Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Auditor [Line Items] | |
| Auditor Firm ID | 42 |
| Auditor Name | Ernst & Young LLP |
| Auditor Location | Denver, Colorado |
| PricewaterhouseCoopers LLP | |
| Auditor [Line Items] | |
| Auditor Firm ID | 271 |
| Auditor Name | PricewaterhouseCoopers LLP |
| Auditor Location | Toronto, Canada |
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income Statement [Abstract] | |||
| Capitalized interest | $ 89 | $ 69 | $ 38 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Net income (loss) | $ (2,467) | $ (369) | $ 233 |
| Other comprehensive income (loss): | |||
| Change in marketable securities, net of tax | 0 | (3) | 2 |
| Foreign currency translation adjustments | (5) | 7 | 2 |
| Change in pension and other post-retirement benefits, net of tax | (9) | 139 | 71 |
| Change in cash flow hedges, net of tax | (1) | 19 | 8 |
| Other comprehensive income (loss) | (15) | 162 | 83 |
| Comprehensive income (loss) | (2,482) | (207) | 316 |
| Comprehensive income (loss) attributable to: | |||
| Newmont stockholders | (2,509) | (267) | 1,249 |
| Noncontrolling interests | 27 | 60 | (933) |
| Comprehensive income (loss) | $ (2,482) | $ (207) | $ 316 |
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| ASSETS | ||
| Cash and cash equivalents | $ 3,002 | $ 2,877 |
| Time deposits and other investments (Note 15) | 23 | 880 |
| Trade receivables (Note 5) | 734 | 366 |
| Inventories (Note 16) | 1,663 | 979 |
| Stockpiles and ore on leach pads (Note 17) | 979 | 774 |
| Other receivables | 493 | 324 |
| Derivative assets (Note 14) | 198 | 12 |
| Other current assets | 420 | 303 |
| Current assets | 7,512 | 6,515 |
| Property, plant and mine development, net (Note 18) | 37,563 | 24,073 |
| Investments (Note 15) | 4,143 | 3,278 |
| Stockpiles and ore on leach pads (Note 17) | 1,935 | 1,716 |
| Deferred income tax assets (Note 10) | 268 | 173 |
| Goodwill (Note 19) | 3,001 | 1,971 |
| Other non-current assets | 640 | 560 |
| Total assets | 55,506 | 38,482 |
| LIABILITIES | ||
| Accounts payable | 960 | 633 |
| Employee-related benefits (Note 11) | 551 | 399 |
| Income and mining taxes | 88 | 199 |
| Lease and other financing obligations (Note 21) | 114 | 96 |
| Debt (Note 20) | 1,923 | 0 |
| Other current liabilities (Note 22) | 2,362 | 1,599 |
| Current liabilities | 5,998 | 2,926 |
| Debt (Note 20) | 6,951 | 5,571 |
| Lease and other financing obligations (Note 21) | 448 | 465 |
| Reclamation and remediation liabilities (Note 6) | 8,167 | 6,578 |
| Deferred income tax liabilities (Note 10) | 2,987 | 1,809 |
| Employee-related benefits (Note 11) | 655 | 342 |
| Silver streaming agreement (Note 5) | 779 | 828 |
| Other non-current liabilities (Note 22) | 316 | 430 |
| Derivative assets (Note 14) | 444 | 196 |
| Total liabilities | 26,301 | 18,949 |
| Commitments and contingencies (Note 25) | ||
| EQUITY | ||
| Common stock - $1.60 par value; | 1,854 | 1,279 |
| Treasury stock - 7 million and 6 million shares, respectively | (264) | (239) |
| Additional paid-in capital | 30,419 | 17,369 |
| Accumulated other comprehensive income (loss) (Note 23) | 14 | 29 |
| (Accumulated deficit) Retained earnings | (2,996) | 916 |
| Newmont stockholders' equity | 29,027 | 19,354 |
| Noncontrolling interests | 178 | 179 |
| Total equity | 29,205 | 19,533 |
| Total liabilities and equity | $ 55,506 | $ 38,482 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Common stock, par value (in dollars per share) | $ 1.60 | $ 1.60 |
| Common stock, authorized (in shares) | 2,550 | 1,280 |
| Common stock, outstanding (in shares) | 1,152 | 793 |
| Treasury shares (in shares) | 7 | 6 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|||
| Operating activities: | |||||
| Net income (loss) | $ (2,467) | $ (369) | $ 233 | ||
| Adjustments: | |||||
| Depreciation and amortization | 2,108 | 2,185 | 2,323 | ||
| Impairment charges (Note 7) | 1,891 | 1,320 | 25 | ||
| Loss on assets held for sale (Note 1) | 0 | 0 | 571 | ||
| Net loss (income) from discontinued operations (Note 1) | (27) | (30) | (57) | ||
| Reclamation and remediation | 1,506 | 892 | 1,827 | ||
| (Gain) loss on asset and investment sales, net | 197 | (35) | (212) | ||
| Deferred income taxes (Note 10) | (104) | (278) | (109) | ||
| Stock-based compensation (Note 12) | 80 | 73 | 72 | ||
| Change in fair value of investments (Note 9) | 47 | 46 | 135 | ||
| Charges from pension settlement (Note 11) | 9 | 137 | 4 | ||
| Other non-cash adjustments | 27 | 98 | (5) | ||
| Net change in operating assets and liabilities (Note 24) | (513) | (841) | (541) | ||
| Net cash provided by (used in) operating activities of continuing operations | 2,754 | 3,198 | 4,266 | ||
| Net cash provided by (used in) operating activities of discontinued operations (Note 1) | 9 | 22 | 13 | ||
| Net cash provided by (used in) operating activities | 2,763 | 3,220 | 4,279 | ||
| Investing activities: | |||||
| Additions to property, plant and mine development | (2,666) | (2,131) | (1,653) | ||
| Maturities of investments | 1,363 | 93 | 0 | ||
| Acquisitions, net | [1] | 668 | (15) | (328) | |
| Purchases of investments | (551) | (940) | (59) | ||
| Proceeds from sales of investments | 234 | 171 | 194 | ||
| Contributions to equity method investees | (108) | (194) | (150) | ||
| Return of investment from equity method investees | 36 | 62 | 18 | ||
| Proceeds from sales of mining operations and other assets, net | 0 | 16 | 84 | ||
| Other | 22 | (45) | 26 | ||
| Net cash provided by (used in) investing activities | (1,002) | (2,983) | (1,868) | ||
| Financing activities: | |||||
| Dividends paid to common stockholders | (1,415) | (1,746) | (1,757) | ||
| Distributions to noncontrolling interests | (150) | (191) | (200) | ||
| Funding from noncontrolling interests | 138 | 117 | 100 | ||
| Payments on lease and other financing obligations (Note 21) | (67) | (66) | (73) | ||
| Payments for Norte Abierto deferred payment obligation | (64) | (8) | (26) | ||
| Payments for withholding of employee taxes related to stock-based compensation | (25) | (39) | (32) | ||
| Acquisition of noncontrolling interests (Note 1) | 0 | (348) | 0 | ||
| Repayment of debt | 0 | (89) | (1,382) | ||
| Proceeds from issuance of debt, net (Note 20) | 0 | 0 | 992 | ||
| Repurchases of common stock (Note 2) | 0 | 0 | (525) | ||
| Other | (20) | 14 | (55) | ||
| Net cash provided by (used in) financing activities | (1,603) | (2,356) | (2,958) | ||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2) | (30) | (8) | ||
| Net change in cash, cash equivalents and restricted cash | 156 | (2,149) | (555) | ||
| Cash, cash equivalents and restricted cash at beginning of period | 2,944 | 5,093 | 5,648 | ||
| Cash, cash equivalents and restricted cash at end of period | 3,100 | 2,944 | 5,093 | ||
| Reconciliation of cash, cash equivalents and restricted cash: | |||||
| Cash and cash equivalents | 3,002 | 2,877 | 4,992 | ||
| Restricted cash included in Other current assets | 11 | 1 | 2 | ||
| Restricted cash included in Other non-current assets | 87 | 66 | 99 | ||
| Total cash, cash equivalents and restricted cash | 3,100 | 2,944 | 5,093 | ||
| Supplemental cash flow information: | |||||
| Income and mining taxes paid, net of refunds | 794 | 1,122 | 1,534 | ||
| Interest paid, net of amounts capitalized | $ 228 | $ 172 | $ 229 | ||
| |||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) |
Dec. 31, 2021 |
May 31, 2021 |
|---|---|---|
| Goldcorp | ||
| Business acquisition, percentage of voting interests acquired | 85.10% | 85.10% |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) shares in Millions, $ in Millions |
Total |
Common Stock |
Treasury Stock |
Additional Paid-In Capital |
Accumulated Other Comprehensive Income (Loss) |
Retained Earnings (Accumulated Deficit) |
Noncontrolling Interests |
||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Common stock beginning of period (in shares) at Dec. 31, 2020 | 804.0 | ||||||||||
| Balance at beginning of period at Dec. 31, 2020 | $ 23,845 | $ 1,287 | $ (168) | $ 18,103 | $ (216) | $ 4,002 | $ 837 | ||||
| Treasury stock beginning of period (in shares) at Dec. 31, 2020 | (4.0) | ||||||||||
| Changes in Equity | |||||||||||
| Net income (loss) | 219 | 1,166 | (947) | ||||||||
| Other comprehensive income (loss) | 83 | 83 | |||||||||
| Dividends declared | [1] | (1,764) | (1,764) | ||||||||
| Distributions declared to noncontrolling interests | (200) | (200) | |||||||||
| Cash calls requested from noncontrolling interests | $ 101 | 101 | |||||||||
| Repurchase and retirement of common stock (in shares) | (9.0) | (9.0) | |||||||||
| Withholding of employee taxes related to stock-based compensation | $ (528) | $ (15) | (207) | (306) | |||||||
| Withholding of employee taxes related to stock-based compensation (in shares) | (0.6) | (1.0) | |||||||||
| Withholding of employee taxes related to stock-based compensation | $ (32) | $ (32) | |||||||||
| Stock options exercised | 17 | 17 | |||||||||
| Stock-based awards and related share issuances (in shares) | 2.0 | ||||||||||
| Stock-based awards and related share issuances | 72 | $ 4 | 68 | ||||||||
| Common stock at end of period (in shares) at Dec. 31, 2021 | 797.0 | ||||||||||
| Balance at end of period at Dec. 31, 2021 | 21,813 | $ 1,276 | $ (200) | 17,981 | (133) | 3,098 | (209) | ||||
| Treasury stock at end of period (in shares) at Dec. 31, 2021 | (5.0) | ||||||||||
| Contingently redeemable noncontrolling interest, Balance at beginning of period at Dec. 31, 2020 | [2] | 34 | |||||||||
| Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||
| Net income (loss) | [2] | 14 | |||||||||
| Contingently redeemable noncontrolling interest, Balance at end of period at Dec. 31, 2021 | [2] | 48 | |||||||||
| Changes in Equity | |||||||||||
| Net income (loss) | (369) | (429) | 60 | ||||||||
| Other comprehensive income (loss) | 162 | 162 | |||||||||
| Dividends declared | [1] | (1,753) | (1,753) | ||||||||
| Distributions declared to noncontrolling interests | (191) | (191) | |||||||||
| Cash calls requested from noncontrolling interests | $ 120 | 120 | |||||||||
| Repurchase and retirement of common stock (in shares) | 0.0 | ||||||||||
| Withholding of employee taxes related to stock-based compensation (in shares) | (0.6) | (1.0) | |||||||||
| Withholding of employee taxes related to stock-based compensation | $ (39) | $ (39) | |||||||||
| Acquisition of non-controlling interests | (300) | (699) | 399 | ||||||||
| Stock options exercised | 14 | 14 | |||||||||
| Stock-based awards and related share issuances (in shares) | 2.0 | ||||||||||
| Stock-based awards and related share issuances | $ 76 | $ 3 | 73 | ||||||||
| Common stock at end of period (in shares) at Dec. 31, 2022 | 793.0 | 799.0 | |||||||||
| Balance at end of period at Dec. 31, 2022 | $ 19,533 | $ 1,279 | $ (239) | 17,369 | 29 | 916 | 179 | ||||
| Treasury stock at end of period (in shares) at Dec. 31, 2022 | (6.0) | (6.0) | |||||||||
| Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||
| Net income (loss) | $ 0 | ||||||||||
| Reclassification of contingently redeemable non-controlling interests | (48) | ||||||||||
| Contingently redeemable noncontrolling interest, Balance at end of period at Dec. 31, 2022 | [2] | 0 | |||||||||
| Changes in Equity | |||||||||||
| Net income (loss) | (2,467) | (2,494) | 27 | ||||||||
| Other comprehensive income (loss) | (15) | (15) | |||||||||
| Shares issued for Newcrest transaction (in shares) | 358.0 | ||||||||||
| Shares issued for Newcrest transaction | 13,549 | $ 572 | 12,977 | ||||||||
| Dividends declared | [1] | (1,418) | (1,418) | ||||||||
| Distributions declared to noncontrolling interests | (156) | (156) | |||||||||
| Cash calls requested from noncontrolling interests | $ 128 | 128 | |||||||||
| Repurchase and retirement of common stock (in shares) | 0.0 | ||||||||||
| Withholding of employee taxes related to stock-based compensation (in shares) | (0.6) | (1.0) | |||||||||
| Withholding of employee taxes related to stock-based compensation | $ (25) | $ (25) | |||||||||
| Stock-based awards and related share issuances (in shares) | 2.0 | ||||||||||
| Stock-based awards and related share issuances | $ 76 | $ 3 | 73 | ||||||||
| Common stock at end of period (in shares) at Dec. 31, 2023 | 1,152.0 | 1,159.0 | |||||||||
| Balance at end of period at Dec. 31, 2023 | $ 29,205 | $ 1,854 | $ (264) | $ 30,419 | $ 14 | $ (2,996) | $ 178 | ||||
| Treasury stock at end of period (in shares) at Dec. 31, 2023 | (7.0) | (7.0) | |||||||||
| Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||
| Net income (loss) | [2] | $ 0 | |||||||||
| Contingently redeemable noncontrolling interest, Balance at end of period at Dec. 31, 2023 | [2] | $ 0 | |||||||||
| |||||||||||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|||
| Cash dividends paid per common share (in dollars per share) | $ 1.60 | $ 2.20 | $ 2.20 | ||
| Dividends declared and dividends paid to common stockholders, difference due to timing | $ 3 | $ 7 | $ 7 | ||
| Contingently redeemable noncontrolling interest | [1] | $ 0 | $ 0 | $ 48 | |
| Sumitomo Corporation | |||||
| Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) | 5.00% | ||||
| Minera Yanacocha | Summit Global Management II V B | |||||
| Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) | 5.00% | ||||
| |||||
THE COMPANY |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| THE COMPANY | THE COMPANY Newmont Corporation and its affiliates and subsidiaries (collectively, “Newmont,” “we,” “us” or the “Company”) predominantly operate in the mining industry, focused on the production of and exploration for gold properties, some of which may contain copper, silver, zinc, lead or other metals. The Company has significant operations and/or assets in the United States (“U.S.”), Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana. The cash flow and profitability of the Company’s operations are significantly affected by the market price of gold, copper, silver, lead and zinc. The prices of gold, copper, silver, lead and zinc are affected by numerous factors beyond the Company’s control. Planned Divestiture of Non-core Assets (Subsequent Event) Based on a comprehensive review of the Company’s portfolio of assets following the Newcrest acquisition, the Company’s Board of Directors approved a portfolio optimization program to divest six non-core assets and a development project in February 2024. The non-core assets to be divested include Akyem, CC&V, Éléonore, Porcupine, Musselwhite, Telfer, and a development project in Canada. In February 2024, the Company concluded that these non-core assets and the development project met the accounting requirements to be presented as Held for Sale in the first quarter of 2024, based on progress made through our active sales program and management’s expectation that the sale is probable and will be completed within 12 months. As of December 31, 2023, the aggregate net book value of the non-core assets and the development project was $3,419. Newcrest Transaction On November 6, 2023, the Company completed its business combination transaction with Newcrest Mining Limited, a public Australian mining company limited by shares ("Newcrest"), whereby Newmont, through Newmont Overseas Holdings Pty Ltd, an Australian proprietary company limited by shares (“Newmont Sub”), acquired all of the ordinary shares of Newcrest in a fully stock transaction for total non-cash consideration of $13,549. Newcrest became a direct wholly owned subsidiary of Newmont Sub and an indirect wholly owned subsidiary of Newmont (such acquisition, the “Newcrest transaction”). The combined company continues to be traded on the New York Stock Exchange under the ticker NEM. The combined company is also listed on the Toronto Stock Exchange under the ticker NGT, on the Australian Securities Exchange under the ticker NEM, and on the Papua New Guinea Securities Exchange under the ticker NEM. Refer to Note 3 for further information. Segment Information Recast In January 2023, Newmont reassessed and revised its operating strategies and the accountabilities of the senior leadership team in light of the continuing volatile and uncertain market conditions, and in November 2023, the Company completed its acquisition of Newcrest (refer to Note 3 for further information). Following these changes, the Company reevaluated its segments to reflect the mining operations acquired and certain changes in the financial information regularly reviewed by Newmont's Chief Operating Decision Maker ("CODM"). As a result, the Company determined that its reportable segments were each of its 17 mining operations that it manages, which includes its 70.0% proportionate interest in Red Chris, and its 38.5% proportionate interest in Nevada Gold Mines ("NGM") which it does not directly manage. Segment results for the prior periods have been recast to reflect the change in reportable segments. Loss on Assets Held for Sale In the third quarter of 2021, the Company entered into a binding agreement to sell certain equipment and assets originally acquired for the Conga project in Peru within Corporate and Other (the "Conga mill assets") for total cash proceeds of $68. Pursuant to the terms of the agreement, the sale is expected to close upon the delivery of the assets and receipt of the final payment at which time title and control of the assets will transfer. Upon entering the binding agreement, the Conga mill assets were reclassified as held for sale and remeasured at fair value less costs to sell. As a result, a loss of $571 was recognized and included in on the Consolidated Statements of Operations for the year ended December 31, 2021. As of December 31, 2023, the Company has received payments of $57 included in Other current liabilities on the Consolidated Balance Sheets. GT Gold In May 2021, the Company acquired the remaining 85.1% interest of GT Gold Corporation (“GT Gold”) for cash consideration, including related transaction costs, of $326. Immediately prior to the acquisition, the Company held a 14.9% equity interest in GT Gold which was accounted for as a marketable equity security. The asset acquisition resulted in total consideration of $378, including non-cash consideration of $52. The non-cash consideration represents the fair value of the 14.9% GT Gold investment held by the Company on the acquisition date. The total consideration paid was allocated to the acquired assets and assumed liabilities based on their estimated fair values on the acquisition date, which primarily consisted of mineral interests of $590 and a related deferred tax liability of $211. Noncontrolling Interests Merian Newmont has a 75% economic interest in Suriname Gold project C.V. (“Merian”), with the remaining interests held by Staatsolie Maatschappij Suriname N.V. (“Staatsolie”), a company wholly owned by the Republic of Suriname. Newmont consolidates Merian, through its wholly-owned subsidiary, Newmont Suriname LLC., in its Consolidated Financial Statements as the primary beneficiary of Merian, which is a variable interest entity. For the years ended December 31, 2023, 2022 and 2021, the Company recognized $(27), $(59) and $(81), respectively, of Net loss (income) attributable to noncontrolling interests related to Merian. Yanacocha At December 31, 2021, Newmont held a 51.35% ownership interest in Minera Yanacocha S.R.L ("Yanacocha") and consolidated Yanacocha in its Consolidated Financial Statements under the voting interest model. Of the remaining interest, 43.65% was held by Compañia de Minas Buenaventura S.A.A. (“Buenaventura”) and 5% was held by Summit Global Management II VB, a subsidiary of Sumitomo Corporation (“Sumitomo”). Sumitomo had acquired its 5% interest in Yanacocha for $48 in cash. Under the terms of the acquisition, Sumitomo had the option to require Yanacocha to repurchase the interest for the $48, which was placed in escrow. Sumitomo exercised this option, and in June 2022, the Company acquired the remaining 5% ownership interest held by Sumitomo in exchange for cash consideration of $48. Additionally in 2022, the Company completed the acquisition of Buenaventura’s ownership in Yanacocha, resulting in the Company holding 100% ownership interest in Yanacocha. The Company acquired Buenaventura’s 43.65% noncontrolling interest in Yanacocha (the “Yanacocha Transaction”) for $300 cash consideration, certain royalties on any production from other future potential projects, and contingent payments of up to $100 tied to higher metal prices, achieving commercial production at the Yanacocha Sulfides project and resolution on the outstanding Yanacocha tax dispute. The Yanacocha Transaction was accounted for as an equity transaction, resulting in a decrease to additional paid-in-capital and no gain or loss recognition. Concurrent with the Yanacocha Transaction, the Company sold its 46.94% ownership interest in Minera La Zanja S.R.L. ("La Zanja"), accounted for as an equity method investment with a carrying value of $— as of December 31, 2021. Per the terms of the sale, the Company sold its interest in La Zanja to Buenaventura, the parent company of La Zanja, in exchange for royalties on potential future production from the La Zanja operation and contributed cash of $45 to be used exclusively for reclamation costs at the La Zanja operation. Upon close of the sale in 2022, the Company recognized a $45 loss on sale of its equity interest, included in Other income (loss), net. For the years ended December 31, 2022 and 2021, the Company recognized $(1) and $1,014, respectively, of Net loss (income) attributable to noncontrolling interests related to Yanacocha. No Net loss (income) attributable to noncontrolling interests related to Yanacocha was recognized for the year ended December 31, 2023, as the Company held 100% ownership interest in Yanacocha. Discontinued Operations Net income (loss) from discontinued operations includes results related to the Batu Hijau and Elang contingent consideration assets associated with the sale of PT Newmont Nusa Tenggara in 2016. For the years ended December 31, 2023, 2022 and 2021, the Company recorded income of $27, $30 and $57, net of a tax expense of $5, $4 and $10, respectively, within discontinued operations. The Company received $9, $22 and $13 for the years ended December 31, 2023, 2022 and 2021, respectively, related to discontinued operations. Refer to contingent consideration assets in Note 14 for additional information.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Accounting Policies [Abstract] | |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Risks and Uncertainties As a global mining company, the Company’s revenue, profitability and future rate of growth are substantially dependent on prevailing metal prices, primarily for gold, but also for copper, silver, lead, and zinc. Historically, the commodity markets have been very volatile, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and on the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Property, plant and mine development, net; Inventories; Stockpiles and ore on leach pads; Investments; certain Derivative assets; Deferred income tax assets; and Goodwill are particularly sensitive to the outlook for commodity prices. A decline in the Company’s price outlook from current levels could result in material impairment charges related to these assets. Our global operations expose us to risks associated with public health crises, including epidemics and pandemics such as COVID-19, and geopolitical and macroeconomic pressures such as the Russian invasion of Ukraine. The Company continues to experience the impacts from recent geopolitical and macroeconomic pressures. With the resulting volatile environment, the Company continues to monitor inflationary conditions, the effects of certain countermeasures taken by central banks, and the potential for further supply chain disruptions as well as an uncertain and evolving labor market. The following factors could have further potential short- and, possibly, long-term material adverse impacts on the Company including, but not limited to, volatility in commodity prices and the prices for gold and other metals, changes in the equity and debt markets or country specific factors adversely impacting discount rates, significant cost inflation impacts on production, capital and asset retirement costs, logistical challenges, workforce interruptions and financial market disruptions, energy market disruptions, as well as potential impacts to estimated costs and timing of projects. In light of these challenging conditions, the Company recorded long-lived asset and goodwill impairment charges at December 31, 2023. Refer to Note 7 for further information. Additionally, as further response to the current market conditions, high inflation rates, the rising prices for commodities and raw materials, prolonged supply chain disruptions, competitive labor markets, and consideration of capital allocation, in the second quarter of 2023 the Company announced the deferral of the full-funds investment decision for the Yanacocha Sulfides project in Peru for at least two years to the second half of 2026. While the Company has extended the timeline of the full-funds decision, assessment of the project remains a priority in Peru as the Company continued to advance engineering and long-term procurement activities. The delay of the Yanacocha Sulfides project is intended to focus funds on current operations and other capital commitments while management assesses execution and project options, up to and including transitioning Yanacocha operations into full closure. To the extent that assessment determines that the project is no longer sufficiently profitable or economically feasible under the Company’s internal requirements, it would result in negative modifications to the Company's proven and probable reserves. Additionally, should the Company ultimately decide to forgo the development of Yanacocha Sulfides, the current carrying value of the assets under construction and other long-lived assets of the Yanacocha operations could become impaired and the timing of certain closure activities would be accelerated. As of December 31, 2023, the Yanacocha operations have total long-lived assets of approximately $1,269, inclusive of approximately $911 of assets under construction related to Yanacocha Sulfides. Refer also to the Company's risk factors under the titles “Estimates relating to projects and mine plans of existing operations are uncertain and we may incur higher costs and lower economic returns than estimated ” and ”Our long-lived assets and goodwill could become impaired, which could have a material non-cash adverse effect on our results of operations” included in Part I, Item 1A, Risk Factors, for further information. Additionally, the Company continues to hold the Conga project in Peru, which we do not currently anticipate developing in the next ten years as we continue to assess Yanacocha Sulfides; accordingly, the Conga project remains in care and maintenance. Should we be unable to develop the Conga project or conclude that future development is not in the best interest of the business, we may consider other alternatives for the project, which may result in a future impairment charge for the remaining assets. The total assets at Conga were $895 and $900 at December 31, 2023 and 2022. On June 7, 2023, the National Union of Mine and Metal Workers of the Mexican Republic (the "Union") notified the Company of a strike action. In response to the strike notice, the Company suspended operations at Peñasquito. Operations remained suspended throughout the third quarter of 2023. On October 13, 2023, the Company reached a definitive agreement with the Union that also received approval from the Mexican Labor Court. Per the agreement, the Company will pay Peñasquito workers a fixed amount equivalent to approximately 60% of wages for the duration of the strike, and an additional bonus of two months’ wages to be paid out in the second quarter of 2024, given that the Peñasquito mine reported no profit in 2023 as a consequence of the strike. Additionally, as a part of a separate annual negotiation under the Collective Bargaining Agreement, the Company agreed to an annual salary increase of 8% effective as of August 1, 2023, which is in line with the Mexican mining industry wage increases for 2023. Operations at Peñasquito resumed in the fourth quarter of 2023. The Cerro Negro mine, located in Argentina, is a USD functional currency entity. Argentina’s central bank has enacted a number of foreign currency controls in an effort to stabilize the local currency, including requiring the Company to convert U.S. dollar proceeds from metal sales to local currency and restricting payments to foreign-related entities denominated in foreign currency, such as dividends or distributions to the parent and related companies. We continue to monitor the foreign currency exposure risk and the limitations of repatriating cash to the United States. Currently, these currency controls are not expected to impact the Company's ability to repay its debt obligations or declare dividends. Use of Estimates The Company’s Consolidated Financial Statements have been prepared in accordance with GAAP. The preparation of the Company’s Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. The Company must make these estimates and assumptions because certain information used is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. Actual results could differ from these estimates. The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production amortization calculations; environmental remediation, reclamation and closure obligations; estimates of recoverable gold and other minerals in stockpile and leach pad inventories; estimates of fair value for certain reporting units and asset impairments (including impairments of long-lived assets, goodwill and investments); write-downs of inventory, stockpiles and ore on leach pads to net realizable value; post-employment, post-retirement and other employee benefit liabilities; valuation allowances for deferred tax assets; provisional amounts related to income tax effects of newly enacted tax laws; provisional amounts related to uncertain tax positions; valuation of assets acquired and liabilities assumed in a business combination; reserves for contingencies and litigation; and the fair value and accounting treatment of financial instruments including marketable and other equity securities and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from those amounts estimated in these financial statements. Principles of Consolidation The Consolidated Financial Statements include the accounts of Newmont Corporation, more-than-50%-owned subsidiaries that it controls and variable interest entities where it is the primary beneficiary. The proportionate consolidation method is used for investments in which the Company has an undivided interest in the assets, liabilities and operations and for certain unincorporated joint ventures in the extractive industry. All significant intercompany balances and transactions have been eliminated. Equity method accounting is applied for certain entities where the Company does not have control, but does have significant influence over the activities that most significantly impact the entities’ operations and financial performance. The functional currency for the majority of the Company’s operations is the U.S. dollar. The Company follows the ASC guidance for identification and reporting of entities over which control is achieved through means other than voting rights. The guidance defines such entities as Variable Interest Entities. Business Combination and Asset Acquisition Accounting The Company applies a screen test to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets to determine whether a transaction should be accounted for as an asset acquisition or business combination. When an acquisition does not meet the definition of a business combination because either: (i) substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset, or group of similar identified assets, or (ii) the acquired entity does not have an input and a substantive process that together significantly contribute to the ability to create outputs, the Company accounts for the acquisition as an asset acquisition. In an asset acquisition, goodwill is not recognized, but rather, any excess purchase consideration over the fair value of the net assets acquired is allocated on a relative fair value basis to the identifiable net assets as of the acquisition date and any direct acquisition-related transaction costs are capitalized as part of the purchase consideration. When an acquisition is accounted for as a business combination, the Company recognizes and measures the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date, while transaction and integration costs related to business combinations are expensed as incurred. Any excess of the purchase consideration in excess of the aggregate fair value of the net tangible and intangible assets acquired, if any, is recorded as goodwill. For material acquisitions, the Company engages independent appraisers to assist with the determination of the fair value of assets acquired, liabilities assumed, noncontrolling interest, if any, and goodwill, based on recognized business valuation methodologies. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, and noncontrolling interest, if any, in a business combination. The income valuation method represents the present value of future cash flows over the life of the asset using discrete financial forecasts, long-term growth rates, appropriate discount rates, and expected future capital requirements. The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets. The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset. The fair value of property, plant and mine development is estimated to include the fair value of asset retirement costs of related long-lived tangible assets. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill if new information is obtained related to facts and circumstances that existed as of the acquisition date. After the measurement period, any subsequent adjustments are reflected in the period the adjustment arises. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Because of the short maturity of these investments, the carrying amounts approximate their fair value. Cash and cash equivalents are held in overnight bank deposits or are invested in United States Treasury securities and money market securities. Restricted cash is excluded from cash and cash equivalents and is included in other current or non-current assets. Restricted cash is held primarily for the purpose of settling asset retirement obligations. Time Deposits and Other Investments The Company's time deposits and other investments primarily include time deposits with an original maturity of more than three months but less than one year. These time deposits are carried at amortized cost. Accrued interest is recorded in Other income (loss), net. Stockpiles, Ore on Leach Pads and Inventories As described below, costs that are incurred in or benefit the productive process are accumulated as stockpiles, ore on leach pads and inventories. Stockpiles, ore on leach pads and inventories are carried at the lower of average cost or net realizable value. Net realizable value represents the estimated future sales price of the product based on current and long-term metals prices, less the estimated costs to complete production and bring the product to sale. Write-downs of stockpiles, ore on leach pads and inventories to net realizable value are reported as a component of Costs applicable to sales and Depreciation and amortization. The current portion of stockpiles, ore on leach pads and inventories is determined based on the expected amounts to be processed within the next 12 months and utilize the short-term metal price assumption in estimating net realizable value. Stockpiles, ore on leach pads and inventories not expected to be processed within the next 12 months are classified as non-current and utilize the long-term metal price assumption in estimating net realizable value. The major classifications are as follows: Stockpiles Stockpiles represent ore that has been extracted from the mine and is available for further processing. Mine sequencing may result in mining material at a faster rate than can be processed. The Company generally processes the highest ore grade material first to maximize metal production; however, a blend of metal stockpiles may be processed to balance hardness and/or metallurgy in order to maximize throughput and recovery. Processing of lower grade stockpiled ore may continue after mining operations are completed. Sulfide copper ores are subject to oxidation over time which can reduce expected future recoveries. Stockpiles are measured by estimating the number of tons added and removed from the stockpile, the number of contained ounces or pounds (based on assay data) and the estimated metallurgical recovery rates (based on the expected processing method). Stockpile ore tonnages are verified by periodic surveys. Costs are added to stockpiles based on current mining costs incurred including applicable overhead and depreciation and amortization relating to mining operations and removed at each stockpile’s average cost per recoverable unit as material is processed. Carrying values are evaluated at least quarterly, in accordance with the above. Ore on Leach Pads Ore on leach pads represent ore that has been mined and placed on leach pads where a solution is applied to the surface of the heap to dissolve the gold or silver or extract the copper. Costs are added to ore on leach pads based on current mining costs, including applicable depreciation and amortization relating to mining operations. Costs are removed from ore on leach pads as ounces or pounds are recovered based on the average cost per estimated recoverable ounce of gold or silver or pound of copper on the leach pad. Estimates of recoverable ore on the leach pads are calculated from the quantities of ore placed on the leach pads (measured tons added to the leach pads), the grade of ore placed on the leach pads (based on assay data) and a recovery percentage (based on ore type). In general, leach pads recover between 50% and 95% of the recoverable ounces in the first year of leaching, declining each year thereafter until the leaching process is complete. Although the quantities of recoverable metal placed on the leach pads are reconciled by comparing the grades of ore placed on pads to the quantities of metal actually recovered (metallurgical balancing), the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, the metallurgical balancing process is constantly monitored and estimates are refined based on actual results over time. Historically, the Company’s operating results have not been materially impacted by variations between the estimated and actual recoverable quantities of metal on its leach pads. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. In-process Inventory In-process inventories represent material that is currently in the process of being converted to a saleable product. Conversion processes vary depending on the nature of the ore and the specific processing facility, but include mill in-circuit, flotation, leach and carbon-in-leach. In-process material is measured based on assays of the material fed into the process and the projected recoveries of the respective processing plants. In-process inventories are valued at the lower of the average cost of the material fed into the process attributable to the source material coming from the mines, stockpiles and/or leach pads, plus the in-process conversion costs, including applicable amortization relating to the process facilities incurred to that point in the process or net realizable value. Precious Metals Inventory Precious metals inventories include gold doré and/or gold bullion. Precious metals that result from the Company’s mining and processing activities are valued at the lower of the average cost of the respective in-process inventories incurred prior to the refining process, plus applicable refining costs or net realizable value. Concentrate Inventory Concentrate inventories represent gold, silver, lead, zinc and copper concentrate available for shipment or in transit for further processing when the sales process has not been completed. The Company values concentrate inventory at average cost, including an allocable portion of support costs and amortization. Costs are added and removed to the concentrate inventory based on metal in the concentrate and are valued at the lower of average cost or net realizable value. Materials and Supplies Materials and supplies are valued at the lower of average cost or net realizable value. Cost includes applicable taxes and freight. Property, Plant and Mine Development Facilities and Equipment Expenditures for new facilities or equipment and expenditures that extend the useful lives of existing facilities or equipment are capitalized and recorded at cost. Facilities and equipment acquired as a part of a finance lease, build-to-suit or other financing arrangement are capitalized and recorded based on the contractual lease terms. The facilities and equipment are depreciated using the straight-line method at rates sufficient to depreciate such capitalized costs over the estimated productive lives of such facilities. These estimated productive lives do not exceed the related estimated mine lives, which are based on proven and probable reserves. Mine Development Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as Exploration or Advanced projects, research and development expense. Capitalization of mine development project costs that meet the definition of an asset begins once mineralization is classified as proven and probable reserves. Drilling and related costs are capitalized for an ore body where proven and probable reserves exist and the activities are directed at obtaining additional information on the ore body or converting measured, indicated and inferred resources to proven and probable reserves. All other drilling and related costs are expensed as incurred. Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of Costs applicable to sales. The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. Where multiple open pits exist at a mining complex utilizing common processing facilities, pre-stripping costs are capitalized at each pit. The removal, production, and sale of de minimis saleable materials may occur during the development phase of an open pit mine and are assigned incremental mining costs related to the removal of that material. The production phase of an open pit mine commences when saleable minerals, beyond a de minimis amount, are produced. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in Costs applicable to sales in the same period as the revenue from the sale of inventory. Mine development costs are amortized using the units-of-production method based on estimated recoverable ounces or pounds in proven and probable reserves. To the extent that these costs benefit an entire ore body, they are amortized over the estimated life of the ore body. Costs incurred to access specific ore blocks or areas that only provide benefit over the life of that area are amortized over the estimated life of that specific ore block or area. Underground development costs are capitalized as incurred. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as Exploration or Advanced projects, research and development expense. Capitalization of mine development project costs that meet the definition of an asset begins once mineralization is classified as proven and probable reserves. Mineral Interests Mineral interests include acquired interests in production, development and exploration stage properties. Mineral interests are capitalized at their fair value at the acquisition date, either as an individual asset purchase or as part of a business combination. Mineral interests in the development and exploration stage are not amortized until the underlying property is converted to the production stage, at which point the mineral interests are amortized over the estimated recoverable proven and probable reserves. The value of such assets is primarily driven by the nature and amount of mineral interests believed to be contained in such properties. Production stage mineral interests represent interests in operating properties that contain proven and probable reserves and are amortized using the units-of-production method based on the estimated recoverable ounces or pounds in proven and probable reserves. Development stage mineral interests represent interests in properties under development that contain proven and probable reserves. Exploration stage mineral interests represent interests in properties that are believed to potentially contain mineral resources consisting of (i) mineral resources within pits; mineral resources with insufficient drill spacing to qualify as proven and probable reserves; and mineral resources in close proximity to proven and probable reserves; (ii) around-mine exploration potential not immediately adjacent to existing reserves and mineralization, but located within the immediate mine area; (iii) other mine-related exploration potential that is not part of current resources and is comprised mainly of material outside of the immediate mine area; (iv) greenfield exploration potential that is not associated with any other production, development or exploration stage property, as described above; or (v) any acquired right to explore or extract a potential mineral deposit. The Company’s mineral rights generally are enforceable regardless of whether proven and probable reserves have been established. In certain limited situations, the nature of a mineral right changes from an exploration right to a mining right upon the establishment of proven and probable reserves. The Company has the ability and intent to renew mineral interests where the existing term is not sufficient to recover all identified and valued proven and probable reserves and/or undeveloped mineral resources. Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition. Goodwill is allocated to reporting units and tested for impairment annually as of December 31 and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. Each operating mine is considered a distinct reporting unit for purposes of goodwill impairment testing. The Company may elect to perform a qualitative assessment when it is more likely than not that the fair value of a reporting unit is higher than its carrying value. If the Company determines that it is more likely than not that the fair value is less than the carrying value, a quantitative goodwill impairment test is performed to determine the fair value of the reporting unit. The fair value of a reporting unit is determined using either the income approach utilizing estimates of discounted future cash flows or the market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Company recognizes its pro rata share of goodwill and any subsequent goodwill impairment losses recorded by entities that are proportionately consolidated. The estimated cash flows used to assess the fair value of a reporting unit are derived from the Company’s current business plans, which are developed using short-term price forecasts reflective of the current price environment and management’s projections for long-term average metal prices. In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; capital investments; proven and probable mineral reserves estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable mineral reserve estimates; estimated future closure costs; the use of appropriate discount rates; and applicable U.S. dollar long-term exchange rates. Impairment of Long-lived Assets The Company reviews and evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment loss is measured and recorded based on the estimated fair value of the long-lived assets being tested for impairment, and their carrying amounts. Fair value is typically determined through the use of an income approach utilizing estimates of discounted pre-tax future cash flows or a market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. Occasionally, such as when an asset is held for sale, market prices are used. The estimated undiscounted cash flows used to assess recoverability of long-lived assets and to measure the fair value of the Company’s mining operations are derived from current business plans, which are developed using short-term price forecasts reflective of the current price environment and management’s projections for long-term average metal prices. In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserve estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable mineral reserve estimates; estimated future closure costs; and the use of appropriate discount rates. In estimating undiscounted cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of undiscounted cash flows from other asset groups. The Company’s estimates of undiscounted cash flows are based on numerous assumptions and it is possible that actual cash flows may differ significantly from estimates, as actual produced reserves, metal prices, commodity-based and other costs, and closure costs are each subject to significant risks and uncertainties. Investments Management classifies investments at the acquisition date and re-evaluates the classification at each balance sheet date and when events or changes in circumstances indicate that there is a change in the Company’s ability to exercise significant influence. The ability to exercise significant influence is typically presumed when the Company possesses 20% or more of the voting interests in the investee. The Company accounts for its investments in stock of other entities over which the Company has significant influence, but not control, using the equity method of accounting. Under the equity method of accounting, the Company increases its investment for contributions made and records its proportionate share of net earnings, declared dividends and partnership distributions based on the most recently available financial statements of the investee. To the extent that there is a basis difference between the amount invested and the underlying equity in the net assets of an equity investment, the Company allocates such differences between tangible and intangible assets. This basis difference is being amortized into Equity income (loss) of affiliates over the remaining estimated useful lives of the underlying tangible and intangible net assets. Equity method investments are included in Investments. Contributions made to equity method investees at times are in the form of loan agreements. Loans provided to equity method investees that are made based on the Company's proportionate ownership percentage are accounted for as “in-substance capital contributions” and are treated as an increase to the investment. Principal and interest payments received on loans treated as in-substance capital contributions are assessed under the cumulative earnings approach to determine if the distribution received represents a return on capital or a return of capital. Return on capital distributions are recorded as an operating cash flow whereas return of capital distributions are recorded as an investing cash flow. Loans provided to equity method investees that are not made on a proportionate basis are accounted for as a loan receivable and do not increase the investment. Principal payments received on loans not treated as an in-substance capital contribution are accounted for as a reduction to the loan receivable and interest received is recorded as interest income. The Company evaluates its equity method investments for potential impairment whenever events or changes in circumstances indicate that there is an other-than-temporary decline in the value of the investment. Declines in fair value that are deemed to be other-than-temporary are charged to Other income (loss), net. Additionally, the Company has certain marketable equity and debt securities and other equity securities. Marketable equity securities are measured primarily at fair value with any changes in fair value recorded in Other income (loss), net. Certain other equity securities are accounted for under the measurement alternative (cost less impairment, adjusted for any qualifying observable price changes) when fair value is not readily determinable. The Company accounts for its restricted marketable debt securities as available-for-sale securities. Unrealized gains and losses on available-for-sale investments, net of taxes, are reported as a component of Accumulated other comprehensive income (loss) in Total equity, unless an impairment is deemed to be credit-related. Credit-related impairment is recognized as an allowance for credit losses on the balance sheet with a corresponding charge to Other income (loss), net. Derivative Instruments We hold derivatives for risk management purposes rather than for trading. We use derivatives to mitigate uncertainty and volatility caused by underlying exposures to foreign exchange rates and energy prices. The fair values of all derivative instruments are recognized as assets or liabilities at the balance sheet date and are reported gross. Financial instruments that meet the definition of a derivative, but are not designated for hedge accounting under ASC 815, are accounted for at fair value using derivative pricing models. Valuation models require a variety of inputs, including long term metal prices, life of mine production profiles, discount rates, and inflation assumptions. These instruments are subsequently remeasured to their fair value at each reporting date with the resulting gain or loss recognized in the Consolidated Statement of Operations. Cash Flow Hedges The fair value of derivative contracts qualifying as cash flow hedges are reflected as assets or liabilities in the Consolidated Balance Sheets. The changes in fair value of these hedges are deferred in Accumulated other comprehensive income (loss). Amounts deferred in Accumulated other comprehensive income (loss) are reclassified to income when the hedged transaction has occurred in the same income statement line where the earnings effect of the hedged item is presented. Cash transactions related to the Company’s derivative contracts accounted for as hedges are classified in the same category as the item being hedged in the Consolidated Statements of Cash Flows. When derivative contracts qualifying as cash flow hedges are settled, accelerated or restructured before the maturity date of the contracts, the related amount in Accumulated other comprehensive income (loss) at the settlement date is deferred and reclassified to earnings, when the originally designated hedged transaction impacts earnings and is presented in the same income statement line item as the earnings effect of the hedged item, unless the underlying hedge transaction becomes probable of not occurring, at which time related amounts in Accumulated other comprehensive income (loss) are reclassified to earnings immediately. Debt The Company carries its Senior Notes at amortized cost. Debt issuance costs and debt premiums and discounts, which are included in Debt, are amortized using the effective interest method over the terms of the respective Senior Notes as a component of Interest expense, net within the Consolidated Statements of Operations. Gain or loss on extinguishment of debt is recorded as a component of Other income (loss), net upon the extinguishment of a debt instrument and is calculated as the difference between the reacquisition price and net carrying amount of the debt, which includes unamortized debt issuance costs. We evaluate all changes to our debt arrangements to determine whether the changes represent a modification or extinguishment to the old debt arrangement. If a debt instrument is deemed to be modified, we capitalize all new lender fees and expense all third-party fees. If we determine that an extinguishment of one of our debt instruments has occurred, the unamortized financing fees associated with the extinguished instrument are expensed. For the revolving loans, all lender and third-party fees are capitalized, and in the event an amendment reduces the committed capacity under the revolving loans, we expense a portion of any unamortized fees on a pro-rata basis in proportion to the decrease in the committed capacity. Leases The Company determines if a contractual arrangement represents or contains a lease at inception. Operating leases are included in and and in the Consolidated Balance Sheets. Finance leases are included in and and Lease and other financing obligations in the Consolidated Balance Sheets. Operating and finance lease right-of-use ("ROU") assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. Leases acquired in a business combination are also measured based on the present value of the remaining leases payments, as if the acquired lease were a new lease at the acquisition date. When the rate implicit to the lease cannot be readily determined, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. Operating lease ROU assets also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company has lease arrangements that include both lease and non-lease components. The Company accounts for each separate lease component and its associated non-lease components as a single lease component for the majority of its asset classes. Additionally, for certain lease arrangements that involve leases of similar assets, the Company applies a portfolio approach to effectively account for the underlying ROU assets and lease liabilities. Common Stock In July 2021, Newmont filed a shelf registration statement on Form S-3 under which it can issue an indeterminate number or amount of common stock, preferred stock, debt securities, guarantees of debt securities and warrants from time to time at indeterminate prices, subject to the limitations of the Delaware General Corporation Law, the Company's certification of incorporation and bylaws. It also includes the ability to resell an indeterminate amount of common stock, preferred stock and debt securities from time to time upon exercise of warrants or conversion of convertible securities. Treasury Stock The Company records repurchases of common shares as Treasury stock at cost and records any subsequent retirements of treasury shares at cost. When treasury shares are retired, the Company’s policy is to allocate the excess of the repurchase price over the par value of shares acquired to both Retained earnings and Additional paid-in capital using settlement-date accounting. The portion allocated to Additional paid-in capital is calculated on a pro rata basis of the shares to be retired and the total shares issued and outstanding as of the date of the retirement. During the years ended December 31, 2023, 2022 and 2021, the Company repurchased and retired approximately — million, — million and 9 million shares of its common stock for $—, $— and $525, respectively. During the years ended December 31, 2023, 2022 and 2021, the Company withheld 0.6 million, 0.6 million and 0.6 million shares, respectively, for payments of employee withholding taxes related to the vesting of stock awards. Revenue Recognition Newmont generates revenue by selling gold, copper, silver, lead, and zinc produced from its mining operations. Refer to Note 4 for further information regarding the Company’s operating segments. The majority of the Company’s Sales come from the sale of refined gold; however, the end product at the Company’s gold operations is generally doré bars. Doré is an alloy consisting primarily of gold but also containing silver and other metals. Doré is sent to refiners to produce bullion that meets the required market standard of 99.95% gold. Under the terms of the Company’s refining agreements, the doré bars are refined for a fee, and the Company’s share of the refined gold and the separately-recovered silver is credited to its bullion account. Gold from doré bars credited to its bullion account is typically sold to banks or refiners. A portion of gold sold from certain sites is sold in the form of concentrate. The Company’s Sales also come from the sale of copper, silver, lead, and zinc. Sales from these metals are generally in the form of concentrate, which is sold to smelters for further treatment and refining. Generally, if a metal expected to be mined represents more than 10% to 20% of the life of mine sales value of all the metal expected to be mined, co-product accounting is applied. When the Company applies co-product accounting at an operation, revenue is recognized for each co-product metal sold, and shared costs applicable to sales are allocated based on the relative sales values of the co-product metals produced. Generally, if metal expected to be mined is less than the 10% to 20% of the life of mine sales value, by-product accounting is applied. Revenues from by-product sales, which are immaterial, are credited to Costs applicable to sales as a by-product credit. Silver, lead and zinc are produced as co-products at Peñasquito. Copper is produced as a co-product at Red Chris, Boddington, Cadia, and Telfer. Aside from the co-product sales at Red Chris, Peñasquito, Boddington, Cadia, and Telfer, copper and silver produced at other Newmont sites are by-product metals. Gold Sales from Doré Production The Company recognizes revenue for gold from doré production when it satisfies the performance obligation of transferring gold inventory to the customer, which generally occurs upon transfer of gold bullion credits as this is the point at which the customer obtains control the ability to direct the use and obtains substantially all of the remaining benefits of ownership of the asset. The Company generally recognizes the sale of gold bullion credits when the credits are delivered to the customer. The transaction price is determined based on the agreed upon market price and the number of ounces delivered. Payment is due upon delivery of gold bullion credits to the customer’s account. Sales from Concentrate Production The Company recognizes revenue for gold, copper, silver, lead, and zinc from concentrate production, net of treatment and refining charges, when it satisfies the performance obligation of transferring control of the concentrate to the customer. This generally occurs as material passes over the vessel's rail at the port of loading based on the date from the bill of lading, as the customer has the ability to direct the use of and obtain substantially all of the remaining benefits from the material and the customer has the risk of loss. Newmont has elected to account for shipping and handling costs for concentrate contracts as fulfillment activities and not as promised goods or services; therefore these activities are not considered separate performance obligations. The Company generally sells metal concentrate based on the monthly average market price for a future month, dependent on the relevant contract, following the month in which the delivery to the customer takes place. The amount of revenue recognized for concentrates is initially recorded on a provisional basis based on the forward prices for the estimated month of settlement and the Company’s estimated metal quantities based on assay data. The Company’s sales based on a provisional price contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the concentrates at the forward price at the time of sale. The embedded derivative, which is not designated for hedge accounting, is primarily marked to market through Sales each period prior to final settlement. The Company also adjusts estimated metal quantities used in computing provisional sales using new information and assay data from the smelter as it is received (if any). A provisional payment is generally due upon delivery of the concentrate to the customer. Final payment is due upon final settlement of price and quantity with the customer. The principal risks associated with recognition of sales on a provisional basis include metal price fluctuations and updated quantities between the date the sale is recorded and the date of final settlement. If a significant decline in metal prices occurs, or assay data results in a significant change in quantity between the provisional pricing date and the final settlement date, it is reasonably possible that the Company could be required to return a portion of the provisional payment received on the sale. Refer to Note 5 for additional information. Income and Mining Taxes The Company accounts for income taxes using the liability method, recognizing certain temporary differences between the financial reporting basis of the Company’s liabilities and assets and the related income tax basis for such liabilities and assets. This method generates either a net deferred income tax liability or asset for the Company, as measured by the statutory tax rates in effect. The Company derives its deferred income tax charge or benefit by recording the change in either the net deferred income tax liability or asset balance for the year. The financial statement effects of changes in tax law are recorded as discrete items in the period enacted as part of income tax expense or benefit from continuing operations, regardless of the category of income or loss to which the deferred taxes relate. The Company determines if the assessment of a particular income tax effect is “complete.” Those effects for which the accounting is determined to be complete are reported in the enactment period financial statements. The Company has exposure to the impact of foreign exchange fluctuations on tax positions in certain jurisdictions, such movements are recorded within Income and mining tax benefit (expense) related to deferred income tax assets and liabilities, as well as non-current uncertain tax positions, while foreign exchange fluctuations impacting current tax positions are recorded within Other income (loss), net as foreign currency exchange gains (losses). With respect to the earnings that the Company derives from the operations of its consolidated subsidiaries, in those situations where the earnings are indefinitely reinvested, no deferred taxes have been provided on the unremitted earnings (including the excess of the carrying value of the net equity of such entities for financial reporting purposes over the tax basis of such equity) of these consolidated companies. Mining taxes represent state and provincial taxes levied on mining operations and are classified as income taxes. As such, taxes are based on a percentage of mining profits. Newmont’s operations are in multiple jurisdictions where uncertainties arise in the application of complex tax regulations. Some of these tax regimes are defined by contractual agreements with the local government, while others are defined by general tax laws and regulations. Newmont and its subsidiaries are subject to reviews of its income tax filings and other tax payments, and disputes can arise with the taxing authorities over the interpretation of its contracts or laws. The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on its estimate of whether it is more likely than not, and the extent to which, additional taxes will be due. The Company adjusts these reserves in light of changing facts and circumstances; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the Company’s current estimate of the tax liabilities. If the Company’s estimate of tax liabilities proves to be less than the ultimate assessment, an additional charge to expense would result. If the estimate of tax liabilities proves to be greater than the ultimate assessment, a tax benefit would result. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in Income and mining tax benefit (expense). In certain jurisdictions, Newmont must pay a portion of the disputed amount to the local government in order to formally appeal the assessment. Such payment is recorded as a receivable if Newmont believes the amount is collectible. Valuation of Deferred Tax Assets The Company’s deferred income tax assets include certain future tax benefits. The Company records a valuation allowance against any portion of those deferred income tax assets when it believes, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized. The Company reviews the likelihood that it will realize the benefit of its deferred tax assets and therefore the need for valuation allowances on a quarterly basis, or more frequently if events indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset is considered, along with all other available positive and negative evidence. Certain categories of evidence carry more weight in the analysis than others based upon the extent to which the evidence may be objectively verified. The Company looks to the nature and severity of cumulative pretax losses (if any) in the current three-year period ending on the evaluation date, recent pretax losses and/or expectations of future pretax losses. Other factors considered in the determination of the probability of the realization of the deferred tax assets include, but are not limited to: •Earnings history; •Projected future financial and taxable income based upon existing reserves and long-term estimates of commodity prices; •The duration of statutory carry forward periods; •Prudent and feasible tax planning strategies readily available that may alter the timing of reversal of the temporary difference; •Nature of temporary differences and predictability of reversal patterns of existing temporary differences; and •The sensitivity of future forecasted results to commodity prices and other factors. Concluding that a valuation allowance is not required is difficult when there is significant negative evidence which is objective and verifiable, such as cumulative losses in recent years. The Company utilizes a rolling twelve quarters of pre-tax income or loss as a measure of its cumulative results in recent years. However, a cumulative three year loss is not solely determinative of the need for a valuation allowance. The Company also considers all other available positive and negative evidence in its analysis. Reclamation and Remediation Costs Reclamation obligations associated with operating and non-operating mine sites are recognized when an obligation is incurred and the fair value can be reasonably estimated. Fair value is measured as the present value of expected cash flow estimates, after considering inflation, our credit-adjusted risk-free rates and a market risk premium appropriate for our operations. The liability is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized as part of the asset’s carrying value and amortized over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. Changes in reclamation estimates at mines that are not currently operating, as the mine or portion of the mine site has entered the closure phase and has no substantive future economic value, are reflected in earnings in the period an estimate is revised. The estimated reclamation obligation is based on when spending for an existing disturbance is expected to occur. Costs included in estimated asset retirement obligations are discounted to their present value as cash flows are readily estimable over a period of up to fifty years. The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at each mine site in accordance with ASC guidance for asset retirement obligations. Remediation costs are accrued when it is probable that an obligation has been incurred and the cost can be reasonably estimated. Such cost estimates may include ongoing care, maintenance and monitoring costs. Changes in remediation estimates at non-operating mines are reflected in earnings in the period an estimate is revised. Water treatment costs included in environmental remediation obligations are discounted to their present value as cash flows are readily estimable over a period up to fifty years. Foreign Currency The functional currency for the majority of the Company’s operations is the U.S. dollar. Transaction gains and losses related to foreign currency denominated monetary assets and liabilities where the functional currency is the U.S. dollar are remeasured at current exchange rates and the resulting adjustments are included in Other income (loss), net. The financial statements of our foreign entities with functional currencies other than the U.S. dollar are translated into U.S. dollars with the resulting adjustments charged or credited directly to Accumulated other comprehensive income (loss) in total equity. All assets and liabilities are translated into the U.S. dollar using exchange rates in effect at the balance sheet date, while revenues and expenses are translated at the weighted average exchange rates for the period. The gains or losses on foreign currency rates on cash holdings in foreign currencies are included in Effect of exchange rate changes on cash, cash equivalents and restricted cash in the Company’s Consolidated Statements of Cash Flows. Stock-Based Compensation The Company records stock-based compensation awards exchanged for employee services at fair value on the date of the grant and expenses the awards in the Consolidated Statements of Operations over the requisite employee service period. The fair value of stock options is determined using the Black-Scholes valuation model. The fair value of RSUs are based on the Newmont stock price on the date of grant. The fair value of PSUs with market-related conditions is determined using a Monte Carlo simulation model. The fair value of PSUs with performance-related conditions is determined based on the Newmont stock price on the date of grant and the probability of the performance conditions being met. Stock-based compensation expense related to all awards, including awards with a market or performance condition that cliff vest, is generally recognized ratably over the requisite service period of the award on a straight-line basis. The Company recognizes forfeitures as they occur. The Company's estimates may be impacted by certain variables including, but not limited to, stock price volatility, employee retirement eligibility dates, the Company's performance and related tax impacts. Net Income (Loss) per Common Share Basic and diluted income per share are presented for Net income (loss) attributable to Newmont stockholders. Basic income per common share is computed by dividing income available to Newmont common stockholders by the weighted average number of common shares outstanding during the period. Diluted income per common share is computed similarly except that weighted average common shares is increased to reflect all dilutive instruments, including employee stock awards. Dilutive securities are excluded from the calculation of diluted weighted average common shares outstanding if their effect would be anti-dilutive based on the treasury stock method or due to a net loss from continuing operations. Discontinued Operations The Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results when the business is classified as held for sale, in accordance with ASC 360, Property, Plant and Equipment and ASC 205-20, Presentation of Financial Statements - Discontinued Operations. Under ASC 360, assets may be classified as held for sale even though discontinued operations classification is not met. Equity method investments, which are specifically scoped out of ASC 360, can only be classified as held for sale if discontinued operations classification is also achieved. The results of discontinued operations are reported in Net income (loss) from discontinued operations, net of tax in the accompanying Consolidated Statements of Operations for current and prior periods, including any gain or loss recognized on closing or adjustment of the carrying amount to fair value less cost to sell. Comprehensive Income (Loss) In addition to Net income (loss), Comprehensive income (loss) includes all changes in equity during a period, such as adjustments to minimum pension liabilities, foreign currency translation adjustments, changes in fair value of derivative instruments that qualify as cash flow hedges and cumulative unrecognized changes in fair value of marketable debt securities classified as available-for-sale, except those resulting from investments by and distributions to owners. Care and Maintenance The Company incurs certain direct operating costs and depreciation and amortization costs when operations are temporarily halted and placed in care and maintenance. Direct operating costs incurred while operations are temporarily placed in care and maintenance are included in Other expense, net as these costs do not benefit the productive process and are not related to sales. Depreciation and amortization costs incurred while operations are temporarily placed in care and maintenance are included in Depreciation and amortization. Reclassifications Certain amounts and disclosures in prior years have been reclassified to conform to the 2023 presentation. Recently Adopted Accounting Pronouncements and Securities and Exchange Commission Rules Inflation Reduction Act In August 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the "IRA") into law. The IRA introduced an excise tax on stock repurchases of 1% of the fair market value of stock repurchases net of stock issued during the tax year and a corporate alternative minimum tax (the "Corporate AMT") of 15% on the adjusted financial statement income ("AFSI") of corporations with average AFSI exceeding $1 billion over a three-year period. The excise tax on stock repurchases is effective on net stock repurchases made after December 31, 2022 and the Corporate AMT is effective for tax periods beginning in fiscal year 2023. While waiting on pending Department of Treasury regulatory guidance, the Company is continuing to monitor developments. Based upon information known to date, no material impacts are expected to the Consolidated Financial Statements, disclosures, or cash flows. In 2024, Pillar II is set to take effect. The Pillar II agreement was signed by 138 countries with the intent to equalize corporate tax around the world by implementing a global minimum tax of 15%. As Newmont primarily does business in jurisdictions with a tax rate greater than 15%, the Company does not anticipate a material impact to the Consolidated Financial Statements. Effects of Reference Rate Reform In March 2020, ASU No. 2020-04 was issued which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform. In January 2021, ASU No. 2021-01 was issued which broadened the scope of ASU No. 2020-04 to include certain derivative instruments. In December 2022, ASU No. 2022-06 was issued which deferred the sunset date of ASU No. 2020-04. The guidance is effective for all entities as of March 12, 2020 through December 31, 2024. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. The Company has completed its review of key contracts and does not expect the guidance to have a material impact to the consolidated financial statements or disclosures. The Company will continue to review new contracts to identify references to the LIBOR and implement adequate fallback provisions if not already implemented to mitigate the risks or impacts from the transition. Recently Issued Accounting Pronouncements and Securities and Exchange Commission Rules Improvement to Income Tax Disclosures In December 2023, ASU 2023-09 was issued which requires disaggregated information about the effective tax rate reconciliation and additional information on taxes paid that meet a qualitative threshold. The new guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impacts of the guidance on its Consolidated Financial Statements. Segments Reporting In November 2023, ASU 2023-07 was issued which improves disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for additional, more detailed information about a reportable segment’s expenses. The ASU applies to all public entities that are required to report segment information in accordance with ASC 280 and is effective starting in annual periods beginning after December 15, 2023. The adoption is not expected to have a material impact on the Company's Consolidated Financial Statements or disclosures.
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BUSINESS ACQUISITION |
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| Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BUSINESS ACQUISITION | BUSINESS ACQUISITION On November 6, 2023 (the “acquisition date”), Newmont completed its business combination transaction with Newcrest, a public Australian mining company limited by shares, whereby Newmont, through Newmont Sub, acquired all of the ordinary shares of Newcrest, pursuant to a court-approved scheme of arrangement under Part 5.1 of the Australian Corporations Act 2001 (Cth) between Newcrest and its shareholders, as contemplated by a scheme implementation deed, dated as of May 15, 2023, by and among Newmont, Newmont Sub and Newcrest, as amended from time to time. Upon implementation, Newmont completed the business acquisition of Newcrest, in which Newmont was the acquirer and Newcrest became a direct wholly owned subsidiary of Newmont Sub and an indirect wholly owned subsidiary of Newmont (such acquisition, the “Newcrest transaction”). The acquisition of Newcrest increased the Company’s gold and other metal reserves and expanded its operating jurisdictions. The acquisition date fair value of the consideration transferred consisted of the following:
The Company retained an independent appraiser to determine the fair value of assets acquired and liabilities assumed. In accordance with the acquisition method of accounting, the purchase price of Newcrest has been allocated to the acquired assets and assumed liabilities based on their estimated acquisition date fair values. The fair value estimates were based on income, market and cost valuation methods. The excess of the total consideration over the estimated fair value of the amounts initially assigned to the identifiable assets acquired and liabilities assumed has been recorded as goodwill, which is not deductible for income tax purposes. The goodwill balance is mainly attributable to: (i) the acquisition of existing operating mines with access to an assembled workforce that cannot be duplicated at the same costs by new entrants; (ii) operating synergies anticipated from the integration of the operations of Newmont and Newcrest; and (iii) the application of Newmont’s Full Potential program and potential strategic and financial benefits that include the increase in reserve base and opportunities to identify additional mineralization through exploration activities. As of December 31, 2023, the Company had not yet fully completed the analysis to assign fair values to all assets acquired and liabilities assumed, and therefore the purchase price allocation for Newcrest is preliminary. At December 31, 2023, remaining items to finalize include the fair value of inventories, property plant and mine development (primarily consisting of mineral interests), goodwill, reclamation and remediation liabilities, employee-related benefits, unrecognized tax benefits, and deferred income tax assets and liabilities. The preliminary purchase price allocation will be subject to further refinement as the Company continues to refine its estimates and assumptions based on information available at the acquisition date. These refinements may result in material changes to the estimated fair value of assets acquired and liabilities assumed. The purchase price allocation adjustments can be made throughout the end of Newmont’s measurement period, which is not to exceed one year from the acquisition date. The following table summarizes the preliminary purchase price allocation for the Newcrest transaction as of December 31, 2023:
____________________________ (1)The preliminary fair value of property, plant and mine development is based on applying the income and cost valuation methods. (2)The preliminary fair value of the equity method investments was determined by applying the market approach, based on quoted prices for the acquired investments. (3)Preliminary goodwill is attributable to reportable segments as follows: $397 to Red Chris; $1,087 to Brucejack; $565 to Cadia; and $695 to Lihir. (4)The preliminary fair value of the Newcrest senior notes is measured using a market approach, based on quoted prices for the acquired debt; $1,373 of borrowings under the senior notes approximate fair value. The carrying value of the bilateral bank debt facilities of $1,923 approximates fair value. (5)The preliminary fair value of reclamation and remediation liabilities is based on the expected amounts and timing of cash flows for closure activities and discounted to present value using a credit-adjusted risk-free rate as of the acquisition date. Key assumptions include the costs and timing of key closure activities based on the life of mine plans, including estimates and timing of monitoring and water management costs (if applicable) after the completion of initial closure activities. (6)Deferred income tax assets and liabilities represent the future tax benefit or future tax expense associated with the differences between the preliminary fair value allocated to assets (excluding goodwill) and liabilities and a tax basis increase to fair value as a result of the acquisition in Australia and the historical carryover tax basis of these assets and liabilities in all other jurisdictions. No deferred tax liability is recognized for the basis difference inherent in the preliminary fair value allocated to goodwill. Sales and Net income (loss) attributable to Newmont stockholders in the Consolidated Statement of Operations includes Newcrest revenue of $944 and Newcrest net income (loss) of $136 from the acquisition date to the year ended December 31, 2023. Pro Forma Financial Information (unaudited) The following unaudited pro forma financial information presents consolidated results assuming the Newcrest transaction occurred on January 1, 2022.
____________________________ (1)Includes $464 of Newcrest transaction and integration costs for the year ended December 31, 2023.
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SEGMENT INFORMATION |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT INFORMATION | SEGMENT INFORMATION The Company regularly reviews its segment reporting for alignment with its strategic goals and operational structure as well as for evaluation of business performance and allocation of resources by Newmont’s CODM. In January 2023, Newmont reassessed and revised its operating strategies and the accountabilities of the senior leadership team in light of the continuing volatile and uncertain market conditions, and in November 2023, the Company completed the Newcrest transaction (refer to Note 3 for further information). Following these changes, the Company reevaluated its segments to reflect the mining operations acquired and certain changes in the financial information regularly reviewed by the CODM. As a result, the Company determined that its reportable segments were each of its 17 mining operations that it manages and its 38.5% proportionate interest in Nevada Gold Mines ("NGM") which it does not directly manage. Segment results for the prior periods have been recast to reflect the change in reportable segments. In the following tables, Income (loss) before income and mining tax and other items from reportable segments does not reflect general corporate expenses, interest (except project-specific interest) or income and mining taxes. Intercompany revenue and expense amounts have been eliminated within each segment in order to report on the basis that management uses internally for evaluating segment performance. The Company's business activities and operating segments that are not considered reportable, including all equity method investments, are reported in Corporate and Other, which has been provided for reconciliation purposes. The financial information relating to the Company’s segments is as follows:
____________________________ (1)Includes an increase in accrued capital expenditures of $79. Consolidated capital expenditures on a cash basis were $2,666. (2)Sites acquired through the Newcrest transaction. Refer to Note 3 for further information. (3)On June 7, 2023, the Company suspended its operations at Peñasquito due to the Union strike. During the strike, Peñasquito continued to incur costs and reported $108 and $75 in Cost applicable to sales and Depreciation and amortization, respectively, related to continued costs. Additionally, Cost applicable to sales includes adjustments to the profit-sharing agreement accrual for the current period. On October 13, 2023, the Company reached an agreement with the Union and operations at Peñasquito resumed in the fourth quarter of 2023. Refer to Note 2 for further information.
____________________________ (1)Includes an increase in accrued capital expenditures of $59. Consolidated capital expenditures on a cash basis were $2,131. (2)Costs applicable to sales includes amounts resulting from the profit-sharing agreement completed with the Peñasquito workforce during the second quarter of 2022. Under the agreement, the Company will pay its workforce an uncapped profit-sharing bonus each year, based on the agreed upon terms. Additionally, the terms of the agreement are retroactively applied to profit-sharing related to 2021 site performance, resulting in $70 recorded within Costs applicable to sales in the second quarter of 2022. The amounts related to the 2021 profit-sharing were paid in the third quarter of 2022.
____________________________ (1)Includes an increase in accrued capital expenditures of $40. Consolidated capital expenditures on a cash basis were $1,653. Long-lived assets, which consist of Property, plant and mine development, net, non-current Stockpiles and ore on leach pads, and non-current right-of-use assets, included in Other non-current assets, were as follows:
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SALES |
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SALES | SALES The following tables present the Company’s Sales by mining operation, product and inventory type:
____________________________ (1)Sites acquired through the Newcrest transaction. Refer to Note 3 for further information. (2)Silver sales from concentrate includes $42 related to non-cash amortization of the silver streaming agreement liability. (3)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $2,174 for the year ended December 31, 2023.
____________________________ (1)Silver sales from concentrate includes $73 related to non-cash amortization of the silver streaming agreement liability. (2)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $2,022 for the year ended December 31, 2022.
____________________________ (1)Silver sales from concentrate includes $79 related to non-cash amortization of the silver streaming agreement liability. (2)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $2,212 for the year ended December 31, 2021. Trade Receivables and Provisional Sales At December 31, 2023 and December 31, 2022, Trade receivables consisted of sales from provisionally priced concentrate and other production. The impact to Sales from revenue recognized due to the changes in pricing is an increase (decrease) of $37, $(34) and $32 for the years ended December 31, 2023, 2022, and 2021, respectively. At December 31, 2023, Newmont had the following provisionally priced concentrate sales subject to final pricing over the next several months:
____________________________ (1)Includes provisionally priced by-product sales subject to final pricing, which are recognized in Costs applicable to sales. (2)Molybdenum is a by-product at the Cadia site and is recognized in Costs applicable to sales. Silver Streaming Agreement The Company is obligated to sell 25% of silver production from the Peñasquito mine to Wheaton Precious Metals Corporation at the lesser of market price or a fixed contract price, subject to an annual inflation adjustment of up to 1.65%. This agreement contains off-market terms and was initially recognized at its acquisition date fair value as a finite-lived intangible liability. The current and non-current portion are recorded to Other current liabilities and Silver streaming agreement on the Consolidated Balance Sheet, respectively. The Company’s policy is to amortize the liability into Sales each period using the units-of-production method. During the years ended December 31, 2023, 2022, and 2021, the Company amortized $42, $73, and $79, respectively, of the liability into revenue. At December 31, 2023 and 2022, the value of the liability included in the Consolidated Balance Sheet was $866 and $908, respectively. Revenue by Geographic Area Newmont primarily conducts metal sales in U.S. dollars, and therefore Sales are not exposed to fluctuations in foreign currencies. Revenues from sales attributed to countries based on the location of the customer were as follows:
____________________________ (1)Includes $42, $73, and $79 related to non-cash amortization of the silver streaming agreement liability for the years ended December 31, 2023, 2022, and 2021, respectively. (2)The Company identified that revenue by geographic area for the years ended December 31, 2022 and 2021 was incorrectly allocated for United Kingdom, Switzerland, and Other, but the total revenue by geographic area was appropriately stated for these periods. These amounts have been corrected in the current period. Revenue by Major Customer As gold can be sold through numerous gold market traders worldwide, the Company is not economically dependent on a limited number of customers for the sale of its product. The Company sells silver, lead, zinc and copper predominantly in the form of concentrates. The concentrates are sold under a combination of short-term and long-term supply contracts with processing fees based on the demand for these concentrates in the global marketplace. In 2023, sales to JPMorgan Chase were $2,583 (22%), Royal Bank of Canada were $1,765 (15%), Standard Chartered were $1,659 (14%), and Toronto Dominion Bank were $1,630 (14%) of total gold sales. In 2022, sales to Standard Chartered were $4,179 (35%) and JPMorgan Chase were $1,503 (13%) of total gold sales. In 2021 sales to Standard Chartered were $4,634 (38%) and JPMorgan Chase were $2,002 (17%) of total gold sales.
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RECLAMATION AND REMEDIATION |
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| Environmental Remediation Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RECLAMATION AND REMEDIATION | RECLAMATION AND REMEDIATION The Company’s mining and exploration activities are subject to various domestic and international laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. The Company conducts its operations to protect public health and the environment and believes its operations are in compliance with applicable laws and regulations in all material respects. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. Estimated future reclamation and remediation costs are based principally on current legal and regulatory requirements. The Company’s Reclamation and remediation expense consisted of:
In 2023, reclamation adjustments were primarily due to increased water management costs at portions of the Yanacocha site that are no longer in production and with no expected substantive economic value (i.e., non-operating), that resulted in an increase of $1,101. In 2022, reclamation adjustments were primarily due to higher estimated closure costs resulting from cost inflation and increased water management costs at portions of the Yanacocha and Porcupine site operations that are non-operating that resulted in increases of $529 and $91, respectively. In 2021, reclamation adjustments were primarily comprised of $1,554 related to non-operating portions of the Yanacocha site. In 2023 remediation adjustments were primarily due to higher water management costs and project execution delays at the Midnite mine and Dawn mill sites. In 2022, remediation adjustments are primarily due to higher waste disposal costs and project execution delays at the Midnite mine and Dawn mill sites. In 2021, remediation adjustments are primarily due to revisions to estimated construction costs of the water treatment plant at the Midnite mine and higher estimated closure cost arising from recent tailings management review and monitoring requirements set forth by GISTM. The following are reconciliations of Reclamation and remediation liabilities:
____________________________ (1)The current portion of are included in Other current liabilities. Refer to Note 22. (2)The non-current portion of reclamation and remediation liabilities are included in Reclamation and remediation liabilities. (3)Total reclamation liabilities includes $4,804 and $3,722 related to Yanacocha at December 31, 2023 and 2022, respectively. The Company is also involved in several matters concerning environmental remediation obligations associated with former, primarily historic, mining activities. Generally, these matters concern developing and implementing remediation plans at the various sites involved. Depending upon the ultimate resolution of these matters, the Company believes that it is reasonably possible that the liability for these matters could be as much as 35% greater or 6% lower than the amount accrued at December 31, 2023. The amounts accrued are reviewed periodically based upon facts and circumstances available at the time. Changes in estimates are included in Other current liabilities and Reclamation and remediation liabilities in the period estimates are revised. Included in Other non-current assets at December 31, 2023 and 2022 are $81 and $62 respectively, of non-current restricted cash held for purposes of settling reclamation and remediation obligations. The amounts at December 31, 2023 and 2022 primarily relate to the Ahafo and Akyem mines in Ghana, Africa. Included in Other non-current assets at December 31, 2023 and 2022 was $21 and $35, respectively, of non-current restricted investments, which are legally pledged for purposes of settling reclamation and remediation obligations. The amounts at December 31, 2023 and 2022 primarily relate to the San Jose Reservoir at Yanacocha. Refer to Note 25 for further discussion of reclamation and remediation matters.
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IMPAIRMENT CHARGES |
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| Asset Impairment Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| IMPAIRMENT CHARGES | IMPAIRMENT CHARGES
____________________________ (1)Primarily relates to non-cash write-downs of materials and supplies inventory and various assets that are no longer in use, except for certain impairment charges recognized for the year ended December 31, 2022 as described below. (2)Site acquired through the Newcrest transaction. Refer to Note 3 for further information. The estimated cash flows utilized in both the long-lived asset and goodwill impairment evaluations are derived from the Company's current business plans. The Company completed its annual business plan update which reflected updated mine plans, certain adverse changes in market conditions, including inflationary pressures to costs and capital, strategic evaluation regarding the use of capital, and updates to asset retirement costs. Impairment of goodwill The Company evaluates its goodwill for impairment annually at December 31 or when events or changes in circumstances indicate that the fair value of a reporting unit is less than its carrying value. Each operating mine is considered a distinct reporting unit for purposes of goodwill impairment testing. Based on the December 31, 2023 review, the Company concluded that Goodwill was impaired at the Musselwhite, Éléonore and Peñasquito reporting units. The goodwill impairments at Musselwhite and Éléonore were driven by a deterioration in underlying cash flows from higher costs due to inflationary pressures, and resulted in non-cash impairment charges of $293 and $246, respectively, which represented the full goodwill balance of the reporting units prior to impairment. The goodwill impairment at Peñasquito was also driven by lower expected cash flows, primarily due to an update to the geological model that impacted expected metal grade and recoveries, as well as higher costs due to inflationary pressures, and resulted in a non-cash impairment charge of $1,210, which represented the full goodwill balance of the reporting unit prior to impairment. The long-lived assets of Musselwhite, Éléonore and Peñasquito were evaluated for impairment prior to the quantitative goodwill assessment and no impairment was identified. In addition, the Company recorded a non-cash impairment charge of $11 at NGM as a result of the decision to not pursue permitting for Phase 2 mining at Long Canyon. As a result, NGM placed Long Canyon on long-term care and maintenance and revised their business plan. The impairment represented the full goodwill balance at Long Canyon based on the Company's proportionate interest in NGM. The Company measured the impairments by comparing the total fair value of the operations to the corresponding reporting unit carrying value. The estimated fair value was determined using the income approach and is considered a non-recurring level 3 fair value measurement. Significant inputs to the fair value measured included (i) updated cash flow information from the Company's current business and closure plans, (ii) a short-term gold price of $1,950, (iii) a long-term gold price of $1,700, (iv) current estimates of reserves, resources, and exploration potential, and (v) a reporting unit specific discount rate of 10.00% at Musselwhite, 17.50% at Éléonore, and 6.75% at Peñasquito. The selected discount rates for Musselwhite and Éléonore incorporate additional premium related to operational risk at these sites. Based on the December 31, 2022 review, the Company concluded that Goodwill was impaired at the Porcupine and the Cerro Negro reporting units. The Porcupine goodwill impairment was driven by a deterioration in underlying cash flows from higher costs due to inflationary pressures and higher capital costs related to safety enhancements and the expansion of the active tailings storage facility, ensuring GISTM compliance, as well as an increase to the asset retirement cost, and resulted in a non-cash impairment charge of $341, which represented the full goodwill balance of the reporting unit prior to impairment. The Cerro Negro goodwill impairment was driven by a 14% country specific discount rate that reflects current macroeconomic risk and uncertainty in Argentina, and resulted in a non-cash impairment charge of $459, which represented the full goodwill balance of the reporting unit prior to impairment. The long-lived assets of Porcupine and Cerro Negro were evaluated for impairment prior to the quantitative goodwill test and no impairment was identified. The Company measured the impairments by comparing the total fair value of the existing operations to the corresponding reporting unit carrying value. The estimated fair value was determined using the income approach and is considered a non-recurring level 3 fair value measurement. Significant inputs to the fair value measured included (i) updated cash flow information from the Company's current business and closure plans, (ii) a short-term gold price of $1,750, (iii) a long-term gold price of $1,600, (iv) current estimates of reserves, resources, and exploration potential, and (v) a country specific discount rate of 4.50% in Canada and 14% in Argentina. Impairment of long-lived and other assets The Company reviews and evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. During the fourth quarter of 2023, an impairment indicator was determined to exist at NGM. This determination was as a result of the decision to not pursue permitting for Phase 2 mining at Long Canyon. As a result, NGM placed Long Canyon on long-term care and maintenance and revised their business plan. The Company recognized its proportionate share of the non-cash impairment charge of $72 which resulted in a remaining balance of $22 within Property, plant and mine development, net at December 31, 2023. The estimated fair value is based on observable market values for comparable assets expressed as dollar per ounce of mineral resources and is considered a non-recurring level 3 fair value measurement. During the fourth quarter of 2022, the Company determined that an impairment indicator existed at CC&V. This determination was based on the updated business plan, which reflected a deterioration in underlying cash flows from lower production, impacted by the decision to place the mill on long-term care and maintenance, higher costs due to inflationary pressures, as well as an increase to the asset retirement cost. As a result of the impairment indicator, a recoverability test was performed and the Company concluded the long-lived assets at CC&V were impaired resulting in a non-cash impairment charge of $511 and a remaining balance of $25 within Property, plant and mine development, net at December 31, 2022. The Company measured the impairment by comparing the total fair value of the existing operations to the carrying value of the corresponding assets. The estimated fair value was determined using the income approach and is considered a non-recurring level 3 fair value measurement. Significant inputs to the fair value measurement included (i) updated cash flow information from the Company's current business and closure plans, (ii) a short-term gold price of $1,750, (iii) a long-term gold price of $1,600, (iv) current estimates of reserves, resources, and exploration potential, and (v) a country specific pre-tax discount rate of 6.75%.
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OTHER EXPENSE, NET |
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| Operating Costs and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER EXPENSE, NET | OTHER EXPENSE, NET
Newcrest transaction and integration costs. Newcrest transaction and integration costs for the year ended December 31, 2023 primarily comprises $316 in relation to stamp duty tax incurred in connection with the transaction, and other related investment banking fees, legal costs, and consulting services. COVID-19 specific costs. COVID-19 specific costs represent incremental direct costs incurred, including but not limited to contributions to the Newmont Global Community Support Fund, additional health screenings, incremental travel, security and employee related costs as well as various other incremental costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic and to comply with local mandates. The Company established the Newmont Global Community Support Fund to help host communities, governments and employees combat the COVID-19 pandemic. For the years ended December 31, 2023, 2022, and 2021, $1, $3, and $3 were distributed from this fund, respectively. Beginning January 1, 2023, COVID-19 specific costs incurred in the ordinary course of business are recognized in Costs applicable to sales. Settlement costs. Settlement costs primarily relate to legal and other settlements, voluntary contributions, and other related costs. Restructuring and severance. Restructuring and severance primarily represents severance and related costs associated with significant organizational and operating model changes implemented by the Company for all periods presented.
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OTHER INCOME (LOSS), NET |
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| Other Income, Nonoperating [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER INCOME (LOSS), NET | OTHER INCOME (LOSS), NET
____________________________ (1)Primarily relates to insurance proceeds received by the Company in the third quarter of 2023 of $45 and $11 related to Tanami due to significant rainfall and flooding in early 2023 and a conveyor failure at Ahafo, respectively. Of these amounts, $31 and $6, respectively, were recognized in Other income (loss), net, and primarily relate to business interruption coverage. The remaining amounts were recognized within Costs applicable to sales. (2)Primarily represents pension settlement charges due to the pension annuitization in 2022 and lump sum payments to participants. For additional information regarding pension and other post-employment benefits, refer to Note 11. Gain (loss) on asset and investment sales, net. For the year ended December 31, 2023, Gain on asset and investment sales, net primarily consists of a loss of $235 recognized on the abandonment of the pyrite leach plant at Peñasquito in the fourth quarter of 2023, partially offset by the net gain of $36 recognized in the first quarter of 2023 on the exchange and subsequent sale of the previously held Maverix Metals, Inc. ("Maverix") investment for the Triple Flag Precious Metals Corporation ("Triple Flag") investment. For the year ended December 31, 2022, Gain on asset and investment sales, net primarily consists of a gain of $61 related to the sale of the 18.75% ownership interest in Minera Agua Rica Alumbrera Limited to Glencore International AG in third quarter of 2022 for a purchase price of $125 cash consideration and a $30 deferred payment, which is due upon successfully reaching commercial production and otherwise subject to a 6% annual interest, up to a maximum deferred payment of $50; partially offset by a loss of $45 recognized on the sale of the ownership interest in La Zanja in the first quarter of 2022. Refer to Note 1 for further information. For the year ended December 31, 2021, Gain on asset and investment sales, net primarily consists of a gain of $83 related to the sale of the Kalgoorlie Consolidated Gold Mines power business to Northern Star Resources Limited in the fourth quarter of 2021; a gain of $79 related to an exchange transaction between NGM and i-80 Gold Corp, completed in the third quarter of 2021, in which NGM acquired the remaining 40% interest in the South Arturo property and certain other considerations in exchange for the Lone Tree and Buffalo mountain properties and related infrastructure; and a gain of $42 related to the sale of all of the outstanding shares of in TMAC Resources, Inc. to Agnico Eagle Mines Ltd in the first quarter of 2021.
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INCOME AND MINING TAXES |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INCOME AND MINING TAXES | INCOME AND MINING TAXES The Company’s Income and mining tax benefit (expense) consisted of:
The Company’s Income (loss) before income and mining tax and other items consisted of:
The Company’s Income and mining tax benefit (expense) differed from the amounts computed by applying the United States statutory corporate income tax rate for the following reasons:
____________________________ (1)Includes net tax benefit of $125, primarily consisting of a reduction in the related uncertain tax position of $95 and a valuation release of $29 for the full settlement with the Mexican Tax Authority entered into during the second quarter of 2022. (2)Primarily consists of the impact of foreign exchange and earnings, the U.S. tax effect of minority interest attributable to non-U.S. investees, and the impact of return to provision adjustments. Factors that Significantly Impact Effective Tax Rate (Other than Factors Described Separately Below) Percentage depletion allowances (tax deductions for depletion that may exceed the tax basis in the mineral reserves) are available to the Company under the income tax laws of the United States for operations conducted in the United States or through branches and partnerships owned by U.S. subsidiaries included in the consolidated United States income tax return. These deductions are highly sensitive to the price of gold and other metals produced by the Company. The Company operates in various jurisdictions around the world that have statutory tax rates that are significantly different than those of the U.S. These differences combine to move the overall effective tax rate higher than the U.S. statutory rate. Mining taxes in Nevada, Mexico, Canada, Peru and Australia represent state and provincial taxes levied on mining operations and are classified as income taxes as such taxes are based on a percentage of mining profits. In the U.S., capital losses may be carried forward five years to offset capital gains. Capital loss carryforwards of $—, $—, and $152, expired in 2023, 2022 and 2021, respectively. The Company carries a full valuation allowance on U.S. capital losses. In 2023, the U.S. had foreign tax credits of $196 expire. Components of the Company's deferred income tax assets (liabilities) are as follows:
These amounts reflect the classification and presentation that is reported for each tax jurisdiction in which the Company operates. Valuation of Deferred Tax Assets The Company assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the recent pretax losses and/or expectations of future pretax losses. Such objective evidence limits the ability to consider other subjective evidence such as the Company's projections for future growth. On the basis of this evaluation, a new valuation allowance has been recorded in Argentina. However, the amount of the deferred tax asset considered realizable could be adjusted if estimates of future taxable income during the carryforward period are increased, if objective negative evidence in the form of cumulative losses is no longer present or if additional weight were given to subjective evidence such as the Company's projections for growth. During 2023, the Company recorded an increase to the valuation allowance of $358 to tax expense, primarily driven by increases in the Yanacocha reclamation obligation in Peru, the net deferred tax asset in Argentina, the valuation allowance on Canada's tax credits, and the transaction costs capitalized to capital assets in Australia for which there is a full valuation allowance. This was partially offset by a release for expiration of foreign tax credit carryforwards in the U.S. There was additional valuation allowance established as a result of purchase accounting for the Newcrest transaction of $300. Refer to Note 2 for additional risk factors that could impact the Company’s ability to realize the deferred tax assets. Tax Loss Carryforwards, Foreign Tax Credits, and Canadian Tax Credits At December 31, 2023 and 2022, the Company had (i) $3,678 and $1,963 of net operating loss carry forwards, respectively; and (ii) $513 and $615 of tax credit carry forwards, respectively. At December 31, 2023 and 2022, $989 and $649, respectively, of net operating loss carry forwards are attributable to the U.S., Australia and France for which current tax law provides no expiration period. The net operating loss carry forward in Canada of $1,458 will expire by 2043. The net operating loss carryforward in Mexico of $921 will expire by 2033, and the net operating loss carryforward in Argentina of $74 will expire by 2028. The net operating loss carry forward in other countries is $236. Tax credit carry forwards for 2023 and 2022 of $284 and $463, respectively, consist of foreign tax credits available in the United States; substantially all such credits not utilized will expire at the end of 2029, and of solar tax credit for 2023 and 2022 of $19 and $-, respectively, which will expire by 2045. Canadian tax credits for 2023 and 2022 of $210 and $152, respectively, consist of investment tax credits and minimum mining tax credits. Canadian investment tax credits for 2023 consisted of $124 which will substantially expire by 2043, mining tax credits of $9 which will expire by 2042, and the other Canadian tax credits of $76 that do not expire. Company’s Unrecognized Tax Benefits A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, exclusive of interest and penalties, is as follows:
At December 31, 2023, 2022 and 2021, $190, $219 and $335, respectively, represent the amount of unrecognized tax benefits, inclusive of interest and penalties that, if recognized, would impact the Company’s effective income tax rate. The Company operates in numerous countries around the world and is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates. Some of these tax regimes are defined by contractual agreements with the local government, and others are defined by the general corporate income tax laws of the country. The Company has historically filed, and continues to file, all required income tax returns and paid the taxes reasonably determined to be due. The tax rules and regulations in many countries are highly complex and subject to interpretation. From time to time, the Company is subject to a review of its historic income tax filings and in connection with such reviews, disputes can arise with the taxing authorities over the interpretation or application of certain rules to the Company’s business conducted within the country involved. Through the due diligence and integration processes, the Company has not identified new uncertain tax positions as a result of the Newcrest transaction. Work on this will continue through the measurement period. The Australian Taxation Office (“ATO”) is conducting a limited review of the Company’s prior year tax returns. The ATO is reviewing an internal reorganization executed in 2011 when Newmont completed a restructure of the shareholding in the Company’s Australian subsidiaries. To date, the Company has responded to inquiries from the ATO and provided them with supporting documentation for the transaction and the Company’s associated tax positions. One aspect of the ATO review relates to an Australian capital gains tax that applies to sales or transfers of stock in certain types of entities. In the fourth quarter of 2017, the ATO notified the Company that it believes the 2011 reorganization is subject to capital gains tax of approximately $85 (including interest and penalties). The Company disputes this conclusion and intends to vigorously defend its position that the transaction is not subject to this tax. In the fourth quarter of 2017, the Company made a $24 payment to the ATO and lodged an Appeal with the Australian Federal Court to preserve its right to contest the ATO conclusions on this matter. In December, an unsuccessful mediation session was held and an agreement was not reached at that time. The Company will file export reports with the Court by April 2024 in advance of proceedings. A provisional Court date is set for the third quarter of 2024. In the third quarter of 2022, the Administración Federal de Ingresos Públicos ("AFIP") in Argentina notified the Company that it completed the 2016 transfer pricing review. The AFIP has questioned the Company’s treatment of intercompany loans and believes they should be akin to capital contributions. These intercompany loans are still in place. The Company disputes this position and continues to believe that the financing meets the qualifications of bona fide debt and intends to vigorously defend this position. To date, no final audit report or assessment has been provided by the AFIP. The matter will be closely monitored and evaluated as more information becomes available. The Company and/or subsidiaries file income tax returns in the U.S. Federal jurisdiction, and various state and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. Federal, state and local, and non-U.S. income tax examinations by tax authorities for years before 2016. As a result of (i) statute of limitations that will begin to expire within the next 12 months in various jurisdictions, and (ii) possible settlements of audit-related issues with taxing authorities in various jurisdictions, the Company believes that it is reasonably possible that the total amount of its unrecognized income tax liability will decrease between $25 and $50 in the next 12 months. The Company’s practice is to recognize interest and/or penalties related to unrecognized tax benefits as part of Income and mining tax benefit (expense). At December 31, 2023 and 2022, the total amount of accrued income-tax-related interest and penalties included in the Consolidated Balance Sheets was $78 and $77, respectively. During 2023, 2022, and 2021 the Company increased $1, and released $61 and $8 of interest and penalties, respectively, through the Consolidated Statements of Operations. Other No additional income taxes have been provided for any remaining undistributed foreign earnings not subject to the transition tax, or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations.
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EMPLOYEE-RELATED BENEFITS | EMPLOYEE-RELATED BENEFITS
Pension and Other Benefit Plans The Company provides a defined benefit pension plan to eligible employees. Benefits are generally based on years of service and the employee’s annual compensation. Various international pension plans are based on local laws and requirements. Pension costs are determined annually by independent actuaries and pension contributions to the U.S. qualified plans are made based on funding standards established under the Employee Retirement Income Security Act of 1974, as amended. The following tables provide a reconciliation of changes in the plans’ benefit obligations and assets’ fair values for 2023 and 2022:
The Company’s qualified pension plan is funded with cash contributions in compliance with Internal Revenue Service rules and regulations. The Company’s non-qualified and other benefit plans are currently not funded, but exist as general corporate obligations. The information contained in the above tables presents the combined funded status of qualified and non-qualified plans. The Company reviews its retirement benefit programs on a regular basis and will consider market conditions and the funded status of its qualified pension plans in determining whether additional contributions are appropriate in calendar year 2024. As of December 31, 2023 and 2022, all pension benefit plans had accumulated benefit obligations and projected benefit obligations in excess of the fair value of assets with the exception of one defined benefit pension plan in the U.S. and one defined benefit pension plan in Canada. The fair value of the plan assets associated with these pension benefit plans was in excess of the related accumulated benefit obligations and projected benefit obligations. The following table provides information for the Company's defined benefit pensions plans that had aggregate accumulated benefit obligations and projected benefit obligations in excess of plan assets at December 31:
(1)Information for other benefit plans with an accumulated benefit obligations in excess of plan assets has not been included as all of the other benefit plans are unfunded. The significant assumptions used in measuring the Company’s benefit obligation were mortality assumptions and discount rate. The mortality assumptions used to measure the pension and other post retirement obligation incorporate future mortality improvements from tables published by the Society of Actuaries ("SOA"). In 2022 and 2023, the SOA announced they would not release a new generational projection scale for the related years and instead updated the Mortality Improvement Model ("MIM") tool with the ability to optionally input mortality loads to model differing viewpoints of the ongoing effect of COVID. The Company utilized the Pri-2012 mortality tables and the MP-2021 generational projection scales, with no adjustment for COVID due to the Company not experiencing material mortality gain due to COVID, to measure the pension and other post retirement obligations as of December 31, 2023 and 2022. Yield curves matching the Company’s benefit obligations were derived using a model based on high quality corporate bond data from Bloomberg. The model develops a discount rate by selecting a portfolio of high quality corporate bonds whose projected cash flows match the projected benefit payments of the plan. The resulting curves were used to identify a weighted average discount rate for the Company of 5.33% and 5.63% at December 31, 2023 and 2022, respectively, based on the timing of future benefit payments. Actuarial gains of $21 and $197 were recognized in the years ended December 31, 2023 and 2022, respectively, primarily due to an increase in discount rate from the prior year. Settlement accounting is required when annual lump sum payments exceed the annual interest and service costs for a plan and results in a remeasurement of the related pension benefit obligation and plan assets and the recognition of settlement charges in Other income (loss), net due to the acceleration of a portion of unrecognized actuarial losses. Lump sum payments are primarily made from the plan assets. Settlement accounting was triggered for the periods ended December 31, 2023, 2022 and 2021 resulting in pension settlement charges of $9, $137 and $4, respectively. For the period ended December 31, 2022, pension settlement charges primarily resulted from the Company executing an annuitization to transfer a portion of the pension plan obligations from the Company's U.S. qualified defined benefit pension plans to an insurance company using plan assets during the first quarter of 2022. As a result, $527 of the previously recognized pension obligations were transferred and settlement accounting was triggered which resulted in the recognition of a non-cash settlement loss of $130 in Other income (loss), net. In December 2022, the Company received the final true-up from the insurance company for the annuitization, which had an inconsequential impact on the settlement. The following table provides the net pension and other benefits amounts recognized in Accumulated other comprehensive income (loss):
The following table provides components of the total benefit cost (income), inclusive of the net periodic pension and other benefits costs (credits):
(1)Service costs are included in Costs applicable to sales or General and administrative and the other components of benefit costs are included in Other income (loss), net. The following table provides the components recognized in Other comprehensive income (loss):
Actuarial losses in excess of 10 percent of the greater of the projected benefit obligation or market-related value of plan assets are amortized over the expected average remaining future service period of the current active participants. The significant assumptions used in measuring the Company’s Total benefit cost (income) and Other comprehensive income (loss) were discount rate and expected return on plan assets:
____________________________ (1)Total benefit cost (income) and other comprehensive income (loss) for the Company's U.S. qualified defined benefit pension plan was remeasured due to the settlement accounting required from the retiree annuity purchase on March 25, 2022. The discount rate used for determining the Total benefit cost (income) and other comprehensive income (loss) reflected 3.03% from January 1, 2022 through March 25, 2022 and 4.09% from March 26, 2022 through December 31, 2022. The expected long-term return on plan assets used for each period in the three years ended December 31, 2023 was determined based on an analysis of the asset returns over multiple time horizons for the Company’s actual plan and for other comparable U.S. corporations. At December 31, 2023, Newmont has estimated the expected long-term return on the qualified pension plan's assets to be 7.25% which will be used in determining future net periodic benefit cost. The Company determines the long-term return on plan assets by considering the most recent capital market forecasts, the plans’ current asset allocation and the actual return on plan assets in comparison to the expected return on assets. The average actual return on the qualified pension plan's assets during the 35 years ended December 31, 2023 approximated 7.65%. Newmont has two pension calculations for salaried U.S. employees. The first is a “Final Average Pay” pension calculation which is defined as a monthly annuity at age 62 based, in part, on their highest five year eligible earnings and years of credited service. The second is the “Stable Value” calculation which is defined as a lump sum payment to employees upon retirement. The amount of the lump sum is the total of annual accruals based on the employee’s eligible earnings and years of service. The benefits accrued under the Final Average Pay formula were frozen on June 30, 2014 for those eligible employees. Beginning July 1, 2014, all future accruals are based on the terms and features of the Stable Value calculation. The assumed health care trend rate used to measure the expected cost of benefits is 6.25% in 2024 and decreases gradually each year to 5.00% in 2029, which is used thereafter. The qualified pension plan employs an independent investment firm which invests the assets of the plans in certain approved funds that correspond to specific asset classes with associated target allocations. The goal of the pension fund investment program is to achieve prudent actuarial funding ratios while maintaining acceptable risk levels. The investment performance of the plans and that of the individual investment firms is measured against recognized market indices. The performance of the pension funds are monitored by an investment committee comprised of members of the Company’s management, which is advised by an independent investment consultant. With the exception of global capital market economic risks, the Company has identified no significant portfolio risks associated to asset classes. The following is a summary of the target asset allocations for 2023 and the actual asset allocation at December 31, 2023:
Cash equivalent instruments are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets and are primarily invested in money market securities and U.S. Treasury securities. Commingled fund investments are managed by several fund managers and are valued at the net asset value per share for each fund. Although the majority of the underlying assets in the funds consist of actively traded equity securities and bonds, the unit of account is considered to be at the fund level. These funds require less than a month’s notice for redemptions and can be redeemed at the net asset value per share. The following table sets forth the Company’s pension plan assets measured at fair value:
Cash Flows Benefit payments expected to be paid to plan participants are as follows:
Savings Plans The Company has one qualified defined contribution savings plan in the U.S. that covers salaried and hourly employees. When an employee meets eligibility requirements, the Company matches 100% of employee contributions of up to 6% of eligible earnings. Hourly employees receive an additional retirement contribution to the participant’s retirement contribution account equal to an amount which is paid and determined by the Company. Currently, the additional retirement contribution is 5% of eligible earnings. Matching contributions are made in cash. In addition, the Company has one non-qualified supplemental savings plan for executive-level employees whose benefits under the qualified plan are limited by federal regulations.
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STOCK-BASED COMPENSATION |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company has stock incentive plans for directors, executives and eligible employees. Stock incentive awards include RSUs and PSUs. The Company issues new shares of common stock to satisfy option exercises and vesting under all of its stock incentive awards. Prior to 2012, the Company also granted options to purchase shares of stock with exercise prices not less than fair market value of the underlying stock at the date of grant. At December 31, 2023, 21,472,946 shares were authorized for future stock incentive plan awards. Restricted Stock Units The Company grants RSUs to directors, executives and eligible employees. Awards are determined as a target percentage of base salary and, for eligible employees, are subject to a personal performance factor. For all RSU grants issued prior to February 2018, RSU awards vest on a straight-line basis over periods of three years or more, unless the employee becomes retirement eligible prior to the vesting date. If an employee becomes retirement eligible and retires prior to the vesting date, the remaining awards vest on a pro rata basis at the retirement date. Starting with the February 2018 grant, if the employee becomes retirement eligible at any point during the vesting period, the entire award is considered earned after the later of the one-year service period from the grant date or the retirement eligible date. Prior to vesting, holders of RSUs do not have the right to vote the underlying shares; however, directors, executives and eligible employees accrue dividend equivalents on their RSUs, which are paid at the time the RSUs vest. The accrued dividend equivalents are not paid if RSUs are forfeited. The RSUs are subject to forfeiture risk and other restrictions. Upon vesting, the employee is entitled to receive one share of the Company’s common stock for each restricted stock unit. Performance Stock Units In 2023, the Company amended the PSU plan for eligible executives to incorporate awards that vest based on certain performance-related conditions in addition to the historically granted awards that vest based on certain market-related conditions. For market-related conditions, the awards vest after the three-year requisite service period based on the Company's total shareholder return compared to the return of a peer group. The grant date fair value of the awards are amortized on a straight-line basis over the required performance period. The grant date fair value of the market-related conditions for each PSU granted in 2023, 2022 or 2021 was determined using a Monte Carlo valuation model, which requires the input of the following subjective assumptions:
The risk-free interest rates are based on a U.S. Treasury yield curve in effect at the time of grant. Expected volatility is based on historical volatility of the Company's stock as well as the stock of the peer group for the three-year performance period. For performance-related conditions, the awards vest based on the achievement of certain performance metrics which include (i) representation of women on executive team and (ii) Scope 1 and 2 emission reductions related to key milestone projects. The grant date fair value of the awards are amortized over the three-year requisite service period, based on the probability of the performance conditions being met. The grant date fair value of the performance-related conditions for each PSU granted in 2023 was determined using the Company's stock price on the grant. The weighted-average fair market value for 2023 was $43.34. Goldcorp Employee Stock Options In connection with Newmont's acquisition of Goldcorp in 2019, the Company exchanged 3.6 million outstanding Goldcorp options for 1.2 million Newmont options with the right to exercise each Newmont option for one share of Newmont common stock. At December 31, 2022, there were 47,047 options outstanding and exercisable with a weighted average exercise price of $46.33. During 2023, 5,319 options were exercised with a weighted average exercise price of $46.27. During 2023, 41,728 options expired with a weighted average exercise price of $46.34. At December 31, 2023, there were no options outstanding and exercisable. Stock-Based Compensation Activity A summary of the status and activity of non-vested RSUs and PSUs for the year ended December 31, 2023 is as follows:
The total intrinsic value and fair value of RSUs that vested in 2023, 2022 and 2021 was $36, $62 and $72, respectively. The total intrinsic value and fair value of PSUs that vested in 2023, 2022 and 2021 was $35, $47 and $21, respectively. Cash flows resulting from excess tax benefits are classified as part of cash flows from operating activities. Excess tax benefits are realized tax benefits from tax deductions for vested RSUs, settled PSUs, and exercised options in excess of the deferred tax asset attributable to stock compensation costs for such equity awards. The Company recorded $1 in tax deficiencies for the year ended December 31, 2023 and $5 and $3 in excess tax benefits for the years ended December 31, 2022 and 2021, respectively. At December 31, 2023, there was $55 and $31 of unrecognized compensation costs related to the unvested RSUs and PSUs, respectively. This cost is expected to be recognized over a weighted average period of approximately two years. The Company recognized stock-based compensation as follows:
____________________________ (1)For the years ended December 31, 2023 and December 31, 2022, other includes the Company's proportionate share of NGM stock compensation.
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FAIR VALUE ACCOUNTING |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE ACCOUNTING | FAIR VALUE ACCOUNTING Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, quoted prices or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability and model-based valuation techniques (e.g. the Black-Scholes model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
____________________________ (1)Cash and cash equivalents at December 31, 2023 and 2022 include term deposits that have an original maturity of three months or less. (2)Debt is carried at amortized cost. The outstanding carrying value was $8,874 and $5,571 at December 31, 2023 and December 31, 2022, respectively. The fair value measurement of debt was based on an independent third-party pricing source. (3)Derivative assets and liabilities include amounts for contingent consideration assets and liabilities, which were separately disclosed in prior filings. The Company’s cash and cash equivalents and restricted cash (which includes restricted cash and cash equivalents) are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets and are primarily money market securities and U.S. Treasury securities. The Company's time deposits and other primarily consists of time deposits with an original maturity of more than three months but less than one year and are classified within Level 2 of the fair value hierarchy as they are carried at amortized cost. The Company’s net trade receivables from provisional metal concentrate sales, which contain an embedded derivative and are subject to final pricing, are valued using quoted market prices based on forward curves for the particular metal. As the contracts themselves are not traded on an exchange, these receivables are classified within Level 2 of the fair value hierarchy. The Company's long-lived assets consist of long-lived assets at certain sites that were subject to fair value measurement as a result of impairment tests performed for the years ended December 31, 2023 and 2022. The Company performed a non-recurring fair value measurement, classified as Level 3 of the fair value hierarchy, in connection with recoverability and impairment tests performed over long-lived assets and goodwill for all applicable reporting units. Impairment charges related to goodwill were for the full goodwill balance at Peñasquito, Musselwhite and Éléonore, resulting in no remaining balance at December 31, 2023. For further information regarding management’s assessment of these certain long-lived assets and goodwill reporting units, including the assumptions utilized in determining the fair value, refer to Note 7. The Company’s marketable and other equity securities with readily determinable fair values are valued using quoted market prices in active markets and as such are classified within Level 1 of the fair value hierarchy. The fair value of the marketable equity securities are calculated as the quoted market price of the marketable equity security multiplied by the quantity of shares held by the Company. The Company’s marketable and other equity securities without readily determinable fair values consists of the Company’s ownership in warrants in publicly traded companies. Warrants are valued using a Black-Scholes model using quoted market prices in active markets of the underlying securities. As the warrants themselves are not traded on the exchange, these equity securities are classified within Level 2 of the fair value hierarchy. At December 31, 2023 and December 31, 2022, these warrants are included in the "Time deposits and other" and the "Marketable and other equity securities" line items in the tables presented above, respectively. The Company’s restricted marketable debt securities are primarily U.S. government issued bonds and international bonds. The Company’s debt securities held at Yanacocha are classified within Level 1 of the fair value hierarchy, using published market prices of actively traded securities. The Company’s debt securities held at Corporate and Other are classified within Level 1 and Level 2 of the fair value hierarchy. The Level 1 debt securities are valued using published market prices of actively traded securities and the Level 2 debt securities are valued using pricing models which are based on published market inputs for similar, actively traded securities. The Company's restricted other assets are primarily money market securities with a term longer than three months which are valued using quoted market prices in active markets. As such, they are classified within Level 1 of the fair value hierarchy. The Company’s derivative instruments consist of the Stream Credit Facility Agreement, the Cadia Power Purchase Agreement, foreign currency fixed forward contracts, and contingent considerations. The Stream Credit Facility Agreement and the Cadia Power Purchase Agreement were acquired as part of the Newcrest transaction and are financial instruments that meet the definition of a derivative, but are not designated for hedge accounting under ASC 815. These agreements are accounted for at fair value using probability weighted discounted cash flow models and are classified within Level 3 of the fair value hierarchy. Valuation models require a variety of inputs, including long-term metal prices, life of mine production profiles, forward power prices, forecasted power generation volume, discount rates, and inflation assumptions. Refer to Note 14 for further information. The foreign currency fixed forward contracts are valued using pricing models based on forward curves. The Company’s derivatives trade in liquid markets, and as such, model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. Refer to Note 14 for further information. The contingent consideration assets and liabilities are classified within Level 3 of the fair value hierarchy. Changes in the discount rate will result in an inverse impact to the estimated fair value of the contingent consideration assets and liabilities. For certain contingent consideration assets, a change in copper price will result in a corresponding impact to the estimated fair value. Refer to Note 14 for further information. The following tables set forth a summary of the quantitative and qualitative information related to the significant observable and unobservable inputs used in the calculation of the Company’s Level 3 financial assets and liabilities at December 31, 2023 and December 31, 2022:
____________________________ (1)Refer to Note 7 for information on the assumptions and inputs specific to the non-recurring fair value measurements performed in connection with recoverability and impairment tests incurred for certain long-lived assets and goodwill reporting units. (2)Derivative assets, not designated in a hedging relationship relate to the Stream Credit Facility Agreement and the Cadia Power Purchase Agreement acquired as part of the Newcrest transaction. See Note 14 for further information. (3)The weighted average discount rates used to calculate the Company’s Derivative assets, not designated for hedging, Contingent consideration assets, and Derivative liabilities are 9.03%, 11.18%, and 5.65% respectively. Various other inputs including, but not limited to, metal prices, and future expected production profiles were utilized in determining the fair value of the individual derivatives. (4)A Monte Carlo valuation model is used for the fair value measurement of the Batu Hijau contingent consideration asset. All other contingent consideration assets are valued using a probability-weighted discounted cash flow where the significant input is the discount rate.
(1)Refer to Note 7 for information on the assumptions and inputs specific to the non-recurring fair value measurements performed in connection with recoverability and impairment tests incurred for certain long-lived assets and goodwill reporting units. (2)Derivative assets and liabilities include amounts for contingent consideration assets and liabilities, which were separately disclosed in prior filings. (3)A Monte Carlo valuation model is used for the fair value measurement of the Batu Hijau contingent consideration asset. All other contingent consideration assets are valued using a probability-weighted discounted cash flow where the significant input is the discount rate. (4)The weighted average discount rate used to calculate the Company’s derivative assets and liabilities are 11.86% and 6.07%, respectively. Various other inputs including, but not limited to, metal prices, production profiles and new mineralization discoveries were utilized in determining the fair value of the individual derivatives. The following tables set forth a summary of changes in the fair value of the Company’s recurring Level 3 financial assets and liabilities:
____________________________ (1)In 2023, the gain recognized on revaluation of derivative assets of $1 and $22 are included in Other Income (loss), net and Net income (loss) from discontinued operations, respectively. In 2022, the (loss) gain recognized on revaluation on derivative assets of $(2) and $18 are included in and , respectively.
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DERIVATIVE INSTRUMENTS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS
(1)Derivative assets not designated in a hedging relationship relate to the Stream Credit Facility Agreement and the Cadia Power Purchase Agreement acquired as part of the Newcrest transaction. See below for further information. (2)Included in Other non-current liabilities in the Company’s Consolidated Balance Sheets. Acquired Derivatives On November 6, 2023, the Company acquired certain derivatives instruments through the Newcrest transaction. Gold and Fuel Hedge Programs Both the gold and fuel hedge programs acquired through the Newcrest transaction were settled during November 2023. The settlement of the gold and fuel hedge programs resulted in a net gain of $7 which was recognized in earnings in Other income (loss), net in the Company's Consolidated Statement of Operations. Stream Credit Facility Agreement ("SCFA") The SCFA is a non-revolving credit facility in relation to the Fruta del Norte mine, which is wholly owned and operated by Lundin Gold Inc. ("Lundin Gold") in which the Company holds a 32.0% equity interest (refer to Note 15 for further information). The SCFA has a face value of $150 to be repaid in cash based on the Fruta del Norte mine's gold and silver production. The amount of each monthly payment is the sum of the following: (i) 7.75% of refined gold processed in the prior month, multiplied by the excess of the gold price over $400 per ounce (subject to an inflationary adjustment), until 350,000 ounces is reached; and (ii) 100% of refined silver processed in the prior month, multiplied by the excess of the silver price over $4 per ounce (subject to an inflationary adjustment), until 6 million ounces is reached. Lundin Gold also has the option to prepay (i) 50% of the remaining SCFA on June 30, 2024 for $150 and/or (ii) the other 50% of the remaining SCFA on June 30, 2026 for $225. The SCFA is a financial instrument that meets the definition of a derivative and is accounted for at fair value using a probability weighted discounted cash flow model, but is not designated for hedge accounting under ASC 815. Changes in the fair value are recognized in Other income (loss), net in the Company's Consolidated Statement of Operations. The SCFA meets the definition of a derivative as the principal and interest payments are calculated based on the future prices and production profiles of gold and silver, which are not clearly and closely related to the economic characteristics and risks of the host non-revolving credit facility. The SCFA has a stated interest rate of 7.5%. Repayments in excess of the principal and stated interest rate amount are recognized in Other income (loss), net in the Company's Consolidated Statement of Operations. The fair value of the SCFA was $276 at December 31, 2023, of which $113 is recognized in the current portion of Derivative assets and $163 is recognized in non-current Derivative assets in the Company’s Consolidated Balance Sheets. Cadia Power Purchase Agreement ("Cadia PPA") The Cadia PPA is a 15-year renewable power purchase agreement. The Cadia PPA will provide the Company with access to large scale generation certificates which the Company intends to surrender to achieve a reduction in its greenhouse gas emissions. The Cadia PPA is a financial instrument that meets the definition of a derivative and is accounted for at fair value using a probability weighted discounted cash flow model, but is not designated for hedge accounting under ASC 815. Changes in the fair value are recognized in Other income (loss), net in the Company's Consolidated Statement of Operations. The fair value of the Cadia PPA was $148 at December 31, 2023, of which $2 is recognized in the current portion of Derivative assets and $146 is recognized in non-current Derivative assets in the Company’s Consolidated Balance Sheets. Contingent Consideration Assets and Liabilities Contingent consideration assets and liabilities are comprised of contingent consideration to be received or paid by the Company in conjunction with various sales of assets and investments with future payment contingent upon meeting certain milestones. These contingent consideration assets and liabilities are accounted for at fair value using probability weighted discounted cash flow models and consist of financial instruments that meet the definition of a derivative, but are not designated for hedge accounting under ASC 815. Refer to Note 13 for further information regarding the fair value of the contingent consideration assets and liabilities. The Company had the following contingent consideration assets and liabilities at December 31, 2023 and 2022:
(1)Contingent consideration related to the sale of PT Newmont Nusa Tenggara in 2016. Refer to Note 1 for additional information. At December 31, 2023, $76 is included in the current portion of Derivative assets and $85 is included in Derivative assets in the Company’s Consolidated Balance Sheets. At December 31, 2022, $139 is included in Derivative assets in the Company’s Consolidated Balance Sheets. (2)Included in the current portion of Derivative assets in the Company’s Consolidated Balance Sheets. (3)Refer to Note 15 for further information on the contingent consideration assets related to Maverix. (4)Included in Other non-current liabilities in the Company’s Consolidated Balance Sheets. (5)Acquired through the Newcrest transaction and is included in Other current liabilities in the Company’s Consolidated Balance Sheets. Hedging Instruments In May 2023, the Company entered into C$348 of CAD-denominated and A$648 of AUD-denominated fixed forward contracts to mitigate variability in the USD functional cash flows related to the CAD-denominated and AUD-denominated operating expenditures expected to be incurred between June and December 2023 included in the Company's operating mines located in Canada and Australia, respectively. The fixed forward contracts were transacted for risk management purposes. The Company designated the CAD-denominated and AUD-denominated fixed forward contracts as foreign currency cash flow hedges against the forecasted CAD-denominated and AUD-denominated operating expenditures, respectively. The hedge programs matured and no amounts remain in Accumulated other comprehensive income (loss) as of December 31, 2023. In October 2022, the Company entered into A$574 of AUD-denominated fixed forward contracts to mitigate variability in the USD functional cash flows related to the AUD-denominated capital expenditures expected to be incurred in 2023 and 2024 during the construction and development phase of the Tanami Expansion 2 project included in the Company's Tanami segment. The fixed forward contracts were transacted for risk management purposes. The Company has designated the fixed forward contracts as foreign currency cash flow hedges against the forecasted AUD-denominated Tanami Expansion 2 capital expenditures. To minimize credit risk, the Company only enters into transactions with counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. The Company believes that the risk of counterparty default is low and its exposure to credit risk is minimal. The unrealized changes in fair value have been recorded in Accumulated other comprehensive income (loss) and are reclassified to income during the period in which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. If the underlying hedge transaction becomes probable of not occurring, the related amounts will be reclassified to earnings immediately. For the foreign currency cash flow hedges related to the Tanami Expansion 2 project, amounts recorded in Accumulated other comprehensive income (loss) will be reclassified to earnings through Depreciation and amortization after the project reaches commercial production. The following table provides the fair value of the Company’s derivative instruments designated as cash flow hedges:
____________________________ (1)Included in Derivative assets in the Company’s Consolidated Balance Sheets. (2)Included in non-current Derivative assets in the Company’s Consolidated Balance Sheets. The following table provides the losses (gains) recognized in earnings related to the Company's derivative instruments designated for hedging:
(1)Foreign currency cash flow hedges relate to contracts entered into, and subsequently settled, to mitigate the variability of CAD and AUD denominated operating expenditures. The amounts are reclassified out of Accumulated other comprehensive income (loss) into earnings in the month that the operating expenditures are incurred. The losses (gains) recognized in earnings are included in Costs applicable to sales in the Company’s Consolidated Statement of Operations. (2)Interest rate contracts relate to swaps entered into, and subsequently settled, associated with the issuance of the 2022 Senior Notes, 2035 Senior Notes, 2039 Senior Notes, and 2042 Senior Notes. The related gains and losses are reclassified from Accumulated other comprehensive income (loss) and amortized to Interest expense, net over the term of the respective hedged notes. During the year ended December 31, 2021, $1 was reclassified to Other income (loss), net as a result of the redemption and tender offers of the 2022 Senior Notes. Refer to Note 20 for additional information. (3)Operating cash flow hedges relate to contracts entered into, and subsequently settled, to mitigate the variability of operating costs primarily related to diesel price fluctuations. The amounts are reclassified out of Accumulated other comprehensive income (loss) into earnings as diesel costs are incurred. The gains (losses) recognized in earnings are included in Costs applicable to sales in the Company’s Consolidated Statement of Operations.
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INVESTMENTS |
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INVESTMENTS | INVESTMENTS
(1)At December 31, 2022, Time deposits and other primarily includes time deposits with an original maturity of more than three months but less than one year of $829 and related accrued interest of $9. All time deposits with an original maturity of more than three months but less than one year matured as of December 31, 2023. (2)On November 6, 2023, as a part of the Newcrest transaction, the Company acquired interests in Lundin Gold and Azucar Minerals Ltd ("Azucar"). Refer to "Lundin Gold" below for further information on Lundin Gold. At December 31, 2023, Azucar is included in Other. (3)In January 2023, Maverix was fully acquired by Triple Flag. The Company's ownership interest in the newly combined company was subsequently sold in March 2023. Refer to "Maverix Metals, Inc." below for further information. (4)Non-current restricted investments are legally pledged for purposes of settling reclamation and remediation obligations and are included in Other non-current assets. For further information regarding these amounts, refer to Note 6. Equity Method Investments Income (loss) from the Company's equity method investments is recognized in Equity income (loss) of affiliates, which for the years ended December 31, 2023, 2022 and 2021 primarily consists of income of $63, $102 and $166, respectively, from the Pueblo Viejo mine. See below for further information on the Company's equity method investments. Pueblo Viejo The Pueblo Viejo mine is located in the Dominican Republic and commenced operations in September 2014. Barrick operates and holds the remaining interest in the mine. At acquisition, the carrying value of Newmont’s equity investment in Pueblo Viejo was lower than the underlying net assets of its investment resulting in a basis difference, which is being amortized into Equity income (loss) of affiliates over the remaining estimated useful life of the mine. As of December 31, 2023 the net basis difference was $224. In June 2009, Goldcorp entered into a $400 shareholder loan agreement with Pueblo Viejo with a term of fifteen years. In April 2012, additional funding of $300 was issued to Pueblo Viejo with a term of twelve years. Both loans bear interest at 95% of LIBOR plus 2.95% which is compounded semi-annually in arrears on February 28 and August 31 of each year. The loans have no set repayment terms. Both loans were fully repaid in December 2022. In November 2020, the Company and Barrick entered into an agreement with Pueblo Viejo to provide additional funding of up to $1,300 ($520 attributable to Newmont's 40% ownership interest) through a loan facility for the expansion of Pueblo Viejo's operations (“Loan Facility”). Under the terms of the agreement, the Company and Barrick will distribute funds based on their respective proportionate ownership interest in Pueblo Viejo. The Loan Facility bears interest at 95% of the 6-month SOFR plus 4.25% which is compounded semi-annually in arrears on February 28 and August 31 of each year. The Loan Facility will be provided in two tranches of $800 and $500, respectively. Unused proceeds under the first tranche will be available for use under the second tranche. The tranches mature February 28, 2032 and February 28, 2035, respectively. As of December 31, 2023 and December 31, 2022, the Company had outstanding shareholder loans to Pueblo Viejo of $429 and $356, with accrued interest of $14 and $8, respectively. All loans receivable and accrued interest are included in the Pueblo Viejo equity method investment balance. In September 2019, the Company and Barrick entered into a $70 revolving loan facility (“Revolving Facility”) to provide short-term financing to Pueblo Viejo. The Company will fund 40% of the borrowings based on its ownership interest in Pueblo Viejo. The Revolving Facility matures on December 31, 2024 and bears interest using the 3-month SOFR plus 2.24%. There were no borrowings outstanding under the Revolving Facility as of December 31, 2023 and December 31, 2022. The Company purchases its portion (40.0%) of gold and silver produced from Pueblo Viejo at market price and resells those ounces to third parties. Total payments made to Pueblo Viejo for gold and silver purchased were $448 and $530 for the years ended December 31, 2023 and December 31, 2022, respectively. These purchases, net of subsequent sales, were included in Other income (loss), net and the net amount is immaterial. There were no amounts due to or due from Pueblo Viejo for gold and silver purchases as of December 31, 2023 or December 31, 2022. Lundin Gold Inc. Lundin Gold is a Canadian based mine development and operating company which wholly owns and operates the Fruta del Norte gold mine in Ecuador. On November 6, 2023, as a part of the Newcrest transaction, the Company acquired 32.0% interest in Lundin Gold. The Company accounts for Lundin as an equity method investment on a quarter lag. At acquisition, the carrying value of Newmont’s equity investment in Lundin Gold was higher than the underlying net assets of its investment resulting in a basis difference. This basis difference is being amortized into Equity income (loss) of affiliates over the remaining estimated useful life of the mine. As of December 31, 2023 the net basis difference was $640. The Company purchases 50% of gold produced from Lundin Gold at a price determined based on delivery dates and a defined quotational period and resells those ounces to third parties. Total payments made to Lundin Gold for gold purchased were $30 for the year ended December 31, 2023. These purchases, net of subsequent sales, were included in Other income (loss), net and the net amount is immaterial. At December 31, 2023, there was $13 payable due to Lundin Gold for gold purchases. NuevaUnión The NuevaUnión project is located in Chile and is currently in the Company’s development project pipeline. The project is jointly managed by Newmont and Teck Resources, who holds the remaining 50% interest. At acquisition, the carrying value of Newmont’s equity investment in NuevaUnión was lower than the underlying net assets of its investment resulting in a basis difference. This basis difference will be amortized into Equity income (loss) of affiliates over the remaining estimated useful life of the mine beginning when commercial production is declared. As of December 31, 2023 the net basis difference was $67. Norte Abierto The Norte Abierto project is located in Chile and is currently in the Company’s development project pipeline. The project is jointly managed by Newmont and Barrick, who holds the remaining 50.0% interest. Newmont owed deferred payments to Barrick to be satisfied through funding a portion of Barrick’s share of Norte Abierto project expenditures. In December 2023, the Company entered into an agreement with Barrick and subsequently settled the deferred payments. Immediately prior to settlement, there were $23 and $73 related to these deferred payments included in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheet, respectively. Per the terms of the agreement, the settlement occurred through a cash payment of approximately $60 and funding of prefeasibility study costs for the Norte Abierto project. The Company has agreed to fund both its and Barrick's portions of prefeasibility study costs, up to a total of $60, to occur in the near future. If prefeasibility costs exceed the agreed upon $60, the costs will be paid proportionately by the Company and Barrick. The $30 related to the prefeasibility study costs associated with Barrick's portion, of which $20 is recognized within Other current liabilities and $10 within Other non-current liabilities, will be satisfied as funding occurs. At December 31, 2023 the carrying value of Newmont’s equity investment in Norte Abierto was lower than the underlying net assets of its investment by $209. This basis difference will be amortized into Equity income (loss) of affiliates over the remaining estimated useful life of the mine beginning when commercial production is declared. Maverix Metals, Inc. In January 2023, Triple Flag acquired all of the issued and outstanding common shares of Maverix, resulting in Newmont holding a 7.5% ownership interest in the combined company. Prior to close, Newmont held 28.5% of Maverix’s outstanding common shares. In the first quarter of 2023, the Company sold all of its common shares in Triple Flag. As a result, a net gain of $36 was recognized in the first quarter of 2023, which is included in Other income, net in the Consolidated Statement of Operations. In the second quarter of 2023, the Company exercised all of its warrants held in Triple Flag and sold all of the underlying shares, resulting in an immaterial gain.
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INVENTORIES |
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INVENTORIES | INVENTORIES
In 2023, the Company recorded write-downs of $37 and $15, classified as components of Costs applicable to sales and Depreciation and amortization, respectively. Of the write-downs in 2023, $35 was related to Peñasquito, $5 to Éléonore, $4 to Porcupine, $3 to Cerro Negro, $3 to Brucejack, and $2 to Telfer. Of the $497 increase in materials and supplies, $432 is related to acquired materials and supplies inventory from the Newcrest transaction. STOCKPILES AND ORE ON LEACH PADS
In 2023, the Company recorded write-downs of $60 and $15, classified as components of Costs applicable to sales and Depreciation and amortization, respectively, to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Of the write-downs in 2023, $52 was related to NGM, $11 to Peñasquito, $6 to Yanacocha, $2 to Akyem, $2 to Éléonore, and $2 to Telfer. In 2022, the Company recorded write-downs of $156 and $53, classified as components of Costs applicable to sales and Depreciation and amortization, respectively, to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Of the write-downs in 2022, $71 was related to NGM, $49 to Yanacocha, $45 to CC&V, $28 to Akyem, $12 to Ahafo, and $4 to Merian. In 2021, the Company recorded write-downs of $45 and $19, classified as components of Costs applicable to sales and Depreciation and amortization, respectively, to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Of the write-downs in 2021, $25 to Yanacocha, $21 to CC&V, and $18 to NGM.
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STOCKPILES AND ORE ON LEACH PADS |
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| STOCKPILES AND ORE ON LEACH PADS | INVENTORIES
In 2023, the Company recorded write-downs of $37 and $15, classified as components of Costs applicable to sales and Depreciation and amortization, respectively. Of the write-downs in 2023, $35 was related to Peñasquito, $5 to Éléonore, $4 to Porcupine, $3 to Cerro Negro, $3 to Brucejack, and $2 to Telfer. Of the $497 increase in materials and supplies, $432 is related to acquired materials and supplies inventory from the Newcrest transaction. STOCKPILES AND ORE ON LEACH PADS
In 2023, the Company recorded write-downs of $60 and $15, classified as components of Costs applicable to sales and Depreciation and amortization, respectively, to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Of the write-downs in 2023, $52 was related to NGM, $11 to Peñasquito, $6 to Yanacocha, $2 to Akyem, $2 to Éléonore, and $2 to Telfer. In 2022, the Company recorded write-downs of $156 and $53, classified as components of Costs applicable to sales and Depreciation and amortization, respectively, to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Of the write-downs in 2022, $71 was related to NGM, $49 to Yanacocha, $45 to CC&V, $28 to Akyem, $12 to Ahafo, and $4 to Merian. In 2021, the Company recorded write-downs of $45 and $19, classified as components of Costs applicable to sales and Depreciation and amortization, respectively, to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Of the write-downs in 2021, $25 to Yanacocha, $21 to CC&V, and $18 to NGM.
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PROPERTY, PLANT AND MINE DEVELOPMENT |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY, PLANT AND MINE DEVELOPMENT | PROPERTY, PLANT AND MINE DEVELOPMENT
____________________________ (1)At December 31, 2023 and 2022, Facilities and equipment include finance lease right of use assets of $531 and $558, respectively.
____________________________ (1)These amounts are currently non-depreciable as these mineral interests have not reached production stage.
(1)Sites acquired through the Newcrest transaction. Refer to Note 3 for further information. (2)Primarily relates to the Sulfides project and other infrastructure at Yanacocha at December 31, 2023 and 2022. (3)Primarily relates to the Tanami Expansion 2 project at December 31, 2023 and 2022. (4)Primarily relates to the Ahafo North project and other infrastructure at Ahafo at December 31, 2023 and 2022. (5)Primarily relates to engineering and construction at Conga at December 31, 2023 and 2022. There have been no new costs capitalized during 2023 or 2022 for the Conga project. In the third quarter of 2021, the Company reclassified the Conga mill assets, previously included within construction-in-progress with a carrying value of $593, as held for sale, included in Other current assets on the Consolidated Balance Sheet as of December 31, 2023. Refer to Note 2 for further information.
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GOODWILL |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GOODWILL | GOODWILL Changes in the carrying amount of goodwill by reportable segment were as follows:
____________________________ (1)Accumulated impairment of $2,560 consists of impairment charges incurred in 2022 and 2023 of $800 and $1,760, respectively. (2)Sites acquired through the Newcrest transaction. Refer to Note 3 for further information. (3)For the year ended December 31, 2023, we recognized a prior period adjustment of $46 to goodwill and deferred tax liability for Peñasquito relating to a prior acquisition. This adjustment resulted in an increase to goodwill, which was fully offset by a current period impairment charge.
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DEBT |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DEBT | DEBT
(1)The estimated fair value of the Senior Notes was determined by an independent third-party pricing source and may or may not reflect the actual trading value of this debt. Carrying value of the bilateral bank facilities approximates fair value. (2)Interest rates on the bilateral bank facilities are variable. See "Corporate Revolving Credit Facilities and Letters of Credit Facilities" below for further information. All outstanding Senior Notes are unsecured and rank equally with one another. Maturities for the next five years, and thereafter, are as follows:
Corporate Revolving Credit Facilities and Letters of Credit Facilities In connection with the Newcrest transaction, the Company acquired bilateral bank debt facilities held with 13 banks. The bilateral bank debt facilities have a total borrowing capacity of $2,000, of which $77 is available at December 31, 2023. These are committed unsecured revolving facilities, individually negotiated and documented with each bank but with similar terms and conditions. The facilities are on customary terms and conditions and include certain financial covenants. Interest is based on Term SOFR plus a credit spread and margin. At December 31, 2023, there was $1,923 in outstanding borrowings on the facilities with $462 due February 7, 2024, $769 due March 1, 2024, and $692 due March 1, 2026. The facilities due February 7, 2024 include 3 banks that exercised their option to call the related facility under the change of effective control event. On February 7, 2024, the Company repaid the 3 non-consenting banks with a total borrowing capacity of $462. On February 15, 2024, the Company completed an amendment and restatement of its existing $3,000 revolving credit agreement dated as of April 4, 2019 (the “Existing Credit Agreement”). The Existing Credit Agreement was entered into with a syndicate of financial institutions and provided for borrowings in U.S. dollars and contained a letter of credit sub-facility. Per the amendment, the expiration date of the credit facility was extended from March 30, 2026 to February 15, 2029 and the borrowing capacity was increased to $4,000. Interest is based on Term SOFR plus a credit spread adjustment and margin. Facility fees vary based on the credit ratings of the Company’s senior, uncollateralized, non-current debt. Debt covenants under the amendment are substantially the same as the Existing Credit Agreement. On February 20, 2024, the Company completed a drawdown on the $4,000 revolving credit agreement and used the proceeds to repay the remaining $1,461 owed on the remaining bilateral bank debt facilities. At December 31, 2023, the Company had no borrowings outstanding under the facility. There were no amounts outstanding on the letters of credit sub-facility at December 31, 2023 and 2022, respectively. At December 31, 2023 and 2022 the Company had letters of credit outstanding in the amounts of $1,158 and $995, respectively, of which $1,015 and $848 represented guarantees for reclamation obligations, respectively. None of these letters of credit have been drawn on for reclamation obligations as of December 31, 2023 and 2022. 2022 Senior Notes In December 2021, the Company fully redeemed all of the outstanding 2022 Senior Notes. The redemption price of $496 equaled the principal amount of the outstanding 2022 Senior Notes of $492 plus accrued and unpaid interest in accordance with the terms of the 2022 Notes. 2023 Senior Notes In December 2021, the Company purchased approximately $89 and $4 of its 2023 Newmont Senior Notes and 2023 Goldcorp Senior Notes, respectively, through debt tender offers. The tender offers were completed with the proceeds from the issuance of the 2032 Senior Notes. See below for additional information on the 2032 Senior Notes. In December 2021, subsequent to the debt tender offer, the Company extinguished the outstanding 2023 Newmont Senior Notes by way of defeasance with funds in trust, which were subsequently used by the trust for full redemption in January 2022. The redemption price of $246 equaled the principal amount of the outstanding 2023 Newmont Senior Notes of $234 plus accrued and unpaid interest and future coupon payments in accordance with the terms of the 2023 Newmont Senior Notes. In January 2022, the Company fully redeemed all of the outstanding 2023 Goldcorp Senior Notes. The redemption price of $90 equaled the principal amount of the outstanding 2023 Goldcorp Senior Notes of $87 plus accrued and unpaid interest and future coupon payments in accordance with the terms of the 2023 Goldcorp Senior Notes. 2030 Senior Notes In March 2020, the Company completed a public offering of $1,000 unsecured Senior Notes due October 1, 2030 (“2030 Senior Notes”). Net proceeds from the 2030 Senior Notes were $985. The 2030 Senior Notes pay interest semi-annually at a rate of 2.25% per annum. The proceeds from this issuance, supplemented with cash from the Company's balance sheet, were used to fund the debt tender offers of the 2023 Newmont Senior Notes and the 2023 Goldcorp Senior Notes in 2020. May 2030 Senior Notes, November 2041 Senior Notes, and May 2050 Senior Notes Subsequent to implementation of the Newcrest transaction, the Company completed a like-for-like exchange for any and all of the outstanding notes issued by Newcrest Finance Pty Ltd, a wholly owned subsidiary of Newmont ("Newcrest Finance"), with an aggregate principal amount of $1,650, for new notes issued by Newmont and Newcrest Finance and nominal cash consideration. The new notes, issued December 26, 2023, and the existing Newcrest notes that were not tendered for exchange, consist of $625 and $25 of 3.25% notes due May 13, 2030 (the "May 2030 Senior Notes" and the "2030 Newcrest Senior Notes", respectively), $460 and $40 of 5.75% notes due November 15, 2041 (the "November 2041 Senior Notes" and the "2041 Newcrest Senior Notes", respectively), and $486 and $14 of 4.20% notes due May 13, 2050, respectively (the "May 2050 Senior Notes" and the "2050 Newcrest Senior Notes", respectively). 2032 Senior Notes In December 2021, the Company completed a public offering of $1,000 sustainability-linked, unsecured convertible Senior Notes due July 15, 2032 ("2032 Senior Notes") for net proceeds of approximately $992. Per the terms of the 2032 Senior Notes, the 2032 Senior Notes pay interest semi-annually at a rate of 2.60% per annum and are subject to an increase if the Company fails to reach stated targets by 2030. Beginning in 2031, the coupon of the 2032 Senior Notes is linked to the Company’s performance against the 2030 emissions reduction targets and the representation of women in senior leadership roles targets. The maximum adjustment resulting from the sustainability-linked objectives is 0.60%. The proceeds from this issuance were used to redeem the remaining balance of the 2023 Newmont Senior Notes and the 2023 Goldcorp Senior Notes in December 2021 and January 2022, respectively. Debt Covenants The Company’s senior notes and revolving credit facility contain various covenants and default provisions including payment defaults, limitation on liens, leases, sales and leaseback agreements and merger restrictions. Furthermore, the Company’s senior notes and corporate revolving credit facility contain covenants that include, limiting the sale of all or substantially all of the Company’s assets, certain change of control provisions and a negative pledge on certain assets. The corporate revolving credit facility contains a financial ratio covenant requiring the Company to maintain a net debt (total debt net of cash and cash equivalents) to total capitalization ratio of less than or equal to 62.50% in addition to the covenants noted above. The bilateral bank debt facilities contain the following covenants: (i) tangible net worth not less than $1 billion; (ii) an interest coverage ratio, calculated on a 12 month rolling basis, to be greater than or equal to 2.75:1; and (iii) and total net liabilities to tangible net worth to not exceed 1.75:1. At December 31, 2023 and 2022, we were in compliance with all existing debt covenants and provisions related to potential defaults, other than the bilateral facilities which have been repaid as of the date of this report.
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LEASE AND OTHER FINANCING OBLIGATIONS |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LEASE AND OTHER FINANCING OBLIGATIONS | LEASE AND OTHER FINANCING OBLIGATIONS The Company primarily has operating and finance leases for corporate and regional offices, processing facilities, mining equipment, power generation, and transportation. These leases have a remaining lease term of less than 1 year to 34 years, some of which may include options to extend the lease for up to 15 years, and some of which may include options to terminate the lease within 1 year. Some of the Company's leases include payments that vary based on the Company’s level of usage and operations. These variable payments are not included within ROU assets and lease liabilities in the Consolidated Balance Sheets. Additionally, short-term leases, which have an initial term of 12 months or less, are not recorded in the Consolidated Balance Sheets. Total lease cost includes the following components:
Supplemental cash flow information related to leases includes the following:
____________________________ (1)Operating and finance lease obligations assumed in relation to the Newcrest transaction were $13 and $51, respectively. Information related to lease terms and discount rates is as follows:
Future minimum lease payments under non-cancellable leases as of December 31, 2023, were as follows:
____________________________ (1)The current and non-current portion of operating lease liabilities are included in Other current liabilities and Other non-current liabilities, respectively, on the Consolidated Balance Sheets. As of December 31, 2023, the Company has additional leases that have not yet commenced. At commencement, the Company anticipates that these leases will result in additional ROU assets and lease liabilities of $11. The leases are anticipated to commence in 2024 with a lease term of approximately 2 to 3 years.
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OTHER LIABILITIES |
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| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER LIABILITIES | OTHER LIABILITIES
(1)Includes an estimated compensation payment to the Worsley JV related to the waiver of certain rights within the cross-operation agreement that confers priority to the bauxite operations at the Boddington mine. (2)Incurred as a result of the Newcrest transaction. Refer to Note 8 for further information. (3)Payables to NGM at December 31, 2023 and December 31, 2022 consist of amounts due to (from) NGM representing Barrick's 61.5% proportionate share of the amount owed to NGM for gold and silver purchased by Newmont and CC&V toll milling provided by NGM. Newmont’s 38.5% share of such amounts is eliminated upon proportionate consolidation of its interest in NGM. The CC&V toll milling agreement with NGM expired on December 31, 2022. Receivables for Newmont's 38.5% proportionate share related to NGM's activities with Barrick are presented within Other current assets. (4)Primarily consists of accrued interest on debt and taxes other than income and mining taxes. (5)Includes unrecognized tax benefits, including penalties and interest. (6)In December 2023, the Company entered into an agreement with Barrick pursuant to which it agreed to fund both its and Barrick's portions of prefeasibility study costs. Of the $30 related to the prefeasibility study costs associated with Barrick's portion, $10 was recognized in Other noncurrent liabilities at December 31, 2023. Refer to Note 15 for further information. (7)Primarily consists of the non-current portion of operating lease liabilities.
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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
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| Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
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NET CHANGE IN OPERATING ASSETS AND LIABILITIES |
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| Increase (Decrease) in Operating Capital [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NET CHANGE IN OPERATING ASSETS AND LIABILITIES | NET CHANGE IN OPERATING ASSETS AND LIABILITIES Net cash provided by (used in) operating activities of continuing operations attributable to the net change in operating assets and liabilities is composed of the following:
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COMMITMENTS AND CONTINGENCIES |
12 Months Ended |
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Dec. 31, 2023 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES General Estimated losses from contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a liability could be incurred and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the contingency and estimated range of loss, if determinable, is made in the financial statements when it is at least reasonably possible that a material loss could be incurred. Operating Segments The Company’s operating and reportable segments are identified in Note 4. Except as noted in this paragraph, all of the Company’s commitments and contingencies specifically described herein are included in Corporate and Other. The Yanacocha matters relate to the Yanacocha reportable segment. The Newmont Ghana Gold and Newmont Golden Ridge matters relate to the Ahafo and Akyem reportable segments, respectively. The CC&V matter relates to the CC&V reportable segment. The Goldcorp Canada matter relates to the Porcupine reportable segment. The Cadia matter relates to the Cadia reportable segment. Environmental Matters Refer to Note 6 for further information regarding reclamation and remediation. Details about certain significant matters are discussed below. Minera Yanacocha S.R.L. - 100% Newmont Owned In early 2015 and again in June 2017, the Peruvian government agency responsible for certain environmental regulations, MINAM, issued proposed modifications to water quality criteria for designated beneficial uses which apply to mining companies, including Yanacocha. These criteria modified the in-stream water quality criteria pursuant to which Yanacocha has been designing water treatment processes and infrastructure. In December 2015, MINAM issued the final regulation that modified the water quality standards. These Peruvian regulations allow time to formulate a compliance plan and make any necessary changes to achieve compliance. In February 2017, Yanacocha submitted a modification to its previously approved compliance achievement plan to the MINEM. In May 2022, Yanacocha submitted a proposed modification to this plan requesting an extension of time for coming into full compliance with the new regulations to 2027. In June 2023, Yanacocha received approval of its updated compliance plan from MINEM and was granted an extension to June 2026 to achieve compliance. The Company appealed this approval to the Mining Council requesting the regulatory extension until 2027. In December 2023, this appeal was granted and the Mining Council has established that MINEM has to approve a new schedule considering permits, technical studies, logistics and the implementation of the plan. The Company currently operates five water treatment plants at Yanacocha that have been and currently meet all currently applicable water discharge requirements. The Company is conducting detailed studies to better estimate water management and other closure activities that will ensure water quality and quantity discharge requirements, including the modifications promulgated by MINAM, as referenced above, will be met. This also includes performing a comprehensive update to the Yanacocha reclamation plan to address changes in closure activities and estimated closure costs while preserving optionality for potential future projects at Yanacocha. These ongoing studies, which will extend beyond the current year, continue to evaluate and revise assumptions and estimated costs of changes to the reclamation plan. While certain estimated costs remain subject to revision, the Company’s current asset retirement obligation includes plans for the construction and post-closure management of two new water treatment plants and initial consideration of known risks (including the associated risk that these water treatment estimates could change in the future as more work is completed). The ultimate construction costs of the two water treatment plants remain uncertain as ongoing study work and assessment of opportunities that incorporates the latest design considerations remain in progress. These and other additional risks and contingencies that are the subject of ongoing studies, including, but not limited to, a comprehensive review of the Company's tailings storage facility management, review of Yanacocha’s water balance and storm water management system, and review of post-closure management costs, could result in future material increases to the reclamation obligation at Yanacocha. Cripple Creek & Victor Gold Mining Company LLC - 100% Newmont Owned In December 2021, Cripple Creek & Victor Gold Mining Company LLC (“CC&V”, a wholly-owned subsidiary of the Company) entered into a Settlement Agreement (“Settlement Agreement”) with the Water Quality Control Division of the Colorado Department of Public Health and Environment (the “Division”) with a mutual objective of resolving issues associated with the new discharge permits issued by the Division in January 2021 for the historic Carlton Tunnel. The Carlton Tunnel was a historic tunnel completed in 1941 with the purpose of draining the southern portion of the mining district, subsequently consolidated by CC&V. CC&V has held discharge permits for the Carlton Tunnel since 1983, but the January 2021 permit updates contained new water quality limits. The Settlement Agreement involves the installation of interim passive water treatment and ongoing monitoring over the next three years, and then more long-term water treatment installed with target compliance by November 2027. In 2022, the Company studied various interim passive water treatment options, reported the study results to the Division, and based on an evaluation of additional semi-passive options that involve the usage of power at the portal, updated the remediation liability to $20 in 2022. CC&V continues to study alternative long-term remediation plans for water discharged from the Carlton Tunnel, and as such, a compliance extension request was submitted in July 2023 to allow additional time for proper assessment of treatment alternatives. The Company is also working with regulators on the Discharger Specific Variance to identify highest feasible alternative treatment in the context, based on limits such as area topography. Depending on the plans that may ultimately be agreed with the Division, a material adjustment to the remediation liability may be required. Dawn Mining Company LLC (“Dawn”) - 58.19% Newmont Owned Midnite mine site and Dawn mill site. Dawn previously leased an open pit uranium mine, currently inactive, on the Spokane Indian Reservation in the State of Washington. The mine site is subject to regulation by agencies of the U.S. Department of Interior (the Bureau of Indian Affairs and the Bureau of Land Management), as well as the EPA. As per the Consent Decree approved by the U.S. District Court for the Eastern District of Washington on January 17, 2012, the following actions were required of Newmont, Dawn, the Department of the Interior and the EPA: (i) Newmont and Dawn would design, construct and implement the cleanup plan selected by the EPA in 2006 for the Midnite mine site; (ii) Newmont and Dawn would reimburse the EPA for its past costs associated with overseeing the work; (iii) the Department of the Interior would contribute a lump sum amount toward past EPA costs and future costs related to the cleanup of the Midnite mine site; (iv) Newmont and Dawn would be responsible for all future EPA oversight costs and Midnite mine site cleanup costs; and (v) Newmont would post a surety bond for work at the site. During 2012, the Department of Interior contributed its share of past EPA costs and future costs related to the cleanup of the Midnite mine site. In 2016, Newmont completed the remedial design process, with the exception of the new WTP design which was awaiting the approval of the new NPDES permit. Subsequently, the new NPDES permit was received in 2017 and the WTP design commenced in 2018. The EPA approved the WTP design in 2021. Construction of the effluent pipeline began in 2021, and construction of the new WTP began in 2022. Both projects are scheduled to be completed in 2024. The Dawn mill site is regulated by the Washington Department of Health (the "WDOH") and is in the process of being closed in accordance with the federal Uranium Mill Tailings Radiation Control Act, and associated Washington state regulations. Remediation at the Dawn mill site began in 2013. The Tailing Disposal Area 1-4 reclamation earthworks component was completed during 2017 with the embankment erosion protection completed in the second quarter of 2018. The remaining closure activities consist primarily of finalizing an Alternative Concentration Limit application (the "ACL application") submitted in 2020 to the WDOH to address groundwater issues, and also evaporating the remaining balance of process water at the site. In the fourth quarter of 2022, the WDOH provided comments on the ACL application, which Newmont is evaluating and conducting studies to better understand and respond to the comments provided by the WDOH. These studies and the related comment process will extend beyond the current year and could result in future material increases to the remediation obligation. The remediation liability for the Midnite mine site and Dawn mill site is approximately $215, assumed 100% by Newmont, at December 31, 2023. Goldcorp Canada Ltd. - 100% Newmont Owned Porcupine mine site. The Porcupine complex is comprised of active open pit and underground mining operations as well as inactive, legacy sites from its extensive history of mining gold in and around the city of Timmins, Ontario since the early 1900s. As a result of these primarily historic mining activities, there are mine hazards in the area that could require some form of reclamation. The Company is conducting studies to better catalog, prioritize, and update its existing information of these historical mine hazards, to inform its closure plans and estimated closure costs. Based on work performed during 2023, a $46 reclamation adjustment was recorded at December 31, 2023, however, on-going studies will extend beyond the current year and could result in future material increases to the reclamation obligation at Porcupine. Cadia Holdings Pty Ltd. - 100% Newmont Owned Cadia mine site. Cadia Holdings Pty Ltd. (“Cadia Holdings”) is a wholly owned subsidiary of Newcrest, which was acquired by Newmont in November 2023. The mine site is subject to regulations by the New South Wales Environment Protection Authority (the “NSW EPA”). During the quarter ended June 2023, the NSW EPA issued variations to its Environment Protection License (“EPL”), a Prevention Notice and Notices to Provide Information regarding the management of, and investigation into potential breaches relating to, dust emissions and other air pollutants from Cadia Holdings’ tailings storage facilities and ventilation rises. The license variations largely formalized the actions Cadia Holdings had developed in consultation with the NSW EPA and was already undertaking across a range of measures. Cadia Holdings received a letter from the NSW EPA in June 2023 requiring it to immediately comply with specific statutory requirements and EPL conditions. Adjustments were implemented underground, including a reduction in mining rates, modifications to the ventilation circuit and the installation of additional dust sprays and spray curtains. Additional dust collection units were subsequently installed enabling normal mining rates to be restored. In August 2023, the NSW EPA commenced proceedings in the Land and Environment Court of NSW (the “NSW Land and Environment Court”) against Cadia Holdings, alleging that air emissions from Cadia on or about March 1, 2022 exceeded the standard of concentration for total solid particles permitted under applicable laws due to the use of surface exhaust fans at the mine. On September 29, 2023, Cadia Holdings entered a plea of guilty and the NSW Land and Environmental Court listed the case for a sentencing hearing on March 28, 2024. On October 13, 2023, the NSW EPA commenced additional proceedings in the NSW Land and Environment Court against Cadia Holdings, alleging two additional contraventions of applicable air emissions requirements between November 3 and 5, 2021 and May 24 and 25, 2023 and two contraventions related to alleged air pollution from tailings storage facilities on October 13 and 31, 2022. On November 24, 2023, Cadia Holdings entered a plea of guilty to the two additional charges relating to applicable air emissions requirements and the NSW Land and Environmental Court listed the case for a sentencing hearing on March 28, 2024. The proceedings related to alleged air pollution from Cadia Holdings’ tailings storage facilities are adjourned for further directions on May 17, 2024. The NSW EPA’s investigation regarding the management of air emissions from the mine is ongoing. While no specific relief has been sought by the NSW EPA in its proceeding against Cadia Holdings before the NSW Land and Environmental Court, the court can impose penalties. Other Legal Matters Newmont Corporation, as well as Newmont Canada Corporation, and Newmont Canada FN Holdings ULC – 100% Newmont Owned Kirkland Lake Gold Inc., which was acquired by Agnico Eagle Mines Limited in 2022 (still referred to herein as “Kirkland” for ease of reference), owns certain mining and mineral rights in northeastern Ontario, Canada, referred to here as the Holt-McDermott property, on which it suspended operations in April 2020. A subsidiary of the Company has a retained royalty obligation (“Holt royalty obligation”) to Royal Gold, Inc. (“Royal Gold”) for production on the Holt-McDermott property. In August 2020, the Company and Kirkland signed a Strategic Alliance Agreement (the “Kirkland Agreement”). As part of the Kirkland Agreement, the Company purchased an option (the “Holt option”) for $75 from Kirkland for the mining and mineral rights subject to the Holt royalty obligation. The Company has the right to exercise the Holt option and acquire ownership to the mineral interests subject to the Holt royalty obligation in the event Kirkland intends to resume operations and process material subject to the obligation. Kirkland has the right to assume the Company’s Holt royalty obligation at any time, in which case the Holt option would terminate. On August 16, 2021, International Royalty Corporation (“IRC”), a wholly-owned subsidiary of Royal Gold, filed an action in the Supreme Court of Nova Scotia against Newmont Corporation, Newmont Canada Corporation, Newmont Canada FN Holdings ULC (collectively "Newmont"), and certain Kirkland defendants (collectively "Kirkland"). IRC alleges the Kirkland Agreement is oppressive to the interests of Royal Gold under the Nova Scotia Companies Act and the Canada Business Corporations Act, and that, by entering into the Kirkland Agreement, Newmont breached its contractual obligations to Royal Gold. IRC seeks declaratory relief, and $350 in alleged royalty payments that it claims Newmont expected to pay under the Holt royalty obligation, but for the Kirkland Agreement. Kirkland filed a motion seeking dismissal of the case against it, which the court granted in October 2022. Newmont submitted its statement of defense on February 27, 2023, and a motion for summary judgment on January 12, 2024. The motion for summary judgment will be heard before the Court on February 27 and 29, 2024. Newmont intends to vigorously defend this matter, but cannot reasonably predict the outcome. NWG Investments Inc. v. Fronteer Gold Inc. In April 2011, Newmont acquired Fronteer Gold Inc. (“Fronteer”). Fronteer acquired NewWest Gold Corporation (“NewWest Gold”) in September 2007. At the time of that acquisition, NWG Investments Inc. (“NWG”) owned approximately 86% of NewWest Gold and an individual named Jacob Safra owned or controlled 100% of NWG. Prior to its acquisition of NewWest Gold, Fronteer entered into a June 2007 lock-up agreement with NWG providing that, among other things, NWG would support Fronteer’s acquisition of NewWest Gold. At that time, Fronteer owned approximately 47% of Aurora Energy Resources Inc. (“Aurora”), which, among other things, had a uranium exploration project in Labrador, Canada. NWG contends that, during the negotiations leading up to the lock-up agreement, Fronteer represented to NWG, among other things, that Aurora would commence uranium mining in Labrador by 2013, that this was a firm date, that Aurora faced no current environmental issues in Labrador and that Aurora’s competitors faced delays in commencing uranium mining. NWG further contends that it entered into the lock-up agreement and agreed to support Fronteer’s acquisition of NewWest Gold in reliance upon these purported representations. On October 11, 2007, less than three weeks after the Fronteer-NewWest Gold transaction closed, a member of the Nunatsiavut Assembly introduced a motion calling for the adoption of a moratorium on uranium mining in Labrador. On April 8, 2008, the Nunatsiavut Assembly adopted a three-year moratorium on uranium mining in Labrador. NWG contends that Fronteer was aware during the negotiations of the NWG/Fronteer lock-up agreement that the Nunatsiavut Assembly planned on adopting this moratorium and that its adoption would preclude Aurora from commencing uranium mining by 2013, but Fronteer nonetheless fraudulently induced NWG to enter into the lock-up agreement. On September 24, 2012, NWG served a summons and complaint on the Company, and then amended the complaint to add Newmont Canada Holdings ULC as a defendant. The complaint also named Fronteer Gold Inc. and Mark O’Dea as defendants. The complaint sought rescission of the merger between Fronteer and NewWest Gold and $750 in damages. In August 2013 the Supreme Court of New York, New York County issued an order granting the defendants’ motion to dismiss on forum non conveniens. Subsequently, NWG filed a notice of appeal of the decision and then a notice of dismissal of the appeal on March 24, 2014. On February 26, 2014, NWG filed a lawsuit in Ontario Superior Court of Justice against Fronteer Gold Inc., Newmont Mining Corporation, Newmont Canada Holdings ULC, Newmont FH B.V. and Mark O’Dea. The Ontario complaint is based upon substantially the same allegations contained in the New York lawsuit with claims for fraudulent and negligent misrepresentation. NWG seeks disgorgement of profits since the close of the NWG deal on September 24, 2007 and damages in the amount of C$1,200. Newmont, along with other defendants, served the plaintiff with its statement of defense on October 17, 2014. Newmont, along with the other defendants, filed a motion to dismiss based on delay on November 29, 2022. On August 22, 2023, the Court granted the motion and dismissed the Ontario complaint for delay. NWG filed an appeal with the Court of Appeal for Ontario on September 21, 2023. On January 9, 2024, the Ontario Superior Court of Justice awarded Newmont C$0.5 in costs. The appeal remains pending and will be heard on April 29, 2024. Newmont intends to vigorously defend this matter, but cannot reasonably predict the outcome. Newmont Ghana Gold Limited and Newmont Golden Ridge Limited - 100% Newmont Owned On December 24, 2018, two individual plaintiffs, who are members of the Ghana Parliament (“Plaintiffs”), filed a writ to invoke the original jurisdiction of the Supreme Court of Ghana. On January 16, 2019, Plaintiffs filed the Statement of Plaintiff’s Case outlining the details of the Plaintiff’s case and subsequently served Newmont Ghana Gold Limited (“NGGL”) and Newmont Golden Ridge Limited (“NGRL”) along with the other named defendants, the Attorney General of Ghana, the Minerals Commission of Ghana and 33 other mining companies with interests in Ghana. The Plaintiffs allege that under article 268 of the 1992 Constitution of Ghana, the mining company defendants are not entitled to carry out any exploitation of minerals or other natural resources in Ghana, unless their respective transactions, contracts or concessions are ratified or exempted from ratification by the Parliament of Ghana. Newmont’s current mining leases are both ratified by Parliament; NGGL June 13, 2001 mining lease, ratified by Parliament on October 21, 2008, and NGRL January 19, 2010 mining lease; ratified by Parliament on December 3, 2015. The writ alleges that any mineral exploitation prior to Parliamentary ratification is unconstitutional. The Plaintiffs seek several remedies including: (i) a declaration as to the meaning of constitutional language at issue; (ii) an injunction precluding exploitation of minerals for any mining company without prior Parliamentary ratification; (iii) a declaration that all revenue as a result of violation of the Constitution shall be accounted for and recovered via cash equivalent; and (iv) an order that the Attorney General and Minerals Commission submit all un-ratified mining leases, undertakings or contracts to Parliament for ratification. Newmont intends to vigorously defend this matter, but cannot reasonably predict the outcome. Other Commitments and Contingencies As part of its ongoing business and operations, the Company and its affiliates are required to provide surety bonds, bank letters of credit and bank guarantees as financial support for various purposes, including environmental remediation, reclamation, exploration permitting, workers compensation programs and other general corporate purposes. At December 31, 2023 and 2022, there were $2,123 and $1,872, respectively, of outstanding letters of credit, surety bonds and bank guarantees. The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations. As the specific requirements are met, the beneficiary of the associated instrument cancels and/or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure. Generally, bonding requirements associated with environmental regulation are becoming more restrictive. However, the Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements through existing or alternative means, as they arise. Newmont is from time to time involved in various legal proceedings related to its business. Except in the above described proceedings, management does not believe that adverse decisions in any pending or threatened proceeding or that amounts that may be required to be paid by reason thereof will have a material adverse effect on the Company’s financial condition or results of operations. In connection with the Company's investment in Galore Creek, Newmont will owe NovaGold Resources Inc. $75 upon the earlier of approval to construct a mine, mill and all related infrastructure for the Galore Creek project or the initiation of construction of a mine, mill or related infrastructure. The amount due is non-interest bearing. The decision for an approval and commencement of construction is contingent on the results of a prefeasibility study which is currently under way and feasibility study which has not yet occurred. As such, this amount has not been accrued.
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SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS |
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| SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS
Refer to Note 10 of the Consolidated Financial Statements for additional information.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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| Pay vs Performance Disclosure | |||
| Net Income (Loss) | $ (2,494) | $ (429) | $ 1,166 |
Insider Trading Arrangements |
3 Months Ended | 12 Months Ended |
|---|---|---|
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Dec. 31, 2023
shares
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Dec. 31, 2023
shares
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| Trading Arrangements, by Individual | ||
| Rule 10b5-1 Arrangement Adopted | false | |
| Non-Rule 10b5-1 Arrangement Adopted | false | |
| Non-Rule 10b5-1 Arrangement Terminated | false | |
| Mark Ebel [Member] | ||
| Trading Arrangements, by Individual | ||
| Material Terms of Trading Arrangement | On November 8, 2023, Mark Ebel, Interim Chief Legal Officer, terminated a trading arrangement previously adopted with respect to the sale of securities of the Company’s common stock (a “Rule 10b5-1 Trading Plan”). Mr. Ebel’s Rule 10b5-1 Trading Plan was adopted on May 23, 2023, had a term of 1 year, and provided for the sale of up to 8,663 shares of common stock pursuant to the terms of the plan. As of the date of termination of the Rule 10b5-1 Trading Plan, Mr. Ebel had sold 549 shares of common stock under its terms. The adoption of such 10b5-1 Trading Plan, and its subsequent termination, each occurred during an open insider trading window and complied with the Company’s standards on insider trading.
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| Name | Mark Ebel | |
| Title | Interim Chief Legal Officer | |
| Adoption Date | May 23, 2023 | |
| Rule 10b5-1 Arrangement Terminated | true | |
| Termination Date | November 8, 2023 | |
| Arrangement Duration | 1 year | |
| Aggregate Available | 8,663 | 8,663 |
| Tom Palmer [Member] | ||
| Trading Arrangements, by Individual | ||
| Material Terms of Trading Arrangement | On November 28, 2023, Tom Palmer, President, Chief Executive Officer and Director, terminated a previously adopted Rule 10b5-1 Trading Plan. Mr. Palmer’s Rule 10b5-1 Trading Plan was adopted on March 7, 2022, had a term of 2 years, and provided for the sale of up to 264,000 shares of common stock pursuant to the terms of the plan. As of the date of termination of the Rule 10b5-1 Trading Plan, Mr. Palmer had sold 220,000 shares of common stock under its terms. The adoption of such 10b5-1 Trading Plan, and its subsequent termination, each occurred during an open insider trading window and complied with the Company’s standards on insider trading.
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| Name | Tom Palmer | |
| Title | President, Chief Executive Officer and Director | |
| Adoption Date | March 7, 2022 | |
| Rule 10b5-1 Arrangement Terminated | true | |
| Termination Date | November 28, 2023 | |
| Arrangement Duration | 2 years | |
| Aggregate Available | 264,000 | 264,000 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Accounting Policies [Abstract] | |
| Risks and Uncertainties | Risks and Uncertainties As a global mining company, the Company’s revenue, profitability and future rate of growth are substantially dependent on prevailing metal prices, primarily for gold, but also for copper, silver, lead, and zinc. Historically, the commodity markets have been very volatile, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and on the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Property, plant and mine development, net; Inventories; Stockpiles and ore on leach pads; Investments; certain Derivative assets; Deferred income tax assets; and Goodwill are particularly sensitive to the outlook for commodity prices. A decline in the Company’s price outlook from current levels could result in material impairment charges related to these assets. Our global operations expose us to risks associated with public health crises, including epidemics and pandemics such as COVID-19, and geopolitical and macroeconomic pressures such as the Russian invasion of Ukraine. The Company continues to experience the impacts from recent geopolitical and macroeconomic pressures. With the resulting volatile environment, the Company continues to monitor inflationary conditions, the effects of certain countermeasures taken by central banks, and the potential for further supply chain disruptions as well as an uncertain and evolving labor market. The following factors could have further potential short- and, possibly, long-term material adverse impacts on the Company including, but not limited to, volatility in commodity prices and the prices for gold and other metals, changes in the equity and debt markets or country specific factors adversely impacting discount rates, significant cost inflation impacts on production, capital and asset retirement costs, logistical challenges, workforce interruptions and financial market disruptions, energy market disruptions, as well as potential impacts to estimated costs and timing of projects. In light of these challenging conditions, the Company recorded long-lived asset and goodwill impairment charges at December 31, 2023. Refer to Note 7 for further information. Additionally, as further response to the current market conditions, high inflation rates, the rising prices for commodities and raw materials, prolonged supply chain disruptions, competitive labor markets, and consideration of capital allocation, in the second quarter of 2023 the Company announced the deferral of the full-funds investment decision for the Yanacocha Sulfides project in Peru for at least two years to the second half of 2026. While the Company has extended the timeline of the full-funds decision, assessment of the project remains a priority in Peru as the Company continued to advance engineering and long-term procurement activities. The delay of the Yanacocha Sulfides project is intended to focus funds on current operations and other capital commitments while management assesses execution and project options, up to and including transitioning Yanacocha operations into full closure. To the extent that assessment determines that the project is no longer sufficiently profitable or economically feasible under the Company’s internal requirements, it would result in negative modifications to the Company's proven and probable reserves. Additionally, should the Company ultimately decide to forgo the development of Yanacocha Sulfides, the current carrying value of the assets under construction and other long-lived assets of the Yanacocha operations could become impaired and the timing of certain closure activities would be accelerated. As of December 31, 2023, the Yanacocha operations have total long-lived assets of approximately $1,269, inclusive of approximately $911 of assets under construction related to Yanacocha Sulfides. Refer also to the Company's risk factors under the titles “Estimates relating to projects and mine plans of existing operations are uncertain and we may incur higher costs and lower economic returns than estimated ” and ”Our long-lived assets and goodwill could become impaired, which could have a material non-cash adverse effect on our results of operations” included in Part I, Item 1A, Risk Factors, for further information. Additionally, the Company continues to hold the Conga project in Peru, which we do not currently anticipate developing in the next ten years as we continue to assess Yanacocha Sulfides; accordingly, the Conga project remains in care and maintenance. Should we be unable to develop the Conga project or conclude that future development is not in the best interest of the business, we may consider other alternatives for the project, which may result in a future impairment charge for the remaining assets. The total assets at Conga were $895 and $900 at December 31, 2023 and 2022. On June 7, 2023, the National Union of Mine and Metal Workers of the Mexican Republic (the "Union") notified the Company of a strike action. In response to the strike notice, the Company suspended operations at Peñasquito. Operations remained suspended throughout the third quarter of 2023. On October 13, 2023, the Company reached a definitive agreement with the Union that also received approval from the Mexican Labor Court. Per the agreement, the Company will pay Peñasquito workers a fixed amount equivalent to approximately 60% of wages for the duration of the strike, and an additional bonus of two months’ wages to be paid out in the second quarter of 2024, given that the Peñasquito mine reported no profit in 2023 as a consequence of the strike. Additionally, as a part of a separate annual negotiation under the Collective Bargaining Agreement, the Company agreed to an annual salary increase of 8% effective as of August 1, 2023, which is in line with the Mexican mining industry wage increases for 2023. Operations at Peñasquito resumed in the fourth quarter of 2023. The Cerro Negro mine, located in Argentina, is a USD functional currency entity. Argentina’s central bank has enacted a number of foreign currency controls in an effort to stabilize the local currency, including requiring the Company to convert U.S. dollar proceeds from metal sales to local currency and restricting payments to foreign-related entities denominated in foreign currency, such as dividends or distributions to the parent and related companies. We continue to monitor the foreign currency exposure risk and the limitations of repatriating cash to the United States. Currently, these currency controls are not expected to impact the Company's ability to repay its debt obligations or declare dividends.
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| Use of Estimates | Use of Estimates The Company’s Consolidated Financial Statements have been prepared in accordance with GAAP. The preparation of the Company’s Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. The Company must make these estimates and assumptions because certain information used is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. Actual results could differ from these estimates. The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production amortization calculations; environmental remediation, reclamation and closure obligations; estimates of recoverable gold and other minerals in stockpile and leach pad inventories; estimates of fair value for certain reporting units and asset impairments (including impairments of long-lived assets, goodwill and investments); write-downs of inventory, stockpiles and ore on leach pads to net realizable value; post-employment, post-retirement and other employee benefit liabilities; valuation allowances for deferred tax assets; provisional amounts related to income tax effects of newly enacted tax laws; provisional amounts related to uncertain tax positions; valuation of assets acquired and liabilities assumed in a business combination; reserves for contingencies and litigation; and the fair value and accounting treatment of financial instruments including marketable and other equity securities and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from those amounts estimated in these financial statements.
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| Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of Newmont Corporation, more-than-50%-owned subsidiaries that it controls and variable interest entities where it is the primary beneficiary. The proportionate consolidation method is used for investments in which the Company has an undivided interest in the assets, liabilities and operations and for certain unincorporated joint ventures in the extractive industry. All significant intercompany balances and transactions have been eliminated. Equity method accounting is applied for certain entities where the Company does not have control, but does have significant influence over the activities that most significantly impact the entities’ operations and financial performance. The functional currency for the majority of the Company’s operations is the U.S. dollar. The Company follows the ASC guidance for identification and reporting of entities over which control is achieved through means other than voting rights. The guidance defines such entities as Variable Interest Entities.
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| Business Combination and Asset Acquisition Accounting | Business Combination and Asset Acquisition Accounting The Company applies a screen test to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets to determine whether a transaction should be accounted for as an asset acquisition or business combination. When an acquisition does not meet the definition of a business combination because either: (i) substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset, or group of similar identified assets, or (ii) the acquired entity does not have an input and a substantive process that together significantly contribute to the ability to create outputs, the Company accounts for the acquisition as an asset acquisition. In an asset acquisition, goodwill is not recognized, but rather, any excess purchase consideration over the fair value of the net assets acquired is allocated on a relative fair value basis to the identifiable net assets as of the acquisition date and any direct acquisition-related transaction costs are capitalized as part of the purchase consideration. When an acquisition is accounted for as a business combination, the Company recognizes and measures the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date, while transaction and integration costs related to business combinations are expensed as incurred. Any excess of the purchase consideration in excess of the aggregate fair value of the net tangible and intangible assets acquired, if any, is recorded as goodwill. For material acquisitions, the Company engages independent appraisers to assist with the determination of the fair value of assets acquired, liabilities assumed, noncontrolling interest, if any, and goodwill, based on recognized business valuation methodologies. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, and noncontrolling interest, if any, in a business combination. The income valuation method represents the present value of future cash flows over the life of the asset using discrete financial forecasts, long-term growth rates, appropriate discount rates, and expected future capital requirements. The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets. The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset. The fair value of property, plant and mine development is estimated to include the fair value of asset retirement costs of related long-lived tangible assets. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill if new information is obtained related to facts and circumstances that existed as of the acquisition date. After the measurement period, any subsequent adjustments are reflected in the period the adjustment arises.
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| Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Because of the short maturity of these investments, the carrying amounts approximate their fair value. Cash and cash equivalents are held in overnight bank deposits or are invested in United States Treasury securities and money market securities. Restricted cash is excluded from cash and cash equivalents and is included in other current or non-current assets. Restricted cash is held primarily for the purpose of settling asset retirement obligations.
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| Time Deposits and Other Investments | Time Deposits and Other Investments The Company's time deposits and other investments primarily include time deposits with an original maturity of more than three months but less than one year. These time deposits are carried at amortized cost. Accrued interest is recorded in Other income (loss), net.
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| Stockpiles, Ore on Leach Pads and Inventories | Stockpiles, Ore on Leach Pads and Inventories As described below, costs that are incurred in or benefit the productive process are accumulated as stockpiles, ore on leach pads and inventories. Stockpiles, ore on leach pads and inventories are carried at the lower of average cost or net realizable value. Net realizable value represents the estimated future sales price of the product based on current and long-term metals prices, less the estimated costs to complete production and bring the product to sale. Write-downs of stockpiles, ore on leach pads and inventories to net realizable value are reported as a component of Costs applicable to sales and Depreciation and amortization. The current portion of stockpiles, ore on leach pads and inventories is determined based on the expected amounts to be processed within the next 12 months and utilize the short-term metal price assumption in estimating net realizable value. Stockpiles, ore on leach pads and inventories not expected to be processed within the next 12 months are classified as non-current and utilize the long-term metal price assumption in estimating net realizable value. The major classifications are as follows: Stockpiles Stockpiles represent ore that has been extracted from the mine and is available for further processing. Mine sequencing may result in mining material at a faster rate than can be processed. The Company generally processes the highest ore grade material first to maximize metal production; however, a blend of metal stockpiles may be processed to balance hardness and/or metallurgy in order to maximize throughput and recovery. Processing of lower grade stockpiled ore may continue after mining operations are completed. Sulfide copper ores are subject to oxidation over time which can reduce expected future recoveries. Stockpiles are measured by estimating the number of tons added and removed from the stockpile, the number of contained ounces or pounds (based on assay data) and the estimated metallurgical recovery rates (based on the expected processing method). Stockpile ore tonnages are verified by periodic surveys. Costs are added to stockpiles based on current mining costs incurred including applicable overhead and depreciation and amortization relating to mining operations and removed at each stockpile’s average cost per recoverable unit as material is processed. Carrying values are evaluated at least quarterly, in accordance with the above. Ore on Leach Pads Ore on leach pads represent ore that has been mined and placed on leach pads where a solution is applied to the surface of the heap to dissolve the gold or silver or extract the copper. Costs are added to ore on leach pads based on current mining costs, including applicable depreciation and amortization relating to mining operations. Costs are removed from ore on leach pads as ounces or pounds are recovered based on the average cost per estimated recoverable ounce of gold or silver or pound of copper on the leach pad. Estimates of recoverable ore on the leach pads are calculated from the quantities of ore placed on the leach pads (measured tons added to the leach pads), the grade of ore placed on the leach pads (based on assay data) and a recovery percentage (based on ore type). In general, leach pads recover between 50% and 95% of the recoverable ounces in the first year of leaching, declining each year thereafter until the leaching process is complete. Although the quantities of recoverable metal placed on the leach pads are reconciled by comparing the grades of ore placed on pads to the quantities of metal actually recovered (metallurgical balancing), the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, the metallurgical balancing process is constantly monitored and estimates are refined based on actual results over time. Historically, the Company’s operating results have not been materially impacted by variations between the estimated and actual recoverable quantities of metal on its leach pads. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. In-process Inventory In-process inventories represent material that is currently in the process of being converted to a saleable product. Conversion processes vary depending on the nature of the ore and the specific processing facility, but include mill in-circuit, flotation, leach and carbon-in-leach. In-process material is measured based on assays of the material fed into the process and the projected recoveries of the respective processing plants. In-process inventories are valued at the lower of the average cost of the material fed into the process attributable to the source material coming from the mines, stockpiles and/or leach pads, plus the in-process conversion costs, including applicable amortization relating to the process facilities incurred to that point in the process or net realizable value. Precious Metals Inventory Precious metals inventories include gold doré and/or gold bullion. Precious metals that result from the Company’s mining and processing activities are valued at the lower of the average cost of the respective in-process inventories incurred prior to the refining process, plus applicable refining costs or net realizable value. Concentrate Inventory Concentrate inventories represent gold, silver, lead, zinc and copper concentrate available for shipment or in transit for further processing when the sales process has not been completed. The Company values concentrate inventory at average cost, including an allocable portion of support costs and amortization. Costs are added and removed to the concentrate inventory based on metal in the concentrate and are valued at the lower of average cost or net realizable value. Materials and Supplies Materials and supplies are valued at the lower of average cost or net realizable value. Cost includes applicable taxes and freight.
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| Property, Plant and Mine Development | Property, Plant and Mine Development Facilities and Equipment Expenditures for new facilities or equipment and expenditures that extend the useful lives of existing facilities or equipment are capitalized and recorded at cost. Facilities and equipment acquired as a part of a finance lease, build-to-suit or other financing arrangement are capitalized and recorded based on the contractual lease terms. The facilities and equipment are depreciated using the straight-line method at rates sufficient to depreciate such capitalized costs over the estimated productive lives of such facilities. These estimated productive lives do not exceed the related estimated mine lives, which are based on proven and probable reserves. Mine Development Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as Exploration or Advanced projects, research and development expense. Capitalization of mine development project costs that meet the definition of an asset begins once mineralization is classified as proven and probable reserves. Drilling and related costs are capitalized for an ore body where proven and probable reserves exist and the activities are directed at obtaining additional information on the ore body or converting measured, indicated and inferred resources to proven and probable reserves. All other drilling and related costs are expensed as incurred. Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of Costs applicable to sales. The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. Where multiple open pits exist at a mining complex utilizing common processing facilities, pre-stripping costs are capitalized at each pit. The removal, production, and sale of de minimis saleable materials may occur during the development phase of an open pit mine and are assigned incremental mining costs related to the removal of that material. The production phase of an open pit mine commences when saleable minerals, beyond a de minimis amount, are produced. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in Costs applicable to sales in the same period as the revenue from the sale of inventory. Mine development costs are amortized using the units-of-production method based on estimated recoverable ounces or pounds in proven and probable reserves. To the extent that these costs benefit an entire ore body, they are amortized over the estimated life of the ore body. Costs incurred to access specific ore blocks or areas that only provide benefit over the life of that area are amortized over the estimated life of that specific ore block or area. Underground development costs are capitalized as incurred. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as Exploration or Advanced projects, research and development expense. Capitalization of mine development project costs that meet the definition of an asset begins once mineralization is classified as proven and probable reserves. Mineral Interests Mineral interests include acquired interests in production, development and exploration stage properties. Mineral interests are capitalized at their fair value at the acquisition date, either as an individual asset purchase or as part of a business combination. Mineral interests in the development and exploration stage are not amortized until the underlying property is converted to the production stage, at which point the mineral interests are amortized over the estimated recoverable proven and probable reserves. The value of such assets is primarily driven by the nature and amount of mineral interests believed to be contained in such properties. Production stage mineral interests represent interests in operating properties that contain proven and probable reserves and are amortized using the units-of-production method based on the estimated recoverable ounces or pounds in proven and probable reserves. Development stage mineral interests represent interests in properties under development that contain proven and probable reserves. Exploration stage mineral interests represent interests in properties that are believed to potentially contain mineral resources consisting of (i) mineral resources within pits; mineral resources with insufficient drill spacing to qualify as proven and probable reserves; and mineral resources in close proximity to proven and probable reserves; (ii) around-mine exploration potential not immediately adjacent to existing reserves and mineralization, but located within the immediate mine area; (iii) other mine-related exploration potential that is not part of current resources and is comprised mainly of material outside of the immediate mine area; (iv) greenfield exploration potential that is not associated with any other production, development or exploration stage property, as described above; or (v) any acquired right to explore or extract a potential mineral deposit. The Company’s mineral rights generally are enforceable regardless of whether proven and probable reserves have been established. In certain limited situations, the nature of a mineral right changes from an exploration right to a mining right upon the establishment of proven and probable reserves. The Company has the ability and intent to renew mineral interests where the existing term is not sufficient to recover all identified and valued proven and probable reserves and/or undeveloped mineral resources.
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| Goodwill | Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition. Goodwill is allocated to reporting units and tested for impairment annually as of December 31 and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. Each operating mine is considered a distinct reporting unit for purposes of goodwill impairment testing. The Company may elect to perform a qualitative assessment when it is more likely than not that the fair value of a reporting unit is higher than its carrying value. If the Company determines that it is more likely than not that the fair value is less than the carrying value, a quantitative goodwill impairment test is performed to determine the fair value of the reporting unit. The fair value of a reporting unit is determined using either the income approach utilizing estimates of discounted future cash flows or the market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Company recognizes its pro rata share of goodwill and any subsequent goodwill impairment losses recorded by entities that are proportionately consolidated. The estimated cash flows used to assess the fair value of a reporting unit are derived from the Company’s current business plans, which are developed using short-term price forecasts reflective of the current price environment and management’s projections for long-term average metal prices. In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; capital investments; proven and probable mineral reserves estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable mineral reserve estimates; estimated future closure costs; the use of appropriate discount rates; and applicable U.S. dollar long-term exchange rates.
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| Impairment of Long-lived Assets | Impairment of Long-lived Assets The Company reviews and evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment loss is measured and recorded based on the estimated fair value of the long-lived assets being tested for impairment, and their carrying amounts. Fair value is typically determined through the use of an income approach utilizing estimates of discounted pre-tax future cash flows or a market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. Occasionally, such as when an asset is held for sale, market prices are used. The estimated undiscounted cash flows used to assess recoverability of long-lived assets and to measure the fair value of the Company’s mining operations are derived from current business plans, which are developed using short-term price forecasts reflective of the current price environment and management’s projections for long-term average metal prices. In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserve estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable mineral reserve estimates; estimated future closure costs; and the use of appropriate discount rates. In estimating undiscounted cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of undiscounted cash flows from other asset groups. The Company’s estimates of undiscounted cash flows are based on numerous assumptions and it is possible that actual cash flows may differ significantly from estimates, as actual produced reserves, metal prices, commodity-based and other costs, and closure costs are each subject to significant risks and uncertainties.
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| Investments | Investments Management classifies investments at the acquisition date and re-evaluates the classification at each balance sheet date and when events or changes in circumstances indicate that there is a change in the Company’s ability to exercise significant influence. The ability to exercise significant influence is typically presumed when the Company possesses 20% or more of the voting interests in the investee. The Company accounts for its investments in stock of other entities over which the Company has significant influence, but not control, using the equity method of accounting. Under the equity method of accounting, the Company increases its investment for contributions made and records its proportionate share of net earnings, declared dividends and partnership distributions based on the most recently available financial statements of the investee. To the extent that there is a basis difference between the amount invested and the underlying equity in the net assets of an equity investment, the Company allocates such differences between tangible and intangible assets. This basis difference is being amortized into Equity income (loss) of affiliates over the remaining estimated useful lives of the underlying tangible and intangible net assets. Equity method investments are included in Investments. Contributions made to equity method investees at times are in the form of loan agreements. Loans provided to equity method investees that are made based on the Company's proportionate ownership percentage are accounted for as “in-substance capital contributions” and are treated as an increase to the investment. Principal and interest payments received on loans treated as in-substance capital contributions are assessed under the cumulative earnings approach to determine if the distribution received represents a return on capital or a return of capital. Return on capital distributions are recorded as an operating cash flow whereas return of capital distributions are recorded as an investing cash flow. Loans provided to equity method investees that are not made on a proportionate basis are accounted for as a loan receivable and do not increase the investment. Principal payments received on loans not treated as an in-substance capital contribution are accounted for as a reduction to the loan receivable and interest received is recorded as interest income. The Company evaluates its equity method investments for potential impairment whenever events or changes in circumstances indicate that there is an other-than-temporary decline in the value of the investment. Declines in fair value that are deemed to be other-than-temporary are charged to Other income (loss), net. Additionally, the Company has certain marketable equity and debt securities and other equity securities. Marketable equity securities are measured primarily at fair value with any changes in fair value recorded in Other income (loss), net. Certain other equity securities are accounted for under the measurement alternative (cost less impairment, adjusted for any qualifying observable price changes) when fair value is not readily determinable. The Company accounts for its restricted marketable debt securities as available-for-sale securities. Unrealized gains and losses on available-for-sale investments, net of taxes, are reported as a component of Accumulated other comprehensive income (loss) in Total equity, unless an impairment is deemed to be credit-related. Credit-related impairment is recognized as an allowance for credit losses on the balance sheet with a corresponding charge to Other income (loss), net.
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| Derivative Instruments | Derivative Instruments We hold derivatives for risk management purposes rather than for trading. We use derivatives to mitigate uncertainty and volatility caused by underlying exposures to foreign exchange rates and energy prices. The fair values of all derivative instruments are recognized as assets or liabilities at the balance sheet date and are reported gross. Financial instruments that meet the definition of a derivative, but are not designated for hedge accounting under ASC 815, are accounted for at fair value using derivative pricing models. Valuation models require a variety of inputs, including long term metal prices, life of mine production profiles, discount rates, and inflation assumptions. These instruments are subsequently remeasured to their fair value at each reporting date with the resulting gain or loss recognized in the Consolidated Statement of Operations. Cash Flow Hedges The fair value of derivative contracts qualifying as cash flow hedges are reflected as assets or liabilities in the Consolidated Balance Sheets. The changes in fair value of these hedges are deferred in Accumulated other comprehensive income (loss). Amounts deferred in Accumulated other comprehensive income (loss) are reclassified to income when the hedged transaction has occurred in the same income statement line where the earnings effect of the hedged item is presented. Cash transactions related to the Company’s derivative contracts accounted for as hedges are classified in the same category as the item being hedged in the Consolidated Statements of Cash Flows. When derivative contracts qualifying as cash flow hedges are settled, accelerated or restructured before the maturity date of the contracts, the related amount in Accumulated other comprehensive income (loss) at the settlement date is deferred and reclassified to earnings, when the originally designated hedged transaction impacts earnings and is presented in the same income statement line item as the earnings effect of the hedged item, unless the underlying hedge transaction becomes probable of not occurring, at which time related amounts in Accumulated other comprehensive income (loss) are reclassified to earnings immediately.
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| Debt | Debt The Company carries its Senior Notes at amortized cost. Debt issuance costs and debt premiums and discounts, which are included in Debt, are amortized using the effective interest method over the terms of the respective Senior Notes as a component of Interest expense, net within the Consolidated Statements of Operations. Gain or loss on extinguishment of debt is recorded as a component of Other income (loss), net upon the extinguishment of a debt instrument and is calculated as the difference between the reacquisition price and net carrying amount of the debt, which includes unamortized debt issuance costs. We evaluate all changes to our debt arrangements to determine whether the changes represent a modification or extinguishment to the old debt arrangement. If a debt instrument is deemed to be modified, we capitalize all new lender fees and expense all third-party fees. If we determine that an extinguishment of one of our debt instruments has occurred, the unamortized financing fees associated with the extinguished instrument are expensed. For the revolving loans, all lender and third-party fees are capitalized, and in the event an amendment reduces the committed capacity under the revolving loans, we expense a portion of any unamortized fees on a pro-rata basis in proportion to the decrease in the committed capacity.
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| Leases | Leases The Company determines if a contractual arrangement represents or contains a lease at inception. Operating leases are included in and and in the Consolidated Balance Sheets. Finance leases are included in and and Lease and other financing obligations in the Consolidated Balance Sheets. Operating and finance lease right-of-use ("ROU") assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. Leases acquired in a business combination are also measured based on the present value of the remaining leases payments, as if the acquired lease were a new lease at the acquisition date. When the rate implicit to the lease cannot be readily determined, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. Operating lease ROU assets also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company has lease arrangements that include both lease and non-lease components. The Company accounts for each separate lease component and its associated non-lease components as a single lease component for the majority of its asset classes. Additionally, for certain lease arrangements that involve leases of similar assets, the Company applies a portfolio approach to effectively account for the underlying ROU assets and lease liabilities.
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| Common Stock, Treasury Stock | Common Stock In July 2021, Newmont filed a shelf registration statement on Form S-3 under which it can issue an indeterminate number or amount of common stock, preferred stock, debt securities, guarantees of debt securities and warrants from time to time at indeterminate prices, subject to the limitations of the Delaware General Corporation Law, the Company's certification of incorporation and bylaws. It also includes the ability to resell an indeterminate amount of common stock, preferred stock and debt securities from time to time upon exercise of warrants or conversion of convertible securities. Treasury Stock The Company records repurchases of common shares as Treasury stock at cost and records any subsequent retirements of treasury shares at cost. When treasury shares are retired, the Company’s policy is to allocate the excess of the repurchase price over the par value of shares acquired to both Retained earnings and Additional paid-in capital using settlement-date accounting. The portion allocated to Additional paid-in capital is calculated on a pro rata basis of the shares to be retired and the total shares issued and outstanding as of the date of the retirement. During the years ended December 31, 2023, 2022 and 2021, the Company repurchased and retired approximately — million, — million and 9 million shares of its common stock for $—, $— and $525, respectively. During the years ended December 31, 2023, 2022 and 2021, the Company withheld 0.6 million, 0.6 million and 0.6 million shares, respectively, for payments of employee withholding taxes related to the vesting of stock awards.
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| Revenue Recognition | Revenue Recognition Newmont generates revenue by selling gold, copper, silver, lead, and zinc produced from its mining operations. Refer to Note 4 for further information regarding the Company’s operating segments. The majority of the Company’s Sales come from the sale of refined gold; however, the end product at the Company’s gold operations is generally doré bars. Doré is an alloy consisting primarily of gold but also containing silver and other metals. Doré is sent to refiners to produce bullion that meets the required market standard of 99.95% gold. Under the terms of the Company’s refining agreements, the doré bars are refined for a fee, and the Company’s share of the refined gold and the separately-recovered silver is credited to its bullion account. Gold from doré bars credited to its bullion account is typically sold to banks or refiners. A portion of gold sold from certain sites is sold in the form of concentrate. The Company’s Sales also come from the sale of copper, silver, lead, and zinc. Sales from these metals are generally in the form of concentrate, which is sold to smelters for further treatment and refining. Generally, if a metal expected to be mined represents more than 10% to 20% of the life of mine sales value of all the metal expected to be mined, co-product accounting is applied. When the Company applies co-product accounting at an operation, revenue is recognized for each co-product metal sold, and shared costs applicable to sales are allocated based on the relative sales values of the co-product metals produced. Generally, if metal expected to be mined is less than the 10% to 20% of the life of mine sales value, by-product accounting is applied. Revenues from by-product sales, which are immaterial, are credited to Costs applicable to sales as a by-product credit. Silver, lead and zinc are produced as co-products at Peñasquito. Copper is produced as a co-product at Red Chris, Boddington, Cadia, and Telfer. Aside from the co-product sales at Red Chris, Peñasquito, Boddington, Cadia, and Telfer, copper and silver produced at other Newmont sites are by-product metals. Gold Sales from Doré Production The Company recognizes revenue for gold from doré production when it satisfies the performance obligation of transferring gold inventory to the customer, which generally occurs upon transfer of gold bullion credits as this is the point at which the customer obtains control the ability to direct the use and obtains substantially all of the remaining benefits of ownership of the asset. The Company generally recognizes the sale of gold bullion credits when the credits are delivered to the customer. The transaction price is determined based on the agreed upon market price and the number of ounces delivered. Payment is due upon delivery of gold bullion credits to the customer’s account. Sales from Concentrate Production The Company recognizes revenue for gold, copper, silver, lead, and zinc from concentrate production, net of treatment and refining charges, when it satisfies the performance obligation of transferring control of the concentrate to the customer. This generally occurs as material passes over the vessel's rail at the port of loading based on the date from the bill of lading, as the customer has the ability to direct the use of and obtain substantially all of the remaining benefits from the material and the customer has the risk of loss. Newmont has elected to account for shipping and handling costs for concentrate contracts as fulfillment activities and not as promised goods or services; therefore these activities are not considered separate performance obligations. The Company generally sells metal concentrate based on the monthly average market price for a future month, dependent on the relevant contract, following the month in which the delivery to the customer takes place. The amount of revenue recognized for concentrates is initially recorded on a provisional basis based on the forward prices for the estimated month of settlement and the Company’s estimated metal quantities based on assay data. The Company’s sales based on a provisional price contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the concentrates at the forward price at the time of sale. The embedded derivative, which is not designated for hedge accounting, is primarily marked to market through Sales each period prior to final settlement. The Company also adjusts estimated metal quantities used in computing provisional sales using new information and assay data from the smelter as it is received (if any). A provisional payment is generally due upon delivery of the concentrate to the customer. Final payment is due upon final settlement of price and quantity with the customer. The principal risks associated with recognition of sales on a provisional basis include metal price fluctuations and updated quantities between the date the sale is recorded and the date of final settlement. If a significant decline in metal prices occurs, or assay data results in a significant change in quantity between the provisional pricing date and the final settlement date, it is reasonably possible that the Company could be required to return a portion of the provisional payment received on the sale. Refer to Note 5 for additional information.
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| Income and Mining Taxes | Income and Mining Taxes The Company accounts for income taxes using the liability method, recognizing certain temporary differences between the financial reporting basis of the Company’s liabilities and assets and the related income tax basis for such liabilities and assets. This method generates either a net deferred income tax liability or asset for the Company, as measured by the statutory tax rates in effect. The Company derives its deferred income tax charge or benefit by recording the change in either the net deferred income tax liability or asset balance for the year. The financial statement effects of changes in tax law are recorded as discrete items in the period enacted as part of income tax expense or benefit from continuing operations, regardless of the category of income or loss to which the deferred taxes relate. The Company determines if the assessment of a particular income tax effect is “complete.” Those effects for which the accounting is determined to be complete are reported in the enactment period financial statements. The Company has exposure to the impact of foreign exchange fluctuations on tax positions in certain jurisdictions, such movements are recorded within Income and mining tax benefit (expense) related to deferred income tax assets and liabilities, as well as non-current uncertain tax positions, while foreign exchange fluctuations impacting current tax positions are recorded within Other income (loss), net as foreign currency exchange gains (losses). With respect to the earnings that the Company derives from the operations of its consolidated subsidiaries, in those situations where the earnings are indefinitely reinvested, no deferred taxes have been provided on the unremitted earnings (including the excess of the carrying value of the net equity of such entities for financial reporting purposes over the tax basis of such equity) of these consolidated companies. Mining taxes represent state and provincial taxes levied on mining operations and are classified as income taxes. As such, taxes are based on a percentage of mining profits. Newmont’s operations are in multiple jurisdictions where uncertainties arise in the application of complex tax regulations. Some of these tax regimes are defined by contractual agreements with the local government, while others are defined by general tax laws and regulations. Newmont and its subsidiaries are subject to reviews of its income tax filings and other tax payments, and disputes can arise with the taxing authorities over the interpretation of its contracts or laws. The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on its estimate of whether it is more likely than not, and the extent to which, additional taxes will be due. The Company adjusts these reserves in light of changing facts and circumstances; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the Company’s current estimate of the tax liabilities. If the Company’s estimate of tax liabilities proves to be less than the ultimate assessment, an additional charge to expense would result. If the estimate of tax liabilities proves to be greater than the ultimate assessment, a tax benefit would result. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in Income and mining tax benefit (expense). In certain jurisdictions, Newmont must pay a portion of the disputed amount to the local government in order to formally appeal the assessment. Such payment is recorded as a receivable if Newmont believes the amount is collectible. Valuation of Deferred Tax Assets The Company’s deferred income tax assets include certain future tax benefits. The Company records a valuation allowance against any portion of those deferred income tax assets when it believes, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized. The Company reviews the likelihood that it will realize the benefit of its deferred tax assets and therefore the need for valuation allowances on a quarterly basis, or more frequently if events indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset is considered, along with all other available positive and negative evidence. Certain categories of evidence carry more weight in the analysis than others based upon the extent to which the evidence may be objectively verified. The Company looks to the nature and severity of cumulative pretax losses (if any) in the current three-year period ending on the evaluation date, recent pretax losses and/or expectations of future pretax losses. Other factors considered in the determination of the probability of the realization of the deferred tax assets include, but are not limited to: •Earnings history; •Projected future financial and taxable income based upon existing reserves and long-term estimates of commodity prices; •The duration of statutory carry forward periods; •Prudent and feasible tax planning strategies readily available that may alter the timing of reversal of the temporary difference; •Nature of temporary differences and predictability of reversal patterns of existing temporary differences; and •The sensitivity of future forecasted results to commodity prices and other factors. Concluding that a valuation allowance is not required is difficult when there is significant negative evidence which is objective and verifiable, such as cumulative losses in recent years. The Company utilizes a rolling twelve quarters of pre-tax income or loss as a measure of its cumulative results in recent years. However, a cumulative three year loss is not solely determinative of the need for a valuation allowance. The Company also considers all other available positive and negative evidence in its analysis.
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| Reclamation and Remediation Costs | Reclamation and Remediation Costs Reclamation obligations associated with operating and non-operating mine sites are recognized when an obligation is incurred and the fair value can be reasonably estimated. Fair value is measured as the present value of expected cash flow estimates, after considering inflation, our credit-adjusted risk-free rates and a market risk premium appropriate for our operations. The liability is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized as part of the asset’s carrying value and amortized over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. Changes in reclamation estimates at mines that are not currently operating, as the mine or portion of the mine site has entered the closure phase and has no substantive future economic value, are reflected in earnings in the period an estimate is revised. The estimated reclamation obligation is based on when spending for an existing disturbance is expected to occur. Costs included in estimated asset retirement obligations are discounted to their present value as cash flows are readily estimable over a period of up to fifty years. The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at each mine site in accordance with ASC guidance for asset retirement obligations. Remediation costs are accrued when it is probable that an obligation has been incurred and the cost can be reasonably estimated. Such cost estimates may include ongoing care, maintenance and monitoring costs. Changes in remediation estimates at non-operating mines are reflected in earnings in the period an estimate is revised. Water treatment costs included in environmental remediation obligations are discounted to their present value as cash flows are readily estimable over a period up to fifty years.
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| Foreign Currency | Foreign Currency The functional currency for the majority of the Company’s operations is the U.S. dollar. Transaction gains and losses related to foreign currency denominated monetary assets and liabilities where the functional currency is the U.S. dollar are remeasured at current exchange rates and the resulting adjustments are included in Other income (loss), net. The financial statements of our foreign entities with functional currencies other than the U.S. dollar are translated into U.S. dollars with the resulting adjustments charged or credited directly to Accumulated other comprehensive income (loss) in total equity. All assets and liabilities are translated into the U.S. dollar using exchange rates in effect at the balance sheet date, while revenues and expenses are translated at the weighted average exchange rates for the period. The gains or losses on foreign currency rates on cash holdings in foreign currencies are included in Effect of exchange rate changes on cash, cash equivalents and restricted cash in the Company’s Consolidated Statements of Cash Flows.
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| Stock-Based Compensation | Stock-Based Compensation The Company records stock-based compensation awards exchanged for employee services at fair value on the date of the grant and expenses the awards in the Consolidated Statements of Operations over the requisite employee service period. The fair value of stock options is determined using the Black-Scholes valuation model. The fair value of RSUs are based on the Newmont stock price on the date of grant. The fair value of PSUs with market-related conditions is determined using a Monte Carlo simulation model. The fair value of PSUs with performance-related conditions is determined based on the Newmont stock price on the date of grant and the probability of the performance conditions being met. Stock-based compensation expense related to all awards, including awards with a market or performance condition that cliff vest, is generally recognized ratably over the requisite service period of the award on a straight-line basis. The Company recognizes forfeitures as they occur. The Company's estimates may be impacted by certain variables including, but not limited to, stock price volatility, employee retirement eligibility dates, the Company's performance and related tax impacts.
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| Net Income (Loss) per Common Share | Net Income (Loss) per Common Share Basic and diluted income per share are presented for Net income (loss) attributable to Newmont stockholders. Basic income per common share is computed by dividing income available to Newmont common stockholders by the weighted average number of common shares outstanding during the period. Diluted income per common share is computed similarly except that weighted average common shares is increased to reflect all dilutive instruments, including employee stock awards. Dilutive securities are excluded from the calculation of diluted weighted average common shares outstanding if their effect would be anti-dilutive based on the treasury stock method or due to a net loss from continuing operations.
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| Discontinued Operations | Discontinued Operations The Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results when the business is classified as held for sale, in accordance with ASC 360, Property, Plant and Equipment and ASC 205-20, Presentation of Financial Statements - Discontinued Operations. Under ASC 360, assets may be classified as held for sale even though discontinued operations classification is not met. Equity method investments, which are specifically scoped out of ASC 360, can only be classified as held for sale if discontinued operations classification is also achieved. The results of discontinued operations are reported in Net income (loss) from discontinued operations, net of tax in the accompanying Consolidated Statements of Operations for current and prior periods, including any gain or loss recognized on closing or adjustment of the carrying amount to fair value less cost to sell.
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| Comprehensive Income (Loss) | Comprehensive Income (Loss) In addition to Net income (loss), Comprehensive income (loss) includes all changes in equity during a period, such as adjustments to minimum pension liabilities, foreign currency translation adjustments, changes in fair value of derivative instruments that qualify as cash flow hedges and cumulative unrecognized changes in fair value of marketable debt securities classified as available-for-sale, except those resulting from investments by and distributions to owners.
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| Care and Maintenance | Care and Maintenance The Company incurs certain direct operating costs and depreciation and amortization costs when operations are temporarily halted and placed in care and maintenance. Direct operating costs incurred while operations are temporarily placed in care and maintenance are included in Other expense, net as these costs do not benefit the productive process and are not related to sales. Depreciation and amortization costs incurred while operations are temporarily placed in care and maintenance are included in Depreciation and amortization.
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| Reclassifications | Reclassifications Certain amounts and disclosures in prior years have been reclassified to conform to the 2023 presentation.
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| Recently Adopted and Recently Issued Accounting Pronouncements and Securities and Exchange Commission Rules | Recently Adopted Accounting Pronouncements and Securities and Exchange Commission Rules Inflation Reduction Act In August 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the "IRA") into law. The IRA introduced an excise tax on stock repurchases of 1% of the fair market value of stock repurchases net of stock issued during the tax year and a corporate alternative minimum tax (the "Corporate AMT") of 15% on the adjusted financial statement income ("AFSI") of corporations with average AFSI exceeding $1 billion over a three-year period. The excise tax on stock repurchases is effective on net stock repurchases made after December 31, 2022 and the Corporate AMT is effective for tax periods beginning in fiscal year 2023. While waiting on pending Department of Treasury regulatory guidance, the Company is continuing to monitor developments. Based upon information known to date, no material impacts are expected to the Consolidated Financial Statements, disclosures, or cash flows. In 2024, Pillar II is set to take effect. The Pillar II agreement was signed by 138 countries with the intent to equalize corporate tax around the world by implementing a global minimum tax of 15%. As Newmont primarily does business in jurisdictions with a tax rate greater than 15%, the Company does not anticipate a material impact to the Consolidated Financial Statements. Effects of Reference Rate Reform In March 2020, ASU No. 2020-04 was issued which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform. In January 2021, ASU No. 2021-01 was issued which broadened the scope of ASU No. 2020-04 to include certain derivative instruments. In December 2022, ASU No. 2022-06 was issued which deferred the sunset date of ASU No. 2020-04. The guidance is effective for all entities as of March 12, 2020 through December 31, 2024. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. The Company has completed its review of key contracts and does not expect the guidance to have a material impact to the consolidated financial statements or disclosures. The Company will continue to review new contracts to identify references to the LIBOR and implement adequate fallback provisions if not already implemented to mitigate the risks or impacts from the transition. Recently Issued Accounting Pronouncements and Securities and Exchange Commission Rules Improvement to Income Tax Disclosures In December 2023, ASU 2023-09 was issued which requires disaggregated information about the effective tax rate reconciliation and additional information on taxes paid that meet a qualitative threshold. The new guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impacts of the guidance on its Consolidated Financial Statements. Segments Reporting In November 2023, ASU 2023-07 was issued which improves disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for additional, more detailed information about a reportable segment’s expenses. The ASU applies to all public entities that are required to report segment information in accordance with ASC 280 and is effective starting in annual periods beginning after December 15, 2023. The adoption is not expected to have a material impact on the Company's Consolidated Financial Statements or disclosures.
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BUSINESS ACQUISITION (Tables) |
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| Summary of acquisition date fair value of consideration transferred | The acquisition date fair value of the consideration transferred consisted of the following:
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| Summary of preliminary purchase price allocation | The following table summarizes the preliminary purchase price allocation for the Newcrest transaction as of December 31, 2023:
____________________________ (1)The preliminary fair value of property, plant and mine development is based on applying the income and cost valuation methods. (2)The preliminary fair value of the equity method investments was determined by applying the market approach, based on quoted prices for the acquired investments. (3)Preliminary goodwill is attributable to reportable segments as follows: $397 to Red Chris; $1,087 to Brucejack; $565 to Cadia; and $695 to Lihir. (4)The preliminary fair value of the Newcrest senior notes is measured using a market approach, based on quoted prices for the acquired debt; $1,373 of borrowings under the senior notes approximate fair value. The carrying value of the bilateral bank debt facilities of $1,923 approximates fair value. (5)The preliminary fair value of reclamation and remediation liabilities is based on the expected amounts and timing of cash flows for closure activities and discounted to present value using a credit-adjusted risk-free rate as of the acquisition date. Key assumptions include the costs and timing of key closure activities based on the life of mine plans, including estimates and timing of monitoring and water management costs (if applicable) after the completion of initial closure activities. (6)Deferred income tax assets and liabilities represent the future tax benefit or future tax expense associated with the differences between the preliminary fair value allocated to assets (excluding goodwill) and liabilities and a tax basis increase to fair value as a result of the acquisition in Australia and the historical carryover tax basis of these assets and liabilities in all other jurisdictions. No deferred tax liability is recognized for the basis difference inherent in the preliminary fair value allocated to goodwill.
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| Schedule of pro forma financial information | The following unaudited pro forma financial information presents consolidated results assuming the Newcrest transaction occurred on January 1, 2022.
____________________________ (1)Includes $464 of Newcrest transaction and integration costs for the year ended December 31, 2023.
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SEGMENT INFORMATION (Tables) |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial information of Company's segments | The financial information relating to the Company’s segments is as follows:
____________________________ (1)Includes an increase in accrued capital expenditures of $79. Consolidated capital expenditures on a cash basis were $2,666. (2)Sites acquired through the Newcrest transaction. Refer to Note 3 for further information. (3)On June 7, 2023, the Company suspended its operations at Peñasquito due to the Union strike. During the strike, Peñasquito continued to incur costs and reported $108 and $75 in Cost applicable to sales and Depreciation and amortization, respectively, related to continued costs. Additionally, Cost applicable to sales includes adjustments to the profit-sharing agreement accrual for the current period. On October 13, 2023, the Company reached an agreement with the Union and operations at Peñasquito resumed in the fourth quarter of 2023. Refer to Note 2 for further information.
____________________________ (1)Includes an increase in accrued capital expenditures of $59. Consolidated capital expenditures on a cash basis were $2,131. (2)Costs applicable to sales includes amounts resulting from the profit-sharing agreement completed with the Peñasquito workforce during the second quarter of 2022. Under the agreement, the Company will pay its workforce an uncapped profit-sharing bonus each year, based on the agreed upon terms. Additionally, the terms of the agreement are retroactively applied to profit-sharing related to 2021 site performance, resulting in $70 recorded within Costs applicable to sales in the second quarter of 2022. The amounts related to the 2021 profit-sharing were paid in the third quarter of 2022.
____________________________ (1)Includes an increase in accrued capital expenditures of $40. Consolidated capital expenditures on a cash basis were $1,653.
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| Long-lived Assets, excluding deferred tax assets, investments and restricted cash, by country | Long-lived assets, which consist of Property, plant and mine development, net, non-current Stockpiles and ore on leach pads, and non-current right-of-use assets, included in Other non-current assets, were as follows:
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SALES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of sales by mining operation, product and inventory type | The following tables present the Company’s Sales by mining operation, product and inventory type:
____________________________ (1)Sites acquired through the Newcrest transaction. Refer to Note 3 for further information. (2)Silver sales from concentrate includes $42 related to non-cash amortization of the silver streaming agreement liability. (3)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $2,174 for the year ended December 31, 2023.
____________________________ (1)Silver sales from concentrate includes $73 related to non-cash amortization of the silver streaming agreement liability. (2)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $2,022 for the year ended December 31, 2022.
____________________________ (1)Silver sales from concentrate includes $79 related to non-cash amortization of the silver streaming agreement liability. (2)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $2,212 for the year ended December 31, 2021. At December 31, 2023, Newmont had the following provisionally priced concentrate sales subject to final pricing over the next several months:
____________________________ (1)Includes provisionally priced by-product sales subject to final pricing, which are recognized in Costs applicable to sales. (2)Molybdenum is a by-product at the Cadia site and is recognized in Costs applicable to sales.
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| Revenues from sales based on the customer's location | Revenues from sales attributed to countries based on the location of the customer were as follows:
____________________________ (1)Includes $42, $73, and $79 related to non-cash amortization of the silver streaming agreement liability for the years ended December 31, 2023, 2022, and 2021, respectively. (2)The Company identified that revenue by geographic area for the years ended December 31, 2022 and 2021 was incorrectly allocated for United Kingdom, Switzerland, and Other, but the total revenue by geographic area was appropriately stated for these periods. These amounts have been corrected in the current period.
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RECLAMATION AND REMEDIATION (Tables) |
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| Environmental Remediation Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reclamation and remediation expense | The Company’s Reclamation and remediation expense consisted of:
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| Reconciliation of reclamation liabilities | The following are reconciliations of Reclamation and remediation liabilities:
____________________________ (1)The current portion of are included in Other current liabilities. Refer to Note 22. (2)The non-current portion of reclamation and remediation liabilities are included in Reclamation and remediation liabilities. (3)Total reclamation liabilities includes $4,804 and $3,722 related to Yanacocha at December 31, 2023 and 2022, respectively.
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| Reconciliation of remediation liabilities | The following are reconciliations of Reclamation and remediation liabilities:
____________________________ (1)The current portion of are included in Other current liabilities. Refer to Note 22. (2)The non-current portion of reclamation and remediation liabilities are included in Reclamation and remediation liabilities. (3)Total reclamation liabilities includes $4,804 and $3,722 related to Yanacocha at December 31, 2023 and 2022, respectively.
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IMPAIRMENT CHARGES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Asset Impairment Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impairment of long-lived assets and goodwill |
____________________________ (1)Primarily relates to non-cash write-downs of materials and supplies inventory and various assets that are no longer in use, except for certain impairment charges recognized for the year ended December 31, 2022 as described below. (2)Site acquired through the Newcrest transaction. Refer to Note 3 for further information.
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OTHER EXPENSE, NET (Tables) |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Costs and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of other expense, net |
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OTHER INCOME (LOSS), NET (Tables) |
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| Other Income, Nonoperating [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of other income (loss), net |
____________________________ (1)Primarily relates to insurance proceeds received by the Company in the third quarter of 2023 of $45 and $11 related to Tanami due to significant rainfall and flooding in early 2023 and a conveyor failure at Ahafo, respectively. Of these amounts, $31 and $6, respectively, were recognized in Other income (loss), net, and primarily relate to business interruption coverage. The remaining amounts were recognized within Costs applicable to sales. (2)Primarily represents pension settlement charges due to the pension annuitization in 2022 and lump sum payments to participants. For additional information regarding pension and other post-employment benefits, refer to Note 11.
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INCOME AND MINING TAXES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income and mining tax (expense) benefit - current vs deferred | The Company’s Income and mining tax benefit (expense) consisted of:
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| Income and mining tax (expense) benefit - domestic vs foreign | The Company’s Income (loss) before income and mining tax and other items consisted of:
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| Income and mining tax expense reconciliation | The Company’s Income and mining tax benefit (expense) differed from the amounts computed by applying the United States statutory corporate income tax rate for the following reasons:
____________________________ (1)Includes net tax benefit of $125, primarily consisting of a reduction in the related uncertain tax position of $95 and a valuation release of $29 for the full settlement with the Mexican Tax Authority entered into during the second quarter of 2022. (2)Primarily consists of the impact of foreign exchange and earnings, the U.S. tax effect of minority interest attributable to non-U.S. investees, and the impact of return to provision adjustments.
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| Components of deferred tax assets (liabilities) | Components of the Company's deferred income tax assets (liabilities) are as follows:
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| Reconciliation of gross unrecognized tax benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, exclusive of interest and penalties, is as follows:
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EMPLOYEE-RELATED BENEFITS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of current and long-term employee-related benefits |
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| Schedule of reconciliation of changes in the obligations and fair value of pension and other benefits | The following tables provide a reconciliation of changes in the plans’ benefit obligations and assets’ fair values for 2023 and 2022:
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| Defined benefit plan, plan with accumulated benefit obligation in excess of plan assets | The following table provides information for the Company's defined benefit pensions plans that had aggregate accumulated benefit obligations and projected benefit obligations in excess of plan assets at December 31:
(1)Information for other benefit plans with an accumulated benefit obligations in excess of plan assets has not been included as all of the other benefit plans are unfunded.
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| Schedule of net pension and other employee benefit amounts recognized in the consolidated balance sheets | The following table provides the net pension and other benefits amounts recognized in Accumulated other comprehensive income (loss):
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| Schedule of components of the net periodic pension and other benefits costs | The following table provides components of the total benefit cost (income), inclusive of the net periodic pension and other benefits costs (credits):
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| Schedule of components recognized in Other comprehensive income (loss) | The following table provides the components recognized in Other comprehensive income (loss):
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| Schedule of significant assumptions used in measuring the benefit obligation and net periodic pension benefit cost | The significant assumptions used in measuring the Company’s Total benefit cost (income) and Other comprehensive income (loss) were discount rate and expected return on plan assets:
____________________________ (1)Total benefit cost (income) and other comprehensive income (loss) for the Company's U.S. qualified defined benefit pension plan was remeasured due to the settlement accounting required from the retiree annuity purchase on March 25, 2022. The discount rate used for determining the Total benefit cost (income) and other comprehensive income (loss) reflected 3.03% from January 1, 2022 through March 25, 2022 and 4.09% from March 26, 2022 through December 31, 2022.
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| Schedule of target and actual asset allocations | The following is a summary of the target asset allocations for 2023 and the actual asset allocation at December 31, 2023:
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| Schedule of plan assets at fair value | The following table sets forth the Company’s pension plan assets measured at fair value:
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| Schedule of expected benefit payments | Benefit payments expected to be paid to plan participants are as follows:
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STOCK-BASED COMPENSATION (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assumptions Using a Monte Carlo Valuation Model | The grant date fair value of the market-related conditions for each PSU granted in 2023, 2022 or 2021 was determined using a Monte Carlo valuation model, which requires the input of the following subjective assumptions:
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| Schedule of status and activity of non-vested RSUs, PSUs, and SSUs | A summary of the status and activity of non-vested RSUs and PSUs for the year ended December 31, 2023 is as follows:
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| Schedule of stock based compensation by award | The Company recognized stock-based compensation as follows:
____________________________ (1)For the years ended December 31, 2023 and December 31, 2022, other includes the Company's proportionate share of NGM stock compensation.
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FAIR VALUE ACCOUNTING (Tables) |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets and liabilities measured at fair value on a recurring basis | The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
____________________________ (1)Cash and cash equivalents at December 31, 2023 and 2022 include term deposits that have an original maturity of three months or less. (2)Debt is carried at amortized cost. The outstanding carrying value was $8,874 and $5,571 at December 31, 2023 and December 31, 2022, respectively. The fair value measurement of debt was based on an independent third-party pricing source. (3)Derivative assets and liabilities include amounts for contingent consideration assets and liabilities, which were separately disclosed in prior filings.
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| Quantitative and qualitative information | The following tables set forth a summary of the quantitative and qualitative information related to the significant observable and unobservable inputs used in the calculation of the Company’s Level 3 financial assets and liabilities at December 31, 2023 and December 31, 2022:
____________________________ (1)Refer to Note 7 for information on the assumptions and inputs specific to the non-recurring fair value measurements performed in connection with recoverability and impairment tests incurred for certain long-lived assets and goodwill reporting units. (2)Derivative assets, not designated in a hedging relationship relate to the Stream Credit Facility Agreement and the Cadia Power Purchase Agreement acquired as part of the Newcrest transaction. See Note 14 for further information. (3)The weighted average discount rates used to calculate the Company’s Derivative assets, not designated for hedging, Contingent consideration assets, and Derivative liabilities are 9.03%, 11.18%, and 5.65% respectively. Various other inputs including, but not limited to, metal prices, and future expected production profiles were utilized in determining the fair value of the individual derivatives. (4)A Monte Carlo valuation model is used for the fair value measurement of the Batu Hijau contingent consideration asset. All other contingent consideration assets are valued using a probability-weighted discounted cash flow where the significant input is the discount rate.
(1)Refer to Note 7 for information on the assumptions and inputs specific to the non-recurring fair value measurements performed in connection with recoverability and impairment tests incurred for certain long-lived assets and goodwill reporting units. (2)Derivative assets and liabilities include amounts for contingent consideration assets and liabilities, which were separately disclosed in prior filings. (3)A Monte Carlo valuation model is used for the fair value measurement of the Batu Hijau contingent consideration asset. All other contingent consideration assets are valued using a probability-weighted discounted cash flow where the significant input is the discount rate. (4)The weighted average discount rate used to calculate the Company’s derivative assets and liabilities are 11.86% and 6.07%, respectively. Various other inputs including, but not limited to, metal prices, production profiles and new mineralization discoveries were utilized in determining the fair value of the individual derivatives.
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| Changes in the fair value of the Company's Level 3 financial assets | The following tables set forth a summary of changes in the fair value of the Company’s recurring Level 3 financial assets and liabilities:
____________________________ (1)In 2023, the gain recognized on revaluation of derivative assets of $1 and $22 are included in Other Income (loss), net and Net income (loss) from discontinued operations, respectively. In 2022, the (loss) gain recognized on revaluation on derivative assets of $(2) and $18 are included in and , respectively.
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| Changes in the fair value of the Company's Level 3 financial liabilities | The following tables set forth a summary of changes in the fair value of the Company’s recurring Level 3 financial assets and liabilities:
____________________________ (1)In 2023, the gain recognized on revaluation of derivative assets of $1 and $22 are included in Other Income (loss), net and Net income (loss) from discontinued operations, respectively. In 2022, the (loss) gain recognized on revaluation on derivative assets of $(2) and $18 are included in and , respectively.
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DERIVATIVE INSTRUMENTS (Tables) |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Derivative Instruments |
(1)Derivative assets not designated in a hedging relationship relate to the Stream Credit Facility Agreement and the Cadia Power Purchase Agreement acquired as part of the Newcrest transaction. See below for further information. (2)Included in Other non-current liabilities in the Company’s Consolidated Balance Sheets. The following table provides the fair value of the Company’s derivative instruments designated as cash flow hedges:
____________________________ (1)Included in Derivative assets in the Company’s Consolidated Balance Sheets. (2)Included in non-current Derivative assets in the Company’s Consolidated Balance Sheets.
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| Derivatives Not Designated as Hedging Instruments | The Company had the following contingent consideration assets and liabilities at December 31, 2023 and 2022:
(1)Contingent consideration related to the sale of PT Newmont Nusa Tenggara in 2016. Refer to Note 1 for additional information. At December 31, 2023, $76 is included in the current portion of Derivative assets and $85 is included in Derivative assets in the Company’s Consolidated Balance Sheets. At December 31, 2022, $139 is included in Derivative assets in the Company’s Consolidated Balance Sheets. (2)Included in the current portion of Derivative assets in the Company’s Consolidated Balance Sheets. (3)Refer to Note 15 for further information on the contingent consideration assets related to Maverix. (4)Included in Other non-current liabilities in the Company’s Consolidated Balance Sheets. (5)Acquired through the Newcrest transaction and is included in Other current liabilities in the Company’s Consolidated Balance Sheets.
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| Derivative Instruments, Gain (Loss) | The following table provides the losses (gains) recognized in earnings related to the Company's derivative instruments designated for hedging:
(1)Foreign currency cash flow hedges relate to contracts entered into, and subsequently settled, to mitigate the variability of CAD and AUD denominated operating expenditures. The amounts are reclassified out of Accumulated other comprehensive income (loss) into earnings in the month that the operating expenditures are incurred. The losses (gains) recognized in earnings are included in Costs applicable to sales in the Company’s Consolidated Statement of Operations. (2)Interest rate contracts relate to swaps entered into, and subsequently settled, associated with the issuance of the 2022 Senior Notes, 2035 Senior Notes, 2039 Senior Notes, and 2042 Senior Notes. The related gains and losses are reclassified from Accumulated other comprehensive income (loss) and amortized to Interest expense, net over the term of the respective hedged notes. During the year ended December 31, 2021, $1 was reclassified to Other income (loss), net as a result of the redemption and tender offers of the 2022 Senior Notes. Refer to Note 20 for additional information. (3)Operating cash flow hedges relate to contracts entered into, and subsequently settled, to mitigate the variability of operating costs primarily related to diesel price fluctuations. The amounts are reclassified out of Accumulated other comprehensive income (loss) into earnings as diesel costs are incurred. The gains (losses) recognized in earnings are included in Costs applicable to sales in the Company’s Consolidated Statement of Operations.
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INVESTMENTS (Tables) |
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of investments |
(1)At December 31, 2022, Time deposits and other primarily includes time deposits with an original maturity of more than three months but less than one year of $829 and related accrued interest of $9. All time deposits with an original maturity of more than three months but less than one year matured as of December 31, 2023. (2)On November 6, 2023, as a part of the Newcrest transaction, the Company acquired interests in Lundin Gold and Azucar Minerals Ltd ("Azucar"). Refer to "Lundin Gold" below for further information on Lundin Gold. At December 31, 2023, Azucar is included in Other. (3)In January 2023, Maverix was fully acquired by Triple Flag. The Company's ownership interest in the newly combined company was subsequently sold in March 2023. Refer to "Maverix Metals, Inc." below for further information. (4)Non-current restricted investments are legally pledged for purposes of settling reclamation and remediation obligations and are included in Other non-current assets. For further information regarding these amounts, refer to Note 6.
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INVENTORIES (Tables) |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of inventories |
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STOCKPILES AND ORE ON LEACH PADS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCKPILES AND ORE ON LEACH PADS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockpiles and ore on leach pads |
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PROPERTY, PLANT AND MINE DEVELOPMENT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, plant and mine development |
____________________________ (1)At December 31, 2023 and 2022, Facilities and equipment include finance lease right of use assets of $531 and $558, respectively.
____________________________ (1)These amounts are currently non-depreciable as these mineral interests have not reached production stage.
(1)Sites acquired through the Newcrest transaction. Refer to Note 3 for further information. (2)Primarily relates to the Sulfides project and other infrastructure at Yanacocha at December 31, 2023 and 2022. (3)Primarily relates to the Tanami Expansion 2 project at December 31, 2023 and 2022. (4)Primarily relates to the Ahafo North project and other infrastructure at Ahafo at December 31, 2023 and 2022. (5)Primarily relates to engineering and construction at Conga at December 31, 2023 and 2022. There have been no new costs capitalized during 2023 or 2022 for the Conga project. In the third quarter of 2021, the Company reclassified the Conga mill assets, previously included within construction-in-progress with a carrying value of $593, as held for sale, included in Other current assets on the Consolidated Balance Sheet as of December 31, 2023. Refer to Note 2 for further information.
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GOODWILL (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of goodwill by segment | Changes in the carrying amount of goodwill by reportable segment were as follows:
____________________________ (1)Accumulated impairment of $2,560 consists of impairment charges incurred in 2022 and 2023 of $800 and $1,760, respectively. (2)Sites acquired through the Newcrest transaction. Refer to Note 3 for further information. (3)For the year ended December 31, 2023, we recognized a prior period adjustment of $46 to goodwill and deferred tax liability for Peñasquito relating to a prior acquisition. This adjustment resulted in an increase to goodwill, which was fully offset by a current period impairment charge.
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DEBT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of debt components, current and non-current |
(1)The estimated fair value of the Senior Notes was determined by an independent third-party pricing source and may or may not reflect the actual trading value of this debt. Carrying value of the bilateral bank facilities approximates fair value. (2)Interest rates on the bilateral bank facilities are variable. See "Corporate Revolving Credit Facilities and Letters of Credit Facilities" below for further information.
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| Schedule of minimum debt repayments | Maturities for the next five years, and thereafter, are as follows:
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LEASE AND OTHER FINANCING OBLIGATIONS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of lease cost | Total lease cost includes the following components:
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| Supplemental cash flow information | Supplemental cash flow information related to leases includes the following:
____________________________ (1)Operating and finance lease obligations assumed in relation to the Newcrest transaction were $13 and $51, respectively.
|
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| Schedule of lease terms and discount rates | Information related to lease terms and discount rates is as follows:
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| Future minimum lease payments, operating leases | Future minimum lease payments under non-cancellable leases as of December 31, 2023, were as follows:
____________________________ (1)The current and non-current portion of operating lease liabilities are included in Other current liabilities and Other non-current liabilities, respectively, on the Consolidated Balance Sheets.
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| Future minimum lease payments, finance leases | Future minimum lease payments under non-cancellable leases as of December 31, 2023, were as follows:
____________________________ (1)The current and non-current portion of operating lease liabilities are included in Other current liabilities and Other non-current liabilities, respectively, on the Consolidated Balance Sheets.
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OTHER LIABILITIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other liabilities |
(1)Includes an estimated compensation payment to the Worsley JV related to the waiver of certain rights within the cross-operation agreement that confers priority to the bauxite operations at the Boddington mine. (2)Incurred as a result of the Newcrest transaction. Refer to Note 8 for further information. (3)Payables to NGM at December 31, 2023 and December 31, 2022 consist of amounts due to (from) NGM representing Barrick's 61.5% proportionate share of the amount owed to NGM for gold and silver purchased by Newmont and CC&V toll milling provided by NGM. Newmont’s 38.5% share of such amounts is eliminated upon proportionate consolidation of its interest in NGM. The CC&V toll milling agreement with NGM expired on December 31, 2022. Receivables for Newmont's 38.5% proportionate share related to NGM's activities with Barrick are presented within Other current assets. (4)Primarily consists of accrued interest on debt and taxes other than income and mining taxes. (5)Includes unrecognized tax benefits, including penalties and interest. (6)In December 2023, the Company entered into an agreement with Barrick pursuant to which it agreed to fund both its and Barrick's portions of prefeasibility study costs. Of the $30 related to the prefeasibility study costs associated with Barrick's portion, $10 was recognized in Other noncurrent liabilities at December 31, 2023. Refer to Note 15 for further information. (7)Primarily consists of the non-current portion of operating lease liabilities.
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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in accumulated other comprehensive income (loss) |
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| Schedule of reclassifications out of accumulated other comprehensive income (loss) |
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NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Increase (Decrease) in Operating Capital [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net change in operating assets and liabilities | Net cash provided by (used in) operating activities of continuing operations attributable to the net change in operating assets and liabilities is composed of the following:
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THE COMPANY (Details) $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Nov. 06, 2023
USD ($)
|
May 31, 2021
USD ($)
|
Feb. 29, 2024
asset
|
Jun. 30, 2022 |
Mar. 31, 2022
USD ($)
|
Dec. 31, 2023
USD ($)
plant
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Sep. 30, 2021
USD ($)
|
Apr. 30, 2021 |
|||
| Business Acquisition [Line Items] | ||||||||||||
| Number of reportable segments | plant | 17 | |||||||||||
| Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Loss on assets held for sale (Note 1) | |||||||||||
| Other non-current liabilities | $ 316 | $ 430 | ||||||||||
| Business combination, consideration transferred | [1] | (668) | 15 | $ 328 | ||||||||
| Net income (loss) attributable to noncontrolling interest | 27 | 60 | (933) | |||||||||
| Distributions to noncontrolling interests | 150 | 191 | 200 | |||||||||
| Net income (expense) from discontinued operations | 27 | 30 | 57 | |||||||||
| Income tax benefit (expense) | $ (5) | (4) | (10) | |||||||||
| Red Chris | ||||||||||||
| Business Acquisition [Line Items] | ||||||||||||
| Ownership interest (as a percent) | 70.00% | |||||||||||
| NGM | ||||||||||||
| Business Acquisition [Line Items] | ||||||||||||
| Ownership interest (as a percent) | 38.50% | |||||||||||
| Holt Property Royalty | ||||||||||||
| Business Acquisition [Line Items] | ||||||||||||
| Royalties received | $ 9 | 22 | 13 | |||||||||
| Minera Yanacocha | ||||||||||||
| Business Acquisition [Line Items] | ||||||||||||
| Net income (loss) attributable to noncontrolling interest | $ (1) | $ 1,014 | ||||||||||
| Economic interest (as a percent) | 100.00% | 100.00% | 51.35% | |||||||||
| Minera Yanacocha | Buenaventura | ||||||||||||
| Business Acquisition [Line Items] | ||||||||||||
| Distributions to noncontrolling interests | $ 300 | |||||||||||
| Purchase of noncontrolling interest, contingent consideration | 100 | |||||||||||
| Primary Beneficiary | Merian | ||||||||||||
| Business Acquisition [Line Items] | ||||||||||||
| Ownership interest held by parent (as a percent) | 75.00% | |||||||||||
| Net income (loss) attributable to noncontrolling interest | $ (27) | $ (59) | $ (81) | |||||||||
| Minera Yanacocha | ||||||||||||
| Business Acquisition [Line Items] | ||||||||||||
| Total shares repurchased (as a percent) | 5.00% | 5.00% | ||||||||||
| Minera Yanacocha | Summit Global Management II V B | ||||||||||||
| Business Acquisition [Line Items] | ||||||||||||
| Proceeds from sale of stock | $ 48 | |||||||||||
| Buenaventura | Minera Yanacocha | ||||||||||||
| Business Acquisition [Line Items] | ||||||||||||
| Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) | 43.65% | 43.65% | ||||||||||
| Summit Global Management II V B | Minera Yanacocha | ||||||||||||
| Business Acquisition [Line Items] | ||||||||||||
| Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) | 5.00% | |||||||||||
| Newcrest Mining Limited | ||||||||||||
| Business Acquisition [Line Items] | ||||||||||||
| Total consideration transferred | $ 13,549 | |||||||||||
| Property, plant and mine development | 13,183 | |||||||||||
| Deferred income tax liabilities | 1,331 | |||||||||||
| Goldcorp | ||||||||||||
| Business Acquisition [Line Items] | ||||||||||||
| Business acquisition, percentage of voting interests acquired | 85.10% | 85.10% | ||||||||||
| Business combination, consideration transferred | $ 326 | |||||||||||
| Business combination, step acquisition, equity interest in acquiree, percentage | 14.90% | 14.90% | ||||||||||
| Business combination, consideration transferred, including equity interest in acquiree held prior to combination | $ 378 | |||||||||||
| Non cash consideration | 52 | |||||||||||
| Property, plant and mine development | 590 | |||||||||||
| Deferred income tax liabilities | $ 211 | |||||||||||
| Disposal Group, Held-for-Sale, Not Discontinued Operations | Portfolio Optimization Program | ||||||||||||
| Business Acquisition [Line Items] | ||||||||||||
| Net book value of assets held-for-sale | 3,419 | |||||||||||
| Disposal Group, Held-for-Sale, Not Discontinued Operations | Portfolio Optimization Program | Subsequent event | ||||||||||||
| Business Acquisition [Line Items] | ||||||||||||
| Number of non-core assets to be divested | asset | 6 | |||||||||||
| Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Conga Mill | ||||||||||||
| Business Acquisition [Line Items] | ||||||||||||
| Total consideration | $ 68 | |||||||||||
| Loss on sale | $ 571 | |||||||||||
| Other non-current liabilities | 57 | |||||||||||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
| Business Acquisition [Line Items] | ||||||||||||
| Loss on sale | 197 | $ (35) | $ (212) | |||||||||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | Minera La Zanja | ||||||||||||
| Business Acquisition [Line Items] | ||||||||||||
| Equity method investment, ownership percentage sold | 46.94% | |||||||||||
| Equity method investments | $ 0 | |||||||||||
| Contribution paid upon sale of equity method investment | 45 | |||||||||||
| Loss on sale of equity method investment | $ 45 | |||||||||||
| Discontinued Operations, Disposed of by Sale | ||||||||||||
| Business Acquisition [Line Items] | ||||||||||||
| Net income (expense) from discontinued operations | $ 27 | $ 30 | $ 57 | |||||||||
| ||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Risks and Uncertainties (Details) $ in Millions |
Dec. 31, 2023
USD ($)
|
Oct. 13, 2023 |
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|---|---|---|---|---|
| Risks and Uncertainties | ||||
| Assets received | $ 55,506 | $ 38,482 | $ 40,564 | |
| Conga | ||||
| Risks and Uncertainties | ||||
| Assets received | 895 | $ 900 | ||
| Yanacocha | ||||
| Risks and Uncertainties | ||||
| Property, plant and mine development, net | 1,269 | |||
| Peñasquito | Union Strike | ||||
| Risks and Uncertainties | ||||
| Fixed compensation payable, percentage of wages | 0.60 | |||
| Contingent bonus payable, number of months in wages | 2 months | |||
| Annual salary increase, percentage | 0.08 | |||
| Asset under Construction | Yanacocha | ||||
| Risks and Uncertainties | ||||
| Property, plant and mine development, net | $ 911 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stockpiles and Ore on Leach Pads (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Minimum | |
| Stockpiles, Ore on Leach Pads and Inventories | |
| Leach pad recovery rate | 50.00% |
| Maximum | |
| Stockpiles, Ore on Leach Pads and Inventories | |
| Leach pad recovery rate | 95.00% |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Accounting Policies [Abstract] | ||
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other non-current assets | Other non-current assets |
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current |
| Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other non-current liabilities (Note 22) | Other non-current liabilities (Note 22) |
| Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and mine development, net | Property, plant and mine development, net |
| Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Lease and other financing obligations (Note 21) | Lease and other financing obligations (Note 21) |
| Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Lease and other financing obligations (Note 21) | Lease and other financing obligations (Note 21) |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Equity (Details) - USD ($) shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Accounting Policies [Abstract] | |||
| Repurchase and retirement of common stock (in shares) | 0.0 | 0.0 | 9.0 |
| Repurchase of common stock | $ 0 | $ 0 | $ 525 |
| Withholding of employee taxes related to stock-based compensation (in shares) | 0.6 | 0.6 | 0.6 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Revenue recognition | |
| Dore' market standard for percentage of gold (as a percent) | 99.95% |
| Minimum | |
| Revenue recognition | |
| Co-product accounting, percent of metal mined as a percent of the life of mine sales value (as a percent) | 10.00% |
| Product accounting, percent of metal mined as a percent of the life of mine sales value (as a percent) | 10.00% |
| Maximum | |
| Revenue recognition | |
| Co-product accounting, percent of metal mined as a percent of the life of mine sales value (as a percent) | 20.00% |
| Product accounting, percent of metal mined as a percent of the life of mine sales value (as a percent) | 20.00% |
BUSINESS ACQUISITION - Fair Value of Consideration Transferred (Details) - Newcrest Mining Limited $ / shares in Units, $ in Millions |
Nov. 06, 2023
USD ($)
$ / shares
shares
|
|---|---|
| Business Combination, Consideration Transferred [Abstract] | |
| Shares issued for Newcrest acquisition (in shares) | shares | 357,691,627 |
| Stock issued, price per share (in dollars per share) | $ / shares | $ 37.88 |
| Total Purchase Price | $ | $ 13,549 |
BUSINESS ACQUISITION - Additional Information (Details) - Newcrest Mining Limited - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Nov. 06, 2023 |
|
| Business Acquisition [Line Items] | ||
| Purchase price allocation, measurement period (in years) | 1 year | |
| Revenue since acquisition | $ 944 | |
| Income (loss) since acquisition | $ 136 |
BUSINESS ACQUISITION - Purchase Price Allocation (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| ASSETS | |||
| Goodwill | $ 3,001 | $ 1,971 | $ 2,771 |
| Red Chris | |||
| ASSETS | |||
| Goodwill | 397 | 0 | 0 |
| Brucejack | |||
| ASSETS | |||
| Goodwill | 1,087 | 0 | 0 |
| Cadia | |||
| ASSETS | |||
| Goodwill | 565 | 0 | 0 |
| Lihir | |||
| ASSETS | |||
| Goodwill | 695 | $ 0 | $ 0 |
| Newcrest Mining Limited | |||
| ASSETS | |||
| Cash and cash equivalents | 668 | ||
| Trade receivables | 212 | ||
| Inventories | 722 | ||
| Stockpiles and ore on leach pads | 139 | ||
| Derivative assets | 42 | ||
| Other current assets | 198 | ||
| Current assets | 1,981 | ||
| Property, plant and mine development, net | 13,183 | ||
| Investments | 990 | ||
| Stockpiles and ore on leach pads | 134 | ||
| Deferred income tax assets | 189 | ||
| Goodwill | 2,744 | ||
| Derivative assets | 362 | ||
| Other non-current assets | 93 | ||
| Total assets | 19,676 | ||
| LIABILITIES | |||
| Accounts payable | 344 | ||
| Employee-related benefits | 143 | ||
| Lease and other financing obligations | 16 | ||
| Debt | 1,923 | ||
| Other current liabilities | 336 | ||
| Current liabilities | 2,762 | ||
| Debt | 1,373 | ||
| Lease and other financing obligations | 35 | ||
| Reclamation and remediation liabilities | 393 | ||
| Deferred income tax liabilities | 1,331 | ||
| Employee-related benefits | 222 | ||
| Other non-current liabilities | 11 | ||
| Total liabilities | 6,127 | ||
| Net assets acquired | 13,549 | ||
| Newcrest Mining Limited | Red Chris | |||
| ASSETS | |||
| Goodwill | 397 | ||
| Newcrest Mining Limited | Brucejack | |||
| ASSETS | |||
| Goodwill | 1,087 | ||
| Newcrest Mining Limited | Cadia | |||
| ASSETS | |||
| Goodwill | 565 | ||
| Newcrest Mining Limited | Lihir | |||
| ASSETS | |||
| Goodwill | $ 695 |
BUSINESS ACQUISITION - Pro-forma information (Details) - Newcrest Mining Limited - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Business Acquisition, Pro Forma Information [Abstract] | |||
| Sales | $ 15,432 | $ 16,418 | |
| Net income (loss) attributable to Newmont stockholders | (1,991) | 410 | |
| Newcrest transaction and integration costs | $ 464 | $ 0 | $ 0 |
SEGMENT INFORMATION - Additional Information (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
plant
| |
| Segment Information | |
| Number of reportable segments | 17 |
SEGMENT INFORMATION - Financial Information Table (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|||
| Segment Information | ||||||
| Sales | $ 11,812 | $ 11,915 | $ 12,222 | |||
| Costs Applicable to Sales | [1] | 6,699 | 6,468 | 5,435 | ||
| Depreciation and amortization | 2,108 | 2,185 | 2,323 | |||
| Advanced Projects, Research and Development and Exploration | 465 | 460 | 363 | |||
| Income (loss) before income and mining tax and other items | (2,031) | (51) | 1,108 | |||
| Total Assets | 55,506 | 38,482 | 40,564 | |||
| Capital Expenditures | 2,745 | 2,190 | 1,693 | |||
| Additional disclosures | ||||||
| Increase (decrease) in accrued capital expenditures | 79 | 59 | 40 | |||
| Consolidated capital expenditures on a cash basis | 2,666 | 2,131 | 1,653 | |||
| Operating Segments | CC&V | ||||||
| Segment Information | ||||||
| Sales | 332 | 333 | 396 | |||
| Costs Applicable to Sales | 198 | 241 | 238 | |||
| Depreciation and amortization | 23 | 71 | 66 | |||
| Advanced Projects, Research and Development and Exploration | 13 | 11 | 18 | |||
| Income (loss) before income and mining tax and other items | 82 | (527) | 64 | |||
| Total Assets | 383 | 286 | 777 | |||
| Capital Expenditures | 64 | 44 | 42 | |||
| Operating Segments | Musselwhite | ||||||
| Segment Information | ||||||
| Sales | 351 | 305 | 277 | |||
| Costs Applicable to Sales | 214 | 195 | 157 | |||
| Depreciation and amortization | 80 | 79 | 80 | |||
| Advanced Projects, Research and Development and Exploration | 10 | 8 | 7 | |||
| Income (loss) before income and mining tax and other items | (254) | 23 | 30 | |||
| Total Assets | 1,018 | 1,294 | 1,317 | |||
| Capital Expenditures | 104 | 54 | 39 | |||
| Operating Segments | Porcupine | ||||||
| Segment Information | ||||||
| Sales | 503 | 504 | 517 | |||
| Costs Applicable to Sales | 301 | 281 | 269 | |||
| Depreciation and amortization | 117 | 104 | 91 | |||
| Advanced Projects, Research and Development and Exploration | 17 | 14 | 17 | |||
| Income (loss) before income and mining tax and other items | 45 | (329) | 121 | |||
| Total Assets | 1,473 | 1,401 | 1,572 | |||
| Capital Expenditures | 166 | 152 | 68 | |||
| Operating Segments | Éléonore | ||||||
| Segment Information | ||||||
| Sales | 453 | 391 | 446 | |||
| Costs Applicable to Sales | 295 | 266 | 237 | |||
| Depreciation and amortization | 101 | 115 | 139 | |||
| Advanced Projects, Research and Development and Exploration | 10 | 5 | 5 | |||
| Income (loss) before income and mining tax and other items | (203) | 4 | 60 | |||
| Total Assets | 777 | 1,010 | 1,062 | |||
| Capital Expenditures | 106 | 60 | 46 | |||
| Operating Segments | Red Chris | ||||||
| Segment Information | ||||||
| Sales | 32 | |||||
| Costs Applicable to Sales | 21 | |||||
| Depreciation and amortization | 4 | |||||
| Advanced Projects, Research and Development and Exploration | 0 | |||||
| Income (loss) before income and mining tax and other items | 8 | |||||
| Total Assets | 2,178 | |||||
| Capital Expenditures | 25 | |||||
| Operating Segments | Red Chris | Gold | ||||||
| Segment Information | ||||||
| Sales | 9 | |||||
| Costs Applicable to Sales | 4 | |||||
| Depreciation and amortization | 1 | |||||
| Operating Segments | Red Chris | Copper | ||||||
| Segment Information | ||||||
| Sales | 23 | |||||
| Costs Applicable to Sales | 17 | |||||
| Depreciation and amortization | 3 | |||||
| Operating Segments | Brucejack | ||||||
| Segment Information | ||||||
| Sales | 72 | |||||
| Costs Applicable to Sales | 69 | |||||
| Depreciation and amortization | 22 | |||||
| Advanced Projects, Research and Development and Exploration | 7 | |||||
| Income (loss) before income and mining tax and other items | (26) | |||||
| Total Assets | 4,006 | |||||
| Capital Expenditures | 22 | |||||
| Operating Segments | Peñasquito | ||||||
| Segment Information | ||||||
| Sales | 901 | 2,189 | 2,634 | |||
| Costs Applicable to Sales | 809 | 1,306 | 1,059 | |||
| Depreciation and amortization | 351 | 427 | 521 | |||
| Advanced Projects, Research and Development and Exploration | 11 | 19 | 8 | |||
| Income (loss) before income and mining tax and other items | (1,811) | 403 | 979 | |||
| Total Assets | 4,738 | 6,430 | 6,561 | |||
| Capital Expenditures | 113 | 183 | 144 | |||
| Operating Segments | Peñasquito | Union Strike | ||||||
| Segment Information | ||||||
| Costs Applicable to Sales | 108 | |||||
| Depreciation and amortization | 75 | |||||
| Operating Segments | Peñasquito | Profit-Sharing Agreement | ||||||
| Segment Information | ||||||
| Costs Applicable to Sales | $ 70 | |||||
| Operating Segments | Peñasquito | Gold | ||||||
| Segment Information | ||||||
| Sales | 257 | 1,006 | 1,250 | |||
| Costs Applicable to Sales | 158 | 442 | 395 | |||
| Depreciation and amortization | 67 | 148 | 201 | |||
| Operating Segments | Peñasquito | Silver | ||||||
| Segment Information | ||||||
| Sales | 335 | 549 | 651 | |||
| Costs Applicable to Sales | 300 | 454 | 332 | |||
| Depreciation and amortization | 134 | 151 | 169 | |||
| Operating Segments | Peñasquito | Lead | ||||||
| Segment Information | ||||||
| Sales | 96 | 133 | 172 | |||
| Costs Applicable to Sales | 98 | 94 | 76 | |||
| Depreciation and amortization | 45 | 32 | 39 | |||
| Operating Segments | Peñasquito | Zinc | ||||||
| Segment Information | ||||||
| Sales | 213 | 501 | 561 | |||
| Costs Applicable to Sales | 253 | 316 | 256 | |||
| Depreciation and amortization | 105 | 96 | 112 | |||
| Operating Segments | Merian | ||||||
| Segment Information | ||||||
| Sales | 625 | 723 | 780 | |||
| Costs Applicable to Sales | 385 | 369 | 326 | |||
| Depreciation and amortization | 82 | 80 | 98 | |||
| Advanced Projects, Research and Development and Exploration | 23 | 21 | 11 | |||
| Income (loss) before income and mining tax and other items | 122 | 249 | 328 | |||
| Total Assets | 927 | 923 | 952 | |||
| Capital Expenditures | 84 | 56 | 47 | |||
| Operating Segments | Cerro Negro | ||||||
| Segment Information | ||||||
| Sales | 510 | 508 | 480 | |||
| Costs Applicable to Sales | 328 | 283 | 243 | |||
| Depreciation and amortization | 137 | 148 | 137 | |||
| Advanced Projects, Research and Development and Exploration | 10 | 25 | 9 | |||
| Income (loss) before income and mining tax and other items | 15 | (451) | 68 | |||
| Total Assets | 1,646 | 1,659 | 2,183 | |||
| Capital Expenditures | 162 | 132 | 108 | |||
| Operating Segments | Yanacocha | ||||||
| Segment Information | ||||||
| Sales | 537 | 451 | 471 | |||
| Costs Applicable to Sales | 294 | 313 | 232 | |||
| Depreciation and amortization | 85 | 95 | 111 | |||
| Advanced Projects, Research and Development and Exploration | 11 | 22 | 18 | |||
| Income (loss) before income and mining tax and other items | (1,070) | (612) | (1,552) | |||
| Total Assets | 2,117 | 2,225 | 1,735 | |||
| Capital Expenditures | 312 | 439 | 171 | |||
| Operating Segments | Boddington | ||||||
| Segment Information | ||||||
| Sales | 1,814 | 1,763 | 1,507 | |||
| Costs Applicable to Sales | 838 | 833 | 750 | |||
| Depreciation and amortization | 143 | 152 | 122 | |||
| Advanced Projects, Research and Development and Exploration | 6 | 7 | 8 | |||
| Income (loss) before income and mining tax and other items | 811 | 779 | 627 | |||
| Total Assets | 2,376 | 2,264 | 2,261 | |||
| Capital Expenditures | 164 | 72 | 174 | |||
| Operating Segments | Boddington | Gold | ||||||
| Segment Information | ||||||
| Sales | 1,451 | 1,447 | 1,212 | |||
| Costs Applicable to Sales | 634 | 652 | 607 | |||
| Depreciation and amortization | 108 | 118 | 99 | |||
| Operating Segments | Boddington | Copper | ||||||
| Segment Information | ||||||
| Sales | 363 | 316 | 295 | |||
| Costs Applicable to Sales | 204 | 181 | 143 | |||
| Depreciation and amortization | 35 | 34 | 23 | |||
| Operating Segments | Tanami | ||||||
| Segment Information | ||||||
| Sales | 867 | 878 | 879 | |||
| Costs Applicable to Sales | 337 | 328 | 278 | |||
| Depreciation and amortization | 110 | 101 | 100 | |||
| Advanced Projects, Research and Development and Exploration | 30 | 28 | 24 | |||
| Income (loss) before income and mining tax and other items | 407 | 422 | 466 | |||
| Total Assets | 1,896 | 1,585 | 1,334 | |||
| Capital Expenditures | 413 | 343 | 304 | |||
| Operating Segments | Cadia | ||||||
| Segment Information | ||||||
| Sales | 422 | |||||
| Costs Applicable to Sales | 245 | |||||
| Depreciation and amortization | 30 | |||||
| Advanced Projects, Research and Development and Exploration | 2 | |||||
| Income (loss) before income and mining tax and other items | 158 | |||||
| Total Assets | 6,351 | |||||
| Capital Expenditures | 75 | |||||
| Operating Segments | Cadia | Gold | ||||||
| Segment Information | ||||||
| Sales | 250 | |||||
| Costs Applicable to Sales | 129 | |||||
| Depreciation and amortization | 16 | |||||
| Operating Segments | Cadia | Copper | ||||||
| Segment Information | ||||||
| Sales | 172 | |||||
| Costs Applicable to Sales | 116 | |||||
| Depreciation and amortization | 14 | |||||
| Operating Segments | Telfer | ||||||
| Segment Information | ||||||
| Sales | 152 | |||||
| Costs Applicable to Sales | 148 | |||||
| Depreciation and amortization | 7 | |||||
| Advanced Projects, Research and Development and Exploration | 4 | |||||
| Income (loss) before income and mining tax and other items | (10) | |||||
| Total Assets | 574 | |||||
| Capital Expenditures | 9 | |||||
| Operating Segments | Telfer | Gold | ||||||
| Segment Information | ||||||
| Sales | 135 | |||||
| Costs Applicable to Sales | 126 | |||||
| Depreciation and amortization | 6 | |||||
| Operating Segments | Telfer | Copper | ||||||
| Segment Information | ||||||
| Sales | 17 | |||||
| Costs Applicable to Sales | 22 | |||||
| Depreciation and amortization | 1 | |||||
| Operating Segments | Lihir | ||||||
| Segment Information | ||||||
| Sales | 266 | |||||
| Costs Applicable to Sales | 146 | |||||
| Depreciation and amortization | 20 | |||||
| Advanced Projects, Research and Development and Exploration | 2 | |||||
| Income (loss) before income and mining tax and other items | 93 | |||||
| Total Assets | 3,909 | |||||
| Capital Expenditures | 53 | |||||
| Operating Segments | Ahafo | ||||||
| Segment Information | ||||||
| Sales | 1,130 | 1,023 | 864 | |||
| Costs Applicable to Sales | 547 | 566 | 425 | |||
| Depreciation and amortization | 181 | 167 | 143 | |||
| Advanced Projects, Research and Development and Exploration | 40 | 26 | 22 | |||
| Income (loss) before income and mining tax and other items | 369 | 267 | 269 | |||
| Total Assets | 2,823 | 2,619 | 2,425 | |||
| Capital Expenditures | 310 | 268 | 213 | |||
| Operating Segments | Akyem | ||||||
| Segment Information | ||||||
| Sales | 574 | 749 | 680 | |||
| Costs Applicable to Sales | 275 | 334 | 261 | |||
| Depreciation and amortization | 122 | 141 | 120 | |||
| Advanced Projects, Research and Development and Exploration | 19 | 14 | 10 | |||
| Income (loss) before income and mining tax and other items | 151 | 257 | 284 | |||
| Total Assets | 1,069 | 998 | 990 | |||
| Capital Expenditures | 40 | 34 | 66 | |||
| Operating Segments | NGM | ||||||
| Segment Information | ||||||
| Sales | 2,271 | 2,098 | 2,291 | |||
| Costs Applicable to Sales | 1,249 | 1,153 | 960 | |||
| Depreciation and amortization | 452 | 471 | 550 | |||
| Advanced Projects, Research and Development and Exploration | 29 | 32 | 30 | |||
| Income (loss) before income and mining tax and other items | 432 | 434 | 818 | |||
| Total Assets | 7,401 | 7,419 | 7,584 | |||
| Capital Expenditures | 472 | 308 | 234 | |||
| Corporate and Other | ||||||
| Segment Information | ||||||
| Sales | 0 | 0 | 0 | |||
| Costs Applicable to Sales | 0 | 0 | 0 | |||
| Depreciation and amortization | 41 | 34 | 45 | |||
| Advanced Projects, Research and Development and Exploration | 221 | 228 | 176 | |||
| Income (loss) before income and mining tax and other items | (1,350) | (970) | (1,454) | |||
| Total Assets | 9,844 | 8,369 | 9,811 | |||
| Capital Expenditures | $ 51 | $ 45 | $ 37 | |||
| ||||||
SEGMENT INFORMATION - Long-lived Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Long-lived assets | $ 39,578 | $ 25,887 |
| Australia | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Long-lived assets | 9,373 | 3,374 |
| Canada | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Long-lived assets | 8,789 | 4,138 |
| United States | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Long-lived assets | 7,011 | 6,928 |
| Mexico | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Long-lived assets | 4,119 | 4,644 |
| Papua New Guinea | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Long-lived assets | 3,140 | 0 |
| Ghana | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Long-lived assets | 2,626 | 2,586 |
| Peru | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Long-lived assets | 2,254 | 2,008 |
| Argentina | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Long-lived assets | 1,508 | 1,493 |
| Suriname | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Long-lived assets | 726 | 712 |
| Other | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Long-lived assets | $ 32 | $ 4 |
SALES - Disaggregation of Revenue (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| SALES | |||
| Sales | $ 11,812 | $ 11,915 | $ 12,222 |
| Gold Dore | |||
| SALES | |||
| Sales | 8,781 | 8,357 | 8,490 |
| Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 3,031 | 3,558 | 3,732 |
| Operating Segments | CC&V | |||
| SALES | |||
| Sales | 332 | 333 | 396 |
| Operating Segments | CC&V | Gold Dore | |||
| SALES | |||
| Sales | 332 | 328 | 382 |
| Operating Segments | CC&V | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 0 | 5 | 14 |
| Operating Segments | Musselwhite | |||
| SALES | |||
| Sales | 351 | 305 | 277 |
| Operating Segments | Musselwhite | Gold Dore | |||
| SALES | |||
| Sales | 351 | 305 | 277 |
| Operating Segments | Musselwhite | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 0 | 0 | 0 |
| Operating Segments | Porcupine | |||
| SALES | |||
| Sales | 503 | 504 | 517 |
| Operating Segments | Porcupine | Gold Dore | |||
| SALES | |||
| Sales | 503 | 504 | 517 |
| Operating Segments | Porcupine | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 0 | 0 | 0 |
| Operating Segments | Éléonore | |||
| SALES | |||
| Sales | 453 | 391 | 446 |
| Operating Segments | Éléonore | Gold Dore | |||
| SALES | |||
| Sales | 453 | 391 | 446 |
| Operating Segments | Éléonore | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 0 | 0 | 0 |
| Operating Segments | Red Chris | |||
| SALES | |||
| Sales | 32 | ||
| Operating Segments | Red Chris | Gold Dore | |||
| SALES | |||
| Sales | 0 | ||
| Operating Segments | Red Chris | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 32 | ||
| Operating Segments | Red Chris | Red Chris - Gold | |||
| SALES | |||
| Sales | 9 | ||
| Operating Segments | Red Chris | Red Chris - Gold | Gold Dore | |||
| SALES | |||
| Sales | 0 | ||
| Operating Segments | Red Chris | Red Chris - Gold | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 9 | ||
| Operating Segments | Red Chris | Red Chris - Copper | |||
| SALES | |||
| Sales | 23 | ||
| Operating Segments | Red Chris | Red Chris - Copper | Gold Dore | |||
| SALES | |||
| Sales | 0 | ||
| Operating Segments | Red Chris | Red Chris - Copper | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 23 | ||
| Operating Segments | Brucejack | |||
| SALES | |||
| Sales | 72 | ||
| Operating Segments | Brucejack | Gold Dore | |||
| SALES | |||
| Sales | 48 | ||
| Operating Segments | Brucejack | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 24 | ||
| Operating Segments | Peñasquito | |||
| SALES | |||
| Sales | 901 | 2,189 | 2,634 |
| Operating Segments | Peñasquito | Gold Dore | |||
| SALES | |||
| Sales | 36 | 110 | 207 |
| Operating Segments | Peñasquito | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 865 | 2,079 | 2,427 |
| Operating Segments | Peñasquito | Penasquito - Gold | |||
| SALES | |||
| Sales | 257 | 1,006 | 1,250 |
| Operating Segments | Peñasquito | Penasquito - Gold | Gold Dore | |||
| SALES | |||
| Sales | 36 | 110 | 207 |
| Operating Segments | Peñasquito | Penasquito - Gold | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 221 | 896 | 1,043 |
| Operating Segments | Peñasquito | Penasquito - Silver | |||
| SALES | |||
| Sales | 335 | 549 | 651 |
| Operating Segments | Peñasquito | Penasquito - Silver | Gold Dore | |||
| SALES | |||
| Sales | 0 | 0 | 0 |
| Operating Segments | Peñasquito | Penasquito - Silver | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 335 | 549 | 651 |
| Operating Segments | Peñasquito | Penasquito - Silver | Silver Streaming Agreement | |||
| SALES | |||
| Sales | 42 | 73 | 79 |
| Operating Segments | Peñasquito | Penasquito - Lead | |||
| SALES | |||
| Sales | 96 | 133 | 172 |
| Operating Segments | Peñasquito | Penasquito - Lead | Gold Dore | |||
| SALES | |||
| Sales | 0 | 0 | 0 |
| Operating Segments | Peñasquito | Penasquito - Lead | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 96 | 133 | 172 |
| Operating Segments | Peñasquito | Penasquito - Zinc | |||
| SALES | |||
| Sales | 213 | 501 | 561 |
| Operating Segments | Peñasquito | Penasquito - Zinc | Gold Dore | |||
| SALES | |||
| Sales | 0 | 0 | 0 |
| Operating Segments | Peñasquito | Penasquito - Zinc | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 213 | 501 | 561 |
| Operating Segments | Merian | |||
| SALES | |||
| Sales | 625 | 723 | 780 |
| Operating Segments | Merian | Gold Dore | |||
| SALES | |||
| Sales | 600 | 723 | 780 |
| Operating Segments | Merian | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 25 | 0 | 0 |
| Operating Segments | Cerro Negro | |||
| SALES | |||
| Sales | 510 | 508 | 480 |
| Operating Segments | Cerro Negro | Gold Dore | |||
| SALES | |||
| Sales | 510 | 508 | 480 |
| Operating Segments | Cerro Negro | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 0 | 0 | 0 |
| Operating Segments | Yanacocha | |||
| SALES | |||
| Sales | 537 | 451 | 471 |
| Operating Segments | Yanacocha | Gold Dore | |||
| SALES | |||
| Sales | 526 | 446 | 451 |
| Operating Segments | Yanacocha | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 11 | 5 | 20 |
| Operating Segments | Boddington | |||
| SALES | |||
| Sales | 1,814 | 1,763 | 1,507 |
| Operating Segments | Boddington | Gold Dore | |||
| SALES | |||
| Sales | 359 | 366 | 311 |
| Operating Segments | Boddington | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 1,455 | 1,397 | 1,196 |
| Operating Segments | Boddington | Boddington - Gold | |||
| SALES | |||
| Sales | 1,451 | 1,447 | 1,212 |
| Operating Segments | Boddington | Boddington - Gold | Gold Dore | |||
| SALES | |||
| Sales | 359 | 366 | 311 |
| Operating Segments | Boddington | Boddington - Gold | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 1,092 | 1,081 | 901 |
| Operating Segments | Boddington | Boddington - Copper | |||
| SALES | |||
| Sales | 363 | 316 | 295 |
| Operating Segments | Boddington | Boddington - Copper | Gold Dore | |||
| SALES | |||
| Sales | 0 | 0 | 0 |
| Operating Segments | Boddington | Boddington - Copper | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 363 | 316 | 295 |
| Operating Segments | Tanami | |||
| SALES | |||
| Sales | 867 | 878 | 879 |
| Operating Segments | Tanami | Gold Dore | |||
| SALES | |||
| Sales | 867 | 878 | 879 |
| Operating Segments | Tanami | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 0 | 0 | 0 |
| Operating Segments | Cadia | |||
| SALES | |||
| Sales | 422 | ||
| Operating Segments | Cadia | Gold Dore | |||
| SALES | |||
| Sales | 28 | ||
| Operating Segments | Cadia | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 394 | ||
| Operating Segments | Cadia | Cadia - Gold | |||
| SALES | |||
| Sales | 250 | ||
| Operating Segments | Cadia | Cadia - Gold | Gold Dore | |||
| SALES | |||
| Sales | 28 | ||
| Operating Segments | Cadia | Cadia - Gold | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 222 | ||
| Operating Segments | Cadia | Cadia - Copper | |||
| SALES | |||
| Sales | 172 | ||
| Operating Segments | Cadia | Cadia - Copper | Gold Dore | |||
| SALES | |||
| Sales | 0 | ||
| Operating Segments | Cadia | Cadia - Copper | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 172 | ||
| Operating Segments | Telfer | |||
| SALES | |||
| Sales | 152 | ||
| Operating Segments | Telfer | Gold Dore | |||
| SALES | |||
| Sales | 20 | ||
| Operating Segments | Telfer | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 132 | ||
| Operating Segments | Telfer | Telfer - Gold | |||
| SALES | |||
| Sales | 135 | ||
| Operating Segments | Telfer | Telfer - Gold | Gold Dore | |||
| SALES | |||
| Sales | 20 | ||
| Operating Segments | Telfer | Telfer - Gold | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 115 | ||
| Operating Segments | Telfer | Telfer - Copper | |||
| SALES | |||
| Sales | 17 | ||
| Operating Segments | Telfer | Telfer - Copper | Gold Dore | |||
| SALES | |||
| Sales | 0 | ||
| Operating Segments | Telfer | Telfer - Copper | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 17 | ||
| Operating Segments | Lihir | |||
| SALES | |||
| Sales | 266 | ||
| Operating Segments | Lihir | Gold Dore | |||
| SALES | |||
| Sales | 266 | ||
| Operating Segments | Lihir | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 0 | ||
| Operating Segments | Ahafo | |||
| SALES | |||
| Sales | 1,130 | 1,023 | 864 |
| Operating Segments | Ahafo | Gold Dore | |||
| SALES | |||
| Sales | 1,130 | 1,023 | 864 |
| Operating Segments | Ahafo | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 0 | 0 | 0 |
| Operating Segments | Akyem | |||
| SALES | |||
| Sales | 574 | 749 | 680 |
| Operating Segments | Akyem | Gold Dore | |||
| SALES | |||
| Sales | 574 | 749 | 680 |
| Operating Segments | Akyem | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 0 | 0 | 0 |
| Operating Segments | NGM | |||
| SALES | |||
| Sales | 2,271 | 2,098 | 2,291 |
| Operating Segments | NGM | Gold Dore | |||
| SALES | |||
| Sales | 2,178 | 2,026 | 2,216 |
| Operating Segments | NGM | Sales From Concentrate and Other Production | |||
| SALES | |||
| Sales | 93 | 72 | 75 |
| Eliminations | NGM | |||
| SALES | |||
| Sales | $ 2,174 | $ 2,022 | $ 2,212 |
SALES - Trade Receivables and Provisional Sales (Details) oz in Thousands, lb in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2023
USD ($)
lb
oz
$ / lb
$ / oz
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
| Revenue from Contract with Customer [Abstract] | |||
| Increase (decrease) to sales from revenue recognized due to changes in final pricing | $ | $ 37 | $ (34) | $ 32 |
| Gold | |||
| Disaggregation of Revenue [Line Items] | |||
| Sales subject to final pricing (in ounces or pounds) | oz | 257 | ||
| Sales subject to final pricing (in dollars per ounce or pound) | $ / oz | 2,071 | ||
| Copper | |||
| Disaggregation of Revenue [Line Items] | |||
| Sales subject to final pricing (in ounces or pounds) | lb | 104 | ||
| Sales subject to final pricing (in dollars per ounce or pound) | $ / lb | 3.88 | ||
| Silver | |||
| Disaggregation of Revenue [Line Items] | |||
| Sales subject to final pricing (in ounces or pounds) | oz | 3,000 | ||
| Sales subject to final pricing (in dollars per ounce or pound) | $ / oz | 23.89 | ||
| Lead | |||
| Disaggregation of Revenue [Line Items] | |||
| Sales subject to final pricing (in ounces or pounds) | lb | 25 | ||
| Sales subject to final pricing (in dollars per ounce or pound) | $ / lb | 0.93 | ||
| Zinc | |||
| Disaggregation of Revenue [Line Items] | |||
| Sales subject to final pricing (in ounces or pounds) | lb | 31 | ||
| Sales subject to final pricing (in dollars per ounce or pound) | $ / lb | 1.20 | ||
| Molybdenum | |||
| Disaggregation of Revenue [Line Items] | |||
| Sales subject to final pricing (in ounces or pounds) | lb | 1 | ||
| Sales subject to final pricing (in dollars per ounce or pound) | $ / lb | 19.62 | ||
SALES - Silver Streaming Agreement (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Disaggregation of Revenue [Line Items] | |||
| Streaming agreement, percentage of sales | 25.00% | ||
| Inflation adjustment (as a percent) | 1.65% | ||
| Sales | $ 11,812 | $ 11,915 | $ 12,222 |
| Liability related to streaming agreement | 866 | 908 | |
| Operating Segments | Peñasquito | |||
| Disaggregation of Revenue [Line Items] | |||
| Sales | 901 | 2,189 | 2,634 |
| Operating Segments | Peñasquito | Penasquito - Silver | |||
| Disaggregation of Revenue [Line Items] | |||
| Sales | 335 | 549 | 651 |
| Operating Segments | Silver Streaming Agreement | Peñasquito | Penasquito - Silver | |||
| Disaggregation of Revenue [Line Items] | |||
| Sales | $ 42 | $ 73 | $ 79 |
SALES - Revenues by Geographic Area (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Disaggregation of Revenue [Line Items] | |||
| Sales | $ 11,812 | $ 11,915 | $ 12,222 |
| Operating Segments | Peñasquito | |||
| Disaggregation of Revenue [Line Items] | |||
| Sales | 901 | 2,189 | 2,634 |
| Operating Segments | Peñasquito | Penasquito - Silver | |||
| Disaggregation of Revenue [Line Items] | |||
| Sales | 335 | 549 | 651 |
| Operating Segments | Silver Streaming Agreement | Peñasquito | Penasquito - Silver | |||
| Disaggregation of Revenue [Line Items] | |||
| Sales | 42 | 73 | 79 |
| United Kingdom | |||
| Disaggregation of Revenue [Line Items] | |||
| Sales | 7,637 | 7,537 | 7,624 |
| South Korea | |||
| Disaggregation of Revenue [Line Items] | |||
| Sales | 975 | 1,426 | 1,665 |
| Switzerland | |||
| Disaggregation of Revenue [Line Items] | |||
| Sales | 600 | 721 | 1,052 |
| Japan | |||
| Disaggregation of Revenue [Line Items] | |||
| Sales | 512 | 442 | 386 |
| Philippines | |||
| Disaggregation of Revenue [Line Items] | |||
| Sales | 451 | 340 | 264 |
| Australia | |||
| Disaggregation of Revenue [Line Items] | |||
| Sales | 376 | 7 | 3 |
| Germany | |||
| Disaggregation of Revenue [Line Items] | |||
| Sales | 320 | 308 | 282 |
| Mexico | |||
| Disaggregation of Revenue [Line Items] | |||
| Sales | 240 | 604 | 642 |
| United States | |||
| Disaggregation of Revenue [Line Items] | |||
| Sales | 48 | 24 | 62 |
| Other | |||
| Disaggregation of Revenue [Line Items] | |||
| Sales | $ 653 | $ 506 | $ 242 |
SALES - Revenue by Major Customer (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Concentration Risk [Line Items] | |||
| Sales | $ 11,812 | $ 11,915 | $ 12,222 |
| Sales Revenue, Product Line | JPMorgan Chase | Customers | Gold | |||
| Concentration Risk [Line Items] | |||
| Sales | $ 2,583 | $ 1,503 | $ 2,002 |
| Concentration risk percentage (as a percent) | 22.00% | 13.00% | 17.00% |
| Sales Revenue, Product Line | Royal Bank of Canada | Customers | Gold | |||
| Concentration Risk [Line Items] | |||
| Sales | $ 1,765 | ||
| Concentration risk percentage (as a percent) | 15.00% | ||
| Sales Revenue, Product Line | Toronto Dominion Bank | Customers | Gold | |||
| Concentration Risk [Line Items] | |||
| Sales | $ 1,630 | ||
| Concentration risk percentage (as a percent) | 14.00% | ||
| Sales Revenue, Product Line | Standard Chartered | Customers | Gold | |||
| Concentration Risk [Line Items] | |||
| Sales | $ 1,659 | $ 4,179 | $ 4,634 |
| Concentration risk percentage (as a percent) | 14.00% | 35.00% | 38.00% |
RECLAMATION AND REMEDIATION - Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|||
| Reclamation and remediation | |||||
| Reclamation accretion | $ 238 | $ 173 | |||
| Remediation accretion | 7 | 6 | |||
| Reclamation and remediation expense | [1] | 6,699 | 6,468 | $ 5,435 | |
| Reclamation and remediation | |||||
| Reclamation and remediation | |||||
| Reclamation adjustments and other | 1,207 | 646 | 1,633 | ||
| Reclamation accretion | 238 | 173 | 125 | ||
| Reclamation expense | 1,445 | 819 | 1,758 | ||
| Remediation adjustments and other | 81 | 96 | 82 | ||
| Remediation accretion | 7 | 6 | 6 | ||
| Remediation expense | 88 | 102 | 88 | ||
| Reclamation and remediation expense | $ 1,533 | $ 921 | $ 1,846 | ||
| |||||
RECLAMATION AND REMEDIATION - Reconciliation of Obligation (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Reclamation | ||
| Balance at beginning of period | $ 6,731 | $ 5,768 |
| Additions, changes in estimates and other | 1,246 | 981 |
| Additions from the Newcrest transaction | 401 | |
| Payments, net | (231) | (191) |
| Accretion expense | 238 | 173 |
| Balance at end of period | 8,385 | 6,731 |
| Remediation | ||
| Balance at beginning of period | 373 | 344 |
| Additions, changes in estimates and other | 65 | 79 |
| Acquisitions and divestitures | 0 | |
| Payments, net | (44) | (56) |
| Accretion expense | 7 | 6 |
| Balance at end of period | 401 | 373 |
| Total | ||
| Balance at beginning of period | 7,104 | 6,112 |
| Additions, changes in estimates and other | 1,311 | 1,060 |
| Acquisitions and divestitures | 401 | |
| Payments, net | (275) | (247) |
| Accretion expense | 245 | 179 |
| Balance at end of period | $ 8,786 | 7,104 |
| Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current, Other non-current liabilities (Note 22) | |
| Minera Yanacocha | ||
| Reclamation | ||
| Balance at beginning of period | $ 3,722 | |
| Balance at end of period | $ 4,804 | $ 3,722 |
RECLAMATION AND REMEDIATION - Liability Classifications (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Environmental Exit Cost [Line Items] | |||
| Reclamation liabilities, current | $ 558 | $ 482 | |
| Reclamation liabilities, non-current | 7,827 | 6,249 | |
| Total reclamation liabilities | 8,385 | 6,731 | $ 5,768 |
| Remediation liabilities, current | 61 | 44 | |
| Remediation liabilities, non-current | 340 | 329 | |
| Total remediation liabilities | 401 | 373 | 344 |
| Reclamation and remediation liabilities, current | 619 | 526 | |
| Reclamation and remediation liabilities, non-current | 8,167 | 6,578 | |
| Reclamation and remediation liabilities | 8,786 | 7,104 | $ 6,112 |
| Minera Yanacocha | |||
| Environmental Exit Cost [Line Items] | |||
| Total reclamation liabilities | $ 4,804 | $ 3,722 |
RECLAMATION AND REMEDIATION - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Other Noncurrent Assets | |||
| Reclamation and remediation | |||
| Asset retirement obligation restricted assets | $ 81 | $ 62 | |
| Equity Securities | Other Noncurrent Assets | |||
| Reclamation and remediation | |||
| Asset retirement obligation restricted assets | $ 21 | 35 | |
| Maximum | |||
| Reclamation and remediation | |||
| Loss accrual possible shortfall (as a percent) | 35.00% | ||
| Minimum | |||
| Reclamation and remediation | |||
| Loss accrual possible shortfall (as a percent) | (6.00%) | ||
| Yanacocha | |||
| Reclamation and remediation | |||
| Reclamation adjustments and other | $ 1,101 | 529 | $ 1,554 |
| Porcupine | |||
| Reclamation and remediation | |||
| Reclamation adjustments and other | $ 91 | ||
IMPAIRMENT CHARGES (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Impairment of long-lived and other assets | |||
| Impairment of long-lived and other assets | $ 131,000,000 | $ 520,000,000 | $ 25,000,000 |
| Impairment of goodwill | 1,760,000,000 | 800,000,000 | |
| Impairment, total | 1,891,000,000 | 1,320,000,000 | 25,000,000 |
| Musselwhite | |||
| Impairment of long-lived and other assets | |||
| Impairment of long-lived and other assets | 0 | ||
| Impairment of goodwill | 293,000,000 | 0 | |
| Porcupine | |||
| Impairment of long-lived and other assets | |||
| Impairment of goodwill | 0 | 341,000,000 | |
| Éléonore | |||
| Impairment of long-lived and other assets | |||
| Impairment of long-lived and other assets | 0 | ||
| Impairment of goodwill | 246,000,000 | 0 | |
| Peñasquito | |||
| Impairment of long-lived and other assets | |||
| Impairment of long-lived and other assets | 0 | ||
| Impairment of goodwill | 1,210,000,000 | 0 | |
| Cerro Negro | |||
| Impairment of long-lived and other assets | |||
| Impairment of goodwill | 0 | 459,000,000 | |
| NGM | |||
| Impairment of long-lived and other assets | |||
| Impairment of goodwill | 11,000,000 | 0 | |
| Operating Segments | CC&V | |||
| Impairment of long-lived and other assets | |||
| Impairment of long-lived and other assets | 4,000,000 | 511,000,000 | 0 |
| Impairment of goodwill | 0 | 0 | |
| Impairment, total | 4,000,000 | 511,000,000 | 0 |
| Operating Segments | Musselwhite | |||
| Impairment of long-lived and other assets | |||
| Impairment of long-lived and other assets | 4,000,000 | 0 | 0 |
| Impairment of goodwill | 293,000,000 | 0 | |
| Impairment, total | 297,000,000 | 0 | 0 |
| Operating Segments | Porcupine | |||
| Impairment of long-lived and other assets | |||
| Impairment of long-lived and other assets | 5,000,000 | 0 | 0 |
| Impairment of goodwill | 0 | 341,000,000 | |
| Impairment, total | 5,000,000 | 341,000,000 | 0 |
| Operating Segments | Éléonore | |||
| Impairment of long-lived and other assets | |||
| Impairment of long-lived and other assets | 0 | 0 | 1,000,000 |
| Impairment of goodwill | 246,000,000 | 0 | |
| Impairment, total | 246,000,000 | 0 | 1,000,000 |
| Operating Segments | Peñasquito | |||
| Impairment of long-lived and other assets | |||
| Impairment of long-lived and other assets | 21,000,000 | 4,000,000 | 1,000,000 |
| Impairment of goodwill | 1,210,000,000 | 0 | |
| Impairment, total | 1,231,000,000 | 4,000,000 | 1,000,000 |
| Operating Segments | Merian | |||
| Impairment of long-lived and other assets | |||
| Impairment of long-lived and other assets | 10,000,000 | 1,000,000 | 1,000,000 |
| Impairment of goodwill | 0 | 0 | |
| Impairment, total | 10,000,000 | 1,000,000 | 1,000,000 |
| Operating Segments | Cerro Negro | |||
| Impairment of long-lived and other assets | |||
| Impairment of long-lived and other assets | 5,000,000 | 0 | 3,000,000 |
| Impairment of goodwill | 0 | 459,000,000 | |
| Impairment, total | 5,000,000 | 459,000,000 | 3,000,000 |
| Operating Segments | Yanacocha | |||
| Impairment of long-lived and other assets | |||
| Impairment of long-lived and other assets | 0 | 0 | 1,000,000 |
| Impairment of goodwill | 0 | 0 | |
| Impairment, total | 0 | 0 | 1,000,000 |
| Operating Segments | Boddington | |||
| Impairment of long-lived and other assets | |||
| Impairment of long-lived and other assets | 2,000,000 | 2,000,000 | 3,000,000 |
| Impairment of goodwill | 0 | 0 | |
| Impairment, total | 2,000,000 | 2,000,000 | 3,000,000 |
| Operating Segments | Tanami | |||
| Impairment of long-lived and other assets | |||
| Impairment of long-lived and other assets | 1,000,000 | 0 | 0 |
| Impairment of goodwill | 0 | 0 | |
| Impairment, total | 1,000,000 | 0 | 0 |
| Operating Segments | Telfer | |||
| Impairment of long-lived and other assets | |||
| Impairment of long-lived and other assets | 2,000,000 | 0 | 0 |
| Impairment of goodwill | 0 | 0 | |
| Impairment, total | 2,000,000 | 0 | 0 |
| Operating Segments | Ahafo | |||
| Impairment of long-lived and other assets | |||
| Impairment of long-lived and other assets | 2,000,000 | 1,000,000 | 2,000,000 |
| Impairment of goodwill | 0 | 0 | |
| Impairment, total | 2,000,000 | 1,000,000 | 2,000,000 |
| Operating Segments | Akyem | |||
| Impairment of long-lived and other assets | |||
| Impairment of long-lived and other assets | 0 | 0 | 1,000,000 |
| Impairment of goodwill | 0 | 0 | |
| Impairment, total | 0 | 0 | 1,000,000 |
| Operating Segments | NGM | |||
| Impairment of long-lived and other assets | |||
| Impairment of long-lived and other assets | 75,000,000 | 1,000,000 | 0 |
| Impairment of goodwill | 11,000,000 | 0 | |
| Impairment, total | 86,000,000 | 1,000,000 | 0 |
| Corporate and Other | |||
| Impairment of long-lived and other assets | |||
| Impairment of long-lived and other assets | 0 | 0 | 12,000,000 |
| Impairment of goodwill | 0 | 0 | |
| Impairment, total | $ 0 | $ 0 | $ 12,000,000 |
IMPAIRMENT CHARGES - Additional Information (Details) |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2023
USD ($)
$ / oz
|
Dec. 31, 2022
USD ($)
$ / oz
|
Dec. 31, 2021
USD ($)
|
|
| Impairment of long-lived and other assets | |||
| Impairment of goodwill | $ 1,760,000,000 | $ 800,000,000 | |
| Impairment charges (Note 7) | 131,000,000 | 520,000,000 | $ 25,000,000 |
| Property, plant and mine development, net | $ 37,563,000,000 | $ 24,073,000,000 | |
| Valuation, Income Approach | Measurement Input, Short-Term Gold Price | |||
| Impairment of long-lived and other assets | |||
| Long-lived and other assets, measurement input | $ / oz | 1,950 | 1,750 | |
| Valuation, Income Approach | Measurement Input, Long-Term Gold Price | |||
| Impairment of long-lived and other assets | |||
| Long-lived and other assets, measurement input | $ / oz | 1,700 | 1,600 | |
| Valuation, Income Approach | Discount rate | |||
| Impairment of long-lived and other assets | |||
| Long-lived and other assets, measurement input | 0.0675 | ||
| Valuation, Income Approach | Discount rate | Canada | |||
| Impairment of long-lived and other assets | |||
| Long-lived and other assets, measurement input | 0.0450 | ||
| Musselwhite | |||
| Impairment of long-lived and other assets | |||
| Impairment of goodwill | $ 293,000,000 | $ 0 | |
| Impairment charges (Note 7) | $ 0 | ||
| Musselwhite | Valuation, Income Approach | Discount rate | |||
| Impairment of long-lived and other assets | |||
| Long-lived and other assets, measurement input | 0.1000 | ||
| Éléonore | |||
| Impairment of long-lived and other assets | |||
| Impairment of goodwill | $ 246,000,000 | 0 | |
| Impairment charges (Note 7) | $ 0 | ||
| Éléonore | Valuation, Income Approach | Discount rate | |||
| Impairment of long-lived and other assets | |||
| Long-lived and other assets, measurement input | 0.1750 | ||
| Peñasquito | |||
| Impairment of long-lived and other assets | |||
| Impairment of goodwill | $ 1,210,000,000 | 0 | |
| Impairment charges (Note 7) | $ 0 | ||
| Peñasquito | Valuation, Income Approach | Discount rate | |||
| Impairment of long-lived and other assets | |||
| Long-lived and other assets, measurement input | 0.0675 | ||
| Porcupine | |||
| Impairment of long-lived and other assets | |||
| Impairment of goodwill | $ 0 | 341,000,000 | |
| Cerro Negro | |||
| Impairment of long-lived and other assets | |||
| Impairment of goodwill | 0 | $ 459,000,000 | |
| Cerro Negro | Valuation, Income Approach | Discount rate | |||
| Impairment of long-lived and other assets | |||
| Long-lived and other assets, measurement input | 0.14 | ||
| NGM | |||
| Impairment of long-lived and other assets | |||
| Impairment of goodwill | 11,000,000 | $ 0 | |
| Operating Segments | Musselwhite | |||
| Impairment of long-lived and other assets | |||
| Impairment of goodwill | 293,000,000 | 0 | |
| Impairment charges (Note 7) | 4,000,000 | 0 | 0 |
| Operating Segments | Éléonore | |||
| Impairment of long-lived and other assets | |||
| Impairment of goodwill | 246,000,000 | 0 | |
| Impairment charges (Note 7) | 0 | 0 | 1,000,000 |
| Operating Segments | Peñasquito | |||
| Impairment of long-lived and other assets | |||
| Impairment of goodwill | 1,210,000,000 | 0 | |
| Impairment charges (Note 7) | 21,000,000 | 4,000,000 | 1,000,000 |
| Operating Segments | Porcupine | |||
| Impairment of long-lived and other assets | |||
| Impairment of goodwill | 0 | 341,000,000 | |
| Impairment charges (Note 7) | 5,000,000 | 0 | 0 |
| Operating Segments | Cerro Negro | |||
| Impairment of long-lived and other assets | |||
| Impairment of goodwill | 0 | 459,000,000 | |
| Impairment charges (Note 7) | 5,000,000 | 0 | 3,000,000 |
| Operating Segments | NGM | |||
| Impairment of long-lived and other assets | |||
| Impairment of goodwill | 11,000,000 | 0 | |
| Impairment charges (Note 7) | 75,000,000 | 1,000,000 | 0 |
| Property, plant and mine development, net | 22,000,000 | ||
| Operating Segments | NGM | Long Canyon | |||
| Impairment of long-lived and other assets | |||
| Impairment charges (Note 7) | 72,000,000 | ||
| Operating Segments | CC&V | |||
| Impairment of long-lived and other assets | |||
| Impairment of goodwill | 0 | 0 | |
| Impairment charges (Note 7) | $ 4,000,000 | 511,000,000 | $ 0 |
| Property, plant and mine development, net | $ 25,000,000 | ||
OTHER EXPENSE, NET (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Other Income And Expense [Line Items] | |||
| Restructuring and severance | $ 24 | $ 4 | $ 11 |
| Settlement costs | 7 | 22 | 11 |
| COVID-19 specific costs | 1 | 38 | 87 |
| Other | 21 | 18 | 34 |
| Other expense, net | 517 | 82 | 143 |
| Newcrest Mining Limited | |||
| Other Income And Expense [Line Items] | |||
| Newcrest transaction and integration costs | $ 464 | $ 0 | $ 0 |
OTHER EXPENSE, NET - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Operating Costs and Expenses [Abstract] | |||
| Stamp duty tax incurred in connection with the Newcrest transaction | $ 316 | ||
| Amount distributed from Newmont Global Community Support Fund | $ 1 | $ 3 | $ 3 |
OTHER INCOME (LOSS), NET - Components of Other (Loss), Net (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Schedule of Equity Method Investments [Line Items] | ||||
| Interest income | $ 148 | $ 78 | $ 18 | |
| Foreign currency exchange, net | (56) | (5) | 23 | |
| Change in fair value of investments | (47) | (46) | (135) | |
| Insurance proceeds | 37 | 14 | 0 | |
| Pension settlements | (9) | (137) | (4) | |
| Charges from debt extinguishment | 0 | 0 | (11) | |
| Impairment of investments | 0 | 0 | (1) | |
| Other | 36 | 34 | 23 | |
| Other income (loss), net | (88) | (27) | 125 | |
| Tanami | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Insurance proceeds | $ 45 | |||
| Tanami | Other income, net | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Insurance proceeds | 31 | |||
| Ahafo | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Insurance proceeds | 11 | |||
| Ahafo | Other income, net | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Insurance proceeds | $ 6 | |||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Gain (loss) on asset and investment sales, net | $ (197) | $ 35 | $ 212 | |
OTHER INCOME (LOSS), NET - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| MARA Investment | ||||||||||
| Other Income, Net [Line Items] | ||||||||||
| Ownership percentage (as a percent) | 18.75% | |||||||||
| Maverix Metals Inc. | ||||||||||
| Other Income, Net [Line Items] | ||||||||||
| Gain (loss) on disposition of stock in subsidiary or equity method investee | $ 36 | |||||||||
| South Arturo | NGM | ||||||||||
| Other Income, Net [Line Items] | ||||||||||
| Business acquisition, percentage of voting interests acquired | 0.40% | |||||||||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||
| Other Income, Net [Line Items] | ||||||||||
| Gain (loss) on asset and investment sales, net | $ (197) | $ 35 | $ 212 | |||||||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | Pyrite Leach Plant | ||||||||||
| Other Income, Net [Line Items] | ||||||||||
| Gain (loss) on asset and investment sales, net | $ (235) | |||||||||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | Alumbrera mine/MARA | ||||||||||
| Other Income, Net [Line Items] | ||||||||||
| Gain (loss) on asset and investment sales, net | $ 61 | |||||||||
| Sale of stock, consideration received | 125 | |||||||||
| Sale of stock, contingent deferred payment | $ 30 | |||||||||
| Sale of stock, contingent deferred payment annual interest capping percentage | 6000000.00% | |||||||||
| Sale of stock, maximum contingent deferred payment | $ 50 | |||||||||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | Minera La Zanja | ||||||||||
| Other Income, Net [Line Items] | ||||||||||
| Loss on sale of equity method investment | $ 45 | |||||||||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | Kalgoorlie | ||||||||||
| Other Income, Net [Line Items] | ||||||||||
| Gain (loss) on asset and investment sales, net | $ 83 | |||||||||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | Lone Tree | ||||||||||
| Other Income, Net [Line Items] | ||||||||||
| Gain (loss) on asset and investment sales, net | $ 79 | |||||||||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | T M A C | ||||||||||
| Other Income, Net [Line Items] | ||||||||||
| Gain (loss) on asset and investment sales, net | $ 42 | |||||||||
INCOME AND MINING TAXES - Tax benefit (expense) - Current vs Deferred (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Current: | |||
| Current: United States | $ (20) | $ (47) | $ (71) |
| Current: Foreign | (610) | (686) | (1,136) |
| Current income taxes | (630) | (733) | (1,207) |
| Deferred: | |||
| Deferred: United States | 62 | 236 | 5 |
| Deferred: Foreign | 42 | 42 | 104 |
| Deferred income taxes | 104 | 278 | 109 |
| Income and mining tax benefit (expense) | $ (526) | $ (455) | $ (1,098) |
INCOME AND MINING TAXES - Domestic Vs Foreign (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income (loss) before income and mining tax and other items | |||
| United States | $ 111 | $ (566) | $ 247 |
| Foreign | (2,142) | 515 | 861 |
| Income (loss) before income and mining tax and other items | $ (2,031) | $ (51) | $ 1,108 |
INCOME AND MINING TAXES - Rate Reconciliation (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Reconciling item, percentage | ||||
| U.S. Federal statutory tax rate | 21.00% | 21.00% | 21.00% | |
| Percentage depletion | 4.00% | 90.00% | (7.00%) | |
| Change in valuation allowance on deferred tax assets | (18.00%) | (569.00%) | 38.00% | |
| Rate differential for foreign earnings indefinitely reinvested | 7.00% | (151.00%) | 10.00% | |
| Mining and other taxes (net of associated federal benefit) | (4.00%) | (231.00%) | 15.00% | |
| Uncertain tax positions | 1.00% | 261.00% | 9.00% | |
| Goodwill write-downs | (25.00%) | (482.00%) | 0.00% | |
| Expiration of U.S. capital losses and foreign tax credits | (10.00%) | (61.00%) | 14.00% | |
| Transactions | 0.00% | 100.00% | 0.00% | |
| Other | (2.00%) | 130.00% | (1.00%) | |
| Income and mining tax benefit (expense) | (26.00%) | (892.00%) | 99.00% | |
| Reconciling item, amount | ||||
| Income (loss) before income and mining tax and other items | $ (2,031) | $ (51) | $ 1,108 | |
| U.S. Federal statutory tax rate | 427 | 11 | (233) | |
| Percentage depletion | 72 | 46 | 71 | |
| Change in valuation allowance on deferred tax assets | (358) | (290) | (419) | |
| Rate differential for foreign earnings indefinitely reinvested | 148 | (77) | (108) | |
| Mining and other taxes (net of associated federal benefit) | (87) | (118) | (173) | |
| Uncertain tax positions | 28 | 133 | (99) | |
| Goodwill write-downs | (498) | (246) | 0 | |
| Expiration of U.S. capital losses and foreign tax credits | (195) | (31) | (152) | |
| Transactions | (1) | 51 | 5 | |
| Other | (62) | 66 | 10 | |
| Income and mining tax benefit (expense) | (526) | (455) | (1,098) | |
| Income Tax Contingency [Line Items] | ||||
| Income tax expense (benefit) | $ 526 | $ 455 | $ 1,098 | |
| Deferred tax asset, valuation allowance, release | $ 29 | |||
| Uncertain tax positions | 1.00% | 261.00% | 9.00% | |
| Mexican Tax Authority | ||||
| Reconciling item, amount | ||||
| Income and mining tax benefit (expense) | 125 | |||
| Income Tax Contingency [Line Items] | ||||
| Income tax expense (benefit) | (125) | |||
| Unrecognized tax benefits, period increase (decrease) | $ 95 | |||
INCOME AND MINING TAXES - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Operating Loss Carryforwards [Line Items] | ||||
| Expiration of capital loss carryforwards | $ 0 | $ 0 | $ 152 | |
| Expiration of foreign tax credits | 196 | |||
| Increase (decrease) in valuation allowance | 358 | |||
| Valuation allowance | 4,652 | 3,994 | ||
| Operating loss carryforwards | 3,678 | 1,963 | ||
| Tax credit carryforwards | 513 | 615 | ||
| Operating loss carryforwards not subject to expiration | 989 | 649 | ||
| Unrecognized tax benefits affecting effective tax rate | 190 | 219 | 335 | |
| Unrecognized tax benefits, interest and penalties | 78 | 77 | ||
| Interest and penalties for unrecognized tax benefits accrued (released) during the period | 1 | (61) | $ (8) | |
| Minimum | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Significant decrease in unrecognized tax benefits is reasonably possible, estimated range of change | 25 | |||
| Maximum | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Significant decrease in unrecognized tax benefits is reasonably possible, estimated range of change | 50 | |||
| Solar Tax Credits | Expiration Year, 2045 | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Tax credit carryforward, subject to expiration | 19 | 0 | ||
| Australian Taxation Office ("ATO") | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Potential interest disputed | $ 85 | |||
| Amount paid to preserve right to contest conclusions of ATO | $ 24 | |||
| Canada | Expiration Year, 2043 | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Operating loss carryforwards subject to expiration | 1,458 | |||
| Canada | Investment Tax Credit Carryforward | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Tax credit carryforwards | 210 | 152 | ||
| Tax credit carryforward, not subject to expiration | 76 | |||
| Canada | Investment Tax Credit Carryforward | Expiration Year, 2043 | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Tax credit carryforward, subject to expiration | 124 | |||
| Canada | Investment Tax Credit Carryforward | Expiration Year, 2042 | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Tax credit carryforward, subject to expiration | 9 | |||
| Mexico | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Operating loss carryforwards subject to expiration | 921 | |||
| Argentina | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Operating loss carryforwards subject to expiration | 74 | |||
| Other | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Operating loss carryforwards subject to expiration | 236 | |||
| United States | Foreign Tax Credits | Expiration Year, 2029 | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Tax credit carryforward, subject to expiration | 284 | $ 463 | ||
| Newcrest Mining Limited | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Valuation allowance | $ 300 | |||
INCOME AND MINING TAXES - Components of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Deferred income tax assets: | ||
| Property, plant and mine development | $ 746 | $ 887 |
| Inventory | 320 | 94 |
| Reclamation and remediation | 2,362 | 1,702 |
| Net operating losses, capital losses and tax credits | 2,655 | 1,978 |
| Investment in partnerships and subsidiaries | 0 | 0 |
| Employee-related benefits | 97 | 75 |
| Derivative instruments and unrealized loss on investments | 69 | 54 |
| Foreign Exchange and Financing Obligations | 86 | 67 |
| Silver Streaming Agreement | 332 | 246 |
| Other | 643 | 202 |
| Deferred tax assets gross | 7,310 | 5,305 |
| Valuation allowances | (4,652) | (3,994) |
| Deferred tax assets net | 2,658 | 1,311 |
| Deferred income tax liabilities: | ||
| Property, plant and mine development | (4,425) | (2,176) |
| Inventory | (160) | (62) |
| Investment in partnerships and subsidiaries | (579) | (615) |
| Other | (213) | (94) |
| Deferred tax liabilities | (5,377) | (2,947) |
| Net deferred income tax assets (liabilities) | $ (2,719) | $ (1,636) |
INCOME AND MINING TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Reconciliation Of Unrecognized Tax Benefits | |||
| Total amount of gross unrecognized tax benefits at beginning of year | $ 190 | $ 245 | $ 237 |
| Additions for tax positions of prior years | 13 | 36 | |
| Reductions for tax positions of prior years | (1) | ||
| Additions for tax positions of current year | 2 | 0 | 0 |
| Reductions due to settlements with taxing authorities | (18) | (53) | (26) |
| Reductions due to lapse of statute of limitations | (43) | (1) | (2) |
| Total amount of gross unrecognized tax benefits at end of year | $ 144 | $ 190 | $ 245 |
EMPLOYEE-RELATED BENEFITS - Current and Long-Term Employee-Related Benefits (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Current: | ||
| Accrued payroll and withholding taxes | $ 477 | $ 310 |
| Accrued severance | 13 | 4 |
| Other post-retirement benefit plans | 11 | 6 |
| Workers’ participation and other bonuses | 10 | 56 |
| Employee pension benefits | 6 | 3 |
| Other employee-related payables | 34 | 20 |
| Employee-related benefits, current | 551 | 399 |
| Non-current: | ||
| Accrued severance | 439 | 208 |
| Other post-retirement benefit plans | 66 | 60 |
| Employee pension benefits | 35 | 38 |
| Other employee-related payables | 115 | 36 |
| Employee-related benefits, non-current | $ 655 | $ 342 |
EMPLOYEE-RELATED BENEFITS - Benefit Obligations and Assets (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Change in benefit obligation: | |||
| Actuarial loss (gain) | $ 21 | $ (197) | |
| Change in fair value of assets: | |||
| Other non-current assets | 640 | 560 | |
| Employee-related benefits, current | (551) | (399) | |
| Employee-related benefits, non-current | (655) | (342) | |
| Pension Benefits | |||
| Change in benefit obligation: | |||
| Benefit obligation at beginning of year | 311 | 1,040 | |
| Service cost | 12 | 15 | $ 15 |
| Interest cost | 17 | 19 | 30 |
| Actuarial loss (gain) | 17 | (178) | |
| Foreign currency exchange (gain) loss | 3 | (3) | |
| Benefits paid | (7) | (25) | |
| Amendments | 2 | 0 | |
| Settlement payments | (30) | (557) | |
| Projected benefit obligation at end of year | 325 | 311 | 1,040 |
| Accumulated benefit obligation | 306 | 294 | |
| Change in fair value of assets: | |||
| Fair value of assets at beginning of year | 311 | 1,014 | |
| Actual return (loss) on plan assets | 32 | (125) | |
| Foreign currency exchange gain (loss) | 2 | (3) | |
| Employer contributions | 14 | 7 | |
| Benefits paid | (7) | (25) | |
| Settlement payments | (30) | (557) | |
| Fair value of assets at end of year | 322 | 311 | 1,014 |
| (Unfunded) funded status, net: | (3) | 0 | |
| Other non-current assets | 38 | 41 | |
| Employee-related benefits, current | (6) | (3) | |
| Employee-related benefits, non-current | (35) | (38) | |
| Pension Benefits | Unfunded Plan | |||
| Change in benefit obligation: | |||
| Benefit obligation at beginning of year | 42 | ||
| Projected benefit obligation at end of year | 42 | 42 | |
| Accumulated benefit obligation | 35 | 37 | |
| Change in fair value of assets: | |||
| Fair value of assets at beginning of year | 1 | ||
| Fair value of assets at end of year | 1 | 1 | |
| Other Benefits | |||
| Change in benefit obligation: | |||
| Benefit obligation at beginning of year | 66 | 84 | |
| Service cost | 1 | 1 | 1 |
| Interest cost | 4 | 3 | 3 |
| Actuarial loss (gain) | 4 | (19) | |
| Foreign currency exchange (gain) loss | 0 | 0 | |
| Benefits paid | (4) | (3) | |
| Amendments | 0 | 0 | |
| Settlement payments | 0 | 0 | |
| Projected benefit obligation at end of year | 71 | 66 | 84 |
| Accumulated benefit obligation | 71 | 66 | |
| Change in fair value of assets: | |||
| Fair value of assets at beginning of year | 0 | 0 | |
| Actual return (loss) on plan assets | 0 | 0 | |
| Foreign currency exchange gain (loss) | 0 | 0 | |
| Employer contributions | 4 | 3 | |
| Benefits paid | (4) | (3) | |
| Settlement payments | 0 | 0 | |
| Fair value of assets at end of year | 0 | 0 | $ 0 |
| (Unfunded) funded status, net: | (71) | (66) | |
| Other non-current assets | 0 | 0 | |
| Employee-related benefits, current | (6) | (6) | |
| Employee-related benefits, non-current | $ (65) | $ (60) | |
EMPLOYEE-RELATED BENEFITS - Additional Information (Details) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023
USD ($)
calculation
plan
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
| Pension and other post-retirement costs, net | ||||
| Actuarial gain (loss) | $ (21) | $ 197 | ||
| Pension settlements | $ (9) | (137) | $ (4) | |
| Pension obligations transferred | 527 | |||
| Non-cash settlement loss | $ 130 | |||
| Period for look-back of average actual return on plan assets (in years) | 35 years | |||
| Defined benefit plan, net periodic benefit cost, actual long term return on assets | 7.65% | |||
| Final average pay, number of years included in calculation (in years) | 5 years | |||
| United States | Qualified Plan | ||||
| Pension and other post-retirement costs, net | ||||
| Number of plans | plan | 1 | |||
| Percentage of employee contributions matched | 100.00% | |||
| Maximum employer match, as a percentage of eligible earnings | 6.00% | |||
| Additional employer match, as percentage of eligible earnings, non-union | 5.00% | |||
| United States | Non-qualified plan | ||||
| Pension and other post-retirement costs, net | ||||
| Number of plans | plan | 1 | |||
| Pension Benefits | ||||
| Pension and other post-retirement costs, net | ||||
| Discount rate (as a percent) | 5.33% | 5.63% | ||
| Actuarial gain (loss) | $ (17) | $ 178 | ||
| Pension settlements | $ (9) | $ (137) | $ (4) | |
| Expected return on plan assets | 6.38% | 6.75% | 6.75% | |
| Number of calculation methods for salaried U.S. employees | calculation | 2 | |||
| Pension Benefits | Forecast | ||||
| Pension and other post-retirement costs, net | ||||
| Expected return on plan assets | 7.25% | |||
| Other Benefits | ||||
| Pension and other post-retirement costs, net | ||||
| Actuarial gain (loss) | $ (4) | $ 19 | ||
| Pension settlements | $ 0 | $ 0 | $ 0 | |
| Defined benefit plan, health care cost trend rate assumed, next fiscal year | 6.25% | |||
| Defined benefit plan, ultimate health care cost trend rate | 5.00% | |||
EMPLOYEE-RELATED BENEFITS - Net Pension Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|---|
| Accumulated other comprehensive income (loss): | ||||
| Total equity | $ 29,205 | $ 19,533 | $ 21,813 | $ 23,845 |
| Pension Benefits | Net pension and other benefits included in AOCI | ||||
| Accumulated other comprehensive income (loss): | ||||
| Net actuarial gain (loss) | (76) | (76) | ||
| Prior service credit | 4 | 12 | ||
| Accumulated other comprehensive income (loss) before tax | (72) | (64) | ||
| Less: Income taxes | 16 | 13 | ||
| Total equity | (56) | (51) | ||
| Other Benefits | Net pension and other benefits included in AOCI | ||||
| Accumulated other comprehensive income (loss): | ||||
| Net actuarial gain (loss) | 24 | 29 | ||
| Prior service credit | 1 | 1 | ||
| Accumulated other comprehensive income (loss) before tax | 25 | 30 | ||
| Less: Income taxes | (5) | (6) | ||
| Total equity | $ 20 | $ 24 |
EMPLOYEE-RELATED BENEFITS - Net Periodic Pension Costs and Components Recognized in OCI (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Pension benefit cost (income), net | |||
| Settlement cost | $ 9 | $ 137 | $ 4 |
| Pension Benefits | |||
| Pension benefit cost (income), net | |||
| Service cost | 12 | 15 | 15 |
| Interest cost | 17 | 19 | 30 |
| Expected return on plan assets | (23) | (35) | (59) |
| Amortization, net | (7) | 2 | 29 |
| Net periodic benefit cost (income) | (1) | 1 | 15 |
| Settlement cost | 9 | 137 | 4 |
| Total benefit cost (income) | 8 | 138 | 19 |
| Components recognized in Other comprehensive income (loss) | |||
| Net loss (gain) | 8 | (20) | (48) |
| Amortization, net | 7 | (2) | (29) |
| Prior service cost | 2 | 0 | 0 |
| Settlements | (9) | (137) | (4) |
| Total recognized in other comprehensive income (loss) | 8 | (159) | (81) |
| Total benefit cost (credit) and other comprehensive income (loss) | 16 | (21) | (62) |
| Other Benefits | |||
| Pension benefit cost (income), net | |||
| Service cost | 1 | 1 | 1 |
| Interest cost | 4 | 3 | 3 |
| Expected return on plan assets | 0 | 0 | 0 |
| Amortization, net | (2) | (3) | (2) |
| Net periodic benefit cost (income) | 3 | 1 | 2 |
| Settlement cost | 0 | 0 | 0 |
| Total benefit cost (income) | 3 | 1 | 2 |
| Components recognized in Other comprehensive income (loss) | |||
| Net loss (gain) | 3 | (20) | (5) |
| Amortization, net | 2 | 3 | 2 |
| Prior service cost | 0 | 0 | 0 |
| Settlements | 0 | 0 | 0 |
| Total recognized in other comprehensive income (loss) | 5 | (17) | (3) |
| Total benefit cost (credit) and other comprehensive income (loss) | $ 8 | $ (16) | $ (1) |
EMPLOYEE-RELATED BENEFITS - Significant Assumptions (Details) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
Mar. 25, 2022 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Pension Benefits | |||||
| Pension and other post-retirement costs, net | |||||
| Discount rate | 3.03% | 4.09% | 5.63% | 4.09% | 2.77% |
| Expected return on plan assets | 6.38% | 6.75% | 6.75% | ||
| Other Benefits | |||||
| Pension and other post-retirement costs, net | |||||
| Discount rate | 6.10% | 3.03% | 2.70% | ||
EMPLOYEE-RELATED BENEFITS - Asset Allocation (Details) - Pension Benefits |
Dec. 31, 2023 |
|---|---|
| Fixed income investments | |
| Pension and other post-retirement costs, net | |
| Target asset allocation (as a percent) | 45.00% |
| Actual asset allocation (as a percent) | 45.00% |
| World equity fund (U.S. and International equity investments) | |
| Pension and other post-retirement costs, net | |
| Target asset allocation (as a percent) | 20.00% |
| Actual asset allocation (as a percent) | 19.00% |
| International equity investments | |
| Pension and other post-retirement costs, net | |
| Target asset allocation (as a percent) | 12.00% |
| Actual asset allocation (as a percent) | 12.00% |
| U.S. equity investments | |
| Pension and other post-retirement costs, net | |
| Target asset allocation (as a percent) | 11.00% |
| Actual asset allocation (as a percent) | 11.00% |
| Real estate | |
| Pension and other post-retirement costs, net | |
| Target asset allocation (as a percent) | 8.00% |
| Actual asset allocation (as a percent) | 9.00% |
| High yield fixed income investments | |
| Pension and other post-retirement costs, net | |
| Target asset allocation (as a percent) | 4.00% |
| Actual asset allocation (as a percent) | 4.00% |
| Cash equivalents | |
| Pension and other post-retirement costs, net | |
| Target asset allocation (as a percent) | 0.00% |
| Actual asset allocation (as a percent) | 0.00% |
EMPLOYEE-RELATED BENEFITS - Fair Value of Plan Assets (Details) - Pension Benefits - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Pension and other post-retirement costs, net | |||
| Fair value of assets | $ 322 | $ 311 | $ 1,014 |
| Fixed income investments | |||
| Pension and other post-retirement costs, net | |||
| Fair value of assets | 152 | 143 | |
| World equity fund (U.S. and International equity investments) | |||
| Pension and other post-retirement costs, net | |||
| Fair value of assets | 54 | 53 | |
| International equity investments | |||
| Pension and other post-retirement costs, net | |||
| Fair value of assets | 45 | 44 | |
| U.S. equity investments | |||
| Pension and other post-retirement costs, net | |||
| Fair value of assets | 34 | 31 | |
| Real estate | |||
| Pension and other post-retirement costs, net | |||
| Fair value of assets | 25 | 27 | |
| High yield fixed income investments | |||
| Pension and other post-retirement costs, net | |||
| Fair value of assets | 11 | 10 | |
| Cash equivalents | |||
| Pension and other post-retirement costs, net | |||
| Fair value of assets | $ 1 | $ 3 |
EMPLOYEE-RELATED BENEFITS - Expected Future Benefit Payments (Details) $ in Millions |
Dec. 31, 2023
USD ($)
|
|---|---|
| Pension Benefits | |
| Pension and other post-retirement costs, net | |
| 2024 | $ 23 |
| 2025 | 20 |
| 2026 | 22 |
| 2027 | 22 |
| 2028 | 24 |
| Thereafter | 129 |
| Other Benefits | |
| Pension and other post-retirement costs, net | |
| 2024 | 6 |
| 2025 | 6 |
| 2026 | 6 |
| 2027 | 6 |
| 2028 | 6 |
| Thereafter | $ 27 |
STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
Apr. 18, 2019 |
Feb. 28, 2018 |
Jan. 31, 2018 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Shares authorized for future stock incentive plan awards (in shares) | 21,472,946 | |||||
| Weighted-average fair market value | $ 50.39 | $ 77.00 | $ 65.41 | |||
| Excess tax benefits (deficiency) | $ (1) | $ 5 | $ 3 | |||
| Unrecognized compensation cost expected to be recognized on a weighted-average basis, period (in years) | 2 years | |||||
| Restricted stock units | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Stock award vesting period (in years) | 1 year | 3 years | ||||
| Total intrinsic value, vested shares (in dollars) | $ 36 | 62 | 72 | |||
| Unrecognized compensation cost related to unvested stock | $ 55 | |||||
| Performance leveraged stock units | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Stock award performance period (in years) | 3 years | |||||
| Weighted-average fair market value | $ 43.34 | |||||
| Total intrinsic value, vested shares (in dollars) | $ 35 | $ 47 | $ 21 | |||
| Unrecognized compensation cost related to unvested stock | $ 31 | |||||
| Newmont Employee Stock Options | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Number of instruments exchanged (in shares) | 1,200,000 | |||||
| Goldcorp Employee Stock Options | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Number of instruments exchanged (in shares) | 3,600,000 | |||||
| Options outstanding (in shares) | 0 | 47,047 | ||||
| Options outstanding, weighted average exercise price (in dollars per share) | $ 46.33 | |||||
| Stock options exercised (in shares) | 5,319 | |||||
| Stock options exercised, weighted average exercise price (in dollars per share) | $ 46.27 | |||||
| Stock options expired (in shares) | 41,728 | |||||
| Stock options expired, weighted average exercise price (in dollars per share) | $ 46.34 | |||||
STOCK-BASED COMPENSATION - Assumptions Using Monte Carlo Valuation Model (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Share-Based Payment Arrangement [Abstract] | |||
| Risk-free interest rate | 4.45% | 1.61% | 0.22% |
| Volatility range, minimum | 34.24% | 31.78% | 31.41% |
| Volatility range, maximum | 81.36% | 81.77% | 76.72% |
| Weighted-average volatility | 55.24% | 54.89% | 53.05% |
| Expected term (years) | 3 years | 3 years | 3 years |
| Weighted-average fair market value (in dollars per share) | $ 50.39 | $ 77.00 | $ 65.41 |
STOCK-BASED COMPENSATION - Activity (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
$ / shares
shares
| |
| Restricted stock units | |
| Number of Shares | |
| Non-vested at beginning of year (in shares) | shares | 1,699,736 |
| Granted (in shares) | shares | 1,544,290 |
| Vested (in shares) | shares | (867,814) |
| Forfeited (in shares) | shares | (273,645) |
| Non-vested at end of year (in shares) | shares | 2,102,567 |
| Weighted Average Grant-Date Fair Value | |
| Nonvested at beginning of year (in dollars per share) | $ / shares | $ 58.07 |
| Granted (in dollars per share) | $ / shares | 42.97 |
| Vested (in dollars per share) | $ / shares | 56.25 |
| Forfeited (in dollars per share) | $ / shares | 48.65 |
| Nonvested at end of year (in dollars per share) | $ / shares | $ 48.95 |
| Performance leveraged stock units | |
| Number of Shares | |
| Non-vested at beginning of year (in shares) | shares | 1,201,756 |
| Granted (in shares) | shares | 920,009 |
| Vested (in shares) | shares | (803,442) |
| Forfeited (in shares) | shares | (124,788) |
| Non-vested at end of year (in shares) | shares | 1,193,535 |
| Weighted Average Grant-Date Fair Value | |
| Nonvested at beginning of year (in dollars per share) | $ / shares | $ 67.05 |
| Granted (in dollars per share) | $ / shares | 52.40 |
| Vested (in dollars per share) | $ / shares | 59.96 |
| Forfeited (in dollars per share) | $ / shares | 66.30 |
| Nonvested at end of year (in dollars per share) | $ / shares | $ 60.60 |
STOCK-BASED COMPENSATION - Compensation Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Unrecognized compensation | |||
| Unrecognized compensation cost expected to be recognized on a weighted-average basis, period (in years) | 2 years | ||
| Stock-based compensation: | |||
| Stock-based compensation (Note 12) | $ 80 | $ 76 | $ 72 |
| Restricted stock units | |||
| Unrecognized compensation | |||
| Unrecognized compensation cost related to unvested stock | 55 | ||
| Stock-based compensation: | |||
| Stock-based compensation (Note 12) | 52 | 49 | 47 |
| Performance leveraged stock units | |||
| Unrecognized compensation | |||
| Unrecognized compensation cost related to unvested stock | 31 | ||
| Stock-based compensation: | |||
| Stock-based compensation (Note 12) | 24 | 24 | 25 |
| Other | |||
| Stock-based compensation: | |||
| Stock-based compensation (Note 12) | $ 4 | $ 3 | $ 0 |
FAIR VALUE ACCOUNTING - Recurring Basis (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Carrying value | ||
| Liabilities: | ||
| Debt | $ 8,874 | $ 5,571 |
| Continent consideration, liability | 8 | 3 |
| Level 3 | ||
| Assets: | ||
| Long-lived assets (Note 7) | 22 | 25 |
| Recurring | ||
| Assets: | ||
| Cash and cash equivalents | 3,002 | 2,877 |
| Restricted cash | 98 | 67 |
| Time deposits and other | 846 | |
| Long-lived assets (Note 7) | 22 | 25 |
| Derivative assets | 642 | 208 |
| Total assets | 4,771 | 4,682 |
| Liabilities: | ||
| Debt | 8,975 | 5,136 |
| Continent consideration, liability | 5 | 3 |
| Total liabilities | 8,980 | 5,139 |
| Recurring | Level 1 | ||
| Assets: | ||
| Cash and cash equivalents | 3,002 | 2,877 |
| Restricted cash | 98 | 67 |
| Time deposits and other | 0 | |
| Long-lived assets (Note 7) | 0 | 0 |
| Derivative assets | 0 | 0 |
| Total assets | 3,364 | 3,225 |
| Liabilities: | ||
| Debt | 0 | 0 |
| Continent consideration, liability | 0 | 0 |
| Total liabilities | 0 | 0 |
| Recurring | Level 2 | ||
| Assets: | ||
| Cash and cash equivalents | 0 | 0 |
| Restricted cash | 0 | 0 |
| Time deposits and other | 846 | |
| Long-lived assets (Note 7) | 0 | 0 |
| Derivative assets | 7 | 20 |
| Total assets | 750 | 1,244 |
| Liabilities: | ||
| Debt | 8,975 | 5,136 |
| Continent consideration, liability | 0 | 0 |
| Total liabilities | 8,975 | 5,136 |
| Recurring | Level 3 | ||
| Assets: | ||
| Cash and cash equivalents | 0 | 0 |
| Restricted cash | 0 | 0 |
| Time deposits and other | 0 | |
| Long-lived assets (Note 7) | 22 | 25 |
| Derivative assets | 635 | 188 |
| Total assets | 657 | 213 |
| Liabilities: | ||
| Debt | 0 | 0 |
| Continent consideration, liability | 5 | 3 |
| Total liabilities | 5 | 3 |
| Recurring | Trade receivables from provisional concentrate sales, net | ||
| Assets: | ||
| Trade receivables from provisional concentrate sales, net | 734 | 364 |
| Recurring | Trade receivables from provisional concentrate sales, net | Level 1 | ||
| Assets: | ||
| Trade receivables from provisional concentrate sales, net | 0 | 0 |
| Recurring | Trade receivables from provisional concentrate sales, net | Level 2 | ||
| Assets: | ||
| Trade receivables from provisional concentrate sales, net | 734 | 364 |
| Recurring | Trade receivables from provisional concentrate sales, net | Level 3 | ||
| Assets: | ||
| Trade receivables from provisional concentrate sales, net | 0 | 0 |
| Recurring | Equity Securities | ||
| Assets: | ||
| Marketable and other equity securities | 252 | 260 |
| Recurring | Equity Securities | Level 1 | ||
| Assets: | ||
| Marketable and other equity securities | 243 | 250 |
| Recurring | Equity Securities | Level 2 | ||
| Assets: | ||
| Marketable and other equity securities | 9 | 10 |
| Recurring | Equity Securities | Level 3 | ||
| Assets: | ||
| Marketable and other equity securities | 0 | 0 |
| Recurring | Marketable debt securities | ||
| Assets: | ||
| Restricted investments | 21 | 27 |
| Recurring | Marketable debt securities | Level 1 | ||
| Assets: | ||
| Restricted investments | 21 | 23 |
| Recurring | Marketable debt securities | Level 2 | ||
| Assets: | ||
| Restricted investments | 0 | 4 |
| Recurring | Marketable debt securities | Level 3 | ||
| Assets: | ||
| Restricted investments | $ 0 | 0 |
| Recurring | Other assets | ||
| Assets: | ||
| Restricted investments | 8 | |
| Recurring | Other assets | Level 1 | ||
| Assets: | ||
| Restricted investments | 8 | |
| Recurring | Other assets | Level 2 | ||
| Assets: | ||
| Restricted investments | 0 | |
| Recurring | Other assets | Level 3 | ||
| Assets: | ||
| Restricted investments | $ 0 |
FAIR VALUE ACCOUNTING - Additional Information (Details) - USD ($) |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Carrying value and Fair value | |||
| Goodwill | $ 3,001,000,000 | $ 1,971,000,000 | $ 2,771,000,000 |
| Peñasquito | |||
| Carrying value and Fair value | |||
| Goodwill | 0 | 1,164,000,000 | 1,164,000,000 |
| Musselwhite | |||
| Carrying value and Fair value | |||
| Goodwill | 0 | 293,000,000 | 293,000,000 |
| Éléonore | |||
| Carrying value and Fair value | |||
| Goodwill | $ 0 | $ 246,000,000 | $ 246,000,000 |
FAIR VALUE ACCOUNTING - Quantitative Information (Details) - Level 3 $ in Millions |
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|---|---|---|
| Quantitative and Qualitative Information - Unobservable Inputs | ||
| Long-lived assets (Note 7) | $ 22 | $ 25 |
| Derivative asset | 424 | 188 |
| Contingent consideration assets | 211 | |
| Derivative liabilities | $ 5 | $ 3 |
| Monte Carlo | Minimum | Discount rate | ||
| Quantitative and Qualitative Information - Unobservable Inputs | ||
| Derivative asset, measurement input | 0.0875 | |
| Contingent consideration asset, measurement input (as a percent) | 0.0804 | |
| Monte Carlo | Maximum | Discount rate | ||
| Quantitative and Qualitative Information - Unobservable Inputs | ||
| Derivative asset, measurement input | 0.2959 | |
| Contingent consideration asset, measurement input (as a percent) | 0.2643 | |
| Discounted cash flow | Minimum | Discount rate | ||
| Quantitative and Qualitative Information - Unobservable Inputs | ||
| Derivative asset, measurement input | 0.0628 | |
| Derivative liabilities, measurement input | 0.0491 | 0.0556 |
| Discounted cash flow | Maximum | Discount rate | ||
| Quantitative and Qualitative Information - Unobservable Inputs | ||
| Derivative asset, measurement input | 0.1050 | |
| Derivative liabilities, measurement input | 0.0615 | 0.0708 |
| Discounted cash flow | Weighted Average | Discount rate | ||
| Quantitative and Qualitative Information - Unobservable Inputs | ||
| Derivative asset, measurement input | 0.0903 | 0.1186 |
| Contingent consideration asset, measurement input (as a percent) | 0.1118 | |
| Derivative liabilities, measurement input | 0.0565 | 0.0607 |
FAIR VALUE ACCOUNTING - Changes in the Fair Value of Level 3 Financial Assets and Liabilities (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Summary of changes in Level 3 financial assets | ||
| Balance at beginning of period, assets | $ 188 | $ 171 |
| Additions and settlements | 424 | 1 |
| Revaluation | 23 | 16 |
| Balance at end of period, assets | 635 | 188 |
| Summary of changes in Level 3 financial liabilities | ||
| Balance at beginning of period, liabilities | 3 | 5 |
| Additions and settlements | 0 | 0 |
| Revaluation | 2 | (2) |
| Balance at end of period, liabilities | 5 | 3 |
| Other income, net | ||
| Summary of changes in Level 3 financial assets | ||
| Revaluation | $ 1 | $ (2) |
| Summary of changes in Level 3 financial liabilities | ||
| Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
| Net income (loss) from discontinued operations | ||
| Summary of changes in Level 3 financial assets | ||
| Revaluation | $ 22 | $ 18 |
| Summary of changes in Level 3 financial liabilities | ||
| Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net income (loss) from discontinued operations (Note 1) | Net income (loss) from discontinued operations (Note 1) |
| Derivative | ||
| Summary of changes in Level 3 financial liabilities | ||
| Balance at beginning of period, liabilities | $ 3 | $ 5 |
| Additions and settlements | 0 | 0 |
| Revaluation | 2 | (2) |
| Balance at end of period, liabilities | 5 | 3 |
| Derivative | ||
| Summary of changes in Level 3 financial assets | ||
| Balance at beginning of period, assets | 188 | 171 |
| Additions and settlements | 424 | 1 |
| Revaluation | 23 | 16 |
| Balance at end of period, assets | $ 635 | $ 188 |
DERIVATIVE INSTRUMENTS - Schedule of Derivatives (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Derivative contracts | ||
| Current derivative assets: | $ 198 | $ 12 |
| Noncurrent derivative assets: | 444 | 196 |
| Noncurrent derivative liabilities | 8 | 3 |
| Non-Contingent Consideration Derivative | Not Designated as Hedging Instrument | ||
| Derivative contracts | ||
| Current derivative assets: | 115 | 0 |
| Noncurrent derivative assets: | 309 | 0 |
| Non-Contingent Consideration Derivative | Designated Hedge | ||
| Derivative contracts | ||
| Current derivative assets: | 7 | 12 |
| Noncurrent derivative assets: | 0 | 8 |
| Contingent Consideration Derivative | Not Designated as Hedging Instrument | ||
| Derivative contracts | ||
| Current derivative assets: | 76 | 0 |
| Noncurrent derivative assets: | $ 135 | $ 188 |
DERIVATIVE INSTRUMENTS - Additional Information (Details) oz in Millions, $ / oz in Millions, $ in Millions, $ in Millions, $ in Millions |
1 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
|
Nov. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
oz
$ / oz
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
May 31, 2023
CAD ($)
|
May 31, 2023
AUD ($)
|
Oct. 31, 2022
AUD ($)
|
|
| Derivative contracts | |||||||
| Gain (loss) on derivatives | $ (24) | $ (6) | $ (9) | ||||
| Derivative notional amount | $ 348 | $ 648 | $ 574 | ||||
| Lundin Gold, Inc. | |||||||
| Derivative contracts | |||||||
| Ownership interest (as a percent) | 32.00% | ||||||
| Gold And Fuel Hedge Programs | |||||||
| Derivative contracts | |||||||
| Gain (loss) on derivatives | $ 7 | ||||||
| Stream Credit Facility Agreement | |||||||
| Derivative contracts | |||||||
| Derivative notional amount | $ 150 | ||||||
| Derivative, fixed interest rate | 7.50% | ||||||
| Stream Credit Facility Agreement | June 30, 2024 | |||||||
| Derivative contracts | |||||||
| Derivative instrument, prepay, percentage | 50.00% | ||||||
| Derivative instrument, prepayment, amount | 15000000000.00% | ||||||
| Stream Credit Facility Agreement | June 30, 2026 | |||||||
| Derivative contracts | |||||||
| Derivative instrument, prepay, percentage | 50.00% | ||||||
| Derivative instrument, prepayment, amount | 22500000000.00% | ||||||
| Stream Credit Facility Agreement | Gold | |||||||
| Derivative contracts | |||||||
| Derivative instrument, monthly payment, percentage of mineral processed in prior month | 7.75% | ||||||
| Derivative instrument, monthly payment, multiplier, mineral price threshold (in dollars per ounce) | $ / oz | 400 | ||||||
| Derivative instrument, monthly payment, ounces of mineral, threshold | oz | 350,000 | ||||||
| Stream Credit Facility Agreement | Silver | |||||||
| Derivative contracts | |||||||
| Derivative instrument, monthly payment, percentage of mineral processed in prior month | 100.00% | ||||||
| Derivative instrument, monthly payment, multiplier, mineral price threshold (in dollars per ounce) | $ / oz | 4 | ||||||
| Derivative instrument, monthly payment, ounces of mineral, threshold | oz | 6 | ||||||
| Stream Credit Facility Agreement | Not Designated as Hedging Instrument | |||||||
| Derivative contracts | |||||||
| Derivative asset | $ 276 | ||||||
| Stream Credit Facility Agreement | Not Designated as Hedging Instrument | Other Current Assets | |||||||
| Derivative contracts | |||||||
| Derivative asset | 113 | ||||||
| Stream Credit Facility Agreement | Not Designated as Hedging Instrument | Other Noncurrent Assets | |||||||
| Derivative contracts | |||||||
| Derivative asset | 163 | ||||||
| Cadia Power Purchase Agreement | Not Designated as Hedging Instrument | |||||||
| Derivative contracts | |||||||
| Derivative asset | 148 | ||||||
| Cadia Power Purchase Agreement | Not Designated as Hedging Instrument | Other Current Assets | |||||||
| Derivative contracts | |||||||
| Derivative asset | 2 | ||||||
| Cadia Power Purchase Agreement | Not Designated as Hedging Instrument | Other Noncurrent Assets | |||||||
| Derivative contracts | |||||||
| Derivative asset | $ 146 | ||||||
DERIVATIVE INSTRUMENTS - Contingent Consideration (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Derivative contracts | ||
| Contingent consideration, assets | $ 211 | $ 188 |
| Continent consideration, liability | 8 | 3 |
| Batu Hijau and Elang | ||
| Derivative contracts | ||
| Contingent consideration, assets | 161 | 139 |
| Batu Hijau and Elang | Other Current Assets | ||
| Derivative contracts | ||
| Contingent consideration, assets | 76 | |
| Batu Hijau and Elang | Other Noncurrent Assets | ||
| Derivative contracts | ||
| Contingent consideration, assets | 85 | |
| Red Lake | ||
| Derivative contracts | ||
| Contingent consideration, assets | 39 | 39 |
| Cerro Blanco | ||
| Derivative contracts | ||
| Contingent consideration, assets | 6 | 5 |
| Maerix | ||
| Derivative contracts | ||
| Contingent consideration, assets | 4 | 4 |
| Other Counterparty | ||
| Derivative contracts | ||
| Contingent consideration, assets | 1 | 1 |
| Norte Abierto | ||
| Derivative contracts | ||
| Continent consideration, liability | 3 | 1 |
| Red Chris | ||
| Derivative contracts | ||
| Continent consideration, liability | 3 | 0 |
| Galore Creek | ||
| Derivative contracts | ||
| Continent consideration, liability | $ 2 | $ 2 |
DERIVATIVE INSTRUMENTS - Fair Values of Instruments Designated as Hedges (Details) - Operating cash flow hedges - Designated Hedge - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Derivative contracts | ||
| Derivative assets | $ 7 | $ 20 |
| Other Current Assets | ||
| Derivative contracts | ||
| Derivative assets | 7 | 12 |
| Other Noncurrent Assets | ||
| Derivative contracts | ||
| Derivative assets | $ 0 | $ 8 |
DERIVATIVE INSTRUMENTS - Gain (Loss) on Derivatives (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Derivative contracts | |||
| Loss (gain) on derivatives | $ 24 | $ 6 | $ 9 |
| Foreign currency cash flow hedges | |||
| Derivative contracts | |||
| Loss (gain) on derivatives | $ 19 | 0 | 0 |
| Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Costs applicable to sales | ||
| Interest Rate Contract | |||
| Derivative contracts | |||
| Loss (gain) on derivatives | $ 5 | 6 | 8 |
| Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | ||
| Other comprehensive income (loss), gain (loss) reclassified, before tax | 1 | ||
| Operating Cash Flow Hedges | |||
| Derivative contracts | |||
| Loss (gain) on derivatives | $ 0 | $ 0 | $ 1 |
| Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Costs applicable to sales | ||
INVESTMENTS (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Investments | ||
| Short-term investments | $ 23 | $ 880 |
| Total equity method investments | 4,143 | 3,278 |
| Non-current restricted investments | $ 21 | 35 |
| Time deposit maturities, next rolling 12 months | 829 | |
| Interest receivable | 9 | |
| Pueblo Viejo Mine | ||
| Investments | ||
| Ownership interest (as a percent) | 40.00% | |
| Interest receivable | $ 14 | $ 8 |
| Nueva Union Project | ||
| Investments | ||
| Ownership interest (as a percent) | 50.00% | |
| Lundin Gold, Inc. | ||
| Investments | ||
| Ownership interest (as a percent) | 32.00% | |
| Maverix Metals Inc. | ||
| Investments | ||
| Ownership interest (as a percent) | 0.00% | 28.50% |
| Marketable debt securities | ||
| Investments | ||
| Non-current restricted investments | $ 21 | $ 27 |
| Other assets | ||
| Investments | ||
| Non-current restricted investments | 0 | 8 |
| Investments - current | ||
| Investments | ||
| Time deposits and other investments | 0 | 846 |
| Marketable equity securities, current | 23 | 34 |
| Short-term investments | 23 | 880 |
| Investments - noncurrent | ||
| Investments | ||
| Marketable and other equity securities, noncurrent | 229 | 226 |
| Equity method investments | 3,914 | 3,052 |
| Total equity method investments | 4,143 | 3,278 |
| Investments - noncurrent | Pueblo Viejo Mine | ||
| Investments | ||
| Equity method investments | 1,489 | 1,435 |
| Investments - noncurrent | Nueva Union Project | ||
| Investments | ||
| Equity method investments | 959 | 956 |
| Investments - noncurrent | Lundin Gold, Inc. | ||
| Investments | ||
| Equity method investments | 938 | 0 |
| Investments - noncurrent | Norte Abierto Project | ||
| Investments | ||
| Equity method investments | 528 | 518 |
| Investments - noncurrent | Maverix Metals Inc. | ||
| Investments | ||
| Equity method investments | 0 | 143 |
| Investments - noncurrent | Other | ||
| Investments | ||
| Equity method investments | $ 0 | $ 0 |
INVESTMENTS - Additional Information (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 |
Nov. 30, 2020 |
Apr. 30, 2012 |
Jun. 30, 2009 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Nov. 06, 2023 |
Jan. 31, 2023 |
Sep. 30, 2019 |
|
| Investments acquired | |||||||||||
| Equity income (loss) of affiliates | $ 63 | $ 107 | $ 166 | ||||||||
| Interest receivable | 9 | ||||||||||
| Percentage of gold purchased from investment | 50.00% | ||||||||||
| Pueblo Viejo Mine | Related Party | |||||||||||
| Investments acquired | |||||||||||
| Other liabilities | $ 0 | 0 | 0 | ||||||||
| Other receivables | 0 | 0 | 0 | ||||||||
| Lundin Gold, Inc. | Related Party | |||||||||||
| Investments acquired | |||||||||||
| Other liabilities | 13 | 13 | |||||||||
| Pueblo Viejo Revolving Facility | |||||||||||
| Investments acquired | |||||||||||
| Line of credit facility maximum borrowing capacity | $ 70 | ||||||||||
| Credit facility, amount outstanding | $ 0 | $ 0 | 0 | ||||||||
| Pueblo Viejo Revolving Facility | Secured Overnight Financing Rate (SOFR) | |||||||||||
| Investments acquired | |||||||||||
| Margin added to base rate (as a percent) | 2.24% | 2.24% | |||||||||
| Pueblo Viejo Mine | |||||||||||
| Investments acquired | |||||||||||
| Equity income (loss) of affiliates | $ 63 | 102 | $ 166 | ||||||||
| Amount by which investment carrying value is lower than underlying net assets | $ 224 | $ 224 | |||||||||
| Funds advanced to equity method investee | $ 300 | $ 400 | |||||||||
| Loan term (in years) | 12 years | 15 years | |||||||||
| Base rate, as percentage of LIBOR (as a percent) | 95.00% | 95.00% | |||||||||
| Margin added to base rate (as a percent) | 4.25% | 2.95% | 2.95% | ||||||||
| Agreed funding to equity method investment, including other owner's amount | $ 1,300 | ||||||||||
| Agreed funding to equity method investment | $ 520 | ||||||||||
| Ownership interest (as a percent) | 40.00% | 40.00% | |||||||||
| Base rate, as a percentage of SOFR (as a percent) | 95.00% | ||||||||||
| Share of loans included in investment | $ 429 | $ 429 | 356 | ||||||||
| Interest receivable | 14 | 14 | 8 | ||||||||
| Purchases | 448 | $ 530 | |||||||||
| Pueblo Viejo Mine | Investment Tranche One | |||||||||||
| Investments acquired | |||||||||||
| Agreed funding to equity method investment, including other owner's amount | $ 800 | ||||||||||
| Pueblo Viejo Mine | Investment Tranche Two | |||||||||||
| Investments acquired | |||||||||||
| Agreed funding to equity method investment, including other owner's amount | $ 500 | ||||||||||
| Nueva Union Project | |||||||||||
| Investments acquired | |||||||||||
| Amount by which investment carrying value is lower than underlying net assets | $ 67 | $ 67 | |||||||||
| Ownership interest (as a percent) | 50.00% | 50.00% | |||||||||
| Nueva Union Project | Teck Resources | |||||||||||
| Investments acquired | |||||||||||
| Ownership interest (as a percent) | 50.00% | 50.00% | |||||||||
| Norte Abierto Project | |||||||||||
| Investments acquired | |||||||||||
| Amount by which investment carrying value is lower than underlying net assets | $ 209 | $ 209 | |||||||||
| Cash settlement | 60 | ||||||||||
| Study costs funded by company, threshold amount | 60 | ||||||||||
| Prefeasibility study costs | $ 30 | $ 30 | |||||||||
| Norte Abierto Project | Barrick Gold Corporation | |||||||||||
| Investments acquired | |||||||||||
| Ownership interest (as a percent) | 50.00% | 50.00% | |||||||||
| Norte Abierto Project | Other current liabilities | |||||||||||
| Investments acquired | |||||||||||
| Prefeasibility study costs | $ 20 | $ 20 | |||||||||
| Norte Abierto Project | Other non-current liabilities | |||||||||||
| Investments acquired | |||||||||||
| Prefeasibility study costs | $ 10 | 10 | |||||||||
| Norte Abierto Project | Barrick Gold Corporation | Other current liabilities | |||||||||||
| Investments acquired | |||||||||||
| Deferred payments to joint venture partner | 23 | ||||||||||
| Norte Abierto Project | Barrick Gold Corporation | Other non-current liabilities | |||||||||||
| Investments acquired | |||||||||||
| Deferred payments to joint venture partner | $ 73 | ||||||||||
| Maverix Metals Inc. | |||||||||||
| Investments acquired | |||||||||||
| Ownership interest (as a percent) | 0.00% | 0.00% | 28.50% | ||||||||
| Gain (loss) on disposition of stock in subsidiary or equity method investee | $ 36 | ||||||||||
| Triple Flag | |||||||||||
| Investments acquired | |||||||||||
| Ownership interest (as a percent) | 7.50% | ||||||||||
| Lundin Gold, Inc. | |||||||||||
| Investments acquired | |||||||||||
| Amount by which investment carrying value is lower than underlying net assets | $ 640 | $ 640 | |||||||||
| Ownership interest (as a percent) | 32.00% | 32.00% | |||||||||
| Purchases | $ 30 | ||||||||||
INVENTORIES - Summary of Inventories (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Inventory, net | ||
| Materials and supplies | $ 1,247 | $ 750 |
| In-process | 160 | 123 |
| Concentrate | 134 | 47 |
| Precious metals | 122 | 59 |
| Total inventories | $ 1,663 | $ 979 |
INVENTORIES - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| INVENTORIES | |||
| Inventory write-down | $ 37 | $ 15 | |
| Increase in inventories | 187 | $ 161 | $ 136 |
| Supplies | |||
| INVENTORIES | |||
| Increase in inventories | 497 | ||
| Supplies | Newcrest Mining Limited | |||
| INVENTORIES | |||
| Increase in inventories | 432 | ||
| Peñasquito | |||
| INVENTORIES | |||
| Inventory write-down | 35 | ||
| Éléonore | |||
| INVENTORIES | |||
| Inventory write-down | 5 | ||
| Porcupine | |||
| INVENTORIES | |||
| Inventory write-down | 4 | ||
| Cerro Negro | |||
| INVENTORIES | |||
| Inventory write-down | 3 | ||
| Brucejack | |||
| INVENTORIES | |||
| Inventory write-down | 3 | ||
| Telfer | |||
| INVENTORIES | |||
| Inventory write-down | $ 2 | ||
STOCKPILES AND ORE ON LEACH PADS - Summary (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Stockpiles And Ore On Leach Pads | ||
| Current stockpiles and ore on leach pads | $ 979 | $ 774 |
| Non-current stockpiles and ore on leach pads | 1,935 | 1,716 |
| Stockpiles and ore on leach pads | 2,914 | 2,490 |
| Stockpiles | ||
| Stockpiles And Ore On Leach Pads | ||
| Current stockpiles and ore on leach pads | 746 | 480 |
| Non-current stockpiles and ore on leach pads | 1,532 | 1,391 |
| Stockpiles and ore on leach pads | 2,278 | 1,871 |
| Ore on Leach Pads | ||
| Stockpiles And Ore On Leach Pads | ||
| Current stockpiles and ore on leach pads | 233 | 294 |
| Non-current stockpiles and ore on leach pads | 403 | 325 |
| Stockpiles and ore on leach pads | $ 636 | $ 619 |
STOCKPILES AND ORE ON LEACH PADS - Additional Information - Write-downs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Stockpiles And Ore On Leach Pads | |||
| Write-downs of inventory and stockpiles and ore on leach pads | $ 37 | $ 15 | |
| Peñasquito | |||
| Stockpiles And Ore On Leach Pads | |||
| Write-downs of inventory and stockpiles and ore on leach pads | 35 | ||
| Éléonore | |||
| Stockpiles And Ore On Leach Pads | |||
| Write-downs of inventory and stockpiles and ore on leach pads | 5 | ||
| Telfer | |||
| Stockpiles And Ore On Leach Pads | |||
| Write-downs of inventory and stockpiles and ore on leach pads | 2 | ||
| Stockpiles and ore on leach pads | NGM | |||
| Stockpiles And Ore On Leach Pads | |||
| Write-downs of inventory and stockpiles and ore on leach pads | 52 | 71 | $ 18 |
| Stockpiles and ore on leach pads | Peñasquito | |||
| Stockpiles And Ore On Leach Pads | |||
| Write-downs of inventory and stockpiles and ore on leach pads | 11 | ||
| Stockpiles and ore on leach pads | Yanacocha | |||
| Stockpiles And Ore On Leach Pads | |||
| Write-downs of inventory and stockpiles and ore on leach pads | 6 | 49 | 25 |
| Stockpiles and ore on leach pads | CC&V | |||
| Stockpiles And Ore On Leach Pads | |||
| Write-downs of inventory and stockpiles and ore on leach pads | 45 | 21 | |
| Stockpiles and ore on leach pads | Akyem | |||
| Stockpiles And Ore On Leach Pads | |||
| Write-downs of inventory and stockpiles and ore on leach pads | 2 | 28 | |
| Stockpiles and ore on leach pads | Éléonore | |||
| Stockpiles And Ore On Leach Pads | |||
| Write-downs of inventory and stockpiles and ore on leach pads | 2 | ||
| Stockpiles and ore on leach pads | Ahafo | |||
| Stockpiles And Ore On Leach Pads | |||
| Write-downs of inventory and stockpiles and ore on leach pads | 12 | ||
| Stockpiles and ore on leach pads | Telfer | |||
| Stockpiles And Ore On Leach Pads | |||
| Write-downs of inventory and stockpiles and ore on leach pads | 2 | ||
| Stockpiles and ore on leach pads | Merian Mine | |||
| Stockpiles And Ore On Leach Pads | |||
| Write-downs of inventory and stockpiles and ore on leach pads | 4 | ||
| Stockpiles and ore on leach pads | Costs applicable to sales | |||
| Stockpiles And Ore On Leach Pads | |||
| Write-downs of inventory and stockpiles and ore on leach pads | 60 | 156 | 45 |
| Stockpiles and ore on leach pads | Depreciation and amortization | |||
| Stockpiles And Ore On Leach Pads | |||
| Write-downs of inventory and stockpiles and ore on leach pads | $ 15 | $ 53 | $ 19 |
PROPERTY, PLANT AND MINE DEVELOPMENT (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Property, Plant and Equipment | ||
| Cost, including finance lease right of use assets | $ 57,623 | $ 42,225 |
| Accumulated depreciation, including finance lease right of use assets | (20,060) | (18,152) |
| Net Book Value, including finance lease right of use assets | 37,563 | 24,073 |
| Finance lease right of use assets | $ 531 | 558 |
| Minimum | ||
| Property, Plant and Equipment | ||
| Depreciable Life (in years) | 1 year | |
| Maximum | ||
| Property, Plant and Equipment | ||
| Depreciable Life (in years) | 30 years | |
| Land | ||
| Property, Plant and Equipment | ||
| Cost | $ 347 | 281 |
| Net Book Value | 347 | 281 |
| Facilities and equipment | ||
| Property, Plant and Equipment | ||
| Cost, including finance lease right of use assets | 25,804 | 19,044 |
| Accumulated depreciation, including finance lease right of use assets | (12,925) | (11,392) |
| Net Book Value, including finance lease right of use assets | $ 12,879 | 7,652 |
| Facilities and equipment | Minimum | ||
| Property, Plant and Equipment | ||
| Depreciable Life (in years) | 1 year | |
| Facilities and equipment | Maximum | ||
| Property, Plant and Equipment | ||
| Depreciable Life (in years) | 30 years | |
| Mine development | ||
| Property, Plant and Equipment | ||
| Cost | $ 7,223 | 6,413 |
| Accumulated depreciation | (3,775) | (3,787) |
| Net Book Value | $ 3,448 | 2,626 |
| Mine development | Minimum | ||
| Property, Plant and Equipment | ||
| Depreciable Life (in years) | 1 year | |
| Mine development | Maximum | ||
| Property, Plant and Equipment | ||
| Depreciable Life (in years) | 30 years | |
| Mineral interests | ||
| Property, Plant and Equipment | ||
| Cost | $ 19,450 | 13,276 |
| Accumulated depreciation | (3,360) | (2,973) |
| Net Book Value | 16,090 | 10,303 |
| Mineral interests, Cost | 19,450 | 13,276 |
| Mineral interests Accumulated Depreciation | (3,360) | (2,973) |
| Mineral interests Net Book Value | $ 16,090 | 10,303 |
| Mineral interests | Minimum | ||
| Property, Plant and Equipment | ||
| Depreciable Life (in years) | 1 year | |
| Mineral interests | Maximum | ||
| Property, Plant and Equipment | ||
| Depreciable Life (in years) | 30 years | |
| Construction-in-progress | ||
| Property, Plant and Equipment | ||
| Cost | $ 4,799 | 3,211 |
| Net Book Value | 4,799 | 3,211 |
| Production stage | ||
| Property, Plant and Equipment | ||
| Mineral interests, Cost | 13,155 | 9,299 |
| Mineral interests Accumulated Depreciation | (3,360) | (2,973) |
| Mineral interests Net Book Value | 9,795 | 6,326 |
| Development stage | ||
| Property, Plant and Equipment | ||
| Mineral interests, Cost | 1,277 | 520 |
| Mineral interests Net Book Value | 1,277 | 520 |
| Exploration stage | ||
| Property, Plant and Equipment | ||
| Mineral interests, Cost | 5,018 | 3,457 |
| Mineral interests Net Book Value | $ 5,018 | $ 3,457 |
PROPERTY, PLANT AND MINE DEVELOPMENT - Construction-in-progress (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Property, Plant And Mine Development | ||
| Construction-in-progress | $ 4,799 | $ 3,211 |
| Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Conga Mill | ||
| Property, Plant And Mine Development | ||
| Assets carrying value included in property, plant and mine development, net | 593 | |
| Corporate and Other | ||
| Property, Plant And Mine Development | ||
| Construction-in-progress | 761 | 772 |
| CC&V | Operating Segments | ||
| Property, Plant And Mine Development | ||
| Construction-in-progress | 6 | 32 |
| Musselwhite | Operating Segments | ||
| Property, Plant And Mine Development | ||
| Construction-in-progress | 24 | 9 |
| Porcupine | Operating Segments | ||
| Property, Plant And Mine Development | ||
| Construction-in-progress | 93 | 140 |
| Éléonore | Operating Segments | ||
| Property, Plant And Mine Development | ||
| Construction-in-progress | 29 | 12 |
| Red Chris | Operating Segments | ||
| Property, Plant And Mine Development | ||
| Construction-in-progress | 59 | 0 |
| Brucejack | Operating Segments | ||
| Property, Plant And Mine Development | ||
| Construction-in-progress | 110 | 0 |
| Peñasquito | Operating Segments | ||
| Property, Plant And Mine Development | ||
| Construction-in-progress | 196 | 183 |
| Merian | Operating Segments | ||
| Property, Plant And Mine Development | ||
| Construction-in-progress | 31 | 26 |
| Cerro Negro | Operating Segments | ||
| Property, Plant And Mine Development | ||
| Construction-in-progress | 40 | 20 |
| Yanacocha | Operating Segments | ||
| Property, Plant And Mine Development | ||
| Construction-in-progress | 920 | 638 |
| Boddington | Operating Segments | ||
| Property, Plant And Mine Development | ||
| Construction-in-progress | 69 | 51 |
| Tanami | Operating Segments | ||
| Property, Plant And Mine Development | ||
| Construction-in-progress | 948 | 666 |
| Cadia | Operating Segments | ||
| Property, Plant And Mine Development | ||
| Construction-in-progress | 400 | 0 |
| Telfer | Operating Segments | ||
| Property, Plant And Mine Development | ||
| Construction-in-progress | 8 | 0 |
| Lihir | Operating Segments | ||
| Property, Plant And Mine Development | ||
| Construction-in-progress | 181 | 0 |
| Ahafo | Operating Segments | ||
| Property, Plant And Mine Development | ||
| Construction-in-progress | 650 | 487 |
| Akyem | Operating Segments | ||
| Property, Plant And Mine Development | ||
| Construction-in-progress | 45 | 26 |
| NGM | Operating Segments | ||
| Property, Plant And Mine Development | ||
| Construction-in-progress | $ 229 | $ 149 |
GOODWILL (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Goodwill [Roll Forward] | ||
| Goodwill, beginning balance | $ 1,971,000,000 | $ 2,771,000,000 |
| Impairment | (1,760,000,000) | (800,000,000) |
| Acquisitions | 2,744,000,000 | |
| Goodwill, ending balance | 3,001,000,000 | 1,971,000,000 |
| Accumulated impairment of goodwill | 2,560,000,000 | |
| Adjustments | ||
| Goodwill [Roll Forward] | ||
| Goodwill, ending balance | 46,000,000 | |
| Musselwhite | ||
| Goodwill [Roll Forward] | ||
| Goodwill, beginning balance | 293,000,000 | 293,000,000 |
| Impairment | (293,000,000) | 0 |
| Acquisitions | 0 | |
| Goodwill, ending balance | 0 | 293,000,000 |
| Porcupine | ||
| Goodwill [Roll Forward] | ||
| Goodwill, beginning balance | 0 | 341,000,000 |
| Impairment | 0 | (341,000,000) |
| Acquisitions | 0 | |
| Goodwill, ending balance | 0 | 0 |
| Éléonore | ||
| Goodwill [Roll Forward] | ||
| Goodwill, beginning balance | 246,000,000 | 246,000,000 |
| Impairment | (246,000,000) | 0 |
| Acquisitions | 0 | |
| Goodwill, ending balance | 0 | 246,000,000 |
| Red Chris | ||
| Goodwill [Roll Forward] | ||
| Goodwill, beginning balance | 0 | 0 |
| Impairment | 0 | 0 |
| Acquisitions | 397,000,000 | |
| Goodwill, ending balance | 397,000,000 | 0 |
| Brucejack | ||
| Goodwill [Roll Forward] | ||
| Goodwill, beginning balance | 0 | 0 |
| Impairment | 0 | 0 |
| Acquisitions | 1,087,000,000 | |
| Goodwill, ending balance | 1,087,000,000 | 0 |
| Peñasquito | ||
| Goodwill [Roll Forward] | ||
| Goodwill, beginning balance | 1,164,000,000 | 1,164,000,000 |
| Impairment | (1,210,000,000) | 0 |
| Acquisitions | 0 | |
| Goodwill, ending balance | 0 | 1,164,000,000 |
| Cerro Negro | ||
| Goodwill [Roll Forward] | ||
| Goodwill, beginning balance | 0 | 459,000,000 |
| Impairment | 0 | (459,000,000) |
| Acquisitions | 0 | |
| Goodwill, ending balance | 0 | 0 |
| Cadia | ||
| Goodwill [Roll Forward] | ||
| Goodwill, beginning balance | 0 | 0 |
| Impairment | 0 | 0 |
| Acquisitions | 565,000,000 | |
| Goodwill, ending balance | 565,000,000 | 0 |
| Lihir | ||
| Goodwill [Roll Forward] | ||
| Goodwill, beginning balance | 0 | 0 |
| Impairment | 0 | 0 |
| Acquisitions | 695,000,000 | |
| Goodwill, ending balance | 695,000,000 | 0 |
| NGM | ||
| Goodwill [Roll Forward] | ||
| Goodwill, beginning balance | 268,000,000 | 268,000,000 |
| Impairment | (11,000,000) | 0 |
| Acquisitions | 0 | |
| Goodwill, ending balance | $ 257,000,000 | $ 268,000,000 |
DEBT - Long-term Debt (Details) - USD ($) |
Dec. 31, 2023 |
Dec. 26, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2020 |
Jan. 01, 2020 |
Sep. 30, 2019 |
Mar. 31, 2012 |
Sep. 30, 2009 |
Mar. 31, 2005 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt | ||||||||||
| Current | $ 1,923,000,000 | $ 0 | ||||||||
| Non-Current | 6,951,000,000 | 5,571,000,000 | ||||||||
| Fair Value | 8,975,000,000 | 5,136,000,000 | ||||||||
| Debt issuance costs | (4,000,000) | (5,000,000) | ||||||||
| Bilateral Bank Debt Facilities | ||||||||||
| Debt | ||||||||||
| Line of credit facility maximum borrowing capacity | 2,000,000,000 | |||||||||
| Current | 1,923,000,000 | 0 | ||||||||
| Non-Current | 0 | 0 | ||||||||
| Fair Value | 1,927,000,000 | 0 | ||||||||
| October 2029 Senior Notes | ||||||||||
| Debt | ||||||||||
| Debt instrument principal amount | $ 700,000,000 | |||||||||
| Debt instrument, interest rate (as a percent) | 2.80% | |||||||||
| Current | 0 | 0 | ||||||||
| Non-Current | 693,000,000 | 692,000,000 | ||||||||
| Fair Value | 645,000,000 | 603,000,000 | ||||||||
| May 2030 Senior Notes | ||||||||||
| Debt | ||||||||||
| Debt instrument principal amount | $ 650,000,000 | |||||||||
| Debt instrument, interest rate (as a percent) | 3.25% | |||||||||
| Current | 0 | 0 | ||||||||
| Non-Current | 557,000,000 | 0 | ||||||||
| Fair Value | 597,000,000 | 0 | ||||||||
| October 2030 Senior Notes | ||||||||||
| Debt | ||||||||||
| Debt instrument principal amount | $ 1,000,000,000 | |||||||||
| Debt instrument, interest rate (as a percent) | 2.25% | |||||||||
| Current | 0 | 0 | ||||||||
| Non-Current | 989,000,000 | 987,000,000 | ||||||||
| Fair Value | 872,000,000 | 810,000,000 | ||||||||
| July 2032 Senior Notes | ||||||||||
| Debt | ||||||||||
| Debt instrument principal amount | $ 1,000,000,000 | |||||||||
| Debt instrument, interest rate (as a percent) | 2.60% | |||||||||
| Current | 0 | 0 | ||||||||
| Non-Current | 992,000,000 | 991,000,000 | ||||||||
| Fair Value | 868,000,000 | 811,000,000 | ||||||||
| April 2035 Senior Notes | ||||||||||
| Debt | ||||||||||
| Debt instrument principal amount | $ 600,000,000 | |||||||||
| Debt instrument, interest rate (as a percent) | 5.875% | |||||||||
| Current | 0 | 0 | ||||||||
| Non-Current | 580,000,000 | 579,000,000 | ||||||||
| Fair Value | 654,000,000 | 619,000,000 | ||||||||
| October 2039 Senior Notes | ||||||||||
| Debt | ||||||||||
| Debt instrument principal amount | $ 1,100,000,000 | |||||||||
| Debt instrument, interest rate (as a percent) | 6.25% | |||||||||
| Current | 0 | 0 | ||||||||
| Non-Current | 861,000,000 | 860,000,000 | ||||||||
| Fair Value | 986,000,000 | 933,000,000 | ||||||||
| November 2041 Senior Notes | ||||||||||
| Debt | ||||||||||
| Debt instrument principal amount | $ 500,000,000 | |||||||||
| Debt instrument, interest rate (as a percent) | 5.75% | |||||||||
| Current | 0 | 0 | ||||||||
| Non-Current | 456,000,000 | 0 | ||||||||
| Fair Value | 535,000,000 | 0 | ||||||||
| March 2042 Senior Notes | ||||||||||
| Debt | ||||||||||
| Debt instrument principal amount | $ 1,000,000,000 | |||||||||
| Debt instrument, interest rate (as a percent) | 4.875% | |||||||||
| Current | 0 | 0 | ||||||||
| Non-Current | 986,000,000 | 986,000,000 | ||||||||
| Fair Value | 991,000,000 | 930,000,000 | ||||||||
| June 2044 Senior Notes | ||||||||||
| Debt | ||||||||||
| Debt instrument principal amount | $ 450,000,000 | |||||||||
| Debt instrument, interest rate (as a percent) | 5.45% | |||||||||
| Current | 0 | 0 | ||||||||
| Non-Current | 480,000,000 | 481,000,000 | ||||||||
| Fair Value | 462,000,000 | 430,000,000 | ||||||||
| May 2050 Senior Notes | ||||||||||
| Debt | ||||||||||
| Debt instrument principal amount | $ 500,000,000 | |||||||||
| Debt instrument, interest rate (as a percent) | 4.20% | |||||||||
| Current | 0 | 0 | ||||||||
| Non-Current | 361,000,000 | 0 | ||||||||
| Fair Value | $ 438,000,000 | $ 0 |
DEBT - Maturities of long term debt (Details) $ in Millions |
Dec. 31, 2023
USD ($)
|
|---|---|
| Scheduled minimum debt repayments | |
| 2024 | $ 1,231 |
| 2025 | 0 |
| 2026 | 692 |
| 2027 | 0 |
| 2028 | 0 |
| Thereafter | 7,274 |
| Total face value of debt | 9,197 |
| Unamortized premiums, discounts, and issuance costs | (323) |
| Net carrying amount | $ 8,874 |
DEBT - Corporate Revolving Credit Facilities and Letters of Credit Facilities (Details) |
Feb. 21, 2024
USD ($)
|
Feb. 15, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
bank
|
Dec. 31, 2022
USD ($)
|
Apr. 04, 2019
USD ($)
|
|---|---|---|---|---|---|
| Debt | |||||
| Current | $ 1,923,000,000 | $ 0 | |||
| Letters of credit, guarantees for reclamation obligations | $ 2,123,000,000 | 1,872,000,000 | |||
| Bilateral Bank Debt Facilities | |||||
| Debt | |||||
| Line of credit facility, number of banks holding debt | bank | 13 | ||||
| Line of credit facility maximum borrowing capacity | $ 2,000,000,000 | ||||
| Line of credit facility, remaining borrowing capacity | 77,000,000 | ||||
| Current | 1,923,000,000 | 0 | |||
| Bilateral Bank Debt Facilities | Subsequent event | |||||
| Debt | |||||
| Repayment of debt | $ 1,461,000,000 | ||||
| Bilateral Bank Facility Due February 2024 | |||||
| Debt | |||||
| Current | 462,000,000 | ||||
| Bilateral Bank Facility Due March 2024 | |||||
| Debt | |||||
| Current | 769,000,000 | ||||
| Bilateral Bank Facility Due March 2026 | |||||
| Debt | |||||
| Current | 692,000,000 | ||||
| Corporate Revolving Credit Facility | |||||
| Debt | |||||
| Line of credit facility maximum borrowing capacity | $ 3,000,000,000 | ||||
| Credit facility, amount outstanding | 0 | ||||
| Corporate Revolving Credit Facility | Subsequent event | |||||
| Debt | |||||
| Line of credit facility maximum borrowing capacity | $ 4,000,000,000 | ||||
| Goldcorp | |||||
| Debt | |||||
| Letters of credit outstanding | 1,158,000,000 | 995,000,000 | |||
| Letters of credit, guarantees for reclamation obligations | 1,015,000,000 | 848,000,000 | |||
| Letter of Credit | Corporate Revolving Credit Facility | |||||
| Debt | |||||
| Letters of credit outstanding | $ 0 | $ 0 |
DEBT - Senior Notes (Details) - USD ($) |
1 Months Ended | 12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 26, 2023 |
Nov. 06, 2023 |
Jan. 01, 2020 |
|
| Debt | |||||||||
| Proceeds from issuance of debt, net (Note 20) | $ 0 | $ 0 | $ 992,000,000 | ||||||
| 2022 Senior Notes, net | |||||||||
| Debt | |||||||||
| Amount of debt repurchased | $ 496,000,000 | 496,000,000 | |||||||
| Debt instrument, principal payment | 492,000,000 | ||||||||
| 2023 Newmont Senior Notes | |||||||||
| Debt | |||||||||
| Amount of debt repurchased | $ 246,000,000 | 89,000,000 | 89,000,000 | ||||||
| Debt instrument, principal payment | 234,000,000 | ||||||||
| 2023 Goldcorp Senior Notes | |||||||||
| Debt | |||||||||
| Amount of debt repurchased | 90,000,000 | 4,000,000 | 4,000,000 | ||||||
| Debt instrument, principal payment | $ 87,000,000 | ||||||||
| October 2030 Senior Notes | |||||||||
| Debt | |||||||||
| Debt instrument principal amount | $ 1,000,000,000 | ||||||||
| Debt instrument, interest rate (as a percent) | 2.25% | ||||||||
| October 2030 Senior Notes | Senior Notes | |||||||||
| Debt | |||||||||
| Proceeds from issuance of debt, net (Note 20) | $ 985,000,000 | ||||||||
| May 2030, November 2041, And May 2050 Senior Notes | |||||||||
| Debt | |||||||||
| Debt instrument principal amount | $ 1,650,000,000 | ||||||||
| May 2030 Senior Notes | |||||||||
| Debt | |||||||||
| Debt instrument principal amount | $ 650,000,000 | ||||||||
| Debt instrument, interest rate (as a percent) | 3.25% | ||||||||
| May 2030 Senior Notes, Excluding Newcrest Notes | |||||||||
| Debt | |||||||||
| Debt instrument principal amount | $ 625,000,000 | ||||||||
| May 2030 Newcrest Senior Notes | |||||||||
| Debt | |||||||||
| Debt instrument principal amount | $ 25,000,000 | ||||||||
| November 2041 Senior Notes | |||||||||
| Debt | |||||||||
| Debt instrument principal amount | $ 500,000,000 | ||||||||
| Debt instrument, interest rate (as a percent) | 5.75% | ||||||||
| November 2041 Senior Notes, Excluding Newcrest Notes | |||||||||
| Debt | |||||||||
| Debt instrument principal amount | $ 460,000,000 | ||||||||
| November 2041 Newcrest Senior Notes | |||||||||
| Debt | |||||||||
| Debt instrument principal amount | 40,000,000 | ||||||||
| May 2050 Senior Notes | |||||||||
| Debt | |||||||||
| Debt instrument principal amount | $ 500,000,000 | ||||||||
| Debt instrument, interest rate (as a percent) | 4.20% | ||||||||
| May 2050 Senior Notes, Excluding Newcrest Notes | |||||||||
| Debt | |||||||||
| Debt instrument principal amount | $ 486,000,000 | ||||||||
| May 2050 Newcrest Senior Notes | |||||||||
| Debt | |||||||||
| Debt instrument principal amount | $ 14,000,000 | ||||||||
| July 2032 Senior Notes | |||||||||
| Debt | |||||||||
| Debt instrument principal amount | 1,000,000,000 | $ 1,000,000,000 | |||||||
| Proceeds from issuance of debt, net (Note 20) | $ 992,000,000 | ||||||||
| Debt instrument, interest rate (as a percent) | 2.60% | 2.60% | |||||||
| Maximum rate adjustment resulting from ESG scores | 0.60% | ||||||||
DEBT - Debt Covenants (Details) - Corporate Revolving Credit Facility |
Dec. 31, 2023
USD ($)
|
|---|---|
| Debt Instrument [Line Items] | |
| Debt to capitalization ratio, maximum allowed under covenant (as a percent) | 0.6250 |
| Debt instrument, covenant, tangible net worth, minimum | $ 1,000,000 |
| Debt instrument, covenant, minimum interest coverage ratio | 2.75 |
| Debt instrument, covenant, maximum net liabilities to tangible net worth | 1.75 |
LEASE AND OTHER FINANCING OBLIGATIONS - Parameters and lease cost (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Lessee, Finance Lease, Description [Abstract] | |||
| Renewal term (in years) | 15 years | ||
| Termination period (in years) | 1 year | ||
| Lease, Cost [Abstract] | |||
| Operating lease cost | $ 23 | $ 28 | |
| Amortization of ROU assets | 78 | 78 | |
| Interest on lease liabilities | 32 | 34 | |
| Finance lease cost, total | 110 | 112 | |
| Variable lease cost | 298 | 332 | |
| Short-term lease cost | 24 | 25 | |
| Lease cost, Total | 455 | 497 | |
| Operating cash flows relating to operating leases | 23 | 23 | |
| Operating cash flows relating to finance leases | 33 | 34 | |
| Financing cash flows relating to finance leases | 67 | 66 | $ 73 |
| Operating lease obligations arising from obtaining ROU assets | 23 | 16 | |
| Finance lease obligations arising from obtaining ROU assets | $ 53 | $ 20 | |
| Operating leases, weighted average remaining lease term (in years) | 8 years | ||
| Finance leases, weighted average remaining lease term (in years) | 8 years | ||
| Operating leases, weighted average discount rate (as a percent) | 3.78% | ||
| Finance leases, weighted average discount rate (as a percent) | 6.39% | ||
| Newcrest Mining Limited | |||
| Lease, Cost [Abstract] | |||
| Operating lease obligations arising from obtaining ROU assets | $ 13 | ||
| Finance lease obligations arising from obtaining ROU assets | $ 51 | ||
LEASE AND OTHER FINANCING OBLIGATIONS - Maturities (Details) $ in Millions |
Dec. 31, 2023
USD ($)
|
|---|---|
| Operating Leases | |
| 2024 | $ 24 |
| 2025 | 16 |
| 2026 | 14 |
| 2027 | 13 |
| 2028 | 11 |
| Thereafter | 42 |
| Total future minimum lease payments | 120 |
| Less: Imputed interest | (15) |
| Operating lease liability | 105 |
| Finance Leases | |
| 2024 | 110 |
| 2025 | 102 |
| 2026 | 96 |
| 2027 | 78 |
| 2028 | 74 |
| Thereafter | 273 |
| Total future minimum lease payments | 733 |
| Less: Imputed interest | (171) |
| Finance lease liability | $ 562 |
LEASE AND OTHER FINANCING OBLIGATIONS - Additional information (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
USD ($)
| |
| Lessee, Lease, Description [Line Items] | |
| Renewal term (in years) | 15 years |
| Termination period (in years) | 1 year |
| Financing leases not yet commenced, ROU assets | $ 11 |
| Financing leases not yet commenced, lease liabilities | $ 11 |
| Minimum | |
| Lessee, Lease, Description [Line Items] | |
| Remaining lease term (in years) | 1 year |
| Financing leases not yet commenced, lease terms (in years) | 2 years |
| Maximum | |
| Lessee, Lease, Description [Line Items] | |
| Remaining lease term (in years) | 34 years |
| Financing leases not yet commenced, lease terms (in years) | 3 years |
OTHER LIABILITIES (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Other current liabilities: | ||
| Reclamation and remediation liabilities | $ 619 | $ 526 |
| Accrued operating costs | 473 | 370 |
| Accrued capital expenditures | 320 | 221 |
| Stamp duty on Newcrest transaction | 0 | |
| Accrued royalties | 137 | 80 |
| Silver streaming agreement | 87 | 80 |
| Other | 319 | 249 |
| Other current liabilities | 2,362 | 1,599 |
| Other non-current liabilities: | ||
| Income and mining taxes | 177 | 206 |
| Norte Abierto deferred payments | 10 | 94 |
| Other | 129 | 130 |
| Other long-term liabilities, total | 316 | 430 |
| NGM | ||
| Other current liabilities: | ||
| Payables to NGM | $ 91 | $ 73 |
| NGM | ||
| Other non-current liabilities: | ||
| Ownership interest (as a percent) | 38.50% | |
| NGM | Barrick Gold Corporation | ||
| Other non-current liabilities: | ||
| Ownership interest (as a percent) | 61.50% | 61.50% |
| Norte Abierto Project | ||
| Other non-current liabilities: | ||
| Prefeasibility study costs | $ 30 | |
| Norte Abierto Project | Other non-current liabilities | ||
| Other non-current liabilities: | ||
| Prefeasibility study costs | $ 10 | |
| Norte Abierto Project | Barrick Gold Corporation | ||
| Other non-current liabilities: | ||
| Ownership interest (as a percent) | 50.00% | |
| Newcrest Mining Limited | ||
| Other current liabilities: | ||
| Stamp duty on Newcrest transaction | $ 316 |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Components of AOCI (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
| Balance at beginning of period | $ 19,533 | $ 21,813 | $ 23,845 |
| Gain (loss) in other comprehensive income (loss) before reclassifications | (33) | 50 | |
| (Gain) loss reclassified from accumulated other comprehensive income (loss) | 18 | 112 | |
| Other comprehensive income (loss) | (15) | 162 | 83 |
| Balance at end of period | 29,205 | 19,533 | 21,813 |
| Total | |||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
| Balance at beginning of period | 29 | (133) | (216) |
| Other comprehensive income (loss) | (15) | 162 | 83 |
| Balance at end of period | 14 | 29 | (133) |
| Unrealized Gain (Loss) on Marketable Debt Securities | |||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
| Balance at beginning of period | (1) | 2 | |
| Gain (loss) in other comprehensive income (loss) before reclassifications | 0 | (3) | |
| (Gain) loss reclassified from accumulated other comprehensive income (loss) | 0 | 0 | |
| Other comprehensive income (loss) | 0 | (3) | |
| Balance at end of period | (1) | (1) | 2 |
| Foreign Currency Translation Adjustments | |||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
| Balance at beginning of period | 126 | 119 | |
| Gain (loss) in other comprehensive income (loss) before reclassifications | (5) | 7 | |
| (Gain) loss reclassified from accumulated other comprehensive income (loss) | 0 | 0 | |
| Other comprehensive income (loss) | (5) | 7 | |
| Balance at end of period | 121 | 126 | 119 |
| Pension and Other Post-retirement Benefit Adjustments | |||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
| Balance at beginning of period | (27) | (166) | |
| Gain (loss) in other comprehensive income (loss) before reclassifications | (9) | 32 | |
| (Gain) loss reclassified from accumulated other comprehensive income (loss) | 0 | 107 | |
| Other comprehensive income (loss) | (9) | 139 | |
| Balance at end of period | (36) | (27) | (166) |
| Unrealized Gain (Loss) on Hedge Instruments | |||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
| Balance at beginning of period | (69) | (88) | |
| Gain (loss) in other comprehensive income (loss) before reclassifications | (19) | 14 | |
| (Gain) loss reclassified from accumulated other comprehensive income (loss) | 18 | 5 | |
| Other comprehensive income (loss) | (1) | 19 | |
| Balance at end of period | $ (70) | $ (69) | $ (88) |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassifications (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|||
| Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||||
| Other income, net | $ 88 | $ 27 | $ (125) | ||
| Interest expense, net | 243 | 227 | 274 | ||
| Costs applicable to sales | [1] | 6,699 | 6,468 | 5,435 | |
| Total before tax | 2,031 | 51 | (1,108) | ||
| Tax | (526) | (455) | (1,098) | ||
| Net of tax | 2,467 | 369 | (233) | ||
| Reclassification Out of Accumulated Other Comprehensive Income | |||||
| Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||||
| Net of tax | 18 | 112 | 33 | ||
| Reclassification Out of Accumulated Other Comprehensive Income | Pension and other post-retirement benefit adjustments: | |||||
| Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||||
| Total before tax | 0 | 136 | 31 | ||
| Tax | 0 | (29) | (5) | ||
| Net of tax | 0 | 107 | 26 | ||
| Reclassification Out of Accumulated Other Comprehensive Income | Amortization | |||||
| Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||||
| Other income, net | (9) | (1) | 27 | ||
| Reclassification Out of Accumulated Other Comprehensive Income | Settlement | |||||
| Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||||
| Other income, net | 9 | 137 | 4 | ||
| Reclassification Out of Accumulated Other Comprehensive Income | Hedge instruments adjustments: | |||||
| Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||||
| Total before tax | 24 | 6 | 9 | ||
| Tax | (6) | (1) | (2) | ||
| Net of tax | 18 | 5 | 7 | ||
| Reclassification Out of Accumulated Other Comprehensive Income | Hedge instruments adjustments: | Foreign currency cash flow hedges | |||||
| Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||||
| Costs applicable to sales | 19 | 0 | 0 | ||
| Reclassification Out of Accumulated Other Comprehensive Income | Hedge instruments adjustments: | Interest rate contracts | |||||
| Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||||
| Interest expense, net | 5 | 6 | 8 | ||
| Reclassification Out of Accumulated Other Comprehensive Income | Hedge instruments adjustments: | Operating cash flow hedges | |||||
| Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||||
| Costs applicable to sales | $ 0 | $ 0 | $ 1 | ||
| |||||
NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Decrease (increase) in operating assets: | |||
| Trade and other receivables | $ (240) | $ 5 | $ 142 |
| Inventories, stockpiles and ore on leach pads | (187) | (161) | (136) |
| Other assets | 50 | (84) | 36 |
| Increase (decrease) in operating liabilities: | |||
| Accounts payable | (42) | 102 | (11) |
| Reclamation and remediation liabilities | (275) | (247) | (161) |
| Accrued tax liabilities | (197) | (343) | (317) |
| Other accrued liabilities | 378 | (113) | (94) |
| Net change in operating assets and liabilities | $ (513) | $ (841) | $ (541) |
COMMITMENTS AND CONTINGENCIES - Environmental Matters (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2023
USD ($)
plant
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
| Loss contingencies | |||
| Number of operating water treatment plants | plant | 5 | ||
| Number of water treatment plants to be constructed | plant | 2 | ||
| Environmental remediation obligations | $ 401 | $ 373 | $ 344 |
| Porcupine | |||
| Loss contingencies | |||
| Reclamation adjustment | 46 | ||
| CC&V | |||
| Loss contingencies | |||
| Environmental remediation obligations | $ 20 | ||
| Midnite mine and Dawn mill sites | |||
| Loss contingencies | |||
| Environmental remediation obligations | $ 215 | ||
| Percent of remediation obligation assumed | 100.00% | ||
| Minera Yanacocha | |||
| Loss contingencies | |||
| Percent ownership held by Newmont (as a percent) | 100.00% | 100.00% | 51.35% |
| CC&V | |||
| Loss contingencies | |||
| Percent ownership held by Newmont (as a percent) | 100.00% | ||
| Dawn Mining Company | |||
| Loss contingencies | |||
| Percent ownership held by Newmont (as a percent) | 58.19% | ||
| Goldcorp | |||
| Loss contingencies | |||
| Percent ownership held by Newmont (as a percent) | 100.00% | ||
| Cadia | |||
| Loss contingencies | |||
| Percent ownership held by Newmont (as a percent) | 100.00% |
COMMITMENTS AND CONTINGENCIES - Other Legal Matters (Details) $ in Millions |
1 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
|
Jan. 09, 2024
USD ($)
|
Aug. 16, 2021
USD ($)
|
Dec. 24, 2018
plaintiff
co-defendant
|
Feb. 26, 2014
USD ($)
|
Sep. 24, 2012
USD ($)
|
Apr. 08, 2008 |
Aug. 31, 2020
USD ($)
|
Dec. 31, 2023 |
Sep. 30, 2007 |
|
| Holt option | Use rights | |||||||||
| Loss contingencies | |||||||||
| Purchase of option for mining and mineral rights | $ 75.0 | ||||||||
| Newmont Ghana Gold Limited and Newmont Golden Ridge Limited | |||||||||
| Loss contingencies | |||||||||
| Economic interest (as a percent) | 100.00% | ||||||||
| Pending Litigation | Labrador | |||||||||
| Loss contingencies | |||||||||
| Uranium mining moratorium term (in years) | 3 years | ||||||||
| Kirkland Royalty Matter | Pending Litigation | |||||||||
| Loss contingencies | |||||||||
| Damages sought | $ 350.0 | ||||||||
| NWG New York Case | Pending Litigation | |||||||||
| Loss contingencies | |||||||||
| Damages sought | $ 750.0 | ||||||||
| NWG Ontario Complaint | Subsequent event | |||||||||
| Loss contingencies | |||||||||
| Damages awarded | $ 0.5 | ||||||||
| NWG Ontario Complaint | Pending Litigation | |||||||||
| Loss contingencies | |||||||||
| Damages sought | $ 1,200.0 | ||||||||
| Ghana Parliament Cases | |||||||||
| Loss contingencies | |||||||||
| Loss contingency number of plaintiffs | plaintiff | 2 | ||||||||
| Number of codefendants | co-defendant | 33 | ||||||||
| Jacob Safra | NWG Investments Inc | |||||||||
| Loss contingencies | |||||||||
| Economic interest (as a percent) | 100.00% | ||||||||
| NWG Investments Inc | NewWest Gold | |||||||||
| Loss contingencies | |||||||||
| Economic interest (as a percent) | 86.00% | ||||||||
| Fronteer | Aurora | |||||||||
| Loss contingencies | |||||||||
| Economic interest (as a percent) | 47.00% |
COMMITMENTS AND CONTINGENCIES - Other Commitments and Contingencies (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Other commitments | ||
| Letters of credit surety bonds and bank guarantees, outstanding | $ 2,123 | $ 1,872 |
| Deferred payments | 8 | $ 3 |
| Galore Creek | ||
| Other commitments | ||
| Deferred payments | $ 75 |
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (Details) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | |||
| Balance at beginning of year | $ 3,994 | $ 3,791 | $ 3,418 |
| Additions due to acquisition of Newcrest | 300 | 0 | 0 |
| Additions to deferred income tax expense | 565 | 370 | 769 |
| Reduction of deferred income tax expense | (207) | (109) | (350) |
| Additions and reductions reflected in other components of the financial statements | 0 | (58) | 46 |
| Balance at end of year | $ 4,652 | $ 3,994 | $ 3,791 |