Newmont Announces Record Quarterly Operating Cash Flow of $989 Million

    <<
    Gold price-linked dividend increases 33% for Q2 2011

    This release should be read in conjunction with Newmont's First Quarter
    2011 Form 10-Q filed with the Securities and Exchange Commission on April
    21, 2011 (available at www.newmont.com).





    >>

DENVER, April 21, 2011 /CNW/ -- Newmont Mining Corporation (NYSE: NEM) ("Newmont" or the "Company") today announced record operating cash flow of $989 million for the first quarter of 2011, compared to $728 million in the first quarter of 2010, an increase of 36%. Revenue rose to $2.5 billion, up 10% from a year ago. First quarter 2011 adjusted net income(1) was $513 million ($1.04 per share), compared to $408 million ($0.83 per share)(2) in the first quarter of 2010.

    <<

    First Quarter Highlights:

    --  Attributable gold and copper production of 1.3 million ounces and 57
        million pounds, respectively;
    --  Record operating cash flow of $989 million, an increase of 36% from a
        year ago;
    --  Adjusted net income of $513 million ($1.04 per share), an increase of
        26% from a year ago;
    --  First quarter revenue of $2.5 billion, an increase of 10% from a year
        ago;
    --  Average realized gold and copper price of $1,382 per ounce and $4.00
        per pound, respectively;
    --  Gold and copper costs applicable to sales ("CAS") of $557 per ounce
and
        $1.11 per pound, respectively ($562 per ounce and $1.23 per pound,
        respectively, on an attributable basis(3));
    --  Net attributable CAS(3) for gold of $438 per ounce; and
    --  Maintaining 2011 Outlook for gold and copper production, CAS, and
        capital expenditures.


    >>

"In the first quarter Newmont's continued focus on execution led to strong operating and financial results backed by a rock solid balance sheet," commented Richard O'Brien, President and CEO. "Based on strong early year performance, we are maintaining our 2011 Outlook for production, CAS, and Capex. While execution remains foundational, we have also embarked on delivering on our future growth plan, as we have recently announced our full funds construction decision for our Akyem project in Ghana, successfully closed our acquisition of Fronteer Gold, and reported a 44% increase in exploration spending over last year. Such actions reflect our plans highlighted at our recent Investor Day to produce up to 7 million ounces of gold and 400 million pounds of copper per annum by 2017 through the development of our highest returning projects in each of our four operating regions."

The Company is maintaining its previously announced 2011 Outlook for attributable gold production of 5.1 to 5.3 million ounces with costs applicable to sales of $560 to $590 per ounce on a co-product basis and 2011 attributable copper production of 190 to 220 million pounds at costs applicable to sales of between $1.25 and $1.50 per pound. Newmont is maintaining its 2011 attributable capital expenditure outlook of $2.1 to $2.5 billion, or $2.7 to $3.0 billion on a consolidated basis.

Based on the Company's net average realized gold price of $1,382 per ounce in the first quarter 2011, the Board has approved a second quarter 2011 gold price-linked dividend of $0.20 per share, an increase of 33% over the $0.15 dividend paid out in the first quarter 2011, and an increase of 100% over the second quarter 2010 dividend.(4)

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    Operations

    >>

In the first quarter of 2011, the Company reported attributable gold and copper production of 1.3 million ounces and 57 million pounds, respectively, at costs applicable to sales of $557 per ounce and $1.11 per pound, respectively.

Attributable gold production was essentially unchanged from the year ago quarter. Lower leach production from South America and lower grade stockpile production at Batu Hijau was offset by higher grade production in Africa and Other Australia/New Zealand. Costs applicable to sales increased 17% in the first quarter of 2011 from 2010 due to lower production from Yanacocha and Batu Hijau and higher waste mining and milling costs, partially offset by higher production from Ahafo, higher by-product credits and lower workers' participation costs at Yanacocha.

Attributable copper production decreased 37% due to lower grade stockpile production at Batu Hijau. Copper costs applicable to sales increased 42% in the first quarter of 2011 from 2010 due to lower production at Batu Hijau.

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    North America

    >>

Nevada - Attributable gold production at Nevada was 433,000 ounces at costs applicable to sales of $643 per ounce during the first quarter. Gold production was essentially unchanged in the first quarter of 2011 from 2010 as higher mill production from underground ores was offset by lower leach production due to mine sequencing. Costs applicable to sales increased 7% in the first quarter of 2011 from 2010 due to higher waste mining, milling and diesel costs and lower leach production, partially offset by higher by-product credits.

The Company continues to expect 2011 attributable gold production from Nevada of approximately 1.8 to 1.9 million ounces at costs applicable to sales of between $565 and $615 per ounce.

La Herradura - Attributable gold production at La Herradura in Mexico was 49,000 ounces at costs applicable to sales of $390 per ounce during the first quarter. Gold production increased 23% in the first quarter of 2011 from 2010 due to higher leach placement at the Soledad-Dipolos pit. Costs applicable to sales increased 13% in the first quarter of 2011 from 2010 due to higher mining and leaching costs, partially offset by higher production and by-product credits.

The Company continues to expect 2011 attributable gold production from La Herradura of approximately 180,000 to 200,000 ounces at costs applicable to sales of between $480 and $510 per ounce.

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    South America

    >>

Yanacocha - Attributable gold production at Yanacocha in Peru was 148,000 ounces at costs applicable to sales of $583 per ounce during the first quarter. Gold production decreased 32% in the first quarter of 2011 from 2010 due to lower leach placement, lower mill grade and transitional ore stockpiling at La Quinua. Costs applicable to sales increased 57% in the first quarter of 2011 from 2010 due to lower production and higher labor costs, partially offset by lowers workers' participation costs and higher by-product credits.

The Company continues to expect 2011 attributable gold production at Yanacocha of approximately 675,000 to 725,000 ounces at costs applicable to sales of between $500 and $550 per ounce.

La Zanja - Attributable gold production during the first quarter at La Zanja in Peru was 12,000 ounces.

The Company continues to expect 2011 attributable gold production at La Zanja of between 40,000 and 50,000 ounces.

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    Asia Pacific

    >>

Boddington - Attributable gold and copper production during the first quarter at Boddington in Australia were 165,000 ounces and 14 million pounds, respectively, at costs applicable to sales of $596 per ounce and $2.19 per pound, respectively. Gold production increased 4% and copper production was similar to the prior year quarter due to higher throughput, partially offset by lower copper grade and recovery. Costs applicable to sales per ounce of gold and per pound of copper increased 12% and 2%, respectively, over the prior year quarter due to higher mining and mill maintenance costs and a stronger Australian dollar, partially offset by higher by-product credits.

The Company continues to expect 2011 attributable gold production at Boddington of approximately 750,000 to 800,000 ounces at costs applicable to sales of $580 to $620 per ounce, and 2011 attributable copper production of 70 to 80 million pounds at costs applicable to sales of between $1.80 and $2.20 per pound.

Batu Hijau - Attributable gold and copper production during the first quarter at Batu Hijau in Indonesia were 46,000 ounces and 43 million pounds, respectively, at costs applicable to sales of $322 per ounce and $0.96 per pound, respectively. Gold and copper production decreased 42% and 39% in the first quarter of 2011 from 2010, respectively, due to lower throughput, grade and recovery as a result of processing more stockpiled material compared to higher grade Phase 5 ore. Costs applicable to sales increased 50% per ounce and 43% per pound, respectively, over the prior year quarter due to lower production and higher waste mining costs, partially offset by higher by-product credits and lower royalty costs.

The Company continues to expect 2011 attributable gold production for Batu Hijau of approximately 110,000 to 140,000 ounces at costs applicable to sales of between $400 and $440 per ounce, while attributable copper production is expected to be approximately 120 to 140 million pounds, at costs applicable to sales of between $1.10 and $1.30 per pound. The decrease from 2010 production levels is primarily due to the processing of lower grade stockpiles as Phase 6 stripping continues. The Company expects to reach ore in Phase 6 in late 2013.

Other Australia/New Zealand - Attributable gold production during the first quarter was 299,000 ounces at costs applicable to sales of $560 per ounce. Attributable gold production was 8% higher than the year ago quarter due to higher grade at Tanami and Jundee and a drawdown of in-process inventory at Jundee. Costs applicable to sales were essentially in line with the prior year quarter as a stronger Australian dollar was offset by higher production.

The Company continues to expect 2011 attributable gold production at the Other Australia/New Zealand operations of between 1.0 and 1.05 million ounces at costs applicable to sales of between $700 and $770 per ounce.

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    Africa

    >>

Ahafo - Attributable gold production during the first quarter at Ahafo in Ghana was 186,000 ounces at costs applicable to sales of $451 per ounce. Gold production increased 55% in the first quarter of 2011 from 2010 due to higher mill grade and recovery as a result of mine sequencing. Costs applicable to sales per ounce decreased 17% due to higher production and lower waste mining costs, partially offset by higher diesel and royalty costs.

The Company continues to expect 2011 attributable gold production at Ahafo of between 550,000 and 590,000 ounces at costs applicable to sales of $485 to $535 per ounce.

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    Capital Update

    >>

Consolidated capital expenditures were $445 million during the first quarter. Newmont is maintaining its 2011 attributable capital expenditure outlook of $2.1 to $2.5 billion, or $2.7 to $3.0 billion on a consolidated basis. Approximately 40% of 2011 consolidated capital expenditures are expected to be related to major project initiatives, including further development of the Akyem project in Ghana, the Conga project in Peru, Hope Bay in Canada, and the Nevada project portfolio, while the remaining 60% is expected to be for growth and sustaining capital.

    <<


    >>

    <<
    2011 Outlook(5):
    ----------------
    >>

    <<
                              2011 Outlook        2011 Outlook
                              Attributable         Consolidated
    Region                     Production               CAS
                              (Kozs, Mlbs)        ($/oz, $/lb)
                              ------------        ------------
    Nevada                   1,800 - 1,900             $565 - $615
    La Herradura               180 - 200               $480 - $510
    Hope Bay                       -                             -
      North America          1,980 - 2,100             $560 - $600
      -------------          -------------             -----------
    Yanacocha                  675 - 725               $500 - $550
    La Zanja                    40 - 50                n/a
    Conga                          -                    -
      South America            715 - 775               $500 - $550
      -------------            ---------               -----------
    Boddington - Gold          750 - 800               $580 - $620
    Other Australia/NZ       1,000 - 1,050             $700 - $770
    Batu Hijau - Gold(a)       110 - 140               $400 - $440
      Asia Pacific           1,860 - 1,990             $600 - $675
      ------------           -------------             -----------
    Ahafo                      550 - 590               $485 - $535
    Akyem                          -                             -
    -----                         ---                          ---
      Africa                   550 - 590               $485 - $535
      ------                   ---------               -----------
    Corporate/Other
    ---------------
    Total Gold               5,100 - 5,300     $560 - $590 (b),(c)
    ----------               -------------     -------------------
    Boddington - Copper         70 - 80              $1.80 - $2.20
    Batu Hijau - Copper
     (a)                       120 - 140             $1.10 - $1.30
    Total Copper               190 - 220             $1.25 - $1.50
    ------------               ---------             -------------



    >>

    <<
                             2011 Outlook     2011 Outlook
                             Consolidated     Attributable
    Region                      Capital          Capital
                             Expenditures     Expenditures
                             ------------     ------------
    Nevada                     $460 - $520       $460 - $520
    La Herradura                 $70 - $80         $70 - $80
    Hope Bay                    $70 - $100        $70 - $100
      North America            $600 - $700       $600 - $700
      -------------            -----------       -----------
    Yanacocha                  $310 - $400       $160 - $200
    La Zanja                             -                 -
    Conga                      $550 - $700       $300 - $360
      South America          $900 - $1,100       $460 - $560
      -------------          -------------       -----------
    Boddington - Gold          $210 - $255       $210 - $255
    Other Australia/NZ         $230 - $265       $230 - $265
    Batu Hijau - Gold(a)       $210 - $230        $95 - $110
      Asia Pacific             $650 - $750       $535 - $595
      ------------             -----------       -----------
    Ahafo                      $175 - $200       $175 - $200
    Akyem                      $300 - $375       $300 - $375
    -----                      -----------       -----------
      Africa                   $450 - $545       $475 - $575
      ------                   -----------       -----------
    Corporate/Other              $30 - $40         $30 - $40
    ---------------              ---------         ---------
    Total Gold             $2,700 - $3,000   $2,100 - $2,500
    ----------             ---------------   ---------------
    Boddington - Copper                  -                 -
    Batu Hijau - Copper
     (a)                                 -                 -
    Total Copper
    ------------
    >>

    <<
    (a) Assumes Batu Hijau economic interest of 48.5% for 2011
    (b) 2011 Outlook Attributable CAS is $570 - $600
    (c) 2011 Outlook Net Attributable CAS (by-product basis) is $485 - $515


    >>

    <<
    Description               2011 Outlook
                              Consolidated
                                Expenses
                                  ($M)
                                  ----
    General &
     Administrative              $190 - $200
    Interest Expense             $235 - $245
    DD&A                     $1,025 - $1,035
    Exploration Expense          $335 - $345
    Advanced Projects &
     R&D                         $405 - $415
    Tax Rate                       28% - 32%
    Assumptions
    -----------
    Gold Price ($/ounce)              $1,300
    Copper Price
     ($/pound)                         $4.00
    Oil Price ($/barrel)                 $90
    Australian Dollar
     Exchange Rate                      0.95
    -----------------                   ----



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    <<
        Non-GAAP measure; GAAP net income attributable to Newmont stock
        holders for first quarter was $514 million; see page 11 for
    (1) reconciliation.
        First quarter 2010 adjusted net income was impacted by a $127 million
    (2) tax adjustment.
        See page 12 for reconciliation between consolidated, attributable,
    (3) and net attributable costs applicable to sales.
        The second quarter dividend is payable on June 29, 2011 to
    (4) shareholders of record on June 16, 2011.
        Outlook referenced in the table above and elsewhere in this release
        is based upon management's good faith estimates as of April 21, 2011
        and are considered "forward-looking statements." References to
        outlook guidance are based on current mine plans, assumptions noted
        above and current geotechnical, metallurgical, hydrological and
        other physical conditions, which are subject to risk and uncertainty
    (5) as discussed in the "Cautionary Statement" on page 13.


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    <<
              NEWMONT MINING CORPORATION
     CONDENSED CONSOLIDATED STATEMENTS OF INCOME
      (unaudited, in millions except per share)
    >>

    <<
                                          Three Months
                                             Ended
                                           March 31,
                                           ---------
                                        2011               2010
                                        ----               ----
    >>

Sales $2,465 $2,242

    <<
    Costs and expenses
      Costs applicable to sales          940                869
      Amortization                       256                224
      Reclamation and remediation         14                 13
      Exploration                         62                 43
      Advanced projects, research
       and development                    68                 46
      General and administrative          45                 45
      Other expense, net                  73                 89
                                         ---                ---
                                               1,458              1,329
                                               -----              -----
    Other income (expense)
      Other income, net                   31                 48
      Interest expense, net              (65)               (75)
                                         ---                ---
                                                 (34)               (27)
                                                 ---                ---
    Income before income and
     mining tax and other items          973                886
    Income and mining tax expense       (305)              (141)
    Equity income (loss) of
     affiliates                            2                 (2)
                                         ---                ---
    Net income                           670                743
    Net income attributable to
     noncontrolling interests           (156)              (197)
                                        ----               ----
    Net income attributable to
     Newmont stockholders               $514               $546
                                        ====               ====
    >>

    <<
    Income per common share
      Basic                            $1.04              $1.11
      Diluted                          $1.03              $1.11
    >>

    <<
    1st Quarter Cash dividends
     declared per common share         $0.15              $0.10



    >>

    <<
                      NEWMONT MINING CORPORATION
                 STATEMENTS OF CONSOLIDATED CASH FLOW
                       (unaudited, in millions)
    >>

    <<
                                                     Three Months Ended
                                                         March 31,
                                                     ------------------
                                                     2011            2010
                                                     ----            ----
    >>

    <<
    Operating activities:
        Net income                                   $670            $743
        Adjustments:
         Amortization                                 256             224
         Reclamation and remediation                   14              13
         Deferred income taxes                        (33)           (102)
         Stock based compensation and other non-
          cash benefits                                19              18
         Other operating adjustments and write-
          downs                                        42               5
         Net change in operating assets and
          liabilities                                  21            (173)
                                                      ---            ----
    Net cash provided from continuing
     operations                                       989             728
    Net cash used in discontinued operations            -             (13)
                                                      ---             ---
    Net cash provided from operations                 989             715
                                                      ---             ---
    Investing activities:
        Additions to property, plant and mine
         development                                 (402)           (309)
        Purchases of marketable securities            (12)             (3)
        Acquisitions, net                              (7)              -
        Proceeds from sale of other assets              6              38
        Other                                          (3)            (11)
                                                      ---             ---
    Net cash used in investing activities            (418)           (285)
                                                     ----            ----
    Financing activities:
        Repayment of debt                             (31)           (250)
        Sale of subsidiary shares to
         noncontrolling interests                       -             229
        Acquisition of subsidiary shares from
         noncontrolling interests                       -             (39)
        Dividends paid to common stockholders         (74)            (49)
        Dividends paid to noncontrolling interests    (15)           (220)
        Proceeds from stock issuance, net               3               3
        Change in restricted cash and other             -              46
                                                      ---             ---
    Net cash used in financing activities            (117)           (280)
    Effect of exchange rate changes on cash            23              (1)
                                                      ---             ---
    Net change in cash and cash equivalents           477             149
    Cash and cash equivalents at beginning of
     period                                         4,056           3,215
                                                    -----           -----
    >>

    <<
    Cash and cash equivalents at end of period     $4,533          $3,364
                                                   ======          ======


    >>

    <<
                              NEWMONT MINING CORPORATION
                         CONDENSED CONSOLIDATED BALANCE SHEETS
                               (unaudited, in millions)
    >>

    <<
                                                           At December
                                              At March 31,             31,
                                                     2011      2010
                                                     ----      ----
      ASSETS
    Cash and cash equivalents                      $4,533    $4,056
    Trade receivables                                 439       582
    Accounts receivable                               113        88
    Investments                                       129       113
    Inventories                                       607       658
    Stockpiles and ore on leach pads                  657       617
    Deferred income tax assets                        178       177
    Other current assets                            1,228       962
                                                    -----       ---
      Current assets                                7,884     7,253
    Property, plant and mine development, net      13,074    12,907
    Investments                                     1,779     1,568
    Stockpiles and ore on leach pads                1,846     1,757
    Deferred income tax assets                      1,456     1,437
    Other long-term assets                            815       741
      Total assets                                $26,854   $25,663
                                                  =======   =======
      LIABILITIES
    Debt                                             $754      $259
    Accounts payable                                  420       427
    Employee-related benefits                         240       288
    Income and mining taxes                           474       355
    Other current liabilities                       1,613     1,418
                                                    -----     -----
      Current liabilities                           3,501     2,747
    Debt                                            3,676     4,182
    Reclamation and remediation liabilities           993       984
    Deferred income tax liabilities                 1,531     1,488
    Employee-related benefits                         336       325
    Other long-term liabilities                       196       221
      Total liabilities                            10,233     9,947
                                                   ------     -----
    >>

    <<
      EQUITY
    Common stock                                      779       778
    Additional paid-in capital                      8,304     8,279
    Accumulated other comprehensive income          1,389     1,108
    Retained earnings                               3,620     3,180
                                                    -----     -----
    Newmont stockholders' equity                   14,092    13,345
    Noncontrolling interests                        2,529     2,371
                                                    -----     -----
      Total equity                                 16,621    15,716
                                                   ------    ------
      Total liabilities and equity                $26,854   $25,663
                                                  =======   =======


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Regional Operating Statistics

    <<
                                            Three Months Ended
                                                 March 31,
                                            ------------------
                                            2011            2010
                                             ---             ---
     Gold
     ----
     Consolidated ounces produced
      (thousands):
       North America
        Nevada                               433             433
         La Herradura                         49              40
                                             482             473
                                             ---             ---
       South America
        Yanacocha                            288             423
    >>

    <<
       Asia Pacific
         Boddington                          165             158
         Batu Hijau                           96             166
         Other Australia/New Zealand         299             276
                                             560             600
                                             ---             ---
     Africa
        Ahafo                                186             120
                                           1,516           1,616
                                           =====           =====
    >>

    <<
     Copper
     ------
     Consolidated pounds produced
      (millions):
       Asia Pacific
          Boddington                          14              14
          Batu Hijau                          88             145
                                             102             159
                                             ===             ===
    >>

    <<
     Gold
     ----
     Attributable ounces produced
      (thousands):
       North America
        Nevada                               433             433
         La Herradura                         49              40
                                             482             473
                                             ---             ---
       South America
        Yanacocha                            148             217
        Other South America Equity
         Interests                            12               -
                                             160             217
                                             ---             ---
    >>

    <<
     Asia Pacific
         Boddington                          165             158
         Batu Hijau                           46              88
         Other Australia/New Zealand         299             276
         Other Asia Pacific Equity
          Interests                            4               -
                                             514             522
                                             ---             ---
       Africa
        Ahafo                                186             120
                                           1,342           1,332
                                           =====           =====
    >>

    <<
     Copper
     ------
     Attributable pounds produced
      (millions):
       Asia Pacific
          Boddington                          14              14
          Batu Hijau                          43              76
                                             ---             ---
                                              57              90
                                             ---             ---


    >>

    <<
                          CAS and Capital Expenditures
                                                Three Months Ended March 31,
                                                ----------------------------
                                                     2011              2010
                                                      ---               ---
     Gold
     ----
        Costs Applicable to Sales ($/ounce)
         (1)
            North America
             Nevada                                  $643              $599
             La Herradura                             390               344
                                                      ---               ---
                                                      617               577
                                                      ---               ---
            South America
             Yanacocha                                583               371
    >>

    <<
            Asia Pacific
             Boddington                               596               532
             Batu Hijau                               322               215
             Other Australia/New Zealand              560               556
                                                      527               458
                                                      ---               ---
            Africa
             Ahafo                                    451               542
                                                      ---               ---
       Average                                       $557              $476
                                                     ====              ====
       Attributable to Newmont                       $562              $506
                                                     ====              ====
    >>

    <<
     Copper
     ------
        Costs Applicable to Sales ($/pound)
         (1)
            Asia Pacific
             Boddington                             $2.19             $2.15
             Batu Hijau                              0.96              0.67
       Average                                      $1.11             $0.78
                                                    =====             =====
       Attributable to Newmont                      $1.23             $0.87
                                                    =====             =====
    >>

    <<
                                              Three Months Ended March 31,
                                             ----------------------------
                                                     2011              2010
                                                     ----              ----
     Consolidated Capital Expenditures ($
      million)
       North America
        Nevada                                        $95               $48
        Hope Bay                                       19                 9
        La Herradura                                   16                14
                                                      130                71
                                                      ---               ---
       South America
        Yanacocha                                      41                40
        Conga                                          64                17
                                                      105                57
                                                      ---               ---
    >>

    <<
       Asia Pacific
        Boddington                                     49                48
        Batu Hijau                                     40                28
        Other Australia/New Zealand                    62                36
        Other Asia Pacific                              2                 2
                                                      153               114
                                                      ---               ---
       Africa
        Ahafo                                          15                21
        Akyem                                          28                 6
                                                       43                27
                                                      ---               ---
        Corporate and Other                            14                 3
                                                      ---               ---
     Total - Accrual Basis                            445               272
                                                      ---               ---
    >>

Change in Capital Accrual (43) 37

    <<
     Total - Cash Basis                              $402              $309
                                                     ====              ====
     Attributable to Newmont (Accrual
      Basis)                                         $373              $231
                                                     ====              ====
    >>

    <<
    (1)  Excludes Amortization and Reclamation and remediation.


    Supplemental Information

    Non-GAAP Financial Measures
    >>

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.

    <<

    Reconciliation of Adjusted Net Income to GAAP Net Income
    >>

Management uses the non-GAAP financial measure Adjusted net income to evaluate the Company's operating performance, and for planning and forecasting future business operations. The Company believes the use of Adjusted net income allows investors and analysts to compare the 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, income or loss from discontinued operations and the permanent impairment of assets, including marketable securities and goodwill. Management's determination of the components of Adjusted net income are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts.

Net income attributable to Newmont stockholders is reconciled to Adjusted net income as follows:

    <<
                                             Three Months Ended March
        (In millions except per share)                  31,
                                             -------------------------
                                                2011               2010
                                                ----               ----
     GAAP net income attributable to Newmont
      stockholders                              $514               $546
      Impairment of assets                         1                  1
      Net gain on asset sales                     (2)               (25)
      Income tax benefit from internal
       restructuring                               -               (127)
      PTNNT community contribution                 -                 13
     Adjusted net income                        $513               $408
                                                ====               ====
     Adjusted net income per share(1)          $1.04              $0.83
    >>

    <<
    (1)Calculated using weighted average number of shares outstanding,
    basic.


    Costs Applicable to Sales per Ounce/Pound
    >>

Costs applicable to sales per ounce/pound are non-GAAP financial measures. These measures are calculated by dividing the costs applicable to sales of gold and copper by gold ounces or copper pounds sold, respectively. These measures are calculated on a consistent basis for the periods presented on both a consolidated and attributable to Newmont basis. Attributable costs applicable to sales are based on our economic interest in production from our mines. For operations where we hold less than a 100% economic share in the production, we exclude the share of gold or copper production attributable to the non controlling interest. We include attributable costs applicable to sales per ounce/pound to provide management, investors and analysts with information with which to compare our performance to other gold producers. Costs applicable to sales per ounce/pound statistics 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.

Net attributable costs applicable to sales per ounce measures the benefit of copper produced in conjunction with gold, as a credit against the cost of producing gold. A number of other gold producers present their costs net of the contribution from copper and other non-gold sales. We believe that including a measure this basis provides management, investors and analysts with information with which to compare our performance to other gold producers, and to better assess the overall performance of our business. In addition, this measure provides information to enable investors and analysts to understand the importance of non-gold revenues to our cost structure.

The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures.

Costs applicable to sales per ounce/pound

    <<
                               Gold                   Copper
                               ----                   ------
                               Three                   Three
                              Months                  Months
                               Ended                   Ended
                             March 31,               March 31,
                            ----------              ----------
                            2011          2010         2011         2010
                            ----          ----         ----         ----
    >>

    <<
    Costs
     applicable to
     sales
     (millions):
      Consolidated
       per financial
       statements           $823          $754         $117         $115
      Noncontrolling
       interests(1)          (94)          (94)         (46)         (44)
                             ---           ---          ---          ---
      Attributable to
       Newmont              $729          $660          $71          $71
                            ====          ====          ===          ===
    >>

    <<
    Gold/Copper sold
     (thousand ounces/
     million pounds):
      Consolidated         1,478         1,581          105          148
      Noncontrolling
       interests(1)         (182)         (276)         (48)         (65)
                            ----          ----          ---          ---
      Attributable to
       Newmont             1,296         1,305           57           83
                           =====         =====          ===          ===
    >>

    <<
    Costs applicable to sales per ounce
     /pound:
    >>

    <<
      Consolidated          $557          $476        $1.11        $0.78
      Attributable to
       Newmont              $562          $506        $1.23        $0.87


    >>

Net attributable costs applicable to sales per ounce

    <<
                                 Three Months Ended
                                      March 31,
                                 ------------------
                                  2011          2010
                                  ----          ----
    >>

    <<
     Attributable costs applicable to sales
      (millions) :
      Gold                        $729          $660
      Copper                        71            71
                                   ---           ---
                                   800           731
                                   ---           ---
    >>

    <<
     Copper revenue
      (millions):
      Consolidated                (422)         (493)
      Noncontrolling
       interests(1)                190           216
                                   ---           ---
                                  (232)         (277)
                                  ----          ----
     Net attributable costs
      applicable to sales         $568          $454
                                  ====          ====
    >>

    <<
     Attributable gold
      ounces sold
      (thousands)                1,296         1,305
    >>

    <<
     Net attributable costs
      applicable to sales
      per ounce                   $438          $349
    >>

    <<
    (1)Relates to partners' interests in Batu Hijau and Yanacocha.


    Conference Call Information:

    >>

The first quarter conference call will be held on Thursday, April 21, at 10:00 a.m. Eastern Time (8:00 a.m. Mountain Time) and it will also be carried on the Company's website.

    <<
    Conference Call Details
    -----------------------
    >>

    <<
    Dial-In Number       888.566.1822
    Intl Dial-In Number  312.470.7065
    Leader               John Seaberg
    Passcode             Newmont
    Replay Number        866.373.9234
    Intl Replay Number   203.369.0282
    Replay Passcode                                               2011
    Webcast Details
    ---------------
    URL                  http://www.newmont.com/our-investors


    >>

The First Quarter 2011 results and related financial and statistical information will be available prior to market open on April 21, 2011 on the "Investor Relations" section of the Company's web site, www.newmont.com. Additionally, the conference call will be archived for a limited time on the Company's website.

    <<

    Cautionary Statement
    >>

This release 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 mineral production and sales; (ii) estimates of future costs applicable to sales; (iii) estimates of future capital expenditures; and (iv) expectations regarding the development, growth and exploration potential and upside of the Company's pipeline, projects, and operations. 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 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 2010 Annual Report on Form 10-K, filed on February 24, 2011, 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," including, without limitation, outlook, 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. 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.

    <<



    >>

SOURCE Newmont Mining Corporation

For further information: media, Omar Jabara, +1-303-837-5114, omar.jabara@newmont.com, or investors, John Seaberg, +1-303-837-5743, john.seaberg@newmont.com, or Karli Anderson, +1-303-837-6049, karli.anderson@newmont.com, or Monica Brisnehan, +1-303-837-5836, monica.brisnehan@newmont.com Web Site: http://www.newmont.com


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