Summary
This Form 8-K filing by Newmont Mining Corporation (NEM) on June 13, 2014, serves as an update to its previously filed 2013 Annual Report on Form 10-K. The primary purpose of this filing is to reflect retrospective revisions to its financial reporting that became effective in the first quarter of 2014. These revisions primarily involve a realignment of the company's reportable segments and corrections to deferred tax asset and Yanacocha stockpile balances. Specifically, Newmont has reorganized its operational segments to better align with how its chief operating decision-makers evaluate the business. Additionally, the company identified an error in the interpretation of deferred tax assets related to foreign subsidiaries, resulting in a cumulative overstatement. There was also an overstatement identified in the Yanacocha stockpiles. While these are noted as misstatements, Newmont has assessed their materiality and concluded they are not material to the previously issued 2013 Annual Report. All periods presented have been revised to reflect these changes.
Key Highlights
- 1Newmont is updating its 2013 Form 10-K to reflect changes in its reportable operating segments, effective Q1 2014.
- 2Segment revisions include restructuring of Nevada operations (Carlin, Phoenix, Twin Creeks) and Australia/New Zealand operations (Tanami, Jundee, Waihi, Kalgoorlie).
- 3Development projects like Conga, Nimba, and Merian will be reported under updated segment classifications (Other South America, Corporate and Other).
- 4A cumulative overstatement of $143 million in deferred tax assets related to foreign subsidiaries was identified due to an incorrect interpretation of tax credit rules since 2005.
- 5An overstatement of $21 million ($14 million net of tax) in Yanacocha stockpiles as of December 31, 2013, has been revised.
- 6Newmont concluded these identified errors are not material to its 2013 Annual Report based on SEC Staff Accounting Bulletin (SAB) No. 99.
- 7Updated financial information, including selected financial data, MD&A, and financial statements, is incorporated by reference as exhibits.