Newmont Reports Record Annual Revenues in 2008 of $6.2 Billion; 50% Increase in Adjusted Net Income(1)



    DENVER, Feb. 19 /CNW/ -- Newmont Mining Corporation (NYSE:   NEM)
("Newmont" or "the Company") today announced record revenues in 2008,
following the announcement of strong operating results on January 27, 2009.
    

    2008 Highlights:

    --  Record revenues of approximately $6.2 billion on equity gold sales of
        5.2 million ounces;
    --  Net cash from continuing operations of approximately $1.4 billion
        ($3.09 per share);
    --  50% increase in adjusted net income(1) at $905 million ($1.99 per
        share) on a 25% increase in the average realized gold price;
    --  40% increase in gold operating margin(2) despite challenging cost
        environment;
    --  Equity gold sales, costs applicable to sales per ounce and capital
        expenditures in line with original expectations;
    --  Successful start-up of the Nevada power plant and Yanacocha gold mill
        in the second quarter;
    --  Successful acquisition of Miramar Mining Corporation, gaining access
to
        the high-grade and under-explored Hope Bay project in Nunavut, Canada;
        and
    --  Continued progress of the Boddington project, with start-up expected
in
        mid-2009.


    
    Newmont reported 2008 revenues of approximately $6.2 billion, a 12%
increase from approximately $5.5 billion in 2007, with revenues from gold
increasing by almost 27% over prior year.  A strong gold price environment
during 2008, combined with equity gold sales and costs applicable to sales in
line with original expectations, resulted in adjusted net income(1) of $905
million ($1.99 per share), an increase of approximately 50% from the prior
year.  On a GAAP basis, including a $234 million non-cash, pre-tax write-down
of marketable securities and other assets, the Company reported net income of
$853 million ($1.88 per share).  The Company also reported net cash provided
from continuing operations of approximately $1.4 billion ($3.09 per share)
despite the challenging cost environment in 2008.
    

    
    For the fourth quarter, the Company generated net cash provided from
continuing operations of $229 million ($0.50 per share) on equity gold and
copper sales of 1.35 million ounces and 40 million pounds, respectively. 
Newmont recorded adjusted net income(1) of $120 million ($0.26 per share)
despite reduced copper revenues resulting from the pronounced decline in the
copper price in the fourth quarter.  Including the effect of provisional
mark-to-market copper price adjustments and non-cash, pre-tax write-downs of
approximately $145 million, the Company reported fourth quarter net income on
a GAAP basis of $10 million ($0.02 per share).
    

    
    Richard O'Brien, President and Chief Executive Officer said, "We are
pleased with the strong financial results for the fourth quarter and for 2008.
 These results, combined with the operating results previously announced,
continue to demonstrate our commitment to consistently delivering on our
plans.  In the first part of 2009, we secured $1.7 billion in additional
liquidity to improve our financial flexibility and to purchase the remaining
33.33% interest in Boddington, thereby giving Newmont full access to one of
the largest gold projects in the world.  We are excited about Boddington's
potential and look forward to capitalizing on this unique opportunity.  As we
turn our attention to 2009, our focus remains on operational and project
execution, as well as disciplined capital investments."
    

    
    Equity gold sales in 2009 are expected to increase to between 5.2 and 5.5
million ounces at lower costs applicable to sales of between $400 and $440 per
ounce.  The Company's costs applicable to sales for 2009 assumes an oil price
of $70 per barrel and an Australian dollar exchange rate of 0.75.  Costs
applicable to sales in 2009 are expected to change by approximately $5 per
ounce for every $10 change in the oil price and by approximately $5 per ounce
for every 0.10 change in the Australian dollar exchange rate.  However, as the
Company continues to pursue its disciplined Australian dollar and diesel
hedging programs, these sensitivities may change throughout the year.
    

    Regional Operations:
    
    In the fourth quarter of 2008, the Company reported equity gold sales of
1.35 million ounces at costs applicable to sales of $448 per ounce as higher
than expected sales at Batu Hijau, Ahafo, and Yanacocha were partially offset
by lower than expected sales in Nevada and in Australia.  The Company's fourth
quarter costs applicable to sales per ounce were impacted by higher than
expected costs in Nevada, offset by lower than expected costs in Australia, at
Yanacocha and at Ahafo.
    

    
    Nevada - Nevada sold 601,000 equity ounces of gold at costs applicable to
sales of $497 per ounce during the fourth quarter.  Equity sales were slightly
lower than expected primarily due to slower than anticipated recoveries from
the Carlin South and Twin Creeks leach pads, lower recoveries at the Phoenix
and Carlin mills, and the timing of gold sales with respect to Phoenix copper
concentrates which remained in inventory at the end of the year.  Lower sales
were partially offset by higher grades resulting from higher underground
production.  Costs applicable to sales during the fourth quarter were higher
than expected primarily due to lower than expected gold sales, higher
underground contracted mining costs and lower by-product credits due to the
significant drop in copper prices and volumes, partially offset by lower
diesel costs.  Equity sales for the year were 2.2 million ounces at costs
applicable to sales of $460 per ounce.
    

    
    In 2009, the Company expects equity gold sales in Nevada to be between
1.8 and 2.0 million ounces primarily due to lower expected ore grades, fewer
oxide leach pad additions, and lower assumed recoveries at Mill 6. Costs
applicable to sales are expected to increase to between $535 and $575 per
ounce, primarily due to reduced gold sales and lower assumed copper by-product
credits at Phoenix, partially offset by the lower oil price assumption and a
full-year of operation of the Nevada power plant.
    

    
    Yanacocha - Equity gold sales during the fourth quarter at Yanacocha in
Peru were 222,000 ounces at costs applicable to sales of $344 per ounce. 
Equity sales were above expectations due to more ounces placed on the La
Quinua and Carachugo leach pads, and higher than expected production from the
gold mill as throughput, grades and recoveries continue to exceed
expectations.  Yanacocha costs applicable to sales per ounce were lower than
expected primarily due to higher than expected gold sales, partially offset by
lower by-product silver credits due to lower silver prices, higher workers
participation costs and higher royalty expense. Equity gold sales for 2008
were 946,000 ounces at costs applicable to sales of $346 per ounce.
    

    
    The Company's 2009 equity gold sales outlook for Yanacocha has increased
to between 975,000 and 1.025 million ounces, primarily due to increased
recoveries and throughput as the gold mill will be operational for the entire
year compared to approximately half of a year of operation in 2008. Costs
applicable to sales are expected to decrease to between $290 and $310 per
ounce, primarily due to increased gold sales, the lower oil price assumption
and increased silver by-product credits from the gold mill.
    

    
    Australia/New Zealand - Equity gold sales during the fourth quarter in
the Australia/New Zealand region were 288,000 ounces at costs applicable to
sales of $526 per ounce.  Equity gold sales were lower than expected due to
lower grades and throughput at Tanami, lower throughput at Jundee, and lower
grades and recoveries at Kalgoorlie, partially offset by higher grades and
recoveries at Jundee, and higher throughput at Kalgoorlie and Waihi.  Costs
applicable to sales were significantly lower than expected due to higher sales
at Jundee, lower diesel costs and more favorable Australian dollar exchange
rates during the quarter, partially offset by higher underground mining
contracted services and royalty costs at Tanami.  Equity gold sales for the
year were 1.2 million ounces at costs applicable to sales of $552 per ounce.
    

    
    Assuming 100% ownership of the Boddington project, reflecting the
expected completion of the acquisition of the remaining 33.33% interest from
AngloGold Ashanti Ltd., the Company expects 2009 equity gold sales in the
Australia/New Zealand region to be between 1.5 and 1.6 million ounces. The
Company anticipates Boddington will add between 375,000 and 450,000 equity
gold ounces in 2009. Costs applicable to sales are expected to decrease to
between $440 and $480 per ounce, primarily driven by the start-up of
Boddington, lower costs at the Kalgoorlie operation, and the lower oil price
and Australian dollar assumptions. Australia/New Zealand regional costs
applicable to sales are expected to change by roughly $20 per ounce for every
0.10 change in the Australia dollar exchange rate during 2009.
    

    
    Batu Hijau - Equity gold and copper sales during the fourth quarter at
Batu Hijau in Indonesia were 52,000 ounces and 40 million pounds,
respectively, at costs applicable to sales of $418 per ounce and $0.65 per
pound, respectively.  Equity gold and copper sales were higher than expected
as better than anticipated weather allowed extended mining of Phase 4 ore,
resulting in higher grades and recoveries.  Total costs applicable to sales
were lower than expectations as fewer total tons were moved and more ore was
placed onto stockpiles. Equity gold and copper sales for the year were 135,000
ounces and 130 million pounds, respectively, at costs applicable to sales of
$414 per ounce and $1.38 per pound, respectively.
    

    
    In 2009, the Company expects equity gold and copper sales to
significantly increase to between 225,000 and 250,000 ounces and to between
210 and 230 million pounds, respectively. This increase is primarily due to
mine sequencing as mining shifts into the higher grade Phase 5. Costs
applicable to sales are expected to decrease significantly in 2009 to between
$240 and $260 per ounce of gold and to between $0.65 and $0.75 per pound of
copper. The decrease in costs applicable to sales is primarily driven by
higher expected sales, the processing of higher grade ore compared to the
lower grade stockpiles processed during 2008 and lower waste removal.
    

    
    Ahafo - Equity gold sales during the fourth quarter at Ahafo in Ghana
were 141,000 ounces at costs applicable to sales of $385 per ounce.  Equity
gold sales were higher than anticipated primarily due to higher grades,
partially offset by lower tons processed.  Costs applicable to sales were
significantly lower than expected due to the higher sales volume, a build in
ore stockpile inventories, and lower mining costs due in part to lower fuel
costs, offset by higher contracted services, maintenance and parts costs. 
Equity gold sales for the year were 521,000 ounces at costs applicable to
sales of $408 per ounce.
    

    
    Equity gold sales at Ahafo are expected to remain stable in 2009 at
between 500,000 and 525,000 ounces. Costs applicable to sales are expected to
increase to between $450 and $475 per ounce in 2009, primarily as a result of
higher labor costs, a lower benefit from the capitalization of waste material
used in the construction of assets, and higher fuel consumption.
    

    Capital Update:
    
    Capital expenditures were $520 million during the fourth quarter, with
approximately 40% attributed to the Boddington project in Australia.  In 2008,
the Company's capital expenditures were approximately $1.9 billion, as the
Company completed construction of the Nevada power plant and Yanacocha gold
mill, and continued construction of the Boddington project in Australia. 
Assuming 100% ownership of Boddington in 2009, capital expenditures are
expected to decline to between $1.4 and $1.6 billion ($1.3 to $1.5 billion on
an equity basis).
    

    
    Boddington - Development of the Boddington project was 89% complete at
the end of 2008, with start-up expected in mid-2009 and an anticipated
12-month ramp-up schedule.  The Company continues to expect total capital
expenditures of between $2.6 and $2.9 billion on a 100% basis.  Assuming the
completion of the previously announced acquisition of AngloGold Ashanti Ltd.'s
33.33% interest in the Boddington project, the Company expects average annual
gold sales of approximately one million ounces at costs applicable to sales of
approximately $300 per ounce (net of by-product credits) for the first five
years of operation.
    

    Exploration:
    
    For 2009, the Company has budgeted exploration spending of approximately
$165 to $175 million, focusing the majority of spending on sulfide targets at
Yanacocha in Peru, and on reserve and non-reserve mineralization conversion in
Nevada, at Hope Bay in Canada, Ahafo in Ghana, Tanami in Australia and
Yanacocha in Peru.  Greenfields exploration will focus on selected land
positions in South America, North America, West Africa and the Asia Pacific
region building on the encouraging results from those areas in 2008.  The
Company will continue to advance the Hope Bay project in Canada and the Gold
Quarry West Wall layback in Nevada, in addition to recent greenfield
discoveries in Armenia and Australia.

    
    (1) See reconciliation from Adjusted net income to GAAP Net income on page
        10 of this earnings release.
    (2) "Gold operating margin" defined as average realized price per ounce
        less costs applicable to sales per ounce, excluding amortization and
        accretion.
    



    
    Statements of Consolidated Income (Loss)
    

    
                                         Three Months    Twelve Months
                                             Ended            Ended
                                          December 31,     December 31,
                                         2008    2007    2008     2007
                                       ------- ------- -------  -------
                                            (unaudited, in millions,
                                                except per share)
    

    
    Revenues
      Sales - gold, net                 $1,295  $1,289  $5,447   $4,305
      Sales - copper, net                   47     121     752    1,221
                                       ------- ------- -------  -------
                                         1,342   1,410   6,199    5,526
                                       ------- ------- -------  -------
    

    
    Costs and expenses
      Costs applicable to
       sales - gold (1)                    727     601   2,745    2,404
      Costs applicable to
       sales - copper (2)                   57      94     399      450
      Loss on settlement of price-capped
       forward sales contracts               -       -       -      531
      Midas redevelopment                    -       1       -       11
      Amortization                         192     163     747      695
      Accretion                              7       6      32       29
      Exploration                           59      45     214      177
      Advanced projects, research and
       development                          52      17     166       62
      General and administrative            41      38     144      142
      Write-down of goodwill                 -   1,122       -    1,122
      Write-down of property,
       plant and mine development          137      10     137       10
      Other expense, net                   106      76     360      246
                                       ------- ------- -------  -------
                                         1,378   2,173   4,944    5,879
                                       ------- ------- -------  -------
    

    
    Other income (expense)
      Other income, net                     23       6     123      106
      Interest expense, net of
       capitalized interest                (29)    (28)   (102)    (105)
                                       ------- ------- -------  -------
                                            (6)    (22)     21        1
                                       ------- ------- -------  -------
    

    
    (Loss) income from continuing
     operations before income tax,
     minority interest and equity
     income (loss) of affiliates           (42)   (785)  1,276     (352)
    Income tax benefit (expense)            88     (89)   (113)    (200)
    Minority interest in income of
     consolidated subsidiaries             (38)    (58)   (329)    (410)
    Equity income (loss) of
     affiliates                              1      (1)     (5)      (1)
                                       ------- ------- -------  -------
    Income (loss) from continuing
     operations                              9    (933)    829     (963)
    Income (loss) from discontinued
     operations                              1     644      24     (923)
    Net income (loss)                      $10   $(289)   $853  $(1,886)
                                       ======= ======= =======  =======
    

    
    Income (loss) per common share
      Basic:
           Income (loss) from
            continuing operations        $0.02  $(2.06)  $1.83   $(2.13)
           Income (loss) from
            discontinued operations          -    1.43    0.05    (2.04)
           Net income (loss)             $0.02  $(0.63)  $1.88   $(4.17)
                                       ======= ======= =======  =======
    

    
      Diluted:
           Income (loss) from
            continuing operations        $0.02  $(2.06)  $1.82   $(2.13)
           Income (loss) from
            discontinued operations          -    1.43    0.05    (2.04)
           Net income (loss)             $0.02  $(0.63)  $1.87   $(4.17)
                                       ======= ======= =======  =======
    

    
    Basic weighted-average
     common shares outstanding             454     452     454      452
                                       ======= ======= =======  =======
    Diluted weighted-average
     common shares outstanding             455     452     455      452
                                       ======= ======= =======  =======
    Cash dividends declared per
     common share                        $0.10   $0.10   $0.40    $0.40
                                       ======= ======= =======  =======
    

    
    (1)  Exclusive of Loss on settlement of price-capped forward sales
         contracts, Midas redevelopment, Amortization and Accretion.
    (2)  Exclusive of Amortization and Accretion.
    

    
    The Company's financial statements can be found on its website at
    www.newmont.com. 
    



    
    Consolidated Balance Sheets
    

    
                                              At December 31,  At December 31,
                                                    2008             2007
                                              ---------------  ---------------
                                                   (audited, in millions)
                     ASSETS
    Cash and cash equivalents                       $435           $1,231
    Marketable securities and other
     short-term investments                           12               61
    Trade receivables                                104              177
    Accounts receivable                              223              168
    Inventories                                      519              463
    Stockpiles and ore on leach pads                 324              373
    Deferred income tax assets                       286              112
    Other current assets                             458               87
                                                 -------          -------
        Current assets                             2,361            2,672
    Property, plant and mine development,
     net                                          10,132            9,140
    Investments                                      655            1,531
    Stockpiles and ore on leach pads               1,145              788
    Deferred income tax assets                     1,145            1,027
    Other long-term assets                           213              230
    Goodwill                                         188              186
    Assets of operations held for sale                 -               24
                                                 -------          -------
        Total assets                             $15,839          $15,598
                                                 =======          =======
    

    
                  LIABILITIES
    Current portion of long-term debt               $169             $255
    Accounts payable                                 412              339
    Employee-related benefits                        178              153
    Income and mining taxes                           58               88
    Other current liabilities                        779              665
                                                 -------          -------
        Current liabilities                        1,596            1,500
    Long-term debt                                 3,373            2,683
    Reclamation and remediation liabilities          716              623
    Deferred income tax liabilities                1,051            1,025
    Employee-related benefits                        379              226
    Other long-term liabilities                      252              150
    Liabilities of operations held for sale            -              394
                                                 -------          -------
        Total liabilities                          7,367            6,601
                                                 -------          -------
    

    
    Minority interests in subsidiaries             1,370            1,449
                                                 -------          -------
    

    
              STOCKHOLDERS' EQUITY
    Common stock                                     709              696
    Additional paid-in capital                     6,639            6,696
    Accumulated other comprehensive
     (loss) income                                  (253)             957
    Retained earnings (deficit)                        7             (801)
                                                 -------          -------
        Total stockholders' equity                 7,102            7,548
                                                 -------          -------
        Total liabilities and
         stockholders' equity                    $15,839          $15,598
                                                 =======          =======
    

    
    The Company's financial statements can be found on its website at
    www.newmont.com.
    



    
    Statements of Consolidated Cash Flows
    

    
                                            Three Months    Twelve Months
                                               Ended            Ended
                                            December 31,    December 31,
                                          ---------------  ---------------
                                           2008    2007    2008     2007
                                          ------  ------- ------   -------
                                                    (in millions)
                                            (unaudited)       (audited)
    Operating activities:
        Net income (loss)                    $10   $(289)   $853  $(1,886)
        Adjustments to reconcile net
         income (loss) to net cash from
         continuing operations:
          Amortization                       192     163     747      695
          Minority interest in income of
           consolidated subsidiaries          38      58     329      410
          Deferred income taxes              (86)    116    (300)    (152)
          Write-down of investments           24      46     114       46
          Write-down of property,
           plant and mine development        134       9     137       10
          Gain on asset sales, net            (2)     (3)    (72)     (16)
          Reclamation estimate revisions      28      11     102       29
          Stock based compensation and
           other benefits                     12      10      50       46
          Accretion of accumulated
           reclamation obligations            10       8      42       37
          (Income) loss from discontinued
           operations                         (1)   (644)    (24)     923
          Hedge gain, net                     (1)      -      (9)      (9)
          Write-down of goodwill               -   1,122       -    1,122
          Other operating adjustments and
           write-downs                        10      (7)     76       25
          Net change in operating
           assets and liabilities           (139)     30    (642)    (755)
                                          ------  ------  ------   ------
    Net cash provided from continuing
     operations                              229     630   1,403      525
    Net cash provided from (used in)
     discontinued operations                   -      40    (111)     138
                                          ------  ------  ------   ------
    Net cash provided from operations        229     670   1,292      663
                                          ------  ------  ------   ------
    Investing activities:
        Additions to property, plant
         and mine development               (520)   (513) (1,875)  (1,672)
        Proceeds from sale of
         marketable debt and equity
         securities                            -      16      50      224
        Investments in marketable
         debt and equity securities            -     (18)    (17)    (258)
        Acquisitions, net                      -    (953)   (325)    (953)
        Cash received on repayment of
         Batu Hijau carried interest           -       -       -      161
        Other                                 (9)      6      16       31
                                          ------  ------  ------   ------
    Net cash used in investing activities
     of continuing operations               (529) (1,462) (2,151)  (2,467)
    Net cash provided from (used in)
     investing activities of discontinued
     operations                                -   1,200      (6)   1,354
                                          ------  ------  ------   ------
    Net cash used in investing activities   (529)   (262) (2,157)  (1,113)
                                          ------  ------  ------   ------
    Financing activities:
        Proceeds from debt, net            2,277     280   5,078    3,008
        Repayment of debt                 (2,235)   (385) (4,487)  (2,036)
        Dividends paid to minority
         interests                          (142)   (154)   (389)    (270)
        Dividends paid to common
         stockholders                        (46)    (45)   (182)    (181)
        Proceeds from stock issuance           2      31      29       51
        Purchase of Company share call
         options                               -       -       -     (366)
        Issuance of Company share warrants     -       -       -      248
        Change in restricted cash and
         other                                55       4      74       11
                                          ------  ------  ------   ------
    Net cash (used in) provided from
     financing activities                    (89)   (269)    123      465
    Effect of exchange rate changes on
     cash                                    (30)     39     (54)      50
                                          ------  ------  ------   ------
    Net change in cash and cash
     equivalents                            (419)    178    (796)      65
    Cash and cash equivalents at
     beginning of period                     854   1,053   1,231    1,166
                                          ------  ------  ------   ------
    Cash and cash equivalents at end
     of period                              $435  $1,231    $435   $1,231
                                          ======  ======  ======   ======
    

    
    The Company's financial statements can be found on its website at
    www.newmont.com.
    



    
    Sales Statistics
    

    
                                          Three Months   Twelve Months
                                             Ended           Ended
                                          December 31,    December 31,
                                         -------------   -------------
                                          2008    2007    2008    2007
                                         -----   -----   -----   -----
    Gold
    ----
    Consolidated ounces sold (thousands)
      Nevada (1)                           601     667   2,225   2,341
      Yanacocha                            433     438   1,843   1,565
      Australia/New Zealand
        Jundee                              72      87     377     298
        Tanami                              89     103     365     439
        Kalgoorlie                          92      74     304     323
        Waihi                               35      31     141      93
                                         -----   -----   -----   -----
                                           288     295   1,187   1,153
                                         -----   -----   -----   -----
    

    
      Batu Hijau (2)                       114     120     299     494
      Africa
        Ahafo (3)                          141      85     521     446
    

    
      Other
        La Herradura                        24      22      95      86
        Kori Kollo                          21      21      85      87
        Golden Giant                         -       -       -      12
                                         -----   -----   -----   -----
                                            45      43     180     185
                                         -----   -----   -----   -----
                                         1,622   1,648   6,255   6,184
                                         =====   =====   =====   =====
    Equity ounces sold (thousands)
      Nevada (1)                           601     667   2,225   2,341
      Yanacocha                            222     224     946     803
      Australia/New Zealand
        Jundee                              72      87     377     298
        Tanami                              89     103     365     439
        Kalgoorlie                          92      74     304     323
        Waihi                               35      31     141      93
                                         -----   -----   -----   -----
                                           288     295   1,187   1,153
                                         -----   -----   -----   -----
      Batu Hijau (2)                        52      54     135     233
      Africa
        Ahafo (3)                          141      85     521     446
    

    
      Other
        La Herradura                        24      22      95      86
        Kori Kollo                          18      18      75      76
        Golden Giant                         -       -       -      12
                                         -----   -----   -----   -----
                                            42      40     170     174
                                         -----   -----   -----   -----
                                         1,346   1,365   5,184   5,150
      Discontinued Operations
        Pajingo                              -      40       -     171
                                         -----   -----   -----   -----
                                         1,346   1,405   5,184   5,321
                                         =====   =====   =====   =====
    Copper
    ------
      Batu Hijau pounds sold
       (millions) (2)
        Consolidated                        89      76     290     428
        Equity                              40      34     130     204
    

    
    (1) Includes incremental start-up ounces of 1 and 6 for the years
        ended December 31, 2008 and 2007, respectively.
    (2) Economic interest decreased to 45% from 52.875% on
        May 25, 2007.
    (3) Includes incremental start-up ounces of 19 for the year ended
        December 31, 2008.
    

    
    This information and other detailed regional production statistics can
    be found in the Regional Operating Statistics section of the Company's
    website at www.newmont.com.
    



    
    CAS and Capital Expenditures Statistics
    

    
                                              Three Months      Twelve Months
                                                  Ended             Ended
                                              December 31,       December 31,
                                             --------------   ---------------
                                              2008    2007     2008     2007
                                             ------  ------   ------   ------
    Gold
    ----
      Costs Applicable to Sales ($/ounce) (1)
        Nevada                                 $497    $379     $460     $437
        Yanacocha                               344     278      346      313
        Australia/New Zealand
          Jundee                                323     401      395      462
          Tanami                                655     428      604      413
          Kalgoorlie                            654     678      760      591
          Waihi                                 275     393      390      451
                                             ------  ------   ------   ------
                                                526     480      552      479
                                             ------  ------   ------   ------
    

    
        Batu Hijau                              418     337      414      232
        Africa
          Ahafo                                 385     388      408      376
    

    
        Other Operations
          La Herradura                          414     420      397      340
          Kori Kollo                            745     233      754      325
          Golden Giant                            -       -        -      177
                                             ------  ------   ------   ------
                                                568     329      566      322
                                             ------  ------   ------   ------
      Average                                  $448    $366     $440     $389
                                             ======  ======   ======   ======
    

    
    Copper
    ------
      Costs Applicable to Sales ($/pound) (1)
        Batu Hijau                            $0.65   $1.23    $1.38    $1.05
    



    
                                               Three Months     Twelve Months
                                                  Ended            Ended
                                               December 31,     December 31,
                                             --------------   ---------------
                                              2008    2007     2008     2007
                                             ------  ------   ------   ------
    Consolidated Capital Expenditures
     ($ million)
      Nevada                                    $78    $135     $337     $588
      Yanacocha                                 114      72      239      253
      Australia/New Zealand                     241     231      962      599
      Batu Hijau                                 12      31       84       74
      Africa                                     32      40      117      134
      Hope Bay                                   19       -       82        -
      Other Operations                           11       1       33       13
      Corporate and Other                        13       3       21       11
                                             ------  ------   ------   ------
    Total                                      $520    $513   $1,875   $1,672
                                             ======  ======   ======   ======
    


    
    (1) Excludes Amortization, Accretion, the 2007 Loss on settlement of
        price-capped forward sales contracts and the 2007 Midas redevelopment.
    

    
    This information and other detailed regional production statistics can
    be found in the Regional Operating Statistics section of the Company's
    website at www.newmont.com.


    Supplemental Information:

    
    Classification Reporting Changes - Certain amounts for the three and
twelve months ended December 31, 2007 have been reclassified to conform to the
2008 presentation. The Company reclassified the World Gold Council dues from
General and administrative to Other expense, net, reclassified Accretion from
Costs applicable to sales to a separate Accretion line item, reclassified
regional administrative and community development from Costs applicable to
sales to Other expense, net and reclassified marketing costs from Costs
applicable to sales to General and administrative. The Statements of
Consolidated Income (Loss) and the Statements of Consolidated Cash Flows have
also been reclassified for discontinued operations. These changes were
reflected for all periods presented.
    

    
    Reconciliation of Adjusted Net Income to GAAP Net Income - Management of
the Company 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.
    

    
    Adjusted net income is not, and should not be used as, an alternative to
GAAP Net income as reflected in the consolidated financial statements of the
Company. Adjusted net income is not a measure of financial performance under
GAAP and this measure should not be considered in isolation or as a substitute
to performance measures calculated in accordance with GAAP.  The tables below
sets forth a reconciliation of Adjusted net income to GAAP Net income, the
directly comparable GAAP financial measure.
    


    

    
    Description ($million except per share,
     after-tax)                                       Q4 2008   Per Share
    ---------------------------------------------------------------------
    Adjusted net income                                $120       $0.26
    Write-down of marketable securities and
     other assets                                      (111)      (0.24)
    Legacy closure obligations                          (18)      (0.04)
    Income tax estimate revisions                        18        0.04
    ---------------------------------------------------------------------
    GAAP Income from continuing operations               $9       $0.02
    Income from discontinued operations                   1        0.00
    ---------------------------------------------------------------------
    GAAP Net income                                     $10       $0.02
    ---------------------------------------------------------------------
    



    
    Description ($million except
     per share, after-tax)              2008    Per Share   2007    Per Share
    -------------------------------------------------------------------------
    Adjusted net income                 $905      $1.99     $600      $1.33
    Write-down of marketable securities
     and other assets                   (182)     (0.40)     (39)     (0.09)
    Legacy closure obligations           (68)     (0.15)     (19)     (0.04)
    Income tax estimate revisions        165       0.37        -          -
    Write-down of exploration goodwill     -          -   (1,122)     (2.48)
    Settlement of gold contracts           -          -     (358)     (0.79)
    Batu Hijau minority loan payment       -          -      (25)     (0.06)
    Other, net                             9       0.02        -          -
    -------------------------------------------------------------------------
    GAAP Income (loss) from continuing
     operations                         $829      $1.83    $(963)    $(2.13)
    Income (loss) from discontinued
     operations                           24       0.05     (923)     (2.04)
    -------------------------------------------------------------------------
    GAAP Net income (loss)              $853      $1.88  $(1,886)    $(4.17)
    -------------------------------------------------------------------------


    
    2009 Annual Outlook - As a result of adopting a recent accounting
pronouncement related to the accounting treatment for convertible debt
instruments, FSP APB 14-1, the Company expects its interest expense in 2009 to
increase by approximately $55 million as a result of non-cash interest expense
related to the treatment of the conversion feature for the Company's 2012,
2014 and 2017 convertible notes.  The table below sets forth the Company's
current annual outlook and forecast assumptions:
    


    

    
    2009 Annual Outlook - Description
    ------------------------------------------------------------------
    Equity gold sales (Kozs)                            5,200 - 5,500
    Costs applicable to sales ($/oz)                     $400 - $440
    Equity copper sales (Mlbs)                            210 - 230
    Costs applicable to sales ($/lb)                    $0.65 - $0.75
    Capital expenditures ($M)                          $1,400 - $1,600
    Amortization ($M)                                    $775 - $825
    Exploration ($M)                                     $165 - $175
    Advanced projects, research and development ($M)     $120 - $150
    General and administrative expenses ($M)             $140 - $150
    Interest expense, net of capitalized interest ($M)   $150 - $160
    Effective tax rate                                    28% - 32%
    

    
    Outlook Assumptions
    ------------------------------------------------------------------
    Oil price ($/bbl)                                        $70
    Australian dollar exchange rate                          0.75
    Copper price ($/lb)                                     $2.00

    
    To view more detailed financial disclosure, including regional mine
statistics, Results of Consolidated Operations, Liquidity and Capital
Resources, Management's Discussion & Analysis, relevant Risk Factors, and a
complete outline of the 2009 Operating and Financial guidance by region,
please see the Company's Annual Report on Form 10-K, filed with the Securities
and Exchange Commission on February 19, 2009, available at www.newmont.com.
    

    
    The Company's fourth quarter and year-end earnings conference call and
web cast presentation will be held on Thursday, February 19, 2009 beginning at
10:00 a.m. Eastern Time (8:00 a.m. Mountain Time).  To participate:

    
    Dial-In Number           800-619-4068
    Intl Dial-In Number      415-228-4564
    Leader                   John Seaberg
    Password                 Newmont
    Replay Number            866-457-5512
    Intl Reply Number        203-369-1285

    
    The conference call also will be simultaneously carried on our web site
at www.newmont.com under Investor Relations/Presentations and will be archived
there for a limited time.
    

    Cautionary Statement:

    
    This news 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 that are intended to be
covered by the safe harbor created by such sections and other applicable laws.
 Such forward-looking statements include, without limitation, (i) estimates of
future mineral production and sales; (ii) estimates of future costs applicable
to sales, other expenses and taxes, for specific operations and on a
consolidated basis; (iii) estimates of future capital expenditures,
construction, production or closure activities; (iv) statements regarding
future exploration expenditures, results and reserves; (v) statements
regarding fluctuations in capital and currency markets; (vi) statements
regarding potential cost savings, productivity, operating performance, and
cost structure; (vii) expectations regarding the completion and timing of the
remaining interest in Boddington acquisition; and (viii) expectations
regarding the start-up time, design, mine life, production and costs
applicable to sales and exploration potential of the Boddington mine.  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 2008
Annual Report on Form 10-K, filed on February 19, 2009, 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.
    





    




For further information:

For further information: Investors, John Seaberg, +1-303-837-5743,
john.seaberg@newmont.com, or Media, Omar Jabara, +1-303-837-5114,
omar.jabara@newmont.com, both of Newmont Mining Corporation Web Site:
http://www.newmont.com

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Newmont Mining Corporation

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