Good morning, and welcome to the Newmont Mining 2016 First Quarter Earnings Conference Call. Today's conference is being recorded. If anyone has any objections, please disconnect at this time. I'd now like to turn the call over to Meredith Bandy, Vice President, Investor Relations. You may begin.

All right. Thank you. Good morning, everyone. Welcome to Newmont's first quarter earnings call. Joining us on the call today are Gary Goldberg, President and Chief Executive Officer; and Laurie Brlas, Chief Financial Officer. They and other members of our executive team will be available to answer questions at the end of the call. Turning to slide two. Please take a moment to review the cautionary statements shown here or refer to our SEC filings, which can be found on our website at newmont.com. And now, I will turn it over to Gary on slide three. Gary J. Goldberg - President, Chief Executive Officer & Director: Thank you for joining us this morning. I'm pleased to report another strong quarter at Newmont. We continued to improve our performance and our prospects by lowering injury rates and costs at our operations, bringing proceeds from non-core asset sales to nearly $2 billion, building four profitable growth projects on time and at or below budget and strengthening our balance sheet and earnings and earning the best credit rating in the gold sector. Finally, we added two highly experienced miners to the Newmont roster to lead our business in Africa and Asia-Pacific. Turning to specifics on slide four. Our underlying business improvements for the quarter included reducing total injury rates by 37% compared to last year, lowering our all-in sustaining costs to $828 per ounce and dropping our 2016 cost outlook by another $20 per ounce and increasing gold production by 4% to 1.2 million ounces and copper production by 3% to 38,000 tonnes on an attributable basis. Our portfolio improvements for the quarter included reaching commercial production ahead of schedule at the new valley leach facility at Cripple Creek & Victor, selling our stake in Regis for $184 million and advancing our growth…

Thank you. We will now begin the question-and-answer session. Our first question is coming from John Bridges from JPMorgan. Sir, you have an open line.

Good morning, Gary, everybody. Congratulations on the results. Just wondered if there are any sort of catalysts with respect to the Batu deal. You said it's not finalized yet, but you sounded quite optimistic. Just wondered if there are any catalysts. And then, maybe just a follow-on. The Subika-Ahafo project, just wondered if, after the cost cutting you managed to achieve at Merian, whether there was some hope to bring those costs down as well. Thank you. Gary J. Goldberg - President, Chief Executive Officer & Director: Okay. Thank you. On Batu, really, nothing has changed in terms of – we continue to work with those potential parties to finalize deal terms and to make – get the financing put together. So, no other catalysts that I would point to other than those two key areas. In regards to Subika and Ahafo, we continue to go through the final steps. It's permitting. It's probably one of the bigger things at Subika to bring through, and the timing of that still is looking for both Subika Underground and the Ahafo Mill to bring those forward in the third quarter, late – well, actually, early fourth quarter for approval by the board. There are synergies between the two. We're carrying them separately, so we understand what each one is individually. But there are synergies of bringing those two together, John.

Okay. Thank you. Gary J. Goldberg - President, Chief Executive Officer & Director: Thanks, John.

Our next question is coming from Andrew Kaip from BMO. Sir, you have an open line.

Thanks very much, Gary, and congratulations to you and your team on a solid Q1. My question is regarding Merian. Can you provide us a bit more detail on how you're preparing to enter into commissioning? You're in a tropical environment. If it's – if I'm not mistaken, the rainy – the second rainy season begins in the fourth quarter. And I'm just wondering how you're preparing to enter that operation into commercial production through the remainder of 2016. Gary J. Goldberg - President, Chief Executive Officer & Director: Good question, Andrew, and we're looking still here in the second half of this year to enter into commercial production. We will have a little closer view of when that may start when we do our second quarter results in July. We do stockpile material, and we'll be stockpiling. We currently have, like, 1.2 million tonnes, 1.3 million tonnes of ore stockpiled right next to where the mill is. So, we're in good shape. That's a little over a month' supply of ore that's there to be able to handle, and that's part of the design we have. And we based it off how they did the design at Rosebel as well, where they had the same concerns as they work through the rainy season and the dry season and how we operate in other places around the world. So, I think, with the stockpile, that puts us in a good position to be able to work through the rainy season as we go through startup, and that's progressing really well. As I say, the construction is looking very good. Chris was just down there about a month ago reviewing progress, and we're pretty pleased with how that whole project continues to progress and progress at lower cost of capital than what we expected to begin with.

All right. And then, just given the guidance that you started off with at the beginning of the year that you felt the first two quarters would be free cash flow neutral to consuming cash, Laurie, I'm just wondering what your view or your outlook in the second quarter is. Are you still of the view that the capital programs will consume operating cash flow in the second quarter? Mary Lauren Brlas - Chief Financial Officer & Executive Vice President: Yeah, I would expect that the – we would spend more capital. We did have a good tailwind with gold price in Q1. And as you remember, our oil price assumptions are somewhat on the conservative side, perhaps, so we could benefit from those. Well, we did see some timing of capital happened in the first quarter that probably will be made up in the second quarter. So, it was a good quarter, but we do see the second quarter being a little bit of a dip. And as Gary and I both mentioned, Carlin's Mill 6 will go down for maintenance, so that will impact the quarter as well. Gary J. Goldberg - President, Chief Executive Officer & Director: And then, we'll see the stronger second half as these projects start up. Mary Lauren Brlas - Chief Financial Officer & Executive Vice President: Right, exactly.

Okay. Thank you very much. Gary J. Goldberg - President, Chief Executive Officer & Director: Thanks, Andrew.

Our next question is coming from David Haughton from CIBC. Sir, you have an open line.

Good morning, Gary and Laurie, and the rest of the team. Thank you for hosting the call. First question is looking at CC&V. You've had this asset now for nearly three full quarters. Just wondering if anything could have surprised you on the upside or downside since you have taken ownership. Gary J. Goldberg - President, Chief Executive Officer & Director: Yeah. I'm going to have Chris Robison, who is down there most recently, to walk through some of the work as we – especially as we begun Full Potential. Christopher J. Robison - Chief Operating Officer & Executive Vice President: Yeah. David, I think I'd look at it in two pieces. Obviously, the leach, we've been able to bring the new valley leach online sooner than expected. So, certainly, an upside there and that will continue through the year as we complete that project. The mill performance – so, if I shift gears over to mill performance, we continue to improve that performance and are very pleased with the progress that we've made there. And as you may recall, the next phase of the mill, which, again, is obviously something that we've talked about before, but taking concentrate to Nevada potentially starting next year. So, first phase was getting the mill up to full performance. Phase two is really simplifying the flow sheet and taking concentrate to Nevada, which is a good excellent synergy with the demand for heat value in the roaster and the autoclave. Gary J. Goldberg - President, Chief Executive Officer & Director: So, overall, we're still very comfortable, David, with the 10% mining cost improvement that we built into our acquisition plans and feel comfortable we'll be able to do better than that. But I'd just say we just started our Full Potential project, and we'll go through that and have more updates through – well later in the year.

Just to follow on from Chris' comments there about the mill. The recovery at the mill was a touch lower than what we would have expected. My recollection was that you're kind of targeting the high-70% and then you could probably get a little bit more out if you put the tiles onto the leach pads. Where are you kind of expecting the recoveries to go for the balance of the year? Gary J. Goldberg - President, Chief Executive Officer & Director: Well, fair question. Those recoveries are pretty much in line with what we had expected, David, I think high 60s. And then, that's through the mill and then – as you may recall. Then, when you put it out on the leach pad, you pick up another roughly something 12%, 15% over time as you would from the leach.

Okay. If I could just switch over on an operational question for Batu. So, you've had some reasonably good weather based on your introductory comments there, Gary. Ordinarily, we would have expected the better grades to come through in the second and third quarter. Just wondering what we should we be thinking about as far as where that grade may go given the kind of changes in the weather patterns that you're seeing. Gary J. Goldberg - President, Chief Executive Officer & Director: Yeah. Basically, we had drier weather in the quarter, so it allowed us to stay in the bottom of the pit in the higher grade part of the ore body for a longer period of time. So, what we've done is accelerated production and moved it forward from later this year and even from 2017, we'd expect, if we have a normal sort of a rainy season pattern. I think the only piece that I'd flag is we looked and we've got our export permit that we've – we've filed our application to move forward is making sure we get that on time. That could be something that could affect our second quarter shipments if that doesn't come through in a timely manner. But basically, I'd see our overall production up slightly from what we had forecast overall, and it's pulled forward.

And with those permits, Gary, are they now becoming a little bit more systematic in getting the granting of it or is it a case-by-case basis? Gary J. Goldberg - President, Chief Executive Officer & Director: I think it's been case by case. It's still tied to, obviously, the requirements we have with our mine plan, and that part works pretty well. I think the other pieces are work to support Freeport as they look at the smelter, and we continue to work with them in those plans. But that sits within the bigger picture of how overall smelting development and the changes that I know that they're looking at for their contract to work and how that all fits in.

With a bit of luck, it will be someone else's problem by the time the year ends. Gary J. Goldberg - President, Chief Executive Officer & Director: No, I wouldn't quite go there, but we will continue to operate it as if it's ours and going to continue to operate it that way.

Thank you, Gary. Gary J. Goldberg - President, Chief Executive Officer & Director: Thanks, David.

Our next question is coming from Tanya Jakusconek from Deutsche Bank. Ma'am, you have an open line.

Yes. Good morning. I think it's Scotiabank. I just wanted to ask two questions, if I could. The first one is on Leeville. Gary, can we get an update on how the costs are doing at Leeville? I think, last quarter, we were in some difficult ground conditions that needed additional support and I think we were supposed to get through that in the first half of the year. Can we just get an update on where we are on that and whether that's still the plan? Gary J. Goldberg - President, Chief Executive Officer & Director: I think that still fits very well, Tanya, in terms of what we're doing. We're actually using a different type of rock bolt, a longer cable bolt in the process. We're seeing very good results out of that, but we're having to go through and re-bolt in a number of areas using this new type of bolt and that will take through the second quarter. So, we'll see the higher costs, as we said earlier, in the first half versus the second half of this year.

Okay. Thank you for that. And then, my second question is on Batu Hijau. Sorry to come back to Batu. I just wanted to make sure that I understood. Is it safe to assume, Gary, that all of the technical due diligence from the interested parties has been completed? Is that a safe assumption? Gary J. Goldberg - President, Chief Executive Officer & Director: I think that's a safe assumption. We're looking at financial – or the deal terms as well as making sure they have the financing now.

And my second question on that is, are the deal terms something that still need to be negotiated? Or have those come to sort of an agreement and we're only really waiting for the finances – the financial to be put in place in order to complete this deal? I'm just trying to understand what the outstanding issues are. Gary J. Goldberg - President, Chief Executive Officer & Director: Yes. It's really elements of the deal terms and the financing that remain. So, both of those areas still remain outstanding.

Okay. Thank you for that. And sorry, if I could, ask one last question on Ahafo. I know that you mentioned that – and John asked the questions on the synergies of the expansion and Subika Underground. I understand perhaps you don't have the financial implications. But maybe just qualitatively, what would synergies of putting those together be? Gary J. Goldberg - President, Chief Executive Officer & Director: It's synergies and a bit infrastructure, power – and really, where you bring ore in into the sequence, it's a mine plan element and you're able to shift some of the lower grade out and have more capacity. So, it's grade related. We'll have more details on that when we get to the point of actually having approval, and we'll share that information with you and the rest of the market.

And so, you mentioned it is grade related. So, obviously, that could help the cash cost in the earlier years. But if you mention infrastructure, could that also happen to help the capital? Gary J. Goldberg - President, Chief Executive Officer & Director: It helps a little bit, but I wouldn't say it's more on the operating cost side than on the capital cost side.

Okay. That's helpful. Thank you very much. Gary J. Goldberg - President, Chief Executive Officer & Director: Great. Thank you.

Our next question is coming from Chris Terry from Deutsche Bank. Sir, you have an open line.

Good morning, guys. Perhaps a question for Laurie. I think Andrew Kaip touched on this a bit earlier, but just digging into the cash flows a little bit further. In that quarter, there was the accounts receivable increase and also the Yanacocha dividend, but you offset some of these by having lower CapEx, from what I understand, in the first quarter and you'd expect the CapEx to go up in the second quarter. Do – can we expect some of that accounts receivable to come down again in the second quarter that might offset the CapEx? Just trying to think through the next couple of quarters a bit more on the cash side. Mary Lauren Brlas - Chief Financial Officer & Executive Vice President: Yeah. Thanks, Terry, for that question. We do – I would expect that accounts receivable to come down. We had unusually high sales compared to production in the first quarter. We had mentioned at the end of last year we had some Batu shipments that did not make it through to sales. And so, we had that come through in the first quarter. But we will be expecting to ramp up some of the capital costs in this quarter. And the Yanacocha dividend, we don't factor that into free cash flow. That was more of a financing activity of moving that through similarly to Regis.

Okay. So, is there any update on how we should think about that Yanacocha dividend going forward? Mary Lauren Brlas - Chief Financial Officer & Executive Vice President: No, I don't think that we would be doing that on a regular basis. It's something we want to make sure that we leave enough cash at Yanacocha to fund the upcoming activities in what might be happening. But we felt that there was enough cash there, and we felt it was appropriate to dividend it out to all the partners including to us at corporate, which allows us to use some of that for debt pay-down and things like that.

Okay. Sure. And just on the interest expense, so I think your guidance is down $10 million for the 2016 year, but I think you might have mentioned a $28 million saving from the payback of the debt. Is that just because it's been done partially through the year or what's the – how do I square that? Mary Lauren Brlas - Chief Financial Officer & Executive Vice President: Yeah. Thanks, Terry. Two things. One, it is partially through the year, but also perhaps the bigger factor is as we've spent – we're spending a little bit less on capital, so our capitalized interest goes down. Our guidance is expensed. So, we have some that moves to capitalized interest, and that number has gone down so more of it stays in expense.

Okay. And one final one. If Batu was to be sold, what does that mean for cash release, i.e. how much of the current cash balance is set aside for Indonesia at the moment? Gary J. Goldberg - President, Chief Executive Officer & Director: That's really part of the deal terms that we'd be working through, so I think it's best to hold that question if we're – for another time.

Okay. Thanks very much. Gary J. Goldberg - President, Chief Executive Officer & Director: Thank you.

Our next question is coming from Robert Reynolds from Credit Suisse. Sir, you have an open line. Robert Reynolds - Credit Suisse Securities (Canada), Inc: Hi. Good morning, guys. Going back to Batu Hijau again. My question relates to the 17% effective economic interest that Newmont gets through, I believe it was a loan it made to PTPI. And I'm curious how that 17% would be treated in the event of a sale of Batu Hijau. Would Newmont receive proceeds for the 17%, or is there a loan that PTPI would repay to Newmont? Any color there would be helpful. Gary J. Goldberg - President, Chief Executive Officer & Director: Yeah. Good question, but that fits all within the overall elements of the deal terms that we're working through. So, nothing more I can share at this stage. Robert Reynolds - Credit Suisse Securities (Canada), Inc: Are you able to provide any color on the size of the loan that was made to PTPI? Gary J. Goldberg - President, Chief Executive Officer & Director: I believe that you should be able to find what you need in the disclosure note. Let me get back to you on that. Just – I'm familiar with the loan balances. I'm just not sure what – where to point you to, to point that out. So, we'll come back to you on that. Mary Lauren Brlas - Chief Financial Officer & Executive Vice President: And I don't think it's specifically disclosed in our Q. Gary J. Goldberg - President, Chief Executive Officer & Director: Okay. Robert Reynolds - Credit Suisse Securities (Canada), Inc: Okay. That's it for me. Gary J. Goldberg - President, Chief Executive Officer & Director: Okay.

Our next question is coming from Karl Blunden from Goldman Sachs. Sir, you have an open line. Karl Blunden - Goldman Sachs & Co.: Hi. Good morning. Thanks for taking the question. I just also – another question here on Batu. I know you can't disclose much about the expected size of the proceeds. But I mean, I think it's fair to assume there would be some cash proceeds from the sale if it were to happen. If that happened, how should we think about the use of those proceeds, potentially a mix in your corporate priorities between debt reduction and investing for future production. And then, I think a follow-up there is, if you were to target debt, do you have a sense of – you've been balanced between near-term and longer-term debt. I guess, giving some – giving us a sense that you're focused on the cost of debt take-out, but is there – would there be any changes in your prioritization of near term versus long term based on your view of the market and liquidity? Gary J. Goldberg - President, Chief Executive Officer & Director: I'll take the first part of that, and then I'll have Laurie cover the second part in terms of what debt we would target. If we are successful, the cash proceeds we would see being used both to continue to pay down debt as we work towards our net debt to EBITDA ratio of 1 time at a $1,200 gold price and then use proceeds to continue to fund our own organic growth projects. We see we have the best organic growth pipeline in the industry. I wouldn't see accelerating, but use the cash to invest in those projects where they make sense, where they're profitable. In regards to what debt…

We have a question coming from Eliot Glazer from Wm Smith. You have an open line.

Well, thank you, Gary, for a very thorough report. My question is, in your gold ounces predicted for 2017, 2018 and thereafter, do you include Batu Hijau? Gary J. Goldberg - President, Chief Executive Officer & Director: What we have is the Batu Hijau production is in there in 2016, 2017, also 2018, 2019 and 2020. But then, we're processing off the stockpiles. What we've not included is the Phase 7 investment, so that's not in the capital guidance and it's not showing up in the cost. It's primarily capital and the capital range we'd expect is $1.7 billion, $1.8 billion that would begin in 2017, if we are to move forward. But to do that, just as a reminder, we would need to have our Contract of Work changes defined and agreed, and we would need to have – as we've done with Phase 6, we need to have third-party financing – non-recourse project financing that would be set up to do it. And of course, it would have to make economic sense and have the returns to fit in that area. So, those would be the three things. But back to your key question on guidance, we've not included Phase 7, but it does show Phase 6 through 2016, 2017 and then the processing of – it's as if it would have been back if you go back and take a look at 2014 and the first part of 2015 in terms of production levels.

I'm sorry, sir, but I still have a follow-up. According to bloomberg.com, it's likely that you're going to have to sell more than you said so far in exchange for about $2 billion in cash. Are they right? Are they wrong? Gary J. Goldberg - President, Chief Executive Officer & Director: I didn't follow the question. Say that again, Eliot?

According to a number of articles that ran on bloomberg.com, there's an investor group trying to raise $2 billion to buy a larger portion of Batu Hijau than you said in your previous explanation. Gary J. Goldberg - President, Chief Executive Officer & Director: Yeah. Those numbers – I can't comment really on what's in the press. I think, when we look at the value, there's a value for Phase 6 and there's a value for Phase 7 out there and beyond. Those would be the pieces that we would be looking at. So, when I talk of the development cost for Phase 7, that doesn't include the revenues and the value we get from Phase 7. And of course, it didn't pick up the value we get for Phase 6 in the equation.

It was not very thorough. The last question is, are you going to be forced to sell a significant portion at some point by the government of Indonesia? Gary J. Goldberg - President, Chief Executive Officer & Director: No. The only requirement that we have under our Contract of Work is a further 7% divestment. That has been on the table with an agreement to sell, and the government hasn't progressed that in almost five years that we've had that agreement. So – but I don't see – divestment has never been an issue in our discussions with them on the Contract of Work. We've divested already 44% of our interest there, and that has not been an issue with the government.

Thank you very much. Gary J. Goldberg - President, Chief Executive Officer & Director: Thanks, Eliot.

That is the last question on queue. Speakers, you may continue. Gary J. Goldberg - President, Chief Executive Officer & Director: Thank you very much. Thank you for joining our call this morning. Our team continues to deliver strong results as we did here in the first quarter of 2016 by driving safer and more efficient operations; a portfolio of longer life, lower cost assets; an experienced and successful exploration team; an exceptional project pipeline and success rate; and a stronger balance sheet and credit rating. We'll continue to build on these foundations as we work to make Newmont the world's most profitable and responsible gold business. Thank you again, and have a safe day.

That concludes today's conference call. Thank you, all, for participating. You may now disconnect.