What the changes say
- Completed divestitures leave Newmont with deferred consideration, indemnities and potentially uncapped closure, environmental and legal obligations.
- Ghana’s tax-stability protections expired December 31, 2025, while future mining-law, royalty and local-content changes create exposure.
- Cadia-related environmental concerns remain, but sampling and dust studies largely found compliance or limited Newmont-attributable pollution.
- New risks emphasize asset recoverability, CERCLA exposure, litigation and funding constraints from joint-venture partners.
What changed since the prior 10-K
New
- NewRisks Related to Our Operations and Business
current production with new production, or one or more of these new production sites or facilities may be less profitable than currently anticipated or may not be profitable at all, any of which could have a material adverse effect on our results of operations and financial position
Mine plans, reserve revisions, costs, recoveries and commodity prices may make existing or new production sites less profitable or uneconomic.
- NewRisks Related to Our Operations and Business
It is possible that certain of our other current or former operations, projects or exploration locations in the U.S. could be designated as a superfund site in the future, exposing us to potential liability under CERCLA
Former or current U.S. operations could become CERCLA Superfund sites, creating environmental liabilities and additional reclamation security requirements.
- NewFinancial Risk
opportunities, invest in existing and new projects, fund our ongoing business activities, retire or service all outstanding debt, fund share repurchase programs and transactions and pay dividends could be significantly constrained
Insufficient joint-venture partner funding could prevent development opportunities or force Newmont to assume additional obligations and raise capital.
- NewRisks Related to Our Industry
concentrations below the Australian Drinking Water Guidelines values. The majority of the instances of non-compliance from both Cadia Holdings’ and the NSW EPA’s sampling programs showed that such instances of non-compliance were influenced by building and plumbing materials
Cadia water and dust concerns remain relevant, although most water results were below guidelines and studies found limited particulate and metal contributions.
- NewLegal Risks
Unanticipated litigation or negative developments in pending litigation or with respect to other contingencies may adversely affect our financial condition and results of operations
Litigation, arbitration or other legal proceedings could develop adversely and materially damage Newmont’s business, financial position or results.
- NewRisks Related to Divestitures and Related Agreement
We are subject to ongoing indemnification and other retained liabilities from both recent and historical transactions
Recent and historical transactions retain indemnities for reclamation, environmental, tax and regulatory liabilities, including uncapped CC&V closure payments and possible Akyem penalties.
Dropped
- DroppedRisks Related to Our Operations and Business
anticipated or may not be profitable at all, any of which could have a material adverse effect on our results of operations and financial position
- DroppedRisks Related to Our Industry
development of a project; increased costs of development or production and litigation or regulatory action, any of which could materially adversely affect our business, results of operations or financial condition
- DroppedRisks Related to Our Industry
The independent air quality audit report published by Cadia Holdings in August 2022 indicated that dust emitted from two ventilation exhaust rises which vent emissions from underground processing operations exceeded levels permitted by applicable law
- DroppedRisks Related to Our Industry
While no specific relief has been sought by the NSW EPA in its proceeding against Cadia Holdings before the NSW Land and Environment Court, the court can impose penalties
- DroppedRisks Related to Assets Held for Sale and Divestitures
The Company’s asset divestitures place demands on the Company’s management and resources, the sale of divested assets may not occur as planned or at all, and the Company may not realize the anticipated benefits of such divestitures
- DroppedRisks Related to Assets Held for Sale and Divestitures
transitioning contracts, licenses, software, and other physical assets, and assisting the purchasers in setting up system to be in a position to run the assets
Covered inaccurate operating assumptions and estimates that could make mining production less profitable or uneconomic.
Reworded
- 98% rewrittenRisks Related to Divestitures and Related Agreement
We may not receive any or all deferred or contingent consideration for divested assets
The focus shifted from completing planned sales to collecting deferred consideration and managing continuing indemnification, guarantee and contingent-payment obligations after completed divestitures.
Was: Assets held for sale may not ultimately be divested and we may not receive any or all deferred consideration
- 86% rewrittenRisks Related to Our Industry
We may be unable to obtain or retain necessary permits and land or mining tenure, which could adversely affect our operations and projects
The supplied excerpt removes the prior discussion of specific consequences of permit failures, while retaining the risks of costly, lengthy and potentially revoked permits.
- 85% rewrittenRisks Related to Our Operations and Business
Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made
No substantive change is visible in the supplied excerpts; the risk remains that closure, reclamation, remediation and contamination costs exceed provisions.
- 82% rewrittenRisks Related to Our Industry
Environmental Sampling in the Cadia Area
The agency is now called the New South Wales Department of Health, and the water-testing program is described as comprehensive; the remaining excerpt is truncated.
- 81% rewrittenRisks Related to Our Industry
Tailings Storage Facilities and Dust Emissions at Cadia
No substantive change is visible in the supplied excerpts; Cadia’s 2018 tailings suspension, NTSF prohibition and approved alternatives remain described.
- 72% rewrittenRisks Related to the Jurisdictions in Which We Operate
Our operations at Ahafo South and Ahafo North in Ghana are subject to political, economic and other risks
Ghana’s fiscal and tax stability periods expired December 31, 2025, eliminating protections; future mining-law, royalty and local-content changes replace the prior emphasis on deterioration.
Was: Our operations at Ahafo and Akyem in Ghana are subject to political, economic and other risks
- 50% rewrittenFinancial Risk
Future funding requirements may affect our business, our ability to pursue new business opportunities, invest in existing and new projects, pay cash dividends or engage in share repurchase transactions
No substantive change is visible in the supplied excerpts; funding needs still depend on metal prices, cash flow and project prioritization.
- 47% rewrittenRisks Related to Our Operations and Business
A substantial or extended decline in gold, copper, silver, lead or zinc prices would have a material adverse effect on us
No substantive change is visible in the supplied excerpts; exposure remains tied to gold, copper, silver, lead and zinc price declines.
- 45% rewrittenRisks Related to the Jurisdictions in Which We Operate
Our operations in Argentina are susceptible to risk as a result of economic and political instability in Argentina and labor unrest
- 40% rewrittenRisks Related to Our Workforce
Our business depends on good relations with our employees
- 35% rewrittenRisks Related to the Jurisdictions in Which We Operate
New or changing legislation and tax risks in certain operating jurisdictions could negatively affect us
- 28% rewrittenRisks Related to Our Operations and Business
Increased operating and capital costs could affect our profitability
- 27% rewrittenRisks Related to the Jurisdictions in Which We Operate
Our Merian operation in Suriname is subject to political, security and economic risks
- 27% rewrittenRisks Related to the Jurisdictions in Which We Operate
Our operations at Lihir and project at Wafi-Golpu in PNG are subject to political and regulatory risks and other uncertainties
- 25% rewrittenRisks Related to Our Industry
Waste Rock and Tailings Management
- 24% rewrittenRisks Related to the Jurisdictions in Which We Operate
Our operations and projects in Canada are subject to legal and regulatory risks and other uncertainties in connection with claims and challenges by Indigenous groups
- 23% rewrittenRisks Related to Our Operations and Business
To the extent we hold or acquire interests in any joint ventures or enter into any joint ventures, our interest in these properties is subject to the risks normally associated with the conduct of joint ventures
- 21% rewrittenRisks Related to Our Workforce
Our Peñasquito operation in Mexico is subject to social, political, regulatory, and economic risks
- 21% rewrittenRisks Related to Our Common Stock
The price of our common stock may be volatile, which may make it difficult for you to sell the common stock at the price you paid or at prices you find attractive
All 60 risk factors
Headings as the filing states them, in filing order.
Other
- 01in millions, except per share, per ounce and per pound amounts)
Risks Related to Our Operations and Business
- 02A substantial or extended decline in gold, copper, silver, lead or zinc prices would have a material adverse effect on us47% rewritten
- 03We may be unable to replace gold, copper, silver, lead or zinc reserves as they become depleted
- 04Estimates of proven and probable reserves and measured, indicated and inferred resources are uncertain and the volume and grade of ore actually recovered may vary from our estimates
- 05Estimates relating to projects and mine plans of existing operations are uncertain and we may incur higher costs and lower economic returns than estimated
- 06current production with new production, or one or more of these new production sites or facilities may be less profitable than currently anticipated or may not be profitable at all, any of which could have a material adverse effect on our results of operations and financial positionNew
- 07Increased operating and capital costs could affect our profitability28% rewritten
- 08Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made85% rewritten
- 09It is possible that certain of our other current or former operations, projects or exploration locations in the U.S. could be designated as a superfund site in the future, exposing us to potential liability under CERCLANew
- 10We are dependent upon information technology and operational technology systems, which are subject to disruption, damage, failure or cybersecurity attacks and risks associated with implementation, upgrade, operation and integration
- 11Additionally, the increased interconnectivity of automated and cloud-based systems and increase of our remote workforce expands our cyber-attack surface, requiring heightened vigilance and advanced security measures. These risks are further compounded for our operations in countries with higher geopolitical risk
- 12To the extent we hold or acquire interests in any joint ventures or enter into any joint ventures, our interest in these properties is subject to the risks normally associated with the conduct of joint ventures23% rewritten
- 13Our operations and business have in the past been affected by the COVID-19 pandemic, and may be materially and adversely impacted in the future by pandemics, epidemics and other health emergencies
Financial Risk
- 14Increased exposure to foreign exchange fluctuations and capital controls may adversely affect Newmont’s costs, earnings and the value of some of our assets
- 15Future funding requirements may affect our business, our ability to pursue new business opportunities, invest in existing and new projects, pay cash dividends or engage in share repurchase transactions50% rewritten
- 16opportunities, invest in existing and new projects, fund our ongoing business activities, retire or service all outstanding debt, fund share repurchase programs and transactions and pay dividends could be significantly constrainedNew
- 17Our long-lived assets and goodwill could become impaired, which could have a material non-cash adverse effect on our results of operations
- 18Our ability to recognize the benefits of deferred tax assets is dependent on future cash flows and taxable income
- 19Any downgrade in the credit ratings assigned to our debt securities could increase our future borrowing costs and adversely affect the availability of new financing
- 20Returns for investments in pension plans are uncertain
Risks Related to Our Industry
- 21We may experience increased costs or losses resulting from the hazards and uncertainties associated with mining
- 22Mining operations involve a high degree of risk, including hazards related to the use of explosives and hazardous chemicals and critical equipment failure
- 23We rely on our supply chain operations to procure goods and services to support our operations and projects, and competition with other natural resource companies, and shortage of critical parts, services and equipment may adversely affect our operations and development projects
- 24We may be unable to obtain or retain necessary permits and land or mining tenure, which could adversely affect our operations and projects86% rewritten
- 25Mining companies are increasingly required to consider and provide benefits to the communities and countries in which they operate in order to maintain operations
- 26Illegal mining and artisanal mining occur on or adjacent to certain of our properties exposing such sites to security risks
- 27Civil disturbances and criminal activities can disrupt business and expose the Company to liability
- 28Our operations and projects face substantial regulation of health and safety
- 29Our operations and projects are subject to extensive environmental laws and regulations
- 30Waste Rock and Tailings Management25% rewritten
- 31Tailings Storage Facilities and Dust Emissions at Cadia81% rewritten
- 32Environmental Sampling in the Cadia Area82% rewritten
- 33concentrations below the Australian Drinking Water Guidelines values. The majority of the instances of non-compliance from both Cadia Holdings’ and the NSW EPA’s sampling programs showed that such instances of non-compliance were influenced by building and plumbing materialsNew
- 34Our operations and projects are subject to a range of risks related to transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy
- 35Our operations and projects are subject to a range of transitional and physical risks related to climate change
- 36Our Company and the mining industry are facing continued geotechnical, geothermal, and hydrogeological challenges, which could adversely impact our production and profitability
- 37Our operations and projects may be adversely affected by rising energy prices or energy shortages
- 38Our operations and projects are dependent on the availability of sufficient water supplies and subject to water-related risks
- 39Our operations and projects are subject to risks related to our relationships and/or agreements with local communities, including Indigenous Peoples, and laws for the protection of cultural heritage
Risks Related to the Jurisdictions in Which We Operate
- 40Our operations and projects are subject to risks of doing business in multiple jurisdictions
- 41New or changing legislation and tax risks in certain operating jurisdictions could negatively affect us35% rewritten
- 42Changes in mining or investment policies or shifts in political and social attitudes in the jurisdictions in which we operate may adversely affect our operations or profitability
- 43Our operations at Yanacocha and projects in Peru are subject to political and social unrest risks
- 44Our Merian operation in Suriname is subject to political, security and economic risks27% rewritten
- 45Our operations at Ahafo South and Ahafo North in Ghana are subject to political, economic and other risks72% rewritten
- 46Our operations in Argentina are susceptible to risk as a result of economic and political instability in Argentina and labor unrest45% rewritten
- 47Our operations at Lihir and project at Wafi-Golpu in PNG are subject to political and regulatory risks and other uncertainties27% rewritten
- 48Our operations and projects in Canada are subject to legal and regulatory risks and other uncertainties in connection with claims and challenges by Indigenous groups24% rewritten
Risks Related to Our Workforce
- 49Our business depends on good relations with our employees40% rewritten
- 50Our Peñasquito operation in Mexico is subject to social, political, regulatory, and economic risks21% rewritten
- 51We may not be able to operate successfully if we are unable to recruit, hire, retain and develop key personnel and a qualified and diverse workforce. In addition, we are dependent upon our employees being able to perform their jobs in a safe and respectful work environment
- 52We rely on contractors to conduct a significant portion of our operations and construction projects
- 53A failure of contractors to align employment practices with Newmont standards can also result in reactions from our employees and our workforce as they express solidarity with their counterparts in the field
Legal Risks
- 54Unanticipated litigation or negative developments in pending litigation or with respect to other contingencies may adversely affect our financial condition and results of operationsNew
- 55Title to some of our properties may be insufficient, defective, or challenged
Risks Related to Our Common Stock
- 56The price of our common stock may be volatile, which may make it difficult for you to sell the common stock at the price you paid or at prices you find attractive21% rewritten
- 57Holders of our common stock, CDIs and PDIs may not receive dividends
- 58Compliance with exchange listing rules as a foreign exempt listing may differ from investor expectations
Risks Related to Divestitures and Related Agreement
- 59We may not receive any or all deferred or contingent consideration for divested assets98% rewritten
- 60We are subject to ongoing indemnification and other retained liabilities from both recent and historical transactionsNew
Other Newmont 10-Ks
- FY2024 10-K risk factors60 risks
Newmont's primary risks center on volatile commodity prices, operational execution at aging mines, and stringent environmental and tailings regulations.
Filed Feb 21, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.