Ralph Profidi

Ralph Profidi asked for a breakdown of the $450 million reduction in exploration and advanced projects, inquiring how much was due to rationalization and asset sales versus strategic capital allocation decisions aimed at cost savings, such as pulling back or advancing exploration at specific assets.

Answer

Natascha Viljoen, President and COO of Newmont Corporation, explained that the reduction was not a 'haircut' but a deliberate review over the last 18 months. This work involved understanding the full potential of all assets, including exploration upside, to ensure that exploration dollars are targeted towards the most valuable work that expands understanding and future potential of these assets. She emphasized it was a very deliberate piece of work underpinning the organizational structure and decentralized design.

Ralph Profidi inquired about the $450 million reduction in exploration and advanced projects, asking how much of this reduction was due to rationalization and asset sales versus strategic capital allocation decisions aimed at cost savings, such as pulling back or advancing exploration at specific assets.

Answer

Natascha Viljoen, President and COO, explained that the reduction was not a 'haircut' but a deliberate review over the last 18 months. This comprehensive assessment aimed to understand the full potential of all assets, including exploration upside, and to target exploration dollars towards delivering value. She emphasized that this was a very deliberate piece of work to ensure the right work is done for the assets.