808 
Twin Creeks 147 2 4 - 2 - 86 241 289 834 
La Herradura 86 2 10 - - - 19 117 116 1,009 
Other North America - - 20 - 9 - 6 35 - - 
North America 956 9 53 - 19 8 219 1,264 1,255 1,007 
Yanacocha 530 80 24 - 24 - 56 714 640 1,116 
Other South America - - 26 - 2 - - 28 - - 
South America 530 80 50 - 26 - 56 742 640 1,159 
Boddington 425 8 - - 2 3 50 488 476 1,025 
Tanami 185 4 9 - 1 - 56 255 251 1,016 
Jundee 85 5 1 - 1 - 16 108 140 771 
Waihi 58 1 3 - 2 - 2 66 102 647 
Kalgoorlie 213 3 4 - 1 2 16 239 248 964 
Other Australia/New 
Zealand - - 3 - 20 - 6 29 - - 
Australia/New Zealand 966 21 20 - 27 5 146 1,185 1,217 974 
Batu Hijau 43 1 - - 3 4 7 58 24 2,417 
Other Indonesia - - - - 1 - - 1 - - 
Indonesia 43 1 - - 4 4 7 59 24 2,458 
Ahafo 182 6 18 - 5 - 65 276 339 814 
Akyem 120 2 - - 6 - 5 133 339 392 
Other Africa - - 6 - 5 - - 11 - - 
Africa 302 8 24 - 16 - 70 420 678 619 
Corporate and Other - - 88 138 19 - 16 261 - - 
Total Gold $ 2,797 $ 119 $ 235 $ 138 $ 111 $ 17 $ 514 $ 3,931 3,814 $ 1,031 
COPPER 
Phoenix $ 81 $ 1 $ 2 $ - $ 1 $ 4 $ 10 $ 99 35 $ 2.83 
Boddington 112 2 - - - 17 12 143 45 3.18 
Batu Hijau 338 10 2 - 17 19 41 427 61 7.00 
Total Copper $ 531 $ 13 $ 4 $ - $ 18 $ 40 $ 63 $ 669 141 $ 4.74 
Consolidated $ 3,328 $ 132 $ 239 $ 138 $ 129 $ 57 $ 577 $ 4,600 
Slide 41
All-in sustaining costs 
November 19 - 20, 2014 Newmont Mining Corporation 
(1)Excludes Depreciation and 
amortization and Reclamation and 
remediation. 
(2)Includes by-product credits of $84. 
(3)Includes stockpile and leach pad 
inventory adjustments of at $3 Carlin, 
$63 at Yanacocha, $110 at 
Boddington, $1 at Tanami, $3 at 
Waihi, $45 at Kalgoorlie, and $385 at 
Batu Hijau. 
(4)Remediation costs include 
operating accretion of $45 and 
amortization of asset retirement costs 
of $70. 
(5)Other expense, net is adjusted for 
restructuring costs of $50 and TMAC 
transaction costs of $45. 
(6)Excludes development capital 
expenditures, capitalized interest, and 
the increase in accrued capital of 
$775. The following are major 
development projects: Phoenix 
Copper Leach, Turf Vent Shaft, Vista 
Vein, La Herradura Mill, Yanacocha 
Bio Leach, Conga, Merian, Ahafo 
North, Ahafo Mill Expansion, Subika 
Underground, and Akyem for 2013. 
Nine Months Ended 
September 30, 2013 
Costs 
Applicable 
to Sales (1) 
(2)(3) 
Remediation 
Costs (4) 
Advanced 
Projects 
and 
Exploration 
General and 
Administrative 
Other 
Expense, 
Net (5) 
Treatment 
and 
Refining 
Costs 
Sustaining 
Capital (6) 
All-In 
Sustaining 
Costs 
Ounces 
(000)/ 
Pounds 
(millions) 
Sold 
All-In 
Sustaining 
Costs per 
oz/lb 
GOLD 
Carlin $ 513 $ 4 $ 31 $ - $ 4 $ 12 $ 120 $ 684 705 $ 970 
Phoenix 125 2 6 - 2 8 15 158 181 873 
Twin Creeks 193 4 7 - 3 - 42 249 344 724 
La Herradura 122 - 31 - - - 62 215 161 1,335 
Other North America - - 32 - 8 - 17 57 - - 
North America 953 10 107 - 17 20 256 1,363 1,391 980 
Yanacocha 520 68 32 - 60 - 107 787 836 941 
Other South America - - 23 - 1 - - 24 - - 
South America 520 68 55 - 61 - 107 811 836 970 
Boddington 578 5 1 - 1 4 65 654 539 1,213 
Tanami 203 2 7 - 2 - 66 280 218 1,284 
Jundee 154 10 7 - 1 - 33 205 216 949 
Waihi 74 2 4 - - - 7 87 77 1,130 
Kalgoorlie 266 5 2 - 1 - 10 284 231 1,229 
Other Australia/New 
Zealand - - 11 - 25 - - 36 - - 
Australia/New Zealand 1,275 24 32 - 30 4 181 1,546 1,281 1,207 
Batu Hijau 81 2 2 - 4 4 10 103 33 3,121 
Other Indonesia - - - - - - - - - - 
Indonesia 81 2 2 - 4 4 10 103 33 3,121 
Ahafo 226 2 36 - 3 - 97 364 407 894 
Akyem - - 7 - - - - 7 - - 
Other Africa - - 7 - 17 - - 24 - - 
Africa 226 2 50 - 20 - 97 395 407 971 
Corporate and Other - - 101 158 17 - 8 284 - - 
Total Gold $ 3,055 $ 106 $ 347 $ 158 $ 149 $ 28 $ 659 $ 4,502 3,948 $ 1,140 
COPPER 
Phoenix $ 41 $ 1 $ 2 $ - $ - $ 4 $ 6 $ 54 24 $ 2.25 
Boddington 139 1 - - - 14 16 170 53 3.21 
Batu Hijau 582 7 11 - 16 31 72 719 104 6.91 
Total Copper $ 762 $ 9 $ 13 $ - $ 16 $ 49 $ 94 $ 943 181 $ 5.21 
Consolidated $ 3,817 $ 115 $ 360 $ 158 $ 165 $ 77 $ 753 $ 5,445 
Slide 42
Adjusted cash all-in sustaining cost savings 
Costs Advanced Other 
Nine Months Ended September 30, Applicable Remediation Projects and General and Expense, Refining Sustaining Sustaining 
2014 to Sales Costs Exploration Administrative Net Costs Capital Costs 
Gold and Copper Consolidated1 $ 3,328 $ 132 $ 239 $ 138 $ 129 $ 57 $ 577 $ 4,600 
Adjustments: 
Stockpile and Leach Pad Inventory4 (430) - - - - - - (430) 
Abnormal Production Costs at Batu Hijau (53) - - - - - - (53) 
Adjusted Consolidated AISC $ 2,845 $ 132 $ 239 $ 138 $ 129 $ 57 $ 577 $ 4,117 
Costs Advanced Other 
Nine Months Ended September 30, Applicable Remediation Projects and General and Expense, Refining Sustaining Sustaining 
2013 to Sales Costs Exploration Administrative Net Costs Capital Costs 
Gold and Copper Consolidated1 $ 3,817 $ 115 $ 360 $ 158 $ 165 $ 77 $ 753 $ 5,445 
Adjustments: 
Stockpile and Leach Pad Inventory4 (610) - - - - - - (610) 
Jundee2 (49) - (3) - - - (9) (61) 
Midas3 (22) - (1) - (1) - (3) (27) 
Adjusted Consolidated AISC $ 3,136 $ 115 $ 356 $ 158 $ 164 $ 77 $ 741 $ 4,747 
(1) AISC is a non-GAAP metric, for reconciliation to CAS see slides 40 – 42. 
(2) Jundee was sold on July 1, 2014. 
(3) Midas was sold on February 11, 2014 and was included in the Twin Creeks segment. 
(4) Referred to elsewhere as NRV adjustments. 
Treatment 
and All-In 
Treatment 
and All-In 
Newmont Mining Corporation Slide 43 
November 19 - 20, 2014
Endnotes 
Investors are encouraged to read the information contained in this presentation in conjunction with the following notes, the Cautionary Statement on slide 2 and the 
factors described under the “Risk Factors” section of the Company’s most recent Form 10-K, filed with the SEC on February 21, 2014, and disclosure in the 
Company’s recent SEC filings including the Form 10-Q. 
1. AISC or All-in sustaining cost is a non-GAAP metric. See pages 40 to 42 for more information and a reconciliation to the nearest GAAP metric. 
2. Adj. Net Income is a non-GAAP metric. See page 37 for more information and reconciliation to the nearest GAAP metric. 
3. 2014 and 2014 - 2016 Outlook projections used in this presentation (“Outlook”) are considered “forward-looking statements” and represent management’s good faith 
estimates or expectations as October 30, 2014. However, Outlook is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain 
exchange rates and other assumptions (including, without limitation, those set forth on slide 2). For example, 2014 Outlook assumes $1,200/oz Au, $3.00/lb Cu, $0.95 
USD/AUD exchange rate and $100/barrel WTI ; 2015 Outlook assumes $1,200/oz Au, $2.75/lb Cu, $0.90 USD/AUD exchange rate and $100/barrel WTI; and 2016 
Outlook assumes $1,200/oz Au, $2.75/lb Cu, $0.90 USD/AUD exchange rate and $100/barrel WTI and other assumptions. Such assumptions may prove to be incorrect 
and actual results may differ materially from those anticipated. Consequently, Outlook cannot be guaranteed. As such, investors are cautioned not to place undue 
reliance upon Outlook and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. 
4. Adjusted cash AISC is a non-GAAP metric and is calculated as gold and copper all-in sustaining cost less net realizable value (NRV), Batu related abnormal costs, and 
adjusted for the sales of Midas and Jundee. See slide 43 for details. 
5. The project metrics presented for the Merian project are based upon management’s reasonable good faith belief as of the date of this presentation and are presented on 
a consolidated basis. The listed project metrics constitute forward-looking statements and are subject to certain risks and uncertainties. 
6. Reserves at Merian (as of December 31, 2013 on a 100% consolidated basis) were estimated at 108,250 ktonnes of Probable Reserves, grading 1.22 gpt for 4.2Moz, 
using a $1,300/oz gold price assumption. Resources at Merian (as of December 31, 2013 on a 100% consolidated basis and using a $1,400/oz gold price assumption) 
were 750 kounces of Measured and Indicated resources, comprised of Measured resources of approximately 77 kounces (2,400 ktonnes, at 0.98 grams per tonne) and 
Indicated resources of approximately 677 kounces (20,500 ktonnes, at 1.03 grams per tonne). Inferred resources totaled approximately 926 kounces (26,800 ktonnes, at 
1.07 grams per tonne). U.S. investors are reminded that “reserves” were prepared in compliance with Industry Guide 7 published by the U.S. SEC. Whereas, the terms 
“resources,” “Measured and Indicated resources” and Inferred resources” are not SEC recognized terms. Newmont has determined that such “resources” would be 
substantively the same as those prepared using the Guidelines established by the Society of Mining, Metallurgy and Exploration and defined as “Mineral Resource”. 
Estimates of resources are subject to further exploration and development, are subject to additional risks, and no assurance can be given that they will eventually convert 
to future reserves. Inferred Resources, in particular, have a great amount of uncertainty as to their existence and their economic and legal feasibility. Investors are 
cautioned not to assume that any part or all of the Inferred Resource exists, or is economically or legally mineable. Mineral inventory is also subject to an even greater 
degree of uncertainty. Investors are reminded that even if significant mineralization is discovered and converted to reserves, during the time necessary to ultimately move 
such mineralization to production the economic feasibility of production may change. See the Company’s Annual Report filed with the SEC on February 21, 2014 for the 
“Proven and Probable Reserve” tables prepared in compliance with the SEC’s Industry Guide 7. Investors are reminded that the tables presented in the Annual Report 
are estimates as of December 31, 2013 and were presented on an attributable basis reflecting the Company’s ownership interest at such time. The company presently 
holds a 75% equity interest in the Merian project as a result of the government of Suriname recent opt-in. 
November 19 - 20, 2014 Newmont Mining Corporation Slide 44
Endnotes 
7. All-in sustaining cost (“AISC”) as used in the Company’s Outlook is a non-GAAP metric defined as the sum of cost applicable to sales (including all direct and indirect 
costs related to current gold production incurred to execute on the current mine plan), remediation 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. 
8. Investors are reminded that the negotiation of the amendment to the Contract of Work contemplated by the MoU remains on-going. Continued future operations at 
Batu Hijau are subject to various factors, including, without limitation, the successful renegotiation of the Contract of Work, issuance of future export permits and 
approvals following the expiration of the six-month permit, negotiations with the labor union, future in-country smelting availability and regulations relating to export 
quotas, and certain other factors. For a discussion of other factors which could impact future financial performance and operating results at Batu Hijau, see Item 1A, 
under the heading “Risk Factors,” of the Company’s Form 10-K, filed on February 21, 2014, as well as Note 2 under the heading “Summary of Significant 
Accounting Policies - Risks and Uncertainties” of the Notes to the Financial Statements contained in the Company’s Form 10-Q, filed on or about October 30, 2014. 
November 19 - 20, 2014 Newmont Mining Corporation Slide 45

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Goldman sachs global metals mining presentation final presentation

  • 1. Goldman Sachs Global Metals & Mining Conference Gary Goldberg, CEO and Laurie Brlas, CFO November 19-20, 2014
  • 2. Cautionary Statement Cautionary statement regarding forward looking statements, including outlook: This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Such forward-looking statements may include, without limitation: (i) estimates of future production and sales; (ii) estimates of future costs applicable to sales and all-in sustaining costs; (iii) estimates of future capital expenditures and development capital; (iv) plans and expectations relating to savings, reductions in costs and expenditures, efficiency improvements and optimization; (v) expectations relating to decisions regarding future exploration, expansion or development projects; (vi) expectations regarding the development, growth and upside potential of operations and projects, including, without limitation, mine plans, ramp-up, first production, anticipated strip ratios, recovery rate and other project metrics; (vii) expectations regarding the future receipt of approvals, permits and licenses, including, without limitation, export approvals; (viii) expectations regarding the out-coming of ongoing negotiations, including, without limitation, with respect to the Contract of Work, and (ix) expectations regarding financial flexibility, project funding, cash retention, free cash flow and portfolio optimization. Forward-looking statements often include words such as "anticipates," "estimates," "expects," "projects," "intends," "plans," "believes" and words and terms of similar substance in connection with discussions of future operating or financial performance. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of the Company’s projects being consistent with current expectations and mine plans; (iii) political developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar to the U.S. dollar, as well as other the exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper and oil; (vi) prices for key supplies being approximately consistent with current levels; and (vii) the accuracy of our current mineral reserve and mineral resource estimates. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the “forward-looking statements.” Such risks include, but are not limited to, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, political and operational risks, community relations, conflict resolution and outcome of projects or oppositions and governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company’s 2013 Annual Report on Form 10-K, filed on February 21, 2014, with the Securities and Exchange Commission (“SEC”), as well as the Company’s other SEC filings. The Company does not undertake any obligation to release publicly revisions to any “forward-looking statement,” including, without limitation, outlook, to reflect events or circumstances after the date of this presentation, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors' own risk. Newmont Mining Corporation Slide 2 November 19 - 20, 2014
  • 3. Why Newmont? • Industry leading safety performance • Optimized asset portfolio with stable production and cash flow base with a focus on value over volume • Global portfolio with industry leading project pipeline • Continuing trajectory of sustainable cost and efficiency improvement that offset inflation • Strong balance sheet and disciplined capital allocation • Positioned to thrive across cycles Newmont Mining Corporation Long Canyon November 19 - 20, 2014 Slide 3
  • 4. Positioning the business to thrive across cycles YTD 2014 YTD 2013 Average Realized Gold Price ($/oz) $1,282 $1,442 Average Realized Copper Price ($/lb) $2.75 $2.95 Attributable Gold Production (Koz) 3,584 3,617 Gold CAS ($/oz) $733 $774 Gold AISC1 ($/oz) $1,031 $1,140 YTD 2014 YTD 2013 Revenue ($M) $5,275 $6,226 Adjusted Net Income ($M)2 $459 $480 Adjusted Net Income ($ per share)2 $0.92 $0.97 Cash from Continuing Operations ($M) $889 $1,175 Free Cash Flow ($M) $123 ($353) Dividends ($ per share) $0.20 $1.025 Newmont Mining Corporation Slide 4 Gold AISC1 down 10% YTD YTD $476 million improvement in free cash flow Y-O-Y November 19 - 20, 2014
  • 5. Maintaining safe operations and low injury rates Newmont Mining Corporation 0.72 0.64 0.46 0.49 0.49 0.40 0.50 0.47 0.32 0.41 0.80 0.60 0.40 0.20 0.00 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Total recordable accident frequency rate (per 200,000 hours worked) November 19 - 20, 2014 Slide 5
  • 6. Delivering on our commitments Improving the business • Q3 CAS at low end of outlook • Q3 Gold AISC per ounce below $1,000 • Maintaining production outlook despite asset sales* Strengthening the portfolio • Secured Merian Right of Exploitation • Turf Vent Shaft on budget and schedule • Generated almost $1.4B in asset sales in the last 18 months** Creating value for shareholders • Strengthened financial flexibility • Generated $51M in free cash flow in Q3 Loading copper concentrate for export at Batu Hijau *With respect to outlook above, see endnote 3. **Figure includes funds received from government of Suriname for Merian opt-in in November 2014. November 19 - 20, 2014 Newmont Mining Corporation Slide 6
  • 7. Cost and efficiency improvements total $630M YTD Adjusted cash AISC savings4 ($M) $291 $164 $117 $58 $700 $600 $500 $400 $300 $200 $100 $0 2014 YTD* CAS improvements Sustaining Capital Advanced Projects & Exploration General & Administrative/Other** Newmont Mining Corporation $630M *2014 year-to-date savings reflects comparison of 9-months ended 09/30/14 versus 9-months ended 09/30/13. Non-GAAP metric. See slide 43 for reconciliation. **Includes Remediation, Treatment and Refining Costs, and Other Expense, net. November 19 - 20, 2014 Slide 7
  • 8. Maintain (e.g., Carlin) De-risk (e.g., Conga) Improve value (e.g., Tanami) Close or divest (e.g., Midas, Jundee, La Herradura) Continued portfolio optimization All assets and opportunities are rate/ranked on the basis of the following: • Generate value (Net Present Value, Return on Capital Employed) • Improve mine life • Lower position on cost curve • Represent acceptable risk Risk Value Portfolio Approach High Low Low High November 19 - 20, 2014 Newmont Mining Corporation Slide 8
  • 9. Strong balance sheet and disciplined capital allocation Improve financial flexibility • >$5B in cash, marketable securities and revolver capacity* • $328M in Q3 cash from continuing operations • $51M in Q3 free cash flow Enhance portfolio • Generated almost $1.4B in asset sales in last 18 months • Completed sale of La Herradura for cash proceeds of $450M on October 6 Return cash to shareholders • Returned $102M in dividends in 2014 YTD *As of September 30, 2014; does not include Penmont sales proceeds which closed in Q4 2014. Newmont Mining Corporation Marketable Securities = $0.4B Revolver Capacity = $3.0B Cash and Cash Equivalents = $1.8B November 19 - 20, 2014 Slide 9
  • 10. Maintaining investment grade credit rating • Long-dated maturity with favorable terms • No significant debt until 2019 • Revolver has one financial covenant; maximum net debt to book capital of 62.5% compared to 27.9% as of 30 September 2014 180 263 842 44 1,303 1,500 600 1,100 1,000 10 2014 2015 2016 2017 2018 2019 Column1 2022 Column2 2035 2039 2042 Ghana PTNNT Corporate Debt Newmont Mining Corporation Slide 10 Scheduled debt repayments ($M) November 19 - 20, 2014
  • 11. Gold price linked dividend Newmont Mining Corporation • Highly leveraged to gold prices • Targeting 20-25% of free cash flow for dividends, reserving the remainder for projects and paying down debt $0.10 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 $2.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 <$1,200 $1,200 - $1,299 $1,300 - $1,399 $1,400 - $1,499 $1,500 - $1,599 $1,600 -$1,699 $1,700-$1,799 $1,800 -$1,899 $1,900 -$1,999 $2,000 -$2,099 $2,100 -$2,199 $2,200 - $2,299 Annualized dividend per share (US$)* *For illustrative purposes, declaration of dividend remains subject to Board of Directors approval. November 19 - 20, 2014 Slide 11
  • 12. Merian offers favorable economics and prospects Newmont Mining Corporation Strong feasibility and economics* • Low strip ratio of 3:1 over LOM • Capital Costs: $0.9B – $1.0B • Production: 400 – 500 koz per year • Gold CAS: $650 – $750/oz • Gold AISC: $750 – $850/oz • Gold Reserves of 4.2Moz6 at 1.22 g/t Exploration upside • Agreement covers 500,000 hectares with promising exploration results Funding • Government of Suriname acquired 25% fully-funded equity stake in early November *Capital costs reported on a 100% basis with approximately $100 million sunk to date. Metrics are reported as first five year average unless otherwise noted. CAS and AISC are escalated assuming 3-4% inflation. See endnotes 5 and 6 for more information. November 19 - 20, 2014 Slide 12
  • 13. Merian project metrics and capital breakdown5 Low strip ratio vs. comparable Breakdown of consolidated capital** open pit projects* *Life of mine. **100% basis. Infrastructure & Power, 15% Mobile Equipment, 15% Newmont Mining Corporation 3.7 4.2 4.4 2.4 West Africa Guiana Shield Australia North America Process Plant / Tails, 25% Indirect / Camp / Management, 25% Contingency / Escalation / Other, 20% November 19 - 20, 2014 Slide 13
  • 14. Prepared for ongoing market fluctuations
  • 15. Free cash flow positive across planning scenarios 2015 contingency planning $1,200/oz gold $1,100/oz gold $1,000/oz gold • Operating costs and sustaining capital optimized to maintain positive free cash flow • Development capital prioritized for Merian, Tanami Expansion, Long Canyon Phase 1, and Ahafo Mill Expansion • Exploration spend focused on near-mine and high value targets • Support costs reduced across business • Continue with Merian development; reprioritize earlier stage projects based on value metrics • Maintain cost savings to offset inflation • Reduce sustaining capital spend • Generative exploration reduced • Further reduce support costs across business • Repay debt per schedule • No dividend payments per policy • Continue with Merian development; potentially slow development of earlier stage projects • Assess and potentially defer highest cost laybacks • Further reduce sustaining capital spend • Exploration focused on brownfields and near mine opportunities • Further reduce support costs across business • Repay debt per schedule • No dividend payments per policy November 19 - 20, 2014 Newmont Mining Corporation Slide 15
  • 16. Strong gold fundamentals support long term pricing Gold demand Global gold mine supply projections* and affluent consumer growth* 120 100 80 60 40 20 0 2009 2010 2011 2012 2013 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E (Moz) • Longer-term mine supply growth challenged with fewer new discoveries, capital cost inflation, increasing nationalism and activism, aging mines and declining grades • Gold demand forecasted to grow by ~25% by 2017 in China • Longer-term investment demand expected to strengthen due to robust central bank demand, consumer demand growth in China and low interest rates Newmont Mining Corporation *Source: GaveKel Research and World Gold Council. November 19 - 20, 2014 Slide 16
  • 17. Positioned to thrive in the future
  • 18. More than 150 years of mining experience Gary Goldberg, President and CEO Laurie Brlas, CFO Dr. Elaine Dorward- King, EVP Sustainability and External Relations Scott Lawson, SVP Technical Services Chris Robison, EVP Operations and Projects Bill MacGowan, EVP Human Resources Susan Keefe, VP Strategic Relations Randy Engel, EVP Strategic Development Steve Gottesfeld, EVP General Counsel and Corporate Secretary November 19 - 20, 2014 Newmont Mining Corporation Slide 18
  • 19. Our strategy is to be the world’s leading gold miner Improve the business Strengthen the portfolio Create value for shareholders Improve the underlying business • Cost reductions and efficiency improvements more than offset planned inflation rates • Maintain steady gold production; focus on value over volume Build a more valuable portfolio of long-life, low-cost assets • Fund best projects while maintaining positive free cash flow • Optimize portfolio and pipeline to support long-term growth Develop capabilities and systems for competitive advantage • Strengthen financial flexibility and maintain dividend flexibility • Improve the balance sheet November 19 - 20, 2014 Newmont Mining Corporation Slide 19
  • 20. 2015 sensitivities* 2015E operating cost breakdown Labor 50% Conservative planning assumptions Materials / Parts 20% Consumables Diesel 10% Power 10% 10% Change Increment FCF (US$M) Gold ($/oz) +$100 +$350 Copper ($/lb) +$0.25 +$100 Australian Dollar -0.05 +$60 Oil ($/bbl) -$10 +$40 • Each $10/bbl reduction in oil price adds ~$40M in free cash flow • Every +$100/oz change in the gold price, Newmont generates ~$350M in additional free cash flow • For every +$0.25/lb change in the copper price, Newmont generates ~$100M in additional free cash flow *All other variables held constant (i.e. FCF for flexed gold price does not include changes to copper price, AUD or WTI). All GEO calculated using $1,200/oz Au and $3.00/lb Cu. All figures consolidated. Economics reflect a 35% portfolio tax rate. November 19 - 20, 2014 Newmont Mining Corporation Slide 20
  • 21. Sustaining capital expected to average ~$1B per year* Sustaining 70% Development 30% Equipment 40% Sustaining Tailings Facilities and Support Buildings 20% Exploration DMD 5% Other 15% Surface and UG Deferred Mine Development 20% • Merian and Turf Vent Shaft represent approximately 80% of total development capital** Newmont Mining Corporation Surface and Underground Deferred Mine Development, 20% *2014 breakdown of development and sustaining capital. **2014 to 2016 estimated capital breakdown. November 19 - 20, 2014 Slide 21
  • 22. Projecting lower costs and steady production AISC7 and CAS outlook ($/oz)3 $710 – $750 $690 – $740 $720 – $760 2014 2015 2016 Total Newmont All-in Sustaining Costs Attributable gold production outlook (Moz)3 4.7 – 5.0 2014 2015 2016 South America Indonesia Total Newmont Cost Applicable to Sales Africa Australia/New Zealand Newmont Mining Corporation 4.5 – 4.8 4.8 – 5.1 $1,020 – $1,080 $1,000 – $1,080 $985 – $1,085 North America November 19 - 20, 2014 Slide 22
  • 23. Maximizing productivity and efficiency across portfolio NEM market data (11/12/2014): Market cap: $9.2 billion Enterprise value: $16.8 billion # of operations: 11 2013A Revenue: $8.3 billion 2013A Attrib. Production: 5.1 Moz Au South America: Yanacocha Conga Merian Operations Projects South America: 11.6% Africa: 13.8% Newmont Mining Corporation North America: Carlin Turf Vent Shaft Phoenix Twin Creeks Africa: Ahafo Akyem Australia / New Zealand: Boddington KCGM Tanami Waihi/Correnso Indonesia: Batu Hijau % of 2013A gold production North America: 38.5% Australia/ New Zealand: 35.6% Indonesia: 0.5% November 19 - 20, 2014 Slide 23
  • 24. Upcoming catalysts highlight profitable growth Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 2016 Carlin welding shop, Nevada Newmont Mining Corporation • Decision to proceed with Subika Underground • Merian first production expected • Turf Vent Shaft first production • Correnso production expected • FY14 results published • FY14 reserve and resource update published • Decision to proceed with Long Canyon Phase 1 • Decision to proceed with Tanami Expansion • Phase 6 higher grade ore sourced at Batu Hijau • Decision to proceed with Ahafo Mill Expansion • Government of Suriname opt-in to Merian at 25% November 19 - 20, 2014 Slide 24
  • 25. Optimized project pipeline and execution approach Newmont Mining Corporation Turf Vent Shaft Ahafo Mill Expansion Ahafo North Subika Underground Correnso Greater Leeville Chaqui Sulfides Long Canyon Phase 1 Merian Exodus Bull Moose Yanacocha Sulfides Quecher Exploration / Conceptual Scoping Prefeasibility Feasibility / Engineering Execution North America South America Africa ALuosntgraboliaat/ Nine Swu rZineaamlaend Federation Conga Tanami Expansion November 19 - 20, 2014 Slide 25
  • 26. 88Moz of reserves with long term exploration upside 2013 gold reserves at operating properties* 88% 87% 86% 82% Newmont Newcrest Kinross Agnico Goldcorp Barrick 2013 gold reserves in lower risk jurisdictions* 71% 60% 47% 43% 71% 67% 22% 9% Agnico Eagle Newmont Barrick Newcrest Goldcorp Kinross *All reserves as reported in reserve statements as of December 31, 2013; low risk jurisdictions include US, Canada and Australia. November 19 - 20, 2014 Newmont Mining Corporation Slide 26
  • 27. Why Newmont? • Industry leading safety performance • Optimized asset portfolio with stable production and cash flow base with a focus on value over volume • Global portfolio with industry leading project pipeline • Continuing trajectory of sustainable cost and efficiency improvement that offset inflation • Strong balance sheet and disciplined capital allocation • Positioned to thrive across cycles Newmont Mining Corporation Long Canyon November 19 - 20, 2014 Slide 27
  • 29. Africa – our most prospective region Africa YTD Q314 2014 Outlook Carlin welding shop, Nevada • Akyem recently poured its 500,000 ounce and remains amongst the cheapest assets in the portfolio • Ahafo unit CAS decreased one percent in Q3 2014 from the prior year period, primarily due to lower labor costs and better synchronized mining and milling rates Newmont Mining Corporation • Ahafo Mill Expansion and Subika Underground present further upside potential First ore to crusher at Akyem Attributable Production (Kozs) 675 855 - 920 Consolidated CAS ($/oz) 444 $495 - $540 All-in-Sustaining Costs ($/oz) $619 $660 - $725 Consolidated Capital Expenditures ($M) 86 $115 - $140 November 19 - 20, 2014 Slide 29
  • 30. Australia/New Zealand - improving performance and efficiency Newmont Mining Corporation Waihi, New Zealand • Boddington unit CAS decreased nine percent in Q3 2014 from the prior year period in part due to lower mill maintenance costs and the repeal of Australia’s carbon tax • The Correnso underground mine at Waihi is expected to deliver 150,000 ounces per annum and adds roughly fours years to Waihi’s mine life. An investment decision is expected to be made in early 2015 Australia and New Zealand YTD Q314 2014 Outlook Attributable Production (Kozs) 1,294 1,625 – 1,725 Consolidated CAS ($/oz) $794 $805 - $880 All-in-Sustaining Costs ($/oz) $974 $990 - $1,080 Consolidated Capital Expenditures ($M) $166 $275 - $300 November 19 - 20, 2014 Slide 30
  • 31. Batu Hijau safely restarted in September 20148 *Batu Hijau 2014 CAS and AISC outlook includes net realizable value (NRV) inventory adjustments of approximately $160-170M primarily due to the change in royalties and export duties as a result of PTNNT's recently signed MoU. Batu haul truck, Indonesia Newmont Mining Corporation Batu Hijau, Indonesia • Export permit received September 22; export shipping has resumed and the mine is running at full capacity • Memorandum of Understanding signed with the government on September 3 • Contract of Work amendment negotiations are on-going • On track to reach higher Phase 6 ore in H1 2015 Batu Hijau, Indonesia 2014 Outlook Attributable Production (kozs, kt) 25 - 35 30 - 40 Consolidated CAS* ($/oz, $/lb) $1,090 - $1,200 $3.15 - $3.45 All-in-Sustaining Costs* ($/oz) $1,430 - $1,560 Consolidated Capital Expenditures ($M) $65 - $70 November 19 - 20, 2014 Slide 31
  • 32. North America - generating strong and stable cash flow • Stripping campaigns at Carlin and Twin North America YTD Q314 2014 Outlook Carlin welding shop, Nevada Newmont Mining Corporation Creeks through mid-2015 extend mine life and stabilize production • The Turf Vent Shaft project adds higher grade ore to Mill 6 and is on time and on budget. The project is expected to reach full depth of 2,050 feet in Q1 2015 with first production achieved later that year • Completing feasibility studies at Long Canyon. Record of decision expected at year end 2014 Turf Vent Shaft Attributable Production (Kozs) 1,235 1,550 – 1,650 Consolidated CAS ($/oz) $760 $750 - $810 All-in-Sustaining Costs ($/oz) $1,007 $1,000 - $1,100 Consolidated Capital Expenditures ($M) $308 $500 - $550 November 19 - 20, 2014 Slide 32
  • 33. South America - moving ahead in Suriname with Merian South America YTD Q314 2014 Outlook • Expect higher second half 2014 production as Yanacocha mines planned higher grades • Completed review of Conga alternative development options, continue to assess Carlin welding shop, Nevada reducing development capital, especially with earthworks • Approved Merian project with an anticipated start date of late 2016 • Progressing Yanacocha sulfide options Newmont Mining Corporation Chailhuagón reservoir Attributable Production (Kozs) 364 510 – 560 Consolidated CAS ($/oz) $830 $660 - $720 All-in-Sustaining Costs ($/oz) $1,159 $1,090 - $1,180 Consolidated Capital Expenditures ($M) $89 $360 - $400 November 19 - 20, 2014 Slide 33
  • 34. Gold supply and demand overview – last decade Total supply growth outpaced demand over last decade 180 160 140 120 100 80 60 40 20 • Mine supply has grown by ~2 percent annually since 2004 • Scrap supply averaged over 54M ounces per year from 2009 to 2012, prior to retreating to ~41M ounces last year • Strong market surplus in 2013 driven by ETF liquidations* $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 • Jewelry decline of ~1 percent per year more than offset by increase in gold bar & coin demand − Global bar & coin demand has increased from *For market balance calculations, this analysis treats ETF buying as demand and liquidations as added supply to the market. Newmont Mining Corporation ~12M ounces in 2004 to over 57M ounces last year 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Gold Price ($/oz.) Supply & Demand (Moz.) Total Supply Total Demand Gold Price (US$/toz) November 19 - 20, 2014 Slide 34
  • 35. Gold supply and demand overview - future Near-term balance leads to supply deficit in 2017 onward* 180 160 140 120 100 80 60 40 20 0 2009 2010 • Jewelry demand expected to increase over 2 percent annually through 2017 • Central banks acquisitions expected to offset further ETF liquidations − ETF additions anticipated in 2018 onward, increasing to ~13M ounces by 2021 • Mine supply expected to decrease by ~15 percent by 2017 after slightly increasing in 2014 Newmont Mining Corporation *GFMS Base Case projections (May 2014). 2011 2012 2013 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E Supply & Demand (Moz.) Total Supply Total Demand November 19 - 20, 2014 Slide 35
  • 36. Chinese consumption to spur copper demand* Electric power consumption – China vs. Copper price expectations developed world • China accounts for over 40 percent of global copper demand; the power sector represents nearly half of Chinese demand and is a key driver to copper prices over the longer term • The average Chinese citizen uses: – less than one-third the amount of electricity a South Korean citizen uses; and – 25 percent of what the average person in the United States consumes Newmont Mining Corporation *Source: GaveKel Research and Bloomberg. November 19 - 20, 2014 Slide 36
  • 37. Adjusted net income Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by generally accepted accounting principles (“GAAP”). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Adjusted net income (loss) Management of the Company uses Adjusted net income (loss) to evaluate the Company’s operating performance, and for planning and forecasting future business operations. The Company believes the use of Adjusted net income (loss) allows investors and analysts to compare results of the continuing operations of the Company and its direct and indirect subsidiaries relating to the production and sale of minerals to similar operating results of other mining companies, by excluding exceptional or unusual items. Management’s determination of the components of Adjusted net income (loss) are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows: Three Months Ended September 30, Nine Months Ended September 30, 2014 2013 2014 2013 Net income (loss) attributable to Newmont stockholders $ 213 $ 398 $ 493 $ (1,347) Loss (income) from discontinued operations (3) 21 16 (53) Impairments and loss provisions 5 29 12 1,530 Tax valuation allowance 21 - (77) 535 Restructuring and other 11 12 18 28 Asset sales (17) (243) (31) (243) Abnormal production costs at Batu Hijau 19 - 28 - TMAC transaction costs - - - 30 Adjusted net income (loss) $ 249 $ 217 $ 459 $ 480 Adjusted net income (loss) per share, basic $ 0.50 $ 0.44 $ 0.92 $ 0.97 Adjusted net income (loss) per share, diluted $ 0.50 $ 0.44 $ 0.92 $ 0.97 Newmont Mining Corporation Slide 37 November 19 - 20, 2014
  • 38. 2014 Outlooka as of October 30, 2014 Newmont Mining Corporation a The outlook ranges presented herein represent forward looking statements, which are subject to certain risks and uncertainties. See cautionary statement at the end of this presentation on slide 44. Additionally, individual site ranges in the table above may not sum to total regional or Company levels to provide for portfolio flexibility. b Non-GAAP measure, see endnote 1 on slide 44. c Includes Lone Tree operations. d Includes GTRJV operations. e Both consolidated and attributable production are shown on a pro-rata basis with a 44% ownership interest for La Herradura (up until closing of the sale on October 6, 2014) and a 50% ownership for KCGM. f Consolidated production for Yanacocha is presented on a total production basis for the mine site; whereas attributable production represents a 51.35% ownership interest. g La Zanja and Duketon are not included in the consolidated figures above; attributable production figures are presented based upon a 46.94% ownership interest at La Zanja and a 19.45% ownership interest in Duketon. h Consolidated production for Batu Hijau is presented on a total production basis for the mine site; whereas attributable production represents 48.5% ownership interest in 2014 and an expected 44.5625% ownership interest in 2015- 2016 outlook (which assumes completion of the remaining share divestiture in early 2015). Outlook for Batu Hijau remains subject to various factors, including, without limitation, renegotiation of the CoW, issuance of future export approvals following the expiration of the six-month permit, negotiations with the labor union, future in-country smelting availability and regulations relating to export quotas, and certain other factors. See endnote 8. Consolidated Production Attributable Production Consolidated CAS All-in Sustaining b Costs Consolidated Capital Expenditures (kozs, kt) (kozs, kt) ($/oz, $/lb) ($/oz, $/lb) ($M) North America Carlin 850 - 930 850 - 930 $830 - $900 $240 - $265 Phoenixc 200 - 220 200 - 220 $655 - $715 $30 - $35 Twin Creeksd 360 - 400 360 - 400 $500 - $550 $110 - $120 La Herradurae 115 - 125 115 - 125 $700 - $750 $20 - $30 Other North America $25 - $35 Total 1,550 - 1,650 1,550 - 1,650 $730 - $790 $990 - $1,080 $425 - $465 South America Yanacochaf 910 - 990 470 - 510 $700 - $770 $85 - $100 La Zanjag 60 - 70 Other South America $200 - $220 Total 910 - 990 530 - 580 $700 - $770 $1,020 - $1,110 $280 - $300 Australia/New Zealand Boddington 665 - 725 665 - 725 $880 - $960 $85 - $95 Tanami 330 - 360 330 - 360 $700 - $765 $85 - $95 Jundee 138 - 140 138 - 140 $610 - $620 $15 Waihi 130 - 140 130 - 140 $560 - $610 $15 - $20 KCGMe 310 - 340 310 - 340 $850 - $930 $30 - $35 Duketong 45 - 50 Other Australia/NZ $5 - $10 Total 1,575 - 1,675 1,625 - 1,725 $790 - $860 $970 - $1,050 $230 - $255 Batu Hijau, Indonesiah 55 - 65 25 – 35 $1,090 - $1,200 $1,430 - $1,560 $65 - $70 Africa Ahafo 415 - 440 415 - 440 $540 - $590 $95 - $110 Akyem 440 - 480 440 - 480 $370 - $410 $15 - $25 Total 855 - 920 855 - 920 $450 - $490 $650 - $700 $115 - $130 Corporate/Other $15 - $20 Total Gold 5,100 - 5,400 4,725 - 5,000 $710 - $750 $1,020 - $1,080 $1,150 - $1,220 Phoenix 15 - 25 15 - 25 $2.10 - $2.30 Boddington 25 - 35 25 - 35 $2.50 - $2.70 Batu Hijauh 65 - 75 30 - 40 $3.15 - $3.45 Total Copper 120 - 125 80 - 90 $2.80 - $3.10 $3.50 - $3.80 November 19 - 20, 2014 Slide 38
  • 39. 2014 – 2016 Outlooka as of October 30, 2014 Newmont Mining Corporation 2014 Expense Outlook General & Administrative $175 - $200 Other Expense $150 - $175 Interest Expense $325 - $350 DD&A $1,210 - $1,320 Exploration and Projects $370 - $410 Sustaining Capital $910 - $1,000 Tax Rate 17% - 22% 2014 2015 2016 Production (koz, kt) Consolidated Gold 5,100 - 5,400 5,100 - 5,450 5,370 - 5,700 Attributable Gold 4,725 - 5,000 4,500 - 4,750 4,800 - 5,100 Consolidated Copper 120 - 125 250 - 270 210 - 220 Attributable Copper 80 - 90 140 - 150 120 - 140 CAS ($/oz, $/lb) North America $730 - $790 $720 - $790 $650 - $710 South America $700 - $770 $560 - $615 $770 - $840 Australia/New Zealand $790 - $860 $865 - $950 $850 - $925 Batu Hijau, Indonesia $1,090 - $1,200 $440 - $500 $440 - $500 Africa $450 - $490 $695 - $760 $730 - $800 Total Gold $710 - $750 $690 - $740 $720 - $760 Total Copper $2.80 - $3.10 $1.30 - $1.60 $1.35 - $1.65 AISC ($/oz, $/lb) North America $990 - $1,080 $960 - $1,040 $810 - $890 South America $1,020 - $1,110 $900 - $990 $1,180 - $1,290 Australia/New Zealand $970 - $1,050 $1,040 - $1,140 $985 - $1,075 Batu Hijau, Indonesia $1,430 - $1,560 $610 - $680 $600 - $670 Africa $650 - $700 $875 - $995 $885 - $965 Total Gold $1,020 - $1,080 $1,000 - $1,080 $985 - $1,085 Total Copper $3.50 - $3.80 $1.75 - $2.05 $1.85 - $2.15 Capital Expenditures ($M) North America $425 - $465 $420 - $460 $250 - $280 South America $280 - $300 $600 - $655 $420 - $455 Australia/New Zealand $230 - $255 $220 - $245 $190 - $210 Batu Hijau, Indonesia $65 - $70 $125 - $140 $125 - $140 Africa $115 - $130 $80 - $90 $80 - $90 Total $1,150 - $1,220 $1,500 - $1,600 $1,180 - $1,250 November 19 - 20, 2014 Slide 39
  • 40. All-in sustaining costs Newmont has worked to develop a metric that expands on GAAP measures such as cost of goods sold and non-GAAP measures to provide visibility into the economics of our mining operations related to expenditures, operating performance and the ability to generate cash flow from operations. Current GAAP-measures used in the mining industry, such as cost of goods sold, do not capture all of the expenditures incurred to discover, develop, and sustain gold production. Therefore, we believe that All-in sustaining costs and attributable All-in sustaining costs are non-GAAP measures that provide additional information to management, investors, and analysts that aid in the understanding of the economics of our operations and performance compared to other producers and in the investor’s visibility by better defining the total costs associated with production. All-in sustaining cost (“AISC”) amounts are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks such as in International Financial Reporting Standards (“IFRS”), or by reflecting the benefit from selling non-gold metals as a reduction to AISC. Differences may also arise related to definitional differences of sustaining versus development capital activities based upon each company’s internal policies. The following disclosure provides information regarding the adjustments made in determining Newmont’s All-in sustaining costs measure: Cost Applicable to Sales - Includes all direct and indirect costs related to current production incurred to execute the current mine plan. Costs Applicable to Sales (“CAS”) includes by-product credits from certain metals obtained during the process of extracting and processing the primary ore-body. CAS is accounted for on an accrual basis and excludes Amortization and Reclamation and remediation, which is consistent with our presentation of CAS on the Condensed Consolidated Statements of Income. In determining All-in sustaining costs, only the CAS associated with producing and selling an ounce of gold or a pound of copper is included in the measure. Therefore, the amount of CAS included in AISC is derived from the CAS presented in the Company’s Condensed Consolidated Statements of Income. The allocation of CAS between gold and copper at the Phoenix, Boddington, and Batu Hijau mines is based upon the relative production percentage of copper and gold sold during the period. Remediation Costs - Includes accretion expense related to asset retirement obligations (“ARO”) and the amortization of the related Asset Retirement Cost (“ARC”) for the Company’s operating properties recorded as an ARC asset. Accretion related to ARO and the amortization of the ARC assets for reclamation and remediation do not reflect annual cash outflows but are calculated in accordance with GAAP. The accretion and amortization reflect the periodic costs of reclamation and remediation associated with current gold production and are therefore included in the measure. The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Phoenix, Boddington, and Batu Hijau mines. Advanced Projects and Exploration - Includes incurred expenses related to projects that are designed to increase or enhance current gold production and gold exploration. We note that as current resources are depleted, exploration and advance projects are necessary for us to replace the depleting reserves or enhance the recovery and processing of the current reserves. As this relates to sustaining our gold production, and is considered a continuing cost of a mining company, these costs are included in the AISC measure. These costs are derived from the Advanced projects, research and development and Exploration amounts presented in the Company’s Condensed Consolidated Statements of Income. The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Phoenix, Boddington, and Batu Hijau mines. General and Administrative - Includes cost related to administrative tasks not directly related to current gold production, but rather related to support our corporate structure and fulfilling our obligations to operate as a public company. Including these expenses in the AISC metric provides visibility of the impact that general and administrative activities have on current operations and profitability on a per ounce basis. Other Expense, net - Includes costs related to regional administration and community development to support current production. We exclude certain exceptional or unusual expenses from Other expense, net, such as restructuring, as these are not indicative to sustaining our current operations. Furthermore, this adjustment to Other expense, net is also consistent with the nature of the adjustments made to Net income (loss) as disclosed in the Company’s non-GAAP financial measure Adjusted net income (loss). The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Phoenix, Boddington, and Batu Hijau mines. Treatment and Refining Costs - Includes costs paid to smelters for treatment and refining of our concentrates to produce the salable precious metal. These costs are presented net as a reduction of Sales. Sustaining Capital - We determined sustaining capital as those capital expenditures that are necessary to maintain current gold production and execute the current mine plan. Capital expenditures to develop new operations, or related to projects at existing operations where these projects will enhance gold production or reserves, are considered development. We determined the breakout of sustaining and development capital costs based on a systematic review of our project portfolio in light of the nature of each project. Sustaining capital costs are relevant to the AISC metric as these are needed to maintain the Company’s current gold operations and provide improved transparency related to our ability to finance these expenditures from current operations. The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Phoenix, Boddington, and Batu Hijau mines. November 19 - 20, 2014 Newmont Mining Corporation Slide 40
  • 41. All-in sustaining costs November 19 - 20, 2014 Newmont Mining Corporation (1)Excludes Depreciation and amortization and Reclamation and remediation. (2)Includes by-product credits of $66. (3)Includes planned stockpile and leach pad inventory adjustments of $95 at Carlin, $4 at Phoenix, $7 at Twin Creeks, $64 at Yanacocha, $69 at Boddington, and $191 at Batu Hijau. (4)Remediation costs include operating accretion of $54 and amortization of asset retirement costs of $78. (5)Other expense, net is adjusted for restructuring costs of $32. (6)Excludes development capital expenditures, capitalized interest, and the decrease in accrued capital of $188. The following are major development projects: Turf Vent Shaft, Conga, and Merian for 2014. Nine Months Ended September 30, 2014 Costs Applicable to Sales (1) (2)(3) Remediation Costs (4) Advanced Projects and Exploration General and Administrative Other Expense, Net (5) Treatment and Refining Costs Sustaining Capital (6) All-In Sustaining Costs Ounces (000)/ Pounds (millions) Sold All-In Sustaining Costs per oz/lb GOLD Carlin $ 607 $ 3 $ 16 $ - $ 6 $ - $ 96 $ 728 673 $ 1,082 Phoenix 116 2 3 - 2 8 12 143 177 808 Twin Creeks 147 2 4 - 2 - 86 241 289 834 La Herradura 86 2 10 - - - 19 117 116 1,009 Other North America - - 20 - 9 - 6 35 - - North America 956 9 53 - 19 8 219 1,264 1,255 1,007 Yanacocha 530 80 24 - 24 - 56 714 640 1,116 Other South America - - 26 - 2 - - 28 - - South America 530 80 50 - 26 - 56 742 640 1,159 Boddington 425 8 - - 2 3 50 488 476 1,025 Tanami 185 4 9 - 1 - 56 255 251 1,016 Jundee 85 5 1 - 1 - 16 108 140 771 Waihi 58 1 3 - 2 - 2 66 102 647 Kalgoorlie 213 3 4 - 1 2 16 239 248 964 Other Australia/New Zealand - - 3 - 20 - 6 29 - - Australia/New Zealand 966 21 20 - 27 5 146 1,185 1,217 974 Batu Hijau 43 1 - - 3 4 7 58 24 2,417 Other Indonesia - - - - 1 - - 1 - - Indonesia 43 1 - - 4 4 7 59 24 2,458 Ahafo 182 6 18 - 5 - 65 276 339 814 Akyem 120 2 - - 6 - 5 133 339 392 Other Africa - - 6 - 5 - - 11 - - Africa 302 8 24 - 16 - 70 420 678 619 Corporate and Other - - 88 138 19 - 16 261 - - Total Gold $ 2,797 $ 119 $ 235 $ 138 $ 111 $ 17 $ 514 $ 3,931 3,814 $ 1,031 COPPER Phoenix $ 81 $ 1 $ 2 $ - $ 1 $ 4 $ 10 $ 99 35 $ 2.83 Boddington 112 2 - - - 17 12 143 45 3.18 Batu Hijau 338 10 2 - 17 19 41 427 61 7.00 Total Copper $ 531 $ 13 $ 4 $ - $ 18 $ 40 $ 63 $ 669 141 $ 4.74 Consolidated $ 3,328 $ 132 $ 239 $ 138 $ 129 $ 57 $ 577 $ 4,600 Slide 41
  • 42. All-in sustaining costs November 19 - 20, 2014 Newmont Mining Corporation (1)Excludes Depreciation and amortization and Reclamation and remediation. (2)Includes by-product credits of $84. (3)Includes stockpile and leach pad inventory adjustments of at $3 Carlin, $63 at Yanacocha, $110 at Boddington, $1 at Tanami, $3 at Waihi, $45 at Kalgoorlie, and $385 at Batu Hijau. (4)Remediation costs include operating accretion of $45 and amortization of asset retirement costs of $70. (5)Other expense, net is adjusted for restructuring costs of $50 and TMAC transaction costs of $45. (6)Excludes development capital expenditures, capitalized interest, and the increase in accrued capital of $775. The following are major development projects: Phoenix Copper Leach, Turf Vent Shaft, Vista Vein, La Herradura Mill, Yanacocha Bio Leach, Conga, Merian, Ahafo North, Ahafo Mill Expansion, Subika Underground, and Akyem for 2013. Nine Months Ended September 30, 2013 Costs Applicable to Sales (1) (2)(3) Remediation Costs (4) Advanced Projects and Exploration General and Administrative Other Expense, Net (5) Treatment and Refining Costs Sustaining Capital (6) All-In Sustaining Costs Ounces (000)/ Pounds (millions) Sold All-In Sustaining Costs per oz/lb GOLD Carlin $ 513 $ 4 $ 31 $ - $ 4 $ 12 $ 120 $ 684 705 $ 970 Phoenix 125 2 6 - 2 8 15 158 181 873 Twin Creeks 193 4 7 - 3 - 42 249 344 724 La Herradura 122 - 31 - - - 62 215 161 1,335 Other North America - - 32 - 8 - 17 57 - - North America 953 10 107 - 17 20 256 1,363 1,391 980 Yanacocha 520 68 32 - 60 - 107 787 836 941 Other South America - - 23 - 1 - - 24 - - South America 520 68 55 - 61 - 107 811 836 970 Boddington 578 5 1 - 1 4 65 654 539 1,213 Tanami 203 2 7 - 2 - 66 280 218 1,284 Jundee 154 10 7 - 1 - 33 205 216 949 Waihi 74 2 4 - - - 7 87 77 1,130 Kalgoorlie 266 5 2 - 1 - 10 284 231 1,229 Other Australia/New Zealand - - 11 - 25 - - 36 - - Australia/New Zealand 1,275 24 32 - 30 4 181 1,546 1,281 1,207 Batu Hijau 81 2 2 - 4 4 10 103 33 3,121 Other Indonesia - - - - - - - - - - Indonesia 81 2 2 - 4 4 10 103 33 3,121 Ahafo 226 2 36 - 3 - 97 364 407 894 Akyem - - 7 - - - - 7 - - Other Africa - - 7 - 17 - - 24 - - Africa 226 2 50 - 20 - 97 395 407 971 Corporate and Other - - 101 158 17 - 8 284 - - Total Gold $ 3,055 $ 106 $ 347 $ 158 $ 149 $ 28 $ 659 $ 4,502 3,948 $ 1,140 COPPER Phoenix $ 41 $ 1 $ 2 $ - $ - $ 4 $ 6 $ 54 24 $ 2.25 Boddington 139 1 - - - 14 16 170 53 3.21 Batu Hijau 582 7 11 - 16 31 72 719 104 6.91 Total Copper $ 762 $ 9 $ 13 $ - $ 16 $ 49 $ 94 $ 943 181 $ 5.21 Consolidated $ 3,817 $ 115 $ 360 $ 158 $ 165 $ 77 $ 753 $ 5,445 Slide 42
  • 43. Adjusted cash all-in sustaining cost savings Costs Advanced Other Nine Months Ended September 30, Applicable Remediation Projects and General and Expense, Refining Sustaining Sustaining 2014 to Sales Costs Exploration Administrative Net Costs Capital Costs Gold and Copper Consolidated1 $ 3,328 $ 132 $ 239 $ 138 $ 129 $ 57 $ 577 $ 4,600 Adjustments: Stockpile and Leach Pad Inventory4 (430) - - - - - - (430) Abnormal Production Costs at Batu Hijau (53) - - - - - - (53) Adjusted Consolidated AISC $ 2,845 $ 132 $ 239 $ 138 $ 129 $ 57 $ 577 $ 4,117 Costs Advanced Other Nine Months Ended September 30, Applicable Remediation Projects and General and Expense, Refining Sustaining Sustaining 2013 to Sales Costs Exploration Administrative Net Costs Capital Costs Gold and Copper Consolidated1 $ 3,817 $ 115 $ 360 $ 158 $ 165 $ 77 $ 753 $ 5,445 Adjustments: Stockpile and Leach Pad Inventory4 (610) - - - - - - (610) Jundee2 (49) - (3) - - - (9) (61) Midas3 (22) - (1) - (1) - (3) (27) Adjusted Consolidated AISC $ 3,136 $ 115 $ 356 $ 158 $ 164 $ 77 $ 741 $ 4,747 (1) AISC is a non-GAAP metric, for reconciliation to CAS see slides 40 – 42. (2) Jundee was sold on July 1, 2014. (3) Midas was sold on February 11, 2014 and was included in the Twin Creeks segment. (4) Referred to elsewhere as NRV adjustments. Treatment and All-In Treatment and All-In Newmont Mining Corporation Slide 43 November 19 - 20, 2014
  • 44. Endnotes Investors are encouraged to read the information contained in this presentation in conjunction with the following notes, the Cautionary Statement on slide 2 and the factors described under the “Risk Factors” section of the Company’s most recent Form 10-K, filed with the SEC on February 21, 2014, and disclosure in the Company’s recent SEC filings including the Form 10-Q. 1. AISC or All-in sustaining cost is a non-GAAP metric. See pages 40 to 42 for more information and a reconciliation to the nearest GAAP metric. 2. Adj. Net Income is a non-GAAP metric. See page 37 for more information and reconciliation to the nearest GAAP metric. 3. 2014 and 2014 - 2016 Outlook projections used in this presentation (“Outlook”) are considered “forward-looking statements” and represent management’s good faith estimates or expectations as October 30, 2014. However, Outlook is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions (including, without limitation, those set forth on slide 2). For example, 2014 Outlook assumes $1,200/oz Au, $3.00/lb Cu, $0.95 USD/AUD exchange rate and $100/barrel WTI ; 2015 Outlook assumes $1,200/oz Au, $2.75/lb Cu, $0.90 USD/AUD exchange rate and $100/barrel WTI; and 2016 Outlook assumes $1,200/oz Au, $2.75/lb Cu, $0.90 USD/AUD exchange rate and $100/barrel WTI and other assumptions. Such assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, Outlook cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Outlook and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. 4. Adjusted cash AISC is a non-GAAP metric and is calculated as gold and copper all-in sustaining cost less net realizable value (NRV), Batu related abnormal costs, and adjusted for the sales of Midas and Jundee. See slide 43 for details. 5. The project metrics presented for the Merian project are based upon management’s reasonable good faith belief as of the date of this presentation and are presented on a consolidated basis. The listed project metrics constitute forward-looking statements and are subject to certain risks and uncertainties. 6. Reserves at Merian (as of December 31, 2013 on a 100% consolidated basis) were estimated at 108,250 ktonnes of Probable Reserves, grading 1.22 gpt for 4.2Moz, using a $1,300/oz gold price assumption. Resources at Merian (as of December 31, 2013 on a 100% consolidated basis and using a $1,400/oz gold price assumption) were 750 kounces of Measured and Indicated resources, comprised of Measured resources of approximately 77 kounces (2,400 ktonnes, at 0.98 grams per tonne) and Indicated resources of approximately 677 kounces (20,500 ktonnes, at 1.03 grams per tonne). Inferred resources totaled approximately 926 kounces (26,800 ktonnes, at 1.07 grams per tonne). U.S. investors are reminded that “reserves” were prepared in compliance with Industry Guide 7 published by the U.S. SEC. Whereas, the terms “resources,” “Measured and Indicated resources” and Inferred resources” are not SEC recognized terms. Newmont has determined that such “resources” would be substantively the same as those prepared using the Guidelines established by the Society of Mining, Metallurgy and Exploration and defined as “Mineral Resource”. Estimates of resources are subject to further exploration and development, are subject to additional risks, and no assurance can be given that they will eventually convert to future reserves. Inferred Resources, in particular, have a great amount of uncertainty as to their existence and their economic and legal feasibility. Investors are cautioned not to assume that any part or all of the Inferred Resource exists, or is economically or legally mineable. Mineral inventory is also subject to an even greater degree of uncertainty. Investors are reminded that even if significant mineralization is discovered and converted to reserves, during the time necessary to ultimately move such mineralization to production the economic feasibility of production may change. See the Company’s Annual Report filed with the SEC on February 21, 2014 for the “Proven and Probable Reserve” tables prepared in compliance with the SEC’s Industry Guide 7. Investors are reminded that the tables presented in the Annual Report are estimates as of December 31, 2013 and were presented on an attributable basis reflecting the Company’s ownership interest at such time. The company presently holds a 75% equity interest in the Merian project as a result of the government of Suriname recent opt-in. November 19 - 20, 2014 Newmont Mining Corporation Slide 44
  • 45. Endnotes 7. All-in sustaining cost (“AISC”) as used in the Company’s Outlook is a non-GAAP metric defined as the sum of cost applicable to sales (including all direct and indirect costs related to current gold production incurred to execute on the current mine plan), remediation 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. 8. Investors are reminded that the negotiation of the amendment to the Contract of Work contemplated by the MoU remains on-going. Continued future operations at Batu Hijau are subject to various factors, including, without limitation, the successful renegotiation of the Contract of Work, issuance of future export permits and approvals following the expiration of the six-month permit, negotiations with the labor union, future in-country smelting availability and regulations relating to export quotas, and certain other factors. For a discussion of other factors which could impact future financial performance and operating results at Batu Hijau, see Item 1A, under the heading “Risk Factors,” of the Company’s Form 10-K, filed on February 21, 2014, as well as Note 2 under the heading “Summary of Significant Accounting Policies - Risks and Uncertainties” of the Notes to the Financial Statements contained in the Company’s Form 10-Q, filed on or about October 30, 2014. November 19 - 20, 2014 Newmont Mining Corporation Slide 45