Good morning, and welcome to the Newmont Mining 2016 Third Quarter Earnings Conference Call. All lines will be on a listen-only mode until we open for questions and answers. 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 now to Meredith Bandy, Vice President, Investor Relations. You may begin.

Good morning, everyone, and welcome to Newmont's third quarter earnings conference call. Joining us today are Gary Goldberg, our President and Chief Executive Officer; Laurie Brlas, our Chief Financial Officer; and Tom Palmer, our Chief Operating Officer. With that, I'll turn it over to Gary.

Thank you for joining us this morning. Our team delivered another strong quarter by executing our strategy, which is to improve the underlying business, strengthen the portfolio and create value for shareholders. Before we get into the details, I want to cover some news. First, we're welcoming Nancy Buese to the Newmont team as our new Executive Vice President and Chief Financial Officer beginning October 31. Nancy is an accomplished finance leader with extensive experience in the natural resources sector and most recently served as Executive Vice President and CFO for MPLX, a publicly-traded energy company with $6 billion in revenues. Prior to that, she was CFO from MarkWest Energy Partners, a publicly-traded midstream energy company whose valuation grew from $50 million to $16 billion during her 11-year tenure. I'd like to thank Laurie Brlas for her many contributions to Newmont. Laurie is retiring to focus on her board assignments and spend more time with family. She'll remain with us through the end of the year to ensure a smooth and orderly transition. Since Laurie joined Newmont, we've lowered net debt significantly and earned the gold sector's best credit rating. The second news update, I'm pleased to announce increased dividends in the fourth quarter as a result of higher gold prices, and beginning in 2017, through our enhanced dividend policy. We're also putting strong free cash flow to good use by retiring more debt, and we announced this morning a $500 million debt tender. Third, I want to recognize our team in Suriname for delivering Merian into commercial production safely, on schedule and more than $150 million under budget. Finally, I'll point out that Batu Hijau was classified as an asset held for sale and reported as a discontinued operation in our third quarter and prior period financial results. Turning…

Thanks, Gary, and good morning, everyone. I'm pleased to report that we delivered another great quarter with some exceptional financial results. I also want to thank Gary and the board and everyone at Newmont for their support over the last three years. It's been wonderful to be part of the transformation here, and I feel very confident that Newmont is in good shape and in good hands, and I look forward to watching the next chapter unfold. Now, before I get into the reconciliation of GAAP earnings, I want to comment on the accounting treatment of PTNNT. As Gary mentioned, we've made good progress in meeting the conditions precedent for the sale. And as a result, we've met the conditions for held-for-sale accounting, and we are now treating this as a discontinued operation. That means that all P&L line items are collapsed and appear in discontinued operations. Balance sheet items are collapsed and appear as assets or liabilities held for sale. You will see this is the case for all periods included in our SEC filings as well as in the press release. As we had indicated would happen, with this change, we did record the expected loss. So, with that, let's look at the reconciliation on this slide. GAAP earnings per share is a loss of $0.67. It includes a $577 million non-cash loss related to this reclassification of Batu Hijau as an asset held for sale. We also adjusted for our other discontinued operations and Batu Hijau earnings for the quarter of $0.13. Net income attributable to Newmont shareholders from continuing operations is then $0.32 per share. The primary adjustments to net income were a $0.03 per share revision related to the La Quinua leach pad due to changes in expected recoveries from re-leaching pad and $0.03 per…

Thanks, Laurie. We continue to deliver strong operating performance in the third quarter, most notably lowering injury rates by 12% and working without injury at Tanami and Merian, producing slightly more gold as increases at Cripple Creek & Victor, Carlin, and Boddington more than offset decline in production at Yanacocha; and maintaining capital discipline and delivering efficiency gains at our operations and projects. Our cost performance for the quarter was impacted by some accounting charges, including a write-down on the La Quinua leach pad in Peru and inventory draw-downs in Africa; and some operational changes, including low-grade, deep transitional ores at Yanacocha and a geotechnical event at Silverstar, one of our Carlin's surface mines. Turning to our regional performance on slide 16, as Gary mentioned, we're commissioning Phase 1 of Long Canyon. We added cyanide to the leach pad last week and we shipped carbon to Carlin for stripping and produce first gold next month. Studies to pave the way to develop Phase 2 of Long Canyon are also underway. We've completed the Cripple Creek & Victor expansion. The mill is producing as expected and ramp-up of our new valley leach facility and recovery plant is progressing on course. And this performance keeps us on track to meet our investment case. Finally, we're extending out Exodus portal mine to the Northwest. Work to install arrays and some ventilation equipment is underway. And this project will reach full production in 2018. The slip at the Silverstar mine in the Carlin North area will impact fourth quarter product. Fortunately, we were monitoring the wall and had evacuated people and equipment well ahead of the slip. As context, mining at Silverstar is expected to end this year. So, there is no impact to longer-term production or costs. We're making good progress at Leeville…

Thanks, Tom. Our project pipeline, which I believe is the best in the gold sector, gives us the flexibility and optionality we need to grow margins while maintaining steady production levels. This version of our pipeline shows a timeframe for delivering projects into production, all the way out to our greenfield exploration prospects on the far left. Earlier-stage projects represent additional upside to our production and cost guidance and the next cabs off the rank are the Ahafo Mill Expansion and Subika Underground mine in Ghana. Turning to slide 21. The Ahafo Mill Expansion is designed to leverage existing infrastructure to build capacity and improve costs, would also offset lower-grade ore and accelerate profitable production from stockpiles. The Subika Underground mine will produce ore grades that are three times higher than the current surface mine grades, and create a platform to explore the region's significant underground potential. As Tom mentioned, we expect to reach decisions on both projects in the fourth quarter. If approved, they would add between 225,000 ounces and 300,000 ounces of gold annually with first production in 2018, and lower Newmont's all-in sustaining costs. Ahafo is a great example of our success in extending mine life and reserves through exploration. Turning to slide 22. Our team has added 123 million ounces of gold reserves by the drill bit over the last 15 years. Exploration remains a core competency and the most cost-effective way to add high-quality ounces to our reserve base. In fact, about 60% of the gold we'll mine this year was discovered by Newmont geologists. Recent success stories include Long Canyon, where we've increased reserves and measured and indicated resources by more than 50% since we began reporting reserves in 2013; at Merian, where we've grown the base by more than 165% to about 4.5…

Thank you, sir. We will now begin the question-and-answer session. Our first question on the queue comes from the line of Mr. Andrew Quail of Goldman Sachs. Your line is open. You may begin. Andrew Quail - Goldman Sachs & Co.: Morning, Gary, Laurie and team. First off, Laurie, thank you very much for your help over the last few years. It's been excellent working with you, and all the best for the future and in retirement. I've a question on – my first question is on Ahafo. Obviously, we saw a jump in cash cost and, obviously, the all-in sustaining cash cost. What drove that? I know you said there's inventory or negative inventory adjustment. Can you guys just elaborate and what you expect going forward at that operation?

Sure. Thanks, Andrew. Thanks for your comments. At Ahafo, we're into a point where we're going to start to draw down on the stockpile. From a cash flow standpoint, that's a very positive because we have less tied up on the balance sheet. But those are generally going to be higher cost ounces than what we're mining today. So, you'll see a bit of a negative P&L impact on it, but we're also focused on (26:40) cash. So, it's a positive on the cash side. Andrew Quail - Goldman Sachs & Co.: Is that something that goes on for a couple of quarters or is that like an annual thing?

I think you're going to see that going into next year; that will come through in full detail with the 2017 guidance. But as we wait for the Ahafo Mill and Subika Underground, I think you're going to see that continue for a bit. Andrew Quail - Goldman Sachs & Co.: Great. I mean – I'm sorry, the next question is on Merian. Now, you guys obviously – you're up to commercial production. Can you guys just discuss what the upside is there sort of on a longer-term view, sort of three or five-year view on – and specially with something like how much exploration spend you guys are going to allocate to this site?

I think a couple of things, Andrew. First of all, I think there's potential upside in mill throughput. As we get things ramped up, we'll have a better idea on what the actual potential of the mill is, but we see that as a potential upside. We're not building that in, in our current guidance as we look into 2017, because I'd like to give them a few months of actual experience to see before we try to build that up. But I see that as one upside. I think exploration, and as I alluded to in my comments, it's still open in all directions there. We continue to see good results. Whether it's an underground potential deposit or actually an expansion of the current open pit, the results we see could lead to just a bigger open pit there, which – with much higher grades than what the current ore body average is. And that shows up – I don't think we've got it in this slide pack. But in the last quarter slides, we had some cross sections that showed some of that drilling below the pit. So, I'm very encouraged there, and we continue to look. Sabajo is in the region. It's about 30, 35 kilometers away, and that's an additional deposit. What's good about that is it's the saprolite softer ore. So, it would be good in terms of improving and continuing the throughput characteristics at Merian. So, overall, still very pleased with the potential there. Of course, none of that's been built into our current guidance. Andrew Quail - Goldman Sachs & Co.: Thanks, Gary.

Thanks, Andrew.

Thank you, sir. The next question on queue is coming from the line of David Haughton of CIBC. Your line is open. You may begin.

Good morning, Gary and Tom, and good luck for the future, Laurie. I've got a question on Merian. So, early days, I know, but you've been mining there for a while. I was just wondering how the ore is behaving. Is it reconciling to your block model expectations? Is it going through the mill as expected? The slide that you'd shown as a backdrop there of the stockpile looked like it was really soft ore. So, I wonder if you could just talk to some of those items, please.

Sure. I think in terms of reconciliation, we're probably reconciling with a bit higher tonnes than what was expected. And that's not unusual as you're at the upper parts of the ore body, on the fringes to have found that. But as we get in, grade is reconciling very close to what we expected. As you may recall, when we announced the project, I talked about the fact we did an additional roughly $25 million worth of drilling to understand that ore body. So, I'm not surprised that it's coming in, but that's coming in well. I think in terms of the ore quality, yes, and that's the nature of saprolite, it's soft. We've kind of duplicated how Rosebel handled that material in terms of using bulldozers and the backhoe to help feed into the mill, and that process is going well. I think early on here, for the first several months, as we're in that very surface part of the ore body, we encounter – actually, you're right, at the surface, where you've got roots and things from plant materials. So, some of that's come through. But I think the team's worked through a method for handling that. That's been probably the only thing they've had to manage with, that I wouldn't say was a surprise, but just it adds some complexity to the startup. But I think the startup and ramp-up's been going very well and all according to plan.

Excellent. Just switching over to Long Canyon coming on stream by year-end it looks like. I'm wondering if at this stage you could give us an idea how the CapEx is going. So, ahead of time, is it looking like it's within your budget or better?

Yeah. I think, at this stage, Long Canyon, we haven't updated. I'd like to get it up to the commercial production point, and then at that point, we'll update our guidance on the capital. But it's going very well.

All right. Thank you very much, Gary.

Thanks, David.

Thank you, sir. Next question on queue is coming from Andrew Kaip of BMO. Your line is open. You may begin.

Hi, Gary and Laurie. Congratulations on a good quarter. David hit the, or got to, my questions first on Long Canyon and just the CapEx. I'm wondering how you're tracking in that regard.

Okay. Well, I think the same as what we just told David, we're tracking – we'll give an update when we achieve first commercial production, but we're tracking very well against what we expected.

Okay. Thank you very much.

Thanks. Thank you.

Thank you, sir. Next question on queue is coming from the line of Tanya Jakusconek of Scotia Bank. Your line is open. You may begin.

Great. Good morning, everybody. And Laurie, congratulations on your future board work. Questions on – some technical questions, if I may. Just coming to Merian, Gary, seeing things have started off well, why then the 20,000 ounces downward revision to guidance for that asset for this year? I mean, I know I'm splitting hair, but maybe there's something with the plants or the routes that had to make adjustments. I'm just trying to understand what changed your guidance.

I'm going to hand over for Tom to give an update on that one.

Okay. Thank you.

Thanks, Gary, and good morning, Tanya. We commissioned the facility exactly as we planned to this year. What we'd assumed in our plan which goes to those 20,000 ounces is we thought as we're building gold inventory in circuit that before we declared commercial production, we would pull off around 20,000 ounces. As it turned out, commissioning went very smoothly, but we didn't drop first ounces out of the circuit until essentially the 1st of October. So, just the way the commissioning went, that 20,000 ounces didn't present in the pre-commissioning, so we started first gold from the 1st of October. So, a slight offset as we move into the remaining part of this year, around the 100,000 ounces rather than the 120,000 ounces.

It's really a matching production to sales piece...

To sales, okay.

...because of the sales timing.

Yeah. There's gold in the circuit.

Yes.

Yeah. Okay. No, that's fine. I just wanted to know, because it didn't seem with everything else, your tonnage on your grade on the block models seemed to be reconciling. So, I was just trying to understand what happened. Okay. So, that's helpful. And maybe if I can continue still on the technical side, just on the geotechnical issues in Nevada, I know it's something that you mentioned for Q4, we'll see a bit weaker. What is weaker? What will we lose from these geotechnical issues?

You'll see our guidance for Carlin for production, we're dropping from, I think, a range of 1,040 ounces to 1,100 ounces down to 970 ounces to 1,030 ounces. So, that's the impact of those geotechnical issues. With the slip at Silverstar, we're monitoring that. We're right near the end of mining that pit. We understood that fault. We're monitoring that area. We'd stepped out to just add a bit of protection and then the slip slowly came down. As I said in my notes, we had people and equipment well clear of that area. So, that's the main driver of the impact on the revised production guidance for Carlin for this year. Some of those ounces will push into 2017, so we were expected to be out of that mine at the end of this year. As a result of this issue, we push into the first part of the first quarter and some of those ounces will move across into next year.

What do you think would move across? Is it half of them or what would be a guesstimate?

I think half would be a reasonable estimate.

Okay. And then maybe just on Boddington, obviously, a great throughput in the quarter. Maybe just what's happening there, at that operation?

I think what you're seeing at Boddington, four years of full potential work, excellent leadership from Alex Bates and the team there at Boddington. That mill is really hitting its straps. All the work we've done over several years, that team is driving that mill to record performance. We've had record months. We've had record weeks. And it's really the fruition of a lot of hard work to improve the availability and the reliability of that facility down at Boddington.

And you think that's sustainable?

Yes. Yeah. This is the result of a lot of a hard work, a very capable leadership team, and I fully expect that performance to continue and to look to improve.

Okay. Well, that's good. And maybe one for you, Gary. I know we talked about Batu Hijau, hopefully, the completion of the sale very soon. And I was writing viciously some of the things that are still left to outstanding. Can you just review again what exactly are we waiting for to just complete this? Like, what have we done and what are we waiting for? Sorry, I just missed that. Yeah.

Yeah. The number of the conditions precedent have been met in terms of different approval of the buyer shareholders, for instance, the resolution of certain tax issues and government approvals. And I was over there last month with Randy. We had an opportunity to meet with the team on the ground in Batu Hijau and in Jakarta to thank them for all their work through the transition and all the work they've done, especially through some of the challenging last three years as we've had to work through the changed approach to getting export permits. Also, I had the opportunity to meet with government officials in that process as well to thank them for their support. In terms of the key outstanding item remaining is actually getting the concurrent sale or the sale of one of the partners. Basically, the Bakrie's MDB, and having that sale go through. There's elements of that we're not in control of, it's stuff that they need to work through as they go through that process as that comes to a conclusion. That's really the key main item that's left outstanding.

Okay. So, the rest of the other ones you've mentioned you pretty much have that in place. Obviously, the export permit you said that sometime in November it expires and you're looking to have that one renewed.

That's correct. We've submitted our application there.

Okay. We look forward to closing it and getting the monies. Thank you very much.

So do we. Thank you, Tanya.

Thank you.

Thank you, ma'am. The next question on queue coming from the line of Anita Soni of Credit Suisse. Your line is open. You may begin. Anita Soni - Credit Suisse Securities (Canada), Inc: That's okay. Tanya asked this question, which was with regards to the production at Merian, so I will take it offline now. Thanks.

Thanks, Anita. I know you guys have a busy day today with lots of earnings coming out. Anita Soni - Credit Suisse Securities (Canada), Inc: Indeed. Thanks.

Okay. Thank you. The next question on the queue coming from the line of Chris Terry of Deutsche Bank. Your line is open. You may begin.

Hi, guys. Yeah. Two questions from me. Just on slide 20 where you've got the project pipeline laid out. In terms of the pre-feasibility study projects in the middle, can you just give a quick rundown on the timing that we should expect for some of those projects, please?

Sure. I'll run through. They all vary, as you can imagine, based on their complexity. Yanacocha sulfides at the top is about a two-year process to work that through pre-feas and on into definitive feasibility. Awonsu and Apensu Deeps are really underground extensions around Ahafo. And that's really primarily a combination of drilling and how things work. That's probably a more of the two to three years sort of a timeframe. Ahafo North is more in the three-year timeframe as we work through the next stages for that project. Tanami Expansion 2, I would see in that same sort of two- to three-year timeframe. So that – well, three – it says below three to five years at the bottom. And then, Federation, the same thing. It's really getting the expansion – Tanami Expansion 2, by the way, is a shaft, is what we're looking at for production there because the deposit extends so much at depth. So, hopefully, it gives you an idea. And that was the idea of putting the years at the bottom. Three to five is a general kind of a rule, but they all vary a little bit around there.

Thanks. Thanks, Gary. I was just wondering whether we should expect any of those a bit sooner. And then, just a question to Laurie on Batu closing. I'm sorry if you've been through this before, but the $920 million gross proceeds, can you just give an update on how the amount that you'll actually receive to Newmont post closeout of any internal debt in Indonesia actually flows through to you and how that might vary depending on the exact closure date of the deal?

The debt is all paid off, so there's no debt coming. That's something that we handled already. So, that will not affect it. There are some deposits that the buyers already made. So, that has an impact on it. And then, we'll also – well, from an accounting standpoint, we'll note any cost of it. But for the most part, you're going to get most of that money just coming directly through the $875 million that was on the slide is what we expect to come through.

Okay. Thanks, Laurie.

Thanks, Chris.

Thank you, sir. And at this time, we have no question on queue. Now, I'll turn the call over to Mr. Gary Goldberg.

Thank you, and thank you all for joining the call this morning. I know you've got lots of activity going on in the space. The Newmont team delivered another strong quarter and our work to raise our performance to the next level continues. We're also pleased to share good news, which includes appointing experienced finance leader, Nancy Buese, to the role of Executive Vice President and CFO, effective October 31; announcing higher dividends in the fourth quarter and an enhanced dividend policy for 2017, and a $500 million debt tender; delivering Merian into commercial production safely, on schedule and more than $150 million under budget. Thank you again for your time and have a safe day.

Thank you, sir. And that will conclude today's conference call. Thank you for participating. You may now disconnect.