What is the primary reason for this amended filing (10-Q/A)?

This filing is an amendment to previously filed quarterly reports to restate the company's financial statements as of and for the three months ended March 31, 2002, and 2001. These restatements were necessary due to various accounting adjustments, including those related to the recent acquisitions of Normandy and Franco-Nevada, and corrections in accounting for specific contracts and asset valuations.

How did the recent acquisitions of Normandy and Franco-Nevada impact Newmont's financial position?

The acquisitions, completed in February 2002, significantly expanded Newmont's operations and asset base. This resulted in a substantial increase in total assets (from $4.1 billion to $10.1 billion) and goodwill ($2.6 billion). However, it also led to a considerable increase in long-term debt (from $1.2 billion to $1.88 billion) to finance these transactions.

What is the company's overall financial performance for the quarter?

Newmont reported a net loss of $8.7 million ($0.03 per share) for the first quarter of 2002, which is an improvement compared to the net loss of $52.0 million ($0.27 per share) in the same quarter of 2001. While sales increased, the company faced higher operating costs and interest expenses, partly due to the recent acquisitions and accounting changes.

Are there any significant accounting changes or restatements investors should be aware of?

Yes, the company made several restatements and changed accounting policies. These include adjustments for the conversion of acquired foreign subsidiaries to US GAAP, corrections in depreciation and amortization calculations, accounting for a prepaid forward sales contract, and changes in inventory valuation. These restatements affected prior period results and require careful consideration when analyzing the financial performance.

NEM/NEMCL 10-Q Filed Apr 11, 2003

Summary

Newmont Mining Corporation's (NEM) filing for the quarter ended March 31, 2002, represents an amendment (10-Q/A) primarily to restate previously issued financial statements. The company incurred a net loss applicable to common shares of $8.7 million, or $0.03 per share, which is an improvement from a $52.0 million net loss ($0.27 per share) in the same quarter of the prior year. This improvement is largely due to significant acquisitions of Normandy Mining Limited and Franco-Nevada Mining Corporation Limited, which expanded the company's global footprint and asset base, contributing to higher sales revenue. However, the company also reported increased debt and operating costs, partly due to these acquisitions and changes in accounting policies related to depreciation, depletion, and amortization. Investors should note the substantial goodwill generated from these acquisitions and the company's ongoing efforts to manage its derivative instrument positions and hedging strategies.

Key Highlights

1Newmont reported a net loss of $8.7 million ($0.03 per share) for Q1 2002, an improvement from a net loss of $52.0 million ($0.27 per share) in Q1 2001.
2The company completed significant acquisitions of Normandy Mining Limited and Franco-Nevada Mining Corporation Limited in February 2002, totaling $4.4 billion, which significantly increased assets and goodwill.
3Total assets grew substantially to $10.1 billion from $4.1 billion at the end of the previous fiscal year, driven by the acquisitions.
4Long-term debt increased significantly to $1.88 billion from $1.23 billion, largely due to financing the acquisitions.
5The company experienced a substantial increase in cash and cash equivalents to $511.6 million from $149.4 million, primarily due to operating cash flows and proceeds from short-term investments.
6Several restatements and accounting policy changes were made, impacting prior period financial statements, primarily related to acquisition accounting, depreciation, and inventory valuation.
7The company's forward-looking statements indicate expectations for full-year 2002 gold production of 7.5 million ounces with total cash costs around $180 per ounce.

NEWMONT Corp /DE/ Quarterly Report (Amendment) for Q1 Ended Mar 31, 2002

Summary

Key Highlights

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