Exhibit 10(y)

 

NEWMONT MINING CORPORATION

 

Summary of Non-Employee Director Compensation and Benefits

Effective July 28, 2004

 

Description

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   Amount

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Attendance Fees (per meeting)

      

Board or Committee Meeting

   $ 1,500

Annual Cash Retainer

      

Payable quarterly in arrears

   $ 40,000

Audit Committee Retainer

      

Payable quarterly in arrears

   $ 5,000

Lead Director Retainer

      

Payable quarterly in arrears

   $ 5,000

Annual Stock Award

   $ 25,000

 

Pursuant to the 2000 Non-Employee Directors Stock Plan, $25,000 worth of Newmont
stock payable following election/re-election as a director by the stockholders
or at the time of appointment as a director by the Board. The stock awards will
be increased to $50,000, contingent upon stockholder approval of the 2005 Stock
Incentive Plan at the April 2005 Annual Meeting of Stockholders.

 

Committee Chairman Retainers

 

The Chairman of each standing committee of the Board will receive an annual cash
retainer, paid quarterly in arrears, in the amount of $15,000 for the Chairman
of the Audit Committee and $5,000 for the Chairman of each of the other
committees.

 

Charitable Gift Programs

 

Matching Charitable Gift Program

      

Qualified cultural or charitable organizations or hospitals

   $ 2,500 per year

Qualified educational organization

   $ 5,000 per year

Non-Matching Charitable Gift Program

      

Contribution to be made in your name by Newmont to a qualified
educational or charitable organization

   $ 2,500 per year

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Retirement

 

On retirement, at any time after attaining age 65, a director who was serving on
the Board on January 27, 1999, and who is not entitled to a pension under
Newmont’s pension plan, and who has served for at least ten consecutive years as
a director of Newmont Mining Corporation or Newmont Gold Company, is entitled to
be paid an annual sum of $50,000 for life.

 

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