2021 Annual Report of 2021, PDF file, (opens in new window)

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# 2021 Annual Report of 2021, PDF file, (opens in new window)

Source: https://s24.q4cdn.com/382246808/files/doc_financials/2021/ar/Newmont-2021-Annual-Report.pdf
Published: 2026-04-23T20:09:25+00:00
Fetched: 2026-05-05T08:56:33.412+00:00
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## Content

— 100 YEARS —
Leading Change.
Focused on Value.
2021 ANNUAL REPORT
– FORM 10-K –
Our purpose is to
create value and
improve lives through
sustainable and
responsible mining.
Dollars in millions, except per share data,
years ended December 31, 2021 2020 2019 Note: All amounts in the table represent
metrics of continuing operations.
Sales $12,222 $11,497 $ 9,740
1 Non-GAAP metric – See pages 89–94 of
Net income (loss) attributable to Newmont the Form 10-K for reconciliation to Net
income (loss) attributable to Newmont
stockholders from continuing operations 1,109 2,666 2,877 stockholders.
Per share (diluted) 1.39 3.31 3.91 2 Non-GAAP metric – See page 86 of the
Form 10-K for reconciliation to Net cash
Adjusted net income1 2,371 2,140 970 provided by (used in) operating activities.
Per share (diluted)1 2.96 2.66 1.32 3 A one-time special dividend of $0.88
per share was paid on May 1, 2019 to
EBITDA1 3,705 5,751 5,954 Newmont shareholders of record as of
April 17, 2019.
Adjusted EBITDA 1
5,963 5,537 3,734 4 Attributable gold ounces produced
includes 325 and 362 thousand ounces
Net cash provided by operating activities of for the years ended December 31, 2021
continuing operations 4,266 4,890 2,876 and 2020, respectively, related to the
Pueblo Viejo mine, which is 40 percent
Free cash flow2 2,613 3,588 1,413 owned by Newmont.
Cash and cash equivalents 4,992 5,540 2,243 5 Non-GAAP metric – See pages 95–96 of
the Form 10-K for reconciliation to Costs
Dividends paid per share3 2.20 1.45 1.44 applicable to sales.
Operating Highlights
Consolidated gold production (thousands of ounces) 5,884 5,824 6,392
Attributable gold production (thousands of ounces) 4
5,971 5,905 6,291
Average realized gold price ($/oz) $ 1,788 $ 1,775 $ 1,399
Costs applicable to sales $ 5,435 $ 5,014 $ 5,195
Gold costs applicable to sales $ 4,628 $ 4,408 $ 4,663
Gold equivalent ounces costs applicable to sales $ 807 $ 606 $ 532
Gold costs applicable to sales ($/oz) 5
$ 785 $ 756 $ 721
Gold all-in sustaining costs ($/oz)5 $ 1,062 $ 1,045 $ 966
Gold equivalent ounces produced
(thousands of ounces) 1,252 1,021 624
Gold equivalent ounces costs applicable to sales
($/oz)5 $ 640 $ 571 $ 858
Gold equivalent ounces all-in sustaining costs ($/oz)5 $ 900 $ 858 $ 1,222
Cover: Boddington processing plant, Australia
2021 Annual CEO Letter
to Shareholders
Newmont understands that as the world’s leading gold
company, with a portfolio of world-class assets in
top-tier jurisdictions, we have a tremendous opportunity
to be a catalyst for change. We are grounded in our
values, with a focus on the future where we will lead the
industry as we continue to set — and hold ourselves
accountable to — higher standards.
A HISTORY OF LEADING ESG PRACTICES FOR
FUTURE SUCCESS
Newmont has a long history of taking a leading
approach to ESG practices and fundamentally believes
this differentiates us from others in the sector. And
whilst our approach has certainly evolved, ESG is woven
into the very fabric of Newmont. Our commitment to
delivering on our purpose has informed our business
Dear Shareholders, strategy and is fundamental to how we run our
business, where we choose to operate, and how we
This year Newmont celebrated its 100th anniversary, conduct ourselves on a daily basis.
a milestone which many companies can only aspire to
achieve. Milestones such as these allow for opportunities The strength of our ESG practices begins with our
to reflect on the past as well as to look to the future. governance structure, including a diverse independent
Board, compensation plans that incorporate
As only the 10th CEO in Newmont’s history, I am especially sustainability as well as specific health and safety
struck by the substantial change which has occurred targets, and independent, third-party assurance.
globally in such a short amount of time. Arguably, the In 2021, our leading emissions targets for 2030 were
pandemic has been one of the most disruptive events in validated and approved by the Science-Based Targets
modern times. And yet, in the face of it all, our people initiative (SBTi), providing important verification that
have continued to show incredible resilience. We are now our actions are aligned with those required to have
into the third year of the pandemic, and our workforce an impact on addressing climate change.
continues to adapt, applying both head and heart to find
solutions and grow our company. Transparency and accountability are equally important
to ESG performance as the standards we set. We
At the same time, companies are being held to an regularly rank as one of the most transparent
increasingly higher standard by our workforce, companies in the S&P 500 and issued our 17th Annual
communities, governments and shareholders — and that Sustainability Report in 2021. We continued to evolve
is as it should be. We must create value beyond the bottom our sustainability reporting with the release of our
line. When we create value for all our stakeholders, we inaugural Climate Report, aligned to the Task Force
create value for our shareholders; the connection between on Climate-related Financial Disclosures (TCFD)
solid environmental, social and governance (ESG) framework. The expansion of our public disclosures
performance and a well-run business is integrally linked. marked a fundamental change for the Company in
Newmont Corporation 2021 Annual Report 1
2021 Annual CEO Letter to Shareholders
Photo: Saddle project in British Columbia, Canada
PERFORMANCE*
6Moz 4 $2.6B
Gold produced Free Cash Flow
generated
1.3M
Attributable 92.8Moz
GEO produced Industry’s largest
reserves
$1.8B
Returned to
shareholders
financial reporting and business planning, sending HEALTH, SAFETY AND WELLBEING AT THE
a clear signal that Newmont has moved beyond HEART OF EVERYTHING WE DO
managing climate change as a sustainability issue to The health, safety and wellbeing of our workforce
incorporating these risks and opportunities into our and host communities is at the heart of what we do.
business strategy and business planning processes. Throughout 2021, we remained steadfast, maintaining
a wide range of protective measures at all our sites and
As we align our business goals with the long-term locations and continuing to support host communities
interests of stakeholders, we work to obtain and through our Global Community Support Fund. Since its
maintain social acceptance by building an understanding inception, the Fund has provided $14 million in relief in
of cultures and meaningful relationships throughout the the form of critical medical supplies, testing equipment,
mine lifecycle. Through proactive engagement, we seek educational support, micro-credits and other financial
to understand the effect of our actions and foster support to promote economic resiliency and recovery.
mutual value creation to promote greater socio-
economic development well beyond our direct impact And whilst our teams implemented necessary protective
so communities can thrive long after we are gone. measures, operations were still impacted by COVID-19,
requiring people to isolate, quarantine and frequently
adapt to changing protocols and requirements.
Throughout, the Newmont workforce has shown agility
and resilience and implemented key learnings even as
the pandemic continued well into 2022.
2 Newmont Corporation 2021 Annual Report
2021 Annual CEO Letter to Shareholders
With increased availability of the COVID-19 vaccines, we OPERATIONAL EXCELLENCE DRIVES
took the decision we believed to be a necessary part in SHAREHOLDER RETURNS
ending the spread of the virus by requiring vaccinations A hallmark of Newmont’s operational performance is our
across our global workforce. In addition to providing integrated operating model underpinned by a leadership
vaccination awareness programs and clinics to our team with deep operational experience, an unmatched
workforce, we also worked with local communities and portfolio of world-class, long-life operations and an organic
host governments to provide education, testing and project pipeline that is the best in the industry. In 2021,
vaccinations. Today, the vast majority of our workforce Newmont produced 6.0 million attributable ounces of
is fully vaccinated. gold4 and 1.3 million attributable gold equivalent ounces
from other metals. Going forward, Newmont has a
Despite the challenges of the sustained nature of the portfolio of operations and projects that will produce
pandemic, Newmont maintained a relentless focus on nearly 8 million attributable gold equivalent ounces per
safety, starting with fatality risks being understood and year for at least the next decade* — the most of any
the critical controls to manage them being in place at all company in our industry. And, Newmont’s reserves base
times. Safety is a core value and it is paramount that continues to be a further differentiator, with reserves of
everyone working for Newmont returns home safely nearly 93 million gold mineral ounces and 65 million gold
after each shift. equivalent ounces, as well as measured and indicated gold
resources of 68.3 million ounces and inferred gold
Our Fatality Risk Management program has been resources of 33.2 million ounces.*
supported by a visible, felt leadership with more than
half a million critical control verifications in the field Through our 12 managed operations, supported by
completed to ensure that our critical controls are in our culture of continuous improvement and our Full
place and understood. And whilst we were proud to Potential program, Newmont delivered $814 million in
have remained fatality free and achieved one of the cost and productivity improvements in 2021, with
lowest personal injury rates in our company’s history, approximately $4 billion in savings generated since the
we still had 73 significant potential events. These events program’s inception in 2014.*
provide important learnings to prevent a reoccurrence
and keep our workforce safe.
“When we create value for all
our stakeholders, we create
value for our shareholders;
the connection between
solid ESG performance
and a well-run business
is integrally linked.”
TOM PALMER, President and Chief Executive Officer
Newmont Corporation 2021 Annual Report 3
2021 Annual CEO Letter to Shareholders
Photo: Representatives of the Boddington employee-led Business Resource Group (Moorditj Koodas) and the Autonomous Haulage System project team with
the haul track tray designed to recognize the Gnaala Karla Booja people of the region and create a visible statement and commitment to reconciliation.
Along with our Full Potential program, furthering our and will add more than three million ounces of gold
reinvestment in our business through innovation and production over an initial 13-year mine life. Full funding
technology is key to delivering stakeholder value. for the Yanacocha Sulfides project was extended to
Boddington, Western Australia’s largest gold mine, late 2022 as the project progresses at the pace the
successfully implemented the gold industry’s first fully pandemic allows. At least a half a billion dollars will
autonomous haulage system in record time. Learnings be invested through 2022 to advance long-lead
from the implementation will be foundational to our procurement and critical activities, such as detailed
recently announced strategic alliance with Caterpillar engineering, camp facility development and early
Inc. The alliance will transform mining with a earthworks, as we continue to engage with local
comprehensive mining system including an all-electric communities and the government.* Additionally, we
zero emitting autonomous haulage fleet for safer, m

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