There is a New Day Dawning at Newmont and each day affords us the opportunity to renew our commitment and dedication to be an industry leader as we strive to achieve our vision of becoming The Gold Company of Choice through industry leading performance. We have reaffirmed the values that guide us as we seek the most effective ways to provide sustainable value for our employees, our communities and our shareholders by “acting with integrity, trust and respect.”
In 2007, we began to redirect the company and our business strategy. We established a new management team and implemented initiatives that will enable us to dedicate ourselves to Newmont’s core gold business, to expand our growth and exploration opportunities and to unlock the value embedded in our capital structure, as well as reduce operating costs.
Key highlights during the year included:
• Producing 5.3 million equity ounces of gold, in line with our original guidance and expectations;
• Investing significantly in our business, including more than $1 billion in new gold projects and operating efficiency initiatives;
• Eliminating our gold hedge book, which positioned Newmont as the premier un-hedged gold company, and improved our financial strength and flexibility;