Newmont's Second Quarter Adjusted Net Income(1) Rises to $230 Million ($0.51 per Share); Nevada Power Plant and Yanacocha Gold Mill in Commercial Production



    
    This release should be read in conjunction with Newmont's Second Quarter
    2008 Form 10-Q filed with the Securities and Exchange Commission on July
    24, 2008 (available at www.newmont.com).

    
    DENVER, July 24 /CNW/ -- Newmont Mining Corporation (NYSE:   NEM) today
announced second quarter results, with gold sales of 1.27 million equity
ounces at an average realized gold price of $900 per ounce and costs
applicable to sales of $440 per ounce, resulting in Adjusted net income(1) of
$230 million ($0.51 per share), compared to Adjusted net income(1) of $103
million ($0.23 per share) in the year ago quarter.  Net income on a GAAP basis
was $277 million ($0.61 per share) during the second quarter, compared with a
net loss of $2.1 billion (-$4.57 per share) in the year ago quarter.

    
    Second Quarter 2008 Highlights:
    

    
    --  Adjusted net income(1) increased 123% to $230 million ($0.51 per
        share) from $103 million ($0.23 per share) in the year ago quarter;
    --  Adjusted net cash provided from continuing operations(1) increased 87%
        to $382 million ($0.84 per share) from $204 million ($0.45 per share)
        in the year ago quarter;
    --  Costs applicable to sales(2) were $440 per ounce compared to $417 per
        ounce in the year ago quarter;
    --  Revenues increased 19% from the year ago quarter to $1.5 billion at an
        average realized gold price of $900 per ounce, compared with an
        average realized gold price of $665 per ounce in the year ago quarter;
    --  The Yanacocha gold mill and Nevada power plant began commercial
        production, with both projects successfully completed on or ahead of
        schedule and at or below forecasted costs; and
    --  Realized tax benefit(3) of $129 million, net, resulting in a lower
        expected 2008 tax rate of between 22% and 26%.
    
    Richard O'Brien, President and Chief Executive Officer, said, "Our
continued focus on cost control and operational execution has produced another
quarter of strong results that are in-line with our plans, despite the
industry-wide challenge of escalating operating and capital costs.  Our
capital project execution also continues to improve, as both the Yanacocha
gold mill and the Nevada power plant were completed on or ahead of schedule
and at or below forecasted costs.  By leveraging our global resources,
experience, and strategic partnerships, we were able to successfully complete
our projects and transition from project development to commercial production
in a challenging construction environment."
    The Company is maintaining its initial 2008 annual equity gold sales
guidance at between 5.1 and 5.4 million ounces and its initial costs
applicable to sales guidance of between $425 and $450 per ounce.  The
Company's costs applicable to sales forecast for 2008 now assumes an oil price
of $125 per barrel and an Australian dollar exchange rate of 0.95 for the
balance of the year.  Costs applicable to sales are expected to change by
approximately $4 per ounce for every $10 change in the oil price and by
roughly $3 per ounce for every 0.10 change in the Australian dollar exchange
rate during the remainder of the year.
    As of June 30, 2008, the Company had hedged approximately 44% of the
remaining 2008 forecasted Australian dollar denominated operating costs at an
average exchange rate of 0.87.  Additionally, the Company's cash distributions
from its holdings in the Canadian Oil Sands Trust are currently expected to
offset approximately 25% of the Company's oil exposure.

    
    (1)  See reconciliation from Adjusted financial measures to comparable
         GAAP measures on page 9 of this earnings release.
    (2)  Excludes Loss on settlement of price-capped forward sales contracts,
         Amortization and Accretion.
    (3)  Details of the realized tax benefit are outlined in the Consolidated
         Financial Results section of the Company's Form 10-Q filed with the
         Securities and Exchange Commission and available at
         http://www.newmont.com.
    


    
    REGIONAL OPERATIONS
    
    In the second quarter of 2008, the Company reported equity gold sales of
1.27 million ounces at costs applicable to sales of $440 per ounce.  The
Company's operations delivered equity gold sales slightly above management's
expectations during the second quarter, as higher than expected equity sales
in the Australia/New Zealand region and at Ahafo offset lower than expected
equity sales at Batu Hijau and Yanacocha.  The Company's second quarter costs
applicable to sales per ounce were impacted by higher than expected costs at
Nevada, Yanacocha and Batu Hijau, offset by lower than expected costs in the
Australia/New Zealand region and at Ahafo.
    Nevada - Nevada sold 554,000 equity ounces at costs applicable to sales
of $430 per ounce during the second quarter.  Equity sales were in-line with
expectations, as stockpiled inventory reductions offset production shortfalls
from the unplanned shut-down of the third party operated Getchell mine and the
Yukon-Nevada Gold processing facility.  Gold production was slightly lower
than plan due to the timing of ore recoveries from the Twin Creeks leach pads.
The Company expects this production to be realized during the second half of
this year.  Costs applicable to sales during the second quarter were in-line
with expectations, as higher than expected mining costs from processing
higher-cost stockpile inventory as well as higher fuel and underground
contract services were offset by higher by-product credits.
    Phoenix Revised Plan - Phoenix sold 54,100 ounces of gold at costs
applicable to sales of $361 per ounce during the second quarter, compared to
39,700 ounces at costs applicable to sales of $844 per ounce in the year ago
quarter.  The cost improvements were driven by increased copper and silver
by-product credits and increased mill throughput.
    The Company has spent the past year completing studies at Phoenix,
focused on resolving issues with gold grade reconciliation, complex copper
mineralogy, rock hardness, and operating and design inefficiencies.  The
Company has completed an extensive re-drilling program and has incorporated
the results into a new mine plan that more accurately defines the ore body. 
Based on the updated mine plan and current commodity price assumptions, equity
gold production during the next five-years is currently expected to average
approximately 200,000 to 250,000 ounces per annum at costs applicable to sales
of approximately $400 to $500 per ounce, net of by-product credits.  The
Company will continue to focus on productivity and cost improvements, process
optimization opportunities, and near mine exploration.
    Commercial Operation at Nevada Power Plant - The 200 megawatt coal-fired
power plant achieved commercial production on May 1, 2008.  The Company
expects to save approximately $70 to $80 million per year in costs applicable
to sales from the lower cost of self-generated electricity, compared to
purchasing power in the current market.  Capital costs for the power plant are
expected to be approximately $620 million, at the low-end of previous guidance
of $620 to $640 million.
    Yanacocha - Equity gold sales during the second quarter at Yanacocha in
Peru were 222,000 ounces at costs applicable to sales of $374 per ounce.
Equity sales were slightly below expectations, as marginally lower production
was offset by inventory reductions.  Leach placement at the end of the second
quarter was ahead of plan due to a change in mine sequence, with slightly
higher production anticipated during the second half of 2008.
    Commercial Operation at Gold Mill - The gold mill achieved commercial
production on April 1, 2008.  Production from the mill contributed
approximately 40,000 ounces to equity gold sales during the second quarter,
with mill ramp-up exceeding expectations.  During the first five years of
operation, the design throughput is expected to be approximately 5 million
tons per annum with gold and silver recoveries averaging between 75% and 85%
and between 60% and 75%, respectively.  Equity gold production from the mill
is currently expected to average approximately 200,000 to 250,000 ounces per
annum at costs applicable to sales of approximately $250 to $320 per ounce.
Capital costs are expected to be approximately $230 million, below previous
guidance of $250 to $270 million.
    Australia/New Zealand - Equity gold sales in Australia/New Zealand were
301,000 ounces at costs applicable to sales of $565 per ounce.  Equity gold
sales exceeded expectations due to higher grades at Jundee and Tanami, more
than offseting lower than planned production at Kalgoorlie.  Australia/New
Zealand costs applicable to sales are expected to change by roughly $13 per
ounce for every 0.10 change in the Australian dollar exchange rate during the
remainder of the year.
    Batu Hijau - Equity gold and copper sales at Batu Hijau in Indonesia were
17,000 ounces and 23 million pounds, respectively, at costs applicable to
sales of $518 per ounce and $2.02 per pound, respectively.  Sales were below
expectations due to reduced production from lower throughput and recovery. The
de-watering program, developed to address the significant rainfall during the
first quarter, has yielded better than expected results and may contribute to
increased production during the dry season in the second half of the year,
potentially offsetting portions of the second quarter shortfall.  Total costs
applicable to sales were consistent with expectations, with higher unit costs
largely driven by lower sales volume during the second quarter.
    Ahafo - Equity gold sales at Ahafo in Ghana were 134,000 ounces at costs
applicable to sales of $390 per ounce.  Equity gold sales were in-line with
plan, as higher than expected ore grades from the Subika and Apensu pits and
inventory sales were offset by lower than expected throughput.  The Company
has revised its expected costs applicable to sales guidance at Ahafo to
between $450 and $500 per ounce, compared to original guidance of between $485
and $520 per ounce.  The revised guidance is primarily driven by greater than
expected capitalization of the cost of waste rock placed for the construction
of tails and other facilities, lower than expected power costs, as higher than
anticipated power was available from the Volta River Authority (VRA), and
lower than anticipated labor costs.  These favorable variances are partially
offset by the rate increase for power supplied by the VRA starting on July 1,
2008.  The Company continues to negotiate the price per kilowatt hour with the
VRA; however, the Company has included in its revised guidance a potential
increase to 2008 costs applicable to sales of approximately $15 to $30 per
ounce for power.
    Regional operating variances from the year ago quarter, as disclosed in
the Company's previous earnings releases, are outlined in the Results of
Consolidated Operations section of the Company's Form 10-Q filed with the
Securities and Exchange Commission and available at http://www.newmont.com.
    
    CAPITAL UPDATE
    
    Consolidated capital expenditures were $448 million during the second
quarter, with approximately 50% attributed to the Boddington project in
Australia.  The Company has updated its 2008 consolidated capital expenditure
guidance to between $1.7 and $2.0 billion, compared to original guidance of
between $1.8 and $2.0 billion, primarily due to the deferral of capital
expenditures in Indonesia.
    Boddington - Development of the Boddington project in Australia was
approximately 77% complete at the end of the second quarter, with start-up
expected in late 2008 or early 2009.  The Company's expected share of total
capital costs of between $1.4 and $1.6 billion continues to be pressured by
the strengthening Australian dollar and the industry-wide labor and commodity
cost pressures.  The Company will continue to monitor the impact of the strong
Australian currency and other inflationary pressures on the capital cost
estimate and will provide an update during its third quarter conference call.
As of June 30, 2008, the Company has hedged approximately 63% of the remaining
forecasted Australian dollar denominated capital costs at an average exchange
rate of 0.90.
    Batu Hijau - The Company has deferred capital associated with a planned
mill expansion due to the delay in the Indonesian government's renewal of the
Company's forest use permit.  The Company now expects capital expenditures of
approximately $80 to $120 million, down from previous guidance of between $145
and $195 million.
    A detailed explanation of regional capital expenditures during the second
quarter is outlined in the Liquidity and Capital Resources section of the
Company's Form 10-Q filed with the Securities and Exchange Commission and
available at http://www.newmont.com.



    
     STATEMENTS OF CONSOLIDATED INCOME (LOSS)
    

    
                                           Three Months      Six Months
                                           Ended June 30,   Ended June 30,
                                           2008    2007     2008    2007
                                              (unaudited, in millions,
                                                  except per share)
    

    
     Revenues
       Sales - gold, net                  $1,339     $936  $2,850   $1,947
       Sales - copper, net                   183      340     615      553
                                           1,522    1,276   3,465    2,500
    

    
     Costs and expenses
       Costs applicable to sales -
        gold (1)                             655      586   1,296    1,216
       Costs applicable to sales -
        copper (1)                           104      128     254      251
       Loss on settlement of price-capped
        forward sales contracts                -      531       -      531
       Amortization                          184      186     366      365
       Accretion                               8        8      16       15
       Exploration                            59       46      98       85
       Advanced projects, research and
        development                           39       13      69       29
       General and administrative             37       34      66       67
       Write-down of investments              34        -      56        -
       Other expense, net                    118       78     181      128
                                           1,238    1,610   2,402    2,687
    

    
     Other income (expense)
       Other income, net                      53       37      90       54
       Interest expense, net of
        capitalized interest                 (27)     (25)    (47)     (49)
                                              26       12      43        5
    

    
     Income (loss) from continuing
      operations before income tax,
      minority interest and equity loss
      of affiliates                          310     (322)  1,106     (182)
     Income tax benefit (expense)             37       19    (198)     (25)
     Minority interest in income of
      consolidated subsidiaries              (68)     (98)   (260)    (154)
     Equity loss of affiliates                 -        -      (5)       -
     Income (loss) from continuing
      operations                             279     (401)    643     (361)
     (Loss) income from discontinued
      operations                              (2)  (1,661)      4   (1,633)
     Net income (loss)                      $277  $(2,062)   $647  $(1,994)
    

    
     Income (loss) per common share
        Basic:
          Income (loss) from continuing
            operations                     $0.61   $(0.89)  $1.42   $(0.80)
          Income (loss) from
            discontinued operations            -    (3.68)   0.01    (3.62)
          Net income (loss)                $0.61   $(4.57)  $1.43   $(4.42)
    

    
        Diluted:
          Income (loss) from continuing
           operations                      $0.61   $(0.89)  $1.41   $(0.80)
          Income (loss) from
           discontinued operations             -    (3.68)   0.01    (3.62)
          Net income (loss)                $0.61   $(4.57)  $1.42   $(4.42)
    

    
     Basic weighted-average common shares
      outstanding                            454      451     454      451
     Diluted weighted-average common
      shares outstanding                     456      451     457      451
     Cash dividends declared per common
      share                                $0.10    $0.10   $0.20    $0.20
    

    
     (1)  Exclusive of Loss on settlement of price-capped forward sales
          contracts, Amortization and Accretion.
    
    The Company's financial statements can be found on its website at
http://www.newmont.com.



    
     CONSOLIDATED BALANCE SHEETS
                                                 At June 30,   At December 31,
                                                    2008            2007
                                                   (unaudited, in millions)
                   ASSETS
     Cash and cash equivalents                      $1,036            $1,231
     Marketable securities and other
      short-term investments                            72                61
     Trade receivables                                 251               177
     Accounts receivable                               159               168
     Inventories                                       454               463
     Stockpiles and ore on leach pads                  367               373
     Deferred income tax assets                        102               112
     Other current assets                              406                87
         Current assets                              2,847             2,672
     Property, plant and mine development, net      10,032             9,140
     Investments                                     1,933             1,527
     Long-term stockpiles and ore on leach pads        901               788
     Deferred income tax assets                      1,070             1,027
     Other long-term assets                            271               234
     Goodwill                                          186               186
     Assets of operations held for sale                  3                24
         Total assets                              $17,243           $15,598
    

    
                 LIABILITIES
     Current portion of long-term debt                $261              $255
     Accounts payable                                  321               339
     Employee-related benefits                         147               153
     Income and mining taxes                           152                88
     Other current liabilities                         735               665
         Current liabilities                         1,616             1,500
     Long-term debt                                  3,085             2,683
     Reclamation and remediation liabilities           664               623
     Deferred income tax liabilities                 1,277             1,025
     Employee-related benefits                         212               226
     Other long-term liabilities                       153               150
     Liabilities of operations held for sale            94               394
         Total liabilities                           7,101             6,601
    

    
     Minority interests in subsidiaries              1,547             1,449
    

    
            STOCKHOLDERS' EQUITY
     Common stock                                      703               696
     Additional paid-in capital                      6,651             6,696
     Accumulated other comprehensive income          1,395               957
     Retained deficit                                 (154)             (801)
         Total stockholders' equity                  8,595             7,548
         Total liabilities and stockholders'
          equity                                   $17,243           $15,598
    
    The Company's financial statements can be found on its website at
http://www.newmont.com.



    
    STATEMENTS OF CONSOLIDATED CASH FLOW
    

    
                                          Three Months Ended  Six Months Ended
                                               June 30,            June 30,
                                             2008     2007      2008    2007
                                                 (unaudited, in millions)
    Operating activities:
      Net income (loss)                      $277   $(2,062)    $647  $(1,994)
      Adjustments to reconcile net income
       (loss) to net cash from continuing
       operations:
        Amortization                          184       186      366      365
        Loss (income) from discontinued
         operations                             2     1,661       (4)   1,633
        Accretion of accumulated reclamation
         obligations                           11        10       21       19
        Deferred income taxes                (155)     (199)    (203)    (143)
        Write-down of investments              34         -       56        -
        Stock based compensation and other
         benefits                              13        12       24       25
        Minority interest in income of
         consolidated subsidiaries             68        98      260      154
        Gain on asset sales, net               (9)       (2)     (13)      (4)
        Other operating adjustments and
         write-downs                           67        37       86       47
        Net change in operating assets and
         liabilities                         (110)     (391)    (264)    (726)
    Net cash provided from (used in)
     continuing operations                    382      (650)     976     (624)
    Net cash (used in) provided from
     discontinued operations                  (12)       29     (112)      61
    Net cash provided from (used in)
     operations                               370      (621)     864     (563)
    Investing activities:
      Additions to property, plant and mine
       development                           (448)     (350)    (897)    (710)
      Investments in marketable debt and
       equity securities                      (14)       (5)     (17)    (158)
      Proceeds from sale of marketable debt
       and equity securities                   17        10       17      134
      Acquisitions, net                        (7)        -     (325)       -
      Cash received on repayment of Batu
       Hijau carried interest                   -       161        -      161
      Other                                   (19)        4      (16)       5
    Net cash used in investing activities
     of continuing operations                (471)     (180)  (1,238)    (568)
    Net cash (used in) provided from
     investing activities of discontinued
     operations                                (3)       76       (6)      74
    Net cash used in investing activities    (474)     (104)  (1,244)    (494)
    Financing activities:
      Proceeds from debt, net                 451     1,161    1,023    1,161
      Repayment of debt                      (251)     (397)    (627)    (418)
      Dividends paid to common stockholders   (46)      (45)     (91)     (90)
      Dividends paid to minority interests    (49)     (114)    (147)    (115)
      Proceeds from stock issuance              7         5       24       14
      Change in restricted cash and other       6        (6)       7        2
    Net cash provided from financing
     activities                               118       604      189      554
    Effect of exchange rate changes on cash     8         3       (4)       5
    Net change in cash and cash equivalents    22      (118)    (195)    (498)
    Cash and cash equivalents at
     beginning of period                    1,014       786    1,231    1,166
    Cash and cash equivalents at end of
     period                                $1,036      $668   $1,036     $668
    
    The Company's financial statements can be found on its website at
http://www.newmont.com.  Detailed explanation of the Company's cash flow
statement is outlined in the Liquidity and Capital Resources section of the
Form 10-Q filed with the Securities and Exchange Commission and available at
http://www.newmont.com.



    
    SALES STATISTICS
                                             Three Months       Six Months
                                            Ended June 30,     Ended June 30,
                                             2008     2007    2008     2007
    Gold
    Consolidated ounces sold (thousands)
      Nevada (1)                             554      531    1,080    1,091
      Yanacocha                              432      312      972      767
      Australia/New Zealand
        Jundee                               109       71      200      133
        Tanami                                95      130      190      243
        Kalgoorlie                            63       70      132      165
        Waihi                                 34       27       65       41
                                             301      298      587      582
    

    
      Batu Hijau (2)                          37       90      157      174
      Ahafo (3)                              134      123      239      248
    

    
      Other
        Kori Kollo                            21       22       41       46
        La Herradura                          25       23       49       45
        Golden Giant                           -        9        -       12
                                              46       54       90      103
                                           1,504    1,408    3,125    2,965
    Equity ounces sold (thousands)
      Nevada (1)                             554      531    1,080    1,091
      Yanacocha                              222      160      499      394
      Australia/New Zealand
        Jundee                               109       71      200      133
        Tanami                                95      130      190      243
        Kalgoorlie                            63       70      132      165
        Waihi                                 34       27       65       41
                                             301      298      587      582
      Batu Hijau (2)                          17       44       71       89
      Ahafo (3)                              134      123      239      248
      Other
        Kori Kollo                            18       20       36       41
        La Herradura                          25       23       49       45
        Golden Giant                           -        9        -       12
                                              43       52       85       98
                                           1,271    1,208    2,561    2,502
      Discontinued Operations
        Pajingo                                -       40        -       88
                                           1,271    1,248    2,561    2,590
    Copper
      Batu Hijau pounds sold (millions) (2)
        Consolidated                          51       97      157      188
        Equity                                23       48       70       96
    

    
    (1)  Includes incremental start-up ounces of 1 in the first half of 2008.
    (2)  Economic interest decreased to 45% from 52.875% on May 25, 2007.
    (3)  Includes incremental start-up ounces of 16 in the second quarter and
         first half of 2008.
    
    This information and other detailed regional production statistics can be
found in the Regional Operating Statistics section of the Company's website at
http://www.newmont.com.



    
    CAS AND CONSOLIDATED CAPITAL EXPENDITURES STATISTICS
    

    
                                            Three Months        Six Months
                                            Ended June 30,    Ended June 30,
                                            2008     2007     2008     2007
    Gold
      Costs Applicable to Sales ($/ounce)(1)
        Nevada                              $430     $478     $420     $481
        Yanacocha                            374      392      339      326
        Australia/New Zealand
          Jundee                             401      502      410      530
          Tanami                             605      382      565      402
          Kalgoorlie                         860      494      817      553
          Waihi                              441      417      448      478
                                             565      440      555      479
    

    
        Batu Hijau                           518      213      358      263
        Ahafo                                390      364      425      344
    

    
        Other Operations
          Kori Kollo                         474      354      461      343
          La Herradura                       388      264      357      293
          Golden Giant                         -      172        -      177
                                             428      286      404      302
      Average                               $440     $417     $417     $410
    

    
    Copper
      Costs Applicable to Sales
       ($/pound) (1)
        Batu Hijau                         $2.02    $1.33    $1.62    $1.34
    


    
                                             Three Months       Six Months
                                             Ended June 30,    Ended June 30,
                                             2008     2007     2008     2007
    Capital Expenditures ($ million)
      Nevada                                  $80     $119     $172     $277
      Yanacocha                                38       58       77      114
      Australia/New Zealand                   236      128      468      224
      Batu Hijau                               32       17       61       24
      Africa                                   35       19       68       56
      Hope Bay                                 21        -       30        -
      Other Operations                          3        5       16        8
      Corporate and Other                       3        4        5        7
     Total                                   $448     $350     $897     $710
    

    
    (1)  Excludes Loss on settlement of price-capped forward sales contracts,
         Amortization and Accretion.  Beginning in 2008, regional
         administrative, community development, marketing, and accretion costs
         have been classified outside of costs applicable to sales.  Amounts
         for 2007 have been reclassified to conform to the 2008 presentation.
    
    This information and other detailed regional production statistics can be
found in the Regional Operating Statistics section of the Company's website at
http://www.newmont.com.



    
    SUPPLEMENTAL INFORMATION
    
    Classification Reporting Changes - Certain amounts for the three and six
months ended June 30, 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 Consolidated Statements
of Income (Loss) and the Consolidated Statements of Cash Flows have also been
reclassified for discontinued operations. These changes were reflected for all
periods presented.
    Reconciliation of Adjusted Net Income and Adjusted Net cash provided from
continuing operations to GAAP Net Income and GAAP Net cash provided from (used
in) operations, respectively - Management of the Company uses the non-GAAP
financial measures Adjusted net income and Adjusted net cash provided from
continuing operations to evaluate the Company's operating performance, and for
planning and forecasting future business operations.  The Company believes the
use of Adjusted net income and Adjusted net cash provided from continuing
operations 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 and Adjusted net cash provided from
continuing operations are evaluated periodically and based, in part, on a
review of non-GAAP financial measures used by mining industry analysts.
    Adjusted net income and Adjusted net cash provided from continuing
operations are not, and should not be used as, alternatives to GAAP Net income
and GAAP Net cash measures as reflected in the consolidated financial
statements of the Company.  Neither is a measure of financial performance
under GAAP and these measures should not be considered in isolation or as a
substitute to performance measures calculated in accordance with GAAP.  The
tables below set forth a reconciliation of Adjusted net income to GAAP Net
income and of Adjusted net cash provided from continuing operations to GAAP
Net cash provided from (used in) continuing operations, which are the most
directly comparable GAAP financial measures.


    
    Description ($ million
     expect per share,                     Per                       Per
     after-tax)              Q2 2008      Share       Q2 2007       Share
    

    
    Adjusted Net income       $230        $0.51         $103        $0.23
    Income taxes               129         0.28            -            -
    Legacy reclamation
     obligations               (41)       (0.09)         (11)       (0.02)
    Write-down of marketable
     securities                (34)       (0.08)           -            -
    Western Australia gas
     interruption               (5)       (0.01)           -            -
    Settlement of gold
     contracts                   -            -         (460)       (1.02)
    Batu Hijau minority
     loan repayment              -            -          (25)       (0.06)
    Senior management
     retirement                  -            -           (8)       (0.02)
    GAAP Income from continuing
     operations               $279        $0.61        $(401)      $(0.89)
    Income from discontinued
     operations                 (2)           -       (1,661)       (3.68)
    GAAP Net income           $277        $0.61      $(2,062)      $(4.57)
    


    
    Description ($ million
     expect per share,                     Per                       Per
     after-tax)              Q2 2008      Share       Q2 2007       Share
    

    
    Adjusted Net cash provided
     from continuing
     operations               $382        $0.84         $204        $0.45
    Pre-tax settlement of
     price-capped forward
     sales contracts             -            -         (578)       (1.28)
    Settlement of pre-acquisition
     Australian income taxes
     of Normandy                 -            -         (276)       (0.61)
    GAAP Net cash provided from
     (used in) continuing
     operations               $382        $0.84       $ (650)      $(1.43)
    Net cash (used in) provided
     from discontinued
     operations                (12)       (0.02)          29         0.06
    GAAP Net cash provided
     from (used in)
     operations               $370        $0.82        $(621)      $(1.37)
    


    
    2008 Annual Guidance -
     Description              Jun 2008          Apr 2008          Feb 2008
    

    
    Equity gold sales
     (thousand ounces)      5,100 - 5,400     5,100 - 5,400     5,100 - 5,400
    Costs applicable to
     sales ($/ounce)         $425 - $450       $425 - $450       $425 - $450
    Equity copper sales
     (million pounds)         125 - 150         125 - 150         155 - 165
    Costs applicable to
     sales ($/pound)        $1.50 - $1.75     $1.50 - $1.75     $1.30 - $1.40
    Consolidated capital
     expenditures
     ($ million)           $1,700 - $2,000   $1,800 - $2,000   $1,800 - $2,000
    Amortization
     ($ million)             $725 - $775       $725 - $775       $725 - $775
    Exploration
     ($ million)             $220 - $230       $220 - $230       $220 - $230
    Advanced projects,
     research and development
     ($ million)             $160 - $190       $160 - $190       $120 - $180
    General and administrative
     expenses ($ million)    $140 - $150       $140 - $150       $140 - $150
    Interest expense, net of
     capitalized interest
     ($ million)              $60 - $80         $60 - $80        $110 - $120
    Effective tax rate        22% - 26%         28% - 32%         30% - 34%
    

    
    Forecast Assumptions      Jun 2008          Apr 2008          Feb 2008
    

    
    Oil Price ($/barrel)        $125               $90               $80
    Australian Dollar
     Exchange Rate              0.95              0.925             0.875
    
    To view complete financial disclosure, including regional mine
statistics, Results of Consolidated Operations, Liquidity and Capital
Resources, Management's Discussion & Analysis, the Form 10-Q, and a complete
outline of the 2008 Operating and Financial guidance by region please see
http://www.newmont.com.
    The Company's second quarter earnings conference call and web cast
presentation will be held on July 24, 2008 beginning at 10:00 a.m. Eastern
Time (8:00 a.m. Mountain Time).  To participate:

    
     Dial-In Number:  210-839-8502
     Leader:          John Seaberg
     Password:        Newmont
     Replay Number:   203-369-0902
    
    The conference call will also be simultaneously carried on our web site
at http://www.newmont.com under Investor  Relations/ Presentation 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.  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; and (iv) statements regarding potential cost savings,
productivity, operating performance, and cost structure.  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 2007
Annual Report on Form 10-K, filed on February 21, 2008, 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

Organization Profile

Newmont Mining Corporation

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890