SEC Comment Letter 0000000000-24-005965 to NEWMONT Corp /DE/ (NEM, NEMCL) (CIK 0001164727) (NEM)
NEWMONT Corp /DE/ (NEM, NEMCL) (CIK 0001164727)
Date: May 23, 2024 · CIK: 0001164727 · Accession: 0000000000-24-005965
AI Filing Summary & Sentiment
File numbers found in text: 001-31240
Letter
United States securities and exchange commission logo May 22, 2024 Peter Wexler Executive Vice President and Chief Legal Officer Newmont Corporation 6900 E Layton Avenue Denver, Colorado 80237 Re:Newmont Corporation Form 10-K for the Fiscal Year ended December 31, 2023 Filed February 29, 2024 File No. 001-31240 Dear Peter Wexler: We have limited our review of your filing to the financial statements and related disclosures and have the following comment. Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this letter, we may have additional comments. Form 10-K for the Fiscal Year ended December 31, 2023 Financial Statements Note 7 - Impairment Charges, page 160 1.We note that your cumulative losses before income and mining tax and other items for the Yanacocha segment over the last three years amount to $3.2 billion; and that annual losses exceeded revenues for the segment in each of the three years.
Given the consecutive operating losses and $2.1 billion in total assets reported for the Yanacocha segment, please explain to us how you assessed the long-lived assets of the segment for recoverability in determining there was no impairment in 2023 or 2022, and in booking the $1 million impairment in 2021.
Please submit the analysis that you performed in making these determinations, including details of all key assumptions involved and the basis for those assumptions.
FirstName LastNamePeter Wexler Comapany NameNewmont Corporation May 22, 2024 Page 2 FirstName LastName Peter Wexler Newmont Corporation May 22, 2024 Page 2 In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. Please contact Sondra Snyder at 202-551-3332 or Gus Rodriguez at 202-551-3752 with any questions. Sincerely, Division of Corporation Finance Office of Energy & Transportation
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United States securities and exchange commission logo
May 22, 2024
Peter Wexler
Executive Vice President and Chief Legal Officer
Newmont Corporation
6900 E Layton Avenue
Denver, Colorado 80237
Re:Newmont Corporation
Form 10-K for the Fiscal Year ended December 31, 2023
Filed February 29, 2024
File No. 001-31240
Dear Peter Wexler:
We have limited our review of your filing to the financial statements and related
disclosures and have the following comment.
Please respond to this letter within ten business days by providing the requested
information or advise us as soon as possible when you will respond. If you do not believe a
comment applies to your facts and circumstances, please tell us why in your response.
After reviewing your response to this letter, we may have additional comments.
Form 10-K for the Fiscal Year ended December 31, 2023
Financial Statements
Note 7 - Impairment Charges, page 160
1.We note that your cumulative losses before income and mining tax and other items for the
Yanacocha segment over the last three years amount to $3.2 billion; and that annual losses
exceeded revenues for the segment in each of the three years.
Given the consecutive operating losses and $2.1 billion in total assets reported for the
Yanacocha segment, please explain to us how you assessed the long-lived assets of the
segment for recoverability in determining there was no impairment in 2023 or 2022, and
in booking the $1 million impairment in 2021.
Please submit the analysis that you performed in making these determinations, including
details of all key assumptions involved and the basis for those assumptions.
FirstName LastNamePeter Wexler
Comapany NameNewmont Corporation
May 22, 2024 Page 2
FirstName LastName
Peter Wexler
Newmont Corporation
May 22, 2024
Page 2
In closing, we remind you that the company and its management are responsible for the
accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or
absence of action by the staff.
Please contact Sondra Snyder at 202-551-3332 or Gus Rodriguez at 202-551-3752 with
any questions.
Sincerely,
Division of Corporation Finance
Office of Energy & Transportation