Published: December 28, 2017 |

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Newmont Mining Corp. said there will be at least one effect on its balance sheet as the result of the recent passage of a new GOP tax bill.

The Colorado mining giant said in a Friday filing with the Securities and Exchange Commission that “the company has identified that the reduction in the U.S. corporate income tax rate from 35 percent to 21 percent will result in a re-valuation of its deferred tax assets and liabilities.”

WHAT’S THE COST?

“The company currently expects the enacted reduction in the U.S. corporate income tax rate, as well as other aspects of the new law, to result in a one-time, non-cash increase to income tax expense of between $200 and $400 million for the year ended December 31, 2017.”

“While there are certain aspects of the new tax law that will not impact the company based on its tax structure, such as the one-time transition tax on unremitted foreign earnings; there are other aspects of the law, which may have a positive impact on the Company’s future U.S. income tax expense, including the elimination of the U.S. corporate alternative minimum tax. The company will continue to assess the expected impacts of the new tax law and it will include its estimated impacts and additional details in the company’s annual report on Form 10-K for the year ended December 31, 2017,” Newmont said in the SEC filing.

Source: Denver Business Journal

To stop by Newmont’s website, CLICK HERE

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