Good morning and welcome to the Newmont Mining First 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 to Kirsten Benefiel, Director of Investor Relations. You may begin.

Thank you, operator, and good morning, everyone. Welcome to Newmont's first quarter 2014 earnings conference call. Joining us on the call today are Gary Goldberg, president and chief executive officer; Laurie Brlas, chief financial officer. They and other members of our executive team will be available to answer questions at the end of our call. Turning to slide two, I’d like to refer you to our cautionary statement. We will be discussing forward-looking information, which is subject to a number of risks. More information is included in our SEC filings, which can be found on our website at newmont.com. You can also find our latest financial information and additional data in the investor briefcase on the financial information page of our website as well. Now, I will turn it over to Gary.

Thanks, Kirsten, and thank you for joining us this morning. Our trajectory of strong cost and production performance continued in the first quarter of this year and that’s what we are focused on during this call. I realized there may also be interest in recent media speculation and therefore I want to address that upfront. We are always opened opportunities that can make our company stronger and benefit our shareholders and other stakeholders. While I cannot comment on roomers or speculation I can tell you that we continue to be focused on running our business. That means meeting our commitments, maintaining our standards, and delivering shareholder value. Now, I would like to turn to our first quarter results, which include reductions of $82 million in gold all-in sustaining costs, and 4% improvement in gold production over the prior year quarter. Running our operations more efficiently is at the heart of these results and closely linked to our safety performance. Turning to Slide four. I am pleased to report that we have sustained six straight quarters of industry leading injury rates. Thanks to widespread ownership for working safely and efficiently. However, this performance is overshadowed by the tragic loss of our colleague Simon Donkor, a crusher operator at Akyem operations who died on March 26. We are taking steps to understand what went wrong and to prevent a similar accident, both at Akyem and at all of our operations. Totalities are unacceptable, but we will honor Simon’s passing by renewing our commitment to safety and we will not led up. Continues improvement is a way of life across all aspects of our business. Turning to Slide five. Newmont is the premier U.S. based gold mining company and I will take a minute to cover what makes us a global leader. We…

Thanks, Gary, and thanks to everyone, for joining us this morning. As Gary mentioned, we are very pleased with our results that indicate a strong operating performance as we have focused on lowering cost and rising gold and copper production. With this focus, we offset escalation and held total cash flat over the prior year quarter. While noticeably reducing overhead cost and sustaining capital spend. Turning to Slide 15 and comparing Q1 2014 to the prior year quarter. As you can see we experience lower commodity prices, and as a result revenue for the quarter was down approximately 19% over the prior year quarter. Our GAAP net income from continuing operation was $117 million. This quarter’s net income was impacted by an unusually high tax rate of 55% versus 33% in the prior year quarter. The sale of Midas had a very significant impact on the tax rate for the quarter. We recorded a pretax book gain of $47 million, but the book tax rate on the gain was 75% due to the fact that related differed tax asset transferred with the sale of the asset and our current capital loss carryover position. That’s $35 million of tax expense on the P&L statement, which obviously resulted in lower earnings for the quarter. I’ll talk about this in more detail shortly, but we reported adjusted net income of $108 million or $0.22 per share compared to $353 million in the prior year quarter or $0.70 per share. Cash provided from continuing operations was strong at a $183 million. We continued to be focused on generating positive free cash flow and if we include the sale of the Midas asset, we achieved positive free cash flow for the quarter. Internally, we are very committed to delivering free cash flow consistently and cumulatively.…

Thanks, Laurie. Summing it all up, we are continuing to build on the momentum we established last year with strong cost and production performance in the first quarter of 2014. This trajectory will continue as we deliver on our commitments for the balance of this year. Before I open the floor to questions I want to leave you with the view of where we’re taking business in the future. Our vision for Newmont is to lead the gold sector and creating value for shareholders. As we’ve demonstrated we are on track to maximize value in the short-term and to capture the benefits of economic recovery and demand growth in the longer-term. We set a clear path to improve the business by building a portfolio of longer life, lower cost assets by delivering steady production by making cost and capital discipline part of our DNA by maintaining an investment grade balance sheet and financial flexibility and by replenishing our growth pipeline. Thank you for your time. Once again I am happy to answer your questions about our first quarter performance and our business. Operator, we’ll take questions now.

Thank you. We will now begin the question-and-answer session (Operator Instructions). David Haughton, BMO. Your line is open. David Haughton – BMO Capital Markets: Good morning and thank you. Hi, Gary and Laurie. Quite impressed with the African operations; it's led to a revision of your guidance for the better. Can you just explain a little bit where the beat is coming from in those operations and how sustainable you view it to be?

Yes, thanks David and thanks for joining this morning. In Africa first of all at Ahafo part of the changes that you’ve seen made here in our guidance tieback to the changes we are making in the business last year, when we looked at all our project portfolio and decided to take a look back through all of our projects we pulled out and are reassessing both the Ahafo mill expansion and Subika underground projects. And those had built into the plans and as people were looking at the plans for 2014 through 2016 they hadn’t gone through the optimization that’s really necessary in the base case and I’ve now done that work. And the primary piece I’d say is they’ve taken the pit there and the pit plans and pulled them in, brought them in more inline with what you’d need with basically a smaller producing operation. So you’ve matched the stripping more to what we expect in terms of production over the next three years. So I see that as sustainable, I also see the plans that we’re reviewing here this year and into next year on both the mill expansion and Subika Underground is still something that looks very attractive, but we’ve got to do the appropriate homework to make sure that the plans will deliver the value we should achieve from them. David Haughton – BMO Capital Markets: Okay. So the first quarter result in both Akyem and Ahafo on a cash cost basis, well below even the bottom of your revised guidance range. Are you just providing yourself a little bit of leeway, just in case there’s some change in the grade being presented to the mill, or how should we read that?

I think we’re pretty comfortable in terms of the grade and what we expect through the year. We are in the process that Ahafo of growing through our workforce reduction, so we do expect some cost to implement that. That will come through and will come through Ahafo’s cost, but we want to make sure we are able to continue and sustain that performance before we make further adjustments to our guidance. David Haughton – BMO Capital Markets: All right. You made reference to Merian in your discussion with a decision by mid year. I presume that any commitment to that has not been included in your guidance through 2016 on the capital. Is that correct?

That’s correct. In fact our guidance from 2014 through 2016, we removed all of those development projects other than the Turf Vent Shaft, which is included in the costs, so that’s included. We have included cost to continue to do the steady work on Merian which we will come to a decision on here in the second quarter. And on the Ahafo projects I just mentioned as well as on Long Canyon. David Haughton – BMO Capital Markets: Okay. So what are the key things that you’re looking for in Merian before you give it the green light?

I think from my standpoint, obviously we got to have board approval as one, but the team’s done a good job. We’ve gotten regional – while we’ve gotten the national governments approval to be able to proceed, which we didn’t have, we’ve got the mineral agreement. We are working up our plans to be able to develop the project, we’ve been working with the same group that ultimately built that Rosebel operation to look at how we would constructed more efficiently with the different model and the normal EPCM model, which we believe is an effective way to build this project in. we need to take this final package together and take it forward to the board for approval. David Haughton – BMO Capital Markets: Okay. Would you be able to give us a bit of a thumbnail sketch as to what that mine could look like as far as the throughput and volumes and the costs, et cetera, the whole package?

Yes, ballpark with Merian were about 400,000 to 500,000 announces of year of production for the first five years. And that’s up a bit from where we would have been even a year-ago because we spend quite a bit of time drilling in better understanding the ore-body especially what we’ve be encountering in the first three to four years of production just to have a better understanding the first part of the ore-body in fact the first five to six years remaining primarily in the saprolite which is fairly soft material so it allows higher throughput and that’s what we’ve built into the plans as we look going forward on an all in sustaining cost basis we’d be looking at numbers in the around $800 to $900 per ounce range and of course that doesn’t include the development capital terms of development capital the 100% number that’s out there is in the $900 to $1 billion range. David Haughton – BMO Capital Markets: And the size of the plant, and once you move from the softer material into the harder material, what size do you have in mind there?

Then and it goes back to the hardness and in bit to the grade and I don’t have that number at top of my head but I am estimating it’s in the 300,000 to 400,000 ounce year range. David Haughton – BMO Capital Markets: Sorry to put you on the spot there.

Just one other thing and to be clear to on power costs because I know that’s one that always comes up, we are not part of the national grid there we’re independent and we have our own Gen sets and right now our estimate based on current world oil costs because we’d been using heavy oil diesel fuel our estimate for electric power cost in the $0.15 to $0.17 per kilowatt range so I know that’s been one question we get a lot of questions from folks on. David Haughton – BMO Capital Markets: Sure. Given the challenges that your neighbor has encountered in that regard. Okay. Thank you very much, Gary.

Thanks, David.

John Bridges, JPMC. Your line is open. John Bridges – JPMorgan Chase & Co: Good morning, Gary, everybody. Thanks for taking the questions. Just wondered with Indonesia, with the presidential election only in July, do you think you can get a resolution before that? And if you can't, do you have flexibility in the pits to move - continue towards the goal of getting into the core of the ore body by the end of this year, early next, or would that be deferred?

No, thanks John and thanks for the question on Indonesia. We had actually Indonesia held their parliamentary elections earlier this month. So that part of the election process is complete. I wouldn’t say that it gave any clear leader out there. And it’s going to require several groups to come together in the presidential election to see were the outcome is and then the presidential election as you mention is in July, from our standpoint we continued to have good dialogue despite the elections going on with the various ministries that I’ve mentioned trade, finance and mining. And I believe we’ll see a solution if we don’t see a solution one of the options that we could pursue is to continue mining overburden, but we are right at that fringe where you start to get into ore. What you I would be less inclined to do is to start stockpiling ore, if we got into that situation if we are not able to ship concentrate. And quite frankly from our cash cost perspective, we are very close to that boundary here, and within quite frankly about four or five months of getting into their higher grade ore. We’d probably be better served to reduce our stripping. And that’s what our current plans are, would entail, if we’re forced to go down that path. John Bridges – JPMorgan Chase & Co: Okay. So that would delay the good stuff into next year?

Correct. John Bridges – JPMorgan Chase & Co: Okay. Just following on as a second, from David’s question, the Merian thing, I thought there might have been a decision on that by now. Has there been a delay?

No, there hasn’t been a delay. We’ve always said there would be a decision here in the second quarter. John Bridges – JPMorgan Chase & Co: Okay. Sorry, my mistake. Thank you very much. Good luck.

Thanks, John.

(Operator Instructions) Our next question comes from Andrew Quail, Goldman Sachs. Your line is open. Andrew C. Quail – Goldman Sachs & Co.: Gary, Laurie, thank you very much for the update this morning. Solid results. Just got a question on North America/Nevada. You just looking at your guidance for what capital expenditure from sort of 2014 to 2016, obviously it’s pretty much more than half. I obviously understand the vent shaft is part of that CapEx. What else is driving that down? And then do you see, that outlook of 2016, is that sort of a sustainable number going forward?

Okay. Thanks, Andrew. Just a couple of things on Nevada in particular we’ve got some higher striping at both Carlin and at Twin Creeks this year, and we see that coming down in 2015 and 2016. And that higher striping is part of what you’re seeing showing up in the capital cost as well of the way we handle – in our case we count it as sustaining capital towards the development of those two pits. So we do see that come down and we do see past 2016 that more a sustainable rate. Andrew C. Quail – Goldman Sachs & Co.: Okay. So we can sort of look at something like around a $280 million turn for North America?

Yes, the 26 to 28. Andrew C. Quail – Goldman Sachs & Co.: Yeah, and just one on Indonesia. Do you guys – have you guys got a number for the actual stockpiles of copper content you have there?

In terms of specifics and the quantity or the dollar value. Andrew C. Quail – Goldman Sachs & Co.: The quantity.

Okay, why don’t we – if we can come back to you on that one.

We can get back to you, it’s in the 10-Q, but we’ll get back to you on that one Andrew. Andrew C. Quail – Goldman Sachs & Co.: Okay. And one last one on Africa. Obviously it was an outstanding result. I think Dave did ask this question. Obviously the grade's sort of coming down at both. It's obviously about cost cutting. Is there anything specific you're seeing, whether it be power or labor that's actually driving down those costs to a lower level?

Right, I think the key at Ahafo in particular is the resequencing and bringing in the pit sequences and that cuts down the overall stripping. So that’s the main one but then we’re really going through everything our G&A costs and our operating costs in terms of people addressing all those costs. I’m going to ask Chris Robison to just chime in. Chris is our Chief Operating Officer.

Yes and its, to Gary’s point its primarily driven in the mine by or stepping back from a five shovel operation to a three shovel operation. So you’ve got those operating costs coming out as well as the capital associated with that reduce production scenario. Andrew C. Quail – Goldman Sachs & Co.: Okay. Thanks very much. That's all I had.

Great, thanks Andrew.

Thank you. (Operator Instructions) we do have a question from Brian Yu, Citi. Your line is now open. Brian Hsien Yu – Citigroup Global Markets Inc.: Thanks and congrats on a good quarter, Gary and Laurie. First off, I think Gary, you said on the Indonesia export license you were over two of the four hurdles. Can you clarify if that's exclusive of the proposed export tariff, would that be a separate negotiation from those two of four hurdles?

Yes, thanks Brian in terms of hurdles or steps that we’re going through basically the final step is up with the ministry of mines one of the things we expect to get clarity on here in the next week or so is the ministry of finance view on what an export tariff might look like. And then how we might address that we will have to take a look at once we get that clarity. So that’s not necessary a direct step, but that’s they will be advising back into the ministry of mines. Brian Hsien Yu – Citigroup Global Markets Inc.: Okay. And say you do go through a workforce reduction, what does timing look like if things get resolved and go through the steps of restarting the operations there or getting it back up to 100%?

Yes, without going into all the details we do have very detailed contingency plans I think our first step would be to reduce contractors and take that out of the – take that group out of the system in terms of costs and to reduce our overburdened stripping. And we wouldn’t immediately lay off employees I think it’s important to be in a position to come back if we’re able to reach an agreement so that’s been our approach if we get to that stage. Brian Hsien Yu – Citigroup Global Markets Inc.: Got it, and then last one here, switching topics a bit. You were able to reduce costs quite a bit at Ahafo. I'm wondering if there are other operations that are on the top of the list for mine optimization work this year?

Yes, we’ve got the full potential project which I’ve described in the past which Boddingtons was the first last year and we’re running it through all of our operations and in fact going through the really the rest of the operations in the organization this year. We prioritized that our highest cost operations were first and are working that through. And I expect to see further improvements throughout the year as we built that in and define specifically what the savings are not keen to put forward estimates without having detailed plans to back that up. Brian Hsien Yu – Citigroup Global Markets Inc.: Okay, Thank you

Thanks Brian

And our last question comes from Paretosh Misra, Morgan Stanley. Your line is open. Paretosh Misra – Morgan Stanley & Co. LLC: Thank you. Couple of questions. First, on Merian. Just wanted to confirm that you purchased Alcoa's share, right, in first quarter?

That’s correct we purchased Alcoa’s share in the first quarter. Paretosh Misra – Morgan Stanley & Co. LLC: So you are the 100% owner of Merian right now?

Yes we are a 100% owner and once we come soon we come to decision to proceed, then there is a notice period basically with the government of Suriname, where they have the opportunity based on a factor of historical costs to acquire up to a 25% equity interest in the project and they’ve got a 105 day window to exercise that rate. Paretosh Misra – Morgan Stanley & Co. LLC: Okay, got it. And on Indonesia, I'm sorry if I missed that part of the answer, but is Ministry of Finance not involved in the process?

No the Ministry of Finance is involved but they have an advisory capacity I guess I would say determining what if any sort of export tariff might be applied. Paretosh Misra – Morgan Stanley & Co. LLC: Got it. And last one on Nevada. What's the percentage of refractory ore in your feed stock? Is that still close to 80%? And how much spare capacity to process that do you currently have?

I know it’s less than 80% but I would have to get back on the detail I am not across the specific details on and I think you are referring well it's less of an issue for Phoenix it's more with Carlin and Twin Creeks but it have to come back on that. Paretosh Misra – Morgan Stanley & Co. LLC: Okay, great thank you.

Thanks

Thank you. At this time there are no further questions I would now like to turn the call back over to Gary Goldberg, thank you.

Thank you very much operator and thank you all for joining I appreciate the great interest we had in the number of callers that were listening in today and you can look forward to continued good results here in the future. Thank you.

This concludes today’s conference call. Thank you for participating. You may disconnect at this time.