Effective January 1, 2006, we will adopt 123R using the modified prospective approach.
The modified prospective approach requires the recognition of compensation cost for share-based awards based on the grantdate fair value from the beginning for the fiscal period in which the provisions of 123R are first applied.
Measurement and recognition of compensation costs for share-based awards granted prior to, but not yet vested as of, the date 123R is adopted are based on the same method used previously under SFAS 123.
Share-based awards granted, modified, or settled after 123R is adopted, will be measured and recognized in the financial statements in accordance with the provisions of 123R.
We have used the Black-Scholes model to calculate the fair value of options under 123 and intend to continue to utilize this model to compute the fair value of options under 123R.
Upon the adoption of 123R, we expect to recognize a cumulative effect of change in accounting principle which will increase net income by approximately $2 million.
This cumulative effect is related to certain performance shares issued to certain officers and employees in 2002 and 2003 that were required to be adjusted to fair value at each reporting date under APB No.25, because the ultimate number of these shares that will vest is dependent on the achievement of certain performance targets.
Under 123R, these performance awards are accounted for based on their grant-date fair value and are not adjusted to fair value at each reporting date.
While there are certain differences between 123 and 123R, we believe that our pro forma disclosures under 123 approximate the effect of 123R.
Other than the cumulative effect of adoption discussed above, we do not believe that the adoption of 123R will have a material impact on our financial position or results of operations.
Property Acquisitions and Dispositions A summary of our significant acquisitions in 2005 and 2004 is as follows:
## Table 0 ##
Generally, our acquisitions are initially financed by available cash and borrowings under our revolving credit facility which may be repaid later with funds raised through the issuance of new equity or new long-term debt.
Additionally, on December 29, 2005, we assumed a $22.3 million mortgage in connection with the acquisition of Crow Canyon Commons, as discussed further below.
The Assembly Square/Sturtevant Street acquisition includes a 332,000 square foot enclosed mall in the City of Somerville, Massachusetts, for which the redevelopment into a power center is nearly complete, and an adjacent ten-acre 220,000 square foot retail/industrial complex.
As of December 31, 2005, we have invested a total of $103.4 million in the property, and we expect to invest approximately $3.5 million more to complete the redevelopment of the power center.
The acquisition of Assembly Square also included zoning entitlements to add four mixed-use buildings on 3.5 acres, which could include approximately 41,000 square feet of retail space, 51,000 square feet of office space and 239 residential units.
The acquisition also included an option to purchase adjacent land parcels, all of which are zoned for dense, mixed-use development.
We expect that we will structure any future development of Assembly Square in a manner designed to mitigate our risk which may include selling entitlements or co-developing with other real estate companies.
Federal Realty Investment Trust CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS’ EQUITY
## Table 1 ##
The accompanying notes are an integral part of these consolidated statements.
We currently believe that cash flows from operations, cash on hand, our ATM equity program, our revolving credit facility and our general ability to access the capital markets will be sufficient to finance our operations and fund our debt service requirements and capital expenditures.
Our overall capital requirements during 2015 will depend upon acquisition opportunities, the level of improvements and redevelopments on existing properties and the timing and cost of development of Assembly Row, Pike & Rose and future phases of Santana Row.
While the amount of future expenditures will depend on numerous factors, we expect to continue to see higher levels of capital investments in our properties under development and redevelopment in 2015 which is the result of the continued development at both Assembly Row and Pike & Rose with openings of portions of both projects in 2015, the commencement of construction on Phase II of Pike & Rose, and the current phase of Santana Row.
With respect to other capital investments related to our existing properties, we expect to incur levels consistent with prior years.
Our capital investments will be funded on a short-term basis with cash flow from operations, cash on hand and/or our revolving credit facility, and on a long-term basis, with long-term debt or equity including shares issued under our ATM equity program.
If necessary, we may access the debt or equity capital markets to finance significant acquisitions.
Given our past ability to access the capital markets, we expect debt or equity to be available to us.
Although there is no intent at this time, if market conditions deteriorate, we may also delay the timing of certain development and redevelopment projects as well as limit future acquisitions, reduce our operating expenditures, or re-evaluate our dividend policy.
In addition to conditions in the capital markets which could affect our ability to access those markets, the following factors could affect our ability to meet our liquidity requirements: ?
restrictions in our debt instruments or preferred shares may limit us from incurring debt or issuing equity at all, or on acceptable terms under then-prevailing market conditions; and ?
we may be unable to service additional or replacement debt due to increases in interest rates or a decline in our operating performance.
Summary of Cash Flows
## Table 2 ##
Net cash provided by operating activities increased $31.6 million to $346.1 million during 2014 from $314.5 million during 2013.
The increase was primarily attributable to higher net income before certain non-cash items.
Net cash used in investing activities increased $51.0 million to $396.2 million during 2014 from $345.2 million during 2013.
The increase was primarily attributable to: ?
$93.7 million increase in capital investments and leasing costs in 2014 primarily related to our development projects at Assembly Row and Pike & Rose, ?
$42.9 million in proceeds from the sale of real estate in 2013, and ?
$6.7 million contribution to our real estate partnership to repay the mortgage loans of two of its properties, partially offset by ?
$78.1 million decrease in acquisitions of real estate, ?
$10.4 million in distributions from our real estate partnership from the sale of Pleasant Shops in July 2014, and ?
$3.6 million received from the payoff of a mortgage loan receivable in July 2014.
Consolidated gold sales are expected to increase to approximately 495,000 to 530,000 ounces in 2008 mainly due to the processing of higher grade material.
Costs applicable to sales of approximately $485 to $520 per ounce is expected for 2008.
The expected increase is mainly due to higher fuel, power, contract services and consumable costs.
During 2007, Newmont and other gold companies with production in Ghana, formed a consortium to import power generation equipment and constructed an 80 mega-watt power plant.
The plant was completed during the fourth quarter of 2007 and is being commissioned.
As a result of the mining industry’s initiative to install the power plant, the Ghanaian government has agreed, if required to curtail power consumption as a result of power shortages, to distribute power proportionately between participating mines and other industrial and commercial customers.
Other Operations
## Table 3 ##
(1) Excludes depreciation, depletion and amortization and loss on settlement of price-capped forward sales contracts.
(2) Consolidated gold ounces sold includes minority interests’ share.
Gold ounces sold at Other Operations decreased in 2007 from 2006, primarily due to the completion of operations at Golden Giant and lower production from Kori Kollo.
Gold production from Kori Kollo decreased due to the timing of flows from the leach pads.
Costs applicable to sales per ounce increased in 2007 from 2006, primarily due to lower production and higher waste removal costs at La Herradura and the completion of operations at Golden Giant.
Gold ounces sold at Other Operations decreased in 2006 from 2005, primarily due to the wind-up of operations at Golden Giant.
Mining operations at Golden Giant were completed in December 2005 with remnant mining and milling production continuing into 2006.
Costs applicable to sales decreased primarily due to the processing of lower cost remnant production from Golden Giant offset by higher waste removal costs at Kori Kollo and La Herradura.
In 2005, $3 mining costs were deferred, reducing Costs applicable to sales by $31 per ounce at La Herradura.
Consolidated gold sales for Other Operations in 2008 are expected to be approximately 200,000 to 220,000 ounces at Costs applicable to sales of approximately $340 to $360 per ounce.
Exploration Exploration expense was $177, $166 and $143 for 2007, 2006 and 2005, respectively.
Exploration expense in 2007 reflects higher funding of exploration and related activities in response to higher gold prices and increased drilling, labor and consumable costs.
We anticipate spending between $220 and $230 on exploration activities in 2008, with the increases primarily related to inflation in drilling costs and exploration at our newly acquired Hope Bay property.
During 2007, we added 0.8 million equity gold ounces to proven and probable reserves, with 8.2 million equity gold ounces of depletion and divestitures.
Reserve additions from exploration of 3.5 million equity ounces were primarily due to further extension drilling at Boddington, Jundee and Tanami in Australia (2.6 million equity ounces), with the remaining additions from several open pit and underground sites in Nevada as well as La
PART I ITEM 1.  BUSINESS (dollars in millions, except per share, per ounce and per pound amounts) Introduction Newmont Mining Corporation is primarily a gold producer with significant operations and/or assets in the United States, Australia, Peru, Ghana and Suriname.
At December 31, 2016, Newmont had attributable proven and probable gold reserves of 68.5 million ounces and an aggregate land position of approximately 23,000 square miles (59,000 square kilometers).
Newmont is also engaged in the production of copper, principally through Boddington in Australia and Phoenix in the United States.
Newmont Mining Corporation’s original predecessor corporation was incorporated in 1921 under the laws of Delaware.
On November 2, 2016, Newmont completed the sale of its 48.5% economic interest in PT Newmont Nusa Tenggara (“PTNNT”), which operated the Batu Hijau copper and gold mine (“Batu Hijau”) in Indonesia (the “Batu Hijau Transaction”).
As a result, Newmont presents Batu Hijau as a discontinued operation for all periods presented.
In the following discussion, we present and discuss our continuing operations unless otherwise indicated.
For additional information regarding our discontinued operations, see Note 3 to the Consolidated Financial Statements and the discussion in our Results of Consolidated Operations in Item 7.
Newmont’s corporate headquarters are in Greenwood Village, Colorado, USA.
In this report, “Newmont,” the “Company,” “our” and “we” refer to Newmont Mining Corporation together with our affiliates and subsidiaries, unless the context otherwise requires.
References to “A$” refer to Australian currency.
Newmont’s Sales and long-lived assets for continuing operations are geographically distributed as follows:
## Table 4 ##
Segment Information Our regions include North America, South America, Asia Pacific, and Africa.
Our North America segment consists primarily of Carlin, Phoenix, Twin Creeks and Long Canyon in the state of Nevada and Cripple Creek &Victor (“CC&V”) in the state of Colorado, in the United States.
Our South America segment consists primarily of Yanacocha in Peru and Merian in Suriname.
Our Asia Pacific segment consists primarily of Boddington, Tanami and Kalgoorlie in Australia.
Our Africa segment consists primarily of Ahafo and Akyem in Ghana.
See Item 1A, Risk Factors, below, and Note 5 to the Consolidated Financial Statements for information relating to our operating segments, domestic and export sales and lack of dependence on a limited number of customers.
Products References in this report to “attributable gold ounces” or “attributable copper pounds” mean that portion of gold or copper produced, sold or included in proven and probable reserves based on our proportionate ownership, unless otherwise noted.
Gold General.
We had consolidated gold production from continuing operations of 5.2 million ounces (4.9 million attributable ounces) in 2016, 5.0 million ounces (4.6 million attributable ounces) in 2015 and 5.2 million ounces (4.7 million attributable ounces) in 2014.
Of our 2016 consolidated gold production, approximately 39% came from North America, 14% from South America, 31% from Asia Pacific and 16% from Africa.
For 2016, 2015 and 2014, 96%, 95% and 95%, respectively, of our Sales were attributable to gold.
Most of our Sales come from the sale of refined gold.
The end product at our gold operations, however, is generally doré bars.
Doré is an alloy consisting primarily of gold but also containing silver and other metals.
Doré is sent to refiners to produce bullion that meets the required markett standard
Operating Statistics The following tables detail operating statistics related to gold production, ounces sold and production costs per ounce of our continuing operations:
## Table 5 ##
Years Ended December 31,
## Table 6 ##
Table of Contents The following performance graph is not “soliciting material,” is not deemed filed with the SEC, and is not to be incorporated by reference into any of Valero’s filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, as amended, respectively.
This performance graph and the related textual information are based on historical data and are not indicative of future performance.
The following line graph compares the cumulative total return 1 on an investment in our common stock against the cumulative total return of the S&P 500 Composite Index and an index of peer companies (that we selected) for the five-year period commencing December 31, 2006 and ending December 31, 2011.

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Date	Property	City, State	Gross Leasable Area	Purchase Price
(In square feet)	(In millions)	Year ended December 31, 2005
March 1	Assembly Sq./Sturtevant St.	Somerville, MA 228,000 Year ended December 31, 2004
551,000	$66.4	December 29	Crow Canyon Commons	San Ramon, CA
$47.5
March 31
Westgate Mall	San Jose, CA	637,000	$97.0

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Year Ended December 31,
2005	2004	2003
Shares	Amount	Additional Paid-in Capital	Shares	Amount	Additional Paid-in Capital	Shares	Amount	Additional Paid-in Capital
(In thousands, except share data)
Common shares
Balance, beginning of year	53,616,827	$536	$1,108,213	50,670,851	$507	$980,227	44,996,382	$450	$818,290
Exercise of stock options	409,920	4	10,947	348,888	3	8,586	2,124,869	21	50,749
Shares issued under dividend reinvestment plan	62,579	1	3,424	82,391	1	3,439	109,835	1	3,541
Performance and restricted shares granted, net of restricted shares retired	78,591	1	4,061	84,617	1	3,632	138,568	1	3,960
Reclassification for preferred stock redemption	—	—	—	—	—	—	—	—	3,423
Issuance of shares in public offering	—	—	—	2,186,749	22	99,011	3,236,245	33	98,368
Conversion and redemption of OP units	203,140	2	-12,806	203,130	2	8,686	64,952	1	1,896
Shares issued to purchase partnership interests	—	—	—	40,201	—	1,862	—	—	—
Stock compensation associated with variable accounting	—	—	893	—	—	2,770	—	—	—
Balance, end of year	54,371,057	$544	$1,114,732	53,616,827	$536	$1,108,213	50,670,851	$507	$980,227
Accumulated dividends in excess of net income
Balance, beginning of year	$-416,026	$-386,738	$-368,839
Net income	114,612	84,156	94,497
Dividends declared to common shareholders	-124,928	-101,969	-93,889
Preferred share dividends and redemption costs	-11,475	-11,475	-18,507
Balance, end of year	$-437,817	$-416,026	$-386,738
Treasury shares
Balance, beginning of year	-1,480,202	$-28,786	-1,470,275	$-28,445	-1,461,147	$-28,193
Performance and restricted shares forfeited	-158	-8	-9,927	-341	-9,128	-252
Balance, end of year	-1,480,360	$-28,794	-1,480,202	$-28,786	-1,470,275	$-28,445
Deferred compensation on restricted shares
Balance, beginning of year	-226,904	$-8,641	-220,666	$-5,474	-153,993	$-2,657
Performance and restricted shares issued, net of forfeitures	-67,517	-3,494	-72,166	-3,099	-118,400	-3,371
Vesting of performance and restricted shares	87,889	2,431	65,928	-68	51,727	554
Balance, end of year	-206,532	$-9,704	-226,904	$-8,641	-220,666	$-5,474
Notes receivable from issuance of common shares
Balance, beginning of year	-112,712	$-2,083	-156,274	$-3,615	-184,063	$-5,151
Loans issued	—	—	-16,899	-411	-87,641	-1,999
Loans paid	26,339	291	60,461	1,943	115,430	3,535
Balance, end of year	-86,373	$-1,792	-112,712	$-2,083	-156,274	$-3,615
Accumulated other comprehensive income (loss)
Balance, beginning of year	$2,321	$-87	$-4,613
Adjustments to unrealized gains (losses) on securities	60	27	-92
Adjustments to unrealized gains on interest rate swaps	297	2,381	3,563
Loss on interest rate hedge transaction	—	—	1,055
Balance, end of year	$2,678	$2,321	$-87
Comprehensive income
Net income	$114,612	$84,156	$94,497
Adjustments to unrealized gains (losses) on securities	60	27	-92
Adjustments to unrealized gains on interest rate swaps	297	2,381	3,563
Termination of interest rate swap	—	—	1,055
Total comprehensive income	$114,909	$86,564	$99,023

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Year Ended December 31,
2014	2013
(In thousands)
Cash provided by operating activities	$346,130	$314,498
Cash used in investing activities	-396,150	-345,198
Cash provided by financing activities	9,044	82,639
(Decrease) increase in cash and cash equivalents	-40,976	51,939
Cash and cash equivalents, beginning of year	88,927	36,988
Cash and cash equivalents, end of year	$47,951	$88,927

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Gold Ounces Sold	Costs Applicable to Sales-1	Depreciation, Depletion and Amortization
2007	2006	2005	2007	2006	2005	2007	2006	2005
(in thousands)	($ per ounce)	($ per ounce)
Kori Kollo-2(88% owned)	87	129	95	$340	$210	$167	$117	$68	$40
La Herradura (44% owned)	86	79	80	341	248	184	77	114	63
Golden Giant	12	59	162	205	214	296	—	10	67
Total/Weighted-Average	185	267	337	$332	$222	$233	$91	$69	$58

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Sales	Long-Lived Assets
2016	2015	2014	2016	2015	2014
United States	39%	33%	30%	45%	43%	38%
Australia	32%	32%	30%	19%	18%	19%
Ghana	15%	15%	17%	16%	16%	17%
Peru	12%	18%	18%	14%	19%	23%
Suriname	2%	—%	—%	6%	4%	2%
Other	—%	2%	5%	—%	—%	1%

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North America	South America 2018
Years Ended December 31,	2018	2017	2016	2017	2016
Tons mined (000 dry short tons):
Open pit	230,558	252,086	218,411	99,793	104,763	104,713
Underground	3,024	2,979	2,864	—	—	—
Tons processed (000 dry short tons):
Mill	25,879	25,406	25,941	21,666	20,690	9,006
Leach	46,034	55,289	45,109	25,405	24,082	30,639
Average ore grade (oz/ton):
Mill	0.075	0.077	0.074	0.042	0.043	0.063
Leach	0.017	0.020	0.019	0.013	0.013	0.012
Average mill recovery rate	76.7%	76.9%	78.5%	88.0%	87.2%	79.4%
Ounces produced -000:
Mill	1,453	1,485	1,501	802	752	434
Leach	604	726	523	247	296	325
Consolidated	2,057	2,211	2,024	1,049	1,048	759
Attributable	2,057	2,211	2,024	671	660	414
Consolidated ounces sold -000	2,052	2,204	1,990	1,060	1,046	736
Production costs per ounce sold:-1
Direct mining and production costs	$753	$706	$729	$593	$639	$737
By-product credits	-8	-9	-11	-19	-17	-11
Royalties and production taxes	12	10	15	53	54	38
Write-downs and inventory change	2	5	-34	33	33	-5
Costs applicable to sales	759	712	699	660	709	759
Depreciation and amortization	238	244	207	201	229	404
Reclamation accretion	6	6	6	24	45	36
Total production costs	$1,003	$962	$912	$885	$983	$1,199
All-in sustaining costs per ounce sold-2	$928	$876	$854	$804	$870	$932

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Australia	Africa 2018
Years Ended December 31,	2018	2017	2016	2017	2016
Tons mined (000 dry short tons):
Open pit	103,192	114,371	126,619	71,970	74,580	75,048
Underground	3,202	3,144	3,279	1,339	279	—
Tons milled (000 dry short tons)	54,337	52,802	51,606	15,585	16,884	17,289
Average ore grade (oz/ton)	0.032	0.035	0.037	0.058	0.053	0.052
Average mill recovery rate	87.4%	86.1%	86.4%	92.6%	92.3%	91.1%
Ounces produced -000:
Mill	1,523	1,573	1,641	850	822	819
Consolidated	1,523	1,573	1,641	850	822	819
Consolidated ounces sold -000	1,553	1,558	1,624	851	824	822
Production costs per ounce sold:-1
Direct mining and production costs	$681	$673	$605	$592	$573	$553
By-product credits	-7	-8	-7	-2	-2	-2
Royalties and production taxes	32	32	32	55	51	50
Write-downs and inventory change	3	-25	—	—	33	65
Costs applicable to sales	709	672	630	645	655	666
Depreciation and amortization	133	134	135	301	277	271
Reclamation accretion	8	7	7	9	9	7
Total production costs	$850	$813	$772	$955	$941	$944
All-in sustaining costs per ounce sold-2	$845	$806	$777	$794	$785	$795

']

Question: In the section with the most Australia, what is the growth rate of Mill for Australia?
Answer: -0.031790000000000006