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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 10-Q
(Mark One)
     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2022
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from__________to__________
Commission File Number: 001-31240
nem-20220331_g1.jpg
NEWMONT CORPORATION
(Exact name of registrant as specified in its charter)
Delaware84-1611629
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
6900 E Layton Ave
Denver, Colorado
80237
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code (303) 863-7414
Securities registered or to be registered pursuant to Section 12(b) of the Act.
Title of each classTrading SymbolName of each exchange on which registered
Common stock, par value $1.60 per shareNEMNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     ☒ Yes     ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     ☒ Yes     ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12-b2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b2 of the Exchange Act).      Yes     ☒ No
There were 793,651,139 shares of common stock outstanding on April 18, 2022.



TABLE OF CONTENTS
Page


GLOSSARY OF ABBREVIATIONS
AISC (1)
All-In Sustaining Costs
ARCAsset Retirement Cost
ASCFASB Accounting Standard Codification
ASUFASB Accounting Standard Update
CASCosts Applicable to Sales
EBITDA (1)
Earnings Before Interest, Taxes, Depreciation and Amortization
EIAEnvironmental Impact Assessment
EPAU.S. Environmental Protection Agency
ESGEnvironmental, Social and Governance
Exchange ActU.S. Securities Exchange Act of 1934
FASBFinancial Accounting Standards Board
GAAP
U.S. Generally Accepted Accounting Principles
GEO (2)
Gold Equivalent Ounces
GHG
Greenhouse Gases, which are defined by the EPA as gases that trap heat in the atmosphere
IFRSInternational Financial Reporting Standards
IRCInternational Royalty Corporation
MINAMMinistry of the Environment of Peru
Mine ActU.S. Federal Mine Safety and Health Act of 1977
MINEMMinistry of Energy and Mines of Peru
MSHAFederal Mine Safety and Health Administration
NPDESNational Pollutant Discharge Elimination System
SECU.S. Securities and Exchange Commission
Securities ActU.S. Securities Act of 1933
U.S.
The United States of America
WTPWater Treatment Plant
____________________________
(1)See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis.
(2)See “Results of Consolidated Operations” within Part I, Item 2, Management's Discussion and Analysis.
3

NEWMONT CORPORATION
FIRST QUARTER 2022 RESULTS AND HIGHLIGHTS
(unaudited, in millions, except per share, per ounce and per pound)

Three Months Ended
March 31,
20222021
Financial Results:
Sales$3,023 $2,872 
Gold$2,514 $2,482 
Copper$99 $52 
Silver$156 $168 
Lead$44 $44 
Zinc$210 $126 
Costs applicable to sales (1)
$1,435 $1,247 
Gold$1,184 $1,065 
Copper$46 $27 
Silver$97 $75 
Lead$22 $19 
Zinc$86 $61 
Net income (loss) from continuing operations $453 $558 
Net income (loss) $469 $579 
Net income (loss) from continuing operations attributable to Newmont stockholders
$432 $538 
Per common share, diluted:
Net income (loss) from continuing operations attributable to Newmont stockholders
$0.54 $0.67 
Net income (loss) attributable to Newmont stockholders
$0.56 $0.70 
Adjusted net income (loss) (2)
$546 $594 
Adjusted net income (loss) per share, diluted (2)
$0.69 $0.74 
Earnings before interest, taxes and depreciation and amortization (2)
$1,237 $1,370 
Adjusted earnings before interest, taxes and depreciation and amortization (2)
$1,390 $1,457 
Net cash provided by (used in) operating activities of continuing operations$689 $841 
Free Cash Flow (2)
$252 $442 
Cash dividends paid per common share in the period ended March 31
$0.55 $0.55 
Cash dividends declared per common share for the period ended March 31
$0.55 $0.55 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis.
1

NEWMONT CORPORATION
FIRST QUARTER 2022 RESULTS AND HIGHLIGHTS
(unaudited, in millions, except per share, per ounce and per pound)
Three Months Ended
March 31,
20222021
Operating Results:
Consolidated gold ounces (thousands):
Produced1,311 1,422 
Sold1,329 1,417 
Attributable gold ounces (thousands): 
Produced (1)
1,344 1,455 
Sold (2)
1,291 1,361 
Consolidated and attributable gold equivalent ounces - other metals (thousands) (3)
Produced350 317 
Sold350 327 
Consolidated and attributable - other metals:
Produced copper (million pounds)19 14 
Sold copper (million pounds)21 12 
Produced silver (thousand ounces)8,080 8,162 
Sold silver (thousand ounces)7,652 8,531 
Produced lead (million pounds)44 50 
Sold lead (million pounds)42 50 
Produced zinc (million pounds)114 111 
Sold zinc (million pounds)120 119 
Average realized price:
Gold (per ounce) $1,892 $1,751 
Copper (per pound) $4.84 $4.20 
Silver (per ounce)$20.36 $19.73 
Lead (per pound)$1.06 $0.88 
Zinc (per pound)$1.75 $1.06 
Consolidated costs applicable to sales: (4)(5)
Gold (per ounce) $890 $752 
Gold equivalent ounces - other metals (per ounce) (3)
$717 $555 
All-in sustaining costs: (5)
Gold (per ounce) $1,156 $1,039 
Gold equivalent ounces - other metals (per ounce) (3)
$997 $819 
____________________________
(1)Attributable gold ounces produced includes 69 and 91 thousand ounces for the three months ended March 31, 2022 and 2021, respectively, related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment.
(2)Attributable gold ounces sold excludes ounces related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment.
(3)For the definition of gold equivalent ounces see “Results of Consolidated Operations" within Part I, Item 2, Management's Discussion and Analysis.
(4)Excludes Depreciation and amortization and Reclamation and remediation.
(5)See “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis.

2

First Quarter 2022 Highlights (dollars in millions, except per share, per ounce and per pound amounts)
Net income: Reported Net income (loss) from continuing operations attributable to Newmont stockholders of $432 or $0.54 per diluted share, a decrease of $106 from the prior-year quarter primarily due to lower gold sales volume, higher Costs applicable to sales, non-cash pension settlement charges, loss on the sale of the La Zanja equity method investment and higher reclamation and remediation charges partially offset by higher realized metal prices, unrealized gains on marketable and other equity securities in 2022 compared to unrealized losses in 2021 and lower income tax expense.
Adjusted net income: Reported Adjusted net income of $546 or $0.69 per diluted share, a decrease of $0.05 per diluted share from the prior-year quarter (see “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis).
Adjusted EBITDA: Generated $1,390 in Adjusted EBITDA, a decrease of 5% from the prior-year quarter (see “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis).
Cash Flow: Reported Net cash provided by (used in) operating activities of continuing operations of $689, a decrease of 18% from the prior year, and free cash flow of $252 (see “Non-GAAP Financial Measures” within Part I, Item 2, Management's Discussion and Analysis).
ESG: Published annual sustainability report in April 2022 providing a transparent view of ESG performance.
Portfolio Improvements: In February 2022, the Company acquired the 43.65% noncontrolling interest in Yanacocha previously held by Compañia de Minas Buenaventura S.A.A., increasing the Company’s ownership interest to 95%. Subsequent Sumitomo put option exercise, expected to closed in the second quarter of 2022, will transfer the remaining 5% interest in Yanacocha resulting in 100% ownership.
Attributable production: Produced 1.3 million attributable ounces of gold and 350 thousand attributable gold equivalent ounces from co-products.
Financial strength: Ended the quarter with $4.3 billion of consolidated cash and $7.3 billion of liquidity; declared dividend for the first quarter of $0.55.
COVID-19 Update
An outbreak of a novel strain of coronavirus (“COVID-19”) was declared a pandemic by the World Health Organization in March 2020. COVID-19 has since spread worldwide, posing public health risks across the globe and continues to negatively impact the global economy, disrupt global supply chains and workforce participation and create significant volatility and disruption of financial markets.
For a discussion of the precautions we are taking to protect our workforce and nearby communities, while also taking steps to preserve the long-term value of our business, refer to "COVID-19 Pandemic" within Part I, Item 1, Business on our Form 10-K filed with the SEC on February 24, 2022. For a discussion of COVID-19 related risks to the business, see Part I, Item 1A, Risk Factors on our Form 10-K filed with the SEC on February 24, 2022.
Our operations continue to be affected by a range of external factors related to the COVID-19 pandemic that are not within our control. Refer to "Consolidated Financial Results", "Results of Consolidated Operations", “Liquidity and Capital Resources” and “Non-GAAP Financial Measures" within Part I, Item 2, Management’s Discussion and Analysis of this report for additional information about the continued impacts of COVID-19 on our business and operations.
3

PART I—FINANCIAL INFORMATION
ITEM 1.       FINANCIAL STATEMENTS.
NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions except per share)
Three Months Ended
March 31,
20222021
Sales (Note 4)$3,023 $2,872 
Costs and expenses:
Costs applicable to sales (1)
1,435 1,247 
Depreciation and amortization547 553 
Reclamation and remediation (Note 5)61 46 
Exploration38 35 
Advanced projects, research and development44 31 
General and administrative64 65 
Other expense, net (Note 6)35 39 
2,224 2,016 
Other income (expense):
Other income (loss), net (Note 7)(109)(39)
Interest expense, net of capitalized interest(62)(74)
(171)(113)
Income (loss) before income and mining tax and other items628 743 
Income and mining tax benefit (expense) (Note 8)(214)(235)
Equity income (loss) of affiliates39 50 
Net income (loss) from continuing operations453 558 
Net income (loss) from discontinued operations16 21 
Net income (loss)469 579 
Net loss (income) attributable to noncontrolling interests(21)(20)
Net income (loss) attributable to Newmont stockholders$448 $559 
Net income (loss) attributable to Newmont stockholders:
Continuing operations$432 $538 
Discontinued operations16 21 
$448 $559 
Weighted average common shares (millions):
Basic793801
Effect of employee stock-based awards11
Diluted794802
Net income (loss) attributable to Newmont stockholders per common share
Basic:
Continuing operations$0.54 $0.67 
Discontinued operations0.02 0.03 
$0.56 $0.70 
Diluted:
Continuing operations$0.54 $0.67 
Discontinued operations0.02 0.03 
$0.56 $0.70 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, in millions)
Three Months Ended
March 31,
20222021
Net income (loss)$469 $579 
Other comprehensive income (loss):
Change in marketable securities, net of tax of $ and $, respectively
(1) 
Foreign currency translation adjustments (1)2 
Change in pension and other post-retirement benefits, net of tax of $(32) and $(1), respectively
122 6 
Change in fair value of cash flow hedge instruments, net of tax of $ and $(1), respectively
1 3 
Other comprehensive income (loss)121 11 
Comprehensive income (loss)$590 $590 
Comprehensive income (loss) attributable to:
Newmont stockholders $569 $570 
Noncontrolling interests21 20 
$590 $590 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
Three Months Ended
March 31,
20222021
Operating activities:
Net income (loss)$469 $579 
Non-cash adjustments:
Depreciation and amortization547 553 
Net loss (income) from discontinued operations(16)(21)
Charges from pension settlement (Note 7)
130  
Reclamation and remediation57 43 
Deferred income taxes(41)(25)
Change in fair value of investments (Note 7)
(39)110 
Stock-based compensation 18 17 
Other non-cash adjustments29 (90)
Net change in operating assets and liabilities (Note 16)
(465)(325)
Net cash provided by (used in) operating activities of continuing operations689 841 
Net cash provided by (used in) operating activities of discontinued operations 5  
Net cash provided by (used in) operating activities694 841 
Investing activities:
Additions to property, plant and mine development (437)(399)
Contributions to equity method investees(52)(27)
Payment relating to sale of La Zanja (Note 1)
(45) 
Return of investment from equity method investees13 18 
Proceeds from asset and investment sales9 63 
Purchases of investments(4)(4)
Other (3)(1)
Net cash provided by (used in) investing activities (519)(350)
Financing activities:
Dividends paid to common stockholders(436)(441)
Acquisition of noncontrolling interests (Note 1)
(300) 
Repayment of debt (Note 13)
(89) 
Distributions to noncontrolling interests(59)(54)
Payments for withholding of employee taxes related to stock-based compensation(36)(28)
Funding from noncontrolling interests32 30 
Payments on lease and other financing obligations(19)(18)
Other12  
Net cash provided by (used in) financing activities(895)(511)
Effect of exchange rate changes on cash, cash equivalents and restricted cash3 (2)
Net change in cash, cash equivalents and restricted cash(717)(22)
Cash, cash equivalents and restricted cash at beginning of period 5,093 5,648 
Cash, cash equivalents and restricted cash at end of period $4,376 $5,626 
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$4,272 $5,518 
Restricted cash included in Other current assets50 2 
Restricted cash included in Other non-current assets54 106 
Total cash, cash equivalents and restricted cash$4,376 $5,626 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
6

NEWMONT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions)
At March 31,
2022
At December 31,
2021
ASSETS
Cash and cash equivalents$4,272 $4,992 
Trade receivables (Note 4)413 337 
Investments (Note 10)72 82 
Inventories (Note 11)956 930 
Stockpiles and ore on leach pads (Note 12)800 857 
Other current assets546 498 
Current assets7,059 7,696 
Property, plant and mine development, net24,070 24,124 
Investments (Note 10)3,335 3,243 
Stockpiles and ore on leach pads (Note 12)1,790 1,775 
Deferred income tax assets227 269 
Goodwill2,771 2,771 
Other non-current assets661 686 
Total assets$39,913 $40,564 
LIABILITIES
Accounts payable$491 $518 
Employee-related benefits 366 386 
Income and mining taxes payable273 384 
Lease and other financing obligations104 106 
Debt (Note 13) 87 
Other current liabilities (Note 14)1,183 1,173 
Current liabilities2,417 2,654 
Debt (Note 13)5,566 5,565 
Lease and other financing obligations540 544 
Reclamation and remediation liabilities (Note 5)5,848 5,839 
Deferred income tax liabilities2,045 2,144 
Employee-related benefits 375 439 
Silver streaming agreement892 910 
Other non-current liabilities (Note 14)599 608 
Total liabilities18,282 18,703 
Contingently redeemable noncontrolling interest (Note 1) 48 
Commitments and contingencies (Note 17)
EQUITY
Common stock1,278 1,276 
Treasury stock(236)(200)
Additional paid-in capital17,312 17,981 
Accumulated other comprehensive income (loss) (Note 15)(12)(133)
Retained earnings (accumulated deficit)3,107 3,098 
Newmont stockholders' equity21,449 22,022 
Noncontrolling interests182 (209)
Total equity21,631 21,813 
Total liabilities and equity$39,913 $40,564 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(unaudited, in millions)
Common StockTreasury StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
(Accumulated
Deficit)
Noncontrolling
Interests
Total
Equity
Contingently
Redeemable
Noncontrolling
Interest (5)
SharesAmountSharesAmount
Balance at December 31, 2021797 $1,276 (5)$(200)$17,981 $(133)$3,098 $(209)$21,813 $48 
Net income (loss) — — — — — — 448 21 469  
Other comprehensive income (loss) — — — — — 121 — — 121 — 
Dividends declared (1)
— — — — — — (439)— (439)— 
Distributions declared to noncontrolling interests (2)
— — — — — — — (59)(59)— 
Cash calls requested from noncontrolling interests (3)
— — — — — — — 30 30 — 
Withholding of employee taxes related to stock-based compensation— — (1)(36)— — — — (36)— 
Acquisition of noncontrolling interests (4)
— — — — (699)— — 399 (300)— 
Reclassification of contingently redeemable noncontrolling interests (4)
— — — — — — — — — (48)
Stock options exercised— — — — 14 — — — 14 — 
Stock-based awards and related share issuances2 2 — — 16 — — — 18 — 
Balance at March 31, 2022799 $1,278 (6)$(236)$17,312 $(12)$3,107 $182 $21,631 $ 
____________________________
(1)Cash dividends per common share were $0.55 for the three months ended March 31, 2022. Dividends declared and dividends paid to common stockholders differ by $3 due to timing.
(2)Distributions declared to noncontrolling interests of $59 for the three months ended March 31, 2022 represent amounts declared by Newmont to Staatsolie for the Suriname Gold project C.V. (“Merian”) mine. Newmont paid $59 for distributions during the three months ended March 31, 2022. Any differences are due to timing of payments.
(3)Cash calls requested from noncontrolling interests of $30 for the three months ended March 31, 2022 represent cash calls requested from Staatsolie for the Merian mine. Staatsolie paid $32 for cash calls during the three months ended March 31, 2022. Differences are due to timing of receipts.
(4)Refer to Note 1 for additional information.
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(unaudited, in millions)
Common StockTreasury StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
(Accumulated
Deficit)
Noncontrolling
Interests
Total
Equity
Contingently
Redeemable
Noncontrolling
Interest
SharesAmountSharesAmount
Balance at December 31, 2020804 $1,287 (4)$(168)$18,103 $(216)$4,002 $837 $23,845 $34 
Net income (loss)— — — — — — 559 20 579 — 
Other comprehensive income (loss)— — — — — 11 — — 11 — 
Dividends declared (1)
— — — — — — (441)— (441)— 
Distributions declared to noncontrolling interests (2)
— — — — — — — (54)(54)— 
Cash calls requested from noncontrolling interests (3)
— — — — — — — 28 28 — 
Withholding of employee taxes related to stock-based compensation— — — (28)— — — — (28)— 
Stock options exercised— — — — 1 — — — 1 — 
Stock-based awards and related share issuances1 2 — — 15 — — — 17 — 
Balance at March 31, 2021805 $1,289 (4)$(196)$18,119 $(205)$4,120 $831 $23,958 $34 
____________________________
(1)Cash dividends per common share were $0.55 for the three months ended March 31, 2021.
(2)Distributions declared to noncontrolling interests of $54 for the three months ended March 31, 2021 represent amounts to Staatsolie for the Merian mine. Newmont paid $54 for distributions during the three months ended March 31, 2021. Any differences are due to timing of payments.
(3)Cash calls requested from noncontrolling interests of $28 for the three months ended March 31, 2021 represent cash calls requested from Staatsolie for the Merian mine. Staatsolie paid $30 for cash calls during the three months ended March 31, 2021. Differences are due to timing of receipts.

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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NEWMONT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(dollars in millions, except per share, per ounce and per pound amounts)

NOTE 1     BASIS OF PRESENTATION
The interim Condensed Consolidated Financial Statements (“interim statements”) of Newmont Corporation, a Delaware corporation and its subsidiaries (collectively, “Newmont” or the “Company”) are unaudited. In the opinion of management, all normal recurring adjustments and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with Newmont’s Consolidated Financial Statements for the year ended December 31, 2021 filed on February 24, 2022 on Form 10-K. The year-end balance sheet data was derived from the audited financial statements and, in accordance with the instructions to Form 10-Q, certain information and footnote disclosures required by GAAP have been condensed or omitted.
References to “C$” refer to Canadian currency.
Noncontrolling Interests
Net loss (income) attributable to noncontrolling interest is primarily comprised of $20 and $20 for the three months ended March 31, 2022 and 2021, respectively, related to Merian. Newmont consolidates Merian through its wholly-owned subsidiary, Newmont Suriname LLC., in its Condensed Consolidated Financial Statements as the primary beneficiary of Merian, which is a variable interest entity.
Yanacocha transaction
At December 31, 2021, Compañia de Minas Buenaventura S.A.A. (“Buenaventura”) held 43.65% ownership interest in Minera Yanacocha S.R.L. ("Yanacocha"). During the first quarter of 2022, the Company completed the acquisition of Buenaventura’s 43.65% noncontrolling interest in Yanacocha (the “Yanacocha Transaction”) for $300 cash consideration, certain royalties on any production from other future potential projects, and contingent payments of up to $100 tied to higher metal prices, achieving commercial production at the Yanacocha Sulfides project and resolution on the outstanding Yanacocha tax dispute (see Note 17). The Yanacocha Transaction was accounted for as an equity transaction, resulting in a decrease to additional paid-in-capital and no gain or loss recognition. Upon close of the Yanacocha Transaction, the Company’s ownership interest in Yanacocha increased to 95%, with the remaining 5% held by Summit Global Management II VB, a subsidiary of Sumitomo Corporation (“Sumitomo”).
Concurrent with the Yanacocha Transaction, the Company sold its 46.94% ownership interest in Minera La Zanja S.R.L. ("La Zanja"), accounted for as an equity method investment with a carrying value of $ as of December 31, 2021. Per the terms of the sale, the Company sold its interest in La Zanja to Buenaventura, the parent company of La Zanja, in exchange for royalties on potential future production from the La Zanja operation and contributed cash of $45 to be used exclusively for reclamation costs at the La Zanja operation. Upon close of the sale, the Company recognized a $45 loss on sale of its equity interest, included in Other income (loss), net.
Contingently redeemable noncontrolling interest
In 2018, Sumitomo acquired a 5% interest in Yanacocha for $48 in cash. Under the terms of the acquisition, Sumitomo had the option to require Yanacocha to repurchase the interest for the $48, which has been placed in escrow. In March 2022, Sumitomo exercised this option, in accordance with the terms of the acquisition, which is expected to close in Q2 2022. Upon close, Yanacocha will repay the $48 in exchange for the 5% ownership interest held by Sumitomo and the Company will hold 100% ownership interest in Yanacocha. As a result, the $48 previously classified outside of permanent equity as Contingently redeemable noncontrolling interest was reclassified to Other current liabilities and the $48 restricted cash held in escrow was reclassified to Other current assets on the Condensed Consolidated Balance Sheets at March 31, 2022.
NOTE 2     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Risks and Uncertainties
The COVID-19 pandemic continues to affect the Company and its ongoing impacts could include sites being placed into care and maintenance, significant COVID-19 specific costs, volatility in the prices for gold and other metals, logistical challenges shipping our products, delays in product refining and smelting due to restrictions or temporary closures, additional travel restrictions, other supply chain disruptions and wor