Filed by Newmont Mining Corporation
                           Pursuant to Rule 425 under the Securities Act of 1933
                                        and deemed filed pursuant to Rule 14a-12
                                          of the Securities Exchange Act of 1934

                                        Subject Company: Normandy Mining Limited
                                                   Commission File No. 132-00965


            The following contains forward-looking information and statements
about Newmont Mining Corporation, Franco-Nevada Mining Corporation Limited,
Normandy Mining Limited and the combined company after completion of the
transactions that are intended to be covered by the safe harbor for
"forward-looking statements" provided by the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are statements that are not
historical facts. These statements include financial projections and estimates
and their underlying assumptions; statements regarding plans, objectives and
expectations with respect to future operations, products and services; and
statements regarding future performance. Forward-looking statements are
generally identified by the words "expect," "anticipates," "believes,"
"intends," "estimates" and similar expressions. The forward-looking information
and statements in this press release are subject to various risks and
uncertainties, many of which are difficult to predict and generally beyond the
control of Newmont, Franco-Nevada and Normandy Mining, that could cause actual
results to differ materially from those expressed in, or implied or projected
by, the forward-looking information and statements. These risks and
uncertainties include those discussed or identified in the public filings with
the U.S. Securities and Exchange Commission made by Newmont and Normandy, and
Franco-Nevada's filings with the Ontario Securities Commission; risks and
uncertainties with respect to the parties' expectations regarding the timing,
completion and accounting and tax treatment of the transactions, the value of
the transaction consideration, production and development opportunities,
conducting worldwide operations, earnings accretion, cost savings, revenue
enhancements, synergies and other benefits anticipated from the transactions;
and the effect of gold price and foreign exchange rate fluctuations, and general
economic conditions such as changes in interest rates and the performance of the
financial markets, changes in domestic and foreign laws, regulations and taxes,
changes in competition and pricing environments, the occurrence of significant
natural disasters, civil unrest and general market and industry conditions.


            In connection with the proposed transactions, Newmont Mining
Corporation will file a proxy statement and a registration statement with a
prospectus with the U.S. Securities and Exchange Commission. INVESTORS AND
Investors and security holders may obtain free copies the proxy statement and
the prospectus (when available) and other documents filed by Newmont with the
Commission at the Commission's web site at Free copies of
the proxy statement and the prospectus, once available, and other filings made
by Newmont or Normandy with the Commission, may also be obtained from Newmont.
Free copies of Newmont's and Normandy's filings may be obtained by directing a
request to Newmont Mining Corporation, Attn: Investor Relations, 1700 Lincoln
Street, Denver, Colorado 80203, Telephone: (303) 863-7414. Copies of
Franco-Nevada's filings may be obtained at


            Newmont Mining Corporation and its directors, executive officers and
other members of its management and employees may be soliciting proxies from its
stockholders in connection with the transactions. Information concerning
Newmont's participants in the solicitation is set forth in Newmont's Current
Report on Form 8-K filed with the Commission on November 14, 2001, as amended.

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                          Page 1


                              Moderator: Wendy Yang
                                November 14, 2001
                                  9:00 a.m. CT

Operator:  Good day, everyone, and welcome to the Newmont, Normandy, and
      Franco-Nevada conference call.  Just a reminder, today's call is being

      At this time, for opening remarks and introductions, I would like
      to turn the call over to Ms. Wendy Yang, Director of Investor Relations
      for Newmont Mining Corporation. Please go ahead, ma'am.

Wendy Yang: Thank you very much, and thank you for joining us on a very exciting
      day in gold history, I think. We will be hearing much more about the new
      gold standard in bringing together three exciting companies.

      We will be having a conference call that's recorded and
      simultaneously Webcast on our Web site. So I do remind you that we will be
      discussing some forward-looking statements here, and we are covered by the
      Safe Harbor Act.

      Also I would like to say that we - in talking about the risk
      factors, to draw your attention to the SEC filings of all three companies.

      And with that today, with no further ado, I'll turn it over to
      Wayne Murdy, CEO and President of Newmont Mining - Wayne.

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                          Page 2

Wayne Murdy:  Thank you, Wendy, and good day, ladies and gentlemen.  Thank
      you for joining us to hear about this combination, which creates the
      gold standard of the 21st century.  We're extremely excited to be

      I'm joined in New York today by Seymour Schulich and Pierre
      Lassonde, the co-CEOs of Franco-Nevada. On the line in Australia is Mr.
      Robert Champion de Crespigny, Chairman and CEO of Normandy. And here
      beside me is my partner, Ron Cambre, the Chairman of Newmont Mining.

      I'd like to say -- to begin by discussing the news we announced
      here this morning and explain some of its positive implication. I do want
      to draw your attention to the fact that, if you have access to the Web
      site, the presentation material that we're going to be using in our road
      show is on that Web site, and it's a very powerful story. So if you want
      to page through that as we go through this presentation, while we're not
      directly tied to it, I think it reinforces the points that we're excited
      to make today.

      Our proposed acquisition of both the largest gold company in
      Australia, Normandy, and the industry's leading royalty company,
      Franco-Nevada, will create a new company with a market capitalization of
      about $8.8 billion. We will be the gold industry's leader in reserves,
      production, and very importantly, leveraged (the) gold price. We'll have
      huge trading liquidity and a substantial cash flow of operations in excess
      of $700 million, even at today's gold price, which we feel has tremendous
      upside potential.

      This combination immediately makes Newmont one of the strongest,
      best-capitalized companies in the industry, with net depth to
      capitalization ratio of about 17 percent. This increased financial
      strength and flexibility will allow us increased flexibility and
      continuing exploration and developing new projects, pursuing opportunistic
      acquisitions or investments in a disciplined manner when the market

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                          Page 3

      Consolidation is not just about growing larger, it's about discipline and
      it's about rationalization. The gold market is low. We'll be extremely
      disciplined. We don't need to add production. When the market turns - and
      we feel it is going to turn. There's a lot of dynamics in this market that
      Pierre will talk about later that tell us that over the next two to three
      years we think we can see a substantial gold price rise, and we want our
      shareholders to participate in that gold price rise.

      We expect that the new Newmont will be the clear choice for investors
      seeking that upside exposure to gold. This is about portfolio
      diversification, and having some gold in people's investment portfolio in
      times like this is extremely important.

      After the close of these acquisitions, Newmont intends to discontinue
      Normandy's hedging program. We plan to deliver the existing production
      into Normandy's hedge contracts, and will seek to opportunistically unwind
      these positions.

      Moreover, the combination will be both accretive and synergistic.
      (Specifically), it will immediately be accretive to Newmont's net asset
      value, earnings, and free cash flow. Further, the company we are creating
      expects to realize initially between $70 million and $80 million in
      after-tax synergy, and we expect that number to grow over the next several

      Our offer for Normandy will value that company's shares at Australian
      $1.70, far higher than the current value as of the close of business
      yesterday of $1.37 per share Australian being offered by (Angor Gold).

      Further, we're making this acquisition -- we'll make this exchange into
      Newmont common stock as opposed to the South African equity that (Angor)
      was offering.

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                          Page 4

      You should also note that we have taken important steps towards completing
      these transactions. First, we have the approval of all three boards of
      directors as to their favorable recommendations to shareholders. This is
      extremely important. Second, we have secured the commitment of
      Franco-Nevada's 19.99 percent interest in Normandy to the Newmont
      acquisition. We are off and running in this (contest).

      Let me briefly summarize these two international transactions and what
      each acquisition brings to all shareholders of the new Newmont. The new
      Newmont, as I said, will have a market capitalization of well in excess of
      $8 billion. In the case of Normandy, the controlling interest will be
      acquired under Australian Securities Laws through a recommended off-market
      takeover bid.

      Here in the United States we would call it an exchange offer. We are
      offering a full and fair price of 0.0385 shares of Newmont for all of
      Normandy's outstanding share. Our offer is subject to the condition that a
      minimum of 50.1 percent of the Normandy shares are tendered, which will
      already incorporate the 19.9 percent block that Franco have committed to
      the transaction.

      We're also offering a bonus at the end. And I'm not sure legally what I'm
      supposed to call this, but I will tell you that there's an extra five
      cents per share for all Normandy shareholders when this offer passes a 90
      percent threshold on a fully-diluted basis.

      Normandy's leading production position in Australia and its promising
      development portfolio are tremendous additions to the Newmont asset base,
      and the potential for seeing these assets re-rated on a North American
      basis is exciting for all shareholders.

      As for Franco-Nevada, we've agreed to combine in a court-approved plan of
      arrangement under Canadian Securities Laws, which we in the U.S. consider
      as a stock-for-stock merger transaction. The terms of that transaction
      call for Franco-Nevada shareholders to receive 0.8 of a share of Newmont
      for each of their shares.

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                          Page 5

      Franco-Nevada brings a stable, high-margin income stream from its
      industry-leading royalty business that will augment Newmont's mining
      revenues. We're committed to growing that royalty revenue, as we (seed) in
      Newmont superior land position in the United States and Normandy's
      superior land position in Australia to the (playbox) here that this
      royalty business has to operate from. To do so, we will rely on the
      outstanding investing capabilities of the Franco-Nevada management to
      (alleve) this new business unit of the combined company.

      The new Newmont will be a little over 50 percent owned by current Newmont
      shareholders, about 30 percent owned by Franco's shareholders, and just
      under 20 percent owned by Normandy shareholders. Neither the Normandy
      offer nor the merger agreement of Franco-Nevada has a collar.

      Let me conclude by giving you a snapshot look at the new organization's
      global scale. We have a reserve base of some 97 million ounces. With 22
      mines on five continents, the important thing consistent with our strategy
      in the past was we have large mines in discreet regions. We have (interest
      or) participation in another eight gold operations. Annual production will
      be in excess of eight million ounces at a very competitive cash cost of
      about $174 an ounce. Approximately 75 -- 70 percent of our combined
      production and reserves will be from North America and Australia.

      The combined company will employ about 12,500 people, but importantly will
      have the largest global land position, with mines in the world's best gold
      districts, including Nevada, Western Australia, and Peru.

      Somebody was adding up the acreage the other day, and they indicated that
      our mineral land position, globally, equates to the land mass of the U.K.
      All of this is backed by a greatly enhanced financial strength - high
      leverage to the gold price, a balanced political risk profile, a new
      source of stable, high-margin income, and a broadened, strengthened
      management base.

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                          Page 6

      I'd like to take a minute now to introduce you to a man whose company will
      be a critical part of our winning combination, Mr. Robert Champion de
      Crespigny, the Chairman and Chief Executive Officer of Normandy, to make
      a few comments - Robert.

Robert Champion de Crespigny:  Thank you, Wayne.  The Normandy board and my
      management colleagues and I are very excited about this great
      opportunity for our shareholders to participate in what we know will be
      the best gold company in the world.

      The other members of our board of directors and I unanimously endorse the
      Newmont offer, and we have determined it to be superior to the (Angor
      Gold) offer for Normandy, and also to be very much in the best interest of
      our shareholders.

      This is what my colleagues and I have spent 16 years building Normandy
      for. We wanted to give our shareholders a hold in the world's dominant
      gold company with a North American market rating.

      I (earn to accept) my own shares, but also I've been advised by the other
      two founders of Normandy that they'll do so also. The transactions also
      are very logical for our management team. It's a very good fit, as Newmont
      did not have a presence here management-wise, and therefore you'll see a
      continuity of a team that's very much focused on building a gold company
      in this region.

      I'll be pleased to answer any questions concerning Normandy and its
      contribution to the new company. So, back to you, Wayne.

Wayne Murdy: Thank you, Robert. I had the pleasure of having dinner, I guess it
      was about a week and a half ago, in (Adelaide) with Robert and his wife,
      and Robert expressed his excitement about the

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                          Page 7

      vision that we see for this company. By the same token, clearly it's
      emotional for a founder to be involved in a transaction like this, and he
      has been nothing but a gentleman, and we have enjoyed talking about the
      future of this enterprise.

      I would now like to ask Seymour Schulich, the Chairman and co-CEO of
      Franco-Nevada, to share with you his thoughts on the benefits of this
      combination, and what it provides to Franco-Nevada shareholders - Seymour.

Seymour Schulich: Thank you very much, Wayne. First and foremost, let me say
      that all three companies strongly believe in gold. This transaction will
      give the new company significant leverage to the gold price and a very
      strong balance sheet as well.

      Since Pierre Lassonde and I founded Franco-Nevada in 1982, consistently
      shared the goal of maximizing shareholder value. Pierre and I will both be
      actively involved as officers and directors of the new Newmont, and as
      part of our commitment, we are escrowing 70 percent of our shareholdings.
      We can tell you that this combination creates enormous value for the
      shareholders of Newmont, Franco-Nevada, and Normandy alike.

Wayne Murdy:  Thank you, Seymour.  I'd like now to introduce Mr. Pierre
      Lassonde, the Franco-Nevada President and co-CEO, who will work with me
      as he becomes President of the combined Newmont - Pierre.

Pierre Lassonde: Thank you, Wayne, and good morning, everybody. The new Newmont
      portfolio will include some of the most coveted high-quality gold assets
      in the world today. And as the executive in charge of royalty and merchant
      banking activity for this company, I look forward to taking advantage of
      Newmont's technical and development skills, and the Normandy growing
      exploration portfolio to expand this business unit. Its success will help
      us to substantially increase the high margin income stream from our
      royalty portfolio and create new wealth out of

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                          Page 8

      the merchant banking activity. And we're confident that we can continue to
      maximize the shareholder value of the new Newmont by using our skills.

Wayne Murdy: And finally, in this round robin that we're going through this
      morning here, I would - I would like to call on Ron Cambre, who is
      Chairman of Newmont Mining, and has been so instrumental in building our
      international asset base over the last eight years - Ron.

Ron Cambre: Thanks, Wayne. And I'll be brief. First I'd like to just say
      congratulations to all the principles. I know you've worked hard and
      diligently to put this together. If our announcement today is nothing less
      than the revitalization of the gold industry with consolidation creating
      fewer, stronger, and more disciplined producers that support the long
      range fundamentals for gold. This three-way win, win, win plan creates a
      company with a superior and balanced asset base, stable new income stream,
      and the financial strength to do whatever is needed to deliver on building
      the wealth of its shareholders as the world's best gold company.

      I know you now have questions for the team, and I'll turn it over to Wayne
      to address those.

Wayne Murdy: Thank you, Ron. I just want to summarize with a couple of points
      reemphasizing the benefits of the new gold standard. But again, you've
      heard us talk a lot about the fact that we will be a non-hedged company.
      That is the philosophy that's a principle that we all share. And in that
      regard, that makes sense for our shareholders because we do, as we've said
      earlier, believe in gold.

      I'd like to just ask Pierre to talk for a few minutes about how we see the
      gold market, and then I'll wrap up with a couple of points, and we'll open
      it up for questioning.

Pierre Lassonde: Thanks, Wayne. I guess you all know that, you know, Seymour and
      I have shared the philosophy of non-hedging for 18 years, and we're
      absolutely delighted to, you know, merge with

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                          Page 9

      a company like Newmont who has the same philosophy. And we believe that,
      over the next three years, our non-hedging philosophy is going to produce
      tremendous benefits for our shareholders, because we see a gold market
      that on (Economic 101), the supply's falling, and demand is increasing.

      Mined supply is coming off over the next three years at a rate of we
      believe approximately five percent. Producer hedging, which has been one
      of the bane of the industry for the past 10 years, is now coming to an
      end, thankfully because the ((inaudible)) is now down to one percent, or
      $3 (at the end) of the year. And the ((inaudible)) (salacity) of gold
      being somewhere around $5 per hundred tons for every three, 400 tons that
      is not hitting the market, you going to see a $20 increase in gold price.
      We're very confident that we going to see that in the next few years.

      And from a financial standpoint, and we believe that gold at the end of
      the day is money, we believe that in this current environment of high
      uncertainty in the financial market, it makes enormous sense and prudence
      to have part of one's portfolio hedged with a gold producer that is
      totally unhedged, like the new Newmont will be. And the fact that the new
      Newmont will have the highest leverage to our price move in gold makes it
      even more attractive. We think that we have put together an absolutely
      winning company for the next few years and for the long run, but certainly
      for the next few years, where we're so confident that we going to see a
      rise in gold price.

Wayne Murdy: Thank you, Pierre. I'd just like to finish up, as I said, by making
      a - reemphasizing several points. Newmont Mining Corporation, the new gold
      standard, will be number one in reserves, in gold production, number one
      in leverage to the gold price. Let me just put a number around what that
      means. A $25 increase in our gold price increases are cash earnings $162
      million. It is a significant number, and (an absolute cent), and it's
      almost twice the leverage of the - of the next most leveraged company
      amongst the major players, which is (Goldfield) in South Africa.

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 10

      We'll be number one in trading liquidity and number one in our EBITDA
      level, which will be well in excess of $800 million, even at today's
      relatively low gold price. This company has balance sheet strength, low
      costs, balanced political risks, management strength, a no-hedging
      philosophy, and a U.S. domicile. If our enthusiasm hasn't shown through on
      this phone call, then we have failed this morning, because we are excited.
      We see this as a stock that the investing public needs to own. People need
      asset diversification in their portfolio, and asset diversification is not
      about having Dow Jones stocks with a few dot-coms
      mixed in.

      We are counter-cyclical to the market. We've had good performance this
      year. If you look at a chart of our performance this year, we're up over
      30 percent, and it's been consistent throughout the year as the world has
      faced uncertainty since the beginning of the year as to the financial

      With that, I'd like to open the meeting up to questions from the - from
      the audience. Thank you all very much for your attention.

Operator: Thank you. And at this time, our question and answer session will be
      conducted electronically. If you would like to ask a question today,
      please press star one on your touch-tone telephone keypad. Again, that is
      star one on your touch-tone telephone keypad.

      And we'll pause for just a moment.

      And we'll hear first from Michael Dudas with Bear Stearns.

Michael Dudas:  Good morning, gentlemen, and congratulations.

Wayne Murdy:  Thank you, Michael.

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 11

Michael Dudas: A couple of things. First, these deals mutually exclusive? And
      secondly, you mentioned discipline, Wayne, in the early part of your
      discussion. How important is that going to be with, of course, all the new
      assets and management talent and opportunities that you've now acquired in
      this three-way transaction so it goes through given that balance of
      discipline versus, you know, somewhat fragile gold market that we see over
      the past many years.

Wayne Murdy: Michael, let me answer that - the second part first. And when I
      talked about discipline, and I talked about industry consolidation, I also
      talked about rationalization. This industry, as we all know, was extremely
      harsh on its capital base in the - during the early '90s especially. It's
      very common in this industry to see two mills next to each other on the -
      effectively the same deposit because of separate ownerships.

      We have been for some time, and we'll be very committed to rationalization
      as we look at the combined asset mix here. There are opportunities out
      there that don't go to just growth. If the gold price stays low, the
      world's telling us at that moment in time, we don't need to increase
      production. And that's a key component of our - of our thinking as we - as
      we go through the strategic - developing the strategic direction of this

      And we've talked about the similarity of our philosophies. We can do an
      awful lot for this industry by rationalizing it. Consolidation is
      important, but it isn't important if you just get big. The name of the
      game is to be more profitable, and that means be more efficient with your
      workforce, and be more efficient in how you deploy capital. Five, six,
      seven, eight, nine percent return on investment projects don't make the
      cut. And we've got to preach that throughout our industry.

      With respect to your first question, the transaction, as I've said, we
      have a lock going forward, and I'm probably not using the right legal
      term, so I'll get kicked here someplace. But basically we have a firm
      commitment on the 19.99 percent share block that Franco owned in Normandy.
      That's in our pocket. That minute that we hit 50.1 percent, that triggers
      the merger between

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 12

      Franco and Newmont. So, while yes, there are contingencies, we have tried
      to button this up as much as we could from - you know, as long as we're
      doing this legally, we're extremely excited. We're putting full value on
      the table, but we can do that because of the synergies and because the
      upside of the combined company.

Michael Dudas: Thank you, Wayne. One final follow-up, quickly. If the gold price
      were to be $50 higher, and the ((inaudible)) were to widen from, say,
      current one percent to nine, 10 percent, would that change the view point
      visibility of this company relative to its hedge book and marketing

Wayne Murdy:  No.

Michael Dudas:  Thank you.

Operator:  And we'll hear next from Richard Hedstrom with JB Were.

Richard Hedstrom: Wayne, two quick questions, if I could. Wondering if you could
      give us a bit of a breakdown on the $70 million to $80 million cost
      savings that you're talking about, where you expect to see them going
      forward over the next year. And secondly, what your intentions are on the
      Australian Magnesium offer of ((inaudible)), its holding there given the
      substantial commitments, given buying Normandy to the equity holding.

Wayne Murdy: OK. If you - if you have access to the Web site, I'd draw your
      attention to page 12 of the presentation, where we - where we estimate our
      annualized after-tax savings. We see about $20 million kind of out of the
      box the first full year of operation in G&A, and that's just the - you
      know, the benefits of replacing three public companies with one. A lot of
      those are external costs, and they're not very difficult to achieve. We'll
      go slow in this price environment on exploration and development, bring
      that in a little closer to home to the extent that there's (greenfields),

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 13

      there has not been much for any of the companies involved. But there's
      probably another $10 million there.

      Operations and procurement at this point, because the attorneys want me to
      be conservative we're saying $10 million to $15 million. This is an area
      that I really think that with our gold medal program, Newmont has excelled
      that. Our past record speaks for itself, and the - at the time we did the
      (Santa Fe) acquisition in 1997, and we're seeing the benefits this year of
      the (Battle Mountain) acquisition that we acquired earlier in the year.

      Interest savings are kind of a slam-dunk. We'll have - we have a large
      cash position, and to the extent that we can pay down some debts, that
      generates synergies that far outweigh the interest you can earn in today's
      world on a cash portfolio. And then we see significant net tax synergy.
      The tax guys have been working on this transaction for a long time. It's
      got a - for people that into that, it's a got a plethora of challenges,
      but we've got some great solutions, and we see some net tax synergies of
      about $20 million. So we're talking about after tax annualized of $70
      million, $80 million. Again, our experience is, once we really get into
      the operation, procurement activities, the rationalization things we
      talked about earlier, we think there's more to be had.

Richard Hedstrom:  Right.  And just following up on that ((inaudible))
      Magnesium intentions there, given the Normandy commitments to the
      equity offering.

Wayne Murdy: Well, I think Normandy has made significant commitments to that
      equity offering. Robert, you might just talk about where that equity
      offering lies, and your view of it as that draws down to a close.

Robert Champion de Crespigny: Wayne, I'll make a comment that we should ask
      ((inaudible)) they're the (late underwriter). And so I think - I think
      he'd be the best one to ask, and if he spent less time asking the
      question, he'd finish off the ((inaudible)), we could shut it off tonight.
      I hear the - I

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 14

      hear our thing with the chairman, chief executive, and managing directors
      and I, and ((inaudible)) going extremely well. It's looking to close at
      the end of the week. And I'm sure ((inaudible)) are going to make sure
      they deliver for us on it.

Richard Hedstrom:  Right.  Thanks, guys.

Operator:  And moving on today, we'll next hear from Mike Jalonen with
      Merrill Lynch.

Mike  Jalonen: ((inaudible)) questions, boring variety. Wayne, you mentioned
      cash earnings for the leveraged at gold, and in your press release you
      mentioned Newmont's earnings are accretive. Is there going to be some sort
      of goodwill taking off the earnings, or they'll be focusing in cash
      earnings going forward? And my second question is, with - is the nice
      capital gains on the Normandy holding on Franco, will that be taxed under
      Canadian authorities?

Wayne Murdy:  Good  morning,  Michael.  With respect to - with respect to
       goodwill - I'm sorry.  It's been a long few nights.  With respect to your
       first question, yes, there will be goodwill recorded on the acquisition.

      The accounting rules, as you're all aware, have changed in the United
      States. Poolings of interest are no longer allowed. So we will do a
      valuation on - a revaluation of both the Franco assets and the Normandy
      assets, based on a discounted cash flow model. We'll use basically the
      same kinds of parameters that we use in a - what I call a ceiling test
      review at the end of each year - the carrying value review, to determine
      whether or not you've had any diminution of value. That then will be new
      carrying costs on the books of the combined companies for those - for the
      - for both Franco and Normandy.

      The balance, then, will end up in goodwill, and under the new accounting
      rules, that is not amortized. It will sit on the balance sheet. It's the
      difference between, if you will, the net asset values and market values
      that we're acquiring it.

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 15

      On an annual basis - and I may get corrected, this is on a quarterly basis
      - but on an annual basis, you go through and make a determination of
      whether there's been a permanent impairment in that goodwill number.

      And so the accounting will change from what the industry is seeing, but
      it's, like many other aspects of this transaction, will be on the leading

Mike Jalonen:  How much would that goodwill - or not goodwill, sorry.  How
      much will the amortization be of just the acquisition, excluding
      goodwill, every year?  You haven't figured that yet.

Wayne Murdy:  Well,  we've got some pro forma numbers and, you know,  I'd
       sooner wait until we fine-tune  that and you get the materials  that come
       out of the SEC, which will be shortly.

Mike Jalonen:  OK.  And I guess the ...

Wayne  Murdy:  But as we  look at our - you  know,  as we look at our pro
       formas here, this is an  income-producing  company out of a box, and with
       the upside I talked about earlier, even with that amortization.

Mike Jalonen:  On the second question, capitals gains put possible tax on the
      Normandy holding?

Wayne Murdy:  Yeah. The transaction, with respect to Franco, is a tax-free
      transaction to support shareholders.  Both Canadian and U.S. will have
      the option of exchangeable shares in Canada or U. S. shares here,
      depending on their holdings.  We're structuring the transaction in a
      way that we think we can shelter the capital gains that Franco would
      see on Normandy, since they're all three coming together.

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 16

      We're also structuring the transaction, assuming we get to, and that's why
      we're putting some incentive in the transaction, additional cash incentive
      in the transaction for the Normandy shareholders to get a full-tax
      consolidation there.

Michael:  OK.  Thank you.

Operator:  And our next question today will come from Victor Flores with HSBC.

Victor Flores: Good morning. I'd like to get a bit more in to the issue of the
      value creation aspect. You know, some of the recent transactions that
      we've seen in the sector have aimed to create value by achieving a
      re-rating. The company is larger, the company's more liquid. Obviously
      you're improving the Newmont balance sheet, you're adding production in
      other areas, you're getting a lot of interesting exploration potential,
      but you talked about, really, a situation where there's meant to be more
      consolidation with this new company going forward.

      Aside from the $80 million a year, which is really quite small, given the
      size of this total transaction, what other areas per value creation do you
      see going forward?

Wayne Murdy: Thanks, Victor. As the market sees us bringing this transaction
     together  - and  when  I say  that,  I  don't  mean  closing.  I  mean  the
     activities,  the blocking and tackling that'll take place over the next
     year. As we see the  discipline,  the  assets  that we keep and we work on
     and the assets that we decide  don't fit into this  company's  future,
     that's where real value creation comes from.

      I think, as we see that, you'll see how we're currently valued against
      some other people in this industry, and we see multibillion dollar
      potential for appreciation as our valuation start to equate to some

Victor Flores:  Great.  Thank you.

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 17

Wayne Murdy: And maybe I could ask Pierre to comment on that, because he clearly
      - he and Seymour spent a lot of time looking at all the companies within
      the industry and how they're valued.

Pierre Lassonde:  Victor, one of our view is that this transaction will
      probably be one of the last equity consolidation in the industry.
      There might be (a large scale one).  The next wave of consolidation is
      likely to be at the property level, vis-a-vis the equity level.  And
      when you look at the new Newmont, with six million acres of land ...

Male:  Sixty.

Pierre Lassonde: With 60 million - I'm sorry - 60 million acres of land, the
      size of the UK - for the U.S., the size of Wyoming - the company has such
      a dominant land position that will be in a position to extract, I think,
      significant benefits from the - this new wave of consolidation.

      And as we do the assessment of these properties, whether they fit or how
      they fit in the Newmont portfolio, we will, through our merchant banking
      activity, try to extract the maximum benefit for the company. And by
      putting all three together, we believe that we're going to be able to
      create far more wealth for the new shareholders than for any one of them
      if we were separate.

Wayne Murdy: I think, Victor, as you begin to run your models, you'll see that
      this transaction is substantially accretive to the net asset value of
      Newmont on a per-share basis. And over time, net asset value translates to
      share price.

Victor Flores:  Gentlemen, thank you very much.

Operator:  And our next question today comes from James Vail with ING Pilgrim.

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 18

James Vail:  Good morning.  In Pierre's comments, he mentioned that the
      (Newco) will be unhedged.  Does that suggest that the Normandy hedge
      book, once the deal is closed, is going to be eliminated?

Wayne Murdy:  Go ahead.

Pierre Lassonde: This company has a no-hedge philosophy. I think - if we can't
      make that more clear, you know, I don't know what we have to do. So the
      intent is to deliver the hedge - into the hedge book of Normandy, and if
      appropriate, (expediously) close that hedge book. That is the intent.

James Vail:  Thank you very much.

Operator:  Thank you, gentlemen.  And our next question today will come from
      Michael Herzog with MH Davidson.

Michael Herzog: Good morning, gentlemen. Just a few questions on the
      transactions, if I may. Firstly, the formal commitment from Franco-Nevada.
      Is this a commitment to tender in to the offer, or - and does it remain
      binding in the event of a higher competing offer for Normandy, or does it
      fall in a way - or does it fall away?

      Secondly, the level of (interconditionality) between the two deals. Is it
      just the 50.1 percent condition in the offer for Franco-Nevada that we get
      50.1 percent in Normandy? And then, just lastly, have there been any
      discussions with the regulators - and I'm thinking here, in particular,
      the (Aussie firms) and the anti-trust regulators as to their potential
      view on this transaction?

Wayne Murdy: OK, I think to address your questions - first of all, the - we have
      a firm call, I'm talking about the current Newmont, on the Franco
      shareholding in Normandy. That does not go away because there's a superior
      bid. And in fact, that call survives - if we did not reach 50.1, it
      survives that

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 19

      point and time for an extended period. So that's firmly brought in. Once
      we hit the 50.1, then that triggers the merger between Newmont and Franco.

      Again, the power of this transaction is its three-way nature. Each one of
      these companies has unique characteristics that, when we add them up, is
      what generates the value.

      And I guess to your last question, we have not had discussions yet with
      regulators in Australia, but we have been advised in all three of our - of
      the boards have been advised that there are no regulatory hurdles that
      should be an impediment to this transaction.

Michael Herzog:  OK.  Thank you very much.

Operator:  And moving on today to Geoff Stanley with BMO Nesbitt Burns.

Geoff Stanley: Good morning, gentlemen. A very exciting transaction. The
      question I have relates really, I suppose, to the level of diversification
      the new company is prepared to adopt and your philosophy going forward.
      The new merged company will have a ((inaudible)) in a number of different
      commodities - diamonds, (BGMs), base metals, and I'm wondering the extent
      to which you will be prepared to diversify the, you know, dominantly gold
      revenue (strength).

Wayne Murdy: We intend to remain a gold company. You'll see the - what I refer
      to as the royalty business or our merchant banking business, really, is
      the way I characterize many of the activities of Franco-Nevada through the
      years, is a precious minerals business. So we're not - we won't
      necessarily be restricted to gold within that business.

      There are platinum and palladium royalties. There's - I guess from my old
      oil and gas days, I'll say there's even a royalty in some Arctic gas that
      kind of excites me long term. But the core

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 20

      business here is to be a gold company. It's to provide investors a unique
      liquid gold security that they should own.

Geoff Stanley: OK, good. And perhaps, ((inaudible)), if you would take just a
      moment to flesh out some thoughts on what the management team - the new
      management team will look like in little more detail going forward, and
      whether the board will - in the extent of reconstitution of the board, I

Wayne Murdy: I think as disclosed, first addressing the board, there will be
      three additions to the Newmont board from the Franco-Nevada board. Seymour
      and Pierre will clearly come on board, and then there'll be a third
      nominee. That's a future number one draft choice.

      Secondly, from Normandy, there will be two directors from - nominees from
      their current board. Clearly, Robert will be one of those directors, and
      we'll have a number draft choice there. So that'll be the newly
      constituted board.

      With respect to management, as you can appreciate in putting together a
      company like this - and I will tell you in doing a three-way transaction
      is always an interesting exercise - Pierre will join Newmont. He will be
      the president of the company, he will move to Denver, and we're looking
      forward to working together.

      Seymour has chose not to move to Denver, even though he likes to come down
      and hike in the Rocky Mountains, but he will be a chairman and a - have a
      consulting agreement with the new company, the service chairman of the
      merchant banking operation.

      We have not put together the balance of the management team at this point.
      I will tell you that I personally have spent time in Australia and met
      Robert's management team. There were

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 21

      individuals that I felt were excited about this transaction, and I have to
      tell you that I've been excited about the individuals I met there.

      The - our due diligence team, and I should stress that. We did substantial
      due diligence on both companies. We had a large due diligence team in
      Australia. We had exceptional - and that message came back to me a number
      of times - exceptional professionalism displayed on all sides. I think all
      our employees of all three companies are very excited.

      I've had a chance to meet a number of the - I think I've met all of the
      management team of Franco. I've been jealous to how small their shop is in
      some regards. But these are outstanding individuals throughout all three
      enterprises. Again, we have unique qualities in each house that makes the
      combination very powerful, and I think when we combine that with our gold
      medal performance program, we'll emerge with an incredibly strong
      management team and workforce.

Geoff Stanley:  OK.  Good.  And perhaps just one quick last question.  Do you
      have an estimate of the charge that will go through the P&L as a result
      of, you know, fees, et cetera for the transaction?

Wayne Murdy: Well, interesting - you know, under the old pooling rules, it all
      hit P&L under the purchase accounting rules, the substantial fees are
      actually capitalized and part of the cost of the transaction. So I don't -
      there will be some that hit the P&L but at this point in time we don't
      have a number that I'd be comfortable giving you, but it's not a material

Geoff Stanley:  All right.  Good.  Thank you very much, and good luck.

Male:  Thank you.

Operator:  And moving on today to Kevin Scarlebois with Queensway Investments.

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 22

Kevin Scarlebois: Thank you. Just a couple of questions on the cost to produce
      ((inaudible)) you showed a 175 on the slide. What are your expectations on
      a go-forward basis with that, given that you're putting three companies
      together, two operating companies? Do you see some dispositions in the
      works? And finally, where do you see the most value creation being taking
      place over the next five years?

Wayne Murdy: OK. I guess to address that, I think we do show in our charts a
      combined cash cost number of about $174. If (Dave Francisco) and my other
      - and the operating people - I know they're on the line, and they are -
      they're shuddering right now because they know what I'm going to say, is
      we will push to bring those numbers down.

      I think Newmont has been very successful in doing - in keeping its costs
      low, not just with new low-cost operations, but with a more mature
      operations in Nevada. And we continue - that's the mantra within the
      company. That's what our gold medal performance program is all about. So
      we'll continue to lower those costs.

      Are we going to lower them $10 or $20 an ounce? No. But we will keep them
      low and we'll keep picking at them. That's always a commitment of our
      workforce, and everybody understands that.

      I think with respect to the value creation, it is that we will be
      streamlined, focused on large asset plays, good regions of gold
      exploration. Again, as I pointed out earlier, it's accretive on a net
      asset basis and a significant way out of the box, and we'll make very
      rational decisions. We will have the discipline that we don't have to
      continually increase production in a down market. So the name of the game,
      the way we incentivize our people long term, is more and more (ties) to
      return on invested capital.

Kevin Scarlebois:  And divestments?

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 23

Wayne Murdy: You know, again, I talked earlier about rationalization. We're
     in the business of making money here. We look at - continually look at each
     asset and whether it fits our criteria.  As we go into the transaction,  we
     know that there are a number of small  properties  in both  Normandy and in
     Newmont that probably don't fit long-term, but we'll take a look at those
      one by one as we move - as we move forward.

Kevin Scarlebois:  Thank you.

Operator:  And next we'll hear from Tom Yankou with Morgan Stanley.

Tom Yankou:  Yes.  Can you be any more specific on the timing of the
      transaction and what regulatory approvals would be on the critical path
      to closing?

Wayne Murdy: I might ask for a little bit of help here from the attorneys, but
      basically, as we've laid out a timetable, obviously we have to do filings
      in all three jurisdictions. We'll attempt to get those filings completed
      over the next two to three weeks. I've just choked a bunch of people in
      the room, but we're - no, we're very confident we can do that. All three
      companies are extremely professional, and their filings are all up to
      date. So we can move forward quickly on that.

      You know, I'm - as we look at an optimistic timetable, I think that, you
      know, early - late January, early February we could be at a shareholder
      vote with respect to both Franco and Newmont. Obviously we're dependent
      upon things like SEC reviews and security reviews in Canada. But those
      should not be significant issues for us.

Tom Yankou:  OK.

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 24

Wayne  Murdy:  We'll make,  you know,  filings  here late  November,  early
     December.  We hope to - by late December to be mailing  Franco  shareholder
     meeting  materials,  and we'll be moving  forward on the  completion of the
     Normandy bid as expeditiously as we can.

Tom Yankou:  Will the Normandy bid begin after you get the Newmont
      shareholder vote?

Wayne  Murdy:  No, no.  We'll - that will go forward  much sooner than that
     once we're comfortable that we have no significant issues at the Securities
     and Exchange Commission,  we will be in a position - and that Franco has no
     significant issues with the Ontario Securities Commission,  then we would -
     then - that offer will become (wide).

Tom Yankou:  So the Normandy transaction could be completed before the
      Newmont and Franco votes?

Male:  No.  It's conditional.

Male:  No.  It is conditional . . .

Tom Yankou:  OK.  OK.  OK.  Will Franco-Nevada be declaring, or can they
      declare their annual dividend, which they would normally declare in

Pierre  Lassonde:  No.  We would  intend to defer  that  until  either  the
     transaction  closes or much later in the  calendar  year.  We will  declare
     dividend  if the company is still in  existence,  but it would be not until
     probably  November or  December  of 2002.  It will be deferred in the March

Tom   Yankou: OK. And finally, in the description of the Normandy transaction
      and the conditions, is a condition that there's no material adverse change
      at Normandy including their trading position and prospects and
      profitability? Many times in a transaction like this, the price of gold
      will be excluded for the purposes of determining whether there's a
      material adverse change. And I'm

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 25

      just wondering, in this transaction, what - you know, whether the price is
      considered - the price of gold is considered in that material adverse
      change condition?

Male: I think we have made the point several times that we aren't hedgers. So
      gold, in fact, is excluded from that the material adverse change. We
      understand the industry and we're comfortable with that exclusion.

Tom Yankou:  OK.  Thank you.

Operator:  And our next question today will come from Tom Sands with CS First

Tom Sands: Hi, guys. I just have a couple of - I have quick clarifications,
      and they're actually pointed to various different people. I guess, first
      of all, just clarifying the Franco-Nevada call. If over 50.1 percent of
      the company were to tender into a competing offer, then Newmont still has
      the right, you're saying, to exercise the call and, at that point, benefit
      from any profit above the value of the Newmont offer. Is that correct?

Wayne Murdy:  We have - we have  provisions in our agreement that give us a
     certain  aspect of that upside a minimum  amount,  and we have an agreement
     basically  that locks up those  shares  between  us. And that - this is not
     about making a few extra bucks on tendering into somebody else's bid.

Tom Sands:  No.  I appreciate that, certainly, and clearly it seems that, at
      the same time, though, you're basically - in order to incentivize, you
      guys to enter into this agreement Franco-Nevada has, in essence,
      stopped themselves out in terms of additional profits.  Is that correct?

Male:  No.

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 26

Male:  No.  We really agreed essentially to share additional profits, but
      essentially Newmont has the right to take the block of stock on and...

Tom Sands: ...circumstances...

Male: with it what it will.

Tom Sands:  Is there a circumstances or a condition whereby that call on the
      Franco-Nevada holding in Normandy would become null?

Male:  No.

Male:  No.

Male:  No.

Male:  No.

Male:  No.

Tom Sands:  No?  OK.  So it's irrevocable?  On the Normandy side, on - this
      is more for Robert.  Robert, obviously you have a part B that would be
      issued on the (Angor Gold) deal in any event in the coming weeks, I
      suppose, now that the ((inaudible)) on the (Angor Gold) deal.
      Obviously, number one, I assume that the value of this deal falls into
      the realm of fairness that that part B is going to show.  Is that

Wayne Murdy:  Robert, if you could address that.

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 27

Robert Champion de Crespigny: ((inaudible)) technically we call it a target
      statement in Australia, and we're required to issue that on Monday (week).
      And I'll be announcing tomorrow at the end of ((inaudible)) Normandy's
      annual general meeting which ((inaudible)) I'll be announcing then that
      the Normandy board will be rejecting that offer because ((inaudible))
      regard as a superior offer.

Tom Sands: Right. Now, separately from that, you've said that you and other
      management are going to support the - this deal obviously, not only
      through the recommendation of the offer, but also in tendering your
      shares. Is that tender irrevocable, or would you guys be free to - or even
      be required to accept the higher offer?

Robert Champion de Crespigny:  You ((inaudible))?

Male:  Yes, Robert.

Robert Champion de Crespigny: Our situation is different, and I won't go into
      the complexities of the Australian ((inaudible)) which I know is not
      necessarily at the forefront of ((inaudible)) conversation ((inaudible))
      but we have ((inaudible)) thresholds, and therefore all I'm doing - and
      it's really not so much management, but between me and then all of our
      directors have equity interests. None of those have been able to, by law,
      give commitments.

      What we have done and may the largest of the shareholders is express an
      intention that what we aim to do. I think it's quite powerful, though,
      today mentioning that the other two founders with me at Normandy that
      ((inaudible)) that's still out there have also asked me to express their
      intentions to support this transaction.

Tom Sands:  What percentage do the three of you currently hold?

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 28

Robert Champion de Crespigny: I've never made it my business to talk about
      anyone else's money or investments. So I hold just under three percent.
      But I won't mention theirs, because it's really for them to answer, but
      they've got good holdings.

Tom Sands: OK. And the last question is back for Newmont. Obviously the Franco
      transaction is conditional upon gaining over 50.1 percent of Normandy. Is
      that to say that your sole interest in acquiring Franco is as part of this
      three-way deal, or just that the pricing of the Franco deal may change if
      Normandy were not part of the equation?

Wayne Murdy: No. This is a package deal and - but it was not just the holding in
      Newmont - pardon me, the holding in Normandy that attracted us to Franco.
      We've - we see great power in that merchant banking and royalty income
      streams. It becomes our hedge. It's a base level of earnings that allows
      us to be so strong in our statements as to our philosophy going forward.
      And I guess the other aspect of this is the absolute parallel views of the
      boards of the two companies and the senior management of the two companies
      towards the gold market itself.

Tom Sands:  OK.  Well, great.  Thanks a lot, guys.

Operator:  And our next question today will come from Greg Hunter with
      Deutsche Securities.

Greg  Hunter: Good morning. To an extent my question has been answered, you
      know, with Franco-Nevada stating that they've done a fairly substantial
      due diligence on both companies. Are you able to comment on whether
      Newmont has actually had a period of due diligence on both the (efforts)
      and the company's structures, et cetera, of Normandy?

Wayne Murdy:  Yes.  I think we've disclosed that.  We signed a confidentiality
      agreement.  We had a team in Australia for an extended period of time.
      Normandy, also consistent with, you know, bid of this nature, did due
      diligence to a lesser extent on Newmont.  There was extensive due

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 29

      between ourselves and Franco both sides. So no, this is a - again, it's a
      recommended bid, and it's a bid that's based on knowledge of all parties.

Greg Hunter:  Thank you very much.

Operator:  And our next question today will come from Rusty Raykov and
      Tiedemann Investment Group.

Rusty Raykov:  Yes.  Hi.  Congratulations on the transaction.  Clearly your
      value proposal, it's more superior than what (Angor) is proposing to
      both sets of shareholders.  One thing, though, that if Newmont stock
      continues to decline from now until when we try to close the deal in
      February and March next year, would you be prepared to offer a slightly
      higher ratio so that you can ensure you getting the 50 percent?

Wayne Murdy:  We think that this story is so convincing - I mean,  you just
     start going down the list of things that we've talked about today. I've got
     to tell you, we've all - we all do a lot of conference calls and, you know,
     if you're in business very long,  there's  always some that you do that you
     wish you didn't have to do, you know? You have a down quarter, or something
     happens  and  your  - in  your  business,  and  it's  always  important  to
     continually communicate to the market.

      But then there's stories that you get to tell like this. And it doesn't
      take much scripting. This is a very convincing story. We think the
      shareholders of all three companies are going to like this. Certainly,
      when you do a large share offering, the out-of-the-box reaction, you know,
      typically the (arbs) get in place. And we all understand that, and that
      serves a purpose in the overall transaction.

      The important thing is Pierre and I and Robert are going to be on the
      road, we're going to tell this story. And, you know, my wife doesn't get
      to see me very much for a fair amount of time. The depth of our management
      allows us to do that. But we will be on the road telling this story. It's

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 30

      an easy story to tell, and we think the share price will more than fully
      recover what the initial blip is this morning.

Male: I think, if I may add to this, if you look at the new Newmont on the
      metrics that this industry uses, it will be still, you know, undervalued,
      compared to our nearest competitor, who is hedged to a great deal. And I'm
      talking about enterprise value to production, for example, enterprise
      value to reserve, enterprise value or price to cash flow. On all these
      metrics, we can see a re-rating of this company in the order of $1.7
      billion to $3 billion. But we think that there is tremendous upside in
      this new company, and our job will be to be on the road for the next three
      weeks to tell that to the shareholders and the investors. And we think
      they're going to see the same thing that we see in putting these three
      companies together.

Male: Once our bid is effective, we'll be on the road again. We've - you know,
      we're experienced at this kind of situation, and all of the shareholders
      of all of the companies will have every opportunity to talk to management
      to answer their questions. We're going to - we're very excited about this
      opportunity to go out and see the people on the other side of the table
      that actually buy these shares and are real investors in this story.

Male: If I might add something. Franco-Nevada has been an extremely successful
      in dealing with European investors. They are underrepresented in Newmont
      as it sits today. Jerry's going to be going over with Wayne to Europe, and
      we think we're going to generate a lot of interest in this company from
      general portfolio managers who don't currently own it.

Male: With that, I think we're - I apologize, but we're getting close on time.
      Maybe we could take one more question, Wendy, and then we'll have to
      conclude this part. But again, I would emphasize for those that we weren't
      able to answer questions today, we will be very accessible. We'll be there
      to answer your questions. Clearly, you can call all three companies'
      investor relations departments for additional information.

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 31

      Maybe the last question.

Operator:  And our final question today comes from Fred Ehrman with Brean
      Murray & Company.

Fred Ehrman:  All right.  Good morning, gentlemen.  If we look at this
      transaction, this three-way transaction, is it two...

Male:  You cut out.  I'm sorry.

Female:  Operator?

Operator:  Yes.

Wayne Murdy:  Got so excited, and he cut...

Fred Ehrman:... transaction as a two-way transaction, with Newmont owning
      about half the company, Franco-Nevada Normandy the other half.  Could
      you give us the contributions of each segment to reserves, cash flow,
      and other metrics?

Wayne  Murdy:  OK.  I think a lot of that  material  will  come  out in the
     various  models that are built by the analyst  community.  I guess,  simply
     stated, from a Newmont standpoint,  the shares of Newmont is accretive on a
     net income basis. It's accretive - and these are in significant ways - on a
     - on a free cash flow basis,  and it's extremely  accretive on a - on a net
     asset value basis.  You know, those are important  metrics.  Again, I think
     that,  when  you  look at the  premiums  that the  other  shareholders  are
     getting,  you know,  they can make those decisions based on how those - how
     their shares (vest).  But we'll be going through that over time, but that's
     clearly  -  this  is  an  accretive  transaction  and  there's,  we  think,
     significant upside in it for all - for all the shareholders.

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 32

      There's additional material on this on the Web site too.

Fred Ehrman:  OK.  Was the (Angor) bid for Normandy the catalyst to get this
      transaction done?

Wayne Murdy: Yes, I'd have to say it is, in a way. Actually, going back to last
      May, we'd had some discussions - myself and Pierre have talked for an
      extended period of time, and also with Seymour, just about this industry,
      that, you know, we share some common philosophies. We talked about maybe
      some other things that we could do that - you know, not necessarily
      acquisitions, but opportunities that would be attractive to both
      enterprises. And literally, we were in some of those kinds of very general
      kinds of discussions when the (Angor) attraction - the Angor) offer was
      made for Normandy. Clearly, the (Franco's) investment in Normandy, and the
      strategic direction that they had discussed with Robert, they felt there
      was a lot of unlocked value in that asset. And I guess by today's actions,
      you can see that they didn't feel that that unlocked value was adequately
      recognized by the offer that (Angor) made.

Fred Ehrman:  OK.  My last question.  As you focus on gold and divest
      yourself of some of your other assets, will you be using the proceeds
      of those divestitures for reducing debt, increasing production,
      acquisitions, or could you tell us what - you know, what you have in

Wayne Murdy: You know, we want to maintain the upside to the gold price. We want
      to have a very strong balance sheet. Again, we want to be constructive in
      the gold market. With the gold prices low, you'll see that any free cash
      flow go to debt reduction. It's - again, we won't be developing big plays
      at that point time - at that point in time. When the gold price increases,
      we've got a nice backlog, a nice inventory of projects that we'll bring on
      so our shareholders can benefit by that higher gold price.

                                            NEWMONT, NORMANDY, AND FRANCO-NEVADA
                                                           Moderator: Wendy Yang
                                                           11-14-01/9:00 a.m. CT
                                                           Confirmation # 607670
                                                                         Page 33

      The size, the scale of this operation gives us a luxury that Newmont did
      not have in the - over the last few years, as we've been in a low gold
      price environment. The leverage that the Franco shareholders will get to
      the gold price out of this transaction offers them substantially more
      upside in an (up) gold market than they had previously enjoyed. And the
      backlog of projects, the exciting projects that Robert and his team have
      been able to put together, give us this - I'll almost call it the throttle
      that we can - that we can have as we look at the business going forward.

      With that, I think we're going to have to conclude the phone call today,

Wendy Yang: Thank you, Wayne, and thank you very much for joining us on this
      call. I want to draw your attention that we do have this on the Web site
      of the three companies as well. So please feel free, if you dialed in
      late, to have a replay there. Also the replay number, for those that don't
      have a good Internet connection, is 719-457-0820 for our international
      friends, and in North America, it's 888-203-1112. The pass code is the
      same as today's call. That's 607670.

      And once again, thank you all for joining us, and please feel free to call
      myself or my counterpart at our various companies. Thanks a lot. Bye-bye.

Operator:  And that does conclude today's conference.  Thank you for your