Newmont Corporation (NYSE:NEM) Q1 2024 Earnings Call Transcript

Page 2 of 2

Thomas Palmer : I picked that one up. The thing by far away, Daniel, is that the tragic loss of Adam Kennedy’s life at Brucejack on the 20 of December last year. And as you reflect upon the integration, you reflect upon what things could we have done differently, what decisions could we have made differently that wouldn’t have led to Adam being killed that day at Brucejack. I think, as you’ve said in some of our remarks as well, I think stepping back from the loss of Adam and safety, I think the two areas that we are working through diligently tailing facilities, and we’ve talked about Telfer and we’ve talked about our Cadia and little bit around Red Chris. So just bringing those tailing facilities into the Newmont standard and ensuring that we have the appropriate rigor and discipline around those in managing them here and now, and ensuring those we shepherd those going forward that they have the appropriate standard.

And then the third one would be bringing the all body knowledge levels up to a Newmont’s standard so that we’ve got really robust all body knowledge underpinning our mine plans. So that will be the three areas where there’s been, I guess the hard work. I think if I step back from that with the perspective of having lived through a similar integration and transaction five years ago, I think, when I stepped back from those three areas, I think the integration has gone very well and I think we had the benefit of being able to apply the lessons we learned from integrating the five Goldcorp assets back in 2019 to this exercise. And that’s put us in good stead.

Operator: We had a follow-up question from Anita Soni of CIBC.

Anita Soni : Sorry, I got cut off there before the end of the question, but I was hoping — I’m assuming that the 2026 spend for Yanacocha water treatment would be $400 million, I think you said it was $1.7 billion just for the build-up of those plants. You are doing $600 million and then $700 million, so the remainder would be $400 million, is that correct?

Karyn Ovelmen : Yes, the expectation is that this will be commissioned in 2027, and there’ll be obviously some continued, as Tom said, continued approximately around $50 million a year associated with that going forward.

Thomas Palmer: We certainly see the step up through those three years. And then back to as best you can predict that far in the future, back to the sort of normal long run levels for closure and reclamation activities.

Anita Soni: I’m going to — so the second question that I wanted to ask was about Cerro Negro. So definitely unfortunate that two people lost their lives. I did want to ask a little bit about, does it have anything to do with long-term structural support there? I mean, these guys were or a gentleman and a lady were mine — within the mine technical services group, so a little bit unexpected for that to happen. So I was just trying to find out if you had any color on that.

Thomas Palmer: I might ask Natascha to comment.

Natascha Viljoen : Anita, absolutely not structural. From a geotechnical point of view and from a quality of asset point of view, very high quality and no material due tech challenges for us. This was procedural by nature. So definitely not linked to any long-term predictions.

Thomas Palmer: And as close out our investigation, we will share those lessons widely with the industry. As we’re up to, we will.

Operator: This concludes the question-and-answer session. I would like to turn the conference back over to Tom Palmer for closing remarks.

Thomas Palmer: Thank you, operator. Thank you all for your time and please enjoy the rest of your day. Thanks everyone.

Operator: The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.

Follow Newmont Corp (NYSE:NEM)

Page 2 of 2