You don''t have to take the long view -- how about just the quarterly view?

Newmont announces 83% acceptance
of Yandal bond tender offer

(Newmont press release)

a href=http://biz.yahoo.com/prnews/030627/laf023b_1.htmlhttp://biz.yahoo.com/pr...

DENVER, June 27 -- Newmont Mining Corp. today announced
that it has received tenders totaling $196.8 million
representing 83%) in response to its offer through its
subsidiary, Yandal Bond Company Limited (YBCL) to acquire
the $237.2 million in principal amount of the outstanding
87/8% Senior Notes (the Notes) due April 2008 issued by
Newmont's Australian subsidiary, Newmont Yandal Operations
Pty. Ltd. (Yandal), not already owned by YBCL. Yandal is
the former Newmont Yandal Operations Limited and Great
Central Mines Ltd.

YBCL will purchase all tendered Notes. YBCL will now hold
a total of $259.6 million of the full principal $300 million
of the Notes, including the $62.8 million YBCL already owned
prior to this offer.

YBCL has given notice to the depositary that it has received
valid tenders of Notes and consents to the proposed
amendments to the indenture pursuant to which the Notes
were issued from holders of a majority in principal amount
of the outstanding Notes not currently owned by YBCL.
Under the terms of the offer, those who tendered no longer
have withdrawal rights. Yandal has advised YBCL that
Yandal and its subsidiaries that have guaranteed the Notes
will promptly meet with the trustee under the indenture to
sign a supplemental indenture effecting the amendments
to the Notes and the indenture.

To allow bond holders more time to assess these
developments, YBCL has extended the consent payment
deadline and the expiration of the Note offer by five business
days to close at 5:00 p.m., New York City time, on
Thursday, July 3, 2003, with respect to Notes not validly
tendered on or prior to June 26, 2003. In accordance with
the procedures set forth in the offer to purchase, on or
before July 1, 2003, YBCL will pay the purchase price of
$480 for each $1,000 principal amount and consent
payment of $20 for each $1,000 principal amount of Notes
validly tendered on or prior to June 26, 2003.

YBCL's offer to acquire the hedge positions of Yandal's
only hedge counterparty that did not accept YBCL's previous
May 29, 2003 offer to the counterparties expired at close of
business in New York City today. The hedge counterparty
has not extended its agreement to forbear demanding
payment from Yandal of the amount that would be due if
an early termination event occurred under Yandal's hedge
contract. This counterparty has not yet demanded payment.
Through acceptances of the counterparty offer, YBCL
currently holds Yandal hedge positions of $154 million of
the total of $202 million negative mark-to-market liability of
Yandal's entire hedge positions as of May 22, 2003. Thus,
YBCL holds approximately $413.6 million of obligations
owed by Yandal.