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 presentation
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 their 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 SECURITY
and security holders may obtain free copies of 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 foreign 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 MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                          PAGE 1

                              NEWMONT MINING CORP.

                                DECEMBER 10, 2001
                                  7:30 A.M. CST

Coordinator                Good morning and welcome to the Newmont Mining
                           Corporation Conference Call. All participants will be
                           able to listen only until the question and answer
                           session of the call. At the request of Newmont
                           Mining, this call is being recorded. If you have any
                           objections, you may disconnect at this time.

                           I would now like to introduce your host for today,
                           Miss Wendy Yang. You may begin.

W. Yang                    Thank you, Operator.  Good morning to North America.
                           Thank you for joining us on our conference call today
                           to review our superior offer to acquire the shares of
                           Normandy and our vision of a new Newmont.  This call
                           is being Simulcast on our Web site and will be
                           available for playback for a limited time.

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                          PAGE 2

                           Today we will be discussing some forward-looking
                           information, so you should be aware that there are
                           risk factors unique to our industry, and these risks
                           are described in detail in our filings with the SEC.
                           The information that we are discussing today,
                           December 10, 2001 in the United States and December
                           11th in Australia, are relevant for the current
                           period. For the most up-to-date material disclosures,
                           please refer to our main SEC filings and news....

                           Speaking today from Sydney are Wayne Murdy, President
                           and CEO of Newmont and Pierre Lassonde, President and
                           Co-CEO of Franco-Nevada. Wayne, please go ahead.

W. Murdy                   Good day, ladies and gentlemen. Thanks for joining us
                           today to hear more about our announcement of a
                           revised offer that we believe to be a decisive step
                           in realizing our collective vision of creating the
                           world's greatest gold company, and the unique equity
                           that we expect to be the new gold standard for the
                           21st century.

                           The revision means that now both the cash and the
                           stock portions of the Newmont offer are indisputably
                           and significantly superior to the

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                          PAGE 3

                           competing elements of offer to acquire Normandy. We
                           have taken this step without sacrificing the other
                           significant economic and strategic advantages that
                           the Newmont offer has enjoyed from the day it was
                           launched. Both the immediate economic benefits and
                           the long-term strategic benefits for Newmont and the
                           industry that we told you about less than a month
                           ago, not only remain intact and compelling under the
                           revised offer, they fully justify the revision.

                           I'm in Australia today with Pierre Lassonde, who is
                           the Co-CEO of Franco-Nevada, whose board, last month,
                           unanimously recommended Newmont's offer of
                           eight-tenths of a share of Newmont for each
                           Franco-Nevada share. In addition, today, Normandy's
                           Board of Directors, unanimously recommended Newmont's
                           revised offer to Normandy shareholders and again
                           advised against the Anglo Gold offer.

                           We're here to discuss and answer your questions about
                           the news that Newmont, Normandy and Franco-Nevada
                           announced, worldwide, about

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                          PAGE 4

                           15 hours ago, our rationale and what it means for the
                           shareholders of Normandy, Newmont and Franco.

                           I'll start by quickly reviewing the revised offer. As
                           we announced, the revised Newmont offer values
                           Normandy at Australian dollar-ninety per share. This
                           is fully 15% more than the current value of Anglo
                           Gold's revised offer announced on November 25th.

                           Under the revised Newmont offer, Normandy
                           shareholders will receive a cash payment of forty
                           cents Australian, double the twenty cents Australian
                           offered by the Anglo Gold proposal. The cash payment
                           is in addition to the exchange ratio, which we did
                           not change, of .0385 shares of Newmont common stock
                           for each Normandy share. As underscored in our press
                           release, by accepting the Newmont offer, the Normandy
                           shareholders receive shares in a North American
                           company traded on the New York Stock Exchange and
                           included in the S&P 500, which offers true liquidity.

                           As to timing, let me be clear that all of us here
                           today are committed to completing the acquisition of
                           both Normandy and Franco-Nevada by mid-February 2002.
                           In all, we are offering the Normandy shareholders no

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                          PAGE 5

                           than the ability, through a simple off-market bid, to
                           participate in the premiere gold company, the
                           industry leader in terms of gold production, total
                           reserves, EBIT DA generation, trading liquidity and
                           leverage to gold.

                           What's more, this combined company will benefit from
                           a strong balance sheet that provides the financial
                           flexibility to capitalize on a truly outstanding
                           pipeline of development projects. Investors around
                           the world have told us that they share our view that
                           this combination immediately makes Newmont one of the
                           strongest, best capitalized companies in the

                           Newmont's net debt to total capitalization ratio will
                           fall to 23% and with strong free cash flows and the
                           ability to add incremental cash from rationalization
                           of assets, significant opportunities allow us to
                           decrease our net debt to total capitalization, below
                           20% within a year. You should know that this compares
                           with an indicated 33% net debt to total
                           capitalization ratio for the company envisioned by
                           Anglo Gold. The company Anglo seeks to create, also,
                           would have significantly less flexibility to
                           redistribute cash flow worldwide, due to the South
                           African Reserve Bank currency restrictions.

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                          PAGE 6

                           Finally, over the past two years, Anglo Gold has had
                           a cash flow deficit of approximately $153 million,
                           before financing activities, while paying out over
                           $580 million in dividends, quite apart from the
                           long-term viability of such a policy. Bear in mind,
                           that for non-South African holders, Anglo Gold's
                           dividends can be expected to decline in real terms,
                           should the recent decline in the rand continue.

                           As we promised you on November 29th, when Anglo Gold
                           revised its offer, Newmont was very carefully
                           considering this decision. Our commitment was to
                           craft a winning bid, but not a winning bid at any
                           cost. The revised offer gives Newmont clear decisive
                           superiority over the Anglo Gold bid, and we have also
                           achieved this without compromising the long-term
                           advantages for value creation, integral to building
                           the new Newmont.

                           So it is with pride that our management and our Board
                           of Directors, working with our advisors, can tell you
                           that the acquisition of Normandy, on the basis of
                           this revised offer, will continue to be accretive to
                           Newmont in terms of earnings, free cash flow and net
                           asset value. The

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                          PAGE 7

                           approximately $370 million cost of the cash component
                           will be financed with an existing, but untapped, $600
                           million revolving credit facility.

                           However, as you'll recall from our announcement of
                           the Franco portion of our acquisition plan last
                           month, upon completion of this transaction, Newmont
                           will have more than $850 million in cash and liquid
                           securities. In short, everything we have seen
                           reinforced by the successful completion of the recent
                           capital raising for Australian Magnesium Corporation,
                           Ltd. makes us feel very comfortable about this

                           We continue to believe in the opportunities to
                           achieve the $70 million to $80 million in annual
                           synergies from the acquisition of Normandy and
                           Franco-Nevada. We see significant asset realization
                           opportunities and opportunities for operational
                           improvements. We will also capitalize on Normandy's
                           growth prospects, building on the financial strength
                           of Newmont to add significant value for all current
                           and future Newmont shareholders.

                           Let me now ask Pierre to comment on the transaction
                           and the opportunities afforded to us.

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                          PAGE 8

P. Lassonde                Thanks, Wayne, and good morning, ladies and
                           gentlemen.  It's a pleasure to be here in Australia,
                           even though it's a little bit early in the morning.
                           We have had a great day here in Australia.  In fact,
                           we've had a great three weeks, Wayne and I, on the
                           road.  We've visited our shareholders all over North
                           America and Europe. The response has been truly
                           heartwarming and overwhelming, in view of the vision
                           of the company that we're creating.

                           I think that everybody that we've talked to clearly
                           sees that we are creating something very special.
                           That not only this company will a market leader, but
                           also it will be clearly different than our three
                           nearest competitors. Not only because we're not going
                           to be a hedge company; I mean that is clearly one of
                           our philosophical differences. But I think the makeup
                           of the company is what makes it something very

                           The combination of the three companies with the
                           Franco-Nevada royalty will create, basically, the
                           cushion against low gold prices. The balance sheet
                           will help, also, tremendously, in that regard. The
                           Newmont assets in Nevada, in Peru and in Indonesia
                           will form the core properties, including

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                          PAGE 9

                           then those of Normandy, in Australia, to create a
                           company that would be a market leader. Then from the
                           60 million acres of land, the largest industry land
                           package, we will be able to develop attractive new
                           projects, but also, we're going to be able to
                           increase that royalty cash flow, increase that

                           One of the things that - the offer will, of course,
                           use some of our cash. I want to point out that when
                           we close this transaction, the combined company will
                           have over $750 billion in cash and a $100 million in
                           liquid investment, for a total of $850 million. So
                           yes, this revised offer is going to use some of that.

                           But I can assure you that our objective will be to
                           very rapidly rationalize some of the assets that are
                           in the companies, particularly in Normandy, as we had
                           promised, to bring the debt ratio to the level that
                           we had originally envisaged, which is 18%, as soon as
                           possible. I can think that we can achieve that in a
                           fairly rapid manner, as there are assets that are
                           easily identifiable that the market could easily use,
                           in the sense that we could create some synergies with
                           either other companies in different forms.

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                         PAGE 10

                           So we feel that the transaction is a winning
                           transaction, that this bid is going to be a winning
                           bid, that the market will see it this way, and that
                           we're going to go on and complete the transaction and
                           get on with creating and developing the very best
                           gold company in the world.

                           I'll stop with that. I could continue and go on,
                           because we've been on a roll. I think if you look at
                           the Web site, there's some very interesting --.
                           Australia is a very peculiar place; they love to
                           personalize companies. But the fact is that we have
                           had a great response here, and you can look at it and
                           we think that we are on a roll. We'll be here, Wayne
                           and I, for the next ten days, until we get this over
                           with. Then we'll get on to building a great company.

                           So with that --. I might add that Robert was supposed
                           to be here, I think he kind of missed his taxi to
                           come over. Hopefully during the question period he'll
                           come over and he'll be able to address the conference
                           call as well.

                           I just want to remind you that this company will have
                           the highest leverage to gold. It's one of the key
                           attractions going forward, and we still believe

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                         PAGE 11

                           that we're going to see a rise in the gold price in
                           the next three years. We're very bullish. We've told
                           you why we're very bullish; that hasn't changed. With
                           that I will cut it off right here and leave you some
                           time for questions. Wayne.

W. Murdy                   At this point then, we would like to open it up to

Coordinator                Thank you. At this time we are ready to begin the
                           formal question and answer session. Our first
                           question comes from Victor Flores. Sir, you are

V. Flores                  Thank you, very much. Good morning - a few questions
                           of the miscellaneous variety. First of all, Anglo
                           pointed out, when they revised their offer, that they
                           had learned some things through the public domain.
                           You've had access to full due diligence, but in the
                           process of completing your transaction, have you
                           found anything on the due diligence side that has led
                           you to find additional value in Normandy?

W. Murdy                   I think, Victor, as we've gone through it again, we
                           did have due diligence, and so we felt good about the
                           package going in and had a range of values

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                         PAGE 12

                           that we felt we could live with. There have been no
                           significant individual items and we didn't feel the
                           necessity to detail that out. Again, when we came in
                           this, I think we indicated to the market that this
                           was very accretive to us under the income free cash
                           flow and net asset value test.

                           I guess the only thing I would comment on was the
                           completion of the Australian Magnesium Corporation
                           financing. That, in our mind, did relieve what could
                           potentially have been a contingent liability. So that
                           probably was one item that you could point to. But
                           again, we're well within what we view as our value

V. Flores                  Great. Now secondly, you've changed some of the
                           conditions of your takeover proposal. The most
                           important is the fact that you no longer require 90%
                           of the Normandy shareholders to tender. What is the
                           new condition? Are you looking for 50.1% at this
                           point in time?

W. Murdy                   Yes, we were always at 50.1, but we had the cash
                           component in the original offer was subject to the
                           90% test and we have dropped that.

V. Flores                  Okay, so you're still at 50.1 for the full cash, plus

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                         PAGE 13

W. Murdy                   Yes.

V. Flores                  Then finally, if I could - I know this is perhaps a
                           bit thorny, Wayne and Pierre. Could you comment on
                           what you expect from the takeover's panel, with
                           respect to Anglo Gold's challenge? You know their
                           allegation that certain shareholders in Normandy are
                           getting better treatment.

W. Murdy                   They have complained to the takeover's panel on many
                           items so far, and they're 0 for 4.

V. Flores                  Any sense for when they rule on this one, which is
                           perhaps the--?

W. Murdy                   The reality is that we're advised here that we're not
                           supposed to be commenting on things that are before
                           the panel. So I've been warned, many times, not to do
                           it. Now I will note that somehow we're playing by
                           different rules than our compadres, who have put out
                           a lot of press releases. But we are extremely
                           comfortable with all the legal contracts and
                           arrangements that we've entered into. We've said that
                           up front, and we have seen nothing to change our view
                           of that.

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                         PAGE 14

V. Flores                  Great.  Thank you, very much.  I appreciate it.

Coordinator                Our next question comes from John Duty from Gold
                           Stock Analysts.

J. Duty                    Good morning, gentlemen. I definitely like the
                           raised price side of the deal. I wonder if you can
                           comment on why you haven't dropped the contingency
                           for the Franco and Newmont to go ahead and merge. It
                           would certainly create a clearer path, right now, to
                           Franco's cash, I would think, and make a lot of
                           people more comfortable with the total deal.

W. Murdy                   Well, as we've said from day one, this is transaction
                           that only makes sense on a three-way basis; that's
                           the power and the vision here. The transaction is
                           structured such that at the point we hit the 50.1%
                           interest in Normandy, it triggers the full merger
                           with Franco. So we're playing to win. It's a
                           three-way deal. Again, despite some of the things you
                           may read, we don't think it's highly conditional, at

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                         PAGE 15

J. Duty                    But if Franco did get a higher offer from somebody
                           that they felt they had to accept under some
                           conditions for their total stockholders, that would
                           sort of leave Newmont holding the bag, wouldn't it?

P. Lassonde                The Normandy shares that we own have been pledged to
                           Newmont. So I'm not too sure what you're referring

J. Duty                    Well, I'm just wondering if your fellow brothers in
                           Toronto wanted to upset the apple cart or something.

P. Lassonde                Well, all I can say is good luck to them.

J. Duty                    Okay, thanks.  Good luck to your both.

P. Lassonde                Yes, thank you.

Coordinator                Our next question comes from John Tamaso.

J. Tamaso                  Good morning. Given the poor performance of the South
                           African rand in the last several months, which is
                           probably a reasonable barometer of that

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                         PAGE 16

                           country's outlook and, of course, Anglo Gold's
                           position of having a big ... assets in South Africa.
                           I expected Newmont's bid to prevail even if it was 3%
                           to 5% lower than Anglo Gold's. In fact Franco-Nevada
                           and Bob Ducrepnie's commitment of their shares to
                           Newmont seemed implicitly to acknowledge that.

                           Wayne, I'm very surprised that you're bidding a 15%
                           premium to Anglo Gold, in view of the American
                           currency and flag looking a little better to most
                           foreign investors in South Africa. Could you explain
                           how the premium was determined?

W. Murdy                   Yes, John. I think you point out a number of
                           strengths that we have in this transaction and I
                           agree with everything you say. The only card that
                           Anglo had in this is that they do have time on their
                           side. They were out first and their offer ends on the
                           27th of this month. We expect to close the middle of
                           February, about 25% of the shares. We hear 25% to 30%
                           of the shares are in the hands of the arbs. As we all
                           know, they don't care about the company long-term;
                           it's strictly the transaction. So we had to recognize
                           that timing difference and we felt that this clearly
                           accomplishes that.

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                         PAGE 17

                           Again, I would point out that there is no change in
                           the arrangement between Franco and ourselves. So the
                           bump is going to just 80% of the shareholders.

J. Tamaso                  Wayne, as we recall the Santa Fe battle with Home
                           Stake, four or five years ago, there came a point
                           where the more Home Stake sweetened their bid, the
                           more their stock fell and Newmont prevailed. In that
                           sense, Anglo Gold doesn't appear to be that much of a
                           threat. Why did you go to $1.90 rather than $1.66 or

W. Murdy                   Again, I think, John, it came back to timing, the
                           fact that you have so much in the arbs hands.

J. Tamaso                  Okay, thank you.

P. Lassonde                Yes, John, the arbitrators really don't care who
                           wins. To them, it's so many percent per month. With
                           the number of shares, we're told 25% plus or minus
                           5%, it's a big number. We just have to live with that

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                         PAGE 18

                           The other thing, which is very real as well, is the
                           South African rand is the second worse performing
                           currency in the world this year, after the Turkish
                           lira. Now I haven't checked the Afganeeze currency,
                           but certainly the ones that we do know. I mean the
                           currency has fallen over 40% since April of a year

                           But what's pernicious about this thing is that for
                           the South African institutions who are trying to
                           basically save some of their savings, the stocks that
                           have revenues in U.S. dollars are the only way that
                           they can do something. So the ironic effect is that
                           the Anglo Gold stock has been going up on internal
                           South African buying, is our view. But that's only
                           going to last - that's a short-term phenomenon.

                           In the long run, we all know that when a currency
                           goes south the way that this one has, it's big
                           trouble. But we've got to deal with the next two
                           weeks, and that's what's happening.

J. Tamaso                  Thank you.

Coordinator                Our next question comes from Terrence Orsland from
                           TSO Associates.

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                         PAGE 19

T. Orsland                 Thanks. Good morning, guys. Wayne, have you mentioned
                           that you've touched base with the rating agencies
                           with respect to Newmont paper and the merging company
                           paper, whether you got their blessing or not? Number
                           two, I'm kind of mystified by the gold price reaction
                           here with respect to what you guys want to do with
                           the hedge book and all, and the gold price seems to
                           be totally shrugging it off. Any comments, Pierre?

W. Murdy                   I think first of all, yes, we made contact before
                           with the rating agencies and we're scheduled to meet
                           with them again this week. But again, we don't see
                           that as a major issue because of the strong coverage
                           ratios that the combined company has.

P. Lassonde                In terms of the gold market, Terry, I think that the
                           market is probably looking at it as "the proof is in
                           the pudding". You know, once Newmont has wrapped up
                           this deal and instituted the policies, then I think
                           you're going to see an effect. But until then, the
                           market is going to look at it and just say, "Show
                           me." So it's a question of time here; that's our

T. Orsland                 Fair enough. Thanks.

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                         PAGE 20

Coordinator                Our next question comes from Katherine Sterritt from
                           Scotia Capital.

K. Sterritt                Good morning. I wondered if you could expand a little
                           bit on the hurdles that you have to go through in
                           order to complete your transaction mid-February? I
                           have to admit that it sounds aggressive to me, just
                           given the precedent of Varic Home Stake going through
                           the SEC and the bottlenecks they encountered. I
                           wondered how you thought your process would be

W. Murdy                   I guess I would, in commenting on that - the filings
                           that we have to go through is basically the bitter
                           statement here, which we expect to file within a
                           week. Then the documentation and the court hearings
                           for the Franco vote.

                           I think with respect to Newmont and the SEC, the SEC,
                           about a year and half ago, had a major change in
                           personnel in the mining section. The new personnel
                           have been going through each company that has filed
                           with them, with a, I will call it, fine toothed comb.
                           The advantage we have is that we

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                         PAGE 21

                           went through that earlier this year when we did the
                           Battle Mountain transaction.

                           We had an extremely thorough review; it took many
                           months longer than what we expected, but we went
                           through that. We had no revisions to reserves. We
                           made some minor changes in some of our accounting
                           policies on revenue recognition. But since we've been
                           through that process, that's why we feel highly
                           confident that we won't have that kind of issue

K. Sterritt                Okay. So you're thinking that the delay was more of
                           the microanalysis that was taking place on the major
                           company, as opposed the Australian Gap issues on
                           accounting for reserves?

W. Murdy                   Yes. Well, it wasn't Australian issues on reserves,
                           but they went through everything and they did that
                           again on Varic Home Stake. I think if you talk to the
                           people there, they'll tell you that there were a lot
                           of issues in that, that they went through, and it
                           just takes time. But we have been through that

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                         PAGE 22

                           With respect to Normandy's reserves - reserves in
                           Australia, the standards here on reserves are very
                           tight. Our people were very comfortable with
                           Normandy's reserves. The resources are a matter that,
                           or the standards, we would say, are a little less
                           stringent than what we require internally. But that
                           you can't, with SEC filings, you can't disclose
                           resources anyway, so we think that that will be a
                           moot issue.

K. Sterritt                Okay.  Thank you, very much.

Coordinator                Our next question comes from Tom Collar from Morgan

T. Yanko                   Yes, it's Tom Yanko at Morgan Stanley. It says that
                           the transaction is conditioned upon there not being a
                           material adverse change in Normandy. I believe that
                           on the last conference call you said that the price
                           of gold would not be considered for the purpose of
                           deciding whether there's been a material adverse
                           effect at Normandy. Is that the case in this bid as

W. Murdy                   Yes, that's basic documentation that we had entered
                           into with Normandy in the merger agreement.

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                         PAGE 23

T. Yanko                   Okay, will the bidder statement that comes out in a
                           week or so, will that clearly outline that there is
                           an exclusion of a drop in the price of gold?

W. Murdy                   Yes.  Or an increase.

T. Yanko                   Okay. We're not so concerned about an increase. The
                           other thing - just a point, if this issue about the
                           timing of a mid-February closing becomes something
                           that Anglo Gold debates. One thing that companies do
                           is assume that risk and put in some sort of an
                           interest rate factor if it goes beyond a targeted
                           timing date. If that becomes an issue that's being
                           debated in the market, that you could address that
                           and take that risk and compensate the Normandy
                           shareholders for any unexpected delay. Thank you,
                           very much.

W. Murdy                   Thank you.

Coordinator                The next question comes from John Duty from Gold
                           Stock Analysts.

J. Duty                    Boy it seems like there aren't too many people on the
                           call this morning and you guys are the ones up early
                           or late, whatever the case is. I wonder,

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                         PAGE 24

                           actually my question was answered. It had to do with
                           the SEC clearance time, and it was certainly well
                           answered. Thank you.

W. Murdy                   Thank you.

Coordinator                Our next question comes from Kerry Smith of Heywood

K. Smith                   Good morning, Wayne - a quick question on the
                           rationalization that Pierre talked about. Could you
                           give us some idea as to the rationalization that you
                           plan to complete post the merger, in terms of how
                           much production you think would fall off the table
                           through the rationalization process?

W. Murdy                   Yes. I think if you go to the material that's on the
                           Web site, we talk about, on page five, our asset
                           portfolio and we've tried to indicate which we
                           consider core assets and which we consider strategic
                           and then we've labeled others. In fact, within the
                           Normandy group, if you eliminated all of the others,
                           which is not necessarily what we would do, you're
                           talking about less than 200,000 ounces.

K. Smith                   Okay.  Thanks.

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                         PAGE 25

Coordinator                Our next question comes from Adam Dosavitch from
                           Pollack Company.

M. Pollack                 Hi, there, it's actually Murray Pollack. Adam asked
                           me to step in here for a moment. Question - assuming
                           this transaction is completed, Newmont will have
                           acquired, over the last several years, Santa Fe,
                           Battle Mountain, Hemlow and now Normandy. A
                           tremendous number of operating mines in total. Does
                           management contemplate any streamlining once this
                           acquisition is complete? Please comment.

W. Murdy                   Yes, absolutely. When we talk about rationalization,
                           again, what we focus on in the company is being in
                           relatively few areas that are substantial gold
                           producing regions. So the focus of the company is
                           then in Nevada, clearly the Yanna Coacha region in
                           South America, in Peru and these assets in Australia.
                           But there are a number of assets that we label as
                           non-strategic or non-core and we would look at
                           extracting value, utilizing the skill sets of the
                           merchant banking group out of Franco to exit those
                           over a period of time.

M. Pollack                 Thank you.

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                         PAGE 26

P. Lassonde                Let me just add, Murray, you probably do not have the
                           Grant Samuel report, but all of the Normandy
                           shareholders would have that report. I just mention
                           it because they did evaluation of all the Normandy
                           assets for the board, to respond to the Anglo Gold
                           original offer. If you look at the value that they
                           put on that 10% of assets that Wayne was mentioning,
                           you come up with a value in the range of U.S. $650
                           million to $850 million.

                           Certainly we would not dispute that. We have looked
                           at that very carefully and I think that the role of
                           the Merchant Banking Division at Franco will be to
                           take some of these assets and create real value.
                           We're looking forward to that challenge. I think it's
                           going to be something where we can add a lot of value
                           to Newmont.

M. Pollack                 Thank you.

Coordinator                Our next question comes from John Bridges from JP

J. Bridges                 Hi, good morning, congratulations. I just wondered if
                           you'd spoken about the rationalization and asset
                           sales. I wonder if you can give us some

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                         PAGE 27

                           indication as to the order of magnitude of what sort
                           of amount you'd be looking for from those sales?

P. Lassonde                I think, John, I just mentioned what the Grant Samuel
                           report had. I think we think it's a good start. We
                           think that there are a couple of assets that we
                           could, very quickly, in the space of a few months,
                           get in the order of $250 million to $350 million. The
                           goal here would be to get right back to where we were
                           in terms of the debt ratio, 18%. Then over the next
                           18 months, to continue rationalization of the assets.
                           A lot of the assets take people; they take management
                           time and they will not be part of the long-term core

                           So we're not going to fall in love with any assets.
                           We're going to very objectively look at them, see how
                           they fit in the corporate goals going forward and
                           maximize the value for the Newmont shareholder.

J. Bridges                 So some of these things offer a win/win.

P. Lassonde                I would think so. I think it's going to be not only a
                           win for Newmont, but what we're really going to try
                           to do is work with medium-sized,

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                         PAGE 28

                           intermediate sized companies and create a win/win for
                           both companies. Because there is, in our view, a need
                           for some of these assets to get down, what we would
                           call the "food chain". Some of the very good
                           intermediate companies are in, I would say, need of
                           good projects. There are a number of really good,
                           decent projects in this asset rationalization program
                           that would better fit somebody else. So you work with
                           them and you can create a win/win situation.

J. Bridges                 Okay great.  Thank you.

Coordinator                Our last question comes from Adrian Day from Global
                           Strategic Management.

A. Day                     Yes, good morning and good afternoon. I have a
                           question about the portfolio management aspect of
                           this, going forward. I know for myself, these three
                           companies, Franco, Newmont and Normandy happen to be
                           three of my four largest gold holdings. So going
                           forward, obviously, that presents a bit of a
                           difficulty for me, and I'm sure I'm not alone. I'm
                           wondering if you could comment on that and, in
                           particular, if you've seen any indications, recently,
                           that the generalists are buying gold?

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                         PAGE 29

P. Lassonde                Adrian, I don't know. You've got to be one of the
                           only ones that can pick three tremendous gold stocks
                           like that.

W. Murdy                   Clearly the discussions that we've been having and
                           what we've seen are the generalist funds buying into
                           the stock. We saw that, really, for the better part
                           of this year. Substantial increased holdings by some
                           of the major, major funds that have held us in the
                           past. It's clearly coming from the generalist funds.

                           I think on our road show we are talking to people,
                           certainly we get the portfolio managers that deal
                           with natural resources in a broader sense, but we're
                           also seeing a broader spectrum of portfolio managers.

                           So there's a lot of interest out there. Again, I
                           think it's portfolio diversification. The times have
                           changed. The bull market of the last ten years is
                           over and people are looking for real diversification
                           in their portfolio and this stock clearly does that.

A. Day                     Okay, great.  Thanks.

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                         PAGE 30

P. Lassonde                I think, Adrian, that problem would have been acute
                           when the gold funds represented a major force in the
                           business. But you know, in the last five years the
                           assets of those funds have diminished quite a bit. So
                           we find that there's not a tremendous amount of
                           overlap and we don't see that as an issue, really.

A. Day                     Okay.  Thanks.

W. Yang                    Thank you, very much, ladies and gentlemen. I just
                           want to point out that the replay number for this
                           call is 1-800-280-4691 in the U.S. and the
                           international number for replay is 402-220-9723.

                           We also invite you to our Web site at
                           for a North America presentation that is up on the
                           Web site. There is also an Australian presentation on
                           the Web site, as well.

                           Thank you for joining us today.

                                                            NEWMONT MINING CORP.
                                                           MODERATOR: WENDY YANG
                                                 DECEMBER 10, 2001/7:30 A.M. CST
                                                                         PAGE 31

Coordinator                Thank you. That concludes today's conference call.
                           All participants, you may disconnect at this time.