This presentation from UBS discusses Newmont Mining Corporation's global mining portfolio and 2007 outlook. Newmont has gold and copper mining operations across five continents, with 11 mine sites producing nearly 6 million ounces of gold in 2006. The presentation outlines Newmont's 2007 sales and cost guidance by region, noting challenges around costs and opportunities for growth. It positions Newmont as well-positioned for the gold market as a large, diversified gold producer without gold hedging.
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The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
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USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
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Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
2. Cautionary Statement
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, that are intended to be covered by the safe
harbor created by such sections. Such forward-looking statements include, without limitation, (i) estimates of future gold
and copper production and sales; (ii) estimates of future costs applicable to sales; (iii) estimates of future capital
expenditures, royalty and dividend income, tax rates and expenses; (iv) estimates regarding timing of future development,
construction, production or closure activities; (v) statements regarding future exploration results and the replacement of
reserves; and (vi) statements regarding cost structure and competitive position. 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, forward-looking 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 such 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 in the countries in which we operate, and governmental regulation and judicial outcomes. For a more detailed
discussion of such risks and other factors, see the Company’s 2006 Annual Report on Form 10-K, filed February 26, 2007
which is on file with the Securities and Exchange Commission, 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,” to reflect events or
circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be
required under applicable securities laws.
June 7, 2007 Slide 2
3. Newmont Portfolio
Ghana
Nevada
Australia, New Zealand,
Peru
and Indonesia
5.9 Million Equity Gold Ounces Sold in 2006 from 11 Mine-sites Globally
June 7, 2007 Slide 3
4. Newmont’s Reserve Growth
Track Record & Discovery Cycles
29 Million Acres in World Class Gold Districts
LA N D O WN E R S H IP B Y R E G IO N
Europe
3%
Asia Pacific
100 Ghana
9%
Australia
Africa Australia
15% 30%
80
South
America
60 South North
America America
18% 25%
Central Asia &
Indonesia
40
North
America
20
0
1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005
June 7, 2007 Slide 4
5. 2007 Equity Gold Sales Guidance
2007 Outlook = 5.2 to 5.6m Equity Ounces
2006 Actual to 2007 Guidance* Equity Gold 2006 Actual - Equity Gold Sales
Sales Variance Other
Ghana
6%
3%
6.5
Batu Hijau
4%
Nevada
41%
Yanacocha
0.02
0.23
23%
0.01
0.06 0.57
6.0
Ounces (million)
5.88
0.11
Australia/New
Zealand
23%
5.5 2007 Guidance* - Equity Gold Sales
5.38
Ghana
8%
Batu Hijau
5%
Yanacocha
5.0 15% Nevada
47%
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June 7, 2007 Slide 5
25%
* 2007 number based on mid-point of guidance
6. Newmont’s Operating Cost Profile
Newmont operating costs below industry average (2003 – 2006)
- 2006
$500
$450
$400
$317
$350
CAS ($/oz)
GR*
$300 A
12% C
stry =
Indu
$250
$304
$176
$200
CAGR
%
t = 11
$150
wmon
Ne
$184
$100
2001 2002 2003 2004 2005 2006
GFMS (Industry Avg) Newmont
June 7, 2007 Slide 6
* Industry Cost based on 2007 Gold Survey - GFMS
7. 2007 Cost Applicable to Sales
2007 Outlook = $375-$400/Oz
Approximately $100/oz equivalent from Batu Hijau copper revenue*
Approximately $15 - $20/oz impact from change in deferred stripping*
Change by Region
% Increase by Cost Drivers $600
2007 Guidance CAS ($375 - $400/oz)
Diesel & Others 2006 CAS ($304/oz)
Electricity 3% $500
5%
Consumbles
$400
5%
$300
Labor &
Contract
Services $200
15%
$100
Production
72%
$0
Ahafo Australia/New Nevada Yanacocha Batu Hijau
Zealand
June 7, 2007 *2007 outlook based at mid-point; 2007 copper revenue outlook at $3.00/lb; and Slide 7
Q1 2007 deferred stripping impact.
8. Nevada
Opportunities
Steady state production from Leeville;
Carlin and Twin Creeks performing in line with plans;
Further anticipated reductions in contracted service costs;
Planned savings from power plant and fleet reinvestment.
Challenges
Phoenix Start-up;
Ongoing labor and energy cost pressures.
2007 Q1 Q1
NEVADA Outlook 2007 2006
Consolidated gold sales (000 ounces) 2,350 - 2,550 560 535
Equity gold sales (000 ounces) 2,350 - 2,550 560 489
Costs applicable to sales ($/ounce) $375 - $400 $493 $395
June 7, 2007 Slide 8
9. Peru
Opportunities
Increasing recoveries from La Quinua and Carachugo;
Increasing ore placement on leach pads in second half of year;
Improving recoveries with 2008 completion of gold mill;
Optimizing development plans for Conga;
Yanacocha sulfides provide future potential upside.
Challenges
Negotiating a three-year extension with labor union;
Lower potential ore grades.
2007 Q1 Q1
YANACOCHA Outlook 2007 2006
Consolidated gold sales (000 ounces) 1,500 – 1,600 455 770
Equity gold sales (000 ounces) 775 – 825 234 395
Costs applicable to sales ($/ounce) $340 - $360 $310 $161
June 7, 2007 Slide 9
10. Australia/New Zealand
Opportunities
Upside production and exploration potential from the Tanami mine;
Increasing throughput at Martha;
Upside potential for the year at Pajingo;
Boddington project remains on schedule.
Challenges
Approximately $5-$6/ounce for every $0.01 change in the A$ exchange rate;
Mature underground and open pit mines;
Recruiting and retention of experienced labor.
2007 Q1 Q1
AUSTRALIA/NEW ZEALAND Outlook 2007 2006
Consolidated gold sales (000 ounces) 1,275 – 1,325 332 333
Equity gold sales (000 ounces) 1,275 – 1,325 332 333
Costs applicable to sales ($/ounce) $445 - $470 $519 $384
June 7, 2007 Slide 10
11. Indonesia
Opportunities
Un-hedged copper exposure;
Second half of the year benefits from current stripping campaign;
Planned lower waste to ore ratios for the remainder of 2007, with a 6:1 ratio for the year;
Higher grade and throughput opportunities.
Challenges
$7/ounce Q1 cost impact from the first quarter stripping campaign;
Harder ore and higher waste removal costs during first half of the year;
Ongoing divestiture requirements.
2007 Q1 Q1
Batu Hijau Outlook 2007 2006
Consolidated copper sales (M lbs) 395 – 435 91 81
Equity copper sales (M lbs) 210 – 230 48 43
Costs applicable to sales ($/lb Cu) $1.10 - $1.20 $1.40 $0.81
Average realized copper price $2.74 $2.08
Consolidated gold sales (000 ozs) 435 - 475 84 73
Equity gold sales (000 ozs) 230 – 250 45 39
Costs applicable to sales ($/oz Au) $225 - $240 $330 $208
June 7, 2007 Slide 11
12. Ghana
Opportunities
25% share in 80 mega-watt power plant;
Higher mill ore grade potential;
Ramping up to steady state mine rates;
Continued evaluation of the Akyem project and Ahafo expansion opportunities.
Challenges
Potential for higher power costs.
Ahafo 2007 Q1 Q1
Outlook 2007 2006
Consolidated gold sales (000 ozs) 410 – 450 125 -
Equity gold sales (000 ozs) 410 – 450 125 -
Costs applicable to sales ($/oz) $460 - $500 $341 -
June 7, 2007 Slide 12
13. The Gold Company Of Choice
For A Gold Bull Market
Remain on Track for Anticipated Gold and Copper Sales
Addressing Operating Cost Challenges at Phoenix
Building New Mines with Strong Exploration Potential
Balanced Global Portfolio
Institutional Quality Investment
“No Gold Hedging” Philosophy
June 7, 2007 Slide 13
15. Appendix –
Gold Industry - Declining Production
8.0
2,700
Mine Production
7.6
NEM Equity Production (oz mm)
Global Production (tonnes)
7.5
Pre-Merger NEM Equity Production (oz/mm)
(5.5 mm ozs)
7.0
2,600
6.5
6.0
2,500
5.9
5.5
5.0
2,400
2001 2002 2003 2004 2005 2006
Source: GFMS
June 7, 2007 Slide 15
16. Appendix -
Extractive Industry Capital Inflation
95%
75%
Labor +77%
55% Steel +57%
Plants +45%
35%
Equipment
+29%
15%
-5%
2002 2003 2004 2005 2006
Structural Steel Labor Total Process Plant All Mining Equipment
June 7, 2007 Slide 16
17. Appendix -
Newmont’s Capital Expenditures
2007 Outlook = $1.8 - $2.0 billion
$2,000
Sustaining Capital New Project Capital
Capital ($ Millions)
$1,500
$1,000
$500
$0
2002 2003 2004 2005 2006 2007F
Leeville
Ahafo
Phoenix
Boddington
Power Plant
MY Gold Mill
Going Forward - Capital Effectiveness through Stage Gate process
June 7, 2007 Slide 17
18. Appendix –
Future Prospects
Akyem Mine, Ghana
Deferred pending permitting, optimization and feasibility study
Sustainable power solution alternatives under review
Additional exploration drilling data underway
Development decision expected by end of 2007
Conga Mine, Peru
Large Copper and Gold Deposit
Optimization studies in progress
Ahafo Expansion, Ghana
Subika Underground
Possible Second Mill
Yanacocha Gold Mill & Sulfides
Potential for Large Gold & Copper district
Ongoing metallurgical studies
June 7, 2007 Slide 18
19. Appendix –
Phoenix Overview
Lower Mill Recovery and Grade Challenges
Optimization efforts to improve simultaneous gold and copper recoveries
Evaluating mine plan sequencing to optimize metal production
Mill Throughput Challenges
More complex ores than anticipated in some zones
• Drill and blast improvement programs
• Crusher feed optimization efforts
• Optimizing replacement crusher plans
• Blending hard and soft ores to maximize throughput
Phoenix Upside Potential
8.0 million ounces gold;770 million pounds copper in reserves
Exploration targets exist with potential for expanding the Phoenix pit;
Production opportunities from copper oxide material, with potential to add an oxide
leach pad once permitted
June 7, 2007 Slide 19
20. Appendix –
Ghanaian Power Plant
Long-term solution
80 mega-watt power plant under construction;
25% share in power supplied;
Proportionate distribution of power from the grid;
Plant to supply one-third of Ahafo power needs
Power plant construction
Majority of equipment received;
Remaining critical equipment expected mid-year;
Completion expected during second half
June 7, 2007 Slide 20
21. Appendix –
Exploration Spending and Outlook
2007 Outlook = $170 - $175 million
2007 Budget by Location
2007 Budget by Program
Diamonds 9%
Opportunity Fund North America
& Support 21% 24%
Opportunity
Fund 9%
Tech Support/
West Africa 10% Management 9% Near Mine
54%
China/SE Asia 2% Australia 14%
Other Turkey 2%
Greenfields
20%
South America 28%
Q1 Q1
Exploration Spending 2007 2006
Total Exploration $40 $33
Near-mine $21 $22
Greenfield $10 $8
Other $9 $3
June 7, 2007 Slide 21
22. Appendix –
Q1 Merchant Banking Results
Royalty and Dividend Income
FY2006 Record $120 million (+52% over 2005)
Q1 Royalty and Other Income: $31 million
Equity Portfolio and Investment Growth
Market value of marketable securities portfolio:
$1.40 billion at Year-end 2006;
$1.28 billion at end of Q1 2007
Alberta Heavy Oil Investment: $20 million investment $280 million sale proceeds
Canadian Oil Sands Trust: $268 million investment $800 million market value
Value Creation Investments
Iron Ore
Coal
Arctic Gas
Diamonds
June 7, 2007 Slide 22