Filed by Newmont Mining Corporation
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
of the Securities Exchange Act of 1934
Subject Company: Normandy Mining Limited
Commission File No. 132-00965
NOVEMBER 14, 2001
NEWMONT + NORMANDY + FRANCO-NEVADA =
THE NEW GOLD STANDARD FOR THE 21ST CENTURY
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED LOGO]
Wayne Murdy
President and CEO, Newmont
Pierre Lassonde
President and Co-CEO, Franco-Nevada
Robert Champion DeCrespigny
Chairman and CEO, Normandy
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED LOGO]
THE NEW GOLD STANDARD
--------------------------------------------------------------------------------
* # 1 in reserves * Balance sheet strength
* # 1 in gold production * Low cash costs
* # 1 in leverage to gold * Balanced political risk
* # 1 in trading liquidity * Management strength
* # 1 in EBITDA * "No Hedging" philosophy
* U.S. domicile
1
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED LOGO]
THE NEW INDUSTRY LEADER
--------------------------------------------------------------------------------
[Graph]
2001E production (MM oz.) v.
Enterprise value (US$ millions)(2)
(Size of circles proportionate to reported gold reserves)
2001E Production Enterprise Value
Gold Fields [Medium Circle] 3.7 MM oz. 2,075.7 million
Placer Dome [Small Circle] 2.9 MM oz. 4,120 million
Anglo Gold [Medium Circle] 7.04 MM oz. 4,500.6 million
Barrick/Homestake [Medium Circle] 6.1 MM oz. 8,469.7 million
Newmont PF (1) [Large Circle] 8.2 MM oz. 9,800 million
Others [random dots] [<2 MM oz.] [<2,000 milllion]
(1) Newmont Pro forma (PF) reflects the sum of Newmont, Normandy and
Franco-Nevada enterprise values as of Nov 9, 2001; includes production
attributable to Franco-Nevada's share of Echo Bay
(2) Enterprise value represents market capitalization plus net debt, minority
interests and preferred stock
2
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD LOGO]
[NORMANDY MINING LIMITED LOGO]
# 1 IN RESERVES
--------------------------------------------------------------------------------
[Bar Graph]
Reserves
Million oz.
[American flag] Newmont PF (1) 97.1
[South African flag] AngloGold 87.6
[South African flag] Gold Fields (2) 79.0
[Canadian flag] Barrick/Homestake (3) 76.4
[Canadian flag] Placer Dome 47.0
Source: Most recent public filings
(1) Includes reserves of 66.3 mm oz. for Newmont, 26.4 mm oz. for Normandy,
2.2 mm oz. of equivalent reserves for Franco-Nevada and 2.2 mm oz. of
reserves to reflect Franco-Nevada's 49% ownership of Echo Bay
(2) Pro forma for acquisition of WMC gold assets
(3) SEC Filing of Nov 9, 2001
3
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED LOGO]
# 1 IN PRODUCTION (1)
--------------------------------------------------------------------------------
[Bar Graph]
2001E Production
Million oz.
[American flag] Newmont PF (2) 8.2
[South African flag] AngloGold 7.1
[Canadian flag] Barrick/Homestake 6.1
[South African flag] Gold Fields 3.7
[Canadian flag] Placer Dome 2.9
(1) Pro forma for the acquisitions, Newmont will account for approximately 9%
of global gold production (Gold Fields Mineral Services)
(2) Newmont includes production attributable to Franco-Nevada's share of Echo
Bay. Source: most recent public filings
4
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED LOGO]
LARGEST GLOBAL LAND POSITION
--------------------------------------------------------------------------------
[World Map]
[North America] NEVADA 34MM OZ. RESERVE BASE
----------------------------
[South America] YANACOCHA 19MM OZ. RESERVE BASE
-------------------------------
[Australia] WESTERN AUSTRALIA 14MM OZ. RESERVE BASE
---------------------------------------
Tanami 3mm oz. reserve base
[Indonesia] Batu Hijau 7mm oz. reserve base
TOTAL OF 94,000 SQ. MILES (244,000 SQ. KM)
3 MAJOR GOLD REGIONS = 86% OF RESERVES
5
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED LOGO]
SIGNIFICANT CAPITAL MARKETS SCALE . . .
--------------------------------------------------------------------------------
[Bar Graph in Decreasing Order of]
Enterprise Value with
Market Value and Net Debt
Market Value Net Debt
[American Newmont PF $8.125 billion $1.59 billion
flag]
[Canadian Barrick/Homestake $8.417 billion $0.0527 billion
flag]
[South African AngloGold $3.636 billion $0.864 billion
flag]
[Canadian Placer Dome $3.678 billion $0.426 billion
flag]
[South African Gold Fields (1) $2.043 billion $0.1716 billion
flag]
Note: Enterprise values as of 11/9/01; NEWCO reflects the sum of Newmont,
Normandy and Franco-Nevada market values excluding the value of
Franco-Nevada's 19.9% stake in Normandy
(1) Pro forma for acquisition of WMC gold assets
6
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED]
... AND SUBSTANTIAL TRADING LIQUIDITY
--------------------------------------------------------------------------------
Average daily dollar trading volume(1)
[BAR GRAPH]
[AMERICAN FLAG] Newmont PF(2) $62 million
[CANADIAN FLAG] Barrick/Homestake(3) $58 million
[CANADIAN FLAG] Placer Dome $33 million
[SOUTH AFRICAN FLAG] AngloGold $15 million
[SOUTH AFRICAN FLAG] Gold Fields $7 million
(1) Average daily trading volume for the six-month period ending Nov 9, 2001
(2) Newmont PF calculated by adding the volumes of Newmont, Normandy and
Franco-Nevada
(3) ABX/HM combined average daily volume presented is for the six months prior
to their merger announcement given substantial post-announcement arbitrage
activity
7
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED]
ENHANCED TRADING VOLUMES
--------------------------------------------------------------------------------
* Newmont's shareholder profile is
expected to diversify beyond its
strong U.S. base
* Exchangeable shares issued to
Canadian holders of Franco-
Nevada will qualify as Canadian
property for institutional and tax
sheltered accounts
* Newmont intends to list on the
Australian Stock Exchange
[PIE CHART]
Pro forma shares traded by country(1)
-------------------------------------
[AMERICAN FLAG] 70%
[AUSTRALIAN FLAG] 16%
[CANADIAN FLAG] 13%
[EUROPEAN UNION FLAG] 1 %
(1) Percentage of pro forma share trading for the twelve months
ended Nov 9, 2001
8
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED]
#1 IN EBITDA
--------------------------------------------------------------------------------
Last twelve months EBITDA
[BAR GRAPH]
[AMERICAN FLAG] Newmont PF $972 million
[CANADIAN FLAG] Barrick/Homestake $782 million
[SOUTH AFRICAN FLAG] AngloGold $633 million
[CANADIAN FLAG] Placer Dome $456 million
[SOUTH AFRICAN FLAG] Gold Fields $233 million
Source: Public filings
9
[NEWMONT MINING CORPORATION]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED]
STRONG BALANCE SHEET AND FINANCIAL FLEXIBILITY
--------------------------------------------------------------------------------
Net debt/net book capitalization (1)
[BAR GRAPH]
[CANADIAN FLAG] Barrick/Homestake 1 %
[SOUTH AFRICAN FLAG] Gold Fields (2) 17%
[AMERICAN FLAG] Newmont PF 18%
[CANADIAN FLAG] Placer Dome 24%
[SOUTH AFRICAN FLAG] AngloGold 41%
Note: Newmont PF book capitalization reflects Newmont's acquisition of Normandy
and Franco-Nevada, Normandy capitalization pro forma for the anticipated
deconsolidation of Australian Magnesium Corporation and the acquisition of Otter
Mines by Normandy NFM
(1) Net book capitalization defined as book value of equity plus net debt plus
minority interest and preferred stock; as of Sept 30, 2001
(2) Pro forma for acquisition of WMC gold assets
10
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED]
LOW CASH COSTS
--------------------------------------------------------------------------------
Cash costs (1)
[BAR GRAPH]
[CANADIAN FLAG] Placer Dome $157/oz.
[CANADIAN FLAG] Barrick/Homestake $159/oz.
[AMERICAN FLAG] Newmont PF (2) $175/oz.
[SOUTH AFRICAN FLAG] Anglogold $192/oz.
[SOUTH AFRICAN FLAG] Gold Fields $196/oz.
Source: Public filings
(1) For the latest twelve months ended Sep 30, 2001
(2) Inclues proportional costs for 49% ownership in Echo Bay
11
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED]
SYNERGY BENEFITS
--------------------------------------------------------------------------------
Expected annualized after-tax savings in the first full year
US$ millions
G&A $20
Exploration and Development $10
Operations/procurement $10-15
Interest savings $10-15
Net tax synergies $20
-------
AFTER-TAX CASH FLOW SYNERGIES (ANNUALIZED) $70-$80
12
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED]
BALANCED POLITICAL RISK PROFILE
--------------------------------------------------------------------------------
[PIE CHARTS]
Production (8.2MM oz.) Reserves (97.1MM oz.)
---------------------- ---------------------
[AMERICAN FLAG] 41% [AMERICAN FLAG] 34%
South America 14% [AUSTRALIAN FLAG] 25%
[AUSTRALIAN FLAG] 25% South America 20%
Other 15% Other 12%
[CANADIAN FLAG] 5 % [CANADIAN FLAG] 9 %
Pro forma for the transactions, approximately 70% of
Newmont's production(1),(2) and reserves(2) will be in countries
rated AAA(3) by S&P
Source: Public filings
(1) Last twelve months Sept 30, 2001
(2) Includes production and reserves attributable to Franco-NeVada and
Echo Bay
(3) S&P local currency credit rating
13
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED]
MANAGEMENT STRENGTH
--------------------------------------------------------------------------------
Combining leading global management teams
* Post-transaction, Newmont will combine
- Newmont's global operating and development strength
- Normandy's Australian and international mining portfolio
- Franco-Nevada's merchant banking and royalty assets
* Newmont, Normandy and Franco-Nevada's complementary corporate
development skills will be integrated into a new Merchant Banking unit
* Newmont management team has proven merger integration skills and a
track record of delivering on synergies
14
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED]
A SHARED BELIEF IN THE FUTURE OF GOLD
--------------------------------------------------------------------------------
* Mine supply is decreasing
* Producer hedging is decreasig
- Contango is falling
- Producers are unwinding
hedge books
* Uncertain global financial
markets once again turning
attention to gold
- Investment demand is rising
- Portfolio diversification
strategies
[LINE GRAPH SHOWING DOW JONES INDEX/GOLD PRICE FOR THE YEARS FROM 1886 TO
2001 (IN FIVE YEAR INCREMENTS) STARTING WITH APPROXIMATELY 1.5 AND
ENDING WITH APPROXIMATELY 21]
15
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED]
LARGEST UNHEDGED RESERVE BASE...
--------------------------------------------------------------------------------
Newmont will opportunistically unwind Normandy's hedge book
[BAR GRAPH]
Unhedged reserves Increasing gold exposure
as hedge book is
unwound
[AMERICAN FLAG] Newmont PF(1) $84.9 million oz. 12.2 million oz. (2)
[SOUTH AFRICAN FLAG] Gold Fields $78.8 million oz.
[SOUTH AFRICAN FLAG] AngloGold $71.3 million oz.
[CANADIAN FLAG] Barrick/Homestake $54.3 million oz.
[CANADIAN FLAG] Placer Dome $41.0 million oz.
Source: Public filings
(1) Includes attributable reserves of Franco-Nevada and Echo Bay
(2) Total Newmont PF committed ounces, excluding Echo Bay
16
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED]
... PROVIDES SUBSTANTIAL LEVERAGE TO GOLD
--------------------------------------------------------------------------------
Estimated increase in annual pre-tax cash flow from US$25 increase in
gold price(1),(2)
[BAR GRAPH]
[AMERICAN FLAG] Newmont PF(1) $162 million
[SOUTH AFRICAN FLAG] Gold Fields $90 million
[SOUTH AFRICAN FLAG] AngloGold $39 million
[CANADIAN FLAG] Placer Dome $36 million
[CANADIAN FLAG] Barrick/Homestake $25 million
Based on analysis of public filings
(1) US$25 x unhedged 2001E production
(2) Assumes a gold price increase from $275 to $300
17
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED]
UPSIDE POTENTIAL
--------------------------------------------------------------------------------
Adjusted enterprise value per production ounce(1)
[Bar graph
ABX/HM: $1,356.90
Newmont PF: $1,118.80]
Adjusted enterprise value per reserve ounce(1)
[Bar graph
ABX/HM: $107.00
Newmont PF: $97.70]
Price/LTM CFPS(2)
[Bar graph
ABX/HM: 11.70x
Newmont PF: 10.80x]
Note: Newmont PF includes attributable reserves and production of Franco-Nevada
and Echo Bay
1 Newmont PF reflects the sum of Newmont, Normandy and Franco-Nevada enterprise
values as of Nov 9, 2001 (adjusted enterprise value excludes Franco-Nevada's
publicly traded equity interests in Aber Resources and Metallica)
2 Last twelve months as of Sept 30, 2001
18
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED]
SUMMARY TRANSACTION OVERVIEW
--------------------------------------------------------------------------------
NORMANDY TRANSACTION
o 0.0385 Newmont shares per Normandy share, plus A$0.05 per share cash payment
upon 90% acceptance
- Implied offer price per share of A$1.70 based on closing stock prices and
the A$ exchange rate on Tuesday, November 13
- Premium of 21% over AngloGold's implied offer price
- 50.1% minimum acceptance condition
- Normandy shareholders to own 18% of Newmont pro forma
- Tax free with 80% tender
- Newmont to seek listing on ASX
FRANCO-NEVADA TRANSACTION
o 0.8000 Newmont shares or Canadian exchangeables per Franco-Nevada share
- Implied price of C$28.36
- Premium of 22 % over Franco-Nevada's market price prior to announcement
- Franco-Nevada shareholders to own 32% of Newmont pro forma
- Exchangeables are tax free
- Exchangeables to trade on Toronto Stock Exchange
RECOMMENDED AND SUPPORTED BY ALL THREE BOARDS OF DIRECTORS
19.9% OF NORMANDY SHARES ALREADY COMMITTED TO THE BID
19
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED]
ALL SHAREHOLDERS BENEFIT FROM THIS COMBINATION
--------------------------------------------------------------------------------
NEWMONT
o Operational and capital markets scale
o Attractive global assets with balanced political risk profile
o Strong capital structure
o Platform for expansion
o Flexibility to optimize project pipeline
FRANCO-NEVADA
o 22% premium paid on Franco-Nevada shares (1)
o Tax-free rollover
o Exchangeables remain Canadian property
o Delivers excellent leverage to gold
o Diversification of asset portfolio
NORMANDY
o 18% premium paid on Normandy shares (1)
o Substantial trading liquidity
o Immediate North American rating
o Improved financial flexibility and ability to develop and optimize
projects
TOGETHER CREATING THE WORLD'S BEST GOLD COMPANY
(1) Based on closing prices on November 13, 2001
20
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED]
SIGNIFICANT VALUE CREATION FOR ALL SHAREHOLDERS
--------------------------------------------------------------------------------
o #1 in reserves \
o #1 in gold production \
o #1 in leverage to gold \
o #1 in trading liquidity \
o #1 in EBITDA \ THE NEW GOLD
o Balance sheet strength \ STANDARD FOR
o Low cash costs / THE 21ST
o Balanced political risk / CENTURY
o Management strength /
o "No hedging" philosophy /
o U.S. Domicile /
21
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED]
SAFE HARBORT STATEMENT
--------------------------------------------------------------------------------
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
The following contains forward-looking information and statements about Newmont
Mining Corporation, Franco-Nevada Mining Corporation Limited, Normandy Mining
Limited and the combined company after completion of the transactions that are
intended to be covered by the safe harbor for "forward-looking statements"
provided by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are statements that are not historical facts. These
statements include financial projections and estimates and their underlying
assumptions; statements regarding plans, objectives and expectations with
respect to future operations, products and services; and statements regarding
future performance. Forward-looking statements are generally identified by the
words "expect," "anticipates," "believes," "intends," "estimates" and similar
expressions. The forward-looking information and statements in this presentation
are subject to various risks and uncertainties, many of which are difficult to
predict and generally beyond the control of Newmont, Franco-Nevada and Normandy
Mining, that could cause actual results to differ materially from those
expressed in, or implied or projected by, the forward-looking information and
statements. These risks and uncertainties include those discussed or identified
in the public filings with the U.S. Securities and Exchange Commission made by
Newmont and Normandy, and Franco-Nevada's filings with the Ontario Securities
Commission; risks and uncertainties with respect to the parties' expectations
regarding the timing, completion and accounting and tax treatment of the
transactions, the value of the transaction consideration, production and
development opportunities, conducting worldwide operations, earnings accretion,
cost savings, revenue enhancements, synergies and other benefits anticipated
from the transactions; and the effect of gold price and foreign exchange rate
fluctuations, and general economic conditions such as changes in interest rates
and the performance of the financial markets, changes in domestic and foreign
laws, regulations and taxes, changes in competition and pricing environments,
the occurrence of significant natural disasters, civil unrest and general market
and industry conditions.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
In connection with their proposed transactions, Newmont Mining Corporation
will file a proxy statement and a registration statement with a prospectus
with the U.S. Securities and Exchange Commission. INVESTORS AND SECURITY
HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT AND THE PROSPECTUS WHEN THEY
BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors
and security holders may obtain free copies of the proxy statement and the
prospectus (when available) and other documents filed by Newmont with the
Commission at the Commission's web site at http://www.sec.gov. Free copies
of the proxy statement and the prospectus, once available, and other filings
made by Newmont or Normandy with the Commission, may also be obtained from
Newmont. Free copies of Newmont's and Normandy's filings may be obtained by
directing a request to Newmont Mining Corporation, Attn: Investor Relations,
1700 Lincoln Street, Denver Colorado 80203, Telephone: (303) 863-7414.
Copies of Franco-Nevada's foreign filings may be obtained at
http://www.sedar.com.
PARTICIPANTS IN SOLICITATION
Newmont Mining Corporation and its directors, executive officers and other
members of its management and employees may be soliciting proxies from its
stockholders in connection with the transactions. Information concerning
Newmont's participants in the solicitation is set forth in Newmont's Current
Report on Form 8-K filed with the Commission on November 14, 2001.
22
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED]
--------------------------------------------------------------------------------
APPENDIX
23
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED]
FRANCO-NEVADA TRANSACTION SUMMARY
--------------------------------------------------------------------------------
STRUCTURE o Newmont will acquire all of the shares of Franco-Nevada
pursuant to a Plan of Arrangement recommended by the board of
directors of Franco-Nevada (and unanimously by the six outside
directors).
OWNERSHIP o Franco-Nevada shareholders will hold approximately 32% of
Newmont upon completion of the Franco-Nevada and Normandy
transactions.
CONSIDERATION o At the option of the holder of a Franco-Nevada share:
- 0.80 of a Canadian Exchangeable Share; or
- 0.80 of a Newmont common share.
o Franco-Nevada options and warrants will be adjusted
automatically to entitle the holder to acquire 0.80 Newmont
common shares in lieu of each Franco-Nevada common share the
holder otherwise would have received on the exercise of the
option or warrant.
CANADIAN o Each Canadian Exchangeable Share (which may be used to afford
EXCHANGEABLE Canadian shareholders of Franco-Nevada a roll-over for Canadian
SHARES tax purposes) will:
- Entitle the holder to economic and voting rights
substantially the same as one Newmont common share (but in
no event will votes relating to all Exchangeable Shares be
more than 10% of the votes attaching to Newmont common
shares);
- Be exchangeable for one Newmont common share; and
- Not be redeemable by the company (except in certain limited
circumstances) for seven years.
BOARD AND o Seymour Schulich, Chairman and Co-CEO of Franco-Nevada, Pierre
SENIOR Lassonde, President and Co-CEO of Franco-Nevada and another
MANAGEMENT OF member of the board of Franco-Nevada will join the board of
NEWMONT Newmont.
o Mr. Lassonde will also be President of Newmont.
o Mr. Schulich will be the Chairman of Newmont's new merchant
banking subsidiary.
PRINCIPAL o Various regulatory approvals in Canada and the United States:
CLOSING
CONDITIONS - Hart-Scott-Rodino Antitrust Improvements Act (U.S.)
- Investment Canada.
- Competition Act (Canada).
o Approval of 66 2/3rd % of the votes which are cast by
Franco-Nevada's shareholders at the meeting held to approve the
Plan of Arrangement.
o At least 50.1% (calculated on a fully-diluted basis) of the
shares of Normandy, including Franco-Nevada's 19.9% stake in
Normandy, being acquired by Newmont.
o Approval by holders of a majority of the outstanding Newmont
shares.
o Court approval of arrangement.
o Other standard and customary conditions.
24
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED]
FRANCO-NEVADA TRANSACTION SUMMARY (CONT'D)
--------------------------------------------------------------------------------
LOCK-UP AND o Franco-Nevada's Co-CEOs have agreed to support the transaction.
SUPPORT
ESCROW o Franco-Nevada's Co-CEOs have agreed to a three year escrow of
AGREEMENTS the shares received by them: to be released 30% on closing, 60%
on first anniversary, 80% on second anniversary and 100% on
third anniversary.
BREAK-UP o Franco-Nevada to pay Newmont aggregate break-up fees of US$100
FEES million in certain circumstances.
o Newmont to pay Franco-Nevada US$10 million expense
reimbursement if Newmont shareholders vote down.
INDICATIVE o Announcement: 14 November
TIMING
o Regulatory Filings: Late November/early December
o Mailing of Franco-Nevada Shareholder Meeting Materials: Late
December/early January
o Franco-Nevada Shareholder Meeting: Mid-February
o Newmont Shareholder Meeting: Late February
o Franco-Nevada Court Order: Late February
o Completion of Normandy bid: Late February/early March
o Closing: March
25
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD. LOGO]
[NORMANDY MINING LIMITED]
NORMANDY TRANSACTION SUMMARY
--------------------------------------------------------------------------------
STRUCTURE o Newmont will offer to acquire all of the common shares of
Normandy through an "off market" bid and, if necessary,
statutory rights of acquisition. (Shares held by
Franco-Nevada will NOT be transferred, assuming that the
Franco-Nevada transaction is completed.)
BOARD o The Normandy Board has agreed to recommend the bid.
RECOMMENDATION
OWNERSHIP o Normandy shareholders will hold approximately 18% of
Newmont upon completion of the Franco-Nevada and Normandy
transactions.
CONSIDERATION o At the option of the holder of a Normandy share:
- 0.0385 of a Newmont CUF; or
- 0.0385 Newmont common shares, PLUS in either case
A$0.05 per share in cash if 90% (calculated on a
fully-diluted basis) of the shares of Normandy are
tendered into the bid (including the shares held by
Franco-Nevada), AND relief has been received from ASIC to
permit the shares held by Franco-Nevada to be counted
toward the compulsory acquisition threshold without the
necessity of tendering those shares to the bid.
CUFs o Each CUF is the Australian equivalent of an ADR and is
exchangeable for one Newmont common share.
BOARD OF NEWMONT o Robert J. Champion de Crespigny, Chairman of Normandy, and
another member of the board of Normandy will be offered
positions on the board of Newmont.
PRINCIPAL CLOSING o Various regulatory approvals in United States and
CONDITIONS Australia.
- Hart-Scott-Rodino Antitrust Improvements Act.
- Foreign Investment Review Board.
- Australia Securities Investment Commission.
o Acceptance by holders of at least 50.1% (calculated on a
fully-diluted basis) of the shares of Normandy, including
Franco-Nevada's 19.9% stake in Normandy.
o Approval by holders of a majority of the outstanding
Newmont shares.
o Other standard and customary conditions, including "no
prescribed occurrences'.
DEAL PROTECTION o Newmont will have the right to acquire 446.1 million
AND SUPPORT shares (19.9%) of Normandy held by Franco-Nevada.
AGREEEMENTS
o In the event of a successful competing offer for Normandy:
- Franco-Nevada may ask to tender to that offer, and
Newmont may exercise its call right or, if it does not,
will receive US$20 million from Franco-Nevada and the
arrangements will terminate; and
- Shares held by Newmont or Franco-Nevada thereafter will
be subject to a two-year restricted period in which
they cannot be disposed of without the consent of the
other.
BREAK-UP FEES - Normandy to pay a break-up fee and reimbursement of
expenses of A$38.33 million (1% of the transaction value)
to Newmont under specified circumstances.
INDICATIVE TIMING o Announcement: 14 November
o Regulatory Filings: Late November/early December
o Mailing of Bid: Early-mid January
o Franco-Nevada/Newmont Shareholder Meetings: Mid-Late
February
o Franco-Nevada Court Order: Late February
o Completion: Late February/early March
26
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD LOGO]
[NORMANDY MINING LIMITED LOGO]
COMPANY SUMMARY
--------------------------------------------------------------------------------
FRANCO-
NEWMONT NORMANDY NEVADA NEWMONT PF
----------- ----------- -----------
Local currency share price (11/13/01) US$22.25 A$1.44 C$23.20
Diluted shares outstanding (millions) 197.0 2,238.2 160.4
----------- ----------- -----------
MARKET VALUE OF EQUITY $4,383 $1,677 $2,326
(US$ IN MILLIONS)
-----------
Reserves (MM oz.) 66.3 26.4 4.4(1) | 97.1(1) |
LTM production (MM oz.) 5.8 2.4 0.3(1) | 8.6(1) |
| |
LTM cash costs ($/oz.) 179 160 228(1) | 175(1) |
LTM total costs ($/oz.) 209 224 291(1) | 217(1) |
-----------
Sources: Public Filings
(1) Reflects proportional 49.5% ownership of Echo Bay
27
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD LOGO]
[NORMANDY MINING LIMITED LOGO]
PRO FORMA CREDIT STATISTICS
--------------------------------------------------------------------------------
U.S. DOLLARS IN MILLIONS
NEWMONT NORMANDY FRANCO-NEVADA NEWMONT PF (1)
-------------------------------------------------------------------------------------------------
Cash and equivalents $98 $207 $547 $716
Total debt 1,282 700 0 1,982
Minority interest 231 41 0 271
Book equity 1,460 532 964 5,539
--------------------------------------------------------------
Net book capitalization(2) 2,874 1,067 417 7,077(3)
Net debt/net book capitalization 41% 46% (131%) 18%
Net debt/LTM EBITDA 2.1x 1.8x (4.5x) 1.3x
(1) Net of transaction adjustments
(2) Net book capitalization defined as net debt plus minotiry interest plus book equity plus preferred stock
(3) Newmont PF book capitalization reflects Newmont's acquisition of Normandy and Franco-Navada, Normandy capitalization pro forma
for the anticipated deconsolidation of Australian Magnesium Corporation and the acquisition of Otter Mines by Normandy NFM
28
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD LOGO]
[NORMANDY MINING LIMITED LOGO]
NEWMONT GOLD INTERESTS
[World map marked to show the following Normandy and Newmont gold interests:
Normandy:
Midas, Nevada
New Britannia
Musslewhite
La Coipa
Crixas
Paracatu
Ovacik
Yamfo-Sefwi
Akim
Martabe
Yandal
Boddington
Kalgoorlie
Tanami
Pajingo/Vera-Nancy
Martha
Newmont:
Carlin, Nevada
Phoenix, Nevada
Lone Tree, Nevada
Twin Creek, Nevada
Mesquite
La Herradura
Holloway
Golden Giant
Yanacochoa
Kori Kollo
Zarafshan
Batu Hijau
Minahasa]
29
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD LOGO]
[NORMANDY MINING LIMITED LOGO]
PRO FORMA OVERVIEW OF ROYALTIES, PROJECTS AND INVESTMENTS
--------------------------------------------------------------------------------
STRATEGIC INTESTMENTS ROYALTY/OWNERERSHIP
--------------------------------------------------------------------------------
Lihir (gold) 9.74%
Echo Bay (gold) 14.3%
Aber Resources (diamonds) 49.9%
Metallica Resources 12.8%
ROYALTIES LOCATION OPERATOR INTEREST
------------------------------------------------------------------------------------------------------------------------------------
NORTH AMERICA
Betze-Post Nevada Barrick Gold 5-6% NPI/2-4% NSR
Meikle-Rodeo Nevada Barrick Gold 5% NPI/4% NSR
Getchell Nevada Placer Dome 2% NSR
Bald Mountain Nevada Placer Dome 1-4% NSR
Dee Nevada Glamis Gold 4-9% NSR
Stillwater (Pd/Pt) Montana Stillwater Mining 5% NSR
Briggs California Canyon 2% NSR
Eskay Creek British Columbia Homestake 1% NSR
Mouska Quebec Cambior 2% NSR
Edson Royalty (oil and gas) Alberta Rio Alto Exploration 15% RI
Weyburn Unit (oil and gas) Saskatchewan PanCanadian 1.6% WRI
Midale Unit (oil and gas) Saskatchewan Apache Canada 2.6% WRI
Arctic Gas (oil and gas) NWT Petro Canada 7% WI
Heavy Crude (oil and gas) Alberta Franco-Nevada 100% WI
INTERNATIONAL
Pandora (Pt) South Africa Angloplats/Lonmin 5% NPI
Henty Tasmania Goldfields Ltd. 1-10% NSR
New Celebration Australia Newcrest 1-4% NSR
Mt. Muro Indonesia Aurora 3-7% NSR
30
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD LOGO]
[NORMANDY MINING LIMITED LOGO]
DEVELOPMENT PROJECT FLEXIBILITY
--------------------------------------------------------------------------------
NEWMONT WILL HAVE THE FLEXIBILITY TO OPTIMIZE DEVELOPMENT PROJECTS BASED ON
PROJECT ECONOMICS, POLITICAL RISK AND FREE CASH FLOW PROFILE
ESTIMATED EQUITY RESERVES
PROJECT (LOCATION) % OWNERSHIP (MM OZ.)
--------------------------------------------------------------------------------------------------------
Leeville (U.S.) 100.0% 3.0
Twin Creeks South (U.S.) 100.0% 1.9
Gold Quarry South (U.S.) 100.0% 3.0
Phoenix (U.S.) 100.0% 6.1
Boddington (Australia) 44.4% 4.9
Yamfo-Sefwi (Ghana) 90.0% 3.3
Yanacocha sulfides & covered oxides (Peru) 51.4% (a)
Martabe (Indonesia) 90.0% (a)
Akim (Ghana) 80.0% (a)
--------------------------------------------------------------------------------------------------------
Source: Public filings
(a) Not in reserves as of last reporting period
31
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD LOGO]
[NORMANDY MINING LIMITED LOGO]
COMBINED GOLD HEDGE BOOK SUMMARY
--------------------------------------------------------------------------------
September 30, 2001 Disclosures
-----------------------------------------------------------------------------------------
Hedge Book Summary (000ozs) Normandy Newmont Total
-----------------------------------------------------------------------------------------
Total Ounces Hedges 11,120 3,121 14,241
Total Committed 9,057 3,121 12,178
-----------------------------------------------------------------------------------------
Maturity Schedule (000ozs) Normandy Newmont Total
-----------------------------------------------------------------------------------------
2001 Committed 299 31 330
Puts 130 - 130
-----------------------------------------------------------------------------------------
2002 Committed 1,180 124 1,304
Puts 792 - 792
-----------------------------------------------------------------------------------------
2003 Committed 1,398 124 1,522
Puts 190 - 190
-----------------------------------------------------------------------------------------
2004 Committed 1,021 9 1,030
Puts 181 - 181
-----------------------------------------------------------------------------------------
2005 Committed 972 661 1,633
Puts 321 - 321
-----------------------------------------------------------------------------------------
2006+ Committed 4,188 2,172 6,361
Puts 450 - 450
-----------------------------------------------------------------------------------------
NOTES:
(1) All values as reported in Normandy and Newmont's disclosures covering the quarter ending Sept. 30, 2001
(2) Normandy's "committed" hedges include forward slaes and convertible put contracts
(3) Newmont's "committed" hedges include prepaid foward slaes, price-capped sales, flat foward sales and put/call collar contracts
32
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD LOGO]
[NORMANDY MINING LIMITED LOGO]
NEWMONT'S COMMITMENT TO THE AUSTRALASIAN REGION
--------------------------------------------------------------------------------
o Newmont intends to maintain a large Australasian presence
- Normandy and its asset base form an important platform for this
future vision
o Newmont intends to seek an ASX listing and appropriate inclusions in
relevant ASX/S&P indices
o Trading on ASX to be actively promoted by Newmont with CHESS Depository
Interests intended to be a highly liquid security
o Australasian investors will benefit from an entity with market-leading
scale and trading liquidity in multiple markets
- Significant financial flexibility and ability to access capital
markets worldwide
o More attractive asset portfolio will also provide value to Australasian
investors
- Geographic diversification
- Balanced political risk
- Strong pipeline of exploration and development properties
33
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD LOGO]
[NORMANDY MINING LIMITED LOGO]
WHY GOLD IS GOING UP
--------------------------------------------------------------------------------
PRODUCER HEDGING IS DECREASING
o Producers have been net buyers of gold in 2000 and 2001
NET PRODUCER HEDGING
[Bar graph]
1992: 135 tonnes of gold
1993: 142 tonnes of gold
1994: 105 tonnes of gold
1995: 475 tonnes of gold
1996: 142 tonnes of gold
1997: 504 tonnes of gold
1998: 97 tonnes of gold
1999: 506 tonnes of gold
2000: (10) tonnes of gold
2001F: (30) tonnes of gold
Source: GFMS data
34
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD LOGO]
[NORMANDY MINING LIMITED LOGO]
WHY GOLD IS GOING UP (CONT'D)
--------------------------------------------------------------------------------
SUPPLY IS DECREASING
o Reduced hedging and short sales combine with flat mine production and stable
central bank sales, resulting in reduced gold supply
[Bar graph]
TOTAL SUPPLY
Mine production Official Sector Old Gold Net Producer Implied Net
Year Sales Scrap Hedging Disinvestment Total
1997 2479 326 628 504 297 4,234
1998 2538 374 1,097 97 0 4,106
1999 2568 464 616 506 0 4,154
2000 2576 471 607 0 316 3,970
2001 2604 487 652 0 102 3,845
Source: GFMS data
35
[NEWMONT MINING CORPORATION LOGO]
[FRANCO-NEVADA MINING CORPORATION LTD LOGO]
[NORMANDY MINING LIMITED LOGO]
WHY GOLD IS GOING UP (CONT'D)
--------------------------------------------------------------------------------
CONTANGO IS FALLING
o A low contango (LIBOR less gold lease rate) discourages future producer
hedging and short slaes by speculators
LEASE RATES(1), CONTANGO VS. GOLD PRICE
[Line graph depicting the following information (in percentages and US$/oz.):
Date Gold lease rate Contango Gold price
2/24/1995 1.324 4.91038 376.6
3/3/1995 1.66 4.59 376.8
3/10/1995 1.613 4.6995 382.3
3/17/1995 1.68 4.57 383.7
3/24/1995 1.75 4.5 382.3
3/31/1995 1.56 4.69 391.4
4/7/1995 1.28 4.97 392.9
4/14/1995 0.99 5.26 389.5
4/21/1995 0.9775 5.21 390.4
4/28/1995 1.0275 5.16 387.1
5/5/1995 1.0175 5.045 390
5/12/1995 1.135 4.99 383.7
5/19/1995 1.105 5.02 383.5
5/26/1995 1.0325 5.03 386
6/2/1995 0.88 5.12 383.6
6/9/1995 0.8525 5.21 388.5
6/16/1995 0.8725 5.19 390
6/23/1995 1.0775 4.86 390.3
6/30/1995 1.1889 4.86969 384.6
7/7/1995 1.3425 4.47 385.9
7/14/1995 1.0925 4.72 388.9
7/21/1995 1.175 4.7 386.6
7/28/1995 1.335 4.54 383.5
8/4/1995 1.665 4.21 384.1
8/11/1995 1.4125 4.4625 384
8/18/1995 1.475 4.4625 385.3
8/25/1995 1.5284 4.37004 383.4
9/1/1995 1.585 4.29 381.05
9/8/1995 1.635 4.24 382.9
9/15/1995 1.5025 4.31 385.2
9/22/1995 1.5359 4.30004 384
9/29/1995 1.9331 4.02003 384
10/6/1995 1.9775 3.96 383.4
10/13/1995 2.0275 3.91 384.5
10/20/1995 2.3875 3.55 382.1
10/27/1995 2.4375 3.5 383
11/3/1995 2.375 3.5 382.6
11/10/1995 3.105 2.77 389.5
11/17/1995 3.625 2.25 387.3
11/24/1995 3.7572 2.10999 384
12/1/1995 4.2581 1.57003 386.6
12/8/1995 2.9686 2.83999 390
12/15/1995 3.0925 2.72 386.5
12/22/1995 3.1397 2.53999 387.5
12/29/1995 2.635 2.99 387.1
1/5/1996 2.8055 2.79997 396.3
1/12/1996 2.9277 2.66996 396.3
1/19/1996 2.75 2.75 399.8
1/26/1996 2.35 3.15 406.2
2/2/1996 2.2925 3.02 415.5
2/9/1996 1.5773 3.70004 05.8
2/16/1996 1.15 4.1 404.8
2/23/1996 1.49 3.76 398.5
3/1/1996 1.2125 4.1 398.9
3/8/1996 1.4486 3.85999 397.1
3/15/1996 1.4719 3.94998 396.2
3/22/1996 1.4875 3.95 398.35
3/29/1996 1.5227 3.94996 395.45
4/5/1996 1.6048 3.86004 393.55
4/12/1996 1.6234 3.90004 394.55
4/19/1996 1.6 3.9 390.725
4/26/1996 1.4883 3.99998 390.4
5/3/1996 1.3673 4.16004 392.45
5/10/1996 1.14 4.36 390.65
5/17/1996 0.9961 4.49999 392.55
5/24/1996 1.0222 4.46999 391
5/31/1996 0.98 4.52 391
6/7/1996 1.27 4.23 385.3
6/14/1996 1.2877 4.30996 384.9
6/21/1996 1.3281 4.25003 385.05
6/28/1996 1.432 4.15003 380.45
7/5/1996 1.5242 4.05002 381.75
7/12/1996 1.5275 4.14828 383.75
7/19/1996 1.275 4.35 384.95
7/26/1996 1.235 4.39 385.25
8/2/1996 1.1959 4.39004 387.55
8/9/1996 1.1252 4.40996 387.75
8/16/1996 1.23 4.27 386.4
8/23/1996 1.1144 4.36998 388.45
8/30/1996 1.1725 4.39 386.5
9/6/1996 1.3762 4.28005 385.25
9/13/1996 1.795 3.83 382.6
9/20/1996 1.5589 4.07001 381.25
9/27/1996 2.175 3.45 380.55
10/4/1996 2.1877 3.40996 380.425
10/11/1996 1.8425 3.72 381.3
10/18/1996 1.9873 3.54004 380.35
10/25/1996 1.9813 3.54995 382.85
11/1/1996 2.59 2.91 378.25
11/8/1996 2.43 3.07 379.05
11/15/1996 2.3 3.2 379.75
11/22/1996 2.45 3.05 376.35
11/29/1996 2.73 2.77 371.65
12/6/1996 2.4469 3.09998 368.95
12/13/1996 2.2908 3.25998 368.7
12/20/1996 1.7937 3.80005 368.55
12/27/1996 1.5372 4.07999 369.6
1/3/1997 1.7525 3.81 361
1/10/1997 1.8825 3.68 359.05
1/17/1997 1.7425 3.82 355.55
1/24/1997 1.6425 3.92 352.35
1/31/1997 1.9625 3.6 344.35
2/7/1997 1.703 3.83997 341.95
2/14/1997 1.6161 3.87999 345.2
2/21/1997 1.5727 3.89996 352.25
2/28/1997 1.5491 3.98996 363.45
3/7/1997 1.5625 4 348.7
3/14/1997 1.2277 4.36996 352.25
3/21/1997 1.4388 4.27995 352.85
3/28/1997 1.3634 4.41004 349.75
4/4/1997 1.2625 4.55 348.75
4/11/1997 1.3064 4.51001 346.95
4/18/1997 1.3459 4.49004 341.45
4/25/1997 1.2216 4.62996 341.95
5/2/1997 1.1303 4.69001 340.25
5/9/1997 0.9625 4.85 348.05
5/16/1997 0.9364 4.88001 344.05
5/23/1997 1.0047 4.79999 342.6
5/30/1997 1.0025 4.81 344.65
6/6/1997 1.6725 4.14 343.65
6/13/1997 1.4825 4.29875 341.05
6/20/1997 1.2112 4.57005 337.7
6/27/1997 1.3912 4.39005 334.55
7/4/1997 1.89 3.86 324.5
7/11/1997 2.34 3.41 321.35
7/18/1997 2.23 3.52 328.95
7/25/1997 2.3087 3.41005 326
8/1/1997 1.777 3.9105 324.75
8/8/1997 2.0587 3.66005 327.15
8/15/1997 2.4283 3.30998 326.05
8/22/1997 2.3887 3.33005 324.75
8/29/1997 2.2787 3.44005 324.15
9/5/1997 2.268 3.45075 322.55
9/12/1997 2.7887 2.93005 323.75
9/19/1997 2.6888 3.02995 320.85
9/26/1997 2.4588 3.25995 326.75
10/3/1997 3.02 2.73 334.85
10/10/1997 3.39 2.36 329.65
10/17/1997 3.3712 2.41005 325.25
10/24/1997 3.0725 2.74 309
10/31/1997 3.04 2.71 311.45
11/7/1997 2.3317 3.43002 310.25
11/14/1997 2.425 3.45 303.35
11/21/1997 2.085 3.79 304.95
11/28/1997 2.0423 3.86004 297
12/5/1997 1.8062 4.10005 288.25
12/12/1997 1.6163 4.28995 282.85
12/19/1997 1.7763 4.12995 289.05
12/26/1997 1.9063 3.99995 294.65
1/2/1998 1.8586 3.94999 288.25
1/9/1998 1.7663 3.88995 278.65
1/16/1998 1.895 3.73 290.15
1/23/1998 1.905 3.72 299.625
1/30/1998 1.845 3.78 302.45
2/6/1998 1.855 3.77 298.15
2/13/1998 1.685 3.94 299.85
2/20/1998 1.585 4.04 297.25
2/27/1998 2.1497 3.52999 299.15
3/6/1998 2.4475 3.24 294.45
3/13/1998 1.9975 3.69 295.35
3/20/1998 1.9975 3.69 291.75
3/27/1998 1.8075 3.88 302.25
4/3/1998 1.7131 3.9744 308.25
4/10/1998 1.4963 4.15995 307.75
4/17/1998 1.5675 4.12 307.75
4/24/1998 1.3475 4.34 312.65
5/1/1998 1.3614 4.33001 302.25
5/8/1998 1.5475 4.14 299.85
5/15/1998 1.4192 4.28002 301.25
5/22/1998 1.3414 4.35001 299.85
5/29/1998 1.3875 4.3 292.95
6/5/1998 1.3975 4.29 291.65
6/12/1998 1.5875 4.1 286
6/19/1998 1.4175 4.27 298.75
6/26/1998 1.4475 4.24 293.85
7/3/1998 1.4875 4.2 294.75
7/10/1998 1.2975 4.39 290.85
7/17/1998 1.1775 4.51 294.5
7/24/1998 1.0775 4.61 291.45
7/31/1998 1.2275 4.46 286.45
8/7/1998 1.1175 4.57 286.65
8/14/1998 0.9975 4.69 284.05
8/21/1998 0.8475 4.84 284.8
8/28/1998 0.775 4.85 274.35
9/4/1998 0.8238 4.76995 286.85
9/11/1998 0.76 4.74 293.75
9/18/1998 0.84 4.66 291.45
9/25/1998 1.5025 3.81 294.15
10/2/1998 1.7725 3.54 300.55
10/9/1998 1.5638 3.77995 296.75
10/16/1998 1.2789 3.94001 299.95
10/23/1998 1.4692 3.74002 292.85
10/30/1998 1.2695 3.95003 292.55
11/6/1998 1.2437 4.14005 293.2
11/13/1998 1.1023 4.30004 295.85
11/20/1998 1.14 4.11 296.05
11/27/1998 1.0412 4.22005 296.2
12/4/1998 1.0484 4.17004 292.45
12/11/1998 1.1006 4.12003 290.85
12/18/1998 1.3238 3.90995 289.05
12/25/1998 1.1344 4.14998 286.25
1/1/1999 1.0556 4.01003 287.75
1/8/1999 0.8478 4.19001 291.35
1/15/1999 0.8198 4.15004 287.05
1/22/1999 0.7381 4.23003 286.45
1/29/1999 0.7795 4.19003 286.15
2/5/1999 0.9725 4.01 288.55
2/12/1999 0.88 4.12 289.55
2/19/1999 0.83 4.17 288.25
2/26/1999 0.8662 4.16005 287.05
3/5/1999 0.84 4.19 288.45
3/12/1999 0.77 4.23 292.35
3/19/1999 0.79 4.21 284.25
3/26/1999 0.98 4.02 279.75
4/2/1999 0.88 4.12 279.85
4/9/1999 0.82 4.18 281.55
4/16/1999 0.82 4.18 284.25
4/23/1999 0.795 4.2 283.55
4/30/1999 0.8288 4.15995 286.55
5/7/1999 0.85 4.15 282.75
5/14/1999 1.12 3.88 275.95
5/21/1999 1.1888 3.85995 272.95
5/28/1999 1.1262 3.94005 270.45
6/4/1999 1.1975 3.9 264.8
6/11/1999 1.2337 3.91005 260.65
6/18/1999 1. 3.95 259.55
6/25/1999 1.2725 4.02 260.25
7/2/1999 1.6 3.71 263.5
7/9/1999 2.03 3.28 256.95
7/16/1999 2.19 3.12 253.85
7/23/1999 2.13 3.18 254.65
7/30/1999 2.3725 2.97 255.95
8/6/1999 2.8 2.57 256.15
8/13/1999 2.985 2.48 260.65
8/20/1999 2.76 2.72 257.4
8/27/1999 3.0225 2.48 253.75
9/3/1999 3.7475 1.78 254.25
9/10/1999 3.2825 2.23 256.55
9/17/1999 3.8525 1.66 255.25
9/24/1999 3.47 2.04 268.75
10/1/1999 5.425 0.66 309
10/8/1999 5.2163 0.95995 320.15
10/15/1999 3.9725 2.22 315.15
10/22/1999 3.2487 2.97005 302.4
10/29/1999 2.915 3.27 299.2
11/5/1999 2.535 3.59 290.5
11/12/1999 2.1412 3.93005 291.3
11/19/1999 1.7212 4.38005 295
11/26/1999 1.7062 4.40005 297.12
12/3/1999 1.6738 4.44995 279.8
12/10/1999 1.5112 4.61005 278.95
12/17/1999 1.6625 4.49 283.6
12/24/1999 1.5613 4.62245 287.625
12/31/1999 1.4612 4.54005 288
1/7/2000 1.41 4.62 281.75
1/14/2000 1.15 4.89 284.2
1/21/2000 0.92 5.12 289.1
1/28/2000 0.8387 5.21005 283.25
2/4/2000 0.77 5.32 310.3
2/11/2000 0.8663 5.22995 310.95
2/18/2000 0.73 5.38 305
2/25/2000 0.7513 5.34995 292.6
3/3/2000 0.72 5.4 288.8
3/10/2000 0.6738 5.46995 289
3/17/2000 0.74 5.47 284.6
3/24/2000 0.805 5.45 285
3/31/2000 0.84 5.45 279.075
4/7/2000 0.75 5.53 280
4/14/2000 0.7112 5.57005 282.6
4/21/2000 0.7081 5.61003 280
4/28/2000 0.8125 5.69 273.55
5/5/2000 0.8 5.87 278.95
5/12/2000 0.7537 5.98005 276.15
5/19/2000 0.74 6.08 274.25
5/26/2000 0.8675 5.95875 272.25
6/2/2000 0.7813 6.06995 281.15
6/9/2000 0.77 6.04 283.85
6/16/2000 0.845 5.93 289.25
6/23/2000 1.19 5.58 283.15
6/30/2000 0.8294 5.93998 289.525
7/7/2000 0.8238 5.91995 283.65
7/14/2000 0.77 5.96 281.3
7/21/2000 0.6575 6.06 280.35
7/28/2000 0.6312 6.08005 278.375
8/4/2000 0.63 6.08 273.5
8/11/2000 0.7 5.98 275.15
8/18/2000 0.66 6.03 276.65
8/25/2000 0.62 6.06 274.25
9/1/2000 0.5925 6.08 276.75
9/8/2000 0.6 6.06 273.05
9/15/2000 0.62 6.04 272.45
9/22/2000 0.87 5.79 272.15
9/29/2000 1.0013 5.80995 274.25
10/6/2000 0.9425 5.86 269.65
10/13/2000 0.9406 5.83003 272.65
10/20/2000 0.94 5.82125 271.55
10/27/2000 0.9375 5.82 264.55
11/3/2000 0.9306 5.82003 265.15
11/10/2000 0.89 5.87 264.75
11/17/2000 0.8806 5.87003 265.75
11/24/2000 0.8288 5.91995 266.35
12/1/2000 0.8162 5.87005 269.4
12/8/2000 0.9 5.67 272.8
12/15/2000 0.8894 5.65998 270.95
12/22/2000 0.95 5.5 273.95
12/29/2000 0.8387 5.56005 272.25
1/5/2001 0.745 4.95 268.15
1/12/2001 0.8088 4.86995 264.3
1/19/2001 0.7312 4.88005 264.75
1/26/2001 0.7675 4.8 263.05
2/2/2001 0.9375 4.46 267.55
2/9/2001 0.99 4.42 260.65
2/16/2001 1.11 4.3 258.95
2/23/2001 1.85 3.45 261.55
3/2/2001 1.8225 3.26 262.85
3/9/2001 4.23 0.81 271.75
3/16/2001 2.24 2.66 259.05
3/23/2001 2.27 2.59 262.3
3/30/2001 1.8488 3.02995 257.95
4/6/2001 2.3063 2.49995 260.05
4/13/2001 2.1588 2.61995 259.25
4/20/2001 1.7275 2.69 264.65
4/27/2001 2.3638 1.94995 263.65
5/4/2001 2.3 1.97 266.15
5/11/2001 2.03 2.04 268.05
5/18/2001 2.015 2.04 287.55
5/25/2001 2.37 1.66 277.65
6/1/2001 2.0525 1.89 267.05
6/8/2001 1.9956 1.92003 273.75
6/15/2001 1.9113 1.93995 271.55
6/22/2001 1.69 2.04 272.6
6/29/2001 1.6263 2.20995 270.85
7/6/2001 1.42 2.39 266.25
7/13/2001 1.2788 2.47995 267.35
7/20/2001 0.9788 2.72995 270.05
7/27/2001 0.9463 2.74995 267.55
8/3/2001 0.8863 2.76995 268.55
8/10/2001 0.7788 2.80995 274.55
8/17/2001 0.6875 2.86 279.25
8/24/2001 0.6675 2.85 272.85
8/31/2001 0.5925 2.87 274.4
9/7/2001 0.6063 2.87995 273.15
9/14/2001 0.72 2.43 285.55
9/21/2001 1.045 1.57 291.45
9/28/2001 0.89 1.7 293.25
10/5/2001 0.8113 1.66995 291
10/12/2001 0.8963 1.55995 284.45
10/19/2001 0.6963 1.66995 279.65
10/26/2001 0.74 1.54 277.35
11/2/2001 0.73 1.47 279.95]
(1) 3-month gold lease rates
36