Newmont delivers strong full-year and fourth quarter 2021 results
Denver--(business wire)--newmont corporation (nyse: nem, tsx: ngt) (newmont or the company) today announced full year and fourth quarter 2021 results. 2021 highlights produced 6.0 million attributable ounces of gold and 1.3 million attributable gold equivalent ounces of co-products; reported gold cas* of $785 per ounce and gold aisc* of $1,062 per ounce; met updated full-year 2021 guidance generated $4.3 billion of cash from continuing operations and $2.6 billion of free cash flow (99.8% attributable to newmont)* advanced profitable near-term projects, including tanami expansion 2, ahafo north and yanacocha sulfides; $1.4 billion of development capital spend expected in 2022 delivered the gold industry's first autonomous haulage system (ahs) fleet at boddington and formed an industry-leading strategic alliance with caterpillar to achieve zero emissions mining and support reaching greenhouse gas (ghg) emissions reduction targets declared fourth quarter dividend of $0.55 per share for a total declared dividend for 2021 of $2.20 per share; returned $1.8 billion in 2021 through industry-leading dividend framework** completed $525 million of share repurchases from $1 billion buyback program; extended buyback program through 2022** ended the year with $5.0 billion of consolidated cash and $8.0 billion of liquidity with a net debt to adjusted ebitda* ratio of 0.2x refinanced near-term debt with the industry's first $1 billion sustainability-linked bond; further aligning financing strategy with environmental, social and governance (esg) commitments reported reserves of 93 million gold ounces and 65 million gold equivalent ounces, as well as resources of 101 million gold ounces and 104 million gold equivalent ounces*** announced 2022 attributable production outlook of 6.2 million gold ounces, improving to between 6.2 and 6.8 million gold ounces annually longer-term through 2026**** announced the acquisition of buenaventura's 43.65% interest in minera yanacocha in february 2022; further enhancing world-class asset ownership with a consistent district consolidation strategy "newmont has maintained its position as the world's leading gold company with the strongest portfolio of operations and projects in top-tier jurisdictions. in 2021, newmont generated more than $2.6 billion in free cash flow and $6.0 billion in adjusted ebitda while advancing our most profitable near-term projects and returning a record $2.3 billion to shareholders. as we move into our next 100 years of sustainable and responsible mining, newmont will continue to create long-term value for all of our stakeholders through our clear strategic focus, superior operational performance and unwavering commitment to leading esg practices." - tom palmer, president and chief executive officer *non-gaap metrics; see end of this release for reconciliations. **the dividend framework is non-binding, and an annualized dividend has not been declared by the board. see cautionary statement at the end of this release, including with respect to dividends and share buybacks. note that in february 2022, the board authorized the extension of the term of the buyback program to december 31, 2022. ***see cautionary statement at the end of this release. total resources presented includes measured and indicated resources of 68.3 million gold ounces and inferred resources of 33.2 million gold ounces. unless otherwise stated, reserves and resources reflect newmont's ownership as of december 31, 2021. in february 2022, newmont acquired buenaventura's 43.65% interest in minera yanacocha, further strengthening 2021 reserve and resources balances with 2.7moz gold reserves and 11.0moz gold resources, and 2.7moz geo reserves and 7.7moz geo resources. ****see discussion of outlook and cautionary statement at the end of this release regarding forward-looking statements. q4'21 q3'21 q4'20 fy'21 fy'20 average realized gold price ($ per ounce) $ 1,798 $ 1,778 $ 1,852 $ 1,788 $ 1,775 attributable gold production (million ounces) 1.62 1.45 1.63 5.97 5.91 gold costs applicable to sales (cas) ($ per ounce) $ 802 $ 830 $ 739 $ 785 $ 756 gold all-in sustaining costs (aisc) ($ per ounce) $ 1,056 $ 1,120 $ 1,043 $ 1,062 $ 1,045 gaap net income ($ millions) $ (61 ) $ (8 ) $ 806 $ 1,109 $ 2,666 adjusted net income ($ millions) $ 624 $ 483 $ 856 $ 2,371 $ 2,140 adjusted ebitda ($ millions) $ 1,599 $ 1,316 $ 1,772 $ 5,963 $ 5,537 cash flow from continuing operations ($ millions) $ 1,299 $ 1,133 $ 1,686 $ 4,266 $ 4,890 capital expenditures ($ millions) $ 441 $ 398 $ 398 $ 1,653 $ 1,302 free cash flow ($ millions) $ 858 $ 735 $ 1,288 $ 2,613 $ 3,588 attributable gold production1 for the year increased 1 percent to 5,971 thousand ounces compared to the prior year primarily due to higher mill recovery, a draw-down of in-circuit inventory and higher throughput in the current year, as several mines were placed under care and maintenance or experienced reduced operations in the prior year in response to the covid pandemic. attributable gold production for the fourth quarter remained flat at 1,618 thousand ounces compared to the prior year quarter. gold cas increased 5 percent to $4.6 billion from the prior year. gold cas per ounce2 increased 4 percent to $785 per ounce primarily due to higher direct operating costs and contractor costs as a result of ongoing covid impacts and higher third party royalties, partially offset by higher by-product credits at yanacocha and nevada gold mines. gold cas increased 8 percent to $1.3 billion from the prior year quarter. gold cas per ounce increased 9 percent to $802 per ounce primarily due to higher direct operating costs, a draw-down of in-circuit inventory and lower by-product credits at yanacocha, partially offset by lower third party royalties. gold aisc3 increased 2 percent to $1,062 per ounce compared to the prior year primarily due to higher cas per ounce and higher sustaining capital spend, as several mines were placed under care and maintenance or experienced reduced operations in the prior year in response to the covid pandemic. gold aisc remained flat at $1,056 per ounce compared to the prior year quarter as higher cas per ounce was largely offset by lower sustaining capital spend. attributable gold equivalent ounce (geo) production from other metals for the year increased 23 percent to 1,252 thousand ounces from the prior year primarily due to higher throughput and higher mill recovery in the current year, as peÑasquito was placed under temporary care and maintenance in the prior year in response to the covid pandemic. attributable geo production from other metals for the quarter increased 17 percent to 317 thousand ounces from the prior year quarter primarily due to higher silver and zinc grades mined at peÑasquito and higher copper grade mined at boddington. cas from other metals totaled $807 million for the year. cas per geo2 for the year increased 12 percent to $640 per ounce from the prior year primarily due to higher direct operating costs as peÑasquito was placed under temporary care and maintenance in the prior year, partially offset by higher co-product sales volumes. aisc per geo3 for the year increased 5 percent to $900 per ounce from the prior year primarily due to higher cas from other metals, partially offset by lower treatment and refining costs. cas from other metals totaled $243 million for the quarter. cas per geo for the quarter increased 32 percent to $739 per ounce from the prior year quarter primarily due to higher allocation of costs to co-product metals and a draw-down of inventory. aisc per geo for the quarter increased 19 percent to $1,007 per ounce from the prior year quarter primarily due to higher cas from other metals, partially offset by lower sustaining capital spend. net income from continuing operations attributable to newmont stockholders for the year was $1.1 billion or $1.39 per diluted share, a decrease of $1.6 billion from the prior year primarily due to higher reclamation and remediation expense resulting from adjustments mainly related to non-operating yanacocha sites of $1.6 billion, the loss recognized on the pending sale of the conga mill assets, lower gain on asset and investment sales due to the sale of kalgoorlie in the prior year and higher income tax expense. these decreases were partially offset by higher average realized metal prices and higher sales volumes, as well as lower care and maintenance expense from certain sites being placed into care and maintenance or experiencing reduced operations in response to the covid pandemic in the prior year. net loss from continuing operations attributable to newmont stockholders for the quarter was $(61) million or $(0.08) per diluted share, a decrease of $867 million from the prior year quarter primarily due to higher reclamation and remediation expense resulting from adjustments mainly related to non-operating yanacocha sites of $1.6 billion, partially offset by the gain on the sale of the kalgoorlie power business and the gain from the ngm lone tree and south arturo exchange transaction in the fourth quarter. adjusted net income4 for the year was $2.4 billion or $2.96 per diluted share, compared to $2.1 billion or $2.66 per diluted share in the prior year. adjusted net income for the quarter was $624 million or $0.78 per diluted share, compared to $856 million or $1.06 per diluted share in the prior year quarter. primary adjustments to fourth quarter net income include reclamation and remediation adjustments mainly related to non-operating yanacocha sites, gains on asset and investment sales, changes in the fair value of investments, and valuation allowance and other tax adjustments. adjusted ebitda5 for the year increased 8 percent to $6.0 billion, compared to $5.5 billion for the prior year. adjusted ebitda for the quarter decreased 10 percent to $1.6 billion for the quarter, compared to $1.8 billion for the prior year quarter. revenue for the year increased 6 percent to $12.2 billion compared to the prior year primarily due to higher average realized gold prices and higher sales volumes. revenue for the quarter of $3.4 billion increased slightly compared to the prior year quarter. average realized price6 for gold increased $13 per ounce to $1,788 per ounce for the full year and decreased $54 per ounce to $1,798 per ounce for the quarter, compared to the prior year. for the full year, average realized gold price includes $1,794 per ounce of gross price received, the favorable impact of $2 per ounce mark-to-market on provisionally-priced sales and $8 per ounce reductions for treatment and refining charges. for the quarter, average realized gold price includes $1,794 per ounce of gross price received, the favorable impact of $11 per ounce mark-to-market on provisionally-priced sales and $7 per ounce reductions for treatment and refining charges. capital expenditures7 increased 27 percent to $1.7 billion for the full year and increased 11 percent to $441 million for the quarter, compared to prior year, primarily due to higher sustaining capital spend at sites that were placed into care and maintenance or experiencing reduced operations in response to the covid pandemic during 2020 and higher development capital spend. development capital expenditures in 2021 primarily include advancing tanami expansion 2, yanacocha sulfides, ahafo north, the subika mining method change, cerro negro expansion projects, the power generation civil upgrade, pamour, quecher main, goldrush complex and turquoise ridge 3rd shaft. consolidated operating cash flow from continuing operations decreased 13 percent to $4.3 billion for the full year and decreased 23 percent to $1.3 billion for the quarter, compared to the prior year, primarily due to higher tax payments, partially offset by higher average realized metal prices. free cash flow8 decreased to $2.6 billion for the full year and $0.9 billion for the quarter, compared to the prior year, primarily due to lower operating cash flow and higher capital expenditures. balance sheet and liquidity remained strong in 2021 ending the year with $5.0 billion of consolidated cash and approximately $8.0 billion of liquidity; reported net debt to adjusted ebitda of 0.2x9. portfolio improvements achieved during the year: acquired the remaining 85.1% ownership of gt gold corporation; announced the acquisition of buenaventura's 43.65% ownership of yanacocha; approved full funding of the ahafo north project in july 2021; implemented autonomous haulage system at boddington and a mining method change at subika underground in ghana; progressed the tanami expansion 2, yanacocha sulfides, cerro negro district expansion 1 and pamour projects. nevada gold mines (ngm) attributable gold production for the year was 1,272 thousand ounces with cas of $755 per ounce and aisc of $918 per ounce. ngm attributable gold production for the quarter was 377 thousand ounces with cas of $753 per ounce and aisc of $887 per ounce. ngm ebitda10 was $1.4 billion for the full year and $483 million for the quarter. pueblo viejo (pv) attributable gold production was 325 thousand ounces for the year and 71 thousand ounces for the quarter. pueblo viejo ebitda11 was $420 million for the year and $84 million for the fourth quarter with cash distributions received from the company's equity method investment of $180 million for the year and $50 million for the fourth quarter. covid update newmont continues to maintain wide-ranging protective measures for its workforce and neighboring communities, including screening, physical distancing, deep cleaning and avoiding exposure for at-risk individuals. the company incurred incremental covid specific costs of $21 million during the quarter and $87 million during 2021 for activities such as additional health and safety procedures, increased transportation and distributions from the community support fund. during the second quarter of 2020, the newmont global community support fund of $20 million was established to help host communities, governments and employees combat the covid pandemic, of which $14 million has been distributed since establishment. amounts distributed from this fund were $3 million during 2021, which have been adjusted from certain non-gaap metrics. the majority of the additional incremental covid specific costs have not been adjusted from our non-gaap metrics. projects update12 newmont’s project pipeline supports stable production with improving margins and mine life. newmont's 2022 and longer-term outlook includes current development capital costs and production related to tanami expansion 2, ahafo north, yanacocha sulfides, pamour and cerro negro district expansion 1. additional projects not listed below represent incremental improvements to the company's outlook. tanami expansion 2 (australia) secures tanami’s future as a long-life, low-cost producer with potential to extend mine life beyond 2040 through the addition of a 1,460 meter hoisting shaft and supporting infrastructure to process 3.3 million tonnes per year and provide a platform for future growth. the expansion is expected to increase average annual gold production by approximately 150,000 to 200,000 ounces per year for the first five years and is expected to reduce operating costs by approximately 10 percent. capital costs for the project are estimated to be between $850 and $950 million with a commercial production date in 2024. ahafo north (africa) expands our existing footprint in ghana with four open pit mines and a stand-alone mill located approximately 30 kilometers from the company’s ahafo south operations. the project is expected to add between 275,000 and 325,000 ounces per year with all-in sustaining costs between $600 to $700 per ounce for the first five full years of production (2024-2028). capital costs for the project are estimated to be between $750 and $850 million with a construction completion date in late 2023 and commercial production in 2024. ahafo north is the best unmined gold deposit in west africa with approximately 3.5 million ounces of reserves and more than 1 million ounces of measured, indicated and inferred resources and significant upside potential to extend beyond ahafo north’s current 13-year mine life. yanacocha sulfides (south america)13 will develop the first phase of sulfide deposits and an integrated processing circuit, including an autoclave to produce 45% gold, 45% copper and 10% silver. the project is expected to add average annual production of 525,000 gold equivalent ounces per year with all-in sustaining costs between $700 and $800 per ounce for the first five full years of production (2027-2031). total capital costs for the project are estimated at $2.5 billion, with an investment decision expected in late 2022 and a three year development period. the first phase focuses on developing the yanacocha verde and chaquicocha deposits to extend yanacocha’s operations beyond 2040 with second and third phases having the potential to extend life for multiple decades. pamour (north america) extends the life of porcupine and maintains production beginning in 2024. the project will optimize mill capacity, adding volume and supporting high grade ore from borden and hoyle pond, while supporting further exploration in a highly prospective and proven mining district. an investment decision is expected in the second half of 2022 with estimated capital costs between $350 and $450 million. cerro negro district expansion 1 (south america) includes the simultaneous development of the marianas and eastern districts to extend the mine life of cerro negro beyond 2030. the project is expected to improve production to above 350,000 ounces beginning in 2024, while improving all-in sustaining costs to between $800 and $900 per ounce. capital costs for the project are estimated to be approximately $300 million. this project provides a platform for further exploration and future growth through additional expansions. ________________________________________________ 1 attributable gold production includes 325 thousand ounces and 71 thousand ounces from the company’s equity method investment in pueblo viejo (40%) in 2021 and the fourth quarter, respectively. 2 non-gaap measure. see end of this release for reconciliation to costs applicable to sales. 3 non-gaap measure. see end of this release for reconciliation to costs applicable to sales. 4 non-gaap measure. see end of this release for reconciliation to net income (loss) attributable to newmont stockholders. 5 non-gaap measure. see end of this release for reconciliation to net income (loss) attributable to newmont stockholders. 6 non-gaap measure. see end of this release for reconciliation to sales. 7 capital expenditures refers to additions to property plant and mine development from the consolidated statements of cash flows. 8 non-gaap measure. see end of this release for reconciliation to net cash provided by operating activities. 9 non-gaap measure. see end of this release for reconciliation. 10 non-gaap measure. see end of this release for reconciliation 11 non-gaap measure. see end of this release for reconciliation. 12 all-in sustaining costs are presented using a $1,200/oz gold price assumption. 13 consolidated basis. outlook newmont’s outlook reflects increasing gold production and ongoing investment in its operating assets and most promising growth prospects. outlook includes current development capital costs and production related to tanami expansion 2, ahafo north, yanacocha sulfides, pamour at porcupine and cerro negro district expansion 1. newmont continues to develop our mine plan utilizing a $1,200 per ounce gold price assumption. however, due to sustained higher gold prices over the last two years, newmont’s 2022 outlook assumes an $1,800 per ounce revenue gold price for cas and aisc to reflect higher costs from inflation, royalties and production taxes. in 2022, an additional 5% of cost escalation is incorporated into our direct operating costs related to labor, energy, and material and supplies. 2022 and longer-term outlook assumes a $30 per ounce impact from production taxes and royalties attributable to higher gold prices. outlook assumes operations continue without major covid-related interruptions. newmont continues to maintain wide-ranging protective measures for its workforce and neighboring communities, including screening, physical distancing, deep cleaning and avoiding exposure for at-risk individuals, which are expected to impact aisc per gold equivalent ounce by approximately $10 per ounce. if at any point the company determines that continuing operations poses an increased risk to our workforce or host communities, it will reduce operational activities up to, and including, care and maintenance and management of critical environmental systems. please see the cautionary statement for additional information. for a more detailed discussion and outlook presented at a $1,200 per ounce gold price assumption, see the company’s 2022 and longer-term outlook released on december 2, 2021, available on www.newmont.com. the attributable site-level production for yanacocha and attributable development capital guidance below accounts for the acquisition of buenaventura's 43.65% interest in yanacocha, as announced on february 8, 2022. all other guidance metrics remain unchanged from the company's 2022 and longer-term outlook as announced on december 2, 2021. five year outlook (+/- 5%): $1,800/oz gold price assumption guidance metric ($m) (+/- 5%) 2022e 2023e 2024e 2025e 2026e gold production* (moz) 6.2 6.0 - 6.6 6.2 - 6.8 6.2 - 6.8 6.2 - 6.8 co-product production** (mozs) 1.3 1.4 - 1.6 1.4 - 1.6 1.4 - 1.6 1.4 - 1.6 total geo production (mozs) 7.5 7.5 - 8.1 7.7 - 8.3 7.7 - 8.3 7.7 - 8.3 gold cas ($/oz) 820 740 - 840 700 - 800 700 - 800 700 - 800 co-product geo cas ($/oz) 675 600 - 700 500 - 600 500 - 600 500 - 600 total geo cas ($/oz) 800 710 - 810 640 - 740 640 - 740 640 - 740 gold aisc ($/oz) 1,050 980 - 1,080 920 - 1,020 920 - 1,020 920 - 1,020 co-product geo aisc ($/oz) 975 900 - 1,000 800 - 900 800 - 900 800 - 900 total geo aisc ($/oz) 1,030 950 - 1,050 880 - 980 880 - 980 880 - 980 sustaining capital* ($m) 925 825 - 1,025 825 - 1,025 825 - 1,025 825 - 1,025 development capital* ($m) 1,400 1,300 - 1,500 1,100 - 1,300 400 - 600 100 - 300 total capital* ($m) 2,325 2,225 - 2,425 2,025 - 2,225 1,325 - 1,525 1,025 - 1,225 *attributable basis; **attributable co-product gold equivalent ounces; includes copper, zinc, silver and lead consolidated expense outlook guidance metric ($m) (+/- 5%) 2022e exploration & advanced projects 450 general & administrative 260 interest expense 225 depreciation & amortization 2,300 adjusted tax rate a,b 30%-34% a the adjusted tax rate excludes certain items such as tax valuation allowance adjustments. b assuming average prices of $1,800 per ounce for gold, $3.25 per pound for copper, $23.00 per ounce for silver, $0.95 per pound for lead, and $1.15 per pound for zinc and achievement of current production and sales volumes and cost estimates, we estimate our consolidated adjusted effective tax rate related to continuing operations for 2022 will be between 30%-34%. consolidated production (koz) attributable production (koz) consolidated cas ($/oz) consolidated all-in sustaining costs b ($/oz) consolidated sustaining capital expenditures ($m) consolidated development capital expenditures ($m) cc&v 210 210 975 1,200 35 — ÉlÉonore 275 275 975 1,150 30 — peÑasquito 475 475 650 850 125 — porcupine 340 340 875 1,025 40 100 musselwhite 200 200 875 1,150 50 — other north america — — — — — — cerro negro 260 260 875 1,095 50 75 yanacochac 225 210 1,100 1,375 25 475 merianc 465 350 750 860 50 — pueblo viejod — 285 — — — — other south america — — — — — — boddington 900 900 750 860 95 10 tanami 500 500 625 960 125 275 other australia — — — — 15 — ahafo 650 650 875 1,000 85 30 akyem 400 400 725 925 40 10 ahafo north — — — — — 340 other africa — — — — — — nevada gold minese 1,250 1,250 825 1,050 245 70 corporate/other — — — — — — peÑasquito - co-products (geo)f 1,000 1,000 670 940 boddington - co-products (geo)f 300 300 740 890 peÑasquito - silver (moz) 29 29 peÑasquito - lead (mlbs) 150 150 peÑasquito - zinc (mlbs) 350 350 boddington - copper (mlbs) 110 110 a 2022 outlook projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of december 2, 2021. outlook is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. for example, 2022 outlook assumes $1,800/oz au, $3.25/lb cu, $23.00/oz ag, $1.15/lb zn, $0.95/lb pb, $0.75 usd/aud exchange rate, $0.80 usd/cad exchange rate and $60/barrel wti. production, cas, aisc and capital estimates exclude projects that have not yet been approved, except for yanacocha sulfides, pamour and cerro negro district expansion 1 which are included in outlook. the potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this outlook. assumptions used for purposes of outlook may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. outlook cannot be guaranteed. as such, investors are cautioned not to place undue reliance upon outlook and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. amounts may not recalculate to totals due to rounding. the attributable production guidance accounts for the acquisition of buenaventura's 43.65% interest in yanacocha, as announced on february 8, 2022. all other guidance metrics remain unchanged from the company's outlook as announced on december 2, 2021. see cautionary at the end of this release. b all-in sustaining costs (aisc) as used in the company’s outlook is a non-gaap metric; see below for further information and reconciliation to consolidated 2022 cas outlook. c consolidated production for yanacocha and merian is presented on a total production basis for the mine site; attributable production represents a 95% interest for yanacocha and a 75% interest for merian. d attributable production includes newmont’s 40% interest in pueblo viejo, which is accounted for as an equity method investment. e represents the ownership interest in the nevada gold mines (ngm) joint venture. ngm is owned 38.5% by newmont and owned 61.5% and operated by barrick. the company accounts for its interest in ngm using the proportionate consolidation method, thereby recognizing its pro-rata share of the assets, liabilities and operations of ngm. f gold equivalent ounces (geo) are calculated as pounds or ounces produced multiplied by the ratio of the other metal’s price to the gold price, using gold ($1,200/oz.), copper ($3.25/lb.), silver ($23.00/oz.), lead ($0.95/lb.), and zinc ($1.15/lb.) pricing. three months ended december 31, year ended december 31, operating results 2021 2020 % change 2021 2020 % change attributable sales (koz) attributable gold ounces sold (1) 1,559 1,554 — % 5,660 5,550 2 % attributable gold equivalent ounces sold 328 282 16 % 1,258 1,062 18 % average realized price ($/oz, $/lb) average realized gold price $ 1,798 $ 1,852 (3 )% $ 1,788 $ 1,775 1 % average realized copper price $ 4.54 $ 3.54 28 % $ 4.29 $ 2.78 54 % average realized silver price $ 19.82 $ 20.78 (5 )% $ 20.19 $ 17.86 13 % average realized lead price $ 1.11 $ 0.80 39 % $ 1.00 $ 0.72 39 % average realized zinc price $ 1.54 $ 1.16 33 % $ 1.30 $ 0.86 51 % attributable production (koz) north america 404 435 (7 )% 1,598 1,457 10 % south america 182 200 (9 )% 733 736 — % australia 339 304 12 % 1,181 1,165 1 % africa 245 243 1 % 862 851 1 % nevada 377 342 10 % 1,272 1,334 (5 )% total gold (excluding equity method investments) 1,547 1,524 2 % 5,646 5,543 2 % pueblo viejo (40%) (2) 71 106 (33 )% 325 362 (10 )% total gold 1,618 1,630 (1 )% 5,971 5,905 1 % north america 269 237 14 % 1,089 893 22 % australia 48 34 41 % 163 128 27 % total gold equivalent ounces 317 271 17 % 1,252 1,021 23 % cas consolidated ($/oz, $/geo) north america $ 883 $ 731 21 % $ 796 $ 773 3 % south america $ 860 $ 776 11 % $ 832 $ 811 3 % australia $ 724 $ 725 — % $ 755 $ 715 6 % africa $ 786 $ 729 8 % $ 799 $ 713 12 % nevada $ 753 $ 739 2 % $ 755 $ 757 — % total gold $ 802 $ 739 9 % $ 785 $ 756 4 % total gold (by-product) $ 657 $ 603 9 % $ 637 $ 663 (4 )% north america $ 717 $ 523 37 % $ 603 $ 535 13 % australia $ 874 $ 824 6 % $ 902 $ 837 8 % total gold equivalent ounces $ 739 $ 561 32 % $ 640 $ 571 12 % aisc consolidated ($/oz, $/geo) north america $ 1,100 $ 1,012 9 % $ 1,016 $ 1,049 (3 )% south america $ 1,158 $ 1,070 8 % $ 1,130 $ 1,100 3 % australia $ 904 $ 1,106 (18 )% $ 1,002 $ 964 4 % africa $ 1,020 $ 893 14 % $ 1,022 $ 890 15 % nevada $ 887 $ 872 2 % $ 918 $ 920 — % total gold $ 1,056 $ 1,043 1 % $ 1,062 $ 1,045 2 % total gold (by-product) $ 965 $ 957 1 % $ 969 $ 1,005 (4 ) % north america $ 955 $ 795 20 % $ 826 $ 828 — % australia $ 1,009 $ 1,205 (16 )% $ 1,112 $ 1,080 3 % total gold equivalent ounces $ 1,007 $ 846 19 % $ 900 $ 858 5 % (1) attributable gold ounces from the pueblo viejo mine, an equity method investment, are not included in attributable gold ounces sold. (2) represents attributable gold from pueblo viejo and does not include the company's other equity method investments. attributable gold ounces produced at pueblo viejo are not included in attributable gold ounces sold, as noted in footnote 1. income and expenses of equity method investments are included in equity income (loss) of affiliates. consolidated statements of operations three months ended december 31, year ended december 31, 2021 2020 2021 2020 (in millions, except per share) sales $ 3,390 $ 3,381 $ 12,222 $ 11,497 costs and expenses costs applicable to sales (1) 1,540 1,355 5,435 5,014 depreciation and amortization 639 615 2,323 2,300 reclamation and remediation 1,626 250 1,846 366 exploration 62 69 209 187 advanced projects, research and development 46 30 154 122 general and administrative 69 64 259 269 care and maintenance — 7 8 178 loss on assets held for sale — — 571 — other expense, net 34 71 160 255 4,016 2,461 10,965 8,691 other income (expense): gain on asset and investment sales, net 166 84 212 677 other income (loss), net 19 3 (87 ) (32 ) interest expense, net of capitalized interest (66 ) (73 ) (274 ) (308 ) 119 14 (149 ) 337 income (loss) before income and mining tax and other items (507 ) 934 1,108 3,143 income and mining tax benefit (expense) (300 ) (258 ) (1,098 ) (704 ) equity income (loss) of affiliates 28 70 166 189 net income (loss) from continuing operations (779 ) 746 176 2,628 net income (loss) from discontinued operations 15 18 57 163 net income (loss) (764 ) 764 233 2,791 net loss (income) attributable to noncontrolling interests 718 60 933 38 net income (loss) attributable to newmont stockholders $ (46 ) $ 824 $ 1,166 $ 2,829 net income (loss) attributable to newmont stockholders: continuing operations $ (61 ) $ 806 $ 1,109 $ 2,666 discontinued operations 15 18 57 163 $ (46 ) $ 824 $ 1,166 $ 2,829 weighted average common shares (millions): basic 795 802 799 804 effect of employee stock-based awards 2 2 2 2 diluted 797 804 801 806 net income (loss) per common share basic: continuing operations $ (0.08 ) $ 1.01 $ 1.39 $ 3.32 discontinued operations 0.02 0.02 0.07 0.20 $ (0.06 ) $ 1.03 $ 1.46 $ 3.52 diluted: continuing operations $ (0.08 ) $ 1.00 $ 1.39 $ 3.31 discontinued operations 0.02 0.02 0.07 0.20 $ (0.06 ) $ 1.02 $ 1.46 $ 3.51 (1) excludes depreciation and amortization and reclamation and remediation. consolidated statements of cash flows three months ended december 31, year ended december 31, 2021 2020 2021 2020 (in millions) operating activities: net income (loss) $ (764 ) $ 764 $ 233 $ 2791 adjustments: depreciation and amortization 639 615 2,323 2,300 loss on assets held for sale — — 571 — gain on asset and investment sales, net (166 ) (84 ) (212 ) (677 ) net loss (income) from discontinued operations (15 ) (18 ) (57 ) (163 ) reclamation and remediation 1,619 246 1,827 353 change in fair value of investments (45 ) (61 ) 135 (252 ) stock-based compensation 17 17 72 72 deferred income taxes (99 ) (150 ) (109 ) (222 ) other non-cash adjustments 76 112 24 393 net change in operating assets and liabilities 37 245 (541 ) 295 net cash provided by (used in) operating activities of continuing operations 1,299 1,686 4,266 4,890 net cash provided by (used in) operating activities of discontinued operations — — 13 (8 ) net cash provided by (used in) operating activities 1,299 1,686 4,279 4,882 investing activities: additions to property, plant and mine development (441 ) (398 ) (1,653 ) (1,302 ) acquisitions, net (1) — — (328 ) — proceeds from sales of investments 87 2 194 307 contributions to equity method investees (36 ) (44 ) (150 ) (60 ) purchases of investments (41 ) (4 ) (59 ) (37 ) return of investment from equity method investees — 15 18 58 proceeds from sales of mining operations and other assets, net 80 19 84 1,156 other — (1 ) 26 44 net cash provided by (used in) investing activities of continuing operations (351 ) (411 ) (1,868 ) 166 net cash provided by (used in) investing activities of discontinued operations — — — (75 ) net cash provided by (used in) investing activities (351 ) (411 ) (1,868 ) 91 financing activities: dividends paid to common stockholders (436 ) (320 ) (1,757 ) (834 ) repayment of debt (832 ) — (1,382 ) (1,160 ) proceeds from issuance of debt, net 992 — 992 985 repurchases of common stock (277 ) (200 ) (525 ) (521 ) distributions to noncontrolling interests (45 ) (54 ) (200 ) (197 ) funding from noncontrolling interests 27 30 100 112 payments on lease and other financing obligations (19 ) (17 ) (73 ) (66 ) payments for withholding of employee taxes related to stock-based compensation (1 ) (3 ) (32 ) (48 ) other (4 ) 3 (81 ) 49 net cash provided by (used in) financing activities (595 ) (561 ) (2,958 ) (1,680 ) effect of exchange rate changes on cash, cash equivalents and restricted cash (5 ) 2 (8 ) 6 net change in cash, cash equivalents and restricted cash 348 716 (555 ) 3,299 cash, cash equivalents and restricted cash at beginning of period 4,745 4,932 5,648 2,349 cash, cash equivalents and restricted cash at end of period $ 5,093 $ 5,648 $ 5,093 $ 5,648 reconciliation of cash, cash equivalents and restricted cash: cash and cash equivalents $ 4,992 $ 5,540 $ 4,992 $ 5,540 restricted cash included in other current assets 2 2 2 2 restricted cash included in other non-current assets 99 106 99 106 total cash, cash equivalents and restricted cash $ 5,093 $ 5,648 $ 5,093 $ 5,648 (1) acquisitions, net for the year ended december 31, 2021 is primarily related to the asset acquisition of the remaining 85.1% of gt gold corporation (“gt gold”). refer to note 1 to the consolidated financial statements for additional information. consolidated balance sheets at december 31, 2021 at december 31, 2020 (in millions) assets cash and cash equivalents $ 4,992 $ 5,540 trade receivables 337 449 investments 82 290 inventories 930 963 stockpiles and ore on leach pads 857 827 other current assets 498 436 current assets 7,696 8,505 property, plant and mine development, net 24,124 24,281 investments 3,243 3,197 stockpiles and ore on leach pads 1,775 1,705 deferred income tax assets 269 337 goodwill 2,771 2,771 other non-current assets 686 573 total assets $ 40,564 $ 41,369 liabilities accounts payable $ 518 $ 493 employee-related benefits 386 380 income and mining taxes 384 657 current lease and other financing obligations 106 106 debt 87 551 other current liabilities 1,173 1,182 current liabilities 2,654 3,369 debt 5,565 5,480 lease and other financing obligations 544 565 reclamation and remediation liabilities 5,839 3,818 deferred income tax liabilities 2,144 2,073 employee-related benefits 439 493 silver streaming agreement 910 993 other non-current liabilities 608 699 total liabilities 18,703 17,490 contingently redeemable noncontrolling interest 48 34 equity common stock 1,276 1,287 treasury stock (200 ) (168 ) additional paid-in capital 17,981 18,103 accumulated other comprehensive income (loss) (133 ) (216 ) retained earnings 3,098 4,002 newmont stockholders' equity 22,022 23,008 noncontrolling interests (209 ) 837 total equity 21,813 23,845 total liabilities and equity $ 40,564 $ 41,369 non-gaap financial measures non-gaap financial measures are intended to provide additional information only and do not have any standard meaning prescribed by u.s. generally accepted accounting principles (“gaap”). these measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with gaap. unless otherwise noted, we present the non-gaap financial measures of our continuing operations in the tables below. for additional information regarding our discontinued operations, see note 1 to the consolidated financial statements. adjusted net income (loss) management uses adjusted net income (loss) to evaluate the company’s operating performance and for planning and forecasting future business operations. the company believes the use of adjusted net income (loss) allows investors and analysts to understand the results of the continuing operations of the company and its direct and indirect subsidiaries relating to the sale of products, by excluding certain items that have a disproportionate impact on our results for a particular period. adjustments to continuing operations are presented before tax and net of our partners’ noncontrolling interests, when applicable. the tax effect of adjustments is presented in the tax effect of adjustments line and is calculated using the applicable regional tax rate. management’s determination of the components of adjusted net income (loss) are evaluated periodically and based, in part, on a review of non-gaap financial measures used by mining industry analysts. net income (loss) attributable to newmont stockholders is reconciled to adjusted net income (loss) as follows: three months ended december 31, 2021 year ended december 31, 2021 per share data (1) per share data (1) basic diluted basic diluted net income (loss) attributable to newmont stockholders $ (46 ) $ (0.06 ) $ (0.06 ) $ 1,166 $ 1.46 $ 1.46 net loss (income) attributable to newmont stockholders from discontinued operations (2) (15 ) (0.02 ) (0.02 ) (57 ) (0.07 ) (0.07 ) net income (loss) attributable to newmont stockholders from continuing operations (61 ) (0.08 ) (0.08 ) 1,109 1.39 1.39 reclamation and remediation charges, net (3) 874 1.10 1.10 983 1.23 1.23 loss on assets held for sale, net (4) — — — 372 0.47 0.46 gain on asset and investment sales (5) (166 ) (0.21 ) (0.21 ) (212 ) (0.27 ) (0.27 ) change in fair value of investments (6) (45 ) (0.05 ) (0.05 ) 135 0.17 0.17 impairment of long-lived and other assets (7) 7 0.01 0.01 25 0.03 0.03 loss on debt extinguishment (8) 11 0.01 0.01 11 0.01 0.01 settlement costs (9) — — — 11 0.01 0.01 restructuring and severance, net (10) — — — 9 0.01 0.01 covid-19 specific costs (11) 2 — — 5 — — pension settlements (12) 4 — — 4 — — impairment of investments (13) — — — 1 — — tax effect of adjustments (14) (216 ) (0.27 ) (0.27 ) (413 ) (0.51 ) (0.51 ) valuation allowance and other tax adjustments, net (15) 214 0.27 0.27 331 0.43 0.43 adjusted net income (loss) (16) $ 624 $ 0.78 $ 0.78 $ 2,371 $ 2.97 $ 2.96 weighted average common shares (millions): (17) 795 797 799 801 per share measures may not recalculate due to rounding. (2) for additional information regarding our discontinued operations, see note 1 to our consolidated financial statements. (3) reclamation and remediation charges, net, included in reclamation and remediation, represent revisions to the reclamation and remediation plans and cost estimates at the company’s former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. amounts are presented pre-tax net of income (loss) attributable to noncontrolling interests of $(713) and $(713), respectively. (4) loss on assets held for sale, net, included in loss on assets held for sale, represents the loss recognized due to the reclassification of the conga mill assets as held for sale during the third quarter of 2021. the assets were remeasured to fair value less costs to sell. amounts are presented net of income (loss) attributable to noncontrolling interests of $— and $(199), respectively. (5) gain on asset and investment sales, included in gain on asset and investment sales, net, primarily represents the gain on the sale of the kalgoorlie power business, gain on the ngm lone tree and south arturo exchange, and gain on the sale of tmac. (6) change in fair value of investments, included in other income (loss), net, primarily represents unrealized gains and losses related to the company's investment in current and non-current marketable and other equity securities. (7) impairment of long-lived and other assets, included in impairment of long-lived and other assets, represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories. (8) loss on debt extinguishment, included in other income (loss), net, primarily represents losses on the debt tender offer and subsequent extinguishment of the 2023 newmont senior notes and the 2023 goldcorp senior notes. (9) settlement costs, included in other expense, net, primarily are comprised of a voluntary contribution made to the republic of suriname. (10) restructuring and severance, net, included in other expense, net, primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the company. amounts are presented net of income (loss) attributable to noncontrolling interests of $(1) and $(2), respectively. (11) covid-19 specific costs, included in other expense, net, represents incremental direct costs incurred as a result of actions taken to protect against the impacts of the covid-19 pandemic and primarily include amounts distributed from the newmont global community fund to help host communities, governments and employees combat the covid-19 pandemic. adjusted net income (loss) has not been adjusted for $19 and $82 of incremental covid-19 costs incurred as a result of actions taken to protect against the impacts of the covid-19 pandemic at our operational sites. (12) pension settlements, included in other income (loss), net, represents pension settlement charges due to lump sum payments to participants. (13) impairment of investments, included in other income (loss), net, primarily represents other-than-temporary impairment of other investments. (14) the tax effect of adjustments, included in income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (3) through (13), as described above, and are calculated using the applicable regional tax rate. (15) valuation allowance and other tax adjustments, net, included in income and mining tax benefit (expense), is recorded for items such as foreign tax credits, alternative minimum tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. the adjustment is due the net increase or (decrease) to net operating losses, capital losses, tax credit carryovers and other deferred tax assets subject to valuation allowance of $204 and $419, respectively, the expiration of u.s. capital loss carryovers of $152 and $152, respectively, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $10 and $(17), respectively, net reductions to the reserve for uncertain tax positions of $78 and $99, respectively and other tax adjustments of $23 and $5, respectively. total amounts are presented net of income (loss) attributable to noncontrolling interests of $(253) and $(327), respectively. (16) adjusted net income (loss) has not been adjusted for $— and $8 of cash and $— and $3 of non-cash care and maintenance costs, included in care and maintenance and depreciation and amortization, respectively, which primarily represent costs associated with certain sites being temporarily placed into care and maintenance in response to the covid-19 pandemic during a portion of the three months and year ended december 31, 2021, respectively. (17) adjusted net income (loss) per diluted share is calculated using diluted common shares, which are calculated in accordance with u.s. gaap. three months ended december 31, 2020 year ended december 31, 2020 per share data (1) per share data (1) basic diluted basic diluted net income (loss) attributable to newmont stockholders $ 824 $ 1.03 $ 1.02 $ 2,829 $ 3.52 $ 3.51 net loss (income) attributable to newmont stockholders from discontinued operations (2) (18 ) (0.02 ) (0.02 ) (163 ) (0.20 ) (0.20 ) net income (loss) attributable to newmont stockholders from continuing operations 806 1.01 1.00 2,666 3.32 3.31 (gain) loss on asset and investment sales (3) (84 ) (0.10 ) (0.10 ) (677 ) (0.84 ) (0.84 ) change in fair value of investments (4) (61 ) (0.08 ) (0.08 ) (252 ) (0.31 ) (0.31 ) reclamation and remediation charges, net (5) 160 0.20 0.20 160 0.20 0.20 impairment of investments (6) — — — 93 0.11 0.11 pension settlement (7) 7 0.01 0.01 92 0.11 0.11 covid-19 specific costs, net (8) 22 0.03 0.03 84 0.10 0.10 loss on debt extinguishment (9) — — — 77 0.09 0.09 settlement costs, net (10) 24 0.03 0.03 55 0.07 0.07 impairment of long-lived and other assets (11) 20 0.02 0.02 49 0.06 0.06 goldcorp transaction and integration costs (12) — — — 23 0.03 0.03 restructuring and severance, net (13) 6 0.01 0.01 17 0.02 0.02 tax effect of adjustments (14) (31 ) (0.04 ) (0.04 ) 62 0.08 0.08 valuation allowance and other tax adjustments, net (15) (13 ) (0.02 ) (0.02 ) (309 ) (0.38 ) (0.37 ) adjusted net income (loss) (16) $ 856 $ 1.07 $ 1.06 $ 2,140 $ 2.66 $ 2.66 weighted average common shares (millions): (17) 802 804 804 806 (1) per share measures may not recalculate due to rounding. (2) for additional information regarding our discontinued operations, see note 1 to our consolidated financial statements. (3) (gain) loss on asset and investment sales, included in gain on asset and investment sales, net, primarily represents gains on the sale of kalgoorlie and continental and a gain on the sale of royalty interests to maverix. (4) change in fair value of investments, included in other income, net, primarily represents unrealized holding gains and losses on marketable equity securities and our investment instruments. (5) reclamation and remediation charges, net, included in reclamation and remediation, represent revisions to remediation plans at the company’s former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value, including adjustments related to increased lime consumption and water treatment costs at inactive yanacocha sites and updated project cost estimates at inactive porcupine sites, the midnite mine site and dawn mill site. amounts are presented net of income (loss) attributable to noncontrolling interests of $(53) and $(53), respectively. (6) impairment of investments, included in other income, net, primarily represents the other-than-temporary impairment of the tmac investment. (7) pension settlements, included in other income, net, represents pension settlement charges due to lump sum payments to participants. (8) covid-19 specific costs, net, included in other expense, net, represents incremental direct costs incurred as a result of actions taken to protect against the impacts of the covid-19 pandemic. amount is presented net of income (loss) attributable to noncontrolling interests of $(3) and $(8), respectively. (9) loss on debt extinguishment, included in other income, net, primarily represents losses on the extinguishment of a portion of the 2022 senior notes and 2023 senior notes during 2020. (10) settlement costs, net, included in other expense, net, primarily represents costs related to the ecological tax obligation at peÑasquito in mexico, mineral interest settlements at ahafo and akyem in africa, the cedros community agreement at peÑasquito in mexico, a water related settlement at yanacocha in peru and other related costs. amounts are presented net of income (loss) attributable to noncontrolling interests of $— and $(3), respectively. (11) impairment of long-lived and other assets, included in impairment of long-lived and other assets, represents non-cash write-downs of various assets that are no longer in use. (12) goldcorp transaction and integration costs, included in other expense, net, primarily represents costs incurred related to the newmont goldcorp transaction completed during 2019 as well as subsequent integration costs. (13) restructuring and severance, net, included in other expense, net, primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the company. amounts are presented net of income (loss) attributable to noncontrolling interests of $— and $(1), respectively. (14) the tax effect of adjustments, included in income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (3) through (13), as described above, and are calculated using the applicable regional tax rate. (15) valuation allowance and other tax adjustments, net, included in income and mining tax benefit (expense), is recorded for items such as foreign tax credits, alternative minimum tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. the adjustment is due to the benefit recognized on the sale of kalgoorlie and related tax capital loss of $— and $(353), respectively, net increase or (decrease) to net operating losses, tax credit carryovers and other deferred tax assets subject to valuation allowance of $(54) and $186, respectively, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $75 and $(98), respectively, net reductions to the reserve for uncertain tax positions of $(2) and $(21), respectively and other tax adjustments of $4 and $39, respectively. total amounts are presented net of income (loss) attributable to noncontrolling interests of $(36) and $(62), respectively. (16) adjusted net income (loss) has not been adjusted for $7 and $165 of cash and $2 and $85 of non-cash care and maintenance costs, included in care and maintenance and depreciation and amortization, respectively, which primarily represent costs associated with our musselwhite, ÉlÉonore, peÑasquito, yanacocha and cerro negro sites being temporarily placed into care and maintenance in response to the covid-19 pandemic during a portion of the year ended december 31, 2020, respectively. amounts are presented net of income (loss) attributable to noncontrolling interests of $—, $13, $— and $3, respectively. (17) adjusted net income (loss) per diluted share is calculated using diluted common shares, which are calculated in accordance with u.s. gaap. earnings before interest, taxes and depreciation and amortization and adjusted earnings before interest, taxes and depreciation and amortization management uses earnings before interest, taxes and depreciation and amortization (“ebitda”) and ebitda adjusted for non-core or certain items that have a disproportionate impact on our results for a particular period (“adjusted ebitda”) as non-gaap measures to evaluate the company’s operating performance. ebitda and adjusted ebitda do not represent, and should not be considered an alternative to, net income (loss), operating income (loss), or cash flow from operations as those terms are defined by gaap, and do not necessarily indicate whether cash flows will be sufficient to fund cash needs. although adjusted ebitda and similar measures are frequently used as measures of operations and the ability to meet debt service requirements by other companies, our calculation of adjusted ebitda is not necessarily comparable to such other similarly titled captions of other companies. the company believes that adjusted ebitda provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. management’s determination of the components of adjusted ebitda are evaluated periodically and based, in part, on a review of non-gaap financial measures used by mining industry analysts. net income (loss) attributable to newmont stockholders is reconciled to ebitda and adjusted ebitda as follows: three months ended december 31, year ended december 31, 2021 2020 2021 2020 net income (loss) attributable to newmont stockholders $ (46 ) $ 824 $ 1,166 $ 2,829 net income (loss) attributable to noncontrolling interests (718 ) (60 ) (933 ) (38 ) net (income) loss from discontinued operations (1) (15 ) (18 ) (57 ) (163 ) equity loss (income) of affiliates (28 ) (70 ) (166 ) (189 ) income and mining tax expense (benefit) 300 258 1,098 704 depreciation and amortization 639 615 2,323 2,300 interest expense, net 66 73 274 308 ebitda $ 198 $ 1,622 $ 3,705 $ 5,751 adjustments: reclamation and remediation charges (2) $ 1,587 $ 213 $ 1,696 $ 213 loss on assets held for sale (3) — — 571 — (gain) loss on asset and investment sales (4) (166 ) (84 ) (212 ) (677 ) change in fair value of investments (5) (45 ) (61 ) 135 (252 ) impairment of long-lived and other assets (6) 7 20 25 49 loss on debt extinguishment (7) 11 — 11 77 settlement costs (8) — 24 11 58 restructuring and severance (9) 1 6 11 18 covid-19 specific costs (10) 2 25 5 92 pension settlements and curtailments (11) 4 7 4 92 impairment of investments (12) — — 1 93 goldcorp transaction and integration costs (13) — — — 23 adjusted ebitda (14) $ 1,599 $ 1,772 $ 5,963 $ 5,537 (1) for additional information regarding our discontinued operations, see note 1 to our consolidated financial statements. (2) reclamation and remediation charges, included in reclamation and remediation, represent revisions to the reclamation and remediation plans and cost estimates at the company’s former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. for additional information, see notes 6 and 26 to our consolidated financial statements. (3) loss on assets held for sale, included in loss on assets held for sale, represents the loss recognized due to the reclassification of the conga mill assets as held for sale during the third quarter of 2021. the assets were remeasured to fair value less costs to sell. for additional information, see note 8 to our consolidated financial statements. (4) gain on asset and investment sales, included in gain on asset and investment sales, net, primarily represents the gain on the sale of the kalgoorlie power plant, gain on the ngm lone tree and south arturo exchange, and gain on the sale of tmac in 2021; gains on the sale of kalgoorlie and continental and a gain on the sale of certain royalty interests to maverix in 2020. for additional information, see note 10 to our consolidated financial statements. (5) change in fair value of investments, included in other income (loss), net, primarily represents unrealized gains and losses related to the company's investments in current and non-current marketable and other equity securities. for additional information regarding our investments, see note 16 to our consolidated financial statements. (6) impairment of long-lived and other assets, included in impairment of long-lived and other assets, represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories. (7) loss on debt extinguishment, included in other income (loss), net, primarily represents losses on the debt tender offer and subsequent extinguishment of the 2023 newmont senior notes and the 2023 goldcorp senior notes during 2021 and the extinguishment of a portion of the 2022 senior notes and 2023 senior notes during 2020. (8) settlement costs, included in other expense, net, primarily represents a voluntary contribution made to the republic of suriname in 2021; and costs related to the ecological tax obligation at peÑasquito in mexico, mineral interest settlements at ahafo and akyem in africa, the cedros community agreement at peÑasquito in mexico, a water related settlement at yanacocha in peru and other related costs in 2020. (9) restructuring and severance, included in other expense, net, primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the company for all periods presented. (10) covid-19 specific costs, included in other expense, net, represents incremental direct costs incurred as a result of actions taken to protect against the impacts of the covid-19 pandemic and, in 2021, primarily include amounts distributed from newmont global community support fund to help host communities, governments and employees combat the covid-19 pandemic. (11) pension settlements and curtailments, included in other income (loss), net, primarily represents pension settlement charges due to lump sum payments to participants in 2021 and 2020. (12) impairment of investments, included in other income (loss), net, primarily represents other-than-temporary impairment of other investments, including the impairment of the tmac investment in 2020. (13) goldcorp transaction and integration costs, included in other expense, net, primarily represents costs incurred related to the newmont goldcorp transaction completed during 2019 as well as subsequent integration costs. (14) adjusted ebitda has not been adjusted for $—, $7, $8, and $178 of cash care and maintenance costs, respectively, included in care and maintenance, which primarily represent costs incurred associated with certain mine sites being temporarily placed into care and maintenance in response to the covid-19 pandemic during a portion of the three months and years ended december 31, 2021 and 2020, respectively. additionally, the company uses pueblo viejo ebitda as a non-gaap measure to evaluate the operating performance of its investment in the pueblo viejo mine. pueblo viejo ebitda does not represent, and should not be considered an alternative to, equity income (loss) of affiliates, as defined by gaap, and does not necessarily indicate whether cash distributions from pueblo viejo will match pueblo viejo ebitda or earnings from affiliates. although the company has the ability to exert significant influence, it does not have direct control over the operations or resulting revenues and expenses, nor does it proportionately consolidate its investment in pueblo viejo. the company believes that pueblo viejo ebitda provides useful information to investors and others in understanding and evaluating the operating results of its investment in pueblo viejo, in the same manner as management and the board of directors. equity income (loss) of affiliates is reconciled to pueblo viejo ebitda as follows: three months ended december 31, year ended december 31, 2021 2020 2021 2020 equity income (loss) of affiliates $ 28 $ 70 $ 166 $ 189 equity (income) loss of affiliates, excluding pueblo viejo (1) 1 (12 ) — 4 equity income (loss) of affiliates, pueblo viejo (1) 29 58 166 193 reconciliation of pueblo viejo on attributable basis: income and mining tax expense (benefit) 28 58 145 169 depreciation and amortization 27 20 109 72 pueblo viejo ebitda $ 84 $ 136 $ 420 $ 434 (1) see note 16 to the consolidated financial statements. the company uses ngm ebitda as a non-gaap measure to evaluate the operating performance of its investment in nevada gold mines (ngm). ngm ebitda does not represent, and should not be considered an alternative to, income (loss) before income and mining tax and other items, as defined by gaap, and does not necessarily indicate whether cash distributions from ngm will match ngm ebitda. although the company has the ability to exert significant influence and proportionally consolidates its 38.5% interest in ngm, it does not have direct control over the operations or resulting revenues and expenses of its investment in ngm. the company believes that ngm ebitda provides useful information to investors and others in understanding and evaluating the operating results of its investment in ngm, in the same manner as management and the board of directors. income (loss) before income and mining tax and other items is reconciled to ngm ebitda as follows: three months ended december 31, year ended december 31, 2021 2020 2021 2020 income (loss) before income and mining tax and other items, ngm (1) $ 319 $ 214 $ 818 $ 700 depreciation and amortization, ngm (1) 164 150 550 579 ngm ebitda $ 483 $ 364 $ 1,368 $ 1,279 (1) see note 4 to the consolidated financial statements. free cash flow management uses free cash flow as a non-gaap measure to analyze cash flows generated from operations. free cash flow is net cash provided by (used in) operating activities less net cash provided by (used in) operating activities of discontinued operations less additions to property, plant and mine development as presented on the consolidated statements of cash flows. the company believes free cash flow is also useful as one of the bases for comparing the company’s performance with its competitors. although free cash flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the company’s calculation of free cash flow is not necessarily comparable to such other similarly titled captions of other companies. the presentation of non-gaap free cash flow is not meant to be considered in isolation or as an alternative to net income as an indicator of the company’s performance, or as an alternative to cash flows from operating activities as a measure of liquidity as those terms are defined by gaap, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. the company’s definition of free cash flow is limited in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. therefore, the company believes it is important to view free cash flow as a measure that provides supplemental information to the company’s consolidated statements of cash flows. the following table sets forth a reconciliation of free cash flow, a non-gaap financial measure, to net cash provided by (used in) operating activities, which the company believes to be the gaap financial measure most directly comparable to free cash flow, as well as information regarding net cash provided by (used in) investing activities and net cash provided by (used in) financing activities. three months ended december 31, year ended december 31, 2021 2020 2021 2020 net cash provided by (used in) operating activities $ 1,299 $ 1,686 $ 4,279 $ 4,882 less: net cash used in (provided by) operating activities of discontinued operations — — (13 ) 8 net cash provided by (used in) operating activities of continuing operations 1,299 1,686 4,266 4,890 less: additions to property, plant and mine development (441 ) (398 ) (1,653 ) (1,302 ) free cash flow $ 858 $ 1,288 $ 2,613 $ 3,588 net cash provided by (used in) investing activities (1) $ (351 ) $ (411 ) $ (1,868 ) $ 91 net cash provided by (used in) financing activities $ (595 ) $ (561 ) $ (2,958 ) $ (1,680 ) (1) net cash provided by (used in) investing activities includes additions to property, plant and mine development, which is included in the company’s computation of free cash flow. attributable free cash flow management uses attributable free cash flow as a non-gaap measure to analyze cash flows generated from operations that are attributable to the company. attributable free cash flow is net cash provided by (used in) operating activities after deducting net cash flows from operations attributable to noncontrolling interests less net cash provided by (used in) operating activities of discontinued operations after deducting net cash flows from discontinued operations attributable to noncontrolling interests less additions to property, plant and mine development after deducting property, plant and mine development attributable to noncontrolling interests. the company believes that attributable free cash flow is useful as one of the bases for c
