Newmont Corporation

Good morning and welcome to Newmont Gold Corp's second quarter 2019 earnings call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note that this event is being recorded. I would now like to turn the conference over to Jessica Largent, Vice President of Investor Relations. Please go ahead.

Thank you, and good morning, everyone. Welcome to Newmont Gold Corp's second quarter 2019 earnings conference call. Joining us on the call today are Gary Goldberg, Chief Executive Officer, Tom Palmer, President, and Nancy Beezy, Chief Financial Officer. They will be available to answer questions at the end of the call, along with other members of our executive team. Turning to slide two. Please take a moment to review the cautionary statement shown here and refer to our SEC filings, which can be found on our website at newmontgoldcorp.com. And now I'll turn it over to Gary on slide three.

Thanks, Jess, and thank you for joining our call. We delivered strong performance in the second quarter and continued our work to establish Newmont Gold Corp. as the world's leading gold business. Highlights for the quarter included... closing the deal to acquire Goldcorp with the overwhelming support of our shareholders, making steady progress on integrating assets and aligning teams with our proven strategy, completing an historic joint venture with Barrick to create the world's largest gold-producing complex, and meeting our ongoing commitment to deliver leading operational, financial, and sustainability performance. Turning to the details on slide four. The first pillar of our strategy is to deliver superior operational execution. In the second quarter, we produced 1.6 million ounces of gold and delivered all-in sustaining costs of $1,016 per ounce and continued to improve costs and efficiencies across the portfolio. We're on track to achieve a run rate of $365 million in annual improvements from the Gold Corp acquisition by early 2021. And we launched our full potential continuous improvement program at Penasquito and Cerro Negro. This program has delivered more than $2 billion in improvements since 2013. The second pillar of our strategy is to sustain a global portfolio of long life assets. During the second quarter, we approved the Iwansu Layback to extend the life at Ahafo's open pit mine We supported the completion of the Nevada Gold Mines joint venture, and we continued to advance profitable projects, including the Ahoffo Mill expansion, Ketcher Main, and Borden, all of which will reach commercial production later this year. The third pillar of our strategy is to lead the gold sector in profitability and responsibility. In the second quarter, we returned $590 million in dividends to our shareholders. maintained a strong balance sheet with an investment grade credit rating and nearly $5 billion of liquidity, and we were recognized as one of the top companies in the world for our leading social, environmental, and governance performance. This performance starts with running safe operations, turning to slide five. While our combined safety performance improved in the second quarter, we remain focused on achieving zero harm across our portfolio. That focus includes reporting and sharing significant events that hold the potential to impact safety and embedding our fatality risk management program to test the controls we have in place to prevent accidents and injuries. Over the last six months, we've also been driving efforts to eliminate live maintenance work as another effective way to protect our people from injuries. We were honored to be recognized as one of the world's leading corporate citizens by Corporate Responsibility Magazine and the only mining company to make the list for our performance. This recognition is a tribute to the commitment our teams bring to leading sustainability performance and a key measure of how well we run our business. Turning to a look at our global portfolio on slide six. Our operations are based in four regions and managed under our proven operating model. Taken together, Newmont Gold Corp offers investors an unparalleled portfolio of mines, projects, and reserves in favorable jurisdictions. In fact, 90% of our reserves are based in the Americas and Australia. Sustainable gold production, targeting between 6 and 7 million ounces per year, with another $1.5 billion of annual revenue from copper, zinc, lead, and silver production, and the financial flexibility needed to continue investing in profitable growth and delivering an industry-leading dividend. Finally, we offer strong leadership and a wealth of technical expertise to make the most of these assets. I visited Eleanor and Porcupine last week, and I was pleased to see the progress the teams are making to align and integrate these operations, and the ongoing work by the combined teams to make the Nevada Gold Mines joint venture a success. With that, I'll turn it over to Tom on slide seven to discuss our operational performance and recent integration work. Thanks, Gary.